# SMAY (FT Vest U.S. Small Cap Moderate Buffer ETF - May)

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

As of Sep 11, 2026, SMAY sits between its buffer and its cap, with IWM up 4.1% since the period began.

## Key facts

- SMAY, can still gain: 13.8%, as of Sep 11, 2026.
- SMAY, fall before the buffer: 4.7%, as of Sep 11, 2026.
- SMAY, protection left, index points: 15.0%, as of Sep 11, 2026.
- SMAY, days to reset: 252, as of Sep 11, 2026.
- SMAY, net assets: $112m (issuer page, as of Sep 11, 2026).
- SMAY, expense ratio: 0.90% (issuer page, Sep 11, 2026).

## SMAY over each window to Sep 11, 2026

| Window | Total return | IWM | Gap to IWM |
| --- | --- | --- | --- |
| 3 months | +0.8% | −1.1% | +2.0 pts |
| 6 months | +8.2% | +17.6% | −9.5 pts |
| 1 year | +11.5% | +21.2% | −9.7 pts |
| 3 years | +35.4% | +62.5% | −27.1 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Reference index | IWM | ETFIQ |
| Buffer | 15% | ETFIQ |
| Outcome period | May 18, 2026 to May 21, 2027 | ETFIQ |
| Starting cap | +19.1% | ETFIQ |
| IWM return since period start | +4.1% | ETFIQ |
| Fund return since period start | +3.9% | ETFIQ |
| Net assets | $112m | issuer page, as of Sep 11, 2026 |
| Band state today | Open | ETFIQ |
| Can still gain | 13.8% | issuer, fund price |
| Fall before buffer | 4.7% | issuer, fund price |
| Fall to the buffer in index terms | 3.9% | ETFIQ |
| Protection left in index points | 15.0% of 15.0% | ETFIQ |
| Days left in period | 252 | ETFIQ |
| Expense ratio | 0.90% | issuer page, Sep 11, 2026 |

## Questions

### How much can SMAY still gain?

About 13.8% 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 +19.1%.

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

4.7% in fund-price terms on Sep 11, 2026, by the issuer's figure. In index terms IWM can fall 3.9% from that level before the buffer begins. Losses until that point are the holder's.

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

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

### When does SMAY 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 SMAY cost?

The prospectus expense ratio is 0.90% a year.


## Cite this page

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

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