Which has more room to gain, FMAY or XMAY?

From their prices on Nov 4, 2026, FMAY can gain about 12.0% before its cap and XMAY about 6.1%, 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 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

FMAY vs XMAY: Cap, Buffer & Days Left

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As of Nov 4, 2026 XMAY can fall 4.6% before its buffer engages and FMAY 4.5%.

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Net assets on Nov 3, 2026: $1.5bn for FT Vest U.S. Equity Buffer ETF - May and $19m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May.

FMAY on its own →XMAY on its own →

At a glance

4.5%

FMAY can fall this far before its buffer

4.6%

XMAY can fall this far before its buffer

12.0%

FMAY can still gain

6.1%

XMAY can still gain

FMAY Between buffer and cap

FMAY: reference +3.7% since period start, fund +3.8%; buffer 0 to −10; cap +17.1%; 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 1.9 points; FMAY is far larger, $1.5bn against $19m.

Points (pts) are percentage points.

FMAY vs XMAY: Cap, Buffer & Days Left
Measure	FMAY	XMAY
Return
Measure	FMAY	XMAY
Total return, 1 year	+9.9%	+8.0%
Drawdown
Measure	FMAY	XMAY
Index fall to the buffer	3.6%
Benchmark
Measure	FMAY	XMAY
What it tracks	SPY	SPY
Cost and size
Measure	FMAY	XMAY
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$1.5bn	$19m
Holdings
Measure	FMAY	XMAY
Holdings in common	not published

Method

Window by window

Window by window: FMAY vs XMAY: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	FMAY	XMAY	FMAY	XMAY
3 months	+0.5%	+1.3%	+0.9 pts	+1.7 pts
6 months	+3.8%	+3.9%	−0.7 pts	−0.6 pts
1 year	+9.9%	+8.0%	−3.6 pts	−5.5 pts
3 years	+48.5%	–	−27.9 pts	–
Since launchNot the same days: FMAY May 2020 · XMAY May 2024	+85.5%	+25.1%	−74.4 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

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 198 198

Starting cap +17.1% +11.0%

Can still gain 12.0% 6.1%

Fall before buffer 4.5% 4.6%

Protection left, index points 10.0% of 10.0% 15.0% of 15.0%

Index return this period +3.7% +3.7%

Fund return this period +3.8% +3.9%

State today Open Open

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $1.5bn $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. 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, 198 days from now; XMAY runs to May 21, 2027, 198 days. FMAY can still gain 12.0% before its cap, XMAY 6.1%. A fall from here reaches FMAY’s buffer after 4.5% 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

FMAY

From its price on Nov 4, 2026, the fund can gain about 12.0% more before it reaches its cap. The fund's price can fall 4.5% 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: 10.0% of the 10.0% 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. 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 Nov 4, 2026, FMAY can gain about 12.0% before its cap and XMAY about 6.1%, 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 and XMAY both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

FMAY vs CPSU FMAY vs DLMY FMAY vs DDTZ FMAY vs PMJN XMAY vs CPSM XMAY vs JNEU XMAY vs HJUN XMAY vs JUNC

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 →FMAY on its own →XMAY on its own →Method →Standards and sources →

Sources and dates

FMAY and XMAY filings on SEC EDGAR ↗

First Trust page for FMAY ↗

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

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