Fund Description: Innovator S&P High Quality Preferred ETF, formerly Elkhorn S&P High Quality Preferred ETF, is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Innovator ETFs Trust II, formerly Elkhorn ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Innovator S&P High Quality Preferred ETF seeks to provide investment returns that closely correspond to the price and yield performance of the S&P U.S. High Quality Preferred Stock Index. INDEX DESCRIPTION: The S&P U.S. High Quality Preferred Stock Index is designed to provide exposure to U.S.-listed preferred stocks that meet the following minimum size, liquidity, type of issuance, and quality criteria: Initial Universe. To be eligible for the Index, a preferred stock must be included in both the S&P U.S. Fixed Rate Preferred Stock Index and the S&P U.S. Investment Grade Preferred Stock Index. The S&P U.S. Fixed Rate Preferred Stock Index comprises preferred stocks that pay dividends at a fixed rate; a fixed-rate preferred stock pays a fixed dividend for its entire term; Market Capitalization. Preferred stocks must have an outstanding market capitalization of more than $100 million; Listing. Preferred stocks that do not trade on a public market are excluded from the Index; Volume. Preferred stocks that have traded more than 250,000 shares per month over the previous six months are eligible for inclusion; and Rating. Preferred stocks must be considered investment grade. FUND STRATEGY: The Fund generally will invest at least 90% of its total assets in U.S.-listed preferred stocks that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate the performance of the Index. In general, preferred stock is a class of equity security that pays a specified dividend that must be paid before any dividends can be paid to common stockholders, and which takes precedence over common stock in the event of the company’s liquidation. Although preferred stocks represent a partial ownership interest in a company, preferred stocks generally do not carry voting rights and have economic characteristics similar to fixed-income securities. Preferred stocks generally are issued with a fixed par value and pay dividends based on a percentage of that par value at a fixed or variable rate. Additionally, preferred stocks often have a liquidation value that generally equals the original purchase price of the preferred stock at the date of issuance. FUND MANAGEMENT: Innovator Capital Management, LLC serves as the investment adviser to the Fund. Penserra Capital Management LLC serves as the Sub- Adviser to the Fund.