# Innovator ETFs Trust - Innovator Equity Dual Directional 15 Buffer ETF - July (DDFL): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/ddfl for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Innovator · Asset class: Equity - Strategy: Buffered · Inception: 2025-07-01 DDFL makes available a strategy that previously was only available in a structured note. Investors need to understand the unique return characteristics and limitations of this product before investing. The fund aims to provide capital appreciation for investors using FLEX Options tied to the price performance of the SPDR S&P 500 ETF (SPY). After a one-year period, if (SPY) shares have appreciated to a cap, investors will experience a positive return on a 1:1 basis. If (SPY) incurs negative returns of 15%, the fund provides positive returns matching the absolute value of those losses. Additi... ## Key Facts | Metric | Value | |---|---| | Price | $21.66 | | Expense Ratio | 0.79% | | Assets Under Management | $159.7M | | NAV | $21.65 | | Holdings Count | 9 | | Distribution Yield (TTM) | — | | Annual Distribution (TTM) | — /share | | Distribution Frequency | — | | 52-Week Range | $20.09 – $21.93 | | Beta | 0.15 | ## Frequently Asked Questions ### What does DDFL invest in? DDFL makes available a strategy that previously was only available in a structured note. Investors need to understand the unique return characteristics and limitations of this product before investing. The fund aims to provide capital appreciation for investors using FLEX Options tied to the price performance of the SPDR S&P 500 ETF (SPY). After a one-year period, if (SPY) shares have appreciated to a cap, investors will experience a positive return on a 1:1 basis. If (SPY) incurs negative returns of 15%, the fund provides positive returns matching the absolute value of those losses. Additionally, the fund offers buffered returns against losses exceeding 15% during the same period, less fees, and expenses. Shares are expected to be held for the entire one-year outcome period in attempt to receive the structured outcome return. ### What is the expense ratio of DDFL? Innovator ETFs Trust - Innovator Equity Dual Directional 15 Buffer ETF - July (DDFL) charges an expense ratio of 0.79%. This is the annual fee deducted from fund assets to cover management and operations. ### How big is DDFL? Innovator ETFs Trust - Innovator Equity Dual Directional 15 Buffer ETF - July (DDFL) manages $159.7M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Is DDFL actively managed or an index fund? DDFL's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy. ### When was DDFL launched? Innovator ETFs Trust - Innovator Equity Dual Directional 15 Buffer ETF - July (DDFL) launched in July 2025 and is managed by Innovator. ### How has DDFL performed? DDFL's total return (price change plus reinvested distributions) is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon. ### Does DDFL pay a dividend? Innovator ETFs Trust - Innovator Equity Dual Directional 15 Buffer ETF - July (DDFL) currently distributes little or no income. Trailing-twelve-month yield is —. Investors looking for income should consider income-focused alternatives. See the Peers tab. ### How often does DDFL pay dividends? Innovator ETFs Trust - Innovator Equity Dual Directional 15 Buffer ETF - July pays dividends on its published schedule. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### What is DDFL's dividend yield? DDFL's trailing-twelve-month yield is —, calculated from the sum of dividends over the past year divided by the current price. ### When is DDFL's next ex-dividend date? DDFL hasn't announced its next ex-date yet. Once declared it'll appear at the top of the dividend history table on this page. ### How much will DDFL's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.79% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does DDFL charge its expense ratio? The expense ratio is deducted in tiny daily slices from DDFL's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does DDFL cost more than a fund like VOO? DDFL's strategy (current expense ratio 0.79%) is different from a broad-market index tracker like VOO, so its fee belongs to a different cohort. The Cost Verdict card above shows you where DDFL sits within its own category, which is the comparison that actually matters. ### Are there cheaper alternatives to DDFL? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as DDFL (0.79%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/ddfl - Distribution history: https://www.dividenddata.com/funds/ddfl/dividend - Holdings & diversification: https://www.dividenddata.com/funds/ddfl/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/ddfl/expenses - Peer comparison: https://www.dividenddata.com/funds/ddfl/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.