Data as of Nov 4, 2026.
DDFS vs SEPP: Cap, Buffer & Days Left
As of Nov 4, 2026 SEPP can fall 1.1% before its buffer engages and DDFS 1.0%.
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Net assets on Nov 4, 2026: $122m for Innovator Equity Dual Directional 15 Buffer ETF - Sep and $91m for PGIM S&P 500 Buffer 12 ETF - September.
DDFS: reference −0.1% since period start, fund +0.8%; buffer 0 to −15; cap +10.5%; Buffer working. Data to Nov 4, 2026.
DDFS: reference −0.1% since period start, fund +0.8%; buffer 0 to −15; cap +10.5%; Buffer working. Data to Nov 4, 2026.SEPP: reference 0.0% since period start, fund +0.6%; buffer 0 to −12; cap +15.9%; Buffer working. Data to Nov 4, 2026.
SEPP: reference 0.0% since period start, fund +0.6%; buffer 0 to −12; cap +15.9%; Buffer working. Data to Nov 4, 2026.Pair scorecard
SEPP costs 0.29 points a year less; their one-year returns differ by 3.4 points; DDFS is 1.3 times larger.
Points (pts) are percentage points.
| Measure | DDFS | SEPP |
|---|---|---|
| Return | ||
| Total return, 1 year | +7.5% | +10.9% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.50% |
| Net assets | $122m | $91m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | DDFS | SEPP | DDFS | SEPP |
| 3 months | +1.1% | +1.1% | +1.5 pts | +1.5 pts |
| 6 months | +2.9% | +4.3% | −1.6 pts | −0.2 pts |
| 1 year | +7.5% | +10.9% | −6.1 pts | −2.7 pts |
| Since launchNot the same days: DDFS Sep 2025 · SEPP May 2024 | +9.3% | +32.7% | −10.5 pts | −12.0 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. SEPP 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.
Where each one stands today
DDFS resets first, on Aug 31, 2027, 300 days from now; SEPP runs to Aug 31, 2027, 300 days. DDFS can still gain 9.4% before its cap, SEPP 14.7%. A fall from here reaches DDFS’s buffer after 1.0% and SEPP’s after 1.1%. Both track SPY, so what separates them is where each is in its own period.
DDFS
From its price on Nov 4, 2026, the fund can gain about 9.4% more before it reaches its cap. The fund's price can fall 1.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 14.9% of the 15.0% buffer still sits below today's SPY level. 300 days remained on Nov 4, 2026. On Aug 31, 2027 the period ends and a new cap is set.
SEPP
From its price on Nov 4, 2026, the fund can gain about 14.7% more before it reaches its cap. The fund's price can fall 1.1% 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.
Cite this pageCitation, APA and Markdown
ETFIQ, DDFS against SEPP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ddfs-vs-sepp
ETFIQ. (Nov 4, 2026). DDFS against SEPP. Retrieved from https://etfiq.com/compare/buffer/ddfs-vs-sepp
[DDFS against SEPP (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/ddfs-vs-sepp)
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