At a glance
XMAY charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $19.3M in assets, the 8th largest of that group. Over the past year it returned +7.6% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
XMAY, First Trust's FT Vest U.S. Equity Enhance & Moderate Buffer ETF – May, holds options on the SPDR S&P 500 ETF Trust (SPY), not stocks. Over each roughly one-year period from May, it aims to absorb the first 15% of SPY's losses and return about twice its gains, capped at 10.38% before fees through May 15, 2026. It charges 0.85%, near the 0.86% average for similar buffer funds, and has made no distributions.
Price history
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XMAY +7.6% 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 | |
|---|---|---|---|---|---|---|
| XMAY price data to Oct 27, 2026 | +6.4% | +7.6% | — | — | — | +9.6% |
- Over the year to Oct 27, 2026, XMAY returned +7.6%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+10.4%); its best was 2025 (+10.4%).
- The deepest fall in its price history was 8.2% (Feb 19, 2025 to Apr 8, 2025), recovered by May 2, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.4% |
| 2025 | +10.4% |
| 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 $1.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.03%, +0.53%, +1.43%.
How it works
XMAY owns no stocks. It invests substantially all its assets in FLEX options on the SPDR S&P 500 ETF Trust (SPY), a unit investment trust holding the stocks of the S&P 500 Index. FLEX options are exchange-traded options whose terms, like expiration date and strike (payoff) price, can be customized. As of August 31, 2026, 20 option positions made up about 99% of net assets; the largest, at about 85%, was a call option, which gains value as SPY rises. Vest Financial is the sub-advisor. Returns reflect SPY's price, not its dividends.
The options target set outcomes over roughly one year. For May 19, 2025 to May 15, 2026, the goal was about twice SPY's price gain up to a maximum, or cap, of 10.38%, plus a buffer absorbing the first 15% of SPY's losses (9.53% and 14.15% after fees). Beyond 15%, losses pass through one for one: a 20% SPY drop means a 5% fund loss before fees.
Each May, the fund rolls into new options. The 15% buffer stays the same, but the cap is reset based on market conditions and can rise or fall. The targets apply only to full-period holders; anyone entering mid-period or leaving early may get different results, and day to day the fund is unlikely to rise at twice SPY's pace.
What it really costs
- XMAY 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
Its options aim to absorb the first 15% of SPY's price losses over each roughly one-year outcome period, giving up gains above a cap in exchange.
XMAY launched in May 2024, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its only full calendar year, 2025, returned 10.4%. Its deepest drop was 8.2%, from February 19 to April 8, 2025, and it recovered by May 2, 2025, in under a month. The buffer is measured over a full outcome period, so prices can still fall in between; someone forced to cash out at a low point would lock in that loss.
The fund has made no distributions, so drawing income means cashing in shares. It charges 0.85%, in line with the 0.86% average for similar buffer funds, though its 7.6% one-year return to October 27, 2026, was the lowest of eight buffer funds compared. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Long-term holders wanting S&P 500 exposure with the first 15% of SPY's losses buffered, able to hold from one May reset to the next.
- Investors willing to give up large rallies for about twice SPY's gain on smaller rises, capped at 10.38% before fees through May 15, 2026.
- Those who value a smoother ride: price swings (volatility) measured 4.1% over the year to October 27, 2026, with an 8.2% deepest drop since launch.
Look elsewhere if
- Anyone needing regular income: no distributions have been recorded, and the fund's returns exclude SPY's dividends.
- Investors who may enter mid-period or need cash before a period ends, when results can differ sharply from the stated buffer and cap.
- Those wanting full upside or a bigger fund: gains above the cap are forfeited, and net assets were $19.3 million on August 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| XMAY this fund | 0.85% | $19.3M | +7.6% | — |
| 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
How do XMAY's buffer and cap work?
XMAY aims to absorb the first 15% of SPY's price losses over each outcome period of about one year, and to return about twice SPY's price gain up to a cap. For May 19, 2025 to May 15, 2026, the cap was 10.38% before fees, or 9.53% after; the buffer was 14.15% after fees. If SPY falls more than 15%, further losses pass through one for one. The buffer stays at 15% each period, but the cap is reset each May.
Does XMAY pay dividends?
No. No distributions have been recorded for XMAY. It holds options on the SPDR S&P 500 ETF Trust (SPY) rather than SPY shares, and its prospectus says its performance does not reflect the dividends SPY pays. That means it may not suit investors who want a regular payout. Drawing cash from it means cashing in shares, and doing so before an outcome period ends can produce results far from the targeted buffer and cap.
What happens if I invest in XMAY partway through the outcome period?
The buffer and cap may not work as stated. They are designed only for shares held from the first day of an outcome period to the last. Someone who invests later pays the fund's price that day, which reflects SPY's moves since the period began, so the remaining buffer and upside can differ. The prospectus warns that day to day the fund is unlikely to rise at twice SPY's rate. About a week before each period ends, the fund's website posts an expected cap range for the next one.
What's the difference between XMAY and FJAN?
Both are FT Vest buffer ETFs that charge 0.85% a year. XMAY's prospectus describes an "enhanced" approach: about twice SPY's price gain up to a cap, plus a 15% buffer, over periods that reset in May. FJAN's buffer and cap are set out in its own prospectus. FJAN is much larger, with $1.47 billion in net assets versus XMAY's $19.3 million as of August 31, 2026, and it returned 12.3% over the year to October 27, 2026, against XMAY's 7.6%.
Can you lose money in XMAY?
Yes. Its prospectus says investors could lose money, and a shareholder may lose their entire investment. The buffer covers only the first 15% of SPY's price losses over a full outcome period; beyond that, losses pass through one for one. Prices can also fall mid-period: XMAY's deepest drop was 8.2%, from February 19 to April 8, 2025, though it recovered by May 2, 2025. It is not a bank deposit and is not insured by the FDIC or any other government agency.