Innovator ETFs: Defined Protection ETFs
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EQUITY DEFINED PROTECTION
100% Downside Buffer
Equity Defined Protection ETFs
Defined Protection ETF List
Potential Outcomes
FAQs
Additional Resources
INVESTOR GUIDE
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Equity market uncertainty and bond market volatility can wreak havoc on investment portfolios. The Innovator Equity Defined Protection ETFs™ offer a compelling way to maintain a defensive posture without taking on interest-rate or credit risk.
Equity Defined Protection ETFs seek 1:1 upside exposure to the SPDR S&P 500 ETF, to a cap, with a 100% downside buffer over a two-year outcome period.
S&P 500 ETF Exposure
100% Downside Buffer
1:1 Upside, to a Cap
2-Year Outcome Period
What are they?
Equity Defined Protection ETFs seek 1:1 upside exposure to the SPDR S&P 500 ETF, to a cap, with a 100% downside buffer over a two-year outcome period.
S&P 500 ETF Exposure
100% Downside Buffer
1:1 Upside, to a Cap
2-Year Outcome Period
Equity Defined Protection ETFs
In addition to having the world’s largest suite of Defined Outcome ETFs™, Innovator currently offers the industry’s first and only suite of Equity Defined Protection ETFs. The 100% buffer is the largest of six different buffer levels offered by Innovator, offering an unprecedented way for investors to help manage their equity market risk.
AAPR
Equity Defined Protection ETF
2 Year to April 2026
100% buffer against loss
18.00% upside potential
Learn more→
AJAN
Equity Defined Protection ETF
2 Year to January 2026
100% buffer against loss
15.81% upside potential
Learn more→
TJUL
Equity Defined Protection ETF
2 Year to July 2025
100% buffer against loss
16.62% upside potential
Learn more→
A new Defined Protection ETF is scheduled to launch at the start of each calendar quarter until the suite is rounded out at eight ETFs. View our full product list here.

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POTENTIAL OUTCOMES
In the hypothetical scenarios below, the Defined Protection ETF's upside cap is assumed to be 16%.
This graph is provided to illustrate the Outcomes that the Fund seeks to provide based upon the performance of the SPDR S&P 500 ETF. There is no guarantee that these Outcomes will be achieved over the course of the Outcome Period. The Outcomes may only be realized by investors who hold the share of the Fund at the outset of the Outcome Period and continue to hold them until the conclusion of the Outcome Period. Investors that purchase Shares after the Outcome Period has begun or sell Shares prior to the Outcome Period's conclusion may experience investment returns very different from those that the fund seeks to provide. There is no guarantee that the Outcomes for an Outcome Period will be realized.
FAQs
More FAQs
Where can Equity Defined Protection ETFs fit?
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  • Due to their 100% downside buffer, we believe Equity Defined Protection ETFs fit into the portfolio as a defensive, low-risk asset.
What can investors expect?
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  • As indicated in the hypothetical scenarios below, Defined Protection ETFs are designed to not participate in the equity market’s downside, while maintaining the potential to participate in its upside to a cap, over the outcome period:
Charts are for illustrative purposes only and are not meant to represent actual performance. Actual results may differ.
Why Defined Protection ETFs?
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  • 100% DOWNSIDE BUFFER
    • Designed to provide equity upside with a 100% downside buffer.
  • ALTERNATIVE TO HOLDING CASH
    • Put your clients' cash back to work and gain equity exposure with a 100% downside buffer.
  • TAX EFFICIENT & NO CREDIT RISK
    • Defined Protection ETFs are tax-deferred until they are sold, and aren’t anticipated to distribute any capital gains.
ADDITIONAL RESOURCES
Product Brief
Download our Defined Protection ETFs Product Brief.
Investor Guide
Download our Defined Protection ETFs Investor Guide.
Portfolio Builder
Check out our portfolio builder tool to learn more about adding Defined Protection ETFs™ to your portfolio.