Fund Description: Innovator S&P 500 Ultra 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 S&P 500 Ultra Buffer ETF seeks to provide investors with returns that match those of the S&P 500 Price Index, up to the upside cap of 7.83% (prior to taking into account management fees and other fees) and 7.04% (after taking into account management fees and other fees) while providing a buffer against S&P 500 Price Index losses of between 5% and 35%, over the period from 11/1/2019 to 10/31/2020. 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 sub-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. FUND STRATEGY: The Fund The Fund invests at least 80% of its net assets in FLexible EXchange® Options (FLEX Options) that reference the S&P 500 Price Return Index (S&P 500 Price Index OR 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 reference asset for all of the Fund’s FLEX Options is the S&P 500 Price Index, a large-cap, market-weighted, U.S. equities index that tracks the price (excluding dividends) of the 500 leading companies in leading industries. The pre-determined outcomes sought by the Fund, which include the buffer and Cap are based upon the performance of the Index over the period of 11/1/2019 to 10/31/2020. This period is referred to as the initial Outcome Period. In the event that the Index experiences gains over the Outcome Period, the strategy seeks to provide investment returns that match the performance of the Index, up to an upside return cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for the Outcome Period (the Cap). The Fund’s investment sub-adviser has constructed a portfolio principally composed of seven FLEX Options on the Index that are each set to expire on the last day of the Outcome Period. The customizable nature of FLEX Options allows the Sub-Adviser to select the price at which the Index will be exercised at the expiration of each FLEX Option. This is commonly known as the strike price. The Outcomes may be achieved by purchasing and selling call and put FLEX Options to create layers within the Fund’s portfolio. A separate layer is designed to produce the Fund’s ultra buffer. Ultra denotes the Fund’s objective to provide returns that are buffered by up to 30% if the Index experiences a loss of greater than 5% during the course of the Outcome Period. The Fund is classified as non-diversified. FUND MANAGEMENT: Innovator Capital Management, LLC serves as the investment adviser to the Fund. Milliman Financial Risk Management LLC serves as sub-adviser.