Innovator U.S. Equity Power Buffer ETF - November

Innovator U.S. Equity Power Buffer ETF - November is a defined outcome exchange-traded fund designed to provide exposure to U.S. large-cap equities through the SPDR S&P 500 ETF Trust. The fund uses FLEX options to seek participation in the S&P 500’s price returns up to a preset cap while aiming to buffer the first 15% of losses over its annual outcome period. It is structured for investors seeking a rules-based equity strategy with a built-in cap-and-buffer profile that resets each November. The ETF can be held indefinitely, with each new outcome period establishing updated terms based on prevailing market conditions. Innovator U.S. Equity Power Buffer ETF - November is part of Innovator’s defined outcome lineup and plays a specialized role in the market by combining broad U.S. equity exposure with options-based downside buffering and upside limitation.