Innovator Defined Outcome ETFs: The First ETFs that protect against losses of 9%, 15%, or 30%
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General Defined Outcome
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Defined Outcome ETFs Overview
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Your Defined Outcome Experience
Tax Efficiency: Defined Outcome ETFs™
At the Forefront of Innovation
Common Questions: Defined Outcome ETFs
Use Case for Defined Outcome ETFs by Institutions
Positioning and Implementation
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April 2024 Featured ETFs
2024 Investment Outlook
Model Portfolios Overview
Buffer ETFs Stand Out During Recent Rate Hikes
Create a "Step-up" Strategy
Take Risk Management into Your Own Hands
PJAN & BALT: A Look at Two Year Performance
Time to Re-Enter International Markets with a Buffer
Forward-Looking Investing
The Risks in Target Date Funds
Defined Income ETFs
Investor Guide
ETFs Listed Jan 2nd - Overview
Buffer Income Product Brief
Income Barrier Product Brief
Income Barrier FAQ
How Income Barrier ETFs Work
Understanding Your Experience
The Effectiveness of Downside Barriers
Buffer ETFs
Investor Guide
Buffer ETF Basics
Quarterly Buffer ETFs Investor Guide
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Payoff Profiles
Podcast - Creating a Buffer
How Buffer ETFs Work
How Defined Outcome ETFs Rebalance
Trading Innovator Defined Outcome ETFs™
How to Get Started with Buffer ETFs
Defined Protection ETFs
Investor Guide
Product Brief
How Defined Protection ETFs Work
Investor Guide
Tale of the Tape
Bond ETFs
Investor Guide
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Investor Guide
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How Accelerated ETFs Work
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Accelerated ETFs In Action
Accelerated ETFs - Tactical Opportunities

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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.
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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.
Fund return and current outcome period values assume reinvestment of capital gain distributions, if any. Investors purchasing the fund intra-period will achieve a different defined outcome than those who entered on day one. The remaining cap represents the maximum return the fund can achieve at its current price. The index may need to rise higher or lower than the remaining cap before the remaining cap is realized. If the remaining buffer is greater than the fund's starting buffer, a portion of the buffer will be realized before the downside before buffer begins. After the downside before buffer has been realized, the final portion of the buffer will begin again.
This tool is the proprietary design and functionality process of Innovator Capital Management LLC, and is included within the scope of its filed patent application. All rights are reserved, and any use or duplication of this tool by any third party, without the express written consent in advance by Innovator, is prohibited.
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.
Description Designed to track the return of the reference asset, 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 reference asset, 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 reference asset, 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 SPY, S&P 500 FLEX® Options SPY, S&P 500, EEM, EFA, NASDAQ-100, QQQ, Russell 2000 FLEX® Options SPY, 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 Buffer Outcome ETFs seek to offer investors exposure to a benchmark reference asset, 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:
Exposure to a reference asset
Exposure to the upside of the reference asset, 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 FLEX® Options and are designed to provide investors with broad market ETF and index exposure, 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 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.