Innovator ETFs: Dual Directional ETFs
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Dual Directional ETFs
Dual Directional ETFs offer the potential for positive returns in both up and down markets, and a built-in buffer against losses in severely down markets.
About Dual
Directional ETFs
About Dual Directional ETFs
Resources
Product Brief: Quarterly Outcome Period ETFs
Product Brief: 1-Year Outcome Period ETFs
How Dual Directional ETFs Work
View all Dual Directional ETFs
Large-Cap Equity Exposure
Seek Known Downside Protection
Potential for Positive Returns in Down Markets
3-Month and 1-Year Outcome Periods
5%Dual Directional 5 Buffer ETFs™
5% Inverse Cap/Buffer
3-Month Outcome Period
SPY or QQQ Reference Asset
Tickers:
DDSQ
SPY Reference Asset
DDNQ
QQQ Reference Asset
10%Equity Dual Directional 10 Buffer ETF™
10% Inverse Cap/Buffer
1-Year Outcome Period
SPY Reference Asset
Monthly Tickers:
DDTJ
DDTF*
DDTM*
DDTA*
DDTY*
DDTZ*
DDTL
DDTG*
DDTS
DDTO
DDTN
DDTD
15%Equity Dual Directional 15 Buffer ETF™
15% Inverse Cap/Buffer
1-Year Outcome Period
SPY Reference Asset
Monthly Tickers:
DDFJ
DDFF*
DDFM*
DDFA*
DDFY*
DDFZ*
DDFL
DDFG*
DDFS
DDFO
DDFN
DDFD
Dual Directional ETFs are designed to offer 1-to-1 upside, upside in a down market, and downside protection.
This graph is provided to illustrate the Outcomes that the Fund seeks to provide based upon the performance of the SPDR S&P 500 ETF Trust. There is no guarantee that these Outcomes will be achieved over the course of the Outcome Period. This illustration does not account for fees and expenses.
The Fund has characteristics unlike many other traditional investment products and may not be suitable for all investors. For more information regarding whether an investment in the Fund is right for you, please see "Investor Suitability" in the prospectus.
Why Dual
Directional ETFs?
Why Dual Directional ETFs?
Dual Directional ETFs give investors the opportunity to expand their potential gain zone while preserving the clarity of a defined outcome approach. Unlike traditional bank or insurance products, these strategies are delivered through the liquidity and simplicity of an ETF wrapper.
Expand The Gain Zone
Defined Outcome Approach
ETF Structure
AIMING TO FLIP RED TO GREEN
SPDR & S&P 500 ETF TRUST PERFORMANCE
Source: Bloomberg LP. Data from 12/31/1957 - 9/30/2025. Rolling one year performance of the S&P 500 Price Return Index has been analyzed. Past performance is not necessarily indicative of future results. One cannot invest directly in an index. Index performance does not account for fees and expenses. For illustrative purposes only. This hypothetical chart is intended to illustrate the Outcomes that the Fund seeks to provide for investors who hold shares for the entire Outcome Period, before fees and expenses. There is no guarantee that the Fund will provide the Outcomes for an Outcome Period. The upside cap shown herein is an assumed rate that is not guaranteed. "Gain Zone" is not intended to predict or project the performance of the Funds. There is no guarantee that an investment in the Funds will result in favorable outcomes.
Defined Outcome
ETF™ Approach
Defined Outcome ETF™ Approach
DEFINED TIME HORIZON
Investors understand the investment period from the start.
TRANSPARENT RESULTS
Investors know in advance how the investment will respond to market performance.
BUILT-IN RISK MANAGEMENT
Downside protection featured packaged in a liquid, exchange-traded fund.
ETF vs Structured
Products
ETF vs Structured Products
LIQUIDITY
COST - EFFECTIVE
TAX - EFFICIENCY
TRANSPARENCY
Liquidity &
Daily Access
ETF
Intraday liquidity with no lock-up periods
Price transparency
STRUCTURED PRODUCTS
Often subject to limited liquidity windows or multi-year lockups
May trade at opaque prices with significatn bid/ask spreads
Cost
Transparency
Clear, disclosed management fees
Expenses prorated based on ETF holding period
Typically lower total cost of ownership
Embedded fees and spreads can potentially be difficult to identify
Often include both up and trailing commissions
Full cost upfront, no matter how long you hold
Simplicity & Tax
Efficiency
Reduced operational complexity for the advisor
Eligible for tax-loss harvesting
Typically lower total cost of ownership
Reduces scalability by requiring additional documentation and indications of interest
Limited ability to manage tax implications during outcome period
Counterparty Risk
& Oversight
No direct issuer credit risk exposure
Assets held by qualified custodian
Daily transparency into holdings
Subject to issuer credit risk (bank or insurance company)
Return depends on issuer solvency
No ownership of underlying assets
Certain structured products can also be tax efficient, depending upon the specifics of an individual investor’s tax circumstances.
Structured products are typically designed to offer an investor the potential to receive returns based upon the performance of a reference asset, index, single equity security, or basket of securities. The return will vary with principal and gains, if any, paid at maturity, subject to the credit risk of the issuer. Maturity is typically fixed. Credit risk refers to the possibility that the issuer will not be able to make payments.
Active ETFs are subject to management risk, which means the adviser to the ETFs applies investment techniques and risk analyses in making investment decisions, but there can be no guarantee that an ETF will meet its investment objective. Funds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and the general securities market.
While shares of ETFs can be purchased and sold on exchange through a brokerage account, shares are not individually redeemable from an issuer. Authorized Participants may redeem shares directly from an issuer through large creation/redemption units.