MAYP is an actively managed ETF designed to provide exposure to the price performance of the S&P 500 through a target outcome structure. It seeks opportunities to participate in gains in the underlying market while also incorporating loss protection and a cap on gains over a defined target period.

It may suit investors who want to maintain equity-market exposure while understanding and using a downside-management structure aligned with a target holding period.

This ETF is actively managed by First Trust.

This product uses customized options to create a structure linked to the price performance of the S&P 500. Because the buffer and cap are designed around purchases made at the start of a target period and continued ownership through its end, the purchase date and holding period can affect outcomes.

• Combines loss buffering with a cap on gains for each target period
• Uses an options-based structure linked to the price performance of the S&P 500

Assets under management (AUM) are $37.0M, with an annual total expense ratio of 0.50%.

Trading volume and bid-ask spreads can vary with market conditions, so investors should review actual quotes and trading accessibility before buying or selling.

The performance of MAYP is affected by movements in the underlying market, the fund's position within the target period, and changes in option values. Even during a sustained market advance, a cap on gains may apply, while losses beyond the buffer range can occur during a downturn. As a result, its performance path may differ from that of a conventional index-tracking product.

Demand for buffer ETFs can be influenced by investor interest in balancing equity-market participation with downside management. However, because the remaining buffer and gain cap can change depending on the fund's position within the target period, investors should consider current conditions and their intended holding plan rather than focusing only on fund flows.

Downside buffering aligned with a target period is a potential benefit, but investors should understand the gain cap and how outcomes can differ when shares are bought or sold before the end of the period.

In the comparison table, BUFR takes a buffer approach across multiple target periods, while SFLR emphasizes a defined range of downside management in an equity-focused structure. BUFD is designed to seek a deeper level of buffering, while BUFQ differs by providing underlying exposure centered on the Nasdaq. FJAN is a similar product that uses a target period tied to a specific month, so investors comparing it with MAYP should review the target period, gain cap, expense level, and trading accessibility. Direct replacement products outside the table are not included because verifiable data is limited.

Unlike conventional equity ETFs, the target period and purchase date are central to a buffer ETF. When evaluating MAYP, investors should review how the buffer applies, the cap on gains, differences between the actual trading price and net asset value, and their own intended holding plan.

A buffer is a structural feature of a specific target period, not a mechanism that prevents all losses. Buying or selling during the target period can change the remaining buffer and gain cap. Market volatility, option values, liquidity, and differences between the trading price and net asset value can also affect investment outcomes.

MAYP is a product investors may consider when seeking U.S. large-cap equity exposure combined with a target-period downside-management structure. However, rather than comparing its performance with that of a conventional index ETF alone, investors should review the fund's position within the target period, the gain cap, the possibility of buying or selling before the end, costs, and trading conditions before making a decision aligned with their own holding plan.