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BSEP vs DLAG: Cap, Buffer & Days Left

As of Oct 13, 2026 DLAG can fall 2.2% before its buffer engages and BSEP 1.4%, and DLAG resets 11 days sooner. Net assets on Oct 12, 2026: $470m for Innovator U.S. Equity Buffer ETF - Sep and $19m for FT Vest U.S. Equity Dual Directional Buffer ETF - August.

BSEP costs 0.06 points a year less; their one-year returns differ by 2.6 points; BSEP is far larger, $470m against $19m.

Points (pts) are percentage points.

BSEP vs DLAG: Cap, Buffer & Days Left
BSEPDLAG
Expense ratio0.79%0.85%
Net assets, as of Oct 12, 2026$470m$19m
Total return, 1 year+15.0%+12.4%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer1.3%1.5%
1.4%
BSEP can fall this far before its buffer
2.2%
DLAG can fall this far before its buffer
18.1%
BSEP can still gain
11.1%
DLAG can still gain
BSEPBetween buffer and cap
Between buffer and capBSEP: reference +1.3% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 13, 2026.9 pts of buffer+18.4% more to the cap−9.0% floor0% period start+19.8% cap+1.3% gain capturedTODAY · SPY +1.3%Between buffer and capBSEP: reference +1.3% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 13, 2026.9 pts+18.4% to cap−9.0% floor0% start+19.8% cap+1.3% gain capturedTODAY · SPY +1.3%

BSEP: reference +1.3% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 13, 2026.

BSEP: reference +1.3% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 13, 2026.

DLAGBetween buffer and cap
Between buffer and capDLAG: reference +1.5% since period start, fund +1.4%; buffer 0 to −10; cap +13.5%; Between buffer and cap. Figures to Oct 13, 2026.10 pts of buffer+12% more to the cap−10.0% floor0% period start+13.5% cap+1.5% gain capturedTODAY · SPY +1.5%Between buffer and capDLAG: reference +1.5% since period start, fund +1.4%; buffer 0 to −10; cap +13.5%; Between buffer and cap. Figures to Oct 13, 2026.10 pts+12% to cap−10.0% floor0% start+13.5% cap+1.5% gain capturedTODAY · SPY +1.5%

DLAG: reference +1.5% since period start, fund +1.4%; buffer 0 to −10; cap +13.5%; Between buffer and cap. Figures to Oct 13, 2026.

DLAG: reference +1.5% since period start, fund +1.4%; buffer 0 to −10; cap +13.5%; Between buffer and cap. Figures to Oct 13, 2026.

These are two different products. DLAG is a floor fund, which caps how far a holder can fall. BSEP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

Where each one stands today

DLAG resets first, on Aug 20, 2027, 311 days from now; BSEP runs to Aug 31, 2027, 322 days. BSEP can still gain 18.1% before its cap, DLAG 11.1%. A fall from here reaches BSEP’s buffer after 1.4% and DLAG’s after 2.2%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: BSEP vs DLAG: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowBSEPDLAGBSEPDLAG
3 months+3.4%+2.6%−0.4 pts−1.2 pts
6 months+9.6%+7.4%−3.8 pts−6.0 pts
1 year+15.0%+12.4%−4.2 pts−6.8 pts
3 years+61.7%not published−18.6 ptsnot published
Since launch
Not the same days: BSEP Sep 2019 · DLAG Sep 2025
+126.7%+11.2%−40.9 pts−5.5 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →

On the same fields

BSEP
Innovator U.S. Equity Buffer ETF - Sep · Absorbs the first 9% of loss on SPY and caps the gain at 19.8%, over a period ending Aug 31, 2027
DLAG
FT Vest U.S. Equity Dual Directional Buffer ETF - August · Absorbs the first 10% of loss on SPY and caps the gain at 13.5%, over a period ending Aug 20, 2027
Issuer Innovator First Trust
Reference index SPY SPY
Buffer 9% 10%
Outcome period Aug 31, 2026 to Aug 31, 2027 Aug 24, 2026 to Aug 20, 2027
Days left 322 311
Starting cap +19.8% +13.5%
Can still gain 18.1% 11.1%
Fall before buffer 1.4% 2.2%
Protection left, index points 9.0% of 9.0% 10.0% of 10.0%
Index return this period +1.3% +1.5%
Fund return this period +1.4% +1.4%
State today Open Open
Expense ratio 0.79% 0.85%
Net assets, as of Oct 12, 2026 $470m $19m

As of Oct 13, 2026. Source: ETFIQ.

About BSEP

From its price on Oct 13, 2026, the fund can gain about 18.1% more before it reaches its cap. The fund's price can fall 1.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.3% 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. 322 days remained on Oct 13, 2026. On Aug 31, 2027 the period ends and a new cap is set.

About DLAG

From its price on Oct 13, 2026, the fund can gain about 11.1% more before it reaches its cap. The fund's price can fall 2.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.5% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 311 days remained on Oct 13, 2026. On Aug 20, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BSEP or DLAG?
From their prices on Oct 13, 2026, BSEP can gain about 18.1% before its cap and DLAG about 11.1%, so BSEP has more room left this period.
Which resets first, BSEP or DLAG?
BSEP ends its outcome period on Aug 31, 2027 and DLAG on Aug 20, 2027. A new cap is set the day after each.
Which is cheaper, BSEP or DLAG?
BSEP charges 0.79% a year and DLAG charges 0.85%, so BSEP is cheaper. Fees come from each fund's prospectus.
Other comparisons
BSEP vs XAUGBSEP vs DDTSBSEP vs SEPPBSEP vs SEPTDLAG vs GAUGDLAG vs FAUGDLAG vs PMSEDLAG vs DAUG
SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BSEP on its own →DLAG on its own →How every figure is computed →Standards and sources →
Where these figures came from
BSEP filings on SEC EDGAR ↗Innovator page for BSEP ↗DLAG filings on SEC EDGAR ↗First Trust page for DLAG ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, BSEP against DLAG, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/bsep-vs-dlag

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.