Data as of Nov 4, 2026.
DDFS vs SEPT: Cap, Buffer & Days Left
As of Nov 4, 2026 SEPT can fall 1.2% before its buffer engages and DDFS 1.0%.
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Net assets: $122m on Nov 4, 2026 for Innovator Equity Dual Directional 15 Buffer ETF - Sep, and $37m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer10 ETF - Sep.
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.SEPT: reference 0.0% since period start, fund +0.5%; buffer 0 to −10; cap +17.5%; Buffer working. Data to Nov 4, 2026.
SEPT: reference 0.0% since period start, fund +0.5%; buffer 0 to −10; cap +17.5%; Buffer working. Data to Nov 4, 2026.Pair scorecard
SEPT costs 0.05 points a year less; their one-year returns differ by 4.1 points; DDFS is 3.3 times larger.
Points (pts) are percentage points.
| Measure | DDFS | SEPT |
|---|---|---|
| Return | ||
| Total return, 1 year | +7.5% | +11.6% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.74% |
| Net assets, as of Nov 3, 2026 | $121m | $37m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | DDFS | SEPT | DDFS | SEPT |
| 3 months | +1.1% | +1.1% | +1.5 pts | +1.5 pts |
| 6 months | +2.9% | +4.6% | −1.6 pts | +0.2 pts |
| 1 year | +7.5% | +11.6% | −6.1 pts | −1.9 pts |
| 3 years | – | +57.4% | – | −19.1 pts |
| Since launchNot the same days: DDFS Sep 2025 · SEPT Sep 2023 | +9.3% | +54.0% | −10.5 pts | −16.0 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
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, 300 days from now; SEPT runs to Aug 31, 2027, 300 days. DDFS can still gain 9.4% before its cap, SEPT 16.2%. A fall from here reaches DDFS’s buffer after 1.0% and SEPT’s after 1.2%. 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.
SEPT
From its price on Nov 4, 2026, the fund can gain about 16.2% more before it reaches its cap. The fund's price can fall 1.2% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 10.0% of the 10.0% 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.
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ETFIQ, DDFS against SEPT, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ddfs-vs-sept
ETFIQ. (Nov 4, 2026). DDFS against SEPT. Retrieved from https://etfiq.com/compare/buffer/ddfs-vs-sept
[DDFS against SEPT (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/ddfs-vs-sept)
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