Innovator ETFs: Defined Protection ETFs
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EQUITY DEFINED PROTECTION
100% Downside Buffer ETFs
Equity Defined Protection ETFs seek 1:1 upside exposure to the SPDR S&P 500 ETF, to a cap, with a 100% downside buffer against loss over a six-month, 1-year or 2-year outcome period, before fees and expenses.
S&P 500 ETF Exposure
100% Downside Buffer†
1:1 Upside, to a Cap
6-Month, 1-Year, or 2-Year Outcome Period
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.
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 against loss over a two-year outcome period.
S&P 500 ETF Exposure
100% Downside Buffer
1:1 Upside, to a Cap
6-Month, 1-Year & 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.
6-MONTH OUTCOME PERIOD
1-YEAR OUTCOME PERIOD
2-YEAR OUTCOME PERIOD
New Defined Protection ETFs are scheduled to launch at the start of each calendar quarter. 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
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 AGAINST LOSS
    • Designed to provide equity upside, to a cap, with a 100% downside buffer against SPDR S&P 500 ETF losses, over a two-year outcome period.
  • TAX EFFICIENT & NO CREDIT RISK
    • Like the rest of our Buffer ETFs, Defined Protection ETFs are designed to be tax efficient by not distributing any capital gains.
    • Unlike other product structures, Defined Protection ETFs aren’t issued by a bank or insurer and don’t carry any of the associated credit risk.
ADDITIONAL RESOURCES