Innovator Equity Dual Directional 15 Buffer ETF - April (DDFA)

The Innovator Equity Dual Directional 15 Buffer ETF - April is a defined outcome fund from Innovator ETFs that references the price return of the SPDR S&P 500 ETF Trust over an outcome period of about one year that resets each April.

Using a portfolio of FLEX options, the fund seeks to provide upside participation in the S&P 500 up to a cap, while turning moderate declines into positive returns: if the reference fund falls by up to 15% over the period, the strategy aims to deliver the absolute value of that loss as a gain. Losses beyond the 15% level are experienced by the fund after the buffer is exhausted.

The cap is set at the beginning of each outcome period, and the targeted outcomes apply only to shares held for the entire period, before fees.