Data as of Nov 4, 2026.
DLAG vs ZSEP: Cap, Buffer & Days Left
As of Nov 4, 2026 DLAG can fall 1.8% before its buffer engages and ZSEP 0.8%, 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 $263m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - 1 Yr 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.ZSEP: reference −0.1% since period start, fund +0.6%; buffer Floor; cap +8.9%; Buffer working. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
ZSEP costs 0.06 points a year less; their one-year returns differ by 4.7 points; ZSEP is 13.1 times larger.
Points (pts) are percentage points.
| Measure | DLAG | ZSEP |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.2% | +5.5% |
| Drawdown | ||
| Index fall to the buffer | 0.1% | 0.0% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.79% |
| Net assets, as of Nov 3, 2026 | $20m | $262m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | DLAG | ZSEP | DLAG | ZSEP |
| 3 months | +1.2% | +1.0% | +1.6 pts | +1.4 pts |
| 6 months | +4.1% | +2.5% | −0.4 pts | −2.0 pts |
| 1 year | +10.2% | +5.5% | −3.4 pts | −8.1 pts |
| Since launchNot the same days: DLAG Sep 2025 · ZSEP Sep 2024 | +10.7% | +14.1% | −4.3 pts | −24.8 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
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. ZSEP 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; ZSEP runs to Aug 31, 2027, 300 days. DLAG can still gain 11.6% before its cap, ZSEP 8.1%. A fall from here reaches DLAG’s buffer after 1.8% and ZSEP’s after 0.8%. 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.
ZSEP
From its price on Nov 4, 2026, the fund can gain about 8.1% more before it reaches its cap. The fund's price can fall 0.8% 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: 99.9% of the 100.0% 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.
Cite this pageCitation, APA and Markdown
ETFIQ, DLAG against ZSEP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dlag-vs-zsep
ETFIQ. (Nov 4, 2026). DLAG against ZSEP. Retrieved from https://etfiq.com/compare/buffer/dlag-vs-zsep
[DLAG against ZSEP (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/dlag-vs-zsep)
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