Innovator ETFs Trust - Innovator Equity Dual Directional 10 Buffer ETF - September
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- Innovator ETFs Trust – Innovator Equity Dual Directional 10 Buffer ETF – September is an actively managed, non-diversified defined-outcome exchange-traded fund launched on September 2, 2025 and listed on the Cboe BZX Exchange under the ticker DDTS. The Fund is a series of Innovator ETFs Trust and is advised by Innovator Capital Management LLC, with Milliman Financial Risk Management LLC serving as sub-adviser. Innovator, founded in 2017, is a U.S.-based provider of defined-outcome ETFs and became part of Goldman Sachs following Goldman Sachs’ completed acquisition of the business. The Fund provides U.S. large-cap equity exposure through a dual-directional, defined-outcome strategy linked principally to the State Street SPDR S&P 500 ETF Trust. It invests primarily in customized, exchange-traded FLEX Options and may invest directly in the reference ETF or its underlying constituents; purchases and sells call and put option positions designed to establish a capped upside-return profile, inverse-performance exposure during certain market declines, and a downside buffer; and targets financial advisers and other investors seeking risk-managed S&P 500 exposure. Under normal conditions, at least 80% of net assets, plus borrowings for investment purposes, are invested in instruments providing exposure to the SPDR S&P 500 ETF Trust. For the September 1, 2026 through August 31, 2027 outcome period, DDTS seeks to capture positive reference-asset returns up to a 14.70% gross upside cap, or 13.91% after the 0.79% annual management fee; to deliver positive returns equal to the absolute value of S&P 500 ETF price declines of up to 10.00%, subject to a 10.00% gross inverse-performance cap; and, if reference-asset losses exceed 10%, to provide a 10% gross buffer, after which losses are generally experienced on a one-for-one basis. The intended outcomes apply only to shareholders holding Fund shares from the beginning through the end of the annual outcome period; the Fund resets its FLEX Option portfolio and outcome parameters annually and may be held across successive periods. Most recently, Innovator rebalanced DDTS for its new September 2026 annual outcome period and announced final cap and buffer parameters, including the 14.70% gross upside cap, 10% inverse-performance cap and 10% buffer. The Fund continues to operate as part of Innovator’s defined-outcome ETF platform following Goldman Sachs’ acquisition of Innovator, with Innovator expanding and managing a broad suite of dual-directional, buffer, protection, income and accelerated ETF strategies.