Data as of Nov 4, 2026.
DDFN vs NOVP: Cap, Buffer & Days Left
As of Nov 4, 2026 NOVP can fall 1.5% before its buffer engages and DDFN 0.9%.
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Net assets on Nov 4, 2026: $74m for Innovator Equity Dual Directional 15 Buffer ETF - Nov and $43m for PGIM S&P 500 Buffer 12 ETF - November.
DDFN: reference +1.4% since period start, fund +0.9%; buffer 0 to −15; cap +11.1%; Between buffer and cap. Data to Nov 4, 2026.
DDFN: reference +1.4% since period start, fund +0.9%; buffer 0 to −15; cap +11.1%; Between buffer and cap. Data to Nov 4, 2026.NOVP: reference +1.5% since period start, fund +1.0%; buffer 0 to −12; cap +16.4%; Between buffer and cap. Data to Nov 4, 2026.
NOVP: reference +1.5% since period start, fund +1.0%; buffer 0 to −12; cap +16.4%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
NOVP costs 0.29 points a year less; their one-year returns differ by 1.7 points; DDFN is 1.7 times larger.
Points (pts) are percentage points.
| Measure | DDFN | NOVP |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.2% | +11.9% |
| Drawdown | ||
| Index fall to the buffer | 1.4% | |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.50% |
| Net assets | $74m | $43m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | DDFN | NOVP | DDFN | NOVP |
| 3 months | +2.7% | +0.9% | +3.1 pts | +1.2 pts |
| 6 months | +5.4% | +4.7% | +0.9 pts | +0.2 pts |
| 1 year | +10.2% | +11.9% | −3.3 pts | −1.7 pts |
| Since launchNot the same days: DDFN Nov 2025 · NOVP May 2024 | +9.7% | +34.3% | −2.5 pts | −10.4 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. NOVP is a floor fund, which caps how far a holder can fall. DDFN 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
DDFN resets first, on Oct 31, 2027, 361 days from now; NOVP runs to Oct 31, 2027, 361 days. DDFN can still gain 10.1% before its cap, NOVP 14.8%. A fall from here reaches DDFN’s buffer after 0.9% and NOVP’s after 1.5%. Both track SPY, so what separates them is where each is in its own period.
DDFN
From its price on Nov 4, 2026, the fund can gain about 10.1% more before it reaches its cap. The fund's price can fall 0.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 1.4% 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. 361 days remained on Nov 4, 2026. On Oct 31, 2027 the period ends and a new cap is set.
NOVP
From its price on Nov 4, 2026, the fund can gain about 14.8% more before it reaches its cap. The fund's price can fall 1.5% 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
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, DDFN against NOVP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ddfn-vs-novp
ETFIQ. (Nov 4, 2026). DDFN against NOVP. Retrieved from https://etfiq.com/compare/buffer/ddfn-vs-novp
[DDFN against NOVP (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/ddfn-vs-novp)
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