Innovator Equity Dual Directional 15 Buffer ETF - August (DDFG)

The Innovator Equity Dual Directional 15 Buffer ETF - August (DDFG) is a defined outcome fund from Innovator Capital Management. It seeks to provide returns tied to the SPDR S&P 500 ETF Trust over a one-year outcome period that begins each August, combining upside participation up to a cap with a 15% buffer against losses.

What sets the dual directional design apart is its treatment of moderate declines. If the reference ETF falls by no more than the buffer level over the outcome period, the fund is designed to deliver a positive return roughly equal to the size of that decline, turning modest losses into gains. Declines larger than the buffer are absorbed only up to the buffer amount, and gains above the cap are forgone.

The fund builds these outcomes with FLexible EXchange (FLEX) options on the reference ETF. The cap is reset at the start of each new outcome period, and investors who buy shares mid-period may experience outcomes that differ from those targeted for the full period.