Skip to content
etf.net

DDFF

GradeCChicago Board Options Exchange

Innovator Equity Dual Directional 15 Buffer ETF

Dual Directional · Innovator · Inception 2026-02-02 · SEC filings

$20.33−0.00 (−0.00%)

As of Sep 23, 2026, 3:04 PM EDT

History starts Feb 2, 2026.History starts Feb 2, 2026.
Intraday session: down, 4 prints from 20.33 to 20.33. Range 20.33 to 20.33. Use the arrow keys to read each point.$19.50$20.00$21.0010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$59M
1Y return
—
Yield · Last 12 months
—
Holdings
7
Volume · 30D
0M sh
NAV per share
$20.30
52W range
low $18.61high $20.40

The ETF.net DDFF Grade

C

46/ 100

Rank 11 of 19 in S&P 500 Dual Directional⁠

Confidence Medium

Six-pillar profile for DDFF. Scores out of 100: Cost 50, Risk 32, Mission not scored, Tradability 48, Holdings not scored, Durability 61. Strongest: Durability (61). Weakest: Risk (32). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 46 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 50
    Category rank3/19 · top 16%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 32
    Category rank14/17 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 48
    Category rank9/19 · top 47%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 61
    Category rank9/19 · top 47%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on DDFF

ETF.net Research

CA defined-outcome fund with a twist: moderate declines in the S&P 500 ETF it references are designed to come back as positive returns, deeper drops get a 15% buffer, and the upside is capped. This is the February-start entry in Innovator's dual directional lineup.

Stated mandate

The Fund seeks positive returns in rising markets up to a cap and positive returns in moderately declining markets through inverse performance. For larger reference-asset losses, it seeks to provide a buffer, subject to the strategy terms.

Why people hold it

  1. 01The dual directional design aims to pay you the mirror image of a moderate decline instead of just cushioning it, with a 15-point buffer behind it for larger drops.innovatoretfs.com
  2. 02Terms are set in advance, not improvised: the outcome period runs February 1 to January 31, with the cap and buffer spelled out in the prospectus before the clock starts.innovatoretfs.com
  3. 03At 0.79%, the fee sits right at the median for its dual directional peers (DDSQ, DDFN, DDFD, DDFJ all charge the same), so the choice here is start month, not price.
  4. 04Standard 1940 Act ETF wrapper referencing the SPDR S&P 500 ETF Trust: no K-1 partnership plumbing, no exotic legal structure to decode.

Worth knowing

  1. 01The gains are capped. Rallies above the stated cap accrue to someone else, and a fresh cap is set every February when the period resets.
  2. 02The buffer and cap describe one full outcome period. Buy mid-period and your actual upside room and downside cushion differ from the headline terms.innovatoretfs.com
  3. 03It's a young, lightly traded member of a five-fund family, so spreads can run wider than mainstream index ETFs and execution deserves attention.

DDFF Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
7
Top-10 weight
112%
Largest holding
SPY 01/29/2027 6.99 C104.7%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPY 01/29/2027 6.99 C104.67%808$62M1
002—SPY 01/29/2027 581.25 P4.79%12,120$3M1
003—SPY 01/29/2027 692.04 P1.95%1,616$1M1
004—US BANK MMDA - USBGFS 9 09/01/20370.46%269,587$270K161

Showing 1–4 of 4 holdings

DDFF Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

DDFF$10,201
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. DDFF $10,201. SPY $10,415. Use the arrow keys to read each point.$9,741$10,122$10,502Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for DDFF. Periods over one year show the average yearly return.
PeriodDDFF
Year to dateFund launched this year—
1 month+0.5%
3 months+2.0%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for DDFF
YearReturn barDDFF
2026 YTD+5.3%

Since listing, Feb 2, 2026

DDFF in the news

ETF.net Research hasn’t filed on DDFF yet — coverage lands here as it’s written.

DDFF Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Feb 2026. No distributions yet.

DDFF Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Feb 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Feb 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Feb 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.34
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

DDFF Cost

Expense ratio0.79%
  • The middle half of S&P 500 Dual Directional funds
  • Median 0.79%

No S&P 500 Dual Directional fund charges less.

DDFF costs $79.00 a year on $10,000. The median S&P 500 Dual Directional fund costs $79.00.