Data as of .
DDFS vs SEPT: which one stands where?
As of Sep 19, 2026 SEPT can fall 0.5% before its buffer engages and DDFS 0.1%.
These are two different products. SEPT 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, 347 days from now; SEPT runs to Aug 31, 2027, 347 days. DDFS can still gain 10.3% before its cap, SEPT 17.1%. A fall from here reaches DDFS’s buffer after 0.1% and SEPT’s after 0.5%. 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 | SEPT | DDFS | SEPT | |
| 3 months | +1.3% | +2.3% | −0.9 pts | +0.1 pts |
| 6 months | +5.9% | +11.8% | −12.2 pts | −6.2 pts |
| 1 year | +7.0% | +11.8% | −9.6 pts | −4.8 pts |
| 3 years | not published | +54.5% | not published | −23.9 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 | SEPT AllianzIM U.S. Equity Buffer10 ETF - Sep Absorbs the first 10% of loss on SPY and caps the gain at 17.5%, over a period ending Aug 31, 2027 | |
|---|---|---|
| Issuer | Innovator | AllianzIM |
| Reference index | SPY | SPY |
| Buffer | 15% | 10% |
| Outcome period | Aug 31, 2026 to Aug 31, 2027 | Sep 1, 2026 to Aug 31, 2027 |
| Days left | 347 | 347 |
| Starting cap | +10.5% | +17.5% |
| Can still gain | 10.3% | 17.1% |
| Fall before buffer | 0.1% | 0.5% |
| Protection left, index points | 14.3% of 15.0% | 9.3% of 10.0% |
| Index return this period | −0.7% | −0.7% |
| Fund return this period | +0.1% | −0.3% |
| State today | Buffer working | Buffer working |
| Expense ratio | 0.79% | 0.74% |
| Net assets | $101m | $38m |
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.
SEPT in plain words
From its price on Sep 19, 2026, the fund can gain about 17.1% more before it reaches its cap. The fund's price can fall 0.5% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 9.3% of the 10.0% buffer still sits below today's SPY level.
Questions people ask
- Which has more room to gain, DDFS or SEPT?
- From their prices on Sep 19, 2026, DDFS can gain about 10.3% before its cap and SEPT about 17.1%, so SEPT has more room left this period.
- Which resets first, DDFS or SEPT?
- DDFS ends its outcome period on Aug 31, 2027 and SEPT on Aug 31, 2027. A new cap is set the day after each.
- Which is cheaper, DDFS or SEPT?
- DDFS charges 0.79% a year and SEPT charges 0.74%, so SEPT 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 SEPT, data as of Sep 19, 2026. https://etfiq.com/compare/buffer/ddfs-vs-sept Free to use with attribution; the underlying files are at Open data.