Which has more room to gain, DDFO or SEPM?

From their prices on Nov 4, 2026, DDFO can gain about 9.9% before its cap and SEPM about 6.8%, so DDFO has more room left this period.

Which resets first, DDFO or SEPM?

DDFO ends its outcome period on Sep 30, 2027 and SEPM on Sep 17, 2027. A new cap is set the day after each.

Which is cheaper, DDFO or SEPM?

DDFO charges 0.79% a year and SEPM charges 0.85%, so DDFO is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

DDFO vs SEPM: Cap, Buffer & Days Left

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As of Nov 4, 2026 SEPM can fall 1.4% before its buffer engages and DDFO 0.7%, and SEPM resets 13 days sooner.

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Net assets: $176m on Nov 4, 2026 for Innovator Equity Dual Directional 15 Buffer ETF - Oct, and $38m on Nov 3, 2026 for FT Vest U.S. Equity Max Buffer ETF - September.

DDFO on its own →SEPM on its own →

At a glance

0.7%

DDFO can fall this far before its buffer

1.4%

SEPM can fall this far before its buffer

9.9%

DDFO can still gain

6.8%

SEPM can still gain

DDFO Between buffer and cap

DDFO: reference +0.5% since period start, fund +0.6%; buffer 0 to −15; cap +10.7%; Between buffer and cap. Data to Nov 4, 2026.

SEPM Full floor

SEPM: reference +0.7% since period start, fund +0.6%; buffer −0 to floor; cap +8.2%; Full floor. Data to Nov 4, 2026.

Pair scorecard

DDFO costs 0.06 points a year less; their one-year returns differ by 1.8 points; DDFO is 4.6 times larger.

Points (pts) are percentage points.

DDFO vs SEPM: Cap, Buffer & Days Left
Measure	DDFO	SEPM
Return
Measure	DDFO	SEPM
Total return, 1 year	+8.2%	+6.4%
Drawdown
Measure	DDFO	SEPM
Index fall to the buffer	0.5%	0.7%
Benchmark
Measure	DDFO	SEPM
What it tracks	SPY	SPY
Cost and size
Measure	DDFO	SEPM
Expense ratio	0.79%	0.85%
Net assets, as of Nov 3, 2026	$173m	$38m
Holdings
Measure	DDFO	SEPM
Holdings in common	not published

Method

Window by window

Window by window: DDFO vs SEPM: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	DDFO	SEPM	DDFO	SEPM
3 months	+1.5%	+1.3%	+1.9 pts	+1.6 pts
6 months	+3.5%	+3.0%	−1.0 pts	−1.5 pts
1 year	+8.2%	+6.4%	−5.4 pts	−7.2 pts
Since launchNot the same days: DDFO Oct 2025 · SEPM Sep 2024	+8.5%	+13.3%	−6.2 pts	−21.3 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

DDFO Innovator Equity Dual Directional 15 Buffer ETF - Oct · Absorbs the first 15% of loss on SPY and caps the gain at 10.7%, over a period ending Sep 30, 2027 SEPM FT Vest U.S. Equity Max Buffer ETF - September · Absorbs losses from 0.0% to 100.0% on SPY and caps the gain at 8.2%, over a period ending Sep 17, 2027

Issuer Innovator First Trust

Reference index SPY SPY

Buffer 15% 0% to 100%

Outcome period Sep 30, 2026 to Sep 30, 2027 Sep 21, 2026 to Sep 17, 2027

Days left 330 317

Starting cap +10.7% +8.2%

Can still gain 9.9% 6.8%

Fall before buffer 0.7% 1.4%

Protection left, index points 15.0% of 15.0% 100.0% of 100.0%

Index return this period +0.5% +0.7%

Fund return this period +0.6% +0.6%

State today Open Open

Expense ratio 0.79% 0.85%

Net assets, DDFO as of Nov 4, 2026 and SEPM as of Nov 3, 2026 $176m $38m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. SEPM is a floor fund, which caps how far a holder can fall. DDFO 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

SEPM resets first, on Sep 17, 2027, 317 days from now; DDFO runs to Sep 30, 2027, 330 days. DDFO can still gain 9.9% before its cap, SEPM 6.8%. A fall from here reaches DDFO’s buffer after 0.7% and SEPM’s after 1.4%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

DDFO

From its price on Nov 4, 2026, the fund can gain about 9.9% more before it reaches its cap. The fund's price can fall 0.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.5% 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. 330 days remained on Nov 4, 2026. On Sep 30, 2027 the period ends and a new cap is set.

SEPM

From its price on Nov 4, 2026, the fund can gain about 6.8% more before it reaches its cap. The fund's price can fall 1.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.7% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 317 days remained on Nov 4, 2026. On Sep 17, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, DDFO or SEPM?: From their prices on Nov 4, 2026, DDFO can gain about 9.9% before its cap and SEPM about 6.8%, so DDFO has more room left this period.
Which resets first, DDFO or SEPM?: DDFO ends its outcome period on Sep 30, 2027 and SEPM on Sep 17, 2027. A new cap is set the day after each.
Which is cheaper, DDFO or SEPM?: DDFO charges 0.79% a year and SEPM charges 0.85%, so DDFO is cheaper. Fees come from each fund's prospectus.

Other comparisons

DDFO vs DDTO DDFO vs CPST DDFO vs QBSV DDFO vs OCTP SEPM vs EALT SEPM vs ZOCT SEPM vs OCTT SEPM vs DDSQ

Where to next

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

Sources and dates

DDFO filings on SEC EDGAR ↗

Innovator page for DDFO ↗

SEPM filings on SEC EDGAR ↗

First Trust page for SEPM ↗

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, DDFO against SEPM, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ddfo-vs-sepm

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.