Data as of .
GMAY vs XMAY: which one stands where?
As of Sep 21, 2026 GMAY can fall 4.2% before its buffer engages and XMAY 4.1%.
These are two different products. XMAY is a floor fund, which caps how far a holder can fall. GMAY 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
GMAY resets first, on May 21, 2027, 242 days from now; XMAY runs to May 21, 2027, 242 days. GMAY can still gain 9.2% before its cap, XMAY 6.6%. A fall from here reaches GMAY’s buffer after 4.2% and XMAY’s after 4.1%. 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 | ||
|---|---|---|---|---|
| GMAY | XMAY | GMAY | XMAY | |
| 3 months | +1.8% | +2.1% | −0.5 pts | −0.1 pts |
| 6 months | +7.0% | +5.7% | −11.1 pts | −12.3 pts |
| 1 year | +8.5% | +7.7% | −8.0 pts | −8.8 pts |
| 3 years | +39.7% | not published | −38.7 pts | not published |
| 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 | 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 | 15% | 15% |
| Outcome period | May 18, 2026 to May 21, 2027 | May 18, 2026 to May 21, 2027 |
| Days left | 242 | 242 |
| Starting cap | +13.8% | +11.0% |
| Can still gain | 9.2% | 6.6% |
| Fall before buffer | 4.2% | 4.1% |
| Protection left, index points | 15.0% of 15.0% | 15.0% of 15.0% |
| Index return this period | +4.7% | +4.7% |
| Fund return this period | +3.5% | +3.4% |
| State today | Open | Open |
| Expense ratio | 0.85% | 0.85% |
| Net assets | $516m | $19m |
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. In index terms, SPY can fall 4.5% 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. 242 days remained on Sep 21, 2026. On May 21, 2027 the period ends and a new cap is set.
XMAY in plain words
From its price on Sep 21, 2026, the fund can gain about 6.6% more before it reaches its cap. The fund's price can fall 4.1% from here before the buffer starts absorbing losses, by the issuer's figure.
Questions people ask
- Which has more room to gain, GMAY or XMAY?
- From their prices on Sep 21, 2026, GMAY can gain about 9.2% before its cap and XMAY about 6.6%, so GMAY has more room left this period.
- Which resets first, GMAY or XMAY?
- GMAY 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, GMAY or XMAY?
- GMAY charges 0.85% a year and XMAY charges 0.85%, so GMAY 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, GMAY against XMAY, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/gmay-vs-xmay Free to use with attribution; the underlying files are at Open data.