XDSQ vs XTAP

XDSQBInnovator U.S. Equity Accelerated ETF

XTAPBInnovator U.S. Equity Accelerated Plus ETF

In short

XDSQ Twice the upside of its S&P 500 reference fund up to a cap, with roughly the full downside. XDSQ runs that trade on a three-month clock, so the cap resets four times a year instead of once.

XTAP Most equity funds hand you the market's move. XTAP aims to triple the S&P 500's gain over an April-to-March year, up to a cap, while taking declines roughly one for one. No buffer, no daily reset: you trade a ceiling for acceleration.

Stated mandate

XDSQ The fund seeks to deliver twice the upside performance of SPY, subject to a cap, while approximately matching SPY's downside over a quarterly outcome period.

XTAP The fund seeks three times the increase of its S&P 500-tracking Underlying ETF over the annual April 1–March 31 outcome period, subject to a cap. It bears Underlying ETF losses one-for-one and provides no buffer; the current period is April 1, 2026 through March 31, 2027, with a 19.47% pre-fee cap.

Why people hold it

• XDSQ Doubles the reference ETF's move up to a cap and tracks its losses roughly one-for-one. Built from FLEX options on the S&P 500 ETF, not borrowed money or a daily reset.innovatoretfs.comsec.gov
• The outcome period runs three months, so a fresh cap is priced off current market conditions four times a year rather than being locked in for twelve.globenewswire.cominnovatoretfs.com
• Innovator's Accelerated line pioneered multiple-upside-to-a-cap with roughly single downside exposure, and XDSQ has run the quarterly version of it since 2021.globenewswire.com
• Costs 0.79% a year, the median for its accelerated-outcome peer group and under the 0.85% on FT Vest's enhance-and-buffer funds XMAR and XJUN.

• XTAP Triples the index's upside to a cap using options that reset each April 1. No daily reset, no compounding drift from holding through a choppy stretch, no borrowed money.innovatoretfs.com
• At 0.79% it sits at the going rate for accelerated funds and undercuts First Trust's enhance-and-buffer siblings on the same index (XMAR, XJUN) at 0.85%.
• Live since 2021 and built to roll: the fund resets at the end of each outcome period and can be held straight through, so there is no annual ticker swap.innovatoretfs.com
• One of the stronger implementations in its accelerated S&P 500 peer group on cost and structure.

Worth knowing

• XDSQ No buffer here. A fall in the S&P 500 ETF passes through roughly one-for-one, and the doubled upside stops at the cap.innovatoretfs.com
• The stated outcomes assume holding from the first day of a quarter's period to the last. Buy or sell mid-period and your effective cap and exposure differ.sec.gov
• The strategy is built on the reference ETF's price return, so S&P 500 dividends do not pass through to shareholders.sec.gov

• XTAP The ceiling is the whole bargain. Upside stops at the cap, which is reset for each new period, and mid-period buyers get whatever cap is left rather than the headline number.innovatoretfs.com
• No buffer here. Index declines land on you roughly one for one, and the outcomes are designed around holding from the first day of the period to the last.innovatoretfs.com
• A small, lightly traded fund with no distributions in the past year, so wider spreads and a total-return-only profile come with the package.

Full XDSQ profile⁠

Full XTAP profile⁠