Innovator Equity Dual Directional 5 Buffer ETF - Quarterly (DDSQ)

The Innovator Equity Dual Directional 5 Buffer ETF - Quarterly (DDSQ) is a defined outcome ETF managed by Innovator Capital Management. It references the SPDR S&P 500 ETF Trust and operates on rolling three-month outcome periods.

For each quarter the fund aims to provide upside exposure to the reference ETF up to a cap, together with a 5% downside buffer. Its dual directional feature is designed so that a decline in the reference ETF of up to 5% during the quarter translates into a positive return of about the same magnitude, while declines beyond the buffer result in losses after the first 5%.

The fund achieves this structure with FLexible EXchange (FLEX) options, resetting its cap at the beginning of each quarterly period. Investors entering after a period starts may see results that differ from the targeted outcome.