Data as of . Every figure is the buffer desk's own, on published data.
DAPR vs PMAY
Where each one stands today
DAPR resets first, on Apr 16, 2027, 224 days from now; PMAY runs to Apr 30, 2027, 238 days. DAPR can still gain 6.4% before its cap, PMAY 7.9%. A fall from here reaches DAPR’s buffer after 9.9% and PMAY’s after 4.6%. Both track SPY, so what separates them is where each is in its own period.
Every figure is the buffer desk’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| DAPR | PMAY | DAPR | PMAY | |
| 3 months | +2.8% | +3.2% | −1.9 pts | −1.5 pts |
| 6 months | +5.7% | +6.3% | −9.5 pts | −8.8 pts |
| 1 year | +8.8% | +9.5% | −11.2 pts | −10.4 pts |
| 3 years | +34.4% | +40.4% | −43.5 pts | −37.6 pts |
| DAPR FT Vest U.S. Equity Deep Buffer ETF - April | PMAY Innovator U.S. Equity Power Buffer ETF - May | |
|---|---|---|
| Issuer | First Trust | Innovator |
| Reference index | SPY | SPY |
| Buffer | ||
| Outcome period | Apr 20, 2026 to Apr 16, 2027 | Apr 30, 2026 to Apr 30, 2027 |
| Days left | 224 | 238 |
| Starting cap | +12.0% | +13.0% |
| Can still gain | 6.4% | 7.9% |
| Fall before buffer | 9.9% | 4.6% |
| Protection left, index points | 25.0% of 25.0% | 15.0% of 15.0% |
| Index return this period | +8.5% | +7.2% |
| Fund return this period | +4.5% | +4.5% |
| State today | Open | Open |
| Expense ratio | 0.85% | 0.79% |
DAPR in plain words
From its price on Sep 4, 2026, the fund can gain about 6.4% more before it reaches its cap. The fund's price can fall 9.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.4% from today's level to the point where the buffer begins. Protection left, in index points: 25.0% of the 25.0% buffer still sits below today's SPY level. 224 days remained on Sep 4, 2026. On Apr 16, 2027 the period ends and a new cap is set.
PMAY in plain words
From its price on Sep 4, 2026, the fund can gain about 7.9% more before it reaches its cap. The fund's price can fall 4.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 6.7% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 238 days remained on Sep 4, 2026. On Apr 30, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, DAPR or PMAY?
- From their prices on Sep 4, 2026, DAPR can gain about 6.4% before its cap and PMAY about 7.9%, so PMAY has more room left this period.
- Which resets first, DAPR or PMAY?
- DAPR ends its outcome period on Apr 16, 2027 and PMAY on Apr 30, 2027. A new cap is set the day after each.
- Which is cheaper, DAPR or PMAY?
- DAPR charges 0.85% a year and PMAY charges 0.79%, so PMAY is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, DAPR against PMAY, data as of Sep 4, 2026. https://etfiq.com/compare/buffer/DAPR-PMAY.html Free to use with attribution; the underlying files are at Open data.