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Launched

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

GMAYCboeFirst TrustC

$43.55−0.14 (−0.33%)

As of Nov 10, 2026, 11:15 AM ET

C42/ 100

Rank 36 of 61 in S&P 500 Buffer 15%

C42/100Rank 36 of 61inS&P 500 Buffer 15%
Intraday session: down, 22 prints from 43.69 to 43.55. Range 43.48 to 43.66. Use the arrow keys to read each point.43.5043.6043.6510 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$361M
1Y total return
+7.7%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
63.6K sh
52W range
low $40.22high $44.99
Launched

The ETF.net GMAY Grade

Based on 5 of 6 pillars

C

Score 42 out of 100

Category
S&P 500 Buffer 15%⁠
Rank
36 of 61
Six-pillar profile for GMAY. Scores out of 100: Cost 13, Risk 42, Mission not scored, Tradability 80, Holdings 64, Durability 74. Strongest: Tradability (80). Weakest: Cost (13). Based on 5 of 6 pillars.

Score 42 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F13 out of 100
    Rank 47 of 61

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C42 out of 100
    Rank 44 of 60

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A80 out of 100
    Rank 2 of 61

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B64 out of 100
    Rank 8 of 34

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A74 out of 100
    Rank 17 of 61

Our read on GMAY

ETF.net Research

In short

CFirst Trust runs a buffer fund for every month of the calendar, and GMAY holds the May slot: a 15% cushion on SPY's price return over a one-year outcome period, paid for with a cap on the upside set when the period begins.

Stated mandate

The Fund seeks returns corresponding to the price return of the State Street® SPDR® S&P 500® ETF Trust, subject to an upside cap and protection against the first 15% of losses during the stated outcome period.

Why people hold it

  • The deal is spelled out in the fund's own documents: protection against the first 15% of losses on SPY's price return, plus a stated cap, across a defined one-year outcome period.ftportfolios.com
  • May is just one rung. GJAN through GDEC run the same 15% structure on a rolling monthly schedule, so start dates can be staggered instead of hostage to one entry point.
  • The reference asset is the SPDR S&P 500 ETF Trust itself. Plain large-cap US equity price return, no custom index or factor tilt to decode.
  • One of the easier funds in its buffer peer group to get in and out of, with a mid-sized asset base standing behind it.

Worth knowing

  • At 0.85%, it sits above the 0.79% median for its buffer cohort. Downside protection is a purchased feature, and the sticker shows it.
  • The cap works both ways: big SPY years get trimmed. And the 15% buffer is measured from the start of the outcome period to its end, not day by day in between.
  • Not an income vehicle. The options package is built to shape the payoff, not to pay out along the way.

GMAY Performance

Launched May 19, 2023

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

Not enough history yet.Not enough history yet.
GMAY$10,767
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,339
Nov 7, 2025 to Nov 9, 2026. GMAY $10,767. SPY $11,339. Use the arrow keys to read each point.$10,000$11,000Nov 2025May 2026Nov 2026

Nov 7, 2025 – Nov 9, 2026

Returns run to the Nov 9, 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 GMAY. Periods over one year show the average yearly return.
PeriodGMAY
Year to date+5.8%
1 month−1.5%
3 months−0.5%
1 year+7.7%
3 yearsper year+11.9%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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 GMAY
YearReturn barGMAY
2026 YTD+5.8%
2025+11.9%
2024+12.1%
2023+8.9%

History from May 22, 2023

GMAY in the news

GMAY Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

GMAY Risk

Risk pillarC42 out of 100Rank 44 of 60 in S&P 500 Buffer 15%
How much the fund’s monthly returns vary, scaled to a year.
5.8%
Annualised · 36 months to Oct 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.
1.34
vs 3-month T-bills · to Oct 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.
−11.7%
41 months · trough Apr 2025
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.
0.40
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.

FMP measures it over up to five years of monthly returns.

GMAY Cost

Compare GMAY and CAUG

Overpaying vs CAUG, tied cheapest in S&P 500 Buffer 15%

$10,050

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • GMAY 0.85%

    $16,199

  • CAUG 0.30% Tied cheapest

    $6,149

$10,000
30 years

Cost over time

  • GMAY 0.85%
  • CAUG 0.30%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530GMAY $16,199CAUG $6,149

Year by year

YearGMAYCAUGOverpaying
10$1,508$545$963
20$5,706$2,113$3,593
30$16,199$6,149$10,050

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