Innovator Growth-100 Dual Directional 5 Buffer ETF - Quarterly (DDNQ)

The Innovator Growth-100 Dual Directional 5 Buffer ETF - Quarterly (DDNQ) is a defined outcome fund from Innovator Capital Management that references the Invesco QQQ Trust, which tracks the Nasdaq-100 Index. It uses a series of three-month outcome periods rather than a full year.

In each quarterly period the fund seeks upside participation in the reference ETF up to a cap, along with a 5% buffer. Under its dual directional design, if the reference ETF declines by no more than 5% over the quarter, the fund aims to return a positive amount roughly equal to that decline. Losses beyond 5% are borne by the fund after the buffer is applied.

The payoff profile is created with FLexible EXchange (FLEX) options on the reference ETF, and the cap is reset at the start of every quarter. Purchases made partway through a period may lead to outcomes different from those targeted.