Which has more room to gain, BMAY or DAPR?

From their prices on Oct 2, 2026, BMAY can gain about 10.3% before its cap and DAPR about 6.2%, so BMAY has more room left this period.

Which resets first, BMAY or DAPR?

BMAY ends its outcome period on Apr 30, 2027 and DAPR on Apr 16, 2027. A new cap is set the day after each.

Which is cheaper, BMAY or DAPR?

BMAY charges 0.79% a year and DAPR charges 0.85%, so BMAY is cheaper. Fees come from each fund's prospectus.

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BMAY vs DAPR: which one stands where?

As of Oct 2, 2026 DAPR can fall 10.1% before its buffer engages and BMAY 5.8%, and DAPR resets 14 days sooner. Innovator U.S. Equity Buffer ETF - May and FT Vest U.S. Equity Deep Buffer ETF - April.

BMAY costs 0.06 points a year less; their one-year returns differ by 2.9 points; DAPR is 1.4 times larger.

	BMAY	DAPR
Expense ratio	0.79%	0.85%
Net assets	$239m	$327m
Total return, 1 year	+11.1%	+8.2%
What it tracks	SPY	SPY
Holdings in common	not published

5.8%

BMAY can fall this far before its buffer

10.1%

DAPR can fall this far before its buffer

10.3%

BMAY can still gain

6.2%

DAPR can still gain

BMAYBetween buffer and cap

BMAY: reference +7.1% since period start, fund +5.7%; buffer 0 to −9; cap +16.9%; Between buffer and cap.

DAPRBetween buffer and cap

DAPR: reference +8.4% since period start, fund +4.7%; buffer −5 to −30; cap +12.0%; Between buffer and cap.

ETFIQ Downside Cover Score · DAPR scores higherIf the market falls into a bear market from here, how much does the buffer absorb?

BMAY 16.5

DAPR 25.7

0.2, the lowest in this set99.8, the highest

A percentile among the 294 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it → How it is computed →

Where each one stands today

DAPR resets first, on Apr 16, 2027, 196 days from now; BMAY runs to Apr 30, 2027, 210 days. BMAY can still gain 10.3% before its cap, DAPR 6.2%. A fall from here reaches BMAY’s buffer after 5.8% and DAPR’s after 10.1%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’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

	Total return		Gap to the reference
Window	BMAY	DAPR	BMAY	DAPR
3 months	+3.0%	+2.4%	−0.6 pts	−1.2 pts
6 months	+8.1%	+5.0%	−9.8 pts	−12.9 pts
1 year	+11.1%	+8.2%	−5.1 pts	−8.1 pts
3 years	+58.6%	+39.0%	−30.7 pts	−50.3 pts

BMAY and DAPR over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

BMAY

Innovator U.S. Equity Buffer ETF - May · Absorbs the first 9% of loss on SPY and caps the gain at 16.9%, over a period ending Apr 30, 2027

DAPR

FT Vest U.S. Equity Deep Buffer ETF - April · Absorbs losses from 5.0% to 30.0% on SPY and caps the gain at 12.0%, over a period ending Apr 16, 2027

Issuer Innovator First Trust

Reference index SPY SPY

Buffer 9% 5% to 30%

Outcome period Apr 30, 2026 to Apr 30, 2027 Apr 20, 2026 to Apr 16, 2027

Days left 210 196

Starting cap +16.9% +12.0%

Can still gain 10.3% 6.2%

Fall before buffer 5.8% 10.1%

Protection left, index points 9.0% of 9.0% 25.0% of 25.0%

Index return this period +7.1% +8.4%

Fund return this period +5.7% +4.7%

State today Open Open

Expense ratio 0.79% 0.85%

Net assets $239m $327m

BMAY and DAPR on the same fields, as of Oct 2, 2026. Source: ETFIQ.

BMAY in plain words

From its price on Oct 2, 2026, the fund can gain about 10.3% more before it reaches its cap. The fund's price can fall 5.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 6.6% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 210 days remained on Oct 2, 2026. On Apr 30, 2027 the period ends and a new cap is set.

DAPR in plain words

From its price on Oct 2, 2026, the fund can gain about 6.2% more before it reaches its cap. The fund's price can fall 10.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.3% 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. 196 days remained on Oct 2, 2026. On Apr 16, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BMAY or DAPR?: From their prices on Oct 2, 2026, BMAY can gain about 10.3% before its cap and DAPR about 6.2%, so BMAY has more room left this period.
Which resets first, BMAY or DAPR?: BMAY ends its outcome period on Apr 30, 2027 and DAPR on Apr 16, 2027. A new cap is set the day after each.
Which is cheaper, BMAY or DAPR?: BMAY charges 0.79% a year and DAPR charges 0.85%, so BMAY is cheaper. Fees come from each fund's prospectus.

Other comparisons

BMAY vs CTMA BMAY vs GAPR BMAY vs HMAY BMAY vs MAYC DAPR vs MAYT DAPR vs MAYU DAPR vs MAYW DAPR vs PBMY

SPY →BMAY on its own →DAPR on its own →How every figure is computed →Standards and sources →

Where these figures came from

BMAY filings on SEC EDGAR ↗Innovator page for BMAY ↗DAPR filings on SEC EDGAR ↗First Trust page for DAPR ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, BMAY against DAPR, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/bmay-vs-dapr

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.