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DMAY

GradeCChicago Board Options Exchange

FT Vest U.S. Equity Deep Buffer ETF - May

Buffered · First Trust · Inception 2020-05-15 · SEC filings

$48.04−0.20 (−0.42%)

As of Sep 23, 2026, 2:05 PM EDT

Intraday session: down, 35 prints from 48.24 to 48.04. Range 48.02 to 48.22. Use the arrow keys to read each point.$48.00$48.10$48.15$48.2010 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$383M
1Y return
+8.9%
Yield · Last 12 months
—
Holdings
4
Volume · 30D
0M sh
NAV per share
$48.21
52W range
low $44.02high $48.28

The ETF.net DMAY Grade

C

48/ 100

Rank 9 of 19 in S&P 500 Deep Buffer 25-30%⁠

Confidence Medium

Six-pillar profile for DMAY. Scores out of 100: Cost 31, Risk 36, Mission not scored, Tradability 75, Holdings 67, Durability 72. Strongest: Tradability (75). Weakest: Cost (31). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 48 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 31
    Category rank16/19 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 36
    Category rank16/18 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 75
    Category rank2/19 · top 11%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 67
    Category rank3/12 · top 25%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 72
    Category rank5/19 · top 26%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on DMAY

ETF.net Research

CA deep buffer with a May start date. DMAY absorbs a 25-percentage-point band of losses in the SPDR S&P 500 ETF Trust over each one-year outcome period, and in exchange you live under a cap that resets every May.

Stated mandate

The Fund seeks to track the price return of the State Street® SPDR® S&P 500® ETF Trust, subject to a 13.56% upside cap, while buffering specified losses over the current target-outcome period.

Why people hold it

  1. 01Twenty-five percentage points of buffer against declines in the reference fund per outcome period. That is the deep end of the buffer menu, not the usual thin cushion.ftportfolios.com
  2. 02The thing being buffered is the SPDR S&P 500 ETF Trust itself, price return. No custom index to decode.ftportfolios.com
  3. 03One of twelve monthly vintages First Trust runs on the same deep-buffer recipe, DJAN through DDEC, every one at 0.85%. Start dates can be laddered without changing the fee math.
  4. 04Running since 2020, so the structure has been through real market weather rather than a backtest.

Worth knowing

  1. 010.85% sits right at the median for deep-buffer funds, but not the floor: the Pacer Swan SOS Conservative siblings (PSCX, PSCW, PSCQ) run 0.49%.
  2. 02Price return only. Dividends paid inside the S&P 500 are not passed along, and income has not been part of the package here.
  3. 03Trades lightly next to the biggest buffer funds, so execution deserves attention. Buy mid-period and you inherit whatever cap and buffer remain, not the reset-day terms.

DMAY Holdings

As of Sep 21, 2026, 5:45 PM
Asset class
Other
Holdings
4
Top-10 weight
102%
Largest holding
2027-05-21 State Street® SPDR® S&P 500® ETF Trust C 7.3899.2%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—2027-05-21 State Street® SPDR® S&P 500® ETF Trust C 7.3899.19%5,025$378M1
002—2027-05-21 State Street® SPDR® S&P 500® ETF Trust P 702.212.23%5,025$8M1
003—US Dollar0.84%3,210,795$3M394

Showing 1–3 of 3 holdings

DMAY Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

DMAY$10,890
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. DMAY $10,890. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for DMAY. Periods over one year show the average yearly return.
PeriodDMAY
Year to date+6.6%
1 month+0.8%
3 months+2.6%
1 year+8.9%
3 years+12.4%per year
5 years+7.3%per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for DMAY
YearReturn barDMAY
2026 YTD+6.6%
2025+11.0%
2024+12.8%
2023+15.4%
2022−10.0%
2021+6.1%
2020+6.7%

History from May 19, 2020

DMAY in the news

ETF.net Research hasn’t filed on DMAY yet — coverage lands here as it’s written.

DMAY Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

DMAY Risk

How much the fund’s monthly returns vary, scaled to a year.
6.7%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.97
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−13.9%
Trough Oct 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.46
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

DMAY Cost

Expense ratio0.85%
  • The middle half of S&P 500 Deep Buffer 25-30% funds
  • Median 0.85%

7 of the 19 S&P 500 Deep Buffer 25-30% funds charge less.

DMAY costs $85.00 a year on $10,000. The median S&P 500 Deep Buffer 25-30% fund costs $85.00.