Which has more room to gain, DDFM or PBMR?

From their prices on Nov 4, 2026, DDFM can gain about 2.8% before its cap and PBMR about 3.3%, so PBMR has more room left this period.

Which resets first, DDFM or PBMR?

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

Which is cheaper, DDFM or PBMR?

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

Data as of Nov 4, 2026.

Buffer ETFs

DDFM vs PBMR: Cap, Buffer & Days Left

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As of Nov 4, 2026 PBMR can fall 6.9% 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 $38m for PGIM S&P 500 Buffer 20 ETF - March .

DDFM on its own →PBMR on its own →

At a glance

6.4%

DDFM can fall this far before its buffer

6.9%

PBMR can fall this far before its buffer

2.8%

DDFM can still gain

3.3%

PBMR 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.

PBMR At its cap

PBMR: reference +11.8% since period start, fund +6.9%; buffer 0 to −20; cap +10.9%; At its cap. Data to Nov 4, 2026.

Pair scorecard

PBMR costs 0.29 points a year less; DDFM is 1.1 times larger.

Points (pts) are percentage points.

DDFM vs PBMR: Cap, Buffer & Days Left
Measure	DDFM	PBMR
Return
Measure	DDFM	PBMR
Total return, 1 year	not published	+10.2%
Drawdown
Measure	DDFM	PBMR
Index fall to the buffer	10.5%
Benchmark
Measure	DDFM	PBMR
What it tracks	SPY	SPY
Cost and size
Measure	DDFM	PBMR
Expense ratio	0.79%	0.50%
Net assets	$43m	$38m
Holdings
Measure	DDFM	PBMR
Holdings in common	not published

Method

Window by window

Window by window: DDFM vs PBMR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	DDFM	PBMR	DDFM	PBMR
3 months	+1.3%	+1.5%	+1.7 pts	+1.9 pts
6 months	+3.6%	+4.0%	−0.9 pts	−0.5 pts
1 year	–	+10.2%	–	−3.3 pts
Since launchNot the same days: DDFM Mar 2026 · PBMR Mar 2024	+6.0%	+31.3%	−5.7 pts	−18.2 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 PBMR PGIM S&P 500 Buffer 20 ETF - March · Absorbs the first 20% of loss on SPY and caps the gain at 10.9%, over a period ending Feb 28, 2027

Issuer Innovator PGIM

Reference index SPY SPY

Buffer 15% 20%

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

Days left 116 116

Starting cap +9.8% +10.9%

Can still gain 2.8% 3.3%

Fall before buffer 6.4% 6.9%

Protection left, index points 15.0% of 15.0% 20.0% of 20.0%

Index return this period +11.7% +11.8%

Fund return this period +6.2% +6.9%

State today At cap At cap

Expense ratio 0.79% 0.50%

Net assets $43m $38m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. PBMR 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.

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

Where each one stands today

DDFM resets first, on Feb 28, 2027, 116 days from now; PBMR runs to Feb 28, 2027, 116 days. DDFM can still gain 2.8% before its cap, PBMR 3.3%. A fall from here reaches DDFM’s buffer after 6.4% and PBMR’s after 6.9%. 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.

PBMR

SPY had already risen past this fund's cap of +10.9% 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 3.3% as the period runs out. The fund's price can fall 6.9% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, DDFM or PBMR?: From their prices on Nov 4, 2026, DDFM can gain about 2.8% before its cap and PBMR about 3.3%, so PBMR has more room left this period.
Which resets first, DDFM or PBMR?: DDFM ends its outcome period on Feb 28, 2027 and PBMR on Feb 28, 2027. A new cap is set the day after each.
Which is cheaper, DDFM or PBMR?: DDFM charges 0.79% a year and PBMR charges 0.50%, so PBMR is cheaper. Fees come from each fund's prospectus.

Other comparisons

DDFM vs MRCP DDFM vs GFEB DDFM vs DFEB DDFM vs PMAR PBMR vs UMAR PBMR vs SIXP PBMR vs PMMR PBMR vs FEBM

Where to next

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

Sources and dates

DDFM filings on SEC EDGAR ↗

Innovator page for DDFM ↗

PBMR 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 PBMR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ddfm-vs-pbmr

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