Fund Description: IInnovator S&P 500 Power Buffer ETF - June 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 S&P 500 Power Buffer ETF - June seeks to provide investors with returns that match those of the S&P 500 Price Index, up to the upside cap of 10.52% (prior to taking into account management fees and other fees) and 9.73% (after taking into account management fees and other fees) while providing a buffer against the first 15% of S&P 500 Price Index losses, over the period from June 1, 2019 to May 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 advisors has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective and investment policies. FUND STRATEGY: The Fund will invest substantially all of its assets in FLexible EXchange Options (FLEX Options) on the S&P 500 Price Return Index (S&P 500 Price Index). FLEX Options are customizable exchange-traded option contracts guaranteed for settlement by the Options Clearing Corporation. The Fund uses FLEX Options to employ a “defined outcome strategy. Defined outcome strategies seek to produce pre-determined investment outcomes based upon the performance of an underlying security or index. The pre-determined outcomes sought by the Fund, which include the buffer and cap discussed below (Outcomes), are based upon the performance of the S&P 500 Price Index over the period of 6/1/2019 through 5/31/2020. This period is referred to as the initial Outcome Period. Following this initial Outcome Period, each subsequent Outcome Period will be a one-year period from 6/1 to 5/31. FUND MANAGEMENT: Innovator Capital Management, LLC serves as the investment adviser to the Fund. Milliman Financial Risk Management LLC serves as the Sub- Adviser to the Fund.