Skip to content
etf.net

Launched · SEC filings

Innovator Equity Dual Directional 5 Buffer ETF

DDSQCboeInnovatorB

$21.13−0.48 (−2.22%)

At close: Nov 5, 2026, 4:00 PM ET

B55/ 100

Rank 4 of 19 in S&P 500 Dual Directional

B55/100Rank 4 of 19inS&P 500 Dual Directional
Intraday session: down, 78 prints from 21.61 to 21.13. Range 21.13 to 21.60. Use the arrow keys to read each point.21.2021.3021.4021.5010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$114M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
5
Avg volume · 30D
38.3K sh
52W range
low $18.59high $21.72
Launched
Filings
SEC EDGAR

The ETF.net DDSQ Grade

B

Score 55 out of 100

Category
S&P 500 Dual Directional⁠
Rank
4 of 19
Six-pillar profile for DDSQ. Scores out of 100: Cost 50, Risk 50, Mission 81, Tradability 61, Holdings 60, Durability 76. Strongest: Mission (81). Weakest: Risk (50). Leans toward Mission and Durability.

Score 55 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C50 out of 100
    Rank 1 of 19

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A81 out of 100
    No data

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C50 out of 100
    Rank 8 of 19

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B61 out of 100
    Rank 5 of 19

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B60 out of 100
    Rank 10 of 13

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A76 out of 100
    Rank 4 of 19

Our read on DDSQ

ETF.net Research

In short

BInnovator'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

  • Direction 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
  • The 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
  • Costs 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.
  • Stands among the stronger implementations in its small dual directional peer group.

Worth knowing

  • Five 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.
  • Upside 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
  • Launched 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 Performance

Launched Jan 2, 2026

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

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
DDSQ$9,878
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$9,546
Aug 5, 2026 to Nov 5, 2026. DDSQ $9,878. SPY $9,546. Use the arrow keys to read each point.$9,600$9,800$10,000Aug 2026Sep 2026Nov 2026

Aug 5, 2026 – Nov 5, 2026

Returns run to the Nov 5, 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 yearNo data
1 month−2.1%
3 months−1.2%
1 yearFund is under 1 year oldNo data
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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+10.4%

Since listing, Jan 2, 2026

DDSQ in the news

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 Nov 5, 2026.
No dataLast 12 months
Payout per share
No dataLast 12 months

Listed Jan 2026. No distributions yet.

DDSQ Risk

Risk pillarC50 out of 100Rank 8 of 19 in S&P 500 Dual Directional
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.

FMP measures it over up to five years of monthly returns.

DDSQ Cost

Tied cheapest in S&P 500 Dual Directional

$15,174

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

  • DDSQ 0.79%

    $15,174

$10,000
30 years

Cost over time

  • DDSQ 0.79%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530DDSQ $15,174

Year by year

YearDDSQ
10$1,405
20$5,331
30$15,174

Other funds in S&P 500 Dual Directional

See others