At a glance
GMAY charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $514.5M in assets, the 8th largest of that group. Over the past year it returned +8.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +13.6% a year.
The short version
FT Vest U.S. Equity Moderate Buffer ETF - May (GMAY) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). Over each period of about one year starting in May, it aims to match SPY's price return up to a cap while cushioning the first 15% of losses. The trade-off is limited upside and no dividends. Its expense ratio is 0.85%, close to the 0.86% average of similar buffer funds.
Price history
The interactive chart needs JavaScript.
GMAY +8.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GMAY official prospectus, to Dec 31, 2024 | — | +12.34% | — | — | — | +13.43% |
| GMAY price data to Oct 27, 2026 | +7.0% | +8.2% | +13.6% | — | — | +11.7% |
- Over the year to Oct 27, 2026, GMAY returned +8.2%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+11.9%); its best was 2024 (+12.1%).
- The deepest fall in its price history was 11.7% (Feb 14, 2025 to Apr 7, 2025), recovered by May 13, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.0% | — |
| 2025 | +11.9% | — |
| 2024 | +12.1% | +12.34% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Aug 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Aug 31, 2026, investors added a net $48.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.28%, +0.37%, +1.57%.
How it works
GMAY does not own stocks directly. Instead, it puts substantially all of its assets into FLEX Options. These are exchange-traded option contracts with custom strike prices and expiration dates, and they track the SPDR S&P 500 ETF Trust (SPY). SPY is a unit investment trust that holds the stocks in the S&P 500 Index. As of August 31, 2026, 20 option positions made up 99.58% of net assets and cash was about 0.9%. The largest single position, a call option on SPY, was about 78.9%. First Trust Advisors runs the fund, and Vest Financial LLC is the sub-advisor.
The options are reset at the start of each "Target Outcome Period," which runs about one year from mid-May. For May 19, 2025 through May 15, 2026, the cap was 12.32% and the buffer covered the first 15% of SPY price losses, before fees. After fees, those figures were 11.48% and 14.15%. If SPY fell 20%, the fund would aim to lose about 5% before fees. The buffer stays at 15% every period, but the cap changes with market conditions. Returns track only SPY's price, so its dividends are left out.
These outcomes apply only to shares held for a full period. Investors who enter or exit partway through can get very different results, and the fund's value can drift from SPY's along the way. About a week before each period ends, the fund's website posts an expected cap range for the next one.
What it really costs
- GMAY charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It aims to absorb the first 15% of S&P 500 price losses in each outcome period, in exchange for giving up gains above a cap and all dividends.
GMAY launched on May 19, 2023, so it has no record from the 2008, 2020 or 2022 downturns. Its deepest drop was 11.7%, from February 14 to April 7, 2025. It recovered by May 13, 2025, in about 1.2 months. That drop shows the buffer only fully applies at the end of a period, so someone who needs cash partway through can still take a loss. Calendar-year returns were 12.12% in 2024 and 11.94% in 2025. Three-year volatility was 7.9% as of October 27, 2026. The fund has recorded no distributions, so it provides no income. Its 0.85% expense ratio is close to the 0.86% peer average. Past results don't predict future returns, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with a 15% cushion against price losses and accept a cap, which was 12.32% for May 2025–May 2026.
- Holders who can invest near the mid-May period start and stay a full year, when the stated cap and buffer apply as designed.
- Investors who value a steadier ride: one-year volatility was 5.7% and beta was 0.41 as of October 27, 2026.
Look elsewhere if
- Anyone who needs income: GMAY has recorded no distributions, and its returns leave out SPY's dividends.
- Investors who want full stock-market gains: GMAY ranked last of eight buffer funds on one- and three-year returns as of October 27, 2026.
- Those seeking protection from deep crashes: losses beyond 15% pass through one for one, and the fund has no 2008, 2020 or 2022 record.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| GMAY this fund | 0.85% | $514.5M | +8.2% | +13.6% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does GMAY pay dividends?
No. GMAY has recorded no distributions. The fund holds options on the SPDR S&P 500 ETF Trust (SPY), not the stocks themselves. Its prospectus says its performance does not reflect the dividends SPY pays. Its return comes only from SPY's price changes, within the cap and buffer. That means it may not suit investors who rely on a portfolio for regular income. They may want to compare it with funds that do pay distributions.
What is the cap and buffer on GMAY?
For the period from May 19, 2025 through May 15, 2026, GMAY's cap was 12.32% and its buffer covered the first 15% of SPY price losses, before fees and expenses. After fees, the cap was 11.48% and the buffer 14.15%. The buffer stays at 15% each period, but a new cap is set every May based on market conditions. About a week before each period ends, the fund's website posts an expected cap range.
What happens if you invest in GMAY in the middle of the outcome period?
Your results can differ a lot from the stated cap and buffer. The cap and buffer are fixed against prices on the first day of each period. If the fund has already gained, there may be less room left under the cap. If it has already fallen, part of the buffer may already be used up. The prospectus warns that the fund's value can drift from SPY's during the period.
GMAY vs BUFR: what's the difference?
Both come from First Trust and Vest. GMAY resets once a year in May. BUFR, the FT Vest Laddered Buffer ETF, uses a "laddered" approach, which generally means spreading money across several outcome periods that start at different times. BUFR costs 0.95% compared with GMAY's 0.85%. It is much larger, at about $10.5 billion compared with GMAY's $514 million as of August 31, 2026. As of October 27, 2026, BUFR returned 11.6% over one year and 16.8% a year over three years. GMAY returned 8.2% and 13.6%.
Is GMAY good for retirement?
It may suit retirees who want some stock exposure with a cushion against moderate drops. It is not built for income or for full market gains. It pays no distributions and charges 0.85% a year. Its deepest drop was 11.7% in early 2025, even with the buffer, because the buffer fully applies only at the end of a period. With about 3.4 years of history, it has not been tested in a major bear market.