Innovator Defined Outcome ETFs: The First S&P 500, MSCI EAFE, and MSCI Emerging Markets ETFs that protect against losses of 9%, 15%, or 30%
INNOVATOR DEFINED OUTCOME ETFS℠
LISTED AUGUST 1, 2019
S&P 500 Buffer ETF - August Series (BAUG)
S&P 500 Power Buffer ETF - August Series (PAUG)
S&P 500 Ultra Buffer ETF - August Series (UAUG)
Defined downside buffer levels  |  Exposure to the upside performance of U.S. equity markets to a cap  |  Low-cost, liquid, and transparent  |  No credit risk  |  Resets annually and can be held indefinitely
The funds seek to generate returns that match the price return of the MSCI EAFE and MSCI Emerging Markets Indexes, up to the Cap on potential upside returns, while limiting downside losses. See prospectus for information regarding upside cap. There is no guarantee the funds will achieve their investment objectives. The funds have characteristics unlike other traditional investment products and may not be suitable for all investors.
Defined Outcome Product Table
As of 8/21/2019 9:40 AM
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TickerBuffer TypeSeriesFund
Price
Fund
Return
IndexIndex
Return
Remaining
Cap
Remaining
Buffer
Downside
Before
Buffer
Remaining
Outcome
Period
Materials
BAUGS&P 500 Buffer ETFAugust$24.59-1.81%SPX-2.67%15.70%8.35%0.00%346 days Fact Sheet | Prospectus
PAUGS&P 500 Power Buffer ETFAugust$24.80-0.95%SPX-2.67%10.02%13.62%0.00%346 days Fact Sheet | Prospectus
UAUGS&P 500 Ultra Buffer ETFAugust$24.87-0.69%SPX-2.67%9.68%28.87%-4.34%346 days Fact Sheet | Prospectus
EJULMSCI EM Power Buffer ETFJuly$24.44-3.31%MXEF-7.14%13.10%11.89%0.00%315 days Fact Sheet | Prospectus
IJULMSCI EAFE Power Buffer ETFJuly$22.49-2.38%MXEA-4.86%12.89%13.10%0.00%315 days Fact Sheet | Prospectus
BJULS&P 500 Buffer ETFJuly$25.60-0.74%SPX-1.39%14.85%8.47%0.00%315 days Fact Sheet | Prospectus
PJULS&P 500 Power Buffer ETFJuly$25.68-0.36%SPX-1.39%9.27%14.16%0.00%315 days Fact Sheet | Prospectus
UJULS&P 500 Ultra Buffer ETFJuly$25.76-0.07%SPX-1.39%8.52%29.15%-4.94%315 days Fact Sheet | Prospectus
BJUNS&P 500 Buffer ETFJune$26.474.51%SPX5.39%11.42%9.34%-4.32%285 days Fact Sheet | Prospectus
PJUNS&P 500 Power Buffer ETFJune$26.163.26%SPX5.39%7.03%16.20%-3.15%285 days Fact Sheet | Prospectus
UJUNS&P 500 Ultra Buffer ETFJune$26.143.19%SPX5.39%6.85%30.39%-7.93%285 days Fact Sheet | Prospectus
BAPRS&P 500 Buffer ETFApril$25.652.79%SPX2.33%14.06%8.36%-2.71%224 days Fact Sheet | Prospectus
PAPRS&P 500 Power Buffer ETFApril$25.612.64%SPX2.33%7.77%14.37%-2.57%224 days Fact Sheet | Prospectus
UAPRS&P 500 Ultra Buffer ETFApril$25.572.48%SPX2.33%7.90%29.18%-7.30%224 days Fact Sheet | Prospectus
BJANS&P 500 Buffer ETFJanuary$28.5213.70%SPX15.70%7.56%9.30%-12.05%133 days Fact Sheet | Prospectus
PJANS&P 500 Power Buffer ETFJanuary$27.469.51%SPX15.70%4.01%17.85%-8.68%133 days Fact Sheet | Prospectus
UJANS&P 500 Ultra Buffer ETFJanuary$27.067.91%SPX15.70%3.79%31.86%-11.96%133 days Fact Sheet | Prospectus
BOCTS&P 500 Buffer ETFOctober$24.650.67%SPX-0.46%14.53%7.91%-0.67%41 days Fact Sheet | Prospectus
POCTS&P 500 Power Buffer ETFOctober$24.741.01%SPX-0.46%8.90%13.61%-1.00%41 days Fact Sheet | Prospectus
UOCTS&P 500 Ultra Buffer ETFOctober$24.40-0.36%SPX-0.46%10.39%30.04%-4.66%41 days Fact Sheet | Prospectus
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 standardized performance and the most recent month-end performance, visit the fund's respective overview page.
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  Literature
Weekly Rate Sheet January Fact Sheets: BJAN | PJAN | UJAN
Full Product List April Fact Sheets: BAPR | PAPR | UAPR
Investor Guide June Fact Sheets: BJUN | PJUN | UJUN
Your Defined Outcome Experience July Fact Sheets: EJUL | IJUL | BJUL | PJUL | UJUL
FAQs August Fact Sheets: BAUG | PAUG | UAUG
Payoff Profiles October Fact Sheets: BOCT | POCT | UOCT
Investing Without Credit Risk  
Implementing Defined Outcome ETFs  
Podcast - Creating a Buffer  
How Defined Outcome ETFs Work  
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Current caps and buffers. Delivered weekly.
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.
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, click on the fund details link above.
PRODUCT COMPARISON
Below is a table outlining each Innovator Defined Outcome ETF. 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
BUFFER ETF
INNOVATOR
POWER BUFFER ETF
INNOVATOR
ULTRA BUFFER ETF
Tickers BJAN, BAPR, BJUN,
BJUL, BAUG, BOCT
PJAN, PAPR, PJUN, EJUL,
IJUL, PJUL, PAUG, POCT
UJAN, UAPR, UJUN,
UJUL, UAUG, UOCT
Description Designed to track the return of the index, 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 index, 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 index, 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.
Starting Buffer 9% 15% 30% (-5% to -35%)
1 yr Return Profile
Holdings S&P 500 FLEX® Options S&P 500, MSCI EAFE, MSCI Emerging Markets FLEX® Options 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.
ABOUT INNOVATOR DEFINED OUTCOME ETFS
Innovator Defined Outcome ETFs seek to offer investors exposure to an index (S&P 500, MSCI EAFE, or MSCI Emerging Markets), to a cap, 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:
MARKET EXPOSURE
Exposure to an index
UPSIDE PERFORMANCE
Exposure to the upside of the index, to a cap
DOWNSIDE BUFFERS
Defined buffer levels of 9%, 15% or 30%
to help buffer 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 FLEX® Options and are designed to provide investors with exposure to the S&P 500 Index, MSCI EAFE Index, or MSCI Emerging Markets 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.
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.
CBOE GLOBAL MARKETS
LISTING EXCHANGE
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 www.cboe.com.
MILLIMAN FINANCIAL RISK MANAGEMENT
SUB-ADVISOR
Milliman Financial Risk Management LLC (Milliman FRM) is a global leader in financial risk 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.