Innovator U.S. Equity Buffer ETF

The Innovator U.S. Equity Buffer ETF - December (BDEC) is a Defined Outcome ETF listed on the Cboe BZX Exchange, managed by Innovator Capital Management, LLC, a pioneering firm founded in 2017 and headquartered in Wheaton, Illinois, that created the world's first Buffer ETFs in 2018. BDEC seeks to track the price return of the SPDR S&P 500 ETF Trust (SPY) up to a predetermined upside cap, while providing a built-in buffer against the first 9% of losses over an annual outcome period ending each December. The fund achieves its defined outcomes through a laddered FLEX options strategy, investing at least 80% of its net assets in FLEX call and put options referencing SPY, with an expense ratio of 0.79% and approximately $218 million in assets under management. As part of Innovator's broader suite of more than 100 Defined Outcome ETFs spanning multiple asset classes, BDEC is designed for investors seeking risk-managed exposure to large-cap U.S. equities with downside protection and upside participation, resetting its cap and buffer annually to allow indefinite holding.