Which has more room to gain, APXM or DDFY?

From their prices on Oct 9, 2026, APXM can gain about 3.2% before its cap and DDFY about 5.2%, so DDFY has more room left this period.

Which resets first, APXM or DDFY?

APXM ends its outcome period on Apr 16, 2027 and DDFY on Apr 30, 2027. A new cap is set the day after each.

Which is cheaper, APXM or DDFY?

APXM charges 0.85% a year and DDFY charges 0.79%, so DDFY is cheaper. Fees come from each fund's prospectus.

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APXM vs DDFY: Cap, Buffer & Days Left

As of Oct 9, 2026 DDFY can fall 4.8% before its buffer engages and APXM 3.6%, and APXM resets 14 days sooner. Net assets on Oct 9, 2026: $22m for FT Vest U.S. Equity Max Buffer ETF - April and $77m for Innovator Equity Dual Directional 15 Buffer ETF - May.

DDFY costs 0.06 points a year less; DDFY is 3.5 times larger.

	APXM	DDFY
Expense ratio	0.85%	0.79%
Net assets	$22m	$77m
Total return, 1 year	+5.2%	not published
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	8.8%	7.7%

3.6%

APXM can fall this far before its buffer

4.8%

DDFY can fall this far before its buffer

3.2%

APXM can still gain

5.2%

DDFY can still gain

APXMAt its cap

APXM: reference +9.6% since period start, fund +2.8%; buffer 0 to −50; cap +7.0%; At its cap. Figures to Oct 9, 2026.

DDFYBetween buffer and cap

DDFY: reference +8.3% since period start, fund +4.7%; buffer 0 to −15; cap +10.5%; Between buffer and cap. Figures to Oct 9, 2026.

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

APXM is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

APXM resets first, on Apr 16, 2027, 189 days from now; DDFY runs to Apr 30, 2027, 203 days. APXM can still gain 3.2% before its cap, DDFY 5.2%. A fall from here reaches APXM’s buffer after 3.6% and DDFY’s after 4.8%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

	Total return		Gap to the reference's price return
Window	APXM	DDFY	APXM	DDFY
3 months	+1.5%	+2.4%	−1.6 pts	−0.7 pts
6 months	+2.9%	not published	−11.7 pts	not published
1 year	+5.2%	not published	−10.8 pts	not published

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

APXM

FT Vest U.S. Equity Max Buffer ETF - April · Absorbs the first 50% of loss on SPY and caps the gain at 7.0%, over a period ending Apr 16, 2027

DDFY

Innovator Equity Dual Directional 15 Buffer ETF - May · Absorbs the first 15% of loss on SPY and caps the gain at 10.5%, over a period ending Apr 30, 2027

Issuer First Trust Innovator

Reference index SPY SPY

Buffer 50% 15%

Outcome period Apr 20, 2026 to Apr 16, 2027 Apr 30, 2026 to Apr 30, 2027

Days left 189 203

Starting cap +7.0% +10.5%

Can still gain 3.2% 5.2%

Fall before buffer 3.6% 4.8%

Protection left, index points 50.1% of 50.1% 15.0% of 15.0%

Index return this period +9.6% +8.3%

Fund return this period +2.8% +4.7%

State today At cap Open

Expense ratio 0.85% 0.79%

Net assets $22m $77m

As of Oct 9, 2026. Source: ETFIQ.

APXM in plain words

SPY had already risen past this fund's cap of +7.0% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.2% as the period runs out. The fund's price can fall 3.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 8.8% from today's level to the point where the buffer begins. Protection left, in index points: 50.1% of the 50.1% buffer still sits below today's SPY level. 189 days remained on Oct 9, 2026. On Apr 16, 2027 the period ends and a new cap is set.

DDFY in plain words

From its price on Oct 9, 2026, the fund can gain about 5.2% more before it reaches its cap. The fund's price can fall 4.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.7% 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. 203 days remained on Oct 9, 2026. On Apr 30, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, APXM or DDFY?: From their prices on Oct 9, 2026, APXM can gain about 3.2% before its cap and DDFY about 5.2%, so DDFY has more room left this period.
Which resets first, APXM or DDFY?: APXM ends its outcome period on Apr 16, 2027 and DDFY on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, APXM or DDFY?: APXM charges 0.85% a year and DDFY charges 0.79%, so DDFY is cheaper. Fees come from each fund's prospectus.

Other comparisons

APXM vs PBMY APXM vs DAPR APXM vs CTMA APXM vs ZMAY DDFY vs MAYP DDFY vs DDTY DDFY vs PBMY DDFY vs MAYU

State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →APXM on its own →DDFY on its own →How every figure is computed →Standards and sources →

Where these figures came from

APXM filings on SEC EDGAR ↗First Trust page for APXM ↗DDFY filings on SEC EDGAR ↗Innovator page for DDFY ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every figure 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 figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, APXM against DDFY, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/apxm-vs-ddfy

Open data

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