Innovator Equity Dual Directional 10 Buffer ETF - October (DDTO)

The Innovator Equity Dual Directional 10 Buffer ETF - October (DDTO) is a defined outcome ETF sponsored by Innovator Capital Management. Over a one-year outcome period starting each October, it seeks to track the price return of the SPDR S&P 500 ETF Trust up to a cap, while providing a 10% buffer on the downside.

The dual directional feature means that if the reference ETF declines by up to 10% over the outcome period, the fund aims to produce a positive return that mirrors the size of the decline. If the market falls further, the buffer absorbs the first 10% of losses and the fund participates in losses beyond that level. Upside above the cap is not captured.

The strategy is implemented through a portfolio of FLexible EXchange (FLEX) options referencing the S&P 500 ETF. A new cap is set when each outcome period resets, and results for shares bought after the period begins can differ from the stated targets.