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Launched

FT Vest U.S. Small Cap Moderate Buffer ETF - May

SMAYCboeFirst TrustD

$27.34+0.03 (+0.12%)

As of Nov 6, 2026, 9:55 AM ET

D26/ 100

Rank 21 of 21 in Russell 2000 Buffer 15%

D26/100Rank 21 of 21inRussell 2000 Buffer 15%
Intraday session: up, 5 prints from 27.31 to 27.34. Range 27.26 to 27.36. Use the arrow keys to read each point.27.2627.2827.3027.3610 AM12 PM2 PM4 PM
Expense ratio
0.90%
Fund size
$112M
1Y total return
+7.1%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
7.11K sh
52W range
low $24.89high $28.86
Launched

The ETF.net SMAY Grade

Based on 5 of 6 pillars

D

Score 26 out of 100

Category
Russell 2000 Buffer 15%⁠
Rank
21 of 21
Six-pillar profile for SMAY. Scores out of 100: Cost 8, Risk 45, Mission not scored, Tradability 29, Holdings 60, Durability 79. Strongest: Durability (79). Weakest: Cost (8). Based on 5 of 6 pillars.

Score 26 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.
    F8 out of 100
    Rank 19 of 21

  • 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.
    C45 out of 100
    Rank 9 of 21

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D29 out of 100
    Rank 18 of 21

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B60 out of 100
    Rank 2 of 6

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A79 out of 100
    Rank 7 of 21

Our read on SMAY

ETF.net Research

In short

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.

Stated mandate

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 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.
SMAY$10,706
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,934
Nov 5, 2025 to Nov 5, 2026. SMAY $10,706. SPY $10,934. Use the arrow keys to read each point.$10,000$11,000Nov 2025May 2026Nov 2026

Nov 5, 2025 – Nov 5, 2026

Returns run to the Nov 5, 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 SMAY. Periods over one year show the average yearly return.
PeriodSMAY
Year to date+5.1%
1 month−2.3%
3 months−4.4%
1 year+7.1%
3 yearsper year+10.4%
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 SMAY
YearReturn barSMAY
2026 YTD+5.1%
2025+4.8%
2024+12.6%
2023+9.0%

History from May 22, 2023

SMAY in the news

SMAY Dividends

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

No distributions in the last 12 months.

SMAY Risk

Risk pillarC45 out of 100Rank 9 of 21 in Russell 2000 Buffer 15%
How much the fund’s monthly returns vary, scaled to a year.
9.3%
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.
0.82
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.
−14.5%
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.
0.58
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.

SMAY Cost

Compare SMAY and SCAU

Overpaying vs SCAU, tied cheapest in Russell 2000 Buffer 15%

$10,891

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

  • SMAY 0.90%

    $17,040

  • SCAU 0.30% Tied cheapest

    $6,149

$10,000
30 years

Cost over time

  • SMAY 0.90%
  • SCAU 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$20K051015202530SMAY $17,040SCAU $6,149

Year by year

YearSMAYSCAUOverpaying
10$1,593$545$1,048
20$6,015$2,113$3,902
30$17,040$6,149$10,891

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