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Data as of Nov 4, 2026.

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Buffer ETFs

BALT vs DDSQ: Cap, Buffer & Days Left

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As of Nov 4, 2026 DDSQ can fall 0.9% before its buffer engages and BALT 0.6%.

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Net assets on Nov 4, 2026: $3.3bn for Innovator Defined Wealth Shield ETF - Quarterly and $114m for Innovator Equity Dual Directional 5 Buffer ETF - Quarterly.

BALT on its own →DDSQ on its own →
At a glance
0.6%
BALT can fall this far before its buffer
0.9%
DDSQ can fall this far before its buffer
1.8%
BALT can still gain
2.6%
DDSQ can still gain
BALT Between buffer and cap
Between buffer and capBALT: reference +0.5% since period start, fund +0.6%; buffer 0 to −20; cap +2.4%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer−20.0% floor0% period start+2.4% cap+0.5% gain captured+1.9% more to the capTODAY · SPY +0.5%Between buffer and capBALT: reference +0.5% since period start, fund +0.6%; buffer 0 to −20; cap +2.4%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer−20.0% floor0% start+2.4% cap+0.5% gain captured+1.9% more to the capTODAY · SPY +0.5%

BALT: reference +0.5% since period start, fund +0.6%; buffer 0 to −20; cap +2.4%; Between buffer and cap. Data to Nov 4, 2026.

BALT: reference +0.5% since period start, fund +0.6%; buffer 0 to −20; cap +2.4%; Between buffer and cap. Data to Nov 4, 2026.
DDSQ Between buffer and cap
Between buffer and capDDSQ: reference +0.5% since period start, fund +0.8%; buffer 0 to −5; cap +3.5%; Between buffer and cap. Data to Nov 4, 2026.5 pts of buffer−5.0% floor0% period start+3.5% cap+0.5% gain captured+3% more to the capTODAY · SPY +0.5%Between buffer and capDDSQ: reference +0.5% since period start, fund +0.8%; buffer 0 to −5; cap +3.5%; Between buffer and cap. Data to Nov 4, 2026.−5.0% floor0% start+3.5% cap5 pts of buffer+0.5% gain captured+3% more to the capTODAY · SPY +0.5%

DDSQ: reference +0.5% since period start, fund +0.8%; buffer 0 to −5; cap +3.5%; Between buffer and cap. Data to Nov 4, 2026.

DDSQ: reference +0.5% since period start, fund +0.8%; buffer 0 to −5; cap +3.5%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

BALT costs 0.10 points a year less; BALT is far larger, $3.3bn against $114m.

Points (pts) are percentage points.

BALT vs DDSQ: Cap, Buffer & Days Left
MeasureBALTDDSQ
Return
Total return, 1 year+6.4%not published
Drawdown
Index fall to the buffer0.5%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.69%0.79%
Net assets$3.3bn$114m
Holdings
Holdings in commonnot published

Method

Risk and return

Jan 9, 2026 to Oct 30, 2026 · 42 weekly returns
BALT DDSQ
Return
Total return edge DDSQ +4.0% +11.6%
Price return edge DDSQ +4.0% +11.6%
Risk
Max drawdown edge BALT −1.0% −2.6%
Reading

From Jan 2026 to Oct 2026, DDSQ returned more: +11.6% to +4.0%. BALT fell less at its worst: −1.0% to −2.6%.

Full scorecard

3 measures, with how each is measured Open ↓
Risk and return: BALT vs DDSQ: Cap, Buffer & Days Left
MeasureBALTDDSQEdgeHow it is measured
Return
Total return+4.0%+11.6%DDSQPrice change plus distributions, reinvested.
Price return+4.0%+11.6%DDSQPrice change alone, distributions left out.
Risk
Max drawdown−1.0%−2.6%BALTDeepest fall from a high to the low after it.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 42 weekly returns. Cash rate: the 13-week Treasury bill.

Window by window

Window by window: BALT vs DDSQ: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowBALTDDSQBALTDDSQ
3 months+1.3%+1.0%+1.7 pts+1.4 pts
6 months+3.2%+4.0%−1.3 pts−0.5 pts
1 year+6.4%–−7.1 pts–
3 years+25.4%–−51.0 pts–
Since launchNot the same days: BALT Jul 2021 · DDSQ Jan 2026+36.5%+12.9%−41.7 pts+0.7 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

BALT Innovator Defined Wealth Shield ETF - Quarterly · Absorbs the first 20% of loss on SPY and caps the gain at 2.4%, over a period ending Dec 31, 2026 DDSQ Innovator Equity Dual Directional 5 Buffer ETF - Quarterly · Absorbs the first 5% of loss on SPY and caps the gain at 3.5%, over a period ending Dec 31, 2026
Issuer Innovator Innovator
Reference index SPY SPY
Buffer 20% 5%
Outcome period Sep 30, 2026 to Dec 31, 2026 Sep 30, 2026 to Dec 31, 2026
Days left 57 57
Starting cap +2.4% +3.5%
Can still gain 1.8% 2.6%
Fall before buffer 0.6% 0.9%
Protection left, index points 20.0% of 20.0% 5.0% of 5.0%
Index return this period +0.5% +0.5%
Fund return this period +0.6% +0.8%
State today Open Open
Expense ratio 0.69% 0.79%
Net assets $3.3bn $114m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. DDSQ is a floor fund, which caps how far a holder can fall. BALT is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

Both are Innovator funds, so the difference between them is the terms rather than the house.

Where each one stands today

BALT resets first, on Dec 31, 2026, 57 days from now; DDSQ runs to Dec 31, 2026, 57 days. BALT can still gain 1.8% before its cap, DDSQ 2.6%. A fall from here reaches BALT’s buffer after 0.6% and DDSQ’s after 0.9%. Both track SPY, so what separates them is where each is in its own period.

Client brief

No client brief for this pair: ETFIQ prints no one-year total return for DDSQ.

Alert

BALT and DDSQ flows, by email on Sundays.

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About each fund
BALT

From its price on Nov 4, 2026, the fund can gain about 1.8% more before it reaches its cap. The fund's price can fall 0.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.5% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.

DDSQ

From its price on Nov 4, 2026, the fund can gain about 2.6% more before it reaches its cap. The fund's price can fall 0.9% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 5.0% of the 5.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BALT or DDSQ?
From their prices on Nov 4, 2026, BALT can gain about 1.8% before its cap and DDSQ about 2.6%, so DDSQ has more room left this period.
Which resets first, BALT or DDSQ?
BALT ends its outcome period on Dec 31, 2026 and DDSQ on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, BALT or DDSQ?
BALT charges 0.69% a year and DDSQ charges 0.79%, so BALT is cheaper. Fees come from each fund's prospectus.
Other comparisons
BALT vs PJANBALT vs FSEPBALT vs PQVBALT vs SIXODDSQ vs FSEPDDSQ vs POCTDDSQ vs ZALTDDSQ vs OCTW
Where to next
SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BALT on its own →DDSQ on its own →Method →Standards and sources →
Sources and dates
Innovator page for BALT ↗
DDSQ filings on SEC EDGAR ↗
Innovator page for DDSQ ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, BALT against DDSQ, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/balt-vs-ddsq

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.