PMAY Innovator US Equity Power Buffer ETF May

Innovator Capital Management, LLC (Innovator) today announced the new upside caps and return profiles for the May series of the U.S. Equity Buffer ETFs™ – Innovator U.S. Equity Buffer ETF™ – May (BMAY), Innovator U.S. Equity Power Buffer ETF™ – May (PMAY) and Innovator U.S. Equity Ultra Buffer ETF™ – May (UMAY) – which completed their third annual outcome period and reset at the end of April. The 36 total ETFs in the flagship U.S. Equity Buffer ETF lineup seek to provide investors with upside participation, to a cap, in Large-cap U.S. stocks via options on the SPDR S&P 500 ETF Trust (SPY) with buffers against market losses of 9%, 15% or 30% over one-year periods.

Following the volatile market conditions of 2022 that have extended into 2023, Innovator’s suite of defined-outcome ETFs have helped to shield investors from market downturns, while maintaining exposure to the market’s upside potential. By bringing defined-outcome strategies to the ETF structure, Innovator has helped to provide advisors and investors of all stripes with lower-cost, tax-efficient and liquid investment solutions that had traditionally been unavailable to many. The ETFs are designed to reset annually or quarterly and can be held indefinitely.

Return profiles for the Innovator U.S. Equity Buffer ETFs™ – May Series, as of 5/1/2023

Ticker	ETF Name – Buffer Level	Upside Cap*	Reference Asset	Downside Buffer**	Outcome Period
BMAY	U.S. Equity Buffer ETF – 9%	19.45%	SPY	0% to -9%	12 mos
PMAY	U.S. Equity Power Buffer ETF – 15%	14.51%	SPY	0% to -15%	12 mos
UMAY	U.S. Equity Ultra Buffer ETF – 30%	13.10%	SPY	-5% to -35%	12 mos

* “Cap” refers to the maximum potential return, before the funds’ 0.79% management fee and expenses and any shareholder transaction fees and any extraordinary expenses, if held over the full Outcome Period. **“Buffer” refers to the amount of downside protection the fund seeks to provide, before fees and expenses, over the full Outcome Period. Outcome Period is the intended length of time over which the defined outcomes are sought. Upon commencement of the Outcome Period, the Caps can be found on a daily basis via www.innovatoretfs.com.

The ETFs reset annually and can be held indefinitely. For additional information, visit the Innovator Defined Outcome ETF Pricing Tool.

About Innovator Defined Outcome ETFs™ Defined Outcome ETFs™ are the world’s first ETFs that seek to provide investors with known ranges of future investment outcomes prior to investing. These outcome ranges include multiple and single upside exposure, to a cap, with defined levels of downside risk with buffers and floors over a set amount of time. The Innovator Defined Outcome ETFs™ cover a large spectrum of domestic and international equities and bonds. Innovator’s category-creating Defined Outcome ETF™ family includes Buffer ETFs™, Barrier ETFs™ and Accelerated ETFs™. 

Media ContactFrank Taylor(646) 808-3647frank@dlpr.com

The Funds have characteristics unlike many other traditional investment products and may not be suitable for all investors. For more information regarding whether an investment in the Fund is right for you, please see “Investor Suitability” in the prospectus.

Although each Fund seeks to achieve the defined outcomes stated in its investment objective, there is no guarantee that it will do so. The returns that the Funds seek to provide do not include the costs associated with purchasing shares of the Fund and certain expenses incurred by the Fund.

Investing involves risks. Loss of principal is possible. The Funds face numerous market trading risks, including active markets risk, authorized participation concentration risk, buffered loss risk, cap change risk, capped upside return risk, correlation risk, liquidity risk, management risk, market maker risk, market risk, non-diversification risk, operation risk, options risk, trading issues risk, upside participation risk and valuation risk. For a detail list of fund risks see the prospectus.

FLEX Options Risk. The Fund will utilize FLEX Options issued and guaranteed for settlement by the Options Clearing Corporation (OCC). In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. Additionally, FLEX Options may be less liquid than standard options. In a less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. The values of FLEX Options do not increase or decrease at the same rate as the reference asset and may vary due to factors other than the price of reference asset.

These Funds are designed to provide point-to-point exposure to the price return of the Reference Asset via a basket of Flex Options. As a result, the ETFs are not expected to move directly in line with the Reference Asset during the interim period.

Investors purchasing shares after an outcome period has begun may experience very different results than funds' investment objective. Initial outcome periods are approximately 1-year beginning on the funds' inception date. Following the initial outcome period, each subsequent outcome period will begin on the first day of the month the fund was incepted. After the conclusion of an outcome period, another will begin.

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 funds' 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 to the Cap, an investor purchasing at that price has little or no ability to achieve gains but remains vulnerable to downside risks. Additionally, 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 with buffer mechanisms only seek to provide shareholders that hold shares for the entire Outcome Period with their respective buffer level against Reference Asset losses during the Outcome Period. You will bear all Reference Asset losses exceeding 9, 15 or 30%. Depending upon market conditions at the time of purchase, a shareholder that purchases shares after the Outcome Period has begun may also lose their entire investment. For instance, if the Outcome Period has begun and the Fund has decreased in value beyond the pre-determined buffer, an investor purchasing shares at that price may not benefit from the buffer. Similarly, if the Outcome Period has begun and the Fund has increased in value, an investor purchasing shares at that price may not benefit from the buffer until the Fund's value has decreased to its value at the commencement of the Outcome Period.

THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).

Cboe Global Markets, Inc., and its affiliates do not recommend or make any representation as to possible Benefits from any securities, futures or investments, or third-party products or services. Cboe Global Markets, Inc., is not affiliated with S&P DJI, Milliman, or Innovator Capital Management. Investors should undertake their own due diligence regarding their securities, futures and investment practices.

Cboe Global Markets, Inc., and its affiliates make no warranty, expressed or implied, including, without limitation, any warranties as of merchantability, fitness for a particular purpose, accuracy, completeness or timeliness, or as to the results to be obtained by recipients of the products.

Innovator ETFs™, Defined Outcome ETF™, Buffer ETF™, Enhanced ETF™, Define Your Future™, Leading the Defined Outcome ETF Revolution™ and other service marks and trademarks related to these marks are the exclusive property of Innovator Capital Management, LLC.

The Funds' investment objectives, risks, charges and expenses should be carefully considered before investing. The prospectus contains this and other important information, and it may be obtained at innovatoretfs.com. Read it carefully before investing.

Innovator ETFs are distributed by Foreside Fund Services, LLC.

Copyright © 2023 Innovator Capital Management, LLC.

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