Data as of .
DDSQ vs TOCT: which one stands where?
As of Sep 21, 2026 TOCT can fall 4.8% before its buffer engages and DDSQ 3.0%, and DDSQ resets 365 days sooner.
These are two different products. TOCT is a floor fund, which caps how far a holder can fall. DDSQ is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
They do not reset together. DDSQ has 9 days of its period left and TOCT has 374, so the two are not the same bet on the same months.
Both are Innovator funds, so the difference between them is the terms rather than the house.
Where each one stands today
DDSQ resets first, on Sep 30, 2026, 9 days from now; TOCT runs to Sep 30, 2027, 374 days. DDSQ can still gain 0.5% before its cap, TOCT 7.5%. A fall from here reaches DDSQ’s buffer after 3.0% and TOCT’s after 4.8%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| DDSQ | TOCT | DDSQ | TOCT | |
| 3 months | +2.2% | +0.7% | −0.1 pts | −1.5 pts |
| 6 months | +12.9% | +3.9% | −5.1 pts | −14.1 pts |
| DDSQ Innovator Equity Dual Directional 5 Buffer ETF - Quarterly Absorbs the first 5% of loss on SPY and caps the gain at 3.6%, over a period ending Sep 30, 2026 | TOCT Innovator Equity Defined Protection ETF - Oct 2027 Absorbs the whole loss on SPY and caps the gain at 12.8%, over a period ending Sep 30, 2027 | |
|---|---|---|
| Issuer | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | 5% | 100% |
| Outcome period | Jun 30, 2026 to Sep 30, 2026 | Sep 30, 2025 to Sep 30, 2027 |
| Days left | 9 | 374 |
| Starting cap | +3.6% | +12.8% |
| Can still gain | 0.5% | 7.5% |
| Fall before buffer | 3.0% | 4.8% |
| Protection left, index points | 5.0% of 5.0% | 100.0% of 100.0% |
| Index return this period | +3.6% | +16.2% |
| Fund return this period | +2.9% | +4.2% |
| State today | At cap | At cap |
| Expense ratio | 0.79% | 0.79% |
| Net assets | $90m | $14m |
DDSQ in plain words
SPY had already risen past this fund's cap of +3.6% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.5% as the period runs out. The fund's price can fall 3.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.5% from today's level to the point where the buffer begins. Protection left, in index points: 5.0% of the 5.0% buffer still sits below today's SPY level. 9 days remained on Sep 21, 2026. On Sep 30, 2026 the period ends and a new cap is set.
TOCT in plain words
SPY had already risen past this fund's cap of +12.8% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 7.5% as the period runs out. The fund's price can fall 4.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 13.9% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 374 days remained on Sep 21, 2026. On Sep 30, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, DDSQ or TOCT?
- From their prices on Sep 21, 2026, DDSQ can gain about 0.5% before its cap and TOCT about 7.5%, so TOCT has more room left this period.
- Which resets first, DDSQ or TOCT?
- DDSQ ends its outcome period on Sep 30, 2026 and TOCT on Sep 30, 2027. A new cap is set the day after each.
- Which is cheaper, DDSQ or TOCT?
- DDSQ charges 0.79% a year and TOCT charges 0.79%, so DDSQ is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, DDSQ against TOCT, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/ddsq-vs-toct Free to use with attribution; the underlying files are at Open data.