Innovator Capital Management, LLC (Innovator) today announced the
anticipated upside cap ranges and return profiles for the July
series of the sponsors’ Defined Outcome ETFs™, as well as the four
quarterly resetting ETFs that will also rebalance at the end of the
month. The resetting ETFs span Innovator’s Defined Outcome ETF™
lineup, including Buffer ETFs™, Accelerated ETFs™ and Defined
Outcome Bond ETFs™.
Anticipated return profiles for the Buffer
ETFs™ – July series with annual
outcome periods, as of 6/22/22
Ticker |
Name |
Reference Asset(s) |
Buffer Level |
Cap Range* |
Outcome Period |
NJUL |
Innovator Growth-100 Power Buffer ETF™ - July |
QQQ |
15.00% |
17.52 – 21.80% |
12 months 7/01/22 – 6/30/23 |
KJUL |
Innovator U.S. Small CapPower Buffer ETF™ - July |
IWM |
15.00% |
17.06 – 21.63% |
12 months 7/01/22 – 6/30/23 |
IJUL |
Innovator International DevelopedPower Buffer ETF™ - July |
EFA |
15.00% |
11.57 – 17.42% |
12 months 7/01/22 – 6/30/23 |
EJUL |
Innovator Emerging MarketsPower Buffer ETF™ - July |
EEM |
15.00% |
14.25 – 18.29% |
12 months 7/01/22 – 6/30/23 |
TBJL |
Innovator 20+ Year Treasury Bond 9 BufferETF™ |
TLT |
9.00% |
17.61 – 25.20% |
12 months 7/01/22 – 6/30/23 |
BJUL |
Innovator U.S. Equity Buffer ETF™ - July |
SPY |
9.00% |
19.61 – 23.91% |
12 months 7/01/22 – 6/30/23 |
PJUL |
Innovator U.S. Equity Power Buffer ETF™ - July |
SPY |
15.00% |
14.12 – 17.00% |
12 months 7/01/22 – 6/30/23 |
UJUL |
Innovator U.S. EquityUltra Buffer ETF™ - July |
SPY |
30.00% (-5% to -35%) |
11.61 – 13.99% |
12 months 7/01/22 – 6/30/23 |
* The Cap Ranges above are based on the highest
and lowest Cap as illustrated by the Funds’ strategy from
5/23/22-6/22/22 and are shown gross of each fund’s management fee
(.79% for all funds in the table above, except for IJUL (.85%) and
EJUL (.89%)). The actual Cap for each Fund will be set at the
beginning of the Outcome Period, and is dependent upon market
conditions at that time. Periods of high market volatility could
result in higher caps, and lower volatility could result in lower
caps. As a result, the Cap set by each Fund may be higher or lower
than the Cap Range. “Cap” refers to the maximum potential return,
before fees 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 fund launch, the Caps can be
found on a daily basis via www.innovatoretfs.com
The average upside caps of the July
series of the Innovator Accelerated ETFs™, as of
6/22/2022, are as follows in the table below:
Ticker |
Reference Asset |
Upside to Cap |
Downside |
Average Cap** |
Outcome Period |
XDJL |
SPY |
2X |
1X |
24.42% |
Annual7/01/22 – 6/30/23 |
XBJL |
SPY |
2X |
1X, 9% Buffer |
16.26% |
Annual7/01/22 – 6/30/23 |
XTJL |
SPY |
3X |
1X |
21.59% |
Annual7/01/22 – 6/30/23 |
QTJL |
QQQ |
3X |
1X |
25.59% |
Annual7/01/22 – 6/30/23 |
** The Average Cap listed above represents an average of
estimated caps, as illustrated by the fund’s strategy, based upon
10 previous trading days, from 6/08/2022 to 6/22/2022, and are
shown gross of the 0.79% management fee. It does not represent the
actual cap that will be set at the beginning of the Outcome Period,
which will be dependent upon market conditions at that time.
Periods of high market volatility could result in higher caps, and
lower volatility could result in lower caps. As a result, the Cap
set by each Fund may be higher or lower than the Average Cap
displayed above. The Cap Ranges based on the highest and lowest Cap
as illustrated by the Funds’ strategy from 5/23/22-6/22/22 (gross
of the 0.79% management fee) are as follows: 21.70% to 25.47% for
XDJL; 14.48% to 17.04% for XBJL; 19.52% to 22.41% for XTJL; and
23.10% to 26.58% for QTJL. “Cap” refers to the maximum potential
return, before fees 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 fund launch, the Caps
can be found on a daily basis via www.innovatoretfs.com. Investors
who purchase shares after the start of an outcome period may be
exposed to enhanced risk.
Anticipated return profiles for the Defined Outcome
ETFs™ – Quarterly resetting
series, as of 6/22/21
Ticker |
Name |
Reference Asset |
Buffer or Floor Level |
Cap Range*** |
Outcome Period |
BALT |
Innovator Defined Wealth Shield ETF |
SPY |
**20.00% Buffer |
1.48 – 2.39% |
3 months 7/01/22 – 9/30/22 |
TFJL |
Innovator 20+ Year Treasury Bond 5 FloorETF™ |
TLT |
5.00% Floor |
4.94 – 7.39% |
3 months 7/01/22 – 9/30/22 |
** Although BALT targets a 20% buffer, the
buffer may fall into a range of 15% to 20%; there is no guarantee
that the buffer will be within this range or that the Fund will
provide the buffer. The Upside Cap above is shown gross of the
.175% quarterly (0.69% annual) management fee for BALT. “Cap”
refers to the maximum potential return, before fees 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 remaining Cap
and/or Buffer can be found on a daily basis via
www.innovatoretfs.com. ***The Cap Ranges above are based on the
highest and lowest Cap as illustrated by the Funds’ strategy from
5/23/22-6/22/22 and are shown gross of each fund’s management fee
(.69% for BALT; .79% for TFJL). The actual Cap for each Fund will
be set at the beginning of the Outcome Period, and is dependent
upon market conditions at that time. Periods of high market
volatility could result in higher caps, and lower volatility could
result in lower caps. As a result, the Cap set by each Fund may be
higher or lower than the Cap Range. “Cap” refers to the maximum
potential return, before fees 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 fund
launch, the Caps can be found on a daily basis via
www.innovatoretfs.com.
Ticker |
Reference Asset |
Upside to Cap |
Downside |
Average Cap**** |
Outcome Period |
Rebalancing |
XDSQ |
SPY |
2X |
1X |
11.16% |
Quarterly |
7/01/22 |
XDQQ |
QQQ |
2X |
1X |
13.56% |
Quarterly |
7/01/22 |
**** The Average Cap listed above represents an average of
estimated caps, as illustrated by the fund’s strategy, based upon
10 previous trading days, from 3/10/2022 to 3/23/2022, and are
shown gross of the 0.79% management fee. It does not represent the
actual cap that will be set at the beginning of the Outcome Period,
which will be dependent upon market conditions at that time.
Periods of high market volatility could result in higher caps, and
lower volatility could result in lower caps. As a result, the Cap
set by each Fund may be higher or lower than the Average Cap
displayed above. The Cap Ranges based on the lowest and highest Cap
as illustrated by the Funds’ strategy from 2/23/22-3/23/22 (gross
of the 0.79% management fee) are as follows: 7.29% to 10.16% for
XDSQ; 9.26% to 13.03% for XDQQ. “Cap” refers to the maximum
potential return, before fees 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 fund
launch, the Caps can be found on a daily basis via
www.innovatoretfs.com. Investors who purchase shares after the
start of an outcome period may be exposed to enhanced risk.
Lineup Overview of Resetting Defined
Outcome ETFs™Buffer
ETFs™ seek to participate in the upside
of a reference asset, to a cap, while buffering a set level of loss
over an outcome period of one quarter or one year. The ETFs simply
reset at the end of their designated outcome period and can be held
indefinitely.
All of the reference assets for each of the July
Equity Buffer ETFs™ are currently trading below their starting
values at the beginning of the current outcome period. This means
that investors who have held shares in a given July Buffer ETF™
have been buffered against a certain amount of loss relative to
their respective benchmark asset, such as SPY for BJUL, PJUL and
UJUL; QQQ for NJUL; and IWM for KJUL.
The July series of Innovator’s International
Equity Power Buffer ETFs™ -- the Innovator International Developed
Power Buffer ETF – July (IJUL) and the Innovator Emerging Markets
Power Buffer ETF – July (EJUL) – will complete their third outcome
period since their 2021 launch. Volatility has recently been
elevated in foreign stock benchmarks as investors assess the
outlook for international equities with the Russia-Ukraine war
creating geopolitical turmoil and global monetary policy tightening
addressing heightened inflation.
Accelerated
ETFs™ are the world’s first ETFs that
seek to offer approximately 2 or 3 times the upside return of the
SPDR S&P 500 ETF (SPY) or Invesco QQQ Trust (QQQ), to a cap,
with approximately single exposure to the downside, over a
quarterly or annual outcome period. The wealth
accumulation-oriented Accelerated ETFs™ premiered April 1st, 2021,
and the July Accelerated ETFs™ with an annual outcome period will
complete their first outcome period at the end of the month. As
well, the quarterly resetting XDSQ and XDQQ will complete their
fifth full outcome period and reset for the fourth time at the end
of the month.
Defined Outcome Bond
ETFs™ seek to maximize the
diversification benefits of bonds with a built-in floor or buffer
against loss over one quarter or one year. TFJL seeks to provide
investors the upside performance of long-dated 20+ year U.S.
Treasuries, to a cap, with a floor against loss greater than 5%
over a quarterly outcome period via options on iShares 20+ Year
Treasury ETF (TLT). TBJL seeks to provide investors the upside
performance of long-dated 20+ year U.S. Treasuries, to a cap, with
a buffer against loss up to 9% over an annual outcome period via
options on TLT.
As investors have sold long-dated U.S.
government bonds in response to historically high inflation prints
and rapid monetary policy tightening over the current quarter and
year-to-date period, TFJL and TBJL have provided a buffer against
the full brunt of losses in TLT for investors who have held shares
for the full outcome periods to date, respectively.
BALT: The Innovator Defined Wealth
Shield ETF seeks to provide investors with a conservative
investment strategy that offers upside exposure to Large-Cap U.S.
equities, to a cap, with a targeted buffer against the first 20% of
quarterly losses in SPY (SPDR S&P 500 Trust) over each
three-month period. BALT was launched July 1st, 2021 and will reset
for the fourth time at the end of the quarter and hit its one year
anniversary. With price declines in SPY in the current quarter to
date, BALT has again provided investors who have held shares since
the beginning of the quarter with outperformance relative to the
benchmark for domestic Large-cap stocks.
Accelerated
ETFs™The Accelerated ETFs™ are
not like leveraged ETFs, which typically seek to provide a
magnified exposure on both the upside and the downside on a daily
basis and can compound risk with higher volatility when held
long-term due to their frequent, often daily, rebalancing. Instead,
the Accelerated ETFs™ seek to provide asymmetrical returns over
either a typically annual or quarterly outcome period that are
magnified on the upside only, to a cap. Innovator’s Accelerated
ETFs™ will rebalance annually or quarterly, making the funds more
suited for asset allocation and longer-term investors rather than
tools for ultra-tactical trading. In the Accelerated ETFs™ case, it
is important to note that investors must hold shares for an entire
outcome period to achieve the enhanced returns that a fund seeks to
provide.
While the Funds are designed to participate in
the reference ETF (SPY or QQQ) losses on a one-to-one basis over
the duration of the outcome period as a whole, a decrease in the
value of the reference asset’s share price may cause a decrease in
the Fund’s NAV while an outcome period is ongoing. Therefore an
investor that purchases Shares after an outcome period has begun
may be exposed to incremental downside risk if the reference asset
has increased in value.
The shorter outcome period of the Quarterly
outcome period Accelerated ETFs™ (XDSQ, XDQQ) means they will
follow the reference asset (SPY or QQQ) more closely, but have
lower starting caps than Accelerated ETFs™ with an annual outcome
period. Investors can use both outcome periods to tactically
respond to changing market conditions should they wish to do
so.
At the end of each Accelerated ETF™’s outcome
period, the ETF will simply rebalance and reset, providing
investors with new upside caps and a fresh 9% Buffer in the case of
XBAP, over the next outcome period. The Accelerated ETFs™ do not
expire and can be long-term core equity holdings in a portfolio.
The options-based ETFs are anticipated to be as tax-efficient as
traditional equity ETFs, with no planned cap gains distributions to
shareholders and investors being able to defer taxes until
selling.
Investors in the Innovator Accelerated ETFs™
will not receive dividend yield from their holdings; the ETFs will
be based on the price returns of the reference ETF (SPY or QQQ)
over the length of the outcome period. The Innovator Accelerated
ETFs™ will charge a 0.79% management fee.
The Accelerated ETFs™ are constructed using Cboe
FLEX Options, offering exposure to equity markets rather than
investing in them directly. The FLEX Options forming the underlying
positions of the first three Innovator Accelerated ETFs™ are based
on SPY or QQQ (the reference asset).
The Accelerated ETFs™ provide defined returns
over the entire Outcome Period, not on a daily basis. As a result,
interim returns may lag the reference benchmark ETFs. This is due
to the time-value nature of the underlying options held by the
fund; as such, the Accelerated ETFs™ won’t maintain proportional
betas of 1.0 to the reference ETF in instances of positive returns
for the associated equity benchmark. Though they provide
simultaneous multiple exposure to the upside of the benchmark, the
Accelerated ETFs™ only seek to provide the positive performance of
the reference ETF over the full Outcome Period, up to a cap, and
1:1 downside to the reference asset over the Outcome Period. In the
interim, or intra-Outcome Period, investors can expect the
Accelerated ETFs™ to exhibit lower beta than traditional passive
index-tracking ETFs. An investor that purchases Shares after an
Outcome Period has begun may be exposed to downside from that point
forward if the reference asset has appreciated in value since the
period began.
TFJL & TBJLInvestors in the
Innovator 20+ Yr Treasury Bond 5 Floor ETF™ and the Innovator 20+
Yr Treasury Bond 9 Buffer ETF™ will not receive yield from their
holdings in TFJL and TBJL, respectively; the ETFs are based on the
price returns of TLT over the length of the respective outcome
periods.
BALT The Innovator Defined
Wealth Shield ETF will target a buffer against the first 20% of
losses in SPY over each quarterly outcome period. The buffer will
be determined at the start of each quarterly outcome period.
Depending on market dynamics ahead of an outcome period, the buffer
for that applicable quarter will target 20% but will generally seek
to be within a range of 15% to 20% against losses of SPY. If SPY
(the reference asset), exceeds the buffer level that is determined
at the beginning of the outcome period, investors holding shares
since the outcome period began will absorb losses beyond the buffer
level.
Innovator’s research shows that for the 761
3-month rolling periods between 1958 and May 2021, with a 20%
buffer, you would have been positive or neutral in 98.8% of those
periods. In the periods exceeding 20%, the average loss was
approximately 4%.
Investing in BALT involves risk, and
does not provide investment income. The BALT ETF seeks to provide a
large buffer (15-20% on a quarterly basis) against loss, with a
defined upside cap before fees and expenses, benchmarked to the
price return of SPY. As a result, the fund does not provide
investment income. A money market fund is a kind of mutual fund
that invests in highly liquid, near-term instruments. These
instruments include cash, cash equivalent securities, and
high-credit-rating, debt-based securities with a short-term
maturity (such as U.S. Treasuries).
Innovator Defined Outcome ETFs - Benefits to
Advisors
- Pioneer and creator of Defined Outcome ETFs™ with 79 ETFs and
over $6.8 billion AUM across family1, as well as 4 Managed Outcome
ETFs™ with over $160 million in AUM
- Tax-efficient exposure2 to five broad equity benchmarks with
buffers against loss (Large-cap U.S. Equity (SPY), Growth (QQQ),
Small-Cap U.S. Equity (IWM), International Developed (EFA),
Emerging Markets (EEM)) the 20+ Year U.S. Treasury Market (TLT);
the Stacker ETFs, the world’s first ETFs to offer a “stacked”
exposure to two or three benchmark equity index ETFs on the upside,
to a cap, with downside exposure to the SPY only; and the
Accelerated ETFs™, the world’s first ETFs to seek to offer a
multiple of the upside return of a reference asset, up to a cap,
with approximately single exposure on the downside
- Reset annually or quarterly and can be held indefinitely as
core holdings
- Innovator’s Defined Outcome ETF™ lineup has amassed 137 outcome
period completions with the ETFs successfully resetting for the
coming outcome period3
- Monthly issuance on SPY with three buffer levels (9,15, or
30%)
Innovator's Defined Outcome ETFs™ are the
subject of a patent application filed with the U.S. Patent and
Trademark Office.
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.
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™, Stacker ETFs™ and Floor ETFs™.
The Buffer ETFs™ seek to provide the upside
performance of broadly recognized benchmarks (e.g., SPY, QQQ, IWM,
EFA, and EEM, as well as TLT) to a cap, with built-in buffers, over
an outcome period of one year. The ETFs reset annually and can be
held indefinitely.
Each Buffer ETF™ in Innovator’s Defined Outcome
ETF™ suite seeks to provide a defined exposure to a broad market
benchmark where the downside buffer level, upside growth potential
to a cap, and Outcome Period are all known, prior to investing. In
2019, Innovator began expanding its suite of U.S. Equity Buffer
ETFs™ into a monthly series to provide investors more opportunities
to purchase shares as close to the beginning of their respective
Outcome Periods as possible.
Investors can purchase shares of a previously
listed Defined Outcome ETF™ throughout the entire Outcome Period,
obtaining a current set of defined outcome parameters, which are
disclosed daily through a web tool available at:
http://innovatoretfs.com/define.
Innovator is focused on delivering defined
outcome-based solutions inside the benefit-rich ETF wrapper,
retaining many of the features that have contributed to the success
of structured products4 (e.g., downside buffer levels, upside
participation, defined outcome parameters), but with the added
benefits of transparency, liquidity, the elimination of credit
risk5 and lower costs afforded by the ETF structure.
About Innovator Capital Management,
LLCAwarded ETF.com's "ETF Issuer of the Year - 2019"*,
Innovator Capital Management LLC (Innovator) is an SEC-registered
investment advisor (RIA) based in Wheaton, IL. Formed in 2017,
the firm is headed by ETF visionaries Bruce Bond and John Southard,
founders of one of the largest ETF providers in the world. Bond and
Southard reentered the asset management industry to bring to market
the Defined Outcome ETFs™, first-of-their-kind investment
products that they felt would change the investing
landscape and bring more certainty to the financial planning
process. Innovator’s category-creating Defined Outcome ETF™ family
includes Buffer ETFs™, Floor ETFs, Accelerated ETFs™ and Managed
Outcome ETFs™. Since the 2018 launch of their flagship Innovator
U.S. Equity Buffer ETF™ suite, Innovator’s solutions have helped
advisors construct portfolios and manage risk to fit their client’s
unique financial needs. Built on a foundation of innovation and
driven by a commitment to help investors better control their
financial outcomes, Innovator is leading the Defined Outcome ETF
Revolution™. For additional information, visit
www.innovatoretfs.com.
About Cboe Global Markets,
Inc.Cboe Global Markets is one of the world’s largest
exchange-holding companies, offering cutting-edge trading and
investment solutions to investors around the world. For more
information, visit www.cboe.com.
About Milliman Financial Risk Management
LLCMilliman Financial Risk Management LLC (Milliman FRM)
is a global leader in financial risk management to the retirement
industry, providing investment advisory, hedging, and consulting
services on approximately $173.5 billion in global assets as of
September 30, 2021. Milliman FRM is one of the largest and
fastest-growing subadvisors of ETFs. For more information about
Milliman FRM, visit www.Milliman.com/FRM.
Media ContactPaul Damon+1 (802)
999-5526paul@keramas.net
Interim Period Shareholders
Unlike structured notes, which offer limited
liquidity, Innovator Defined Outcome ETFs™ trade throughout the day
on an exchange, like a stock. As a result, investors purchasing
shares of a Fund after its launch date may achieve a different
payoff profile than those who entered the Fund on day one.
Innovator recognizes this as a benefit of the Funds and provides a
web-based tool that allows investors to know, in real-time
throughout the trading day, their potential defined outcome return
profile before they invest, based on the current ETF price and the
Outcome Period remaining. Innovator’s web tool can be accessed at
http://www.innovatoretfs.com/define.
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.
Market Disruptions Resulting from
COVID-19. The outbreak of COVID-19 has negatively affected
the worldwide economy, individual countries, individual companies
and the market in general. The future impact of COVID-19 is
currently unknown, and it may exacerbate other risks that apply to
the Fund.
Foreign and Emerging Markets
Risk Non-U.S. securities and Emerging Markets are subject
to higher volatility than securities of domestic issuers due to
possible adverse political, social or economic developments,
restrictions on foreign investment or exchange of securities, lack
of liquidity, currency exchange rates, excessive taxation,
government seizure of assets, different legal or accounting
standards, and less government supervision and regulation of
securities exchanges in foreign countries.
Technology Sector Risk
Companies in the technology sector are often smaller and can be
characterized by relatively higher volatility in price performance
when compared to other economic sectors. They can face intense
competition, which may have an adverse effect on profit
margins.
Small-Cap Risk Small-cap
companies may be more volatile and susceptible to adverse
developments than their mid- and large-cap counterpart. In
addition, the small-cap companies may be less liquid than larger
companies.
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.
* ETF.com’s editorial team
chose the finalists and then the ETF.com Awards Selection
Committee, an independent panel comprised of fifteen of the ETF
industry’s leading analysts, consultants and investors, decided the
winners.
Innovator ETFsTM, Defined Outcome ETFTM, Buffer
ETFTM, Accelerated ETFTM, Stacker ETFTM, Enhanced ETFTM, Define
Your FutureTM, Leading the Defined Outcome ETF RevolutionTM 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 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 © 2022 Innovator Capital Management,
LLC.
800.208.5212
1 ETF count and AUM in all Innovator Defined Outcome ETFs™ as of
6.22.2022, excluding Managed Outcome ETFs™ BUFF, BUFB, BSTP, PSTP2
ETFs use creation units, which allow for the purchase and sale of
assets in the fund collectively. Consequently, ETFs usually
generate fewer capital gain distributions overall, which can make
them somewhat more tax-efficient than mutual funds.3 As of
6.01.20224 Structured notes and structured annuities are financial
instruments designed and created to afford investors exposure to an
underlying asset through a derivative contract. It is important to
note that these ETFs are not structured notes or structured
annuities.5 Defined Outcome ETFs are not backed by the faith and
credit of an Issuing institution, so they are not exposed to credit
risk.
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