Data as of .
DDFZ vs DMAY: which one stands where?
As of Sep 21, 2026 DMAY can fall 8.8% before its buffer engages and DDFZ 2.5%, and DMAY resets 10 days sooner.
These are two different products. DMAY is a floor fund, which caps how far a holder can fall. DDFZ 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
DMAY resets first, on May 21, 2027, 242 days from now; DDFZ runs to May 31, 2027, 252 days. DDFZ can still gain 7.9% before its cap, DMAY 9.2%. A fall from here reaches DDFZ’s buffer after 2.5% and DMAY’s after 8.8%. 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 | ||
|---|---|---|---|---|
| DDFZ | DMAY | DDFZ | DMAY | |
| 3 months | +1.9% | +1.6% | −0.4 pts | −0.7 pts |
| 6 months | not published | +6.8% | not published | −11.3 pts |
| 1 year | not published | +8.4% | not published | −8.2 pts |
| 3 years | not published | +38.9% | not published | −39.5 pts |
| DDFZ Innovator Equity Dual Directional 15 Buffer ETF - Jun Absorbs the first 15% of loss on SPY and caps the gain at 10.7%, over a period ending May 31, 2027 | DMAY FT Vest U.S. Equity Deep Buffer ETF - May Absorbs losses from 5.0% to 30.0% on SPY and caps the gain at 13.6%, over a period ending May 21, 2027 | |
|---|---|---|
| Issuer | Innovator | First Trust |
| Reference index | SPY | SPY |
| Buffer | 15% | 5% to 30% |
| Outcome period | May 31, 2026 to May 31, 2027 | May 18, 2026 to May 21, 2027 |
| Days left | 252 | 242 |
| Starting cap | +10.7% | +13.6% |
| Can still gain | 7.9% | 9.2% |
| Fall before buffer | 2.5% | 8.8% |
| Protection left, index points | 15.0% of 15.0% | 25.0% of 25.0% |
| Index return this period | +2.3% | +4.7% |
| Fund return this period | +2.3% | +3.2% |
| State today | Open | Open |
| Expense ratio | 0.79% | 0.85% |
| Net assets | $152m | $380m |
DDFZ in plain words
From its price on Sep 21, 2026, the fund can gain about 7.9% more before it reaches its cap. The fund's price can fall 2.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.3% 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. 252 days remained on Sep 21, 2026. On May 31, 2027 the period ends and a new cap is set.
DMAY in plain words
From its price on Sep 21, 2026, the fund can gain about 9.2% more before it reaches its cap. The fund's price can fall 8.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 9.3% from today's level to the point where the buffer begins. Protection left, in index points: 25.0% of the 25.0% buffer still sits below today's SPY level. 242 days remained on Sep 21, 2026. On May 21, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, DDFZ or DMAY?
- From their prices on Sep 21, 2026, DDFZ can gain about 7.9% before its cap and DMAY about 9.2%, so DMAY has more room left this period.
- Which resets first, DDFZ or DMAY?
- DDFZ ends its outcome period on May 31, 2027 and DMAY on May 21, 2027. A new cap is set the day after each.
- Which is cheaper, DDFZ or DMAY?
- DDFZ charges 0.79% a year and DMAY charges 0.85%, so DDFZ 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, DDFZ against DMAY, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/ddfz-vs-dmay Free to use with attribution; the underlying files are at Open data.