Which has more room to gain, DLMY or FMAY?

From their prices on Nov 4, 2026, DLMY can gain about 9.0% before its cap and FMAY about 12.0%, so FMAY has more room left this period.

Which resets first, DLMY or FMAY?

DLMY ends its outcome period on May 21, 2027 and FMAY on May 21, 2027. A new cap is set the day after each.

Which is cheaper, DLMY or FMAY?

DLMY and FMAY both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

DLMY vs FMAY: Cap, Buffer & Days Left

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As of Nov 4, 2026 DLMY can fall 4.5% before its buffer engages and FMAY 4.5%.

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Net assets on Nov 3, 2026: $12m for FT Vest U.S. Equity Dual Directional Buffer ETF - May and $1.5bn for FT Vest U.S. Equity Buffer ETF - May.

DLMY on its own →FMAY on its own →

At a glance

4.5%

DLMY can fall this far before its buffer

4.5%

FMAY can fall this far before its buffer

9.0%

DLMY can still gain

12.0%

FMAY can still gain

DLMY Between buffer and cap

DLMY: reference +3.7% since period start, fund +3.9%; buffer 0 to −10; cap +14.1%; Between buffer and cap. Data to Nov 4, 2026.

FMAY Between buffer and cap

FMAY: reference +3.7% since period start, fund +3.8%; buffer 0 to −10; cap +17.1%; Between buffer and cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; FMAY is far larger, $1.5bn against $12m.

Points (pts) are percentage points.

DLMY vs FMAY: Cap, Buffer & Days Left
Measure	DLMY	FMAY
Return
Measure	DLMY	FMAY
Total return, 1 year	not published	+9.9%
Drawdown
Measure	DLMY	FMAY
Index fall to the buffer	3.6%
Benchmark
Measure	DLMY	FMAY
What it tracks	SPY	SPY
Cost and size
Measure	DLMY	FMAY
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$12m	$1.5bn
Holdings
Measure	DLMY	FMAY
Holdings in common	not published

Method

Window by window

Window by window: DLMY vs FMAY: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	DLMY	FMAY	DLMY	FMAY
3 months	+0.8%	+0.5%	+1.2 pts	+0.9 pts
6 months	–	+3.8%	–	−0.7 pts
1 year	–	+9.9%	–	−3.6 pts
3 years	–	+48.5%	–	−27.9 pts
Since launchNot the same days: DLMY May 2026 · FMAY May 2020	+3.6%	+85.5%	−0.2 pts	−74.4 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

DLMY FT Vest U.S. Equity Dual Directional Buffer ETF - May · Absorbs the first 10% of loss on SPY and caps the gain at 14.1%, over a period ending May 21, 2027 FMAY FT Vest U.S. Equity Buffer ETF - May · Absorbs the first 10% of loss on SPY and caps the gain at 17.1%, over a period ending May 21, 2027

Issuer First Trust First Trust

Reference index SPY SPY

Buffer 10% 10%

Outcome period May 18, 2026 to May 21, 2027 May 18, 2026 to May 21, 2027

Days left 198 198

Starting cap +14.1% +17.1%

Can still gain 9.0% 12.0%

Fall before buffer 4.5% 4.5%

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

Index return this period +3.7% +3.7%

Fund return this period +3.9% +3.8%

State today Open Open

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $12m $1.5bn

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. FMAY is a floor fund, which caps how far a holder can fall. DLMY is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

Both are First Trust funds, so the difference between them is the terms rather than the house.

Where each one stands today

DLMY resets first, on May 21, 2027, 198 days from now; FMAY runs to May 21, 2027, 198 days. DLMY can still gain 9.0% before its cap, FMAY 12.0%. A fall from here reaches DLMY’s buffer after 4.5% and FMAY’s after 4.5%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

DLMY

From its price on Nov 4, 2026, the fund can gain about 9.0% more before it reaches its cap. The fund's price can fall 4.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 3.6% 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. 198 days remained on Nov 4, 2026. On May 21, 2027 the period ends and a new cap is set.

FMAY

From its price on Nov 4, 2026, the fund can gain about 12.0% more before it reaches its cap.

Questions people ask

Which has more room to gain, DLMY or FMAY?: From their prices on Nov 4, 2026, DLMY can gain about 9.0% before its cap and FMAY about 12.0%, so FMAY has more room left this period.
Which resets first, DLMY or FMAY?: DLMY ends its outcome period on May 21, 2027 and FMAY on May 21, 2027. A new cap is set the day after each.
Which is cheaper, DLMY or FMAY?: DLMY and FMAY both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

DLMY vs DMAY DLMY vs JUNC DLMY vs PJUN DLMY vs JUNW FMAY vs HJUN FMAY vs JUNC FMAY vs GMAY FMAY vs PMJN

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 →DLMY on its own →FMAY on its own →Method →Standards and sources →

Sources and dates

DLMY and FMAY filings on SEC EDGAR ↗

First Trust page for DLMY ↗

First Trust page for FMAY ↗

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, DLMY against FMAY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dlmy-vs-fmay

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