Which has more room to gain, DAPR or DDFY?

From their prices on Oct 2, 2026, DAPR can gain about 6.2% before its cap and DDFY about 5.7%, so DAPR has more room left this period.

Which resets first, DAPR or DDFY?

DAPR 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, DAPR or DDFY?

DAPR 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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DAPR vs DDFY: which one stands where?

As of Oct 2, 2026 DAPR can fall 10.1% before its buffer engages and DDFY 4.4%, and DAPR resets 14 days sooner. FT Vest U.S. Equity Deep Buffer ETF - April and Innovator Equity Dual Directional 15 Buffer ETF - May.

DDFY costs 0.06 points a year less; DAPR is 4.3 times larger.

	DAPR	DDFY
Expense ratio	0.85%	0.79%
Net assets	$327m	$76m
Total return, 1 year	+8.2%	not published
What it tracks	SPY	SPY
Holdings in common	not published

10.1%

DAPR can fall this far before its buffer

4.4%

DDFY can fall this far before its buffer

6.2%

DAPR can still gain

5.7%

DDFY can still gain

DAPRBetween buffer and cap

DAPR: reference +8.4% since period start, fund +4.7%; buffer −5 to −30; cap +12.0%; 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. DAPR 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

DAPR resets first, on Apr 16, 2027, 196 days from now; DDFY runs to Apr 30, 2027, 210 days. DAPR can still gain 6.2% before its cap, DDFY 5.7%. A fall from here reaches DAPR’s buffer after 10.1% 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	DAPR	DDFY	DAPR	DDFY
3 months	+2.4%	+2.3%	−1.2 pts	−1.3 pts
6 months	+5.0%	not published	−12.9 pts	not published
1 year	+8.2%	not published	−8.1 pts	not published
3 years	+39.0%	not published	−50.3 pts	not published

DAPR 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

DAPR

FT Vest U.S. Equity Deep Buffer ETF - April · Absorbs losses from 5.0% to 30.0% on SPY and caps the gain at 12.0%, 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 5% to 30% 15%

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

Days left 196 210

Starting cap +12.0% +10.5%

Can still gain 6.2% 5.7%

Fall before buffer 10.1% 4.4%

Protection left, index points 25.0% of 25.0% 15.0% of 15.0%

Index return this period +8.4% +7.1%

Fund return this period +4.7% +4.2%

State today Open Open

Expense ratio 0.85% 0.79%

Net assets $327m $76m

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

DAPR in plain words

From its price on Oct 2, 2026, the fund can gain about 6.2% more before it reaches its cap. The fund's price can fall 10.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.3% from today's level to the point where the buffer begins. Protection left, in index points: 25.0% of the 25.0% buffer still sits below today's SPY level. 196 days remained on Oct 2, 2026. On Apr 16, 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. In index terms, SPY can fall 6.6% 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. 210 days remained on Oct 2, 2026. On Apr 30, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, DAPR or DDFY?: From their prices on Oct 2, 2026, DAPR can gain about 6.2% before its cap and DDFY about 5.7%, so DAPR has more room left this period.
Which resets first, DAPR or DDFY?: DAPR 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, DAPR or DDFY?: DAPR charges 0.85% a year and DDFY charges 0.79%, so DDFY is cheaper. Fees come from each fund's prospectus.

Other comparisons

DAPR vs PDEC DAPR vs PFEB DAPR vs PJAN DAPR vs PJUL DDFY vs DDTY DDFY vs FAPR DDFY vs GAPR DDFY vs HMAY

State Street® SPDR® S&P 500® ETF Trust →DAPR on its own →DDFY on its own →How every figure is computed →Standards and sources →

Where these figures came from

DAPR filings on SEC EDGAR ↗First Trust page for DAPR ↗DDFY filings on SEC EDGAR ↗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, DAPR against DDFY, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/dapr-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.