Innovator U.S. Small Cap Power Buffer ETF - May

Innovator U.S. Small Cap Power Buffer ETF - May is an actively managed exchange-traded fund designed to provide exposure to U.S. small-cap equities through the iShares Russell 2000 ETF. The fund uses FLEX options and a defined outcome structure to seek participation in the ETF’s price return up to a predetermined cap while aiming to buffer the first 15% of losses over each outcome period before fees and expenses. It is structured around an annual May series and can be held beyond a single outcome period, resetting over time. The ETF is intended for investors seeking a rules-based approach to small-cap market exposure with built-in outcome parameters. Its role in the market is to combine broad small-cap equity participation with a managed risk profile, making it a specialized tool within the U.S. equity ETF landscape.