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DDFJ

GradeCChicago Board Options Exchange

Innovator Equity Dual Directional 15 Buffer ETF

Dual Directional · Innovator · Inception 2026-01-02 · SEC filings

$20.15+0.00 (+0.02%)

As of Sep 23, 2026, 1:57 PM EDT

History starts Jan 2, 2026.History starts Jan 2, 2026.
Intraday session: up, 9 prints from 20.15 to 20.15. Range 20.10 to 20.15. Use the arrow keys to read each point.$20.10$20.12$20.1410 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$75M
1Y return
—
Yield · Last 12 months
—
Holdings
6
Volume · 30D
0M sh
NAV per share
$20.09
52W range
low $18.54high $20.17

The ETF.net DDFJ Grade

C

41/ 100

Rank 16 of 19 in S&P 500 Dual Directional⁠

Confidence Medium

Six-pillar profile for DDFJ. Scores out of 100: Cost 50, Risk 21, Mission not scored, Tradability 38, Holdings not scored, Durability 63. Strongest: Durability (63). Weakest: Risk (21). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 41 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 rank5/19 · top 26%

  • 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.
    FScore 21
    Category rank17/17 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 38
    Category rank14/19 · mid-pack

  • 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 63
    Category rank8/19 · top 42%

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

Our read on DDFJ

ETF.net Research

CA buffered fund with a twist. Over each one-year outcome period, DDFJ aims to turn modest S&P 500 declines into positive returns, holds a 15% buffer beneath that, and caps the upside.

Stated mandate

The Fund seeks positive returns when its reference asset rises and in certain declines, while applying an upside cap, inverse-performance threshold, and loss protection during each annual outcome period.

Why people hold it

  1. 01The dual directional part: if the reference S&P 500 ETF ends the outcome period down but above the inverse threshold, the fund aims to deliver that decline as a gain.innovatoretfs.com
  2. 02Past that threshold, protection takes over. Fund documents set a 15 percentage point buffer against reference declines across the annual outcome period.innovatoretfs.com
  3. 03The January-start entry in Innovator's dated dual directional lineup, launched in 2026, with terms that reset on the calendar year.
  4. 04Fee is 0.79%, the same as every other dual directional buffer fund in its group, including DDSQ, DDFN and DDFD.

Worth knowing

  1. 01The price of the downside math is a ceiling: upside is capped at a level struck when each outcome period begins, so a big rally leaves money on the table.innovatoretfs.com
  2. 02Buffer, cap and threshold are calibrated to the full outcome period. Enter mid-period or exit early and the terms you actually get will differ from the stated ones.innovatoretfs.com
  3. 03It trades lightly, so bid-ask spreads can run wider than on plain index funds.

DDFJ Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
6
Top-10 weight
111%
Largest holding
SPY 12/31/2026 6.89 C105.7%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPY 12/31/2026 6.89 C105.67%1,037$79M1
002—SPY 12/31/2026 572.81 P3.08%15,555$2M1
003—SPY 12/31/2026 681.95 P1.30%2,074$973K1
004—US BANK MMDA - USBGFS 9 09/01/20370.47%353,819$354K161

Showing 1–4 of 4 holdings

DDFJ Performance

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

DDFJ$10,177
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. DDFJ $10,177. 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 DDFJ. Periods over one year show the average yearly return.
PeriodDDFJ
Year to dateFund launched this year—
1 month+0.4%
3 months+1.8%
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 DDFJ
YearReturn barDDFJ
2026 YTD+5.8%

Since listing, Jan 2, 2026

DDFJ in the news

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

DDFJ 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 Jan 2026. No distributions yet.

DDFJ Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Jan 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 Jan 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 Jan 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.
0.31
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.

DDFJ 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.

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