Which has more room to gain, DDFM or MRCP?

From their prices on Nov 4, 2026, DDFM can gain about 2.8% before its cap and MRCP about 4.7%, so MRCP has more room left this period.

Which resets first, DDFM or MRCP?

DDFM ends its outcome period on Feb 28, 2027 and MRCP on Feb 28, 2027. A new cap is set the day after each.

Which is cheaper, DDFM or MRCP?

DDFM charges 0.79% a year and MRCP charges 0.50%, so MRCP is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

DDFM vs MRCP: Cap, Buffer & Days Left

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As of Nov 4, 2026 MRCP can fall 8.6% before its buffer engages and DDFM 6.4%.

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Net assets on Nov 4, 2026: $43m for Innovator Equity Dual Directional 15 Buffer ETF - Mar and $35m for PGIM S&P 500 Buffer 12 ETF - March.

DDFM on its own →MRCP on its own →

At a glance

6.4%

DDFM can fall this far before its buffer

8.6%

MRCP can fall this far before its buffer

2.8%

DDFM can still gain

4.7%

MRCP can still gain

DDFM At its cap

DDFM: reference +11.7% since period start, fund +6.2%; buffer 0 to −15; cap +9.8%; At its cap. Data to Nov 4, 2026.

MRCP Between buffer and cap

MRCP: reference +11.8% since period start, fund +8.9%; buffer 0 to −12; cap +14.5%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

MRCP costs 0.29 points a year less; DDFM is 1.2 times larger.

Points (pts) are percentage points.

DDFM vs MRCP: Cap, Buffer & Days Left
Measure	DDFM	MRCP
Return
Measure	DDFM	MRCP
Total return, 1 year	not published	+13.3%
Drawdown
Measure	DDFM	MRCP
Index fall to the buffer	10.5%
Benchmark
Measure	DDFM	MRCP
What it tracks	SPY	SPY
Cost and size
Measure	DDFM	MRCP
Expense ratio	0.79%	0.50%
Net assets	$43m	$35m
Holdings
Measure	DDFM	MRCP
Holdings in common	not published

Method

Window by window

Window by window: DDFM vs MRCP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	DDFM	MRCP	DDFM	MRCP
3 months	+1.3%	+1.6%	+1.7 pts	+2.0 pts
6 months	+3.6%	+4.8%	−0.9 pts	+0.3 pts
1 year	–	+13.3%	–	−0.2 pts
Since launchNot the same days: DDFM Mar 2026 · MRCP Mar 2024	+6.0%	+41.1%	−5.7 pts	−8.4 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

DDFM Innovator Equity Dual Directional 15 Buffer ETF - Mar · Absorbs the first 15% of loss on SPY and caps the gain at 9.8%, over a period ending Feb 28, 2027 MRCP PGIM S&P 500 Buffer 12 ETF - March · Absorbs the first 12% of loss on SPY and caps the gain at 14.5%, over a period ending Feb 28, 2027

Issuer Innovator PGIM

Reference index SPY SPY

Buffer 15% 12%

Outcome period Feb 28, 2026 to Feb 28, 2027 Mar 1, 2026 to Feb 28, 2027

Days left 116 116

Starting cap +9.8% +14.5%

Can still gain 2.8% 4.7%

Fall before buffer 6.4% 8.6%

Protection left, index points 15.0% of 15.0% 12.0% of 12.0%

Index return this period +11.7% +11.8%

Fund return this period +6.2% +8.9%

State today At cap Open

Expense ratio 0.79% 0.50%

Net assets $43m $35m

As of Nov 4, 2026. Source: ETFIQ.

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

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

Where each one stands today

DDFM resets first, on Feb 28, 2027, 116 days from now; MRCP runs to Feb 28, 2027, 116 days. DDFM can still gain 2.8% before its cap, MRCP 4.7%. A fall from here reaches DDFM’s buffer after 6.4% and MRCP’s after 8.6%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

DDFM

SPY had already risen past this fund's cap of +9.8% 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 2.8% as the period runs out. The fund's price can fall 6.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.5% 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. 116 days remained on Nov 4, 2026. On Feb 28, 2027 the period ends and a new cap is set.

MRCP

From its price on Nov 4, 2026, the fund can gain about 4.7% more before it reaches its cap. The fund's price can fall 8.6% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, DDFM or MRCP?: From their prices on Nov 4, 2026, DDFM can gain about 2.8% before its cap and MRCP about 4.7%, so MRCP has more room left this period.
Which resets first, DDFM or MRCP?: DDFM ends its outcome period on Feb 28, 2027 and MRCP on Feb 28, 2027. A new cap is set the day after each.
Which is cheaper, DDFM or MRCP?: DDFM charges 0.79% a year and MRCP charges 0.50%, so MRCP is cheaper. Fees come from each fund's prospectus.

Other comparisons

DDFM vs MARU DDFM vs PBMR DDFM vs MART DDFM vs FEBM MRCP vs SIXP MRCP vs PMMR MRCP vs FEBM MRCP vs PBMR

Where to next

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

Sources and dates

DDFM filings on SEC EDGAR ↗

Innovator page for DDFM ↗

MRCP filings on SEC EDGAR ↗

PGIM website ↗

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.

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ETFIQ, DDFM against MRCP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ddfm-vs-mrcp

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