Which has more room to gain, DLMY or GMAY?

From their prices on Nov 4, 2026, DLMY can gain about 9.0% before its cap and GMAY about 9.1%, so GMAY has more room left this period.

Which resets first, DLMY or GMAY?

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

Which is cheaper, DLMY or GMAY?

DLMY and GMAY 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 GMAY: Cap, Buffer & Days Left

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As of Nov 4, 2026 DLMY can fall 4.5% before its buffer engages and GMAY 4.3%.

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Net assets on Nov 3, 2026: $12m for FT Vest U.S. Equity Dual Directional Buffer ETF - May and $366m for FT Vest U.S. Equity Moderate Buffer ETF - May.

DLMY on its own →GMAY on its own →

At a glance

4.5%

DLMY can fall this far before its buffer

4.3%

GMAY can fall this far before its buffer

9.0%

DLMY can still gain

9.1%

GMAY 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.

GMAY Between buffer and cap

GMAY: reference +3.7% since period start, fund +3.6%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; GMAY is far larger, $366m against $12m.

Points (pts) are percentage points.

DLMY vs GMAY: Cap, Buffer & Days Left
Measure	DLMY	GMAY
Return
Measure	DLMY	GMAY
Total return, 1 year	not published	+8.8%
Drawdown
Measure	DLMY	GMAY
Index fall to the buffer	3.6%
Benchmark
Measure	DLMY	GMAY
What it tracks	SPY	SPY
Cost and size
Measure	DLMY	GMAY
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$12m	$366m
Holdings
Measure	DLMY	GMAY
Holdings in common	not published

Method

Window by window

Window by window: DLMY vs GMAY: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	DLMY	GMAY	DLMY	GMAY
3 months	+0.8%	+0.7%	+1.2 pts	+1.1 pts
6 months	–	+3.6%	–	−0.9 pts
1 year	–	+8.8%	–	−4.8 pts
3 years	–	+41.2%	–	−35.2 pts
Since launchNot the same days: DLMY May 2026 · GMAY May 2023	+3.6%	+46.1%	−0.2 pts	−37.0 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 GMAY FT Vest U.S. Equity Moderate Buffer ETF - May · Absorbs the first 15% of loss on SPY and caps the gain at 13.8%, over a period ending May 21, 2027

Issuer First Trust First Trust

Reference index SPY SPY

Buffer 10% 15%

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

Days left 198 198

Starting cap +14.1% +13.8%

Can still gain 9.0% 9.1%

Fall before buffer 4.5% 4.3%

Protection left, index points 10.0% of 10.0% 15.0% of 15.0%

Index return this period +3.7% +3.7%

Fund return this period +3.9% +3.6%

State today Open Open

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $12m $366m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. GMAY 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; GMAY runs to May 21, 2027, 198 days. DLMY can still gain 9.0% before its cap, GMAY 9.1%. A fall from here reaches DLMY’s buffer after 4.5% and GMAY’s after 4.3%. 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.

GMAY

From its price on Nov 4, 2026, the fund can gain about 9.1% more before it reaches its cap. The fund's price can fall 4.3% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, DLMY or GMAY?: From their prices on Nov 4, 2026, DLMY can gain about 9.0% before its cap and GMAY about 9.1%, so GMAY has more room left this period.
Which resets first, DLMY or GMAY?: DLMY ends its outcome period on May 21, 2027 and GMAY on May 21, 2027. A new cap is set the day after each.
Which is cheaper, DLMY or GMAY?: DLMY and GMAY both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

DLMY vs JUNT DLMY vs JUNP DLMY vs FMAY DLMY vs PBJN GMAY vs PMJN GMAY vs MAYM GMAY vs JNEU GMAY vs HJUN

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 →GMAY on its own →Method →Standards and sources →

Sources and dates

DLMY and GMAY filings on SEC EDGAR ↗

First Trust page for DLMY ↗

First Trust page for GMAY ↗

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

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