Data as of Nov 4, 2026.
DLAG vs SEPP: Cap, Buffer & Days Left
As of Nov 4, 2026 DLAG can fall 1.8% before its buffer engages and SEPP 1.1%, 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 $91m on Nov 4, 2026 for PGIM S&P 500 Buffer 12 ETF - September.
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.
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.SEPP: reference 0.0% since period start, fund +0.6%; buffer 0 to −12; cap +15.9%; Buffer working. Data to Nov 4, 2026.
SEPP: reference 0.0% since period start, fund +0.6%; buffer 0 to −12; cap +15.9%; Buffer working. Data to Nov 4, 2026.Pair scorecard
SEPP costs 0.35 points a year less; their one-year returns differ by 0.7 points; SEPP is 4.6 times larger.
Points (pts) are percentage points.
| Measure | DLAG | SEPP |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.2% | +10.9% |
| Drawdown | ||
| Index fall to the buffer | 0.1% | 0.0% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.50% |
| Net assets, as of Nov 3, 2026 | $20m | $91m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | DLAG | SEPP | DLAG | SEPP |
| 3 months | +1.2% | +1.1% | +1.6 pts | +1.5 pts |
| 6 months | +4.1% | +4.3% | −0.4 pts | −0.2 pts |
| 1 year | +10.2% | +10.9% | −3.4 pts | −2.7 pts |
| Since launchNot the same days: DLAG Sep 2025 · SEPP May 2024 | +10.7% | +32.7% | −4.3 pts | −12.0 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
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. SEPP 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; SEPP runs to Aug 31, 2027, 300 days. DLAG can still gain 11.6% before its cap, SEPP 14.7%. A fall from here reaches DLAG’s buffer after 1.8% and SEPP’s after 1.1%. Both track SPY, so what separates them is where each is in its own period.
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.
SEPP
From its price on Nov 4, 2026, the fund can gain about 14.7% more before it reaches its cap. The fund's price can fall 1.1% 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: 12.0% of the 12.0% 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
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.
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ETFIQ, DLAG against SEPP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dlag-vs-sepp
ETFIQ. (Nov 4, 2026). DLAG against SEPP. Retrieved from https://etfiq.com/compare/buffer/dlag-vs-sepp
[DLAG against SEPP (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/dlag-vs-sepp)
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