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BJAN vs DDSQ: which one stands where?

As of Oct 1, 2026 BJAN can fall 9.6% before its buffer engages and DDSQ 0.0%. Innovator U.S. Equity Buffer ETF - Jan and Innovator Equity Dual Directional 5 Buffer ETF - Quarterly.

9.6%
BJAN can fall this far before its buffer
0.0%
DDSQ can fall this far before its buffer
5.3%
BJAN can still gain
3.5%
DDSQ can still gain
BJANBetween buffer and cap
Between buffer and capBJAN: reference +11.8% since period start, fund +9.9%; buffer 0 to −9; cap +16.5%; Between buffer and cap.9 pts of buffer+11.8% gain captured+4.6% to cap−9.0% floor0% period start+16.5% capTODAY · SPY +11.8%Between buffer and capBJAN: reference +11.8% since period start, fund +9.9%; buffer 0 to −9; cap +16.5%; Between buffer and cap.9 pts+11.8% gained−9.0% floor0% start+16.5% capTODAY · SPY +11.8%

BJAN: reference +11.8% since period start, fund +9.9%; buffer 0 to −9; cap +16.5%; Between buffer and cap.

DDSQBetween buffer and cap
Between buffer and capDDSQ: reference 0.0% since period start, fund 0.0%; buffer 0 to −5; cap +3.5%; Between buffer and cap.5 pts of buffer−5.0% floor0% period start+3.5% capTODAY · SPY 0.0%Between buffer and capDDSQ: reference 0.0% since period start, fund 0.0%; buffer 0 to −5; cap +3.5%; Between buffer and cap.−5.0% floor0% start+3.5% capTODAY · SPY 0.0%

DDSQ: reference 0.0% since period start, fund 0.0%; buffer 0 to −5; cap +3.5%; Between buffer and cap.

These are two different products. DDSQ is a floor fund, which caps how far a holder can fall. BJAN 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

BJAN resets first, on Dec 31, 2026, 92 days from now; DDSQ runs to Dec 31, 2026, 92 days. BJAN can still gain 5.3% before its cap, DDSQ 3.5%. A fall from here reaches BJAN’s buffer after 9.6% and DDSQ’s after 0.0%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

Total returnGap to the reference
WindowBJANDDSQBJANDDSQ
3 months+2.9%+2.0%+0.4 pts−0.5 pts
6 months+12.6%+7.0%−4.4 pts−9.9 pts
1 year+14.2%not published−1.5 ptsnot published
3 years+64.7%not published−20.2 ptsnot published

BJAN and DDSQ over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

BJAN
Innovator U.S. Equity Buffer ETF - Jan · Absorbs the first 9% of loss on SPY and caps the gain at 16.5%, 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 9% 5%
Outcome period Dec 31, 2025 to Dec 31, 2026 Sep 30, 2026 to Dec 31, 2026
Days left 92 92
Starting cap +16.5% +3.5%
Can still gain 5.3% 3.5%
Fall before buffer 9.6% 0.0%
Protection left, index points 9.0% of 9.0% 5.0% of 5.0%
Index return this period +11.8% 0.0%
Fund return this period +9.9% 0.0%
State today Open Open
Expense ratio 0.79% 0.79%
Net assets $349m $92m

BJAN and DDSQ on the same fields, as of Oct 1, 2026. Source: ETFIQ.

BJAN in plain words

From its price on Oct 1, 2026, the fund can gain about 5.3% more before it reaches its cap. The fund's price can fall 9.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.6% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 92 days remained on Oct 1, 2026. On Dec 31, 2026 the period ends and a new cap is set.

DDSQ in plain words

From its price on Oct 1, 2026, the fund can gain about 3.5% more before it reaches its cap. 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, BJAN or DDSQ?
From their prices on Oct 1, 2026, BJAN can gain about 5.3% before its cap and DDSQ about 3.5%, so BJAN has more room left this period.
Which resets first, BJAN or DDSQ?
BJAN 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, BJAN or DDSQ?
BJAN charges 0.79% a year and DDSQ charges 0.79%, so BJAN is cheaper. Fees come from each fund's prospectus.
Other comparisons
BJAN vs JANPBJAN vs JANTBJAN vs JANUBJAN vs JANWDDSQ vs DDTODDSQ vs DSEPDDSQ vs EALTDDSQ vs FLJJ
SPY →BJAN on its own →DDSQ on its own →How every figure is computed →Standards and sources →
Where these figures came from
BJAN and DDSQ filings on SEC EDGAR ↗Innovator page for BJAN ↗Innovator page for DDSQ ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, BJAN against DDSQ, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/bjan-vs-ddsq

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.