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DDSQ

GradeCChicago Board Options Exchange

Innovator Equity Dual Directional 5 Buffer ETF

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

$21.59−0.07 (−0.32%)

As of Sep 23, 2026, 2:14 PM EDT

History starts Jan 2, 2026.History starts Jan 2, 2026.
Intraday session: down, 13 prints from 21.66 to 21.59. Range 21.55 to 21.66. Use the arrow keys to read each point.$21.55$21.57$21.63$21.6510 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$90M
1Y return
—
Yield · Last 12 months
—
Holdings
6
Volume · 30D
0M sh
NAV per share
$21.46
52W range
low $18.59high $21.71

The ETF.net DDSQ Grade

C

50/ 100

Rank 9 of 19 in S&P 500 Dual Directional⁠

Confidence Medium

Six-pillar profile for DDSQ. Scores out of 100: Cost 50, Risk 52, Mission not scored, Tradability 44, Holdings not scored, Durability 72. Strongest: Durability (72). Weakest: Tradability (44). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 50 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 rank11/19 · mid-pack

  • 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.
    CScore 52
    Category rank9/17 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 44
    Category rank10/19 · 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.
    AScore 72
    Category rank5/19 · top 26%

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

Our read on DDSQ

ETF.net Research

CInnovator's dual directional idea on a short leash: a 5 point buffer on SPY where a modest decline can register as a gain, up to a cap. Its siblings run 15 point buffers across a year. DDSQ resets every quarter.

Stated mandate

The fund seeks positive returns in rising markets and certain declining markets, subject to a cap, an inverse performance threshold, and a downside buffer.

Why people hold it

  1. 01Direction is not the only thing that pays. A SPY finish down inside the buffer can register as a positive return, subject to an inverse performance threshold and a cap.innovatoretfs.com
  2. 02The outcome period runs a quarter, not a year, so the buffer and cap are reset four times as often as the annual dual directional funds in the same family.innovatoretfs.com
  3. 03Costs 0.79% a year, the same as every other dual directional fund in the lineup (DDFN, DDFD, DDFJ, DDFF). The quarterly reset carries no fee premium.
  4. 04Stands among the stronger implementations in its small dual directional peer group.

Worth knowing

  1. 01Five points of cushion is the thinnest in the family. The 15 buffer versions absorb more, and any decline past the buffer lands on you in full.
  2. 02Upside is capped, and a fresh cap is struck at the start of each quarterly period. Buying mid period means a different buffer and cap than the stated terms.innovatoretfs.com
  3. 03Launched in 2026, still small and thinly traded, so spreads can run wider than in mainstream index funds. The payoff is structural, not income: it has not paid a distribution.

DDSQ Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
6
Top-10 weight
101%
Largest holding
SPY 09/30/2026 1.88 C100.5%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPY 09/30/2026 1.88 C100.54%1,183$91M1
002—SPY 09/30/2026 746.78 P0.15%2,366$133K1
003—US BANK MMDA - USBGFS 9 09/01/20370.13%115,433$115K161
004—SPY 09/30/2026 701.96 P0.07%5,915$67K1

Showing 1–4 of 4 holdings

DDSQ Performance

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

DDSQ$10,290
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. DDSQ $10,290. 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 DDSQ. Periods over one year show the average yearly return.
PeriodDDSQ
Year to dateFund launched this year—
1 month+1.0%
3 months+2.9%
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 DDSQ
YearReturn barDDSQ
2026 YTD+13.1%

Since listing, Jan 2, 2026

DDSQ in the news

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

DDSQ 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.

DDSQ 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.
0.13
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.

DDSQ 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.

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