Data as of .
FMAY vs GMAY: which one stands where?
As of Sep 21, 2026 FMAY can fall 4.7% before its buffer engages and GMAY 4.2%.
ETFIQ Downside Cover Score: GMAY scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it · How it is computed
Both are First Trust funds, so the difference between them is the terms rather than the house.
Where each one stands today
FMAY resets first, on May 21, 2027, 242 days from now; GMAY runs to May 21, 2027, 242 days. FMAY can still gain 11.7% before its cap, GMAY 9.2%. A fall from here reaches FMAY’s buffer after 4.7% and GMAY’s after 4.2%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| FMAY | GMAY | FMAY | GMAY | |
| 3 months | +2.0% | +1.8% | −0.3 pts | −0.5 pts |
| 6 months | +8.8% | +7.0% | −9.3 pts | −11.1 pts |
| 1 year | +10.1% | +8.5% | −6.5 pts | −8.0 pts |
| 3 years | +46.4% | +39.7% | −32.0 pts | −38.7 pts |
| FMAY FT Vest U.S. Equity Buffer ETF - May Absorbs the first 10% of loss on SPY and caps the gain at 17.1%, over a period ending May 21, 2027 | GMAY FT Vest U.S. Equity Moderate Buffer ETF - May Absorbs the first 15% of loss on SPY and caps the gain at 13.8%, over a period ending May 21, 2027 | |
|---|---|---|
| Issuer | First Trust | First Trust |
| Reference index | SPY | SPY |
| Buffer | 10% | 15% |
| Outcome period | May 18, 2026 to May 21, 2027 | May 18, 2026 to May 21, 2027 |
| Days left | 242 | 242 |
| Starting cap | +17.1% | +13.8% |
| Can still gain | 11.7% | 9.2% |
| Fall before buffer | 4.7% | 4.2% |
| Protection left, index points | 10.0% of 10.0% | 15.0% of 15.0% |
| Index return this period | +4.7% | +4.7% |
| Fund return this period | +4.1% | +3.5% |
| State today | Open | Open |
| Expense ratio | 0.85% | 0.85% |
| Net assets | $1.5bn | $516m |
FMAY in plain words
From its price on Sep 21, 2026, the fund can gain about 11.7% more before it reaches its cap. The fund's price can fall 4.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 4.5% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 242 days remained on Sep 21, 2026. On May 21, 2027 the period ends and a new cap is set.
GMAY in plain words
From its price on Sep 21, 2026, the fund can gain about 9.2% more before it reaches its cap. The fund's price can fall 4.2% from here before the buffer starts absorbing losses, by the issuer's figure. 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, FMAY or GMAY?
- From their prices on Sep 21, 2026, FMAY can gain about 11.7% before its cap and GMAY about 9.2%, so FMAY has more room left this period.
- Which resets first, FMAY or GMAY?
- FMAY ends its outcome period on May 21, 2027 and GMAY on May 21, 2027. A new cap is set the day after each.
- Which is cheaper, FMAY or GMAY?
- FMAY charges 0.85% a year and GMAY charges 0.85%, so FMAY is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, FMAY against GMAY, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/fmay-vs-gmay Free to use with attribution; the underlying files are at Open data.