SMAY Fees and Costs — FT Vest U.S. Small Cap Moderate Buffer ETF - May
Data updated: 2026-07-23
The net expense ratio is 0.90%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $37K in broker commissions, 0.0450% of average net assets, and portfolio turnover was 0%.
SMAY Fees and Expenses
Annual operating expenses and sales charges of SMAY. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.90% |
| Fee waiver | — |
| Net expense ratio | 0.90% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
SMAY Costs Over Time
On $10,000 invested in SMAY, assuming 5% a year before costs, total costs come to $592 over 5 years, cutting the return by 0.99% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.90%) | $94 | $295 | $512 |
| Trading costs (broker commissions) | $5 | $15 | $26 |
| Lost growth on money paid in costs | $0 | $15 | $54 |
| Total costs | $99 | $325 | $592 |
| Value after costs | $10,401 | $11,251 | $12,171 |
| Impact on return, per year | 0.99% | 0.99% | 0.99% |
SMAY Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0450%
- Total broker commissions: $37K
- Bought from dealers (principal trades, not a cost): $283.3M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
SMAY Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| X-CHANGE FINANCIAL ACCESS, LLC | $26K | 70.35% |
| Wolverine Execution Services LLC | $11K | 29.65% |
SMAY Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $190.4M | 67.21% |
| Cowen and Company, LLC | $85.6M | 30.21% |
| BOFA SECURITIES, INC. | $7.3M | 2.58% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.