At a glance
XDQQ charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $57.3M in assets, the 8th largest of that group. Over the past year it returned +2.5% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +19.6% a year. At its worst it fell 34.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 21 months after the low.
The short version
Innovator Growth Accelerated ETF - Quarterly (XDQQ) uses FLEX options on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index. Over each three-month period, it aims to deliver twice QQQ's gains, up to a cap, while taking roughly the same losses as QQQ. Unlike buffered funds, it offers no downside protection. The cap resets every quarter; it was 8.08% before fees for January 1 to March 31, 2026. The fund charges 0.79% a year.
Price history
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XDQQ +2.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| XDQQ official prospectus, to Dec 31, 2024 | — | +13.61% | — | — | — | +9.61% |
| XDQQ price data to Oct 27, 2026 | +1.6% | +2.5% | +19.6% | +6.3% | — | +8.2% |
- Over the year to Oct 27, 2026, XDQQ returned +2.5%, 8th of 8 among similar funds.
- Its 5-year annualized return was +6.3%.
- Its worst full calendar year was 2022 (-33.7%); its best was 2024 (+31.5%).
- The deepest fall in its price history was 35.6% (Jan 3, 2022 to Dec 28, 2022), recovered by Jul 1, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +1.6% | — |
| 2025 | +13.8% | +13.61% |
| 2024 | +31.5% | +31.45% |
| 2023 | +30.1% | +29.95% |
| 2022 | -33.7% | -33.68% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 34.9% over that stretch · deepest drop along the way 34.9%, back to its old high 20.7 months after the low |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $6.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.46%, +0.39%, -6.22%.
How it works
Innovator does not pick stocks for this fund. The fund puts at least 80% of its net assets into investments tied to the Invesco QQQ Trust. QQQ tracks the Nasdaq-100 Index, which holds the largest US and international nonfinancial companies listed on the Nasdaq Stock Market. The fund mainly owns FLEX options on QQQ. These are exchange-traded options whose strike prices and end dates can be customized. Its filing as of July 31, 2026, showed three QQQ option positions making up about 99.97% of assets, plus 0.1% in cash.
Each outcome period lasts three months. If QQQ rises over the period, the fund seeks twice that gain, up to a cap set on the first day. For January 1 to March 31, 2026, the cap was 8.08% before fees, or 7.88% after the 0.79% fee. In the prospectus examples, a 5% QQQ gain and a 100% QQQ gain both produce 8.08%. If QQQ falls, the fund aims to lose about the same amount. There is no buffer.
When a period ends, the options expire. The fund receives their cash value and buys a new set with a new cap. These targets apply only to shareholders who hold for the full period. People who buy or sell partway through can get very different results. The leverage applies over the whole quarter. The fund does not reset its exposure daily.
What it really costs
- XDQQ charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| XDQQ | $81 | $252 | $439 | $978 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It concentrates in the Nasdaq-100, takes close to the full stock-market loss in downturns and limits gains in strong quarters, so it fits best as a small slice beside broader holdings.
XDQQ could add extra return in calm, modestly rising quarters for the Nasdaq-100. But it carries close to full downside. It launched in April 2021, so it has no record from the 2008 or 2020 crashes. In the 2022 bear market it fell 34.9%, and 2022 was its worst calendar year at -33.68%. Its deepest drop was 35.6%, from January 3 to December 28, 2022. Its price did not regain the old peak until July 1, 2024, about 18 months after the low. Someone who had to sell shares in late 2022 would have locked in that loss. The fund has recorded no distributions, so it provides no income. In the SEC's standard example, the 0.79% fee costs $81 in the first year and $978 over ten years on $10,000. Past results don't predict future returns. A plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want Nasdaq-100 exposure and expect modest quarterly gains, where doubled returns up to the cap could beat plain QQQ.
- Holders willing to buy near the start of each three-month outcome period and check the new cap on Innovator's XDQQ webpage.
- Growth-focused investors with a small satellite slot who can hold through drops like the fund's 35.6% decline in 2022.
Look elsewhere if
- Anyone seeking downside protection: unlike buffer ETFs, XDQQ takes roughly the full loss when QQQ falls over a period.
- Retirees who need regular income: the fund has recorded no distributions.
- Investors who want all of a strong rally: gains are capped each quarter, at 8.08% before fees for early 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| XDQQ this fund | 0.79% | $57.3M | +2.5% | +19.6% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Is XDQQ a leveraged ETF?
Partly. XDQQ seeks twice the gain of the Invesco QQQ Trust, but only over each three-month outcome period and only up to a cap. That cap was 8.08% before fees for January 1 to March 31, 2026. On the downside, it aims to lose about the same as QQQ, not twice as much. Daily-reset 2x funds rebalance every day. XDQQ instead sets its exposure with FLEX options held for the whole quarter.
What's the difference between XDQQ and QQQ?
QQQ tracks the Nasdaq-100 Index directly. XDQQ holds FLEX options on QQQ to reshape its quarterly returns. XDQQ aims to double QQQ's gains up to a cap and take roughly the same losses. So it can beat QQQ in modestly rising quarters and lag far behind in strong ones. For example, a 20% QQQ gain would still give XDQQ only its 8.08% cap before fees in the first quarter of 2026. XDQQ charges 0.79% a year.
Does XDQQ protect against losses?
No. The prospectus says that, unlike many defined outcome ETFs, XDQQ offers no buffer against losses. If QQQ falls 20% over an outcome period, the fund aims to fall about 20% as well, plus fees. That showed in 2022, when the fund returned -33.68%. Its worst quarter was -22.88%, in the quarter ending June 30, 2022.
What happens if I buy XDQQ in the middle of a quarter?
Your results may differ a lot from the stated targets. The doubled upside and the cap apply only to shareholders who hold from the first day of a three-month outcome period to the last. If QQQ has already risen partway through, much of the capped gain may already be priced in, leaving less room to gain. Innovator posts updated outcome figures for XDQQ daily on its website.
How has XDQQ performed since it launched?
Results have swung widely. According to the prospectus, calendar-year returns were -33.68% in 2022, 29.95% in 2023, 31.45% in 2024 and 13.61% in 2025. Based on price, as of October 27, 2026, it returned 2.5% over one year. Over three years it averaged 19.6% a year, and over five years 6.3% a year. Its return for 2026 through that date was 1.6%. The fund has recorded no distributions.