Fund Description: Innovator MSCI Emerging Markets Power Buffer ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the Innovator ETFs Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Innovator MSCI Emerging Markets Power Buffer ETF seeks to provide investors with returns that match those of the MSCI Emerging Markets Price Index, up to the upside cap of 12.78% (prior to taking into account management fees and other fees) and 11.89% (after taking into account management fees and other fees) while providing a buffer against the first 15% of MSCI Emerging Markets Price Index losses, over the period from 1/1/2020 to 12/31/ 2020. The Fund is an actively managed ETF and thus, does not seek to replicate the performance of a specific index, but rather uses an active investment strategy to meet its investment objective, however, an actively managed ETF may have an index-based benchmark. Accordingly, the ETF’s investment advisor has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective and investment policies. INDEX DESCRIPTION: The MSCI Emerging Markets Price Index is designed to represent the performance of mid- and large-cap securities in emerging market countries. FUND STRATEGY: The Fund invests at least 80% of its net assets in FLexible EXchange Options (FLEX Options) that reference the Index. FLEX Options are exchange-traded options contracts with uniquely customizable terms. In general, an option contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price. The reference asset for all of the Fund’s FLEX Options is the Index. The pre-determined outcomes sought by the Fund, which include the buffer and Cap are based upon the performance of the Index over the period of 1/1/2020 to 12/31/ 2020. This period is referred to as the initial Outcome Period. Unlike other investment products, the potential returns an investor can receive from an investment in the Fund are subject to an upside return cap. In order to provide the buffer, the Fund purchases a series of put and call FLEX Options. The power buffer that the Fund seeks to provide is only operative against the first 15% of Index losses for the Outcome Period. The Fund is a continuous investment vehicle. It does not terminate and distribute its assets at the conclusion of each Outcome Period. On the termination date of an Outcome Period, the Sub-Adviser will invest in a new set of FLEX Options and another Outcome Period will commence. he Fund is classified as non-diversified. FUND MANAGEMENT: Innovator Capital Management, LLC serves as the Investment Adviser to the Fund. Milliman Financial Risk Management LLC serves as the Sub-Adviser.