Innovator U.S. Small Cap Managed 10 Buffer ETF

Innovator U.S. Small Cap Managed 10 Buffer ETF is an actively managed exchange-traded fund designed to provide capital appreciation from U.S. small capitalization equities while seeking to limit losses through a sophisticated options overlay. It invests at least 80% of its net assets in a diversified portfolio of small-cap equity securities representative of the Solactive United States 2000 Index, combined with put and call option contracts to create targeted downside protection. The fund employs a laddered options strategy featuring four tranches of one-year put options with staggered three-month expiration dates, aiming to deliver 10% buffers against the first 10% of losses in the Russell 2000 Price Return Index at each put option's expiration, though protection is not guaranteed. Premiums from selling short-dated call options, expiring every one to two weeks, fund the protective puts and enhance equity exposure, capping some upside potential. This approach targets reduced volatility of 65% to 75% relative to the small-cap benchmark, offering investors risk-managed access to the dynamic U.S. small-cap market segment focused on growth-oriented companies.