Innovator Nasdaq-100 Managed 10 Buffer ETF

Innovator Nasdaq-100 Managed 10 Buffer ETF is an actively managed exchange-traded fund that seeks capital appreciation through participation in the large-capitalization U.S. equity markets represented by the Nasdaq-100 Index while aiming to limit losses with a series of 10% buffers. It invests at least 80% of its net assets in equity securities representative of the Nasdaq-100 and option contracts to achieve this exposure. The fund employs a laddered options strategy, purchasing one-year put option contracts with staggered three-month expiration intervals to provide buffers against the first 10% of Nasdaq-100 losses, measured at the end of each period prior to fees. These puts are funded in part by selling short-dated call options expiring every one to two weeks, which caps upside participation at approximately 80% to 90% of the index's annual returns. The sub-adviser actively monitors and adjusts the portfolio, using representative sampling for equities rather than full replication. This structure offers investors Nasdaq-100 exposure with managed downside risk through ongoing quarterly buffer refreshes, though protection is not guaranteed and depends on NAV at option entry, with market prices potentially varying.