Which has more room to gain, DMAY or XMAY?

From their prices on Nov 4, 2026, DMAY can gain about 9.3% before its cap and XMAY about 6.1%, so DMAY has more room left this period.

Which resets first, DMAY or XMAY?

DMAY ends its outcome period on May 21, 2027 and XMAY on May 21, 2027. A new cap is set the day after each.

Which is cheaper, DMAY or XMAY?

DMAY and XMAY both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

DMAY vs XMAY: Cap, Buffer & Days Left

Share on X Download as PDF

As of Nov 4, 2026 DMAY can fall 8.7% before its buffer engages and XMAY 4.6%.

askIQ about this page

askIQ about DMAY and XMAY

Net assets on Nov 3, 2026: $390m for FT Vest U.S. Equity Deep Buffer ETF - May and $19m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May.

DMAY on its own →XMAY on its own →

At a glance

8.7%

DMAY can fall this far before its buffer

4.6%

XMAY can fall this far before its buffer

9.3%

DMAY can still gain

6.1%

XMAY can still gain

DMAY Between buffer and cap

DMAY: reference +3.7% since period start, fund +3.1%; buffer −5 to −30; cap +13.6%; Between buffer and cap. Data to Nov 4, 2026.

XMAY Between buffer and cap

XMAY: reference +3.7% since period start, fund +3.9%; buffer 0 to −15; cap +11.0%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; their one-year returns differ by 0.3 points; DMAY is far larger, $390m against $19m.

Points (pts) are percentage points.

DMAY vs XMAY: Cap, Buffer & Days Left
Measure	DMAY	XMAY
Return
Measure	DMAY	XMAY
Total return, 1 year	+8.3%	+8.0%
Drawdown
Measure	DMAY	XMAY
Index fall to the buffer	8.4%	3.6%
Benchmark
Measure	DMAY	XMAY
What it tracks	SPY	SPY
Cost and size
Measure	DMAY	XMAY
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$390m	$19m
Holdings
Measure	DMAY	XMAY
Holdings in common	not published

Method

Window by window

Window by window: DMAY vs XMAY: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	DMAY	XMAY	DMAY	XMAY
3 months	+0.5%	+1.3%	+0.9 pts	+1.7 pts
6 months	+3.2%	+3.9%	−1.3 pts	−0.6 pts
1 year	+8.3%	+8.0%	−5.2 pts	−5.5 pts
3 years	+40.5%	–	−35.9 pts	–
Since launchNot the same days: DMAY May 2020 · XMAY May 2024	+56.5%	+25.1%	−103.4 pts	−19.6 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

DMAY FT Vest U.S. Equity Deep Buffer ETF - May · Absorbs losses from 5.0% to 30.0% on SPY and caps the gain at 13.6%, over a period ending May 21, 2027 XMAY FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May · Absorbs the first 15% of loss on SPY and caps the gain at 11.0%, over a period ending May 21, 2027

Issuer First Trust First Trust

Reference index SPY SPY

Buffer 5% to 30% 15%

Outcome period May 18, 2026 to May 21, 2027 May 18, 2026 to May 21, 2027

Days left 198 198

Starting cap +13.6% +11.0%

Can still gain 9.3% 6.1%

Fall before buffer 8.7% 4.6%

Protection left, index points 25.0% of 25.0% 15.0% of 15.0%

Index return this period +3.7% +3.7%

Fund return this period +3.1% +3.9%

State today Open Open

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $390m $19m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. XMAY is a floor fund, which caps how far a holder can fall. DMAY is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

Both are First Trust funds, so the difference between them is the terms rather than the house.

Where each one stands today

DMAY resets first, on May 21, 2027, 198 days from now; XMAY runs to May 21, 2027, 198 days. DMAY can still gain 9.3% before its cap, XMAY 6.1%. A fall from here reaches DMAY’s buffer after 8.7% and XMAY’s after 4.6%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

DMAY

From its price on Nov 4, 2026, the fund can gain about 9.3% more before it reaches its cap. The fund's price can fall 8.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 8.4% from today's level to the point where the buffer begins. Protection left, in index points: 25.0% of the 25.0% buffer still sits below today's SPY level. 198 days remained on Nov 4, 2026. On May 21, 2027 the period ends and a new cap is set.

XMAY

From its price on Nov 4, 2026, the fund can gain about 6.1% more before it reaches its cap. The fund's price can fall 4.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 3.6% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, DMAY or XMAY?: From their prices on Nov 4, 2026, DMAY can gain about 9.3% before its cap and XMAY about 6.1%, so DMAY has more room left this period.
Which resets first, DMAY or XMAY?: DMAY ends its outcome period on May 21, 2027 and XMAY on May 21, 2027. A new cap is set the day after each.
Which is cheaper, DMAY or XMAY?: DMAY and XMAY both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

DMAY vs PMJN DMAY vs CPSM DMAY vs UJUN DMAY vs CTJN XMAY vs FMAY XMAY vs JUNW XMAY vs GMAY XMAY vs BJUN

Where to next

State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →DMAY on its own →XMAY on its own →Method →Standards and sources →

Sources and dates

DMAY and XMAY filings on SEC EDGAR ↗

First Trust page for DMAY ↗

First Trust page for XMAY ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, DMAY against XMAY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dmay-vs-xmay

Open data →

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.