- Issuer
- First Trust
- Inception Date
- May 15, 2020
- Category
- Defined Outcome
- Leveraged
- 1x (No leverage)
- Index Tracked
- Cboe S&P 500 30% (-5% to -35%) Buffer Protect May Series Index
- Distribution Policy
- Accumulating
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $374M
Highlights
- Avg. Volume (1M)
- 9K
- Avg. Volume Value (1M)
- $440.69K
Share Price Chart
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Performance
DMAY Performance Chart
FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) is up 4.5% since the beginning of the year. DMAY is currently trading at $47 per share. Investors who bought $1,000 worth of DMAY shares 5 years ago would now be looking at an investment worth $1,395.
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Returns By Period
FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) has returned 4.47% so far this year and 9.72% over the past 12 months.
FT Cboe Vest U.S. Equity Deep Buffer ETF - May
- 1D
- 0.40%
- 1M
- 0.41%
- 6M
- 3.91%
- YTD
- 4.47%
- 1Y
- 9.72%
- 3Y*
- 10.82%
- 5Y*
- 6.88%
- 10Y*
- —
- ALL TIME*
- 7.16%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
DMAY Monthly Returns History
Based on dividend-adjusted daily data since May 18, 2020, DMAY's average daily return is +0.03%, while the average monthly return is +0.59%. At this rate, an investment would double in approximately 9.8 years.
Historically, 68% of months were positive and 32% were negative. The best month was May 2025 with a return of +6.7%, while the worst month was Apr 2022 at -4.9%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 3 months.
On a daily basis, DMAY closed higher 56% of trading days. The best single day was Apr 9, 2025 with a return of +5.5%, while the worst single day was Apr 3, 2025 at -4.0%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.54% | 0.23% | -1.45% | 3.78% | 1.51% | -0.44% | 0.30% | 4.47% | |||||
| 2025 | 1.73% | -0.49% | -3.98% | -0.90% | 6.70% | 2.25% | 1.07% | 1.11% | 1.30% | 0.54% | 0.57% | 0.95% | 11.05% |
| 2024 | 1.00% | 1.48% | 0.72% | 0.34% | 0.36% | 2.49% | 0.64% | 1.93% | 1.29% | -0.21% | 3.00% | -0.83% | 12.82% |
| 2023 | 3.55% | -1.91% | 2.77% | 1.28% | 0.54% | 3.12% | 1.37% | -0.41% | -2.16% | -1.15% | 5.50% | 2.20% | 15.40% |
| 2022 | -1.12% | -0.99% | 2.06% | -4.85% | -3.05% | -3.71% | 4.02% | -1.62% | -4.63% | 3.65% | 3.09% | -2.75% | -9.98% |
| 2021 | -0.34% | 0.80% | 0.55% | 0.21% | 0.74% | 0.88% | 0.60% | 0.76% | -1.18% | 1.98% | -0.51% | 1.52% | 6.14% |
Benchmark Metrics
FT Cboe Vest U.S. Equity Deep Buffer ETF - May has an annualized alpha of -0.36%, beta of 0.45, and R2 of 0.82 versus S&P 500 Index. Calculated based on daily prices since May 18, 2020.
- This ETF participated in 42.10% of S&P 500 Index downside but only 35.11% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.45 indicates this ETF moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- -0.36%
- Beta
- 0.45
- R²
- 0.82
- Upside Capture
- 35.11%
- Downside Capture
- 42.10%
Expense Ratio
DMAY has an expense ratio of 0.85%, placing it in the medium range.
Return for Risk
Risk / Return Rank
DMAY ranks 80 for risk / return — above 80% of ETFs peers on PortfoliosLab. Its historical combined result is above most peers.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Deep Buffer ETF - May (DMAY) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DMAY | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.25 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.78 | 2.00 | +0.78 |
| Martin ratioReturn relative to average drawdown | 14.06 | 8.49 | +5.57 |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the FT Cboe Vest U.S. Equity Deep Buffer ETF - May. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the FT Cboe Vest U.S. Equity Deep Buffer ETF - May was 13.90%, occurring on Oct 14, 2022. Recovery took 272 trading sessions.
The current FT Cboe Vest U.S. Equity Deep Buffer ETF - May drawdown is 0.35%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-13.90%Oct 2022 | 6mo 12d | 1y 1mo | 1y 7moApr 2022 - Nov 2023 | Bear market2022 |
-12.38%Apr 2025 | 1mo 17d | 1mo 8d | 2mo 25dFeb 2025 - May 2025 | 2025 selloff2025 |
-4.53%Aug 2024 | 19d | 15d | 1mo 4dJul 2024 - Aug 2024 | — |
-4.13%Mar 2022 | 2mo 8d | 15d | 2mo 23dJan 2022 - Mar 2022 | Bear market2022 |
-3.36%Mar 2026 | 1mo 2d | 9d | 1mo 11dFeb 2026 - Apr 2026 | — |
Drawdown Indicators
| DMAY | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.90% | -56.78% | +42.88% |
Max Drawdown (1Y)Largest decline over 1 year | -3.36% | -9.10% | +5.74% |
Max Drawdown (3Y)Largest decline over 3 years | -12.38% | -18.90% | +6.52% |
Max Drawdown (5Y)Largest decline over 5 years | -13.90% | -25.43% | +11.53% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.35% | -1.58% | +1.23% |
Average DrawdownAverage peak-to-trough decline | -2.20% | -10.70% | +8.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 2.14% | -1.48% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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