Innovator Equity Dual Directional 10 Buffer ETF - November
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- Innovator ETFs Trust (the Trust) serves as the issuer of exchange-traded funds, including the Innovator Equity Dual Directional 10 Buffer ETF - November (ticker: DDTN), which is an actively managed ETF designed to pursue positive returns in both rising and certain declining markets before fees and expenses by tracking the performance of the SPDR S&P 500 ETF Trust (SPY) up to an upside cap, delivering inverse positive returns within a specified downside threshold, and providing a 10% buffer against losses beyond that threshold over a defined outcome period. The Trust offers a broad suite of defined outcome ETFs utilizing FLEX Options, encompassing U.S. Equity Buffer ETFs (with 9%, 10%, 15% or 30% buffers; monthly, quarterly or annual periods), U.S. Equity Power Buffer ETFs (15% buffer), U.S. Equity Ultra Buffer ETFs (30% or 50% buffer), Growth-100 Power Buffer ETFs, International Developed and Emerging Markets Power Buffer ETFs, Small Cap Power Buffer ETFs, Premium Income Barrier and Buffer ETFs, Equity Accelerated ETFs, Defined Protection ETFs, Equity Defined Protection ETFs, and specialized products such as Dual Directional Buffer ETFs like DDTN, Equity Premium Income Daily PutWrite ETF, and Uncapped Bitcoin 20 Floor ETF; these strategies target institutional and retail investors seeking capital protection, income generation, accelerated growth or buffered exposure across equity, fixed income and alternative asset classes. DDTN, listed on the Cboe BZX Exchange, resets outcomes at the end of each period (typically annual for November series), invests primarily in FLEX Options on SPY guaranteed by the Options Clearing Corporation, and as of late 2025 maintains total assets of approximately $42.6 million with an expense ratio around 0.79%; the Trust overall manages nearly 160 ETFs with $28-30 billion in assets under management as of September 2025. Founded through Innovator Capital Management LLC in 2014 and headquartered at 200 W. Front Street, Wheaton, Illinois, the Trust pioneered defined outcome ETFs in 2018 under co-founders Bruce Bond and John Southard, former PowerShares executives, and distributes funds via Foreside Fund Services, LLC while sub-advising through Milliman Financial Risk Management LLC. Operations focus on the U.S. market with exposure to global indices via underlying ETFs, serving a diverse clientele including wealth advisors, financial professionals and defined outcome strategy enthusiasts. In a major strategic development announced December 1, 2025, Goldman Sachs agreed to acquire Innovator Capital Management in a $2 billion cash-and-stock transaction expected to close in Q2 2026, pending regulatory approvals, to expand its active ETF capabilities and integrate Innovator's defined outcome expertise into Goldman Sachs Asset Management, potentially positioning the combined entity among the top ten active ETF providers with over $75 billion in assets across 215 strategies. Recent portfolio management updates include the addition of Jeff Greco, Rebekah Lipp and Maria Schiopu as co-portfolio managers across funds effective July 18, 2025, and the departure of Jordan Rosenfeld as of April 3, 2025; additionally, Innovator launched the industry's first Dual Directional Buffer ETFs in mid-2025, including DDTN and series like DDTL (July) and DDFL (15% buffer), enhancing its lineup for inverse downside protection. No other significant acquisitions, funding rounds or name changes occurred in the past 1-2 years prior to the Goldman deal.