The Innovator Equity Dual Directional 5 Buffer ETF™ — Quarterly is an exchange-traded fund launched by Innovator Capital Management, LLC, as part of the industry's first suite of quarterly Dual Directional ETFs. It seeks to deliver positive returns in both rising and declining equity markets over 3-month outcome periods, tracking the performance of the SPDR S&P 500 ETF Trust (SPY). Key features include an upside cap of 3.34%, a 5% inverse cap providing positive returns equal to the absolute value of SPY's price decreases up to that threshold, and a 5% buffer against losses exceeding the inverse threshold during the period. Utilizing FLEX options issued by the Options Clearing Corporation, the ETF offers defined outcomes, daily liquidity, pricing transparency, and tax efficiency within an ETF structure. Designed for adaptability to market changes, it helps mitigate timing risk associated with longer periods while embedding risk-managed features for portfolio planning. Innovator, a pioneer in Defined Outcome ETFs since 2018, supports dynamic risk management across market regimes with this quarterly innovation.