- ISIN
- US33740F4660
- CUSIP
- 33740F466
- Issuer
- First Trust
- Inception Date
- May 19, 2023
- Region
- North America (U.S.)
- Category
- Defined Outcome
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Domicile
- United States
- Distribution Policy
- Accumulating
- Asset Class
- Alternatives
- Asset Class Size
- Small-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $109M
Highlights
- Avg. Volume (1M)
- 9K
- Avg. Volume Value (1M)
- $244.61K
Share Price Chart
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Performance
SMAY Performance Chart
FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) is up 8.2% since the beginning of the year. SMAY is currently trading at $28 per share.
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Returns By Period
FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) has returned 8.22% so far this year and 17.30% over the past 12 months.
FT Vest U.S. Small Cap Moderate Buffer ETF - May
- 1D
- -0.14%
- 1M
- -0.60%
- 6M
- 6.68%
- YTD
- 8.22%
- 1Y
- 17.30%
- 3Y*
- 9.57%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.96%
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%
SMAY Monthly Returns History
Based on dividend-adjusted daily data since May 22, 2023, SMAY's average daily return is +0.04%, while the average monthly return is +0.89%. At this rate, an investment would double in approximately 6.5 years.
Historically, 64% of months were positive and 36% were negative. The best month was Dec 2023 with a return of +6.7%, while the worst month was Mar 2025 at -3.9%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 3 months.
On a daily basis, SMAY closed higher 53% of trading days. The best single day was Apr 9, 2025 with a return of +4.3%, while the worst single day was Apr 3, 2025 at -2.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.44% | 0.55% | -0.67% | 3.10% | 2.60% | 1.98% | -0.99% | 8.22% | |||||
| 2025 | 2.11% | -3.57% | -3.93% | -0.77% | 0.09% | 2.92% | 0.79% | 3.39% | 1.39% | 0.80% | 0.74% | 0.97% | 4.75% |
| 2024 | -1.71% | 3.27% | 2.63% | -3.44% | 5.80% | -0.43% | 4.60% | 0.01% | 0.71% | -0.47% | 5.19% | -3.67% | 12.60% |
| 2023 | -0.99% | 4.26% | 2.50% | -1.36% | -3.37% | -3.54% | 5.23% | 6.70% | 9.21% |
Benchmark Metrics
FT Vest U.S. Small Cap Moderate Buffer ETF - May has an annualized alpha of 0.72%, beta of 0.53, and R2 of 0.60 versus S&P 500 Index. Calculated based on daily prices since May 22, 2023.
- This ETF participated in 75.39% of S&P 500 Index downside but only 57.47% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.53 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
- 0.72%
- Beta
- 0.53
- R²
- 0.60
- Upside Capture
- 57.47%
- Downside Capture
- 75.39%
Expense Ratio
SMAY has an expense ratio of 0.90%, placing it in the medium range.
Return for Risk
Risk / Return Rank
SMAY ranks 92 for risk / return — above 92% of ETFs peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) 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.
| SMAY | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.78 | ||
| Sortino ratioReturn per unit of downside risk | +1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.25 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 5.45 | 2.00 | +3.45 |
| Martin ratioReturn relative to average drawdown | 22.27 | 8.49 | +13.78 |
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 Vest U.S. Small Cap Moderate 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 Vest U.S. Small Cap Moderate Buffer ETF - May was 14.44%, occurring on Apr 8, 2025. Recovery took 165 trading sessions.
The current FT Vest U.S. Small Cap Moderate Buffer ETF - May drawdown is 0.99%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-14.44%Apr 2025 | 4mo 7d | 7mo 29d | 1y 1dDec 2024 - Dec 2025 | 2025 selloff2025 |
-8.99%Oct 2023 | 2mo 26d | 1mo 17d | 4mo 13dAug 2023 - Dec 2023 | — |
-5.13%Aug 2024 | 21d | 1mo 13d | 2mo 4dJul 2024 - Sep 2024 | — |
-4.83%Apr 2024 | 17d | 19d | 1mo 6dApr 2024 - May 2024 | — |
-3.36%Jan 2024 | 20d | 26d | 1mo 16dDec 2023 - Feb 2024 | — |
Drawdown Indicators
| SMAY | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.44% | -56.78% | +42.34% |
Max Drawdown (1Y)Largest decline over 1 year | -3.00% | -9.10% | +6.10% |
Max Drawdown (3Y)Largest decline over 3 years | -14.44% | -18.90% | +4.46% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.99% | -1.58% | +0.59% |
Average DrawdownAverage peak-to-trough decline | -2.45% | -10.70% | +8.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.74% | 2.14% | -1.40% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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