Data as of Nov 4, 2026.
GMAY vs XMAY: Cap, Buffer & Days Left
As of Nov 4, 2026 XMAY can fall 4.6% before its buffer engages and GMAY 4.3%.
askIQ about this page
askIQ about GMAY and XMAY
Net assets on Nov 3, 2026: $366m for FT Vest U.S. Equity Moderate Buffer ETF - May and $19m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May.
GMAY: reference +3.7% since period start, fund +3.6%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Data to Nov 4, 2026.
GMAY: reference +3.7% since period start, fund +3.6%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Data to Nov 4, 2026.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.
Data to Nov 4, 2026.Pair scorecard
Both cost 0.85% a year; their one-year returns differ by 0.8 points; GMAY is 19.3 times larger.
Points (pts) are percentage points.
| Measure | GMAY | XMAY |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.8% | +8.0% |
| Drawdown | ||
| Index fall to the buffer | 3.6% | |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.85% |
| Net assets, as of Nov 3, 2026 | $366m | $19m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | GMAY | XMAY | GMAY | XMAY |
| 3 months | +0.7% | +1.3% | +1.1 pts | +1.7 pts |
| 6 months | +3.6% | +3.9% | −0.9 pts | −0.6 pts |
| 1 year | +8.8% | +8.0% | −4.8 pts | −5.5 pts |
| 3 years | +41.2% | – | −35.2 pts | – |
| Since launchNot the same days: GMAY May 2023 · XMAY May 2024 | +46.1% | +25.1% | −37.0 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
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. 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, 198 days from now; XMAY runs to May 21, 2027, 198 days. GMAY can still gain 9.1% before its cap, XMAY 6.1%. A fall from here reaches GMAY’s buffer after 4.3% and XMAY’s after 4.6%. Both track SPY, so what separates them is where each is in its own period.
GMAY
From its price on Nov 4, 2026, the fund can gain about 9.1% more before it reaches its cap. The fund's price can fall 4.3% 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. 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.
Questions people ask
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, GMAY against XMAY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/gmay-vs-xmay
ETFIQ. (Nov 4, 2026). GMAY against XMAY. Retrieved from https://etfiq.com/compare/buffer/gmay-vs-xmay
[GMAY against XMAY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/gmay-vs-xmay)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.