Innovator Equity Dual Directional 5 Buffer ETF - Quarterly utilizes a quarterly defined-outcome strategy to provide exposure to the SPDR S&P 500 ETF Trust (SPY) while incorporating a "dual directional" return profile. The fund is designed to capture the price return of its reference asset up to a predetermined cap, while simultaneously delivering positive returns equal to the absolute value of the asset's decline if that decline is 5% or less, and buffering against 5% of losses if the decline exceeds that threshold.
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