At a glance
SMAY charges 0.9% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $112.5M in assets, the 8th largest of that group. Over the past year it returned +8.6% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +12.7% a year.
The short version
FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) holds FLEX options on the iShares Russell 2000 ETF. Over each one-year period starting in May, it aims to absorb the first 15% of losses in exchange for a cap on gains. The cap for the period ending May 15, 2026 was 16.50% before fees. The fund charges 0.90% a year, above the 0.86% average for similar buffer funds, and has made no distributions.
Price history
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SMAY +8.6% 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 | |
|---|---|---|---|---|---|---|
| SMAY official prospectus, to Dec 31, 2024 | — | +12.61% | — | — | — | +13.98% |
| SMAY price data to Oct 27, 2026 | +7.3% | +8.6% | +12.7% | — | — | +9.8% |
- Over the year to Oct 27, 2026, SMAY returned +8.6%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+4.8%); its best was 2024 (+12.6%).
- The deepest fall in its price history was 14.4% (Nov 29, 2024 to Apr 8, 2025), recovered by Dec 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.3% | — |
| 2025 | +4.8% | — |
| 2024 | +12.6% | +12.61% |
| 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 $9.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.93%, -0.84%, +0.96%.
How it works
SMAY does not own small-company stocks directly. Almost all of its money is in FLEX Options, which are exchange-traded option contracts whose strike prices and expiration dates can be customized. These options are tied to the price of the iShares Russell 2000 ETF, which is run by BlackRock Fund Advisors. That ETF tracks the Russell 2000 Index: about 1,945 of the smallest companies in the Russell 3000 Index. As of August 31, 2026, options made up 99.14% of assets and cash made up 0.93%. Vest Financial LLC is the sub-advisor. The fund tracks price only, so holders do not get the underlying ETF's dividends.
For the period from May 19, 2025 to May 15, 2026, the options were set up to match the underlying ETF's gains up to 16.50% and absorb the first 15% of its losses. Losses beyond 15% pass through one for one: a 20% drop means a loss of about 5%. After fees, the cap was 15.60% and the buffer was 14.10%. Each May the fund resets with new options. The buffer stays at 15%, but the cap changes with market conditions.
These outcomes apply only to shares held for a full period. Buying mid-period or selling early can produce very different results. The fund's price can also drift from the underlying ETF's moves along the way.
What it really costs
- SMAY 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
- 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 offers small-cap stock exposure built to soften the first 15% of yearly losses, in exchange for capped gains.
SMAY launched on May 19, 2023, so it has not been tested by the 2008, 2020 or 2022 sell-offs. Its weakest calendar year, 2025, still gained 4.8%. Even so, its deepest drop was 14.4%, from November 29, 2024 to April 8, 2025. It took about eight months from that low to recover, on December 3, 2025. The buffer applies only at the end of each yearly period. Someone who has to sell shares partway through a falling market could take a real loss. The fund has made no distributions, so it offers no income stream. Its 0.90% expense ratio is above the 0.86% peer average. Past results don't predict future ones, and any plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want Russell 2000 small-cap exposure with a 15% buffer against losses and can hold from one May reset to the next.
- People willing to accept a yearly cap on gains (16.50% before fees for the period ending May 15, 2026) in exchange for smaller swings.
- Investors comfortable owning only options: FLEX options on the iShares Russell 2000 ETF made up 99.14% of assets as of August 31, 2026.
Look elsewhere if
- Retirees who need income: the fund has made no distributions, and its returns leave out the underlying ETF's dividends.
- Anyone who may buy or sell mid-period, when results can differ sharply from the stated buffer and cap.
- Investors who prefer a larger or cheaper buffer fund: at about $112.5 million in assets and 0.90% a year, it is the smallest of eight peers.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SMAY this fund | 0.9% | $112.5M | +8.6% | +12.7% |
| 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
What is the SMAY buffer and cap?
SMAY aims to absorb the first 15% of losses in the iShares Russell 2000 ETF over each one-year period, while capping gains. For the May 19, 2025 to May 15, 2026 period, the cap was 16.50% before fees. After fees, the cap was 15.60% and the buffer was 14.10%. The buffer stays at 15% each period, but the cap is reset every May based on market conditions.
Does SMAY pay dividends?
No. SMAY has made no distributions. The fund holds FLEX options rather than stocks, and its returns follow only the price of the iShares Russell 2000 ETF. That means holders miss out on the dividends the underlying ETF pays. Investors looking for regular income from small-cap stocks would need a different kind of fund.
SMAY vs BUFR: what's the difference?
Both are First Trust/Vest buffer funds, but they are built differently. SMAY resets once a year in May and is tied to small-cap stocks through the iShares Russell 2000 ETF. As its name says, BUFR is a laddered buffer fund. BUFR costs 0.95% a year versus SMAY's 0.90%, and it holds about $10.5 billion versus SMAY's $112.5 million. As of October 27, 2026, BUFR returned 11.6% over one year versus SMAY's 8.6%.
What happens if I buy SMAY in the middle of the outcome period?
Your results may be very different from the stated buffer and cap. The 15% buffer and the cap are measured from the first day of each period, which starts in May. If the underlying ETF has already risen, less upside may be left before the cap. If it has fallen, part of the buffer may already be used up. The fund's website shows where things stand during the period.
How has SMAY performed?
SMAY returned 12.61% in 2024, according to its prospectus. Price-based returns were 4.75% in 2025 and 7.29% in 2026 through October 27. As of October 27, 2026, it gained 8.6% over one year and about 12.7% a year over three years. Both figures ranked last among eight similar buffer funds. Its deepest drop was 14.4%, which ended April 8, 2025.