Data as of .
FMAY vs XMAY: which one stands where?
As of Sep 19, 2026 FMAY can fall 3.8% before its buffer engages and XMAY 3.7%.
These are two different products. XMAY is a floor fund, which caps how far a holder can fall. FMAY 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
FMAY resets first, on May 21, 2027, 245 days from now; XMAY runs to May 21, 2027, 245 days. FMAY can still gain 12.8% before its cap, XMAY 7.1%. A fall from here reaches FMAY’s buffer after 3.8% and XMAY’s after 3.7%. 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 | XMAY | FMAY | XMAY | |
| 3 months | +2.0% | +2.1% | −0.3 pts | −0.1 pts |
| 6 months | +8.8% | +5.7% | −9.3 pts | −12.3 pts |
| 1 year | +10.1% | +7.7% | −6.5 pts | −8.8 pts |
| 3 years | +46.4% | not published | −32.0 pts | not published |
| 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 | 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 | 10% | 15% |
| Outcome period | May 18, 2026 to May 21, 2027 | May 18, 2026 to May 21, 2027 |
| Days left | 245 | 245 |
| Starting cap | +17.1% | +11.0% |
| Can still gain | 12.8% | 7.1% |
| Fall before buffer | 3.8% | 3.7% |
| Protection left, index points | 10.0% of 10.0% | 15.0% of 15.0% |
| Index return this period | +3.0% | +3.0% |
| Fund return this period | +3.1% | +2.9% |
| State today | Open | Open |
| Expense ratio | 0.85% | 0.85% |
| Net assets | $1.5bn | $19m |
FMAY in plain words
From its price on Sep 19, 2026, the fund can gain about 12.8% more before it reaches its cap. The fund's price can fall 3.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.0% 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. 245 days remained on Sep 19, 2026. On May 21, 2027 the period ends and a new cap is set.
XMAY in plain words
From its price on Sep 19, 2026, the fund can gain about 7.1% more before it reaches its cap. The fund's price can fall 3.7% 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 XMAY?
- From their prices on Sep 19, 2026, FMAY can gain about 12.8% before its cap and XMAY about 7.1%, so FMAY has more room left this period.
- Which resets first, FMAY or XMAY?
- FMAY 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, FMAY or XMAY?
- FMAY charges 0.85% a year and XMAY 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 XMAY, data as of Sep 19, 2026. https://etfiq.com/compare/buffer/fmay-vs-xmay Free to use with attribution; the underlying files are at Open data.