Innovator ETFs: Defined Outcome ETF Caps & Rates
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CAPS & RATES
ETFs Rebalancing February 2026
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ETFs Rebalancing February 2026
Dual Directional ETFs
Ticker   Name Ref. Asset Inverse Cap/Buffer Outcome Period   Cap Range¹
DDTF Listing 2/2 Equity Dual Directional 10 Buffer ETF™ SPY 10% 1 Year   12.51% - 13.76%
DDFF Listing 2/2 Equity Dual Directional 15 Buffer ETF™ SPY 15% 1 Year   9.03% - 10.54%
100% Buffer ETFs™
Ticker   Name Ref. Asset Protection¹ Outcome Period Avg. Cap² Cap Range³
ZFEB Equity Defined Protection ETF® SPY 100% Buffer 1 Year 6.06% 5.92% - 6.13%
Buffer ETFs™
Ticker   Name Ref. Asset Protection¹ Outcome Period Avg. Cap² Cap Range³
BFEB U.S. Equity Buffer ETF™ SPY 9% Buffer 1 Year 14.81% 14.34% - 15.14%
PFEB U.S. Equity Power Buffer ETF™ SPY 15% Buffer 1 Year 12.03% 11.66% - 12.21%
UFEB U.S. Equity Ultra Buffer ETF™ SPY 30% (-5 to -35%) Buffer 1 Year 11.08% 10.88% - 11.31%
IFEB Intl Developed Power Buffer ETF™ EFA 15% Buffer 1 Year 11.56% 9.98% - 21.32%
NFEB Growth-100 Power Buffer ETF™ QQQ 15% Buffer 1 Year 16.99% 14.67% - 20.18%
KFEB U.S. Small Cap Power Buffer ETF™ IWM 15% Buffer 1 Year 17.06% 16.25% - 17.30%
DDTF AND DDFF ARE NOT YET AVAILABLE FOR TRADING. CLICK THE TICKERS TO VIEW THE FUND'S SEC FILING. INFORMATION CONTAINED HEREIN IS SUBJECT TO COMPLETION OR AMENDMENT. A REGISTRATION STATEMENT RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION BUT HAS NOT YET BECOME EFFECTIVE. THESE SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED PRIOR TO THE TIME THE REGISTRATION STATEMENT BECOMES EFFECTIVE. THIS COMMUNICATION SHALL NOT CONSTITUTE AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER SECURITIES LAWS OF ANY SUCH STATE. AN INDICATION OF INTEREST IN RESPONSE TO THIS ADVERTISEMENT WILL INVOLVE NO OBLIGATION OR COMMITMENT OF ANY KIND.
1. Before fees and expenses.
2. The average caps, participation range, and distribution rates are illustrated by the funds' strategy, based upon the 5 previous trading days of record, as of 1/22/2026. They do not represent the actual caps that will be set on the date of rebalance, which may fall outside the stated cap ranges, due to extreme market volatility.
3. The estimated cap ranges, participation range, and distribution rates are based on the 20 trading days prior to 1/22/2026 and are shown gross of the fund's management fee.
Dual Directional ETFs: Seek to provide the potential for positive returns in both up and down markets, and a built-in buffer against losses in severely down markets.

100% Buffer ETFs™: seek to track the return of SPY, to a cap, with a 100% downside buffer over the outcome period, before fees and expenses.

Buffer ETFs™: Seek to provide investors with equity market appreciation, up to a cap, and downside buffer levels, over a 3-month or 1-year outcome period.

Premium Income Buffer ETFs™: Seek to provide shareholders that hold shares for the entire outcome period with a buffer against the first 9% or 15% of Underlying ETF losses during the outcome period. The Fund's shareholders will bear all Underlying ETF losses exceeding the buffer on a one-to-one basis. There is no guarantee that the Fund will be successful in its attempt to implement the Buffer.

Premium Income Barrier ETFs™: Seek to provide investment performance for each Outcome Period that is equal to the Defined Distribution Rate, subject to the losses experienced by the S&P 500 Price Return Index, if such losses exceed the Barrier at the end of the Outcome Period.

Accelerated ETFs®: Seek to offer approximately 2 or 3 times the upside return of SPY or QQQ, to a cap, with approximately single exposure to the downside, over a 3-month or 1-year outcome period.

Reference Asset is the market in which the ETF pursues its defined investment outcome. Protection is the amount and type of downside risk management the fund seeks to provide. Outcome Period is to the time period the fund seeks to achieve its stated cap and buffer. Cap is the maximum potential return if held to the end of the current Outcome Period.
Upside/downside refers to the fund's upside and downside participation levels, to a cap, of the reference asset.
There is no guarantee the funds will achieve their investment objectives. The funds have characteristics unlike other traditional investment products and may not be suitable for all investors. Please see "investor suitability" in the prospectus. Shares purchased after the start of an outcome period may be subject to enhanced risks.
SPX: S&P 500 Price Return Index; SPY: SPDR® S&P 500® ETF Trust; QQQ: Invesco QQQ Trust; IWM: iShares Russell 2000 ETF; EFA: iShares MSCI EAFE ETF; EEM: iShares MSCI Emerging Markets ETF; TLT: iShares 20+ Year U.S. Treasury ETF