Data as of .
DDFY vs UMAY: which one stands where?
As of Sep 21, 2026 UMAY can fall 9.2% before its buffer engages and DDFY 4.3%.
These are two different products. UMAY is a floor fund, which caps how far a holder can fall. DDFY 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
DDFY resets first, on Apr 30, 2027, 221 days from now; UMAY runs to Apr 30, 2027, 221 days. DDFY can still gain 5.7% before its cap, UMAY 7.6%. A fall from here reaches DDFY’s buffer after 4.3% and UMAY’s after 9.2%. 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 | ||
|---|---|---|---|---|
| DDFY | UMAY | DDFY | UMAY | |
| 3 months | +1.9% | +1.9% | −0.3 pts | −0.4 pts |
| 6 months | not published | +5.7% | not published | −12.4 pts |
| 1 year | not published | +8.0% | not published | −8.6 pts |
| 3 years | not published | +37.6% | not published | −40.8 pts |
| DDFY Innovator Equity Dual Directional 15 Buffer ETF - May Absorbs the first 15% of loss on SPY and caps the gain at 10.5%, over a period ending Apr 30, 2027 | UMAY Innovator U.S. Equity Ultra Buffer ETF - May Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 12.5%, over a period ending Apr 30, 2027 | |
|---|---|---|
| Issuer | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | 15% | 5% to 35% |
| Outcome period | Apr 30, 2026 to Apr 30, 2027 | Apr 30, 2026 to Apr 30, 2027 |
| Days left | 221 | 221 |
| Starting cap | +10.5% | +12.5% |
| Can still gain | 5.7% | 7.6% |
| Fall before buffer | 4.3% | 9.2% |
| Protection left, index points | 15.0% of 15.0% | 30.0% of 30.0% |
| Index return this period | +7.7% | +7.7% |
| Fund return this period | +4.2% | +4.3% |
| State today | Open | Open |
| Expense ratio | 0.79% | 0.79% |
| Net assets | $76m | $139m |
DDFY in plain words
From its price on Sep 21, 2026, the fund can gain about 5.7% more before it reaches its cap. The fund's price can fall 4.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.1% 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. 221 days remained on Sep 21, 2026. On Apr 30, 2027 the period ends and a new cap is set.
UMAY in plain words
From its price on Sep 21, 2026, the fund can gain about 7.6% more before it reaches its cap. The fund's price can fall 9.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.8% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level.
Questions people ask
- Which has more room to gain, DDFY or UMAY?
- From their prices on Sep 21, 2026, DDFY can gain about 5.7% before its cap and UMAY about 7.6%, so UMAY has more room left this period.
- Which resets first, DDFY or UMAY?
- DDFY ends its outcome period on Apr 30, 2027 and UMAY on Apr 30, 2027. A new cap is set the day after each.
- Which is cheaper, DDFY or UMAY?
- DDFY charges 0.79% a year and UMAY charges 0.79%, so DDFY 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, DDFY against UMAY, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/ddfy-vs-umay Free to use with attribution; the underlying files are at Open data.