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Innovator Expands Upon the Industry's First Dual Directional ETFs

1. Innovator launches Dual Directional ETFs, including DDFN, offering positive returns in any market. 2. DDFN designed to achieve up to 15% returns, even if market declines 15%. 3. Duet ETFs balance capped upside with a buffer against market downturns. 4. Innovator has over $29 billion in AUM, showcasing strong market confidence. 5. These ETFs provide a liquidity and potential return alternative to traditional strategies.

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FAQ

Why Bullish?

The introduction of DDFN positions it as an attractive investment during volatile markets. Historically, innovative ETFs have fared well in investor adoption, generating interest and demand.

How important is it?

The innovative structure and potential for returns in varied market conditions makes DDFN relevant to both individual and institutional investors, supporting a high likelihood of positive price movement.

Why Long Term?

The Dual Directional ETFs aim to attract long-term investors seeking consistent returns across market cycles. Over time, if they perform as advertised, they could significantly raise AUM and elevate DDFN's stock price.

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WHEATON, Ill., Nov. 03, 2025 (GLOBE NEWSWIRE) -- Today, Innovator Capital Management, LLC (Innovator), the pioneer of Defined Outcome ETFs™, builds on its track record of category-defining innovation with the November expansion of the industry's first Dual Directional ETFs. These first-of-their-kind funds are designed to offer the potential for positive returns in both up or down equity markets over a one-year outcome period. New ETFs: Innovator Equity Dual Directional 10 Buffer ETF™ – November (DDTN)Innovator Equity Dual Directional 15 Buffer ETF™ – November (DDFN) Key Features: Return potential in up or down markets – Provide 1:1 upside when the reference asset is positive, to a cap, and provide positive returns in negative markets, within the inverse performance threshold, before fees and expenses.Defined outcome structure – Investors have known upside potential and built-in buffers prior to investing.ETF benefits – Delivering options strategies within an ETF wrapper provides daily liquidity, full pricing transparency, tax efficiency1, and no credit risk2. With the expansion of the Dual Directional suite to monthly listings, investors gain more opportunities to invest with fresh outcome periods and adapt to evolving market conditions. How They Work In the case of the Innovator Equity Dual Directional 15 Buffer ETF™ – November (DDFN), the market could finish the annual period down 15%, while DDFN is designed to be up 15% gross of fees and expenses. Defined Outcome ETFs™ use options to mirror the performance of the underlying asset. Dual Directional ETFs build upon that innovation with an additional layer of options that enable the fund to deliver positive returns in negative markets, in exchange for capped upside return potential. Similar strategies have previously been locked behind high fees and illiquid investment vehicles, such as structured notes. “In their search for risk mitigation and diversification, investors have pinned their hopes on alts, bonds, or active management to provide positive returns in up or down markets, but few of these strategies deliver. Dual Directional ETFs offer a transparent alternative,” said Graham Day, Chief Investment Officer at Innovator. “These funds put consistent, knowable positive returns within reach. In fact, a 15% Dual Directional would have delivered positive returns in 75% of negative historical markets3.” “Our clients understand the value of defined outcomes,” Day added. “With Dual Directional ETFs, we’re enabling them to aim for upside in positive and negative scenarios, while knowing their downside risk.” Market Scenario:Sought-After Return Profile:Positive MarketTracks SPDR® S&P 500® ETF Trust (SPY) return 1:1, up to a predetermined cap.Negative MarketDelivers inverse SPY return 1:1, up to an inverse cap.Very Negative MarketA built-in buffer protects against deep market declines.   Fund Overview TickerFund NameUpside Cap Inverse CapBuffer LevelExposureExpense RatioDDTNInnovator Equity Dual Directional 10 Buffer ETF™ – November13.85%10%10%SPY0.79%DDFNInnovator Equity Dual Directional 15 Buffer ETF™ – November10.00%15%15%SPY0.79%        The upside cap, inverse cap, and buffer are shown gross of each Fund’s fees and expenses. Want to Learn more? Innovator will host a webinar on November 3rd to discuss the new funds, details here: Innovator ETFs Webinar. For more information on Dual Directional ETFs and Innovator’s full suite of ETF offerings, visit innovatoretfs.com. A Proven Track Record Innovator made history in 2018 with the world’s first Buffer ETF™, and since then has built the largest suite of Defined Outcome ETFs™. Currently, Innovator has over 150 offerings with more than $29 billion in AUM as of October 31, 2025. Dual Directional ETFs are a natural evolution, delivering legacy options strategies within the transparency and accessibility of the ETF wrapper. About Innovator Capital Management, LLCFounded by Bruce Bond and John Southard—pioneers behind the PowerShares ETF family—Innovator has revolutionized Defined Outcome investing since 2018. Innovator continues to drive innovation in risk‑managed equity exposure through proprietary, Defined Outcome ETF™ strategies.  Contact: Frank Taylor / Stephanie Dressler (646) 808‑3647 / (949) 269‑2535 innovator@dlpr.com 1 ETFs use creation units, which allow for the purchase and sale of assets in the Funds collectively. Consequently, ETFs usually generate fewer capital gain distributions overall, which can make them somewhat more tax-efficient than mutual funds. 2 ETFs are not backed by the faith and credit of an issuing institution, so they are not exposed to credit risk. 3 Source: Bloomberg, Innovator. Data from 12/31/1957 – 3/31/2025. Rolling one year performance of the S&P 500 Price Return Index (SPX) was analyzed for all periods resulting in a loss. 75% percent represents the portion of 12-month periods during which SPX returns were between 0% and -15%. Past performance is not necessarily indicative of future results. One cannot invest directly in an index. Index performance does not account for fees and expenses. 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 Period’s conclusion may experience investment returns that are very different from those that the Funds seek to provide. The Funds face numerous risks including buffered loss risk, capped upside return risk, inverse performance risk, Outcome Period risk, upside cap change risk, upside participation risk, liquidity risk, management risk, non-diversification risk, operation risk, trading issues risk, and valuation risk, among others. For a detailed list of Fund risks see each prospectus. Fund shareholders are subject to an upside return cap (the "Cap") that represents the maximum percentage return an investor can achieve from an investment in the Fund for the Outcome Period, before fees and expenses. If the Outcome Period has begun and the Fund has increased in value to a level near the Cap, an investor purchasing shares at that price has little or no ability to achieve gains but remains vulnerable to downside risks. The Cap may rise or fall from one Outcome Period to the next. The Cap, and the Fund's position relative to it, should be considered before investing in the Fund. The Funds’ website, www.innovatoretfs.com, provides important Fund information as well information relating to the potential outcomes of an investment in a Fund on a daily basis. The Funds seek to provide positive returns equal to the absolute value of the reference asset’s price decreases (Inverse Performance) if the reference asset experiences negative returns that are less than or equal to the Inverse Performance Threshold. If the reference asset decreases in value beyond the Inverse Performance Threshold over the course of the Outcome Period, the Funds will not provide any positive returns. Accordingly, each Fund’s value could drop significantly as a result of its Inverse Performance Threshold being exceeded at the end of the Outcome Period whereby any gains experienced by the Fund will be lost, and the buffer will be provided to shareholders. Furthermore, if the Outcome Period has begun and the reference asset has decreased in value below its initial value at the start of the Outcome Period, an investor purchasing shares at this point may not experience Inverse Performance to the extent of the Inverse Performance Threshold and will remain vulnerable to downside risks. If the reference asset experiences losses over the course of the Outcome Period that exceed the Inverse Performance Threshold, the Funds seek to provide a buffer, up to each Fund’s respective buffer level, against reference asset losses during the Outcome Period. If an investor is considering purchasing shares during the Outcome Period, and the Fund has already decreased in value by an amount that exceeds the Inverse Performance Threshold, an investor purchasing shares at that price will have increased gains available prior to reaching the Upside Cap but may not benefit from the buffer that each Fund seeks to provide for the remainder of the Outcome Period as any subsequent losses will be experienced on a one-to-one basis. Conversely, if an investor is considering purchasing shares during the Outcome Period and the Funds have already increased in value, then a shareholder may experience losses that exceed their buffer, which is not guaranteed. The Funds will not terminate after the conclusion of the Outcome Period. After the conclusion of the Outcome Period, another will begin. There is no guarantee that the Outcomes for an Outcome Period will be realized. FLEX Options Risk. The Funds will utilize FLEX Options issued and guaranteed for settlement by the OCC (Options Clearing Corporation). In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Funds could suffer significant losses. Additionally, FLEX Options may be less liquid than standard options. In a less liquid market for the FLEX Options, the Funds may have difficulty closing out certain FLEX Options positions at desired times and prices. The Funds’ investment objectives, risks, charges and expenses should be considered before investing. The prospectus and summary prospectus contains this and other important information, and it may be obtained at innovatoretfs.com. Read it carefully before investing. Investing involves risk. Principal loss is possible. Innovator ETFs® are distributed by Foreside Fund Services, LLC. The following marks: Accelerated ETFs®, Accelerated Plus ETF®, Accelerated Return ETFs®, Barrier ETF®, Buffer ETF™, Defined Income ETF™, Defined Outcome Bond ETF®, Defined Outcome ETFs™, Defined Protection ETF®, Define Your Future®, Enhanced ETF™, Floor ETF®, Innovator ETFs®, Leading the Defined Outcome ETF Revolution™, Managed Buffer ETFs®, Managed Outcome ETFs®, Step-Up™, Step-Up ETFs®, 100% Buffer ETFs™ and all related names, logos, product and service names, designs, and slogans are the trademarks of Innovator Capital Management, LLC, its affiliates or licensors. Use of these terms is strictly prohibited without proper written authorization. Copyright © 2025 Innovator Capital Management, LLC. All rights reserved.

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