Which has more room to gain, DLAG or GAUG?

From their prices on Nov 4, 2026, DLAG can gain about 11.6% before its cap and GAUG about 12.1%, so GAUG has more room left this period.

Which resets first, DLAG or GAUG?

DLAG ends its outcome period on Aug 20, 2027 and GAUG on Aug 20, 2027. A new cap is set the day after each.

Which is cheaper, DLAG or GAUG?

DLAG and GAUG both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

DLAG vs GAUG: Cap, Buffer & Days Left

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As of Nov 4, 2026 DLAG can fall 1.8% before its buffer engages and GAUG 1.6%.

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Net assets on Nov 3, 2026: $20m for FT Vest U.S. Equity Dual Directional Buffer ETF - August and $414m for FT Vest U.S. Equity Moderate Buffer ETF - August.

DLAG on its own →GAUG on its own →

At a glance

1.8%

DLAG can fall this far before its buffer

1.6%

GAUG can fall this far before its buffer

11.6%

DLAG can still gain

12.1%

GAUG can still gain

DLAG Between buffer and cap

DLAG: reference +0.1% since period start, fund +0.9%; buffer 0 to −10; cap +13.5%; Between buffer and cap. Data to Nov 4, 2026.

GAUG Between buffer and cap

GAUG: reference +0.1% since period start, fund +0.7%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; their one-year returns differ by 0.9 points; GAUG is far larger, $414m against $20m.

Points (pts) are percentage points.

DLAG vs GAUG: Cap, Buffer & Days Left
Measure	DLAG	GAUG
Return
Measure	DLAG	GAUG
Total return, 1 year	+10.2%	+9.3%
Drawdown
Measure	DLAG	GAUG
Index fall to the buffer	0.1%
Benchmark
Measure	DLAG	GAUG
What it tracks	SPY	SPY
Cost and size
Measure	DLAG	GAUG
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$20m	$414m
Holdings
Measure	DLAG	GAUG
Holdings in common	not published

Method

Window by window

Window by window: DLAG vs GAUG: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	DLAG	GAUG	DLAG	GAUG
3 months	+1.2%	+1.1%	+1.6 pts	+1.4 pts
6 months	+4.1%	+3.8%	−0.4 pts	−0.7 pts
1 year	+10.2%	+9.3%	−3.4 pts	−4.2 pts
3 years	–	+41.8%	–	−34.6 pts
Since launchNot the same days: DLAG Sep 2025 · GAUG Aug 2023	+10.7%	+42.0%	−4.3 pts	−32.5 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

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 GAUG FT Vest U.S. Equity Moderate Buffer ETF - August · Absorbs the first 15% of loss on SPY and caps the gain at 13.8%, over a period ending Aug 20, 2027

Issuer First Trust First Trust

Reference index SPY SPY

Buffer 10% 15%

Outcome period Aug 24, 2026 to Aug 20, 2027 Aug 24, 2026 to Aug 20, 2027

Days left 289 289

Starting cap +13.5% +13.8%

Can still gain 11.6% 12.1%

Fall before buffer 1.8% 1.6%

Protection left, index points 10.0% of 10.0% 15.0% of 15.0%

Index return this period +0.1% +0.1%

Fund return this period +0.9% +0.7%

State today Open Open

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $20m $414m

As of Nov 4, 2026. Source: ETFIQ.

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

Both are First Trust funds, so the difference between them is the terms rather than the house.

Where each one stands today

DLAG resets first, on Aug 20, 2027, 289 days from now; GAUG runs to Aug 20, 2027, 289 days. DLAG can still gain 11.6% before its cap, GAUG 12.1%. A fall from here reaches DLAG’s buffer after 1.8% and GAUG’s after 1.6%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

DLAG

From its price on Nov 4, 2026, the fund can gain about 11.6% more before it reaches its cap. The fund's price can fall 1.8% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.1% 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. 289 days remained on Nov 4, 2026. On Aug 20, 2027 the period ends and a new cap is set.

GAUG

From its price on Nov 4, 2026, the fund can gain about 12.1% more before it reaches its cap. The fund's price can fall 1.6% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, DLAG or GAUG?: From their prices on Nov 4, 2026, DLAG can gain about 11.6% before its cap and GAUG about 12.1%, so GAUG has more room left this period.
Which resets first, DLAG or GAUG?: DLAG ends its outcome period on Aug 20, 2027 and GAUG on Aug 20, 2027. A new cap is set the day after each.
Which is cheaper, DLAG or GAUG?: DLAG and GAUG both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

DLAG vs FAUG DLAG vs ZSEP DLAG vs USEP DLAG vs SEPW GAUG vs SEPT GAUG vs CPST GAUG vs PBSE GAUG vs PMSE

Where to next

State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →DLAG on its own →GAUG on its own →Method →Standards and sources →

Sources and dates

DLAG and GAUG filings on SEC EDGAR ↗

First Trust page for DLAG ↗

First Trust page for GAUG ↗

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

How this is computed

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, DLAG against GAUG, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dlag-vs-gaug

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