Which has more room to gain, DDFM or UMAR?

From their prices on Nov 4, 2026, DDFM can gain about 2.8% before its cap and UMAR about 3.9%, so UMAR has more room left this period.

Which resets first, DDFM or UMAR?

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

Which is cheaper, DDFM or UMAR?

DDFM and UMAR 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

DDFM vs UMAR: Cap, Buffer & Days Left

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As of Nov 4, 2026 UMAR can fall 12.0% 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 $143m for Innovator U.S. Equity Ultra Buffer ETF - Mar.

DDFM on its own →UMAR on its own →

At a glance

6.4%

DDFM can fall this far before its buffer

12.0%

UMAR can fall this far before its buffer

2.8%

DDFM can still gain

3.9%

UMAR 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.

UMAR Between buffer and cap

UMAR: reference +11.7% since period start, fund +7.3%; buffer −5 to −35; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.79% a year; UMAR is 3.3 times larger.

Points (pts) are percentage points.

DDFM vs UMAR: Cap, Buffer & Days Left
Measure	DDFM	UMAR
Return
Measure	DDFM	UMAR
Total return, 1 year	not published	+11.0%
Drawdown
Measure	DDFM	UMAR
Index fall to the buffer	10.5%	15.0%
Benchmark
Measure	DDFM	UMAR
What it tracks	SPY	SPY
Cost and size
Measure	DDFM	UMAR
Expense ratio	0.79%	0.79%
Net assets	$43m	$143m
Holdings
Measure	DDFM	UMAR
Holdings in common	not published

Method

Window by window

Window by window: DDFM vs UMAR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	DDFM	UMAR	DDFM	UMAR
3 months	+1.3%	+1.5%	+1.7 pts	+1.9 pts
6 months	+3.6%	+4.3%	−0.9 pts	−0.1 pts
1 year	–	+11.0%	–	−2.5 pts
3 years	–	+44.0%	–	−32.4 pts
Since launchNot the same days: DDFM Mar 2026 · UMAR Mar 2020	+6.0%	+64.9%	−5.7 pts	−83.2 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 UMAR Innovator U.S. Equity Ultra Buffer ETF - Mar · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 12.1%, over a period ending Feb 28, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 15% 5% to 35%

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

Days left 116 116

Starting cap +9.8% +12.1%

Can still gain 2.8% 3.9%

Fall before buffer 6.4% 12.0%

Protection left, index points 15.0% of 15.0% 30.0% of 30.0%

Index return this period +11.7% +11.7%

Fund return this period +6.2% +7.3%

State today At cap Open

Expense ratio 0.79% 0.79%

Net assets $43m $143m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. UMAR 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.

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

Where each one stands today

DDFM resets first, on Feb 28, 2027, 116 days from now; UMAR runs to Feb 28, 2027, 116 days. DDFM can still gain 2.8% before its cap, UMAR 3.9%. A fall from here reaches DDFM’s buffer after 6.4% and UMAR’s after 12.0%. Both track SPY, so what separates them is where each is in its own period.

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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.

UMAR

From its price on Nov 4, 2026, the fund can gain about 3.9% more before it reaches its cap. The fund's price can fall 12.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.0% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, DDFM or UMAR?: From their prices on Nov 4, 2026, DDFM can gain about 2.8% before its cap and UMAR about 3.9%, so UMAR has more room left this period.
Which resets first, DDFM or UMAR?: DDFM ends its outcome period on Feb 28, 2027 and UMAR on Feb 28, 2027. A new cap is set the day after each.
Which is cheaper, DDFM or UMAR?: DDFM and UMAR both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

DDFM vs SIXP DDFM vs XFEB DDFM vs FEBM DDFM vs PBMR UMAR vs FEBM UMAR vs XFEB UMAR vs DLFE UMAR vs ZMAR

Where to next

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

Sources and dates

DDFM and UMAR filings on SEC EDGAR ↗

Innovator page for DDFM ↗

Innovator page for UMAR ↗

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

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