Innovator Equity Dual Directional 10 Buffer ETF - November

C000264310 Fund Overview

Innovator Equity Dual Directional 10 Buffer ETF - November is a US ETF managed by Innovator ETFs Trust, categorised as United States Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Innovator ETFs Trust
• Category: United States Blend / Core Equity
• Assets under management: $47.18M
• SEC CIK: 0001415726
• SEC series ID: S000095583
• Share class ID: C000264310

C000264310 Investment Objective and Strategy

Innovator Equity Dual Directional 10 Buffer ETF - November describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Innovator ETFs Trust.

Investment objective

The Fund seeks to provide investors with (1) capital appreciation by (i) participating in the positive returns of the Underlying ETF, up to the Upside Cap (prior to taking into account management fees and other fees) over the Outcome Period and (ii) if the Underlying ETF experiences negative returns over the course of the Outcome Period that are less than or equal to Inverse Performance Threshold, provide positive returns that match the absolute value of the Underlying ETF losses for the Outcome Period; and (2) buffered returns against Underlying ETF losses that are 10% less than the Underlying ETFs losses over the course of the Outcome Period (prior to taking into account management fees and other fees), if Underlying ETF losses exceed the Inverse Performance Threshold.

Principal investment strategy

General Strategy Description. Due to the unique mechanics of the Funds strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from many other investment vehicles. It is important that an investor understand these characteristics before making an investment in the Fund. The Fund has adopted a policy pursuant to Rule 35d -1 under the 1940 Act to invest, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to the State Street SPDR S&P 500 ETF Trust. The Funds strategy has been specifically designed to produce the Outcomes described below based upon the performance of the Underlying ETF over the duration of the Outcome Period and seek to provide investors that hold Shares for the entire Outcome Period with a dual direction of positive returns, meaning the Fund seeks to provide positive returns regardless of whether the Underlying ETF share price increases or decreases in value over the course of the Outcome Period, subject to certain limitations detailed herein.

The Fund seeks replicate the performance of the Underlying ETF over the duration of the Outcome Period, subject to the below pre -determined Outcomes. There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes for an Outcome Period. Capital Appreciation: ? If the Underlying ETF experiences positive returns over the course of the Outcome Period, the Fund seeks to provide the positive performance of such returns over the course of the Outcome Period, limited by the Upside Cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for the Outcome Period if the Underlying ETF appreciates in value. The Upside Cap is set on the first day of the Outcome Period and is 13.85% prior to taking into account any fees or expenses charged to shareholders.

When the Funds annual Fund management fee of 0.79% of the Funds average daily net assets is taken into account, the Upside Cap is 13.06%; or ? If the share price of the Underlying ETF decreases in value by an amount less than or equal to the Inverse Performance Threshold (10%) over the course of the Outcome Period, the Fund seeks to provide positive returns that match the absolute value of Underlying ETF losses ( i.e. , Inverse Performance) up to a maximum return of 10.00% that shareholder can obtain via Inverse Performance ( i.e. , the Inverse Performance Cap) over the course of the Outcome Period. Buffered Returns: ? If the Underlying ETF experiences losses over the course of the Outcome Period that exceed the Inverse Performance Threshold, the Fund seeks to provide returns that are 10% less than the Underlying ETF losses over the course of the Outcome Period ( i.e.

, the Buffer). The Funds shareholders will bear all Underlying ETF losses exceeding 10% on a one -to-one basis. When the Funds annual management fee equal to 0.79% of the Funds daily net assets is taken into account, the net Buffer for an Outcome Period is 9.21%. To produce the Outcomes, the Fund invests in FLEX Options that reference the Underlying ETF and may also invest in the Underlying ETF (or the components thereof) directly. The Underlying ETF is an ETF that seeks to provide investment results that, before fees expenses, correspond generally to the performance of an index that tracks the performance of large capitalization exchange -traded U.S. equity securities, specifically the S&P 500 Index. For additional information regarding the Underlying ETF, see Additional Information Regarding the Funds Principal Investment Strategies.

The hypothetical graphical illustration provided below is designed to illustrate the Outcomes that the Fund seeks to provide for investors who hold Shares for the entirety of the Outcome Period. The returns that the Fund seeks to provide do not include the costs associated with purchasing Shares and certain expenses incurred by the Fund. The following table contains hypothetical examples designed to illustrate the Outcomes the Fund seeks to provide over an Outcome Period, based upon the performance of the Underlying ETF from -100 % to 100%. The table is provided for illustrative purposes and does not provide every possible performance scenario for Shares over the course of an Outcome Period. The table is not intended to predict or project the performance of the Fund or its holdings. Fund shareholders should not take this information as an assurance of the expected performance of the Underlying ETF or return on Shares.

The actual overall performance of the Fund will vary with fluctuations in the value of its assets during the Outcome Period, among other factors. Please refer to the Funds website, www.innovatoretfs.com/ddtn , which provides updated information relating to this table on a daily basis throughout the Outcome Period. Underlying ETF Performance Fund Performance* 100% 13.85% 50% 13.85% 20% 13.85% 15% 13.85% 10% 10% 5% 5% 0% 0% (5)% 5% (10)% 10% (15)% (5)% (20)% (10)% (50)% (40)% (100)% (90)% * The Funds returns listed herein are provided prior to taking into account any fees or expenses charged to shareholders. The Funds annual management fee of 0.79% of the Funds average daily net assets, any shareholder transaction fees, any acquired fund fees and expenses, and any extraordinary expenses incurred by the Fund will have the effect of reducing the returns listed herein.

The Outcomes may only be realized by investors who continuously hold Shares from the commencement of the Outcome Period until its conclusion. Investors who purchase Shares after the Outcome Period has begun or sell Shares prior to the Outcome Periods conclusion may experience investment returns that are very different from those that the Fund seeks to provide . Upon conclusion of the Outcome Period, the Fund will receive the cash value of all the FLEX Options it held for the prior Outcome Period. It will then invest in a new series of FLEX Options with an expiration date of approximately one year in the future, and a new Outcome Period will begin. The Outcomes the Fund seeks to provide and discussed herein are provided based on the Funds NAV, whereas shareholders purchase or sell Shares on the Exchange at market prices.

Any disconnect between the Funds NAV and market prices of Shares will result in returns that deviate from the Outcomes the Fund seeks to provide. The Funds investment adviser is Innovator Capital Management, LLC ( Innovator or the Adviser ) and the Funds investment sub -adviser is Milliman Financial Risk Management LLC ( Milliman or the Sub -Adviser ). The Fund is classified as a non -diversified company under the Investment Company Act of 1940, as amended (the 1940 Act ). To the extent the Underlying ETF concentrates ( i.e. , holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. Through its exposure to the Underlying ETF, the Fund has significant exposure to companies in the information technology sector.

The Outcome Period. The Outcome Period is an approximately one -year period from November 1 through October 31 of the following year. The current Outcome Period is from November 1, 2025 through October 31, 2026. The Funds sought -after Outcomes are designed to be provided at the conclusion of the Outcome Period, and are based upon the Funds NAV at the outset of the Outcome Period. Each FLEX Options value is ultimately derived from the performance of the Underlying ETF during that time. Because the terms of the FLEX Options dont change, the Upside Cap, Inverse Performance Threshold, Inverse Performance Cap, Inverse Performance and Buffer all relate to the Funds NAV on the first day of the Outcome Period. Further, since the Funds option contracts are exercisable at the conclusion of the Outcome Period, the Outcomes are only provided at the end of the Outcome Period.

Therefore, to achieve the Outcomes sought by the Fund for the Outcome Period, an investor must hold Shares from the commencement of the Outcome Period through its conclusion. There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes. The Funds NAV is based upon the value of its portfolio which consists of FLEX Options, and may also include shares of the Underlying ETF (or the components thereof). Although the value of the Underlying ETFs share price is a significant component of the value of the Funds FLEX Options, the value of the Funds FLEX Options (and therefore, the Funds NAV) will not increase or decrease at the same rate as the Underlying ETFs share price on a daily basis. The time remaining until those FLEX Options expire, which is at the conclusion of the Outcome Period, also affects their value.

The degree of non -correlation between the value of the FLEX Options and the value of the Underlying ETF may be higher than if the FLEX Options utilized by the Fund had a shorter term. The Sub -Adviser generally anticipates that the Funds NAV will increase on days when the Underlying ETFs share price increases and will decrease on days when the Underlying ETFs share price decreases, but that the rate of such increase or decrease will be less than that experienced by the Underlying ETF. For additional information regarding the Outcome Period, including the potential impacts of purchasing and selling intra -Outcome Period, see Additional Information Regarding the Funds Principal Investment Strategies. Upside Cap on Potential Upside Returns. Unlike other investment products, the potential upside returns an investor can receive from an investment in the Fund over the Outcome Period is subject to the Upside Cap.

The Upside Cap represents the maximum percentage return an investor can achieve from an investment in the Fund over the duration of the Outcome Period if the Underlying ETF experiences positive returns over the course of the Outcome Period. Therefore, even though the Funds returns are based upon the performance of the Underlying ETF, if the Underlying ETF experiences returns for the Outcome Period in excess of the Upside Cap, the Fund will not participate in excess returns. The Upside Cap is determined on the first day of the Outcome Period and is 13.85% prior to taking into account any fees or expenses charged to shareholders. When the Funds annual Fund management fee of 0.79% of the Funds average daily net assets is taken into account, the Upside Cap is 13.06%. The Upside Cap will be further reduced by any shareholder transaction fees, any acquired fund fees and expenses, and any extraordinary expenses incurred by the Fund.

The Upside Cap will change from one Outcome Period to the next based upon prevailing market conditions at the beginning of the Outcome Period. The Upside Cap is also set forth on the Funds website at www.innovatoretfs.com/ddtn. Inverse Performance. In addition to seeking to provide positive returns if the Underlying ETF appreciates in value over the course of the Outcome Period, the Fund also seeks to provide positive returns if the Underlying ETF decreases in value over the course of the Outcome Period. If the Underlying ETF decreases in value over the course of the Outcome Period by an amount less than or equal to the Inverse Performance Threshold ( -10 %), the Fund seeks to provide returns that are equal to the absolute value of Underlying ETF losses, prior to taking into account any fees or expenses charged to shareholders, which will have the effect of lessening returns experienced by shareholders.

The Inverse Performance Cap ( i.e. , the maximum return that shareholders can obtain via Inverse Performance) is 10.00%, prior to taking into account any fees or expenses charged to shareholders.

C000264310 Holdings

Top 1 holdings of Innovator Equity Dual Directional 10 Buffer ETF - November by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000264310 holdings

C000264310 Portfolio Allocation

Asset-class allocation of Innovator Equity Dual Directional 10 Buffer ETF - November by percentage of net assets, from the latest SEC N-PORT filing.

C000264310 Performance

Total returns for C000264310 (as of 2026-10-01), from SEC filings.

C000264310 Costs and Fees

C000264310 costs about $79 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.79%
• Gross expense ratio: 0.79%
• Portfolio turnover: 0%

C000264310 Cashflows

Over the 12 months to 2026-07, Innovator Equity Dual Directional 10 Buffer ETF - November had net inflows of $43.36M, from monthly SEC N-PORT filings.

C000264310 Debt Constituents

No individual debt constituents are reported in Innovator Equity Dual Directional 10 Buffer ETF - November's latest SEC N-PORT filing.

C000264310 Prospectus and SEC Filings

Official Innovator Equity Dual Directional 10 Buffer ETF - November filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-02-27
• Prospectus supplement (497) — filed 2025-11-03
• Portfolio holdings (N-PORT) — filed 2026-09-28
• Portfolio holdings (N-PORT) — filed 2026-06-26
• Portfolio holdings (N-PORT) — filed 2026-03-27
• Annual census (N-CEN) — filed 2026-01-13

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Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.