DDFL vs DDFN: Grades, Fees and Holdings Compared

Innovator Equity Dual Directional 15 Buffer ETF - July

DDFLBCboe

Innovator Equity Dual Directional 15 Buffer ETF - November

DDFNCCboe

Overlap

98.7%by weight

Expense ratio

DDFL0.79%DDFN0.79%

Avg volume · 30D

DDFL 2.4×the volume

DDFL75.8KDDFN31.3K

DDFL vs DDFN Performance

Nov 5, 2025 – Nov 5, 2026

+5.6%DDFL+8.1%DDFN

Expense ratio: DDFL 0.79%; DDFN 0.79%
Fund size: DDFL $160M; DDFN $74M
1Y total return: DDFL +5.6%; DDFN +8.1%, better
Holdings: DDFL 5; DDFN 5
Avg volume (30D): DDFL 75.8K sh, better; DDFN 31.3K sh
NAV per share: DDFL $21.73; DDFN $20.85
52W range

ETF.net Grade

Pillar letters and Scores for DDFL, DDFN, with each pillar’s weight
Pillar	DDFL	DDFN
Cost30% weight	C50	C50
Mission25% weight	Not scored	Not scored
Risk15% weight	B65Higher	C53
Tradability15% weight	A94Higher	B58
Holdings10% weight	B60	B60
Durability5% weight	A82Higher	B65

Rank among S&P 500 Dual Directional funds

How we build Categories ›

Same Category. DDFL and DDFN are both graded against the same 7 S&P 500 Dual Directional funds, so their Grades compare head to head.

S&P 500 Dual Directional⁠

Category · 7 funds

See all 7 ›

DDFL ranks 1st and DDFN 3rd of 7 funds in the S&P 500 Dual Directional Category.

Rank 1BDDFLInnovator Equity Dual Directional 15 Buffer ETF - JulyScore 65
Rank 2BDDSQInnovator Equity Dual Directional 5 Buffer ETFScore 55
Rank 3CDDFNInnovator Equity Dual Directional 15 Buffer ETF - NovemberScore 54
Rank 4CDLMYFT Vest U.S. Equity Dual Directional Buffer ETF - MayScore 53

Our read on each fund

ETF.net Research

DDFLBInnovator Equity Dual Directional 15 Buffer ETF - July

DDFNCInnovator Equity Dual Directional 15 Buffer ETF - November

In short

DDFL No data

DDFN Buffered S&P 500 exposure with a twist: a moderate market drop can register as a gain rather than a loss. This is the November series, resetting each November 1 with a 15% buffer running through the year.

Stated mandate

DDFL No data

DDFN The Fund seeks positive returns when its reference asset rises and in certain moderately declining markets, while limiting losses beyond the inverse-performance threshold through a buffer.

Why people hold it

DDFL No data

DDFN The dual-directional part: if the reference S&P 500 ETF ends the period down but inside the 15% buffer, the fund aims to pay that decline back as a positive return.innovatoretfs.com
Losses only begin past a 15% drop over the outcome period, and the payoff sits inside a registered 1940 Act ETF rather than a bank-issued structured note.innovatoretfs.com
One of a staggered family: DDFD carries the December reset, DDSQ uses a 5% buffer. All charge 0.79%, so the pick comes down to buffer size and calendar, not price.
Stands in the upper half of its small dual-directional peer group, one of the better-built versions of an unusual payoff.

Worth knowing

DDFL No data

DDFN Upside is capped. A new cap is set when each November period begins, so a powerful rally in the index leaves some of the gain behind.
Buffer and cap are measured from the period start to the October 31 finish. Buy mid-period and your own buffer and upside differ from the headline terms.
Launched in November 2025 and lightly traded, with a 0.79% fee that reflects options work, not index pricing. Income isn't part of the design.

Full DDFL profile⁠

Full DDFN profile⁠

DDFL vs DDFN Holdings

How DDFL and DDFN differ

Overlap by weight

98.7%

Shared holdings make up 99.8% of DDFN and 99.1% of DDFL.

About this figure: DDFL holds other funds. We compare those funds, not the stocks inside them.

DDFN holds other funds. We compare those funds, not the stocks inside them.

Level by level

Sector11 Sectors98.1%
Holdings2 in both98.7%
Asset classStocks100%
Countryby domicile99.98%

Sector

Sector weights in DDFL and DDFN, widest gap first
Sector	Gap	DDFL	DDFN
Technology	DDFN +1.4 points	38.7%	40.1%
Financials	DDFL +0.7 points	12.0%	11.3%
Consumer Discretionary	DDFL +0.6 points	9.3%	8.7%
Communication	DDFN +0.4 points	9.5%	9.9%
Industrials	DDFL +0.2 points	7.8%	7.6%
Materials	DDFL +0.1 points	1.7%	1.6%
Utilities	DDFL +0.1 points	2.0%	1.9%
Energy	DDFL +0.1 points	3.5%	3.4%
Real Estate	DDFL +0.1 points	1.8%	1.7%
Health Care	DDFN +0.1 points	9.3%	9.4%
Consumer Staples	DDFL +0.1 points	4.5%	4.4%

Country, concentration and asset class

Country by domicile

Country weights in DDFL and DDFN, widest gap first
Country	Gap	DDFL	DDFN
United States	Same weight	99.5%	99.5%
Switzerland	Same weight	0.3%	0.3%
China	Same weight	0.1%	0.1%
Mexico	Same weight	0.1%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

DDFL124.7%
DDFN137.0%

Securities held

DDFL5
DDFN5

Asset class

DDFL: Stocks
DDFN: Stocks

Holdings

Only in DDFL3
In both2
Only in DDFN3

Only in DDFL

3 securities, 25.6% of DDFL by weight

Voo 06/30/2027 576.92 P18.53%
Voo 06/30/2027 686.79 P6.92%
Voo 06/30/2027 714.26 C0.12%

Only in DDFN

3 securities, 37.2% of DDFN by weight

Voo 10/29/2027 583.64 P27.72%
Voo 10/29/2027 694.83 P9.34%
Voo 10/29/2027 722.62 C0.14%

Weight gaps

All 2 Holdings in both funds, largest gap first.

Holding weights in DDFL and DDFN, widest gap first
Holding	More in DDFLMore in DDFN	Gap	DDFL	DDFN
Vanguard S&P 500 ETFVOO		DDFN +1.11 points	98.45%	99.56%
Us Bank Mmda - Usbgfs 9 09/01/2037		DDFL +0.45 points	0.67%	0.22%

All 9 DDFL holdings⁠All 7 DDFN holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DDFL vs DDFN Cost

Same expense ratio

$15,174

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DDFL 0.79%
$15,174
DDFN 0.79%
$15,174

Amount$10,000

Years30 years

Cost over time

DDFL 0.79%
DDFN 0.79%

Year by year

Year	DDFL	DDFN
10	$1,405	$1,405
20	$5,331	$5,331
30	$15,174	$15,174

Expense ratio

0.79%DDFL
0.79%DDFN

DDFL0.79%DDFN0.79%

0.79%0.85%

Middle half of S&P 500 Dual Directional funds
Median 0.79%

DDFL cheapest of 7 funds

DDFN cheapest of 7 funds

DDFL vs DDFN Dividends

Last 12 months to Nov 5, 2026

Payout (12M): DDFL None; DDFN None

Distribution history

DDFLAll DDFL payments⁠

No distribution history available.

DDFNAll DDFN payments⁠

No distribution history available.

DDFL vs DDFN Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DDFL 2.2%since Aug 2025DDFN No data
Return per unit of riskSharpe ratio, 3 years: DDFL 1.45since Aug 2025DDFN No data
Worst fallMax drawdown, 5 years: DDFL −1.7%since Jul 2025DDFN −3.4%since Nov 2025
Market sensitivityBeta, 5 years: DDFL 0.15DDFN 0.32; Market = 1

DDFL and DDFN in the news

All news⁠

ETF Filings
First Trust files four 15% dual directional buffer ETFs for 2027
Oct 27, 2026DDFL

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DDFL vs DDFN

In short

Stated mandate

Why people hold it

Worth knowing

How DDFL and DDFN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DDFL

Only in DDFN

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

First Trust files four 15% dual directional buffer ETFs for 2027