Fund Description: Innovator IBD 50 Fund ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Academy Funds Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Innovator IBD 50 Fund ETF seeks to provide investment returns that closely correspond to the price and yield performance of the IBD 50 Index. INDEX DESCRIPTION: The IBD 50 Index is a computer-generated stock index published by Investor’s Business Daily (IBD). IBD uses proprietary fundamental and technical ratings to compile what IBD considers the 50 leading growth companies that trade on U.S. securities markets. Companies included in the Index must meet minimum earnings, sales, profit margin, volume and technical requirements. Companies meeting these requirements are included in the Index on a price-weighted basis. This means that stocks with higher prices receive a greater weight in the Index. The Index is rebalanced on the last day of each trading week after the U.S. stock market closes. FUND STRATEGY: Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in companies included in the Index. The Fund will generally hold all of the companies included in the Index other than during periods when the Fund is rebalanced due to changes in the constitution of the Index. The Fund, however, will not invest in the Index companies in the same proportion as reflected in the Index. Unlike the Index’s price-weighted basis, the Fund will invest in the companies included in the Index on a conviction basis. This means that the Fund’s advisers will overweight the higher ranked companies in the Index and underweight the lower ranked companies. The Fund’s advisers anticipates that these higher ranked companies may each represent as much as approximately 3.5% of the portfolio at the time of investment while the lower ranked companies may each represent as little as approximately 0.5% of the portfolio at the time of investment. Under normal circumstances, the Fund will invest in a portfolio of U.S.-listed, exchange-traded equities. Typically, the Fund will hold common stocks. It will invest primarily in U.S. equity securities but may, to a lesser extent, invest in equity securities of foreign companies in developed markets, generally through American depositary receipts (ADRs), as well as in emerging markets. The Fund may invest in companies of any size. The Fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Index constituents are concentrated, meaning that it will invest more than 25% of its total assets in that industry or group of industries. Although market conditions and other factors may cause deviations, the advisers typically aims to maintain a portfolio with the following attributes: Fully invested diversified portfolio consisting of U.S.-listed, exchange-traded securities. Long-only positions, no derivatives, no leverage. FUND MANAGEMENT: Innovator Management LLC serves as the investment adviser to the Fund. Penserra Capital Management serves as the sub-adviser to the Fund.