Innovator Defined Outcome ETFs: The First S&P 500 ETFs that protect against losses of 9%, 15%, or 30%
S&P 500 EXPOSURE
DEFINED PROTECTION LEVELS OF 9%, 15%, or 30%
Innovator Defined Outcome ETFs
PJUL, UJUL Listed August 8th, 2018
BJUL Listing Soon!
INNOVATOR S&P 500
BUFFER ETF
TICKER: BJUL
BUFFER: 9%
CAP: TBD
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INNOVATOR S&P 500
POWER BUFFER ETF
TICKER: PJUL
BUFFER: 15%
CAP: 8.11%
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INNOVATOR S&P 500
ULTRA BUFFER ETF
TICKER: UJUL
BUFFER: 30% (-5% TO -35%)
CAP: 8.77%
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ETF PRICING TOOL
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.
Glossary of Terms
Current Price / Return: The current bid/ask midpoint of the Fund and the return of the Fund, before fees and expenses*, since the start of the Outcome Period.
Cap: The starting maximum potential return, before fees and expenses*, if held to the end of the current Outcome Period.
Remaining Cap: The current maximum potential return available at the ETF's current price, before fees and expenses*, if held to the end of the current Outcome Period.
Buffer: The starting amount of downside protection, before fees and expenses, if held to the end of the Outcome Period.
Remaining Buffer: The current amount of downside protection remaining at the ETF's current price, before fees and expenses*, if held to the end of the Outcome Period.
Downside Before Buffer: The amount of Fund loss incurred before the buffer begins.
Outcome Period: The intended length of time over which the defined outcomes are sought.
Remaining Outcome Period: The amount of days remaining until the last day of the Outcome Period.
*Fees and Expenses: The Fund's management fee of 0.79%, any shareholder transaction fees and any extraordinary expenses.
PRODUCT COMPARISON
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.
  INNOVATOR S&P 500
BUFFER ETF
INNOVATOR S&P 500
POWER BUFFER ETF
INNOVATOR S&P 500
ULTRA BUFFER ETF
Ticker BJUL PJUL UJUL
Description Designed to track the return of the S&P 500, up to a predetermined cap, while protecting 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 protecting 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 protecting 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
Cap TBD 8.11% 8.77%
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
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.
ABOUT INNOVATOR DEFINED OUTCOME ETFS
Innovator Defined Outcome ETFs seek to offer investors exposure to the S&P 500 Price Return Index (S&P 500) with downside protection levels (or "buffers") 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:
MARKET EXPOSURE
Exposure to the S&P 500 Price Return Index (S&P 500)
UPSIDE PERFORMANCE
Exposure to the upside of the S&P 500 to a cap
DOWNSIDE PROTECTION
Defined protection levels of 9%, 15% or 30%
to help protect against loss
OUTCOME PERIOD
These ETFs can be held indefinitely, providing structured returns on a point-to-point basis, resetting annually
HOW THEY WORK
Innovator Defined Outcome ETFs are comprised of CBOE FLEX®Options and are built to provide investors with exposure to the S&P 500 Price Index, and a defined level of downside protection. 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.
INNOVATIVE COLLABORATION
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.
CHICAGO BOARD OPTIONS EXCHANGE
LISTING EXCHANGE
Cboe Holdings, Inc. (NASDAQ: Cboe), owner of the Chicago Board Options Exchange, the Bats exchanges, Cboe Futures Exchange (CFE) and other subsidiaries, is one of the world’s largest exchange holding companies and a leader in providing global investors cutting-edge trading and investment solutions.
Cboe Holdings’ 14 trading venues include the largest options exchange in the U.S. and the largest stock exchange in Europe, and the company is the second-largest stock exchange operator in the U.S. and a leading market globally for ETF trading.
MILLIMAN FINANCIAL RISK MANAGEMENT
SUB-ADVISOR
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 INDEX SERVICES
BENCHMARK
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.
 
The Innovator S&P 500 Buffer ETF (BJUL) is not yet available for investment.
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.
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.
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 innovatoretfs.com. Read it carefully before investing.
Innovator ETFs are distributed by Foreside Fund Services, LLC.
Copyright © 2018 Innovator Capital Management, LLC  |  800.208.5212