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Data as of Nov 4, 2026.

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Buffer ETFs

DLMY vs PJUN: Cap, Buffer & Days Left

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As of Nov 4, 2026 DLMY can fall 4.5% before its buffer engages and PJUN 2.4%, and DLMY resets 10 days sooner.

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Net assets: $12m on Nov 3, 2026 for FT Vest U.S. Equity Dual Directional Buffer ETF - May, and $878m on Nov 4, 2026 for Innovator U.S. Equity Power Buffer ETF - Jun.

DLMY on its own →PJUN on its own →
At a glance
4.5%
DLMY can fall this far before its buffer
2.4%
PJUN can fall this far before its buffer
9.0%
DLMY can still gain
11.2%
PJUN can still gain
DLMY Between buffer and cap
Between buffer and capDLMY: reference +3.7% since period start, fund +3.9%; buffer 0 to −10; cap +14.1%; Between buffer and cap. Data to Nov 4, 2026.10 pts of buffer+3.7%+10.4% more to the cap−10.0% floor0% period start+14.1% capTODAY · SPY +3.7%Between buffer and capDLMY: reference +3.7% since period start, fund +3.9%; buffer 0 to −10; cap +14.1%; Between buffer and cap. Data to Nov 4, 2026.10 pts−10.0% floor0% start+14.1% cap+3.7% gain captured+10.4% more to the capTODAY · SPY +3.7%

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.

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.
PJUN Between buffer and cap
Between buffer and capPJUN: reference +1.3% since period start, fund +2.1%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Data to Nov 4, 2026.15 pts of buffer+12.5% more to the cap−15.0% floor0% period start+13.8% cap+1.3% gain capturedTODAY · SPY +1.3%Between buffer and capPJUN: reference +1.3% since period start, fund +2.1%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Data to Nov 4, 2026.15 pts−15.0% floor0% start+13.8% cap+1.3% gain captured+12.5% more to the capTODAY · SPY +1.3%

PJUN: reference +1.3% since period start, fund +2.1%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Data to Nov 4, 2026.

PJUN: reference +1.3% since period start, fund +2.1%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

PJUN costs 0.06 points a year less; PJUN is far larger, $870m against $12m.

Points (pts) are percentage points.

DLMY vs PJUN: Cap, Buffer & Days Left
MeasureDLMYPJUN
Return
Total return, 1 yearnot published+7.2%
Drawdown
Index fall to the buffer3.6%1.3%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.85%0.79%
Net assets, as of Nov 3, 2026$12m$870m
Holdings
Holdings in commonnot published

Method

Window by window

Window by window: DLMY vs PJUN: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowDLMYPJUNDLMYPJUN
3 months+0.8%+0.6%+1.2 pts+1.0 pts
6 months–+2.2%–−2.3 pts
1 year–+7.2%–−6.4 pts
3 years–+39.3%–−37.1 pts
Since launchNot the same days: DLMY May 2026 · PJUN Jun 2019+3.6%+74.0%−0.2 pts−105.2 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 PJUN Innovator U.S. Equity Power Buffer ETF - Jun · Absorbs the first 15% of loss on SPY and caps the gain at 13.8%, over a period ending May 31, 2027
Issuer First Trust Innovator
Reference index SPY SPY
Buffer 10% 15%
Outcome period May 18, 2026 to May 21, 2027 May 31, 2026 to May 31, 2027
Days left 198 208
Starting cap +14.1% +13.8%
Can still gain 9.0% 11.2%
Fall before buffer 4.5% 2.4%
Protection left, index points 10.0% of 10.0% 15.0% of 15.0%
Index return this period +3.7% +1.3%
Fund return this period +3.9% +2.1%
State today Open Open
Expense ratio 0.85% 0.79%
Net assets, DLMY as of Nov 3, 2026 and PJUN as of Nov 4, 2026 $12m $878m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. PJUN 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.

Where each one stands today

DLMY resets first, on May 21, 2027, 198 days from now; PJUN runs to May 31, 2027, 208 days. DLMY can still gain 9.0% before its cap, PJUN 11.2%. A fall from here reaches DLMY’s buffer after 4.5% and PJUN’s after 2.4%. Both track SPY, so what separates them is where each is in its own period.

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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.

PJUN

From its price on Nov 4, 2026, the fund can gain about 11.2% more before it reaches its cap. The fund's price can fall 2.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 1.3% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 208 days remained on Nov 4, 2026. On May 31, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, DLMY or PJUN?
From their prices on Nov 4, 2026, DLMY can gain about 9.0% before its cap and PJUN about 11.2%, so PJUN has more room left this period.
Which resets first, DLMY or PJUN?
DLMY ends its outcome period on May 21, 2027 and PJUN on May 31, 2027. A new cap is set the day after each.
Which is cheaper, DLMY or PJUN?
DLMY charges 0.85% a year and PJUN charges 0.79%, so PJUN is cheaper. Fees come from each fund's prospectus.
Other comparisons
DLMY vs FMAYDLMY vs DMAYDLMY vs JUNWDLMY vs GMAYPJUN vs PMJNPJUN vs XMAYPJUN vs HJUNPJUN vs CPSM
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 →PJUN on its own →Method →Standards and sources →
Sources and dates
DLMY filings on SEC EDGAR ↗
First Trust page for DLMY ↗
PJUN filings on SEC EDGAR ↗
Innovator page for PJUN ↗

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 PJUN, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dlmy-vs-pjun

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