Data as of .
DDFS vs PSEP: which one stands where?
As of Sep 19, 2026 DDFS can fall 0.1% before its buffer engages and PSEP 0.0%.
These are two different products. PSEP is a floor fund, which caps how far a holder can fall. DDFS is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Both are Innovator funds, so the difference between them is the terms rather than the house.
Where each one stands today
DDFS resets first, on Aug 31, 2027, 347 days from now; PSEP runs to Aug 31, 2027, 347 days. DDFS can still gain 10.3% before its cap, PSEP 15.1%. A fall from here reaches DDFS’s buffer after 0.1% and PSEP’s after 0.0%. 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 | ||
|---|---|---|---|---|
| DDFS | PSEP | DDFS | PSEP | |
| 3 months | +1.3% | +1.9% | −0.9 pts | −0.4 pts |
| 6 months | +5.9% | +9.1% | −12.2 pts | −9.0 pts |
| 1 year | +7.0% | +9.3% | −9.6 pts | −7.2 pts |
| 3 years | not published | +41.5% | not published | −36.9 pts |
| DDFS Innovator Equity Dual Directional 15 Buffer ETF - Sep Absorbs the first 15% of loss on SPY and caps the gain at 10.5%, over a period ending Aug 31, 2027 | PSEP Innovator U.S. Equity Power Buffer ETF - Sep Absorbs the first 15% of loss on SPY and caps the gain at 15.0%, over a period ending Aug 31, 2027 | |
|---|---|---|
| Issuer | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | 15% | 15% |
| Outcome period | Aug 31, 2026 to Aug 31, 2027 | Aug 31, 2026 to Aug 31, 2027 |
| Days left | 347 | 347 |
| Starting cap | +10.5% | +15.0% |
| Can still gain | 10.3% | 15.1% |
| Fall before buffer | 0.1% | 0.0% |
| Protection left, index points | 14.3% of 15.0% | 14.3% of 15.0% |
| Index return this period | −0.7% | −0.7% |
| Fund return this period | +0.1% | −0.1% |
| State today | Buffer working | Buffer working |
| Expense ratio | 0.79% | 0.79% |
| Net assets | $101m | $1.1bn |
DDFS in plain words
From its price on Sep 19, 2026, the fund can gain about 10.3% more before it reaches its cap. The fund's price can fall 0.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 14.3% of the 15.0% buffer still sits below today's SPY level. 347 days remained on Sep 19, 2026. On Aug 31, 2027 the period ends and a new cap is set.
PSEP in plain words
From its price on Sep 19, 2026, the fund can gain about 15.1% more before it reaches its cap.
Questions people ask
- Which has more room to gain, DDFS or PSEP?
- From their prices on Sep 19, 2026, DDFS can gain about 10.3% before its cap and PSEP about 15.1%, so PSEP has more room left this period.
- Which resets first, DDFS or PSEP?
- DDFS ends its outcome period on Aug 31, 2027 and PSEP on Aug 31, 2027. A new cap is set the day after each.
- Which is cheaper, DDFS or PSEP?
- DDFS charges 0.79% a year and PSEP charges 0.79%, so DDFS 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, DDFS against PSEP, data as of Sep 19, 2026. https://etfiq.com/compare/buffer/ddfs-vs-psep Free to use with attribution; the underlying files are at Open data.