Innovator Equity Dual Directional 15 Buffer ETF - January

Innovator Equity Dual Directional 15 Buffer ETF - January is an actively managed exchange-traded fund designed to seek defined-outcome exposure to the S&P 500 through the SPDR S&P 500 ETF Trust. The fund aims to participate in market gains up to a preset upside cap while also providing a dual-direction structure that can deliver positive returns when the underlying declines within a specified inverse threshold. If losses extend beyond that threshold, the strategy seeks to reduce downside exposure by 15% through its buffer mechanism. The ETF is built around an approximately one-year outcome period that resets annually, allowing the structure to be held beyond a single cycle. Its portfolio uses options-based exposure rather than direct stock selection, making it part of Innovator’s defined-outcome ETF lineup for investors seeking a rules-based way to manage market participation and downside limits.