XDSQ vs XUSP

XDSQBInnovator U.S. Equity Accelerated ETF

XUSPBInnovator Uncapped Accelerated U.S. Equity 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.

XUSP Most accelerated funds buy extra upside by selling you a cap. XUSP skips the cap: each option package sits out SPY's first 5% of gains, then aims to amplify what comes after, on a rolling quarterly ladder.

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.

XUSP XUSP seeks potential to outperform SPY’s price return once its performance thresholds are exceeded. It pursues uncapped enhanced upside through four one-year FLEX option packages with laddered quarterly expirations; each package does not participate in SPY’s first 5% of gains.

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.

• XUSP Uncapped by design. Where most enhanced-upside strategies bolt a ceiling onto the payoff, this one aims to keep amplifying SPY's advance above the threshold.globenewswire.com
• Four one-year FLEX option packages expire on a quarterly ladder, so no single start date sets the terms for your whole position the way a dated outcome fund does.innovatoretfs.com
• At 0.79%, the fee sits level with the median for accelerated SPY strategies, including Innovator siblings XTAP and XDSQ. The uncapped twist doesn't cost more.

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

• XUSP The 5% giveback is the price of admission. Each package skips SPY's first 5% of gains, which stings most in flat or single-digit years.innovatoretfs.com
• The engineering is all on the upside. There's no buffer, and the reference point is SPY's price return, so dividends sit outside the payoff.innovatoretfs.com
• Small and thinly traded next to plain index funds, so limit orders and avoiding the opening and closing minutes are worth the habit.

Full XDSQ profile⁠

Full XUSP profile⁠