FT Vest U.S. Small Cap Moderate Buffer ETF - May
$27.61−0.06 (−0.22%)
- 0.90%
- $111M
- +9.9%
- 0M sh
- $27.77
- low $24.89high $28.86
The ETF.net SMAY Grade
D
Score 27 out of 100
- 20 of 21
Score 27 of 100 falls in the D 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.F3 out of 100Rank 20 of 21Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C53 out of 100Rank 6 of 20Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D34 out of 100Rank 17 of 21Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B60 out of 100Rank 2 of 6Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A79 out of 100Rank 7 of 21
Our read on SMAY
DSmall caps with a seatbelt. SMAY absorbs the first 15% of a price decline in the Russell 2000 ETF over each one-year outcome period, trading that cushion for a ceiling on the upside. The clock resets every May.
The Fund seeks price-return participation in the iShares Russell 2000 ETF up to a 19.15% cap, while protecting the first 15% of losses during the May 18, 2026–May 21, 2027 outcome period.
Why people hold it
- The 15% buffer is written into the fund's design, not a target: over a full outcome period it takes the first 15% of a price drop in the iShares Russell 2000 ETF before you feel it.
- Defined-outcome mechanics point at small caps, a corner of the buffer market where the field is thin and the reference is a single, widely held Russell 2000 fund.
- The May start date lets you stagger entry across the calendar alongside other dated small-cap buffer funds (KJAN, KAPR, KJUL, KOCT) instead of betting on one reset month.
- What's inside matches what's on the label: options tied to one reference fund, no drift, no side bets.
Worth knowing
- The buffer and the cap belong to the full outcome period. Buy in the middle and you get whatever cushion and headroom are left, not the stated 15%.
- At 0.90% a year, it sits above the 0.79% charged by the Innovator small-cap buffer funds running the same playbook.
- It trades lightly, so spreads at the point of entry or exit can matter more than they would in a busier fund.
SMAY Holdings
- Other
- 3
- 103%
- 2027-05-21 iShares Russell 2000 ETF C 2.78
Sectors
- Health Care20.9%
- Financials18.0%
- Technology14.4%
- Industrials13.4%
- Consumer Discretionary8.6%
- Real Estate6.5%
- Energy6.3%
- Materials4.3%
- Utilities2.7%
- Consumer Staples2.6%
- Communication2.3%
SMAY Performance
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.
SMAY$10,993
Returns run to the Oct 12, 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.
| Period | SMAY |
|---|---|
| Year to date | +6.5% |
| 1 month | −1.8% |
| 3 months | −2.0% |
| 1 year | +9.9% |
| 3 years | +11.3% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | SMAY |
|---|---|---|
| 2026 YTD | +6.5% | |
| 2025 | +4.8% | |
| 2024 | +12.6% | |
| 2023 | +9.0% |
SMAY in the news
SMAY Dividends
No distributions in the last 12 months.
SMAY Risk
- 9.7%
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.
- 0.65
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.
- −14.5%
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.
- 0.59
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
SMAY Cost
0.90%
SMAY0.90%
- The middle half of Russell 2000 Buffer 15% funds
- Median 0.74%
12 of the 14 Russell 2000 Buffer 15% funds charge less.
Other funds in Russell 2000 Buffer 15%
- CRBProShares Trust - ProShares Russell 2000 Dynamic Buffer ETFExpense ratio 0.58%1 year return +15.5%
- CSCJLCorgi ETF Trust I - Corgi U.S. Small-Cap 15% Structured Buffer ETF - July SeriesExpense ratio 0.30%1 year return —
- CSCJNCorgi ETF Trust I - Corgi U.S. Small-Cap 15% Structured Buffer ETF - June SeriesExpense ratio 0.30%1 year return —
- CSCMYCorgi ETF Trust I - Corgi U.S. Small-Cap 15% Structured Buffer ETF - May SeriesExpense ratio 0.30%1 year return —
- DSNOVFT Vest U.S. Small Cap Moderate Buffer ETF - NovemberExpense ratio 0.90%1 year return +11.9%