Data as of .
DDFO vs SQMX: which one stands where?
As of Sep 19, 2026 DDFO can fall 8.3% before its buffer engages and SQMX 2.0%, and SQMX resets 12 days sooner.
These are two different products. SQMX 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
SQMX resets first, on Sep 18, 2026, 0 days from now; DDFO runs to Sep 30, 2026, 12 days. DDFO can still gain 0.1% before its cap, SQMX 0.9%. A fall from here reaches DDFO’s buffer after 8.3% and SQMX’s after 2.0%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| DDFO | SQMX | DDFO | SQMX | |
| 3 months | +1.9% | +1.7% | −0.3 pts | −0.5 pts |
| 6 months | +7.2% | +4.6% | −10.9 pts | −13.4 pts |
| 1 year | not published | +7.1% | not published | −9.4 pts |
| DDFO Innovator Equity Dual Directional 15 Buffer ETF - Oct Absorbs the first 15% of loss on SPY and caps the gain at 9.0%, over a period ending Sep 30, 2026 | SQMX FT Vest U.S. Equity Quarterly Max Buffer ETF Absorbs the first 13% of loss on SPY and caps the gain at 3.0%, over a period ending Sep 18, 2026 | |
|---|---|---|
| Issuer | Innovator | First Trust |
| Reference index | SPY | SPY |
| Buffer | 15% | 13% |
| Outcome period | Sep 30, 2025 to Sep 30, 2026 | Jun 22, 2026 to Sep 18, 2026 |
| Days left | 12 | 0 |
| Starting cap | +9.0% | +3.0% |
| Can still gain | 0.1% | 0.9% |
| Fall before buffer | 8.3% | 2.0% |
| Protection left, index points | 15.0% of 15.0% | 12.6% of 12.6% |
| Index return this period | +14.3% | +2.0% |
| Fund return this period | +8.1% | +1.8% |
| State today | At cap | Open |
| Expense ratio | 0.79% | 0.85% |
| Net assets | $99m | $80m |
DDFO in plain words
SPY had already risen past this fund's cap of +9.0% for the period on Sep 19, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.1% as the period runs out. The fund's price can fall 8.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.5% 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. 12 days remained on Sep 19, 2026. On Sep 30, 2026 the period ends and a new cap is set.
SQMX in plain words
From its price on Sep 19, 2026, the fund can gain about 0.9% more before it reaches its cap. The fund's price can fall 2.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.0% from today's level to the point where the buffer begins. Protection left, in index points: 12.6% of the 12.6% buffer still sits below today's SPY level. 0 days remained on Sep 19, 2026. On Sep 18, 2026 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, DDFO or SQMX?
- From their prices on Sep 19, 2026, DDFO can gain about 0.1% before its cap and SQMX about 0.9%, so SQMX has more room left this period.
- Which resets first, DDFO or SQMX?
- DDFO ends its outcome period on Sep 30, 2026 and SQMX on Sep 18, 2026. A new cap is set the day after each.
- Which is cheaper, DDFO or SQMX?
- DDFO charges 0.79% a year and SQMX charges 0.85%, so DDFO is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, DDFO against SQMX, data as of Sep 19, 2026. https://etfiq.com/compare/buffer/ddfo-vs-sqmx Free to use with attribution; the underlying files are at Open data.