Which has more room to gain, DDFA or PAPR?

From their prices on Nov 4, 2026, DDFA can gain about 3.2% before its cap and PAPR about 3.8%, so PAPR has more room left this period.

Which resets first, DDFA or PAPR?

DDFA ends its outcome period on Mar 31, 2027 and PAPR on Mar 31, 2027. A new cap is set the day after each.

Which is cheaper, DDFA or PAPR?

DDFA and PAPR both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

DDFA vs PAPR: Cap, Buffer & Days Left

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As of Nov 4, 2026 PAPR can fall 9.0% before its buffer engages and DDFA 9.0%.

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Net assets on Nov 4, 2026: $58m for Innovator Equity Dual Directional 15 Buffer ETF - Apr and $963m for Innovator U.S. Equity Power Buffer ETF - Apr.

DDFA on its own →PAPR on its own →

At a glance

9.0%

DDFA can fall this far before its buffer

9.0%

PAPR can fall this far before its buffer

3.2%

DDFA can still gain

3.8%

PAPR can still gain

DDFA At its cap

DDFA: reference +17.9% since period start, fund +9.3%; buffer 0 to −15; cap +13.4%; At its cap. Data to Nov 4, 2026.

PAPR At its cap

PAPR: reference +17.9% since period start, fund +9.3%; buffer 0 to −15; cap +14.0%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

Both cost 0.79% a year; PAPR is 16.6 times larger.

Points (pts) are percentage points.

DDFA vs PAPR: Cap, Buffer & Days Left
Measure	DDFA	PAPR
Return
Measure	DDFA	PAPR
Total return, 1 year	not published	+13.0%
Drawdown
Measure	DDFA	PAPR
Index fall to the buffer	15.2%
Benchmark
Measure	DDFA	PAPR
What it tracks	SPY	SPY
Cost and size
Measure	DDFA	PAPR
Expense ratio	0.79%	0.79%
Net assets	$58m	$963m
Holdings
Measure	DDFA	PAPR
Holdings in common	not published

Method

Window by window

Window by window: DDFA vs PAPR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	DDFA	PAPR	DDFA	PAPR
3 months	+1.6%	+1.7%	+2.0 pts	+2.1 pts
6 months	+3.9%	+4.3%	−0.6 pts	−0.2 pts
1 year	–	+13.0%	–	−0.6 pts
3 years	–	+40.5%	–	−35.9 pts
Since launchNot the same days: DDFA Apr 2026 · PAPR Apr 2019	+8.0%	+77.7%	−9.1 pts	−90.6 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

DDFA Innovator Equity Dual Directional 15 Buffer ETF - Apr · Absorbs the first 15% of loss on SPY and caps the gain at 13.4%, over a period ending Mar 31, 2027 PAPR Innovator U.S. Equity Power Buffer ETF - Apr · Absorbs the first 15% of loss on SPY and caps the gain at 14.0%, over a period ending Mar 31, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 15% 15%

Outcome period Mar 31, 2026 to Mar 31, 2027 Mar 31, 2026 to Mar 31, 2027

Days left 147 147

Starting cap +13.4% +14.0%

Can still gain 3.2% 3.8%

Fall before buffer 9.0% 9.0%

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

Index return this period +17.9% +17.9%

Fund return this period +9.3% +9.3%

State today At cap At cap

Expense ratio 0.79% 0.79%

Net assets $58m $963m

As of Nov 4, 2026. Source: ETFIQ.

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

Both are already at their cap, so neither gains from more rise in the index before the period ends.

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

Where each one stands today

DDFA resets first, on Mar 31, 2027, 147 days from now; PAPR runs to Mar 31, 2027, 147 days. DDFA can still gain 3.2% before its cap, PAPR 3.8%. A fall from here reaches DDFA’s buffer after 9.0% and PAPR’s after 9.0%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

DDFA

SPY had already risen past this fund's cap of +13.4% for the period on Nov 4, 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 9.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.2% 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. 147 days remained on Nov 4, 2026. On Mar 31, 2027 the period ends and a new cap is set.

PAPR

SPY had already risen past this fund's cap of +14.0% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.8% as the period runs out.

Questions people ask

Which has more room to gain, DDFA or PAPR?: From their prices on Nov 4, 2026, DDFA can gain about 3.2% before its cap and PAPR about 3.8%, so PAPR has more room left this period.
Which resets first, DDFA or PAPR?: DDFA ends its outcome period on Mar 31, 2027 and PAPR on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, DDFA or PAPR?: DDFA and PAPR both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

DDFA vs FMAR DDFA vs GMAR DDFA vs MARM DDFA vs CPSP PAPR vs SIXO PAPR vs PMAY PAPR vs PNOV PAPR vs PJUN

Where to next

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →DDFA on its own →PAPR on its own →Method →Standards and sources →

Sources and dates

DDFA and PAPR filings on SEC EDGAR ↗

Innovator page for DDFA ↗

Innovator page for PAPR ↗

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, DDFA against PAPR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ddfa-vs-papr

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