Which has more room to gain, DLAG or PBSE?

From their prices on Nov 4, 2026, DLAG can gain about 11.6% before its cap and PBSE about 11.1%, so DLAG has more room left this period.

Which resets first, DLAG or PBSE?

DLAG ends its outcome period on Aug 20, 2027 and PBSE on Aug 31, 2027. A new cap is set the day after each.

Which is cheaper, DLAG or PBSE?

DLAG charges 0.85% a year and PBSE charges 0.50%, so PBSE is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

DLAG vs PBSE: Cap, Buffer & Days Left

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As of Nov 4, 2026 DLAG can fall 1.8% before its buffer engages and PBSE 1.2%, and DLAG resets 11 days sooner.

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Net assets: $20m on Nov 3, 2026 for FT Vest U.S. Equity Dual Directional Buffer ETF - August, and $50m on Nov 4, 2026 for PGIM S&P 500 Buffer 20 ETF - September .

DLAG on its own →PBSE on its own →

At a glance

1.8%

DLAG can fall this far before its buffer

1.2%

PBSE can fall this far before its buffer

11.6%

DLAG can still gain

11.1%

PBSE 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.

PBSE Buffer working

PBSE: reference 0.0% since period start, fund +0.7%; buffer 0 to −20; cap +12.3%; Buffer working. Data to Nov 4, 2026.

Pair scorecard

PBSE costs 0.35 points a year less; their one-year returns differ by 1.7 points; PBSE is 2.5 times larger.

Points (pts) are percentage points.

DLAG vs PBSE: Cap, Buffer & Days Left
Measure	DLAG	PBSE
Return
Measure	DLAG	PBSE
Total return, 1 year	+10.2%	+8.5%
Drawdown
Measure	DLAG	PBSE
Index fall to the buffer	0.1%	0.0%
Benchmark
Measure	DLAG	PBSE
What it tracks	SPY	SPY
Cost and size
Measure	DLAG	PBSE
Expense ratio	0.85%	0.50%
Net assets, as of Nov 3, 2026	$20m	$50m
Holdings
Measure	DLAG	PBSE
Holdings in common	not published

Method

Window by window

Window by window: DLAG vs PBSE: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	DLAG	PBSE	DLAG	PBSE
3 months	+1.2%	+1.0%	+1.6 pts	+1.4 pts
6 months	+4.1%	+3.5%	−0.4 pts	−1.0 pts
1 year	+10.2%	+8.5%	−3.4 pts	−5.0 pts
Since launchNot the same days: DLAG Sep 2025 · PBSE May 2024	+10.7%	+25.5%	−4.3 pts	−19.2 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

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 PBSE PGIM S&P 500 Buffer 20 ETF - September · Absorbs the first 20% of loss on SPY and caps the gain at 12.3%, over a period ending Aug 31, 2027

Issuer First Trust PGIM

Reference index SPY SPY

Buffer 10% 20%

Outcome period Aug 24, 2026 to Aug 20, 2027 Sep 1, 2026 to Aug 31, 2027

Days left 289 300

Starting cap +13.5% +12.3%

Can still gain 11.6% 11.1%

Fall before buffer 1.8% 1.2%

Protection left, index points 10.0% of 10.0% 20.0% of 20.0%

Index return this period +0.1% 0.0%

Fund return this period +0.9% +0.7%

State today Open Buffer working

Expense ratio 0.85% 0.50%

Net assets, DLAG as of Nov 3, 2026 and PBSE as of Nov 4, 2026 $20m $50m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. PBSE 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.

Where each one stands today

DLAG resets first, on Aug 20, 2027, 289 days from now; PBSE runs to Aug 31, 2027, 300 days. DLAG can still gain 11.6% before its cap, PBSE 11.1%. A fall from here reaches DLAG’s buffer after 1.8% and PBSE’s after 1.2%. 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.

PBSE

From its price on Nov 4, 2026, the fund can gain about 11.1% more before it reaches its cap. The fund's price can fall 1.2% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 300 days remained on Nov 4, 2026. On Aug 31, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, DLAG or PBSE?: From their prices on Nov 4, 2026, DLAG can gain about 11.6% before its cap and PBSE about 11.1%, so DLAG has more room left this period.
Which resets first, DLAG or PBSE?: DLAG ends its outcome period on Aug 20, 2027 and PBSE on Aug 31, 2027. A new cap is set the day after each.
Which is cheaper, DLAG or PBSE?: DLAG charges 0.85% a year and PBSE charges 0.50%, so PBSE is cheaper. Fees come from each fund's prospectus.

Other comparisons

DLAG vs CPSA DLAG vs CPST DLAG vs SEPT DLAG vs XAUG PBSE vs CPST PBSE vs PMSE PBSE vs PSEP PBSE vs XAUG

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 →PBSE on its own →Method →Standards and sources →

Sources and dates

DLAG filings on SEC EDGAR ↗

First Trust page for DLAG ↗

PBSE filings on SEC EDGAR ↗

PGIM website ↗

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 PBSE, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dlag-vs-pbse

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