Innovator Equity Dual Directional 15 Buffer ETF - January

C000264321 Fund Overview

Innovator Equity Dual Directional 15 Buffer ETF - January 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: $74.02M
• SEC CIK: 0001415726
• SEC series ID: S000095594
• Share class ID: C000264321

C000264321 Investment Objective and Strategy

Innovator Equity Dual Directional 15 Buffer ETF - January 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 price returns of the SPDR S&P 500 ETF Trust (the Underlying ETF ), up to the upside cap of 8.96% (prior to taking into account management fees and other fees) over the period from January 1, 2026 through December 31, 2026 (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 15% (the 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 15% 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, which are described in detail below, 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 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 share price of an ETF ( i.e. , its price return) that seeks to track the performance of the S&P 500 Index (the Underlying ETF ), currently the SPDR S&P 500 ETF Trust, over the duration of an approximately one -year period from January 1 through December 31 of each year (the Outcome Period ).

The Fund seeks to provide shareholders who 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. As discussed further below, the Fund seeks to provide the following Outcomes: Capital Appreciation: ? If the Underlying ETF experiences positive price returns over the course of the Outcome Period, the Fund seeks to provide the positive price performance of such returns over the course of the Outcome Period, limited by an upside return cap (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; or ?

If the share price of the Underlying ETF decreases in value by an amount less than or equal to 15% (the Inverse Performance Threshold ) over the course of the Outcome Period, the Fund seeks to provide positive price returns that match the absolute value of Underlying ETF losses ( Inverse Performance ) up to a maximum return of 15.00% that shareholder can obtain via Inverse Performance (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 15% less than the Underlying ETF losses over the course of the Outcome Period (the Buffer ). The Fund invests in option contracts, specifically FLEX Options, to pursue its investment objective and seek to provide the Outcomes.

The reference asset for all of the Funds FLEX Options is the Underlying ETF. The SPDR S&P 500 ETF Trust is an exchange -traded unit investment trust that seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500 Index. The S&P 500 Index is a stock market index tracking the stock performance of 500 leading companies listed on stock exchanges in the United States. The Underlying ETF has exposure to equity securities of companies, including companies with large capitalizations. Through its use of FLEX Options on the Underlying ETF, the Fund has significant exposure to companies in the information technology sector. For more information on the Underlying ETF, please see the section of the prospectus entitled Additional Information About the Funds Principal Investment Strategies.

The current Outcome Period is from January 1, 2026 through December 31, 2026. 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 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. 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.

There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes for an 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 Fund will not receive or benefit from any dividend payments made by the Underlying ETF to the extent of its FLEX Options investments. The Fund is not an appropriate investment for income -seeking investors. 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.

There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes for an Outcome Period. The table is not intended to predict or project the performance of the FLEX Options or the Fund. 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 the FLEX Options during the Outcome Period, among other factors. Please refer to the Funds website, www.innovatoretfs.com/ddfj , which provides updated information relating to this table on a daily basis throughout the Outcome Period; see also Additional Information About the Funds Principal Investment Strategies in the Funds prospectus for additional information regarding Fund performance profile.

Underlying ETF Performance Fund Performance* 100% 8.96% 80% 8.96% 70% 8.96% 60% 8.96% 50% 8.96% 40% 8.96% 30% 8.96% 20% 8.96% 10% 8.96% 5% 5% 0% 0% (2.50)% 2.50% (5)% 5% (10)% 10% (15)% 15% (20)% (5)% (30)% (15)% (40)% (25)% (50)% (35)% (60)% (45)% (70)% (55)% (80)% (65)% (90)% (75)% (100)% (85)% * 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 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 ). Use of FLEX Options. The Outcomes may be achieved by purchasing and selling call and put FLEX Options to create layers within the Funds portfolio. In general, an option contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price. FLEX Options are exchange -traded option contracts with uniquely customizable terms. The FLEX Options that comprise the Funds portfolio each reference the Underlying ETF and are set to expire on the last day of the Outcome Period. The customizable nature of FLEX Options allows the Sub -Adviser to select the share price at which the Underlying ETF will be exercised at the expiration of each FLEX Option.

This is commonly known as the strike price. At the commencement of the Outcome Period, the Sub -Adviser specifically selects the strike price for each FLEX Option such that when the FLEX Options are exercised on the final day of the Outcome Period, the Outcomes may be obtained, depending on the performance of the Underlying ETFs price return over the duration of the Outcome Period. The Fund utilizes European style option contracts, which are exercisable only on the expiration date of the option contract. Each of the FLEX Options purchased and sold throughout the Outcome Period are expected to have the same or substantially similar terms ( i.e., strike price and expiration) as the corresponding FLEX Options purchased and sold on the first day of the Outcome Period. The Outcome Period. The Outcomes sought by the Fund are based upon the Funds NAV at the outset of the Outcome Period.

The Outcome Period begins on the day the FLEX Options are entered into and ends on the day they expire. Each FLEX Options value is ultimately derived from the performance of the Underlying ETFs share price during that time. Because the terms of the FLEX Options dont change, the Upside Cap, Inverse Performance, Inverse Performance Threshold and Buffer all relate to the Funds NAV and/or the share price of the Underlying ETF on the first day of the Outcome Period. There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes . A shareholder that purchases Shares after the commencement of the Outcome Period will likely have purchased Shares at a different NAV than the NAV on the first day of the Outcome Period ( i.e. , the NAV upon which the Outcomes are based) and may experience investment outcomes very different from those sought by the Fund.

Additionally, since the FLEX Options are exercisable only on the final day of the Outcome Period, a shareholder that sells Shares prior to the end of the Outcome Period may also experience investment outcomes very different from those sought by the Fund. To achieve the Outcomes sought by the Fund for the Outcome Period, an investor must be holding Shares at the time that the Fund enters into the FLEX Options and on the day those FLEX Options expire. Investors considering purchasing Shares after the commencement of the Outcome Period or selling Shares prior to the conclusion of the Outcome Period should understand the impact of such actions versus the Funds sought -after Outcomes. 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 ETFs share price, if the Underlying ETFs share price 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 8.96% 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 8.17%. 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/ddfj . Inverse Performance.

C000264321 Holdings

Top 1 holdings of Innovator Equity Dual Directional 15 Buffer ETF - January by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000264321 holdings

C000264321 Portfolio Allocation

Asset-class allocation of Innovator Equity Dual Directional 15 Buffer ETF - January by percentage of net assets, from the latest SEC N-PORT filing.

C000264321 Performance

Total returns for C000264321 (as of 2026-10-01), from SEC filings.

C000264321 Costs and Fees

C000264321 costs about $79 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.79%
• Gross expense ratio: 0.79%

C000264321 Cashflows

Over the 12 months to 2026-07, Innovator Equity Dual Directional 15 Buffer ETF - January had net inflows of $70.90M, from monthly SEC N-PORT filings.

C000264321 Debt Constituents

No individual debt constituents are reported in Innovator Equity Dual Directional 15 Buffer ETF - January's latest SEC N-PORT filing.

C000264321 Prospectus and SEC Filings

Official Innovator Equity Dual Directional 15 Buffer ETF - January filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2025-12-18
• Prospectus supplement (497) — filed 2026-01-02
• Portfolio holdings (N-PORT) — filed 2026-09-28
• Portfolio holdings (N-PORT) — filed 2026-06-26
• Portfolio holdings (N-PORT) — filed 2026-03-27

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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.