Innovator U.S. Equity Ultra Buffer ETF - May

Innovator U.S. Equity Ultra Buffer ETF - May is an exchange-traded fund designed to provide exposure to U.S. large-cap equities through a defined outcome strategy. The fund seeks to deliver the return of the S&P 500 Price Return Index up to a predetermined cap while aiming to buffer a specified range of losses over each annual outcome period. It uses options-based positioning and collateral to pursue this payoff profile, making it part of the growing category of buffer ETFs used by investors looking for moderated market participation. The May series resets at the end of each outcome period, allowing the strategy to continue over time. As a listed product from Innovator Capital Management, the ETF plays a role in the U.S. equity market by combining broad market exposure with a rules-based risk management structure.