FT Cboe Vest U.S. Equity Buffer ETF - May (FMAY) belongs to the Defined Outcome category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with FMAY. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to FMAY
FMAY charges 0.85% annually. There are 215 ETFs in the Defined Outcome category with lower expense ratios, going as low as 0.25%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Aptus October Buffer ETF | 0.25% | — | Oct 2025 | FMAY vs OCTB | |
| Aptus April Buffer ETF | 0.25% | — | Oct 2025 | FMAY vs APRB | |
| Aptus January Buffer ETF | 0.25% | — | Oct 2025 | FMAY vs JANB | |
| Aptus July Buffer ETF | 0.25% | — | Oct 2025 | FMAY vs JULB | |
| Fidelity Dynamic Buffered Equity ETF | 0.48% | — | Apr 2024 | FMAY vs FBUF |
Best Risk-Adjusted Alternatives to FMAY
FMAY has a PortfoliosLab risk / return rank of 78. There are 171 ETFs in the Defined Outcome category with higher risk-adjusted ranks, going as high as 99.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | 99 | — | Mar 2025 | FMAY vs PMAP | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 98 | 19.60M | Apr 2025 | FMAY vs CPSP | |
| iShares Large Cap Max Buffer Mar ETF | 98 | — | Mar 2025 | FMAY vs MMAX | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | 98 | — | Apr 2025 | FMAY vs ZAPR | |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - A... | 98 | 134.85M | Mar 2021 | FMAY vs XBAP |
Top Performing FMAY Alternatives (YTD)
FMAY is at 5.37% YTD. There are 152 ETFs in the Defined Outcome category with higher YTD returns, going as high as 16.35%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Leverage Shares 2x Capped Accelerated NVDA Monthly... | 16.35% | — | Aug 2025 | FMAY vs NVDO | |
| Innovator U.S. Small Cap Power Buffer ETF - Februa... | 13.34% | — | Jan 2025 | FMAY vs KFEB | |
| Innovator Russell 2000 Power Buffer ETF - April | 12.71% | 214.51M | Mar 2020 | FMAY vs KAPR | |
| FT Cboe Vest Nasdaq-100 Buffer ETF - March | 12.33% | 568.10M | Mar 2021 | FMAY vs QMAR | |
| ProShares Nasdaq-100 Dynamic Daily Buffer ETF | 12.15% | 2.84M | Jun 2025 | FMAY vs QB |
Lowest Volatility Alternatives to FMAY
FMAY has 6.56% 1-year volatility. There are 163 ETFs in the Defined Outcome category with lower 1-year volatility, going as low as 1.16%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | 1.16% | — | Mar 2025 | FMAY vs PMAP | |
| FT Vest U.S. Equity Max Buffer ETF - April | 1.24% | — | Apr 2025 | FMAY vs APXM | |
| PGIM S&P 500 Max Buffer ETF - May | 1.31% | — | Apr 2025 | FMAY vs PMMY | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 1.34% | 19.60M | Apr 2025 | FMAY vs CPSP | |
| iShares Large Cap Max Buffer Mar ETF | 1.42% | — | Mar 2025 | FMAY vs MMAX |
Lowest Drawdown Alternatives to FMAY
FMAY has a 1-year max drawdown of -4.22%. There are 134 ETFs in the Defined Outcome category with shallower 1-year drawdowns, going as shallow as -0.35%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | -0.35% | — | Mar 2025 | FMAY vs PMAP | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | -0.37% | 19.60M | Apr 2025 | FMAY vs CPSP | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | -0.40% | — | Apr 2025 | FMAY vs ZAPR | |
| iShares Large Cap Max Buffer Mar ETF | -0.46% | — | Mar 2025 | FMAY vs MMAX | |
| Calamos S&P 500 Structured Alt Protection ETF - Ma... | -0.49% | 56.60M | May 2024 | FMAY vs CPSM |
Other ETFs from First Trust
The 10 most viewed First Trust ETFs shown here include CIBR, GRID, AIRR and span 14 categories. AUM among these funds goes as high as $14B.
Often Compared With FMAY
Investors most often compare FMAY with BUFR, SPY, PSMD. These 20 comparison targets span 5 categories, based on PortfoliosLab usage data.
Compare FMAY with Any Fund or Stock
Compare FMAY with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair FMAY with funds that move differently
FT Cboe Vest U.S. Equity Buffer ETF - May alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to FMAY.
Explore FMAY Diversifiers