Innovator U.S. Equity Buffer ETF

The Innovator U.S. Equity Buffer ETF - April (BAPR) is an exchange-traded fund listed on the Cboe BZX Exchange, launched on April 1, 2019, and managed by Innovator Capital Management, a Wheaton, Illinois-based firm founded in 2017 by ETF industry veterans Bruce Bond and John Southard. BAPR is classified as a Defined Outcome ETF, seeking to track the return of the S&P 500 Price Return Index up to a predetermined cap while providing a buffer against the first 9% of losses over an approximately annual outcome period. The fund achieves its defined outcome strategy by investing substantially all of its assets in Flexible Exchange Options (FLEX Options), customizable exchange-traded contracts guaranteed for settlement by the Options Clearing Corporation, and resets its protective features and return cap at the conclusion of each annual outcome period. With approximately $401 million in assets under management and a net expense ratio of 0.79%, BAPR is designed for investors seeking risk-managed equity exposure with a degree of downside protection and return predictability.