Fund Description: Innovator Lunt Low Vol/High Beta Tactical ETF, formerly Elkhorn Lunt Low Vol/High Beta Tactical 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 Lunt Low Vol/High Beta Tactical ETF seeks to provide investment returns that closely correspond to the price and yield performance of the Lunt Capital US Large Cap Equity Rotation Index. INDEX DESCRIPTION: The Lunt Capital US Large Cap Equity Rotation Index utilizes Lunt Capital’s proprietary relative strength methodology to rotate between one of two sub-indices that identify certain components of the S&P 500. The first sub-index is the S&P 500 Low Volatility Index; the second sub-index is the S&P 500 High Beta Index (each, a Sub-Index, and together, the Sub-Indices). The S&P 500 Low Volatility Index is comprised of 100 securities from the S&P 500 Index that have the lowest realized volatility over the past 12 months as determined by Lunt Capital Management, Inc., the Index Provider. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. The S&P 500 High Beta Index is comprised of 100 securities from the S&P 500 Index that have the highest sensitivity to market movements, or beta over the past 12 months. Beta is a measure of relative risk and is the rate of change of a security’s price. At the end of each month, the Index selects the Sub-Index that exhibits the stronger relative strength measurement. This end-of-month evaluation establishes which Sub-Index the Index will invest in for the next month. Since the Index is rebalanced at the end of each month, the Fund may frequently buy and sell portfolio securities. FUND STRATEGY: The Fund generally will invest at least 80% of its total assets in the U.S.-listed large capitalization common stocks that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate the performance of the Index. 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.