Innovator Equity Dual Directional 10 Buffer ETF - May

Innovator Equity Dual Directional 10 Buffer ETF - May is an actively managed exchange-traded fund designed to track the S&P 500® Index through a defined outcome structure. The fund seeks to provide participation in rising equity markets up to a stated upside cap while also targeting positive returns when the reference asset declines within a specified inverse threshold, before fees and expenses. If losses extend beyond that threshold, the strategy incorporates a buffer intended to limit downside exposure. The ETF is part of Innovator’s dual directional suite, which uses options-based mechanics to create predefined return profiles over an approximately one-year outcome period that resets annually. Innovator Equity Dual Directional 10 Buffer ETF - May is intended for investors seeking exposure to U.S. large-cap equities with a built-in combination of capped upside, inverse participation in moderate declines, and downside buffering within a single ETF structure.