GMAY ETF — First Trust Exchange-Traded Fund VIII - FT Cboe Vest U.S. Equity Moderate Buffer ETF - May

First Trust Exchange-Traded Fund VIII - FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY)

Updated October 16, 2026.

GMAY is an ETF. its expense ratio is 0.85%. Total return is 45.5% over the past 3.4 years, 44.9 points behind SPY at 90.4%.

This ETF invests substantially all of its assets in customized FLEX Options that reference the SPDR S&P 500 ETF Trust, designed to provide exposure to large-cap U.S. equities with moderate downside buffer protection through its options strategy. The fund does not currently distribute income to shareholders and carries an expense ratio of 0.85%. It appeals to equity investors seeking some downside protection rather than traditional dividend income, though the non-diversified structure concentrated in options contracts carries distinctive risks.

GMAY performance versus SPY

Price and return data through 2026-10-16.

Total return is 45.5% over the past 3.4 years, 44.9 points behind SPY at 90.4%. Over the past year its total return — price change plus distributions reinvested — is 9.1%. Its deepest 1-year drawdown was 3.1%.

GMAY key facts

Issuer

First Trust

Asset type

ETF

Asset class

Equity

Inception date

05/19/2023

Expense ratio

0.85%

Distribution frequency

None

Last close

$43.97 (as of 2026-10-16)

AUM

$446,979,805

Average volume

16988.0

Beta

0.41

How Dividend Vision calculates yield and returns

Distribution rate (the posted rate) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: First Trust or company page; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

GMAY risks and drawbacks

Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 3.1%.

Who may consider GMAY — and who may not

It is a weaker fit for investors who need monthly cash flow (GMAY does not currently distribute); investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on GMAY

• All tickers starting with G

Tagged: Downside Protection, Options, Target.

Frequently asked questions

More securities from First Trust.