A New Tool for Risk Managed Income

Important Disclosures

For financial professional use only.

If the Outcome Period has begun and the Fund has experienced a positive return, an investor purchasing shares may be subject to losses that exceed any losses of the Underlying ETF for the remainder of the Outcome Period and may have diminished or no ability to experience further Accelerated Return, therefore exposing the investor to greater downside risks.

The funds only seek to provide their investment objective, which is not guaranteed, over the course of an entire outcome period. Investors who purchase shares after or sell shares before the end of an outcome period will experience very different outcomes than the funds seek to provide.

The Funds are designed to provide point-to-point exposure to the price return of a reference asset via a basket of Flex Options. As a result, the ETFs are not expected to move directly in line with the reference asset during the interim period. Additionally, FLEX Options may be less liquid than standard options. In a less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices.

The Fund’s strategy seeks to provide returns that are equal to the Yield Rate that is set for each Outcome Period, subject to the losses of the U.S. Equity Index to the extent its price return decreases below the Barrier. The Yield Rate is the combination of the yield received on the Fund’s U.S. Treasury investments plus the premiums received from selling Barrier Options. While the Fund is designed to produce a high level of income through the Yield Rate, the Fund may underperform the returns experienced by other funds. Any positive returns that Fund shareholders receive for an Outcome Period are entirely dependent on the Yield Rate. The Fund does not experience any of the price return increases of the U.S. Equity Index despite being subject to the downside losses of the U.S. Equity Index. Therefore, the Fund will not experience any positive price returns of the U.S. Equity Index, if any, and would underperform the U.S. Equity Index to the extent there are any price return gains that exceed the Yield Rate. While the Fund seeks to provide the Yield Rate, it is not guaranteed that it will be successful in doing so.

The Funds are subject to the losses of the U.S. Equity Index if such losses exceed the Barrier, meaning that if the U.S. Equity Index decreases by more than the amount of the Barrier, the Funds will be subjected to the entirety of the losses of the U.S. Equity Index for the Outcome Period. If the U.S. Equity Index’s value loses less than the amount of the Barrier at the end of the Outcome Period, the Barrier Options will expire worthless and the Funds will not be subject to the losses of the U.S. Equity Index for the Outcome Period. There is no guarantee that the Funds will be successful in their strategy to implement the Barrier. A shareholder may lose its entire investment. In the event an investor purchases Shares after the commencement of the Outcome Period or sells Shares prior to the expiration of the Outcome Period, the Barrier that the Funds seek to provide may not be available. In addition, the operationality of the Barrier is such that the Funds may experience dramatic changes in value of its NAV at the end of the Outcome Period, even if the changes in the U.S. Equity Index are minimal. If the U.S. Equity Index’s value is at or near the Barrier at the end of the Outcome Period, small changes in the value of the U.S. Equity Index could result in dramatic changes in the value of the Barrier Options and therefore the Funds’ NAVs. Investors should understand these risks before investing in the Fund.

The Funds’ investment objectives, risks, charges and expenses should be considered carefully before investing. The prospectus contains this and other important information, and it may be obtained at innovatoretfs.com. Read it carefully before investing.

Innovator ETFs are distributed by Foreside Fund Services, LLC.