Data as of .
DLFE vs PMMR: which one stands where?
As of Sep 21, 2026 DLFE can fall 7.5% before its buffer engages and PMMR 3.4%, and DLFE resets 9 days sooner.
These are two different products. PMMR is a floor fund, which caps how far a holder can fall. DLFE 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
DLFE resets first, on Feb 19, 2027, 151 days from now; PMMR runs to Feb 28, 2027, 160 days. DLFE can still gain 4.0% before its cap, PMMR 2.7%. A fall from here reaches DLFE’s buffer after 7.5% and PMMR’s after 3.4%. 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 | ||
|---|---|---|---|---|
| DLFE | PMMR | DLFE | PMMR | |
| 3 months | +2.4% | +1.3% | +0.1 pts | −0.9 pts |
| 6 months | +10.7% | +3.8% | −7.3 pts | −14.3 pts |
| 1 year | not published | +5.7% | not published | −10.8 pts |
| DLFE FT Vest U.S. Equity Dual Directional Buffer ETF - February Absorbs the first 10% of loss on SPY and caps the gain at 12.4%, over a period ending Feb 19, 2027 | PMMR PGIM S&P 500 Max Buffer ETF - March Absorbs the whole loss on SPY and caps the gain at 6.3%, over a period ending Feb 28, 2027 | |
|---|---|---|
| Issuer | First Trust | PGIM |
| Reference index | SPY | SPY |
| Buffer | 10% | 100% |
| Outcome period | Feb 23, 2026 to Feb 19, 2027 | Mar 1, 2026 to Feb 28, 2027 |
| Days left | 151 | 160 |
| Starting cap | +12.4% | +6.3% |
| Can still gain | 4.0% | 2.7% |
| Fall before buffer | 7.5% | 3.4% |
| Protection left, index points | 10.0% of 10.0% | 100.0% of 100.0% |
| Index return this period | +12.2% | +12.8% |
| Fund return this period | +7.2% | +3.0% |
| State today | Open | At cap |
| Expense ratio | 0.85% | 0.50% |
| Net assets | $68m | $5m |
DLFE in plain words
From its price on Sep 21, 2026, the fund can gain about 4.0% more before it reaches its cap. The fund's price can fall 7.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.9% 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. 151 days remained on Sep 21, 2026. On Feb 19, 2027 the period ends and a new cap is set.
PMMR in plain words
SPY had already risen past this fund's cap of +6.3% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.7% as the period runs out. The fund's price can fall 3.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.3% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 160 days remained on Sep 21, 2026. On Feb 28, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, DLFE or PMMR?
- From their prices on Sep 21, 2026, DLFE can gain about 4.0% before its cap and PMMR about 2.7%, so DLFE has more room left this period.
- Which resets first, DLFE or PMMR?
- DLFE ends its outcome period on Feb 19, 2027 and PMMR on Feb 28, 2027. A new cap is set the day after each.
- Which is cheaper, DLFE or PMMR?
- DLFE charges 0.85% a year and PMMR charges 0.50%, so PMMR 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, DLFE against PMMR, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/dlfe-vs-pmmr Free to use with attribution; the underlying files are at Open data.