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Data as of Nov 4, 2026.

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Buffer ETFs

DAPR vs UMAY: Cap, Buffer & Days Left

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As of Nov 4, 2026 DAPR can fall 10.4% before its buffer engages and UMAY 9.6%, and DAPR resets 14 days sooner.

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Net assets: $334m on Nov 3, 2026 for FT Vest U.S. Equity Deep Buffer ETF - April, and $84m on Nov 4, 2026 for Innovator U.S. Equity Ultra Buffer ETF - May.

DAPR on its own →UMAY on its own →
At a glance
10.4%
DAPR can fall this far before its buffer
9.6%
UMAY can fall this far before its buffer
5.9%
DAPR can still gain
7.1%
UMAY can still gain
DAPR Between buffer and cap
Between buffer and capDAPR: reference +8.0% since period start, fund +5.0%; buffer −5 to −30; cap +12.0%; Between buffer and cap. Data to Nov 4, 2026.25 pts of buffer+8% gained−30.0% floor−5.0% buffer start0% period start+12.0% capfirst 5 pts are yours to lose+4.1% more to the capTODAY · SPY +8.0%Between buffer and capDAPR: reference +8.0% since period start, fund +5.0%; buffer −5 to −30; cap +12.0%; Between buffer and cap. Data to Nov 4, 2026.25 pts of buffer+8%−30.0% floor−5.0% buffer start0% start+12.0% capfirst 5 pts are yours to lose+4.1% more to the capTODAY · SPY +8.0%

DAPR: reference +8.0% since period start, fund +5.0%; buffer −5 to −30; cap +12.0%; Between buffer and cap. Data to Nov 4, 2026.

DAPR: reference +8.0% since period start, fund +5.0%; buffer −5 to −30; cap +12.0%; Between buffer and cap. Data to Nov 4, 2026.
UMAY Between buffer and cap
Between buffer and capUMAY: reference +6.7% since period start, fund +4.7%; buffer −5 to −35; cap +12.5%; Between buffer and cap. Data to Nov 4, 2026.30 pts of buffer+6.7%−35.0% floor−5.0% buffer start0% period start+12.5% capfirst 5 pts are yours to lose+5.9% more to the capTODAY · SPY +6.7%Between buffer and capUMAY: reference +6.7% since period start, fund +4.7%; buffer −5 to −35; cap +12.5%; Between buffer and cap. Data to Nov 4, 2026.30 pts of buffer−35.0% floor−5.0% buffer start0% start+12.5% capfirst 5 pts are yours to lose+6.7% gain captured+5.9% more to the capTODAY · SPY +6.7%

UMAY: reference +6.7% since period start, fund +4.7%; buffer −5 to −35; cap +12.5%; Between buffer and cap. Data to Nov 4, 2026.

UMAY: reference +6.7% since period start, fund +4.7%; buffer −5 to −35; cap +12.5%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

UMAY costs 0.06 points a year less; their one-year returns differ by 0.1 points; DAPR is 4.0 times larger.

Points (pts) are percentage points.

DAPR vs UMAY: Cap, Buffer & Days Left
MeasureDAPRUMAY
Return
Total return, 1 year+8.4%+8.5%
Drawdown
Index fall to the buffer12.0%10.9%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.85%0.79%
Net assets, as of Nov 3, 2026$334m$83m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · UMAY scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score28.6DAPR46.4UMAY

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

0.3, the lowest in this set 99.7, the highest

Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →

Method

Window by window

Window by window: DAPR vs UMAY: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowDAPRUMAYDAPRUMAY
3 months+1.1%+1.2%+1.5 pts+1.5 pts
6 months+3.7%+3.7%−0.8 pts−0.8 pts
1 year+8.4%+8.5%−5.2 pts−5.1 pts
3 years+36.5%+39.4%−39.9 pts−37.0 pts
Since launchNot the same days: DAPR Apr 2021 · UMAY May 2020+39.9%+53.3%−44.8 pts−117.8 pts

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

Side by side

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 UMAY Innovator U.S. Equity Ultra Buffer ETF - May · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 12.5%, over a period ending Apr 30, 2027
Issuer First Trust Innovator
Reference index SPY SPY
Buffer 5% to 30% 5% to 35%
Outcome period Apr 20, 2026 to Apr 16, 2027 Apr 30, 2026 to Apr 30, 2027
Days left 163 177
Starting cap +12.0% +12.5%
Can still gain 5.9% 7.1%
Fall before buffer 10.4% 9.6%
Protection left, index points 25.0% of 25.0% 30.0% of 30.0%
Index return this period +8.0% +6.7%
Fund return this period +5.0% +4.7%
State today Open Open
Expense ratio 0.85% 0.79%
Net assets, DAPR as of Nov 3, 2026 and UMAY as of Nov 4, 2026 $334m $84m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

DAPR resets first, on Apr 16, 2027, 163 days from now; UMAY runs to Apr 30, 2027, 177 days. DAPR can still gain 5.9% before its cap, UMAY 7.1%. A fall from here reaches DAPR’s buffer after 10.4% and UMAY’s after 9.6%. Both track SPY, so what separates them is where each is in its own period.

Client brief:

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About each fund
DAPR

From its price on Nov 4, 2026, the fund can gain about 5.9% more before it reaches its cap. The fund's price can fall 10.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 12.0% 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. 163 days remained on Nov 4, 2026. On Apr 16, 2027 the period ends and a new cap is set.

UMAY

From its price on Nov 4, 2026, the fund can gain about 7.1% more before it reaches its cap. The fund's price can fall 9.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.9% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level. 177 days remained on Nov 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 UMAY?
From their prices on Nov 4, 2026, DAPR can gain about 5.9% before its cap and UMAY about 7.1%, so UMAY has more room left this period.
Which resets first, DAPR or UMAY?
DAPR ends its outcome period on Apr 16, 2027 and UMAY on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, DAPR or UMAY?
DAPR charges 0.85% a year and UMAY charges 0.79%, so UMAY is cheaper. Fees come from each fund's prospectus.
Other comparisons
DAPR vs DDFYDAPR vs ZMAYDAPR vs SIXZDAPR vs CPSMUMAY vs PMAYUMAY vs FAPRUMAY vs ZMAYUMAY vs SIXZ
Where to next
State Street® SPDR® S&P 500® ETF Trust →DAPR on its own →UMAY on its own →Method →Standards and sources →
Sources and dates
DAPR filings on SEC EDGAR ↗
First Trust page for DAPR ↗
UMAY filings on SEC EDGAR ↗
Innovator page for UMAY ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, DAPR against UMAY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dapr-vs-umay

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