DDFM Innovator Equity Dual Directional 15 Buffer ETF - Mar
Absorbs the first 15% of loss on SPY and caps the gain at 9.8%, over a period ending Feb 28, 2027
As of Sep 18, 2026, DDFM has reached its cap.
Key facts
Period by period
| Window | Total return | SPY | Gap to SPY |
|---|---|---|---|
| 3 months | +1.8% | +2.3% | −0.4 pts |
| 6 months | +7.3% | +18.0% | −10.7 pts |
In plain words
The fund's own price can still drift up to about 3.6% as the period runs out. The fund's price can fall 5.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 9.9% 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. 163 days remained on Sep 18, 2026. On Feb 28, 2027 the period ends and a new cap is set.
| Reference index | SPY |
|---|---|
| Buffer | 15% |
| Outcome period | Feb 28, 2026 to Feb 28, 2027 |
| Starting cap | +9.8% |
| SPY return since period start | +11.0% |
| Fund return since period start | +5.5% |
| Net assets (issuer page, as of Sep 18, 2026) | $45m |
| Band state today (ETFIQ) | At cap |
| Can still gain (issuer, fund price) | 3.6% |
| Fall before buffer (issuer, fund price) | 5.7% |
| Fall to the buffer in index terms (ETFIQ) | 9.9% |
| Protection left in index points (ETFIQ) | 15.0% of 15.0% |
| Days left in period | 163 |
| Expense ratio (issuer page, Sep 18, 2026) | 0.79% |
Issuer-published figures as of the date shown; ETFIQ calculations marked. Definitions on the learn page. How these figures are computed
Questions people ask
- How much can DDFM still gain?
- Nothing more in index terms on Sep 18, 2026. SPY has already passed the cap of +9.8% for this period, which runs from Feb 28, 2026 to Feb 28, 2027.
- How far can DDFM fall before the buffer helps?
- 5.7% in fund-price terms on Sep 18, 2026, by the issuer's figure. In index terms SPY can fall 9.9% from that level before the buffer begins. Losses until that point are the holder's.
- How much of the DDFM buffer is left?
- 15.0% of the 15.0% buffer sat below the SPY level on Sep 18, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.
- When does DDFM reset?
- The outcome period ends on Feb 28, 2027, 163 days from the data on Sep 18, 2026. A new cap is set the next day and the buffer starts again.
- What does DDFM cost?
- The prospectus expense ratio is 0.79% a year.
The words on this page
- Buffer
- The first slice of loss the fund absorbs for you over its outcome period, stated on the reference index. A 15% buffer means the index can fall 15% before you take any of it.
- Cap
- The most the fund can return over the period, however far the index rises. It is the price paid for the buffer.
- Outcome period
- The window the buffer and cap apply over, usually a year. Both are set at the start and only hold if you are there for the whole of it.
- Reset
- The day one outcome period ends and the next begins, with a fresh buffer and a fresh cap struck at that day’s level.
- Protection left
- The part of the buffer still below today’s index level. A buffer bought mid-period is not the full buffer; this is what is left of it.
Every term used here, defined in full on the buffer ETFs vocabulary page.
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.
Compare DDFM
Also against DLFE, FEBM, FFEB, GFEB, MART, MARU, MARW, MRCP, PBMR, PMAR, PMMR, SIXP, UMAR, XFEB, ZMAR, SPYM, VOO.
Funds near this one
Where DDFM is written about
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Cite this page. ETFIQ, DDFM, buffer ETFs, data as of Sep 18, 2026. https://etfiq.com/funds/ddfm Free to use with attribution; the underlying files are at Open data.