Innovator Defined Outcome ETFs: The First S&P 500 ETFs that protect against losses of 9%, 15%, or 30%
January Series: Listed 1/2/2019
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Innovator S&P 500 Defined Outcome ETFs
Defined downside buffer levels  |  Exposures to the S&P 500 upside performance  |  Low-cost, flexible, liquid, and transparent
No credit risk  |  Resets annually and can be held indefinitely
  January Series
Listed on Jan 2, 2019
October Series July Series April Series
Innovator S&P 500 Buffer ETFs
CAP* 22.30% 15.30% 10.85% -
Innovator S&P 500 Power Buffer ETFs
CAP* 13.90% 10.00% 8.11% -
Innovator S&P 500 Ultra Buffer ETFs
30% (-5% TO -35%) BUFFER LEVEL*
CAP* 12.00% 9.99% 8.77% -
* For Current Caps and Buffers, view the ETF Pricing Tool
Weekly Rate Sheet January Series Fact Sheets: BJAN  |  PJAN  |  UJAN
Full Product List October Series Fact Sheets: BOCT  |  POCT  |  UOCT
Investor Guide July Series Fact Sheets: BJUL  |  PJUL  |  UJUL
Your Defined Outcome Experience Defined Outcome Investing Without Credit Risk
Payoff Profiles
Current caps and buffers. Delivered weekly.
The tool below illustrates the share price of the ETF selected, in relation to its cap, outcome period, and buffer (if applicable). Select an ETF from the dropdown menu below, and hover over a datapoint along the line chart to obtain more information.
Performance quoted represents past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Returns less than one year are cumulative. One cannot invest directly in an index. For the most recent month end and standardized performance go to the respective fund page on this website.
Below is a table outlining each Innovator Defined Outcome ETF according to risk tolerance. The buffer levels are fixed for the life of the Funds. The cap levels are established at the beginning of each outcome period based on prevailing market conditions.
Description Designed to track the return of the S&P 500, up to a predetermined cap, while buffering investors against the first 9% of losses over the outcome period, before fees and expenses. The ETF can be held indefinitely, resetting at the end of each outcome period. Designed to track the return of the S&P 500, up to a predetermined cap, while buffering investors against the first 15% of losses over the outcome period, before fees and expenses. The ETF can be held indefinitely, resetting at the end of each outcome period. Designed to track the return of the S&P 500, up to a predetermined cap, while buffering investors against losses from -5% to -35% over the outcome period, before fees and expenses. The ETF can be held indefinitely, resetting at the end of each outcome period.
Risk Tolerance Moderate Growth Conservative Preservation
Starting Buffer 9% 15% 30% (-5% to -35%)
1 yr Return Profile
Holdings Cboe S&P 500 FLEX® Options Cboe S&P 500 FLEX® Options Cboe S&P 500 FLEX® Options
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 Funds is right for you, please see "Investor Suitability" in the prospectus.
There is no guarantee any investment strategy will achieve its objectives, generate profits or avoid loss. Payoff profiles are established upon inception date and options contract roll dates of the ETF. Investors purchasing units of the ETF in between these dates will experience different results, but within the parameters of the established payoff profile.
Conservative and Preservation is not a reference to the funds characteristics and is only intended to describe the risk tolerance an investor may have in the equity market, which is always more risky than actual products intended to preserve capital, such as money market funds. The funds seek to achieve their investment objective by investing in flex options, which carry significant risks.
Innovator Defined Outcome ETFs seek to offer investors exposure to the S&P 500 Price Return Index (S&P 500) with downside buffer levels of 9%, 15%, or 30%, over an Outcome Period of approximately one year, at which point each ETF will reset. This is the first time investors will be able to access structured outcomes through the ETF vehicle. The result is an efficient product suite that seeks the following benefits:
Exposure to the S&P 500 Price Return Index (S&P 500)
Exposure to the upside of the S&P 500 to a cap
Defined buffer levels of 9%, 15% or 30%
to help buffer against loss
These ETFs can be held indefinitely, providing structured returns on a point-to-point basis, resetting annually
Innovator Defined Outcome ETFs are comprised of CBOE FLEX® Options and are designed to provide investors with exposure to the S&P 500 Price Index, and a defined level of downside buffer. These ETFs may be held indefinitely, providing structured returns on a point-to-point basis, resetting annually. The scenario generator below may provide useful information regarding the dynamics of each ETF.
Advancements in the world's economies and technology have allowed financial institutions to develop sophisticated and cost-effective safeguards that help effectively weather volatile markets and create outcomes that are more clearly defined. Innovator Capital Management has harnessed these advancements by working with several of the world's leading financial institutions to build Innovator Defined Outcome ETFs. Together, these global institutions are helping investors better manage risk and move forward with confidence.
Cboe Global Markets, Inc. (Cboe: CBOE) is one of the world's largest exchange holding companies, offering cutting-edge trading and investment solutions to investors around the world. The company is committed to relentless innovation, connecting global markets with world-class technology, and providing seamless solutions that enhance the customer experience.
Cboe offers trading across a diverse range of products in multiple asset classes and geographies, including options, futures, U.S. and European equities, exchange-traded products (ETPs), global foreign exchange (FX) and multi-asset volatility products based on the Cboe Volatility Index (VIX Index), the world's barometer for equity market volatility.
Cboe's trading venues include the largest options exchange in the U.S. and the largest stock exchange by value traded in Europe. In addition, the company is the second-largest stock exchange operator in the U.S. and a leading market globally for ETP trading.
The company is headquartered in Chicago with offices in Kansas City, New York, London, San Francisco, Singapore, Hong Kong and Quito, Ecuador. For more information, visit
Milliman Financial Risk Management LLC (Milliman FRM) is a global leader in financialrisk management to the retirement savings industry. Milliman FRM provides investment advisory, hedging, and consulting services on over $150 billion in global assets (as of September 30, 2017). The practice includes over 150 professionals operating from three trading platforms around the world (Chicago, London, and Sydney). Milliman FRM is a subsidiary of Milliman, Inc.—one of the world’s largest providers of actuarial and related products and services. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe.
S&P Dow Jones Indices is a global leader in providing investable and benchmark indices to the financial markets. To date, the firm calculates over 700,000 indices in multiple countries around the globe, including the S&P 500 Index, the most widely tracked index in the world.
¹Cap shown is before fees and expenses.
*Fees and Expenses: The Fund's management fee of 0.79%, any shareholder transaction fees and any extraordinary expenses.
The initial Outcome Period for the Innovator Defined Outcome July Series ETFs is less than 12 months to allow the period to conclude on June 30, 2019, at which point the Funds will resume their respective anticipated 12-month Outcome Periods, each beginning on July 1st.
Investing involves risks. 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, FLEX Option counterparty risk, cyber security risk, fluctuation of net asset value risk, investment objective risk, limitations of intraday indicative value risk, liquidity risk, management risk, market maker risk, market risk, non-diversification risk, operation risk, options risk, Outcome Period risk, tax risk, trading issues risk, upside participation risk and valuation risk. Unlike mutual funds, the Funds may trade at a premium or discount to their net asset value. ETFs are bought and sold at market price and not individually redeemed from the fund. Brokerage commissions will reduce returns.
The outcomes that a Fund seeks to provide may only be realized if you are holding shares on the first day of the Outcome Period and continue to hold them on the last day of the Outcome Period, approximately one year. If you purchase shares after the Outcome Period has begun or sell shares prior to the Outcome Period’s conclusion, you may experience investment returns very different from those that a Fund seeks to provide.
These Funds are designed to provide point-to-point exposure to the price return of the S&P 500 via a basket of Flex Options. As a result, the ETFs are not expected to move directly in line with the S&P 500 during the interim period.
FLEX Options Risk. The Fund will utilize FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. 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 certain other securities such as standardized options. In 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.
Investors are subject to an upside return Cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for the Outcome Period. Therefore, even though a Fund’s returns are based upon the S&P 500, if the Fund experiences returns for the Outcome Period in excess of the Cap, you will not experience those excess gains but will remain vulnerable to significant downside risks. Regardless of the performance of the S&P 500, the Cap is the maximum return an investor can achieve from an investment in the Fund for the Outcome Period. The Cap will change from year-to-year based upon prevailing market conditions at the beginning of the Outcome Period. The Cap, and the Fund’s position relative to it, should be considered before investing in the Fund.
Similarly, the buffer that the Funds seek to provide is only operative against the percentage (i.e. 9%, 15% and 30%) of S&P 500 losses for the applicable Fund’s Outcome Period. If an investor is considering purchasing shares during the Outcome Period, and the Fund has already decreased in value by an amount equal to or greater than its buffer, an investor purchasing shares at that price will have increased gains available prior to reaching the Cap but may not benefit from the buffer that the Fund seeks to offer for the remainder of the Outcome Period. Conversely, if an investor is considering purchasing Shares during the Outcome Period, and the Fund has already increased in value, then a shareholder may experience losses prior to gaining the protection offered by the buffer. After the S&P 500 has decreased in value by more than a Fund’s buffer during an Outcome Period, the Fund will experience any subsequent losses on a one-to-one basis. There is no guarantee that a Fund will be successful in its attempt to provides buffered returns. The Funds shares will be listed for trading on the CBOE BZX Exchange. The Funds will not terminate after the conclusion of an Outcome Period. After the conclusion of an Outcome Period, another will begin.
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 Read it carefully before investing.
Innovator ETFs are distributed by Foreside Fund Services, LLC.
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