Which has more room to gain, BMAY or DDFY?

From their prices on Oct 2, 2026, BMAY can gain about 10.3% before its cap and DDFY about 5.7%, so BMAY has more room left this period.

Which resets first, BMAY or DDFY?

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

Which is cheaper, BMAY or DDFY?

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

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BMAY vs DDFY: which one stands where?

As of Oct 2, 2026 BMAY can fall 5.8% before its buffer engages and DDFY 4.4%. Innovator U.S. Equity Buffer ETF - May and Innovator Equity Dual Directional 15 Buffer ETF - May.

BMAY is 3.1 times larger.

	BMAY	DDFY
Expense ratio	0.79%	0.79%
Net assets	$239m	$76m
Total return, 1 year	+11.1%	not published
What it tracks	SPY	SPY
Holdings in common	not published

5.8%

BMAY can fall this far before its buffer

4.4%

DDFY can fall this far before its buffer

10.3%

BMAY can still gain

5.7%

DDFY can still gain

BMAYBetween buffer and cap

BMAY: reference +7.1% since period start, fund +5.7%; buffer 0 to −9; cap +16.9%; Between buffer and cap.

DDFYBetween buffer and cap

DDFY: reference +7.1% since period start, fund +4.2%; buffer 0 to −15; cap +10.5%; Between buffer and cap.

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

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

Where each one stands today

BMAY resets first, on Apr 30, 2027, 210 days from now; DDFY runs to Apr 30, 2027, 210 days. BMAY can still gain 10.3% before its cap, DDFY 5.7%. A fall from here reaches BMAY’s buffer after 5.8% and DDFY’s after 4.4%. 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

	Total return		Gap to the reference
Window	BMAY	DDFY	BMAY	DDFY
3 months	+3.0%	+2.3%	−0.6 pts	−1.3 pts
6 months	+8.1%	not published	−9.8 pts	not published
1 year	+11.1%	not published	−5.1 pts	not published
3 years	+58.6%	not published	−30.7 pts	not published

BMAY and DDFY over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

BMAY

Innovator U.S. Equity Buffer ETF - May · Absorbs the first 9% of loss on SPY and caps the gain at 16.9%, over a period ending Apr 30, 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 Innovator Innovator

Reference index SPY SPY

Buffer 9% 15%

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

Days left 210 210

Starting cap +16.9% +10.5%

Can still gain 10.3% 5.7%

Fall before buffer 5.8% 4.4%

Protection left, index points 9.0% of 9.0% 15.0% of 15.0%

Index return this period +7.1% +7.1%

Fund return this period +5.7% +4.2%

State today Open Open

Expense ratio 0.79% 0.79%

Net assets $239m $76m

BMAY and DDFY on the same fields, as of Oct 2, 2026. Source: ETFIQ.

BMAY in plain words

From its price on Oct 2, 2026, the fund can gain about 10.3% more before it reaches its cap. The fund's price can fall 5.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 6.6% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 210 days remained on Oct 2, 2026. On Apr 30, 2027 the period ends and a new cap is set.

DDFY in plain words

From its price on Oct 2, 2026, the fund can gain about 5.7% more before it reaches its cap. The fund's price can fall 4.4% from here before the buffer starts absorbing losses, by the issuer's figure. 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, BMAY or DDFY?: From their prices on Oct 2, 2026, BMAY can gain about 10.3% before its cap and DDFY about 5.7%, so BMAY has more room left this period.
Which resets first, BMAY or DDFY?: BMAY ends its outcome period on Apr 30, 2027 and DDFY on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, BMAY or DDFY?: BMAY charges 0.79% a year and DDFY charges 0.79%, so BMAY is cheaper. Fees come from each fund's prospectus.

Other comparisons

BMAY vs PBMY BMAY vs PMAY BMAY vs PMMY BMAY vs UMAY DDFY vs DDTY DDFY vs GAPR DDFY vs HMAY DDFY vs MAYC

SPY →BMAY on its own →DDFY on its own →How every figure is computed →Standards and sources →

Where these figures came from

BMAY and DDFY filings on SEC EDGAR ↗Innovator page for BMAY ↗Innovator page for DDFY ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, BMAY against DDFY, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/bmay-vs-ddfy

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.