At a glance
QMMY charges 0.9% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $149.9M in assets, the 8th largest of that group. Over the past year it returned +7.9% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
FT Vest Nasdaq-100 Moderate Buffer ETF – May (QMMY) is a First Trust fund that holds FLEX options on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index. Over each roughly one-year period starting in May, it aims to absorb the first 15% of QQQ's price losses. In exchange, it caps gains: the cap was 15.20% before fees for May 19, 2025 to May 15, 2026. It has made no distributions and charges 0.90% a year.
Price history
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QMMY +7.9% 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 | |
|---|---|---|---|---|---|---|
| QMMY price data to Oct 27, 2026 | +6.8% | +7.9% | — | — | — | +12.7% |
- Over the year to Oct 27, 2026, QMMY returned +7.9%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+15.8%); its best was 2025 (+15.8%).
- The deepest fall in its price history was 12.8% (Feb 19, 2025 to Apr 8, 2025), recovered by May 13, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.8% |
| 2025 | +15.8% |
| 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 $43.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.23%, -2.46%, +2.79%.
How it works
The fund does not own the 100 Nasdaq-100 stocks. It puts substantially all its assets in FLEX options that reference the Invesco QQQ Trust, Series 1. FLEX options are exchange-traded option contracts with customized strike prices and expiration dates. QQQ is a unit investment trust (a fund with a fixed list of holdings) that owns every stock in the Nasdaq-100. That index holds 100 of the largest non-financial companies listed on Nasdaq. As of August 31, 2026, 16 option positions made up about 99% of the fund's $149.9 million in net assets, and about 1% was cash. The fund tracks only QQQ's price, so it gives up QQQ's dividends.
The options are set at the start of each Target Outcome Period, which lasts about a year. For May 19, 2025 through May 15, 2026, the cap was 15.20% and the buffer covered the first 15% of QQQ losses, both before fees. After fees and expenses, they were 14.30% and 14.10%. If QQQ falls more than 15%, the fund takes the further losses one for one. At each reset, the buffer stays at 15%, but the cap changes with market conditions. About a week before each period ends, the fund's website posts an expected range for the next cap.
These outcomes apply only to shares held for a full period. Investors who come in or leave partway through may see very different results. The fund's value can also drift away from QQQ's during a period.
What it really costs
- QMMY charges 0.9% a year, versus an average of 0.86% for the similar funds below (6th 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 each period's QQQ losses, and its one-year beta was 0.6, but it is still tied to a concentrated growth index.
QMMY offers Nasdaq-100 exposure with a cushion against moderate declines. Its history is short. It launched in May 2024, so it did not exist during the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 15.8%. Its deepest drop was 12.8%, from February 19 to April 8, 2025. That drop came partway through an outcome period, when the buffer does not fully apply. The fund recovered by May 13, 2025, about a month later. For anyone who may need to draw cash in a bad year, the key point is that the buffer is designed only for shares held through a full period. The fund has made no distributions, so it provides no income. Its 0.90% expense ratio is above the 0.86% average for similar buffer funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want Nasdaq-100 growth exposure and would accept a cap on gains (15.20% before fees, May 2025–May 2026) for a 15% loss buffer.
- Holders who can get in near the mid-May period start and stay the full year, which is when the cap and buffer are designed to work.
- Investors who don't need income from this holding, since it has made no distributions and its returns leave out QQQ's dividends.
Look elsewhere if
- Cost-focused investors: the 0.90% expense ratio is above the 0.86% average for similar buffer funds and ranks 6th of 8 on cost.
- Investors who want protection from severe crashes: if QQQ falls more than 15% in a period, the fund takes the further losses one for one.
- Anyone who may need to exit partway through a period: the fund fell 12.8% from February to April 2025, even with the buffer in place.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| QMMY this fund | 0.9% | $149.9M | +7.9% | — |
| 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
How does the QMMY buffer work?
QMMY uses FLEX options on the Invesco QQQ Trust to absorb the first 15% of QQQ's price decline over each roughly one-year period, before fees. In return, gains are capped. For May 19, 2025 through May 15, 2026, the cap was 15.20% before fees. After fees, the cap was 14.30% and the buffer 14.10%. If QQQ falls more than 15%, the fund takes the further losses one for one. The buffer stays at 15% each period, but the cap resets.
Does QMMY pay dividends?
No. The fund has made no distributions. It holds options rather than the Nasdaq-100 stocks, and its prospectus says its performance does not reflect dividends paid by the Invesco QQQ Trust. So holders give up the dividend part of QQQ's total return. Anyone seeking regular income would not get it here. Any return comes from changes in the share price, within the cap and buffer limits.
Can you get the full QMMY buffer if you invest mid-period?
Not as designed. The cap and buffer are set against QQQ's price and the fund's net asset value on the first day of each period, which starts in mid-May. Someone who invests later, or exits early, may see very different results. The cushion or upside left could be larger or smaller. The fund's value can also drift away from QQQ during a period. Its 12.8% drop from February 19 to April 8, 2025 happened partway through a period.
QMMY vs BUFR: what's the difference?
BUFR, the FT Vest Laddered Buffer ETF, is the largest fund in our buffer comparison. It had $10.5 billion in net assets as of August 31, 2026, versus $149.9 million for QMMY. As its name says, it uses a laddered approach, which generally spreads money across several buffer periods instead of one May reset. That makes it a different strategy, not a direct substitute. BUFR charges 0.95% versus 0.90% for QMMY. Over the year to October 27, 2026, BUFR returned 11.6% and QMMY 7.9%.
What is QMMY's expense ratio?
QMMY's expense ratio is 0.90% a year, all of it management fee, according to the prospectus filed December 29, 2025. That is a little above the 0.86% average of the seven similar buffer funds we compare it with, ranking 6th of 8 on cost. Innovator's PJAN and PDEC charge 0.79%, while BUFR and BUFD charge 0.95%. Fees also shrink the cap and buffer: for May 2025 to May 2026, they fell from 15.20% and 15% to 14.30% and 14.10%.