Data as of Nov 4, 2026.
DDTS vs SEPT: Cap, Buffer & Days Left
As of Nov 4, 2026 SEPT can fall 1.2% before its buffer engages and DDTS 0.9%.
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Net assets: $33m on Nov 4, 2026 for Innovator Equity Dual Directional 10 Buffer ETF - Sep, and $37m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer10 ETF - Sep.
DDTS: reference −0.1% since period start, fund +0.7%; buffer 0 to −10; cap +14.7%; Buffer working. Data to Nov 4, 2026.
DDTS: reference −0.1% since period start, fund +0.7%; buffer 0 to −10; cap +14.7%; 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.
Data to Nov 4, 2026.Pair scorecard
SEPT costs 0.05 points a year less; their one-year returns differ by 1.5 points; SEPT is 1.1 times larger.
Points (pts) are percentage points.
| Measure | DDTS | SEPT |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.1% | +11.6% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.74% |
| Net assets, as of Nov 3, 2026 | $33m | $37m |
| Holdings | ||
| Holdings in common | not published | |
Risk and return
Sep 12, 2025 to Oct 30, 2026 · 59 weekly returns · each against SPYFrom Sep 2025 to Oct 2026, SEPT returned more: +11.7% to +9.9%. DDTS swung less: 5.4% to 6.4%. DDTS fell less at its worst: −3.9% to −4.9%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | DDTS | SEPT | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +9.9% | +11.7% | SEPT | Price change plus distributions, reinvested. | |
| Annualized | +8.7% | +10.3% | SEPT | Total return as a yearly rate. | |
| Price return | +9.9% | +11.7% | SEPT | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 5.4% | 6.4% | DDTS | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 3.2% | 3.7% | DDTS | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −3.9% | −4.9% | DDTS | Deepest fall from a high to the low after it. | |
| Upside capture | 36.7% | 46.2% | 100.0% | SEPT | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 44.6% | 54.2% | 100.0% | DDTS | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.43 | 0.51 | 1.00 | DDTS lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.86 | 0.90 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.86 | 0.96 | SEPT | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.45 | 1.65 | SEPT | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.110 | 0.121 | 0.104 | SEPT (slight) | Return above Treasury bills per unit of beta. |
| Calmar | 2.23 | 2.11 | DDTS (slight) | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | +0.3% a year | +0.9% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.14 | 0.44 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −3.6% to +4.1% | −3.0% to +4.8% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.80 | −0.68 | SEPT | Return against its benchmark per unit of tracking error. | |
| Tracking error | 7.1% | 6.1% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 59 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | DDTS | SEPT | DDTS | SEPT |
| 3 months | +1.0% | +1.1% | +1.4 pts | +1.5 pts |
| 6 months | +3.9% | +4.6% | −0.6 pts | +0.2 pts |
| 1 year | +10.1% | +11.6% | −3.4 pts | −1.9 pts |
| 3 years | – | +57.4% | – | −19.1 pts |
| Since launchNot the same days: DDTS Sep 2025 · SEPT Sep 2023 | +12.7% | +54.0% | −7.1 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. DDTS 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
DDTS resets first, on Aug 31, 2027, 300 days from now; SEPT runs to Aug 31, 2027, 300 days. DDTS can still gain 13.7% before its cap, SEPT 16.2%. A fall from here reaches DDTS’s buffer after 0.9% and SEPT’s after 1.2%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
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DDTS
From its price on Nov 4, 2026, the fund can gain about 13.7% more before it reaches its cap. The fund's price can fall 0.9% 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: 9.9% of the 10.0% 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
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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, DDTS against SEPT, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ddts-vs-sept
ETFIQ. (Nov 4, 2026). DDTS against SEPT. Retrieved from https://etfiq.com/compare/buffer/ddts-vs-sept
[DDTS against SEPT (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/ddts-vs-sept)
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