QBKV vs SMAY: Grades, Fees and Holdings Compared

Allianzim U.S. Small Cap Buffer5 ETF

QBKVBCboe

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

SMAYDCboe

Overlap

0.0%by weight

Expense ratio

QBKV −0.16pt a year

QBKV0.74%SMAY0.90%

Avg volume · 30D

SMAY 2.8×the volume

QBKV2.56KSMAY7.11K

QBKV vs SMAY Performance

Aug 5, 2026 – Nov 5, 2026

−4.6%QBKV−4.4%SMAY

Expense ratio: QBKV 0.74%, better; SMAY 0.90%
Fund size: QBKV $7M; SMAY $112M
1Y total return: QBKV No data; SMAY +7.1%
Holdings: QBKV 3; SMAY 3
Avg volume (30D): QBKV 2.56K sh; SMAY 7.11K sh, better
NAV per share: QBKV $27.27; SMAY $28.05
52W range

ETF.net Grade

Pillar letters and Scores for QBKV, SMAY, with each pillar’s weight
Pillar	QBKV	SMAY
Cost30% weight	A73Higher	F8
Mission25% weight	Not scored	Not scored
Risk15% weight	C51Higher	C45
Tradability15% weight	C54Higher	D29
Holdings10% weight	C53	B60Higher
Durability5% weight	D25	A79Higher

Rank among Russell 2000 Buffer 15% funds

How we build Categories ›

Same Category. QBKV and SMAY are both graded against the same 14 Russell 2000 Buffer 15% funds, so their Grades compare head to head.

Russell 2000 Buffer 15%⁠

Category · 14 funds

See all 14 ›

QBKV ranks 2nd and SMAY 14th of 14 funds in the Russell 2000 Buffer 15% Category.

Rank 1BQBKFAllianzim U.S. Small Cap Buffer15 ETFScore 64
Rank 2BQBKVAllianzim U.S. Small Cap Buffer5 ETFScore 59
Rank 3BKOCTInnovator U.S. Small Cap Power Buffer ETFScore 57
Rank 13DSNOVFT Vest U.S. Small Cap Moderate Buffer ETF - NovemberScore 35
Rank 14DSMAYFT Vest U.S. Small Cap Moderate Buffer ETF - MayScore 26

Our read on each fund

ETF.net Research

QBKVBAllianzim U.S. Small Cap Buffer5 ETF

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

In short

QBKV No data

SMAY Small 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

QBKV No data

SMAY 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

QBKV No data

SMAY 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

QBKV No data

SMAY 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.

Full QBKV profile⁠

Full SMAY profile⁠

QBKV vs SMAY Holdings

How QBKV and SMAY differ

Overlap by weight

0.0%

About this figure: SMAY holds other funds. We compare those funds, not the stocks inside them.

Level by level

Holdings0 in both0.0%
Countryby domicile99.9%
Sector11 Sectors99.99%

Sector

Sector weights in QBKV and SMAY, widest gap first
Sector	Gap	QBKV	SMAY
Consumer Discretionary	Same weight	8.6%	8.6%
Health Care	Same weight	20.9%	20.9%
Financials	Same weight	18.0%	18.0%
Technology	Same weight	14.4%	14.4%
Industrials	Same weight	13.4%	13.4%
Real Estate	Same weight	6.5%	6.5%
Energy	Same weight	6.3%	6.3%
Materials	Same weight	4.3%	4.3%
Utilities	Same weight	2.7%	2.7%
Consumer Staples	Same weight	2.6%	2.6%
Communication	Same weight	2.3%	2.3%

Country, concentration and asset class

Country by domicile

Country weights in QBKV and SMAY, widest gap first
Country	Gap	QBKV	SMAY
United States	QBKV +0.1 points	98.5%	98.4%
Brazil	Same weight	0.6%	0.6%
Switzerland	Same weight	0.3%	0.3%
Canada	Same weight	0.2%	0.2%
United Kingdom	SMAY +0.1 points	0.1%	0.2%
Taiwan	Same weight	0.1%	0.1%
Norway	SMAY +0.1 points	0.0%	0.1%
Singapore	SMAY +0.1 points	0.0%	0.1%
Other countries (5)	Same weight	0.1%	0.1%

Concentration

Weight in the 10 largest Holdings

QBKV101.7%
SMAY102.3%

Securities held

QBKV2
SMAY2

Asset class

QBKV: Stocks
SMAY: Multi-Asset

Holdings

Only in QBKV2
In both0
Only in SMAY2

Only in QBKV

2 securities, 100% of QBKV by weight

Iwm 12/31/2026 2.06 C99.19%
Iwm 12/31/2026 277.92 P1.88%

Only in SMAY

2 securities, 100% of SMAY by weight

2027-05-21 iShares Russell 2000 ETF C 2.7897.45%
2027-05-21 iShares Russell 2000 ETF P 277.604.04%

Weight gaps

QBKV and SMAY share no securities.

All 5 QBKV holdings⁠All 4 SMAY holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

QBKV vs SMAY Cost

Overpaying SMAY vs QBKV

$2,733

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

QBKV 0.74%
$14,307
SMAY 0.90%
$17,040

Amount$10,000

Years30 years

Cost over time

QBKV 0.74%
SMAY 0.90%
Overpaying

Year by year

Year	QBKV	SMAY	Overpaying
10	$1,319	$1,593	$274
20	$5,015	$6,015	$1,000
30	$14,307	$17,040	$2,733

Expense ratio

0.74%QBKV, cheaper
0.90%SMAY

QBKV0.74%SMAY0.90%

0.30%1.01%

Middle half of Russell 2000 Buffer 15% funds
Median 0.77%

QBKV 6th cheapest of 14 funds

SMAY 12th cheapest of 14 funds

QBKV vs SMAY Dividends

Last 12 months to Nov 5, 2026

Payout (12M): QBKV None; SMAY None

Distribution history

QBKVAll QBKV payments⁠

No distribution history available.

SMAYAll SMAY payments⁠

No distribution history available.

QBKV vs SMAY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: QBKV No dataSMAY 9.3%
Return per unit of riskSharpe ratio, 3 years: QBKV No dataSMAY 0.82
Worst fallMax drawdown, 5 years: QBKV No dataSMAY −14.5%since May 2023
Market sensitivityBeta, 5 years: QBKV 0.31SMAY 0.58; Market = 1

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