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DDFL vs DDSQ

Innovator Equity Dual Directional 15 Buffer ETF - July

DDFLBCboe

Innovator Equity Dual Directional 5 Buffer ETF

DDSQBCboe

Overlap

98.6%by weight

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

DDFL0.79%DDSQ0.79%

Avg volume · 30D

DDFL 2.0×the volume

DDFL75.8KDDSQ38.3K

DDFL vs DDSQ Performance

Aug 5, 2026 – Nov 5, 2026

−0.4%DDFL−1.2%DDSQ

Aug 5, 2026 to Nov 5, 2026. DDFL −0.4%. DDSQ −1.2%. Use the arrow keys to read each point.0%0.5%1%1.5%Aug 2026Sep 2026Nov 2026
Expense ratio
DDFL 0.79%
DDSQ 0.79%
Fund size
DDFL $160M
DDSQ $114M
1Y total return
DDFL +5.6%
DDSQ No data
Holdings
DDFL 5
DDSQ 5
Avg volume (30D)
DDFL 75.8K sh, better
DDSQ 38.3K sh
NAV per share
DDFL $21.73
DDSQ $21.59
52W range

ETF.net Grade

DDFL: Cost 50, Risk 65, Mission not scored, Tradability 94, Holdings 60, Durability 82. DDSQ: Cost 50, Risk 50, Mission 81, Tradability 61, Holdings 60, Durability 76.
Pillar letters and Scores for DDFL, DDSQ, with each pillar’s weight
PillarDDFLDDSQ
Cost30% weightC50C50
Mission25% weightNot scoredA81
Risk15% weightB65HigherC50
Tradability15% weightA94HigherB61
Holdings10% weightB60B60
Durability5% weightA82HigherA76

Rank among S&P 500 Dual Directional funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. DDFL and DDSQ 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 DDSQ 2nd of 7 funds in the S&P 500 Dual Directional Category.

  1. Rank 1BDDFLInnovator Equity Dual Directional 15 Buffer ETF - JulyScore 65
  2. Rank 2BDDSQInnovator Equity Dual Directional 5 Buffer ETFScore 55
  3. Rank 3CDDFNInnovator Equity Dual Directional 15 Buffer ETF - NovemberScore 54

Our read on each fund

ETF.net Research

DDFLBInnovator Equity Dual Directional 15 Buffer ETF - July

DDSQBInnovator Equity Dual Directional 5 Buffer ETF

In short

DDFL No data

DDSQ Innovator'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

DDFL No data

DDSQ 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

DDFL No data

  • DDSQ 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

DDFL No data

  • DDSQ 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.

Full DDFL profile⁠

Full DDSQ profile⁠

DDFL vs DDSQ Holdings

How DDFL and DDSQ differ

Overlap by weight

98.6%

Shared holdings make up 99.6% of DDSQ and 99.1% of DDFL.

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

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

Level by level

  • Sector11 Sectors98.1%
  • Holdings2 in both98.6%
  • Asset classStocks100%
  • Countryby domicile100%

Sector

Sector weights in DDFL and DDSQ, widest gap first
SectorMore in DDFLMore in DDSQGap
TechnologyDDSQ +1.4 points
FinancialsDDFL +0.7 points
Consumer DiscretionaryDDFL +0.6 points
CommunicationDDSQ +0.4 points
IndustrialsDDFL +0.2 points
MaterialsDDFL +0.1 points
UtilitiesDDFL +0.1 points
EnergyDDFL +0.1 points
Real EstateDDFL +0.1 points
Health CareDDSQ +0.1 points
Consumer StaplesDDFL +0.1 points

Country, concentration and asset class

Country by domicile

Country weights in DDFL and DDSQ, widest gap first
CountryMore in DDFLMore in DDSQGap
United StatesSame weight
SwitzerlandSame weight
ChinaSame weight
MexicoSame weight
IrelandSame weight
United KingdomSame weight

Concentration

Weight in the 10 largest Holdings

  • DDFL124.7%
  • DDSQ106.7%

Securities held

  • DDFL5
  • DDSQ5

Asset class

DDFL
Stocks
DDSQ
Stocks

Holdings

  • Only in DDFL3
  • In both2
  • Only in DDSQ3

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 DDSQ

3 securities, 7.1% of DDSQ by weight

  • Voo 12/31/2026 700.9 P3.61%
  • Voo 12/31/2026 658.81 P3.52%
  • Voo 12/31/2026 707.91 C<0.01%

Weight gaps

All 2 Holdings in both funds, largest gap first.

Holding weights in DDFL and DDSQ, widest gap first
HoldingMore in DDFLMore in DDSQGap
Vanguard S&P 500 ETFVOODDSQ +1.04 points
Us Bank Mmda - Usbgfs 9 09/01/2037DDFL +0.55 points

All 9 DDFL holdings⁠All 6 DDSQ 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 DDSQ 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

  • DDSQ 0.79%

    $15,174

$10,000
30 years

Cost over time

  • DDFL 0.79%
  • 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$20K051015202530DDFL $15,174DDSQ $15,174

Year by year

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

Expense ratio

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

DDFL cheapest of 7 funds

DDSQ cheapest of 7 funds

DDFL vs DDSQ Dividends

Last 12 months to Nov 5, 2026
Payout (12M)
DDFL None
DDSQ None

Distribution history

DDFLAll DDFL payments⁠

No distribution history available.

DDSQAll DDSQ payments⁠

No distribution history available.

DDFL vs DDSQ 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 2025DDSQ No data
Return per unit of riskSharpe ratio, 3 years
DDFL 1.45since Aug 2025DDSQ No data
Worst fallMax drawdown, 5 years
DDFL −1.7%since Jul 2025DDSQ No data
Market sensitivityBeta, 5 years
DDFL 0.15DDSQ 0.13

DDFL and DDSQ in the news

All news⁠

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