Data as of .
DLAG vs USEP: which one stands where?
As of Sep 21, 2026 USEP can fall 5.6% before its buffer engages and DLAG 1.7%, and DLAG resets 11 days sooner.
These are two different products. USEP 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, 333 days from now; USEP runs to Aug 31, 2027, 344 days. DLAG can still gain 11.7% before its cap, USEP 13.9%. A fall from here reaches DLAG’s buffer after 1.7% and USEP’s after 5.6%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| DLAG | USEP | DLAG | USEP | |
| 3 months | +1.9% | +1.7% | −0.3 pts | −0.6 pts |
| 6 months | +9.6% | +8.8% | −8.4 pts | −9.2 pts |
| 1 year | not published | +8.8% | not published | −7.8 pts |
| 3 years | not published | +40.6% | not published | −37.8 pts |
| 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 | USEP Innovator U.S. Equity Ultra Buffer ETF - Sep Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 14.7%, over a period ending Aug 31, 2027 | |
|---|---|---|
| Issuer | First Trust | Innovator |
| Reference index | SPY | SPY |
| Buffer | 10% | 5% to 35% |
| Outcome period | Aug 24, 2026 to Aug 20, 2027 | Aug 31, 2026 to Aug 31, 2027 |
| Days left | 333 | 344 |
| Starting cap | +13.5% | +14.7% |
| Can still gain | 11.7% | 13.9% |
| Fall before buffer | 1.7% | 5.6% |
| Protection left, index points | 10.0% of 10.0% | 30.0% of 30.0% |
| Index return this period | +1.1% | +0.9% |
| Fund return this period | +0.9% | +0.6% |
| State today | Open | Open |
| Expense ratio | 0.85% | 0.79% |
| Net assets | $15m | $176m |
DLAG in plain words
From its price on Sep 21, 2026, the fund can gain about 11.7% more before it reaches its cap. The fund's price can fall 1.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.0% 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. 333 days remained on Sep 21, 2026. On Aug 20, 2027 the period ends and a new cap is set.
USEP in plain words
From its price on Sep 21, 2026, the fund can gain about 13.9% more before it reaches its cap. The fund's price can fall 5.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 5.8% 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. 344 days remained on Sep 21, 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 USEP?
- From their prices on Sep 21, 2026, DLAG can gain about 11.7% before its cap and USEP about 13.9%, so USEP has more room left this period.
- Which resets first, DLAG or USEP?
- DLAG ends its outcome period on Aug 20, 2027 and USEP on Aug 31, 2027. A new cap is set the day after each.
- Which is cheaper, DLAG or USEP?
- DLAG charges 0.85% a year and USEP charges 0.79%, so USEP is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, DLAG against USEP, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/dlag-vs-usep Free to use with attribution; the underlying files are at Open data.