# GMAY (FT Vest U.S. Equity Moderate Buffer ETF - May)

First Trust · Buffer ETFs · data as of Sep 11, 2026

As of Sep 11, 2026, GMAY sits between its buffer and its cap, with SPY up 3.4% since the period began.

## Key facts

- GMAY, can still gain: 9.9%, as of Sep 11, 2026.
- GMAY, fall before the buffer: 3.6%, as of Sep 11, 2026.
- GMAY, protection left, index points: 15.0%, as of Sep 11, 2026.
- GMAY, days to reset: 252, as of Sep 11, 2026.
- GMAY, net assets: $516m (issuer page, as of Sep 11, 2026).
- GMAY, expense ratio: 0.85% (issuer page, Sep 11, 2026).

## GMAY over each window to Sep 11, 2026

| Window | Total return | SPY | Gap to SPY |
| --- | --- | --- | --- |
| 3 months | +2.3% | +3.3% | −1.0 pts |
| 6 months | +6.4% | +16.0% | −9.6 pts |
| 1 year | +8.8% | +17.5% | −8.7 pts |
| 3 years | +39.5% | +77.9% | −38.3 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Reference index | SPY | ETFIQ |
| Buffer | 15% | ETFIQ |
| Outcome period | May 18, 2026 to May 21, 2027 | ETFIQ |
| Starting cap | +13.8% | ETFIQ |
| SPY return since period start | +3.4% | ETFIQ |
| Fund return since period start | +2.8% | ETFIQ |
| Net assets | $516m | issuer page, as of Sep 11, 2026 |
| Band state today | Open | ETFIQ |
| Can still gain | 9.9% | issuer, fund price |
| Fall before buffer | 3.6% | issuer, fund price |
| Fall to the buffer in index terms | 3.3% | ETFIQ |
| Protection left in index points | 15.0% of 15.0% | ETFIQ |
| Days left in period | 252 | ETFIQ |
| Expense ratio | 0.85% | issuer page, Sep 11, 2026 |

## Questions

### How much can GMAY still gain?

About 9.9% from its price on Sep 11, 2026, before it reaches its cap, by the issuer's published figure. The cap for the period was set at +13.8%.

### How far can GMAY fall before the buffer helps?

3.6% in fund-price terms on Sep 11, 2026, by the issuer's figure. In index terms SPY can fall 3.3% from that level before the buffer begins. Losses until that point are the holder's.

### How much of the GMAY buffer is left?

15.0% of the 15.0% buffer sat below the SPY level on Sep 11, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.

### When does GMAY reset?

The outcome period ends on May 21, 2027, 252 days from the data on Sep 11, 2026. A new cap is set the next day and the buffer starts again.

### What does GMAY cost?

The prospectus expense ratio is 0.85% a year.


## Cite this page

ETFIQ, GMAY, data as of Sep 11, 2026. https://etfiq.com/funds/gmay
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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