Fund Description: Innovator Russell 2000 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 Russell 2000 Power Buffer ETF seeks to provide investors with returns that match those of the Russell 2000 Price Index, up to the upside cap of 8.98% (prior to taking into account management fees and other fees) and 8.19% (after taking into account management fees and other fees) while providing a buffer against the first 15% of Russell 2000 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 Russell 2000 Price Index is a float-adjusted capitalization-weighted index of equity securities issued by the approximately 2,000 smallest issuers in the Russell 3000 Index. The Russell 2000 Price Index measures the performance of the small-capitalization sector of the U.S. equity market, as defined by FTSE Russell. The Russell 2000 Price Index is reconstituted on an annual basis. FUND STRATEGY: The Fund invests at least 80% of its net assets in FLexible EXchange Options (FLEX Options) that reference the Russell 2000 Price 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 pre-determined outcomes sought by the Fund, which include the buffer and Cap discussed below, are based upon the performance of the Index over the period of 1/1/2020 through 12/1/2020. This period is referred to as the initial Outcome Period. Following the initial Outcome Period, each subsequent Outcome Period will be a one-year period from 1/1 to 12/1. FUND MANAGEMENT: Innovator Capital Management, LLC serves as the Investment Adviser to the Fund. Milliman Financial Risk Management LLC serves as the Sub-Adviser.