Innovator Readies April Series of Defined Outcome S&P 500 Buffer ETFs

Innovator Capital Management, LLC (Innovator) announced today the anticipated upside cap ranges and return profiles for the April Series of Innovator S&P 500 Buffer ETFs, scheduled for Cboe listing on April 1, 2019.

The Innovator S&P 500 Buffer ETFsm suite seeks to provide investors with exposure to the S&P 500 Price Return Index (S&P 500) up to a Cap, with downside buffer levels of 9%, 15%, or 30% over an Outcome Period of approximately one year. The ETFs reset annually and can be held indefinitely.

Return profiles for the Innovator S&P 500 Buffer ETFsm April Series, as of 3/18/19

Ticker		Name	Buffer Level	Cap Range*	Outcome Period
BAPR		Innovator S&P 500 Buffer ETF	9.00%	13.91 - 18.51% (gross) 13.12 - 17.72% (net of management fee)	12 months 4/01/19 - 3/31/20
PAPR		Innovator S&P 500 Power Buffer ETF	15.00%	9.26 - 11.05% (gross) 8.47 - 10.26% (net of management fee)	12 months 4/01/19 - 3/31/20
UAPR		Innovator S&P 500 Ultra Buffer ETF	30.00% (-5% to -35%)	8.96 - 10.74% (gross) 8.17 - 9.95% (net of management fee)	12 months 4/01/19 - 3/31/20

* The Cap Ranges above are based on the highest and lowest Cap as illustrated by the Funds’ strategy from 1/31/19 - 3/1/19 and are shown gross and net of the 0.79% management fee. The actual Cap for each Fund will be set at the beginning of the Outcome Period, and is dependent upon market conditions at that time. As a result, the Cap set by each Fund may be higher or lower than the Cap Range. “Cap” refers to the maximum potential return, before fees and expenses and any shareholder transaction fees and any extraordinary expenses, if held over the full Outcome Period. “Buffer” refers to the amount of downside protection the fund seeks to provide, before fees and expenses, over the full Outcome Period. Outcome Period is the intended length of time over which the defined outcomes are sought. Upon fund launch, the Caps can be found on a daily basis via www.innovatoretfs.com. BAPR, PAPR and UAPR are not yet available for investment.

“We believe the Innovator Defined Outcome ETFsm suite is solving a key challenge for millions of Americans by providing the ability to stay invested in the market, knowing they have both upside growth potential with specific built-in downside buffer levels,” said Bruce Bond, CEO of Innovator ETFs. “The defined outcome investment space has historically been dominated by bank and insurance products. Innovator has pioneered the delivery of defined investment outcomes through the benefit-rich ETF structure, providing investors access to specific payoff profiles in a way that eliminates corporate credit risk, and is more liquid, transparent, and cost-effective than ever before.”

“No other ETFs in the market today seek to offer investors defined exposures to the S&P 500, where the downside buffer level, upside growth potential, and outcome period can all be known, prior to investing,” added John Southard, Innovator’s Chief Investment Officer. “Our Defined Outcome S&P 500 Buffer ETFs represent a new category of market exposure that can help investors more effectively manage through volatile markets.”

The Innovator S&P 500 Buffer ETFSM suite is the only ETFs in the world to provide investors with S&P 500 performance and defined downside buffers. The ETFs provide defined outcomes over one-year periods, are rebalanced annually, and can be held indefinitely. Innovator S&P 500 Buffer ETFs, with over $379 million in AUM as of March 15, 2019, are among the fastest growing new category of ETFs in the market today.

Upcoming Webinars

Continuing educational efforts around Defined Outcome investing and implementation of the Innovator S&P 500 Buffer ETF suite, Innovator will be hosting a series of webinars; the next one scheduled for March 21, 2019 at 4:15pm ET. Additional information including event registration is available using the following link: http://www.innovatoretfs.com/webinars

The Funds have characteristics unlike many other traditional investment products and may not be suitable for all investors. For more information regarding whether an investment in the Fund is right for you, please see “Investor Suitability” in the prospectus.

Innovator Defined Outcome S&P 500 Buffer ETFs – April Series

Innovator S&P 500 Buffer ETF (Cboe: BAPR): Designed to track the return of the S&P 500 (up to a predetermined Cap) while buffering investors against the first 9% of losses over the Outcome Period, before fees and expenses.

Innovator S&P 500 Power Buffer ETF (Cboe: PAPR): Designed to track the return of the S&P 500 (up to a predetermined Cap) while buffering investors against the first 15% of losses over the Outcome Period, before fees and expenses.

Innovator S&P 500 Ultra Buffer ETF (Cboe: UAPR): Designed to track the return of the S&P 500 (up to a predetermined Cap) while buffering investors against a decline of 30% of losses over the Outcome Period, from -5% to -35%, before fees and expenses. Investors are exposed to loss between 0% and 5% and over 35% over the Outcome Period, before fees and expenses.

About Innovator Defined Outcome S&P 500 Buffer ETFs

Each Innovator Defined Outcome S&P 500 Buffer ETF seeks to provide defined exposure to the S&P 500, where the downside buffer level, upside growth potential to a Cap, and Outcome Period are all known, prior to investing.

Innovator has listed Defined Outcome Buffer ETFs in a quarterly series to provide investors an opportunity to purchase shares as close to the beginning of their respective Outcome Periods as possible. Investors can also purchase shares of a previously listed Defined Outcome Buffer ETF throughout the entire Outcome Period; and obtain a current set of defined outcome parameters, which are disclosed daily through a web tool available at: http://innovatoretfs.com/define/.

Innovator is focused on delivering defined outcome based solutions inside the benefit-rich ETF wrapper, retaining many of the features that have contributed to the success of structured products1 (e.g., downside buffer levels, defined outcome parameters), but with the added benefits of transparency, liquidity and lower costs afforded by the ETF structure.

Interim Period Shareholders

Unlike structured notes, which offer limited liquidity, Innovator Defined Outcome Buffer ETFs trade throughout the day on an exchange, like a stock. As a result, investors purchasing shares of a Fund after its launch date may achieve a different payoff profile than those who entered the Fund on day one. Innovator recognizes this as a benefit of the Funds and provides a web-based tool that allows investors to know, in real-time throughout the trading day, their potential defined outcome profile before they invest, based on the current ETF price and the Outcome Period remaining. Innovator’s web tool can be accessed at http://www.innovatoretfs.com/define.

ETF Construction

Each Fund will hold a portfolio of custom exchange-traded FLEX Options that have varying strike prices (the price at which the option purchaser may buy or sell the security, at the expiration date), and the same expiration date (approximately one year). The layering of these FLEX Options with varying strike prices provides the mechanism for producing a Fund’s desired outcome (i.e. Cap or buffer). Each Fund intends to roll options components annually, on the last business day of the month associated with each Fund.

The ETFs will be subadvised by Milliman Financial Risk Management LLC (Milliman FRM), a global leader in financial risk management. Milliman FRM was also instrumental in the design of the Cboe S&P 500 Target Outcome Indexes, which the Innovator Defined Outcome ETFs are benchmarked against.

Although each Fund seeks to achieve the defined outcomes stated in its investment objective, there is no guarantee that it will do so. The returns that the Funds seek to provide do not include the costs associated with purchasing shares of the Fund and certain expenses incurred by the Fund.

About Innovator Capital Management, LLC

Innovator Capital Management, LLC is an SEC registered investment advisor (RIA) based in Wheaton, IL. Formed in 2014, the firm is currently headed by ETF visionaries Bruce Bond and John Southard, founders of one of the largest ETF providers in the world. Innovation is our hallmark and acts as a guide to our company principles. Innovator is committed to helping investors better control their financial outcomes by providing investment opportunities they never considered or thought possible. For additional information, visit www.innovatoretfs.com.

About Cboe Global Markets, Inc.

Cboe Global Markets, Inc. (Cboe: CBOE | Nasdaq: CBOE) is one of the world’s largest exchange-holding companies, offering cutting-edge trading and investment solutions to investors around the world. For more information, visit www.cboe.com.

About Milliman Financial Risk Management LLC

Milliman Financial Risk Management LLC (Milliman FRM) is a global leader in financial risk management to the retirement industry, providing investment advisory, hedging, and consulting services on over $141 billion in global assets as of December 31, 2018. For more information about Milliman FRM, visit www.Milliman.com/FRM.

Media ContactBill Conboy+1 (303) [e-mail]

1 Structured notes and structured annuities are financial instruments designed and created to afford investors exposure to an underlying asset through a derivative contract. It is important to note that these ETFs are not structured notes or structured annuities.

Investing involves risks. The Funds face numerous market trading risks, including active markets risk, authorized participation concentration risk, buffered loss risk, Cap change risk, capped upside return risk, correlation risk, FLEX Option counterparty risk, cyber security risk, fluctuation of net asset value risk, investment objective risk, limitations of intraday indicative value risk, liquidity risk, management risk, market maker risk, market risk, non-diversification risk, operation risk, options risk, Outcome Period risk, tax risk, trading issues risk, upside participation risk and valuation risk. Unlike mutual funds, the Funds may trade at a premium or discount to their net asset value. ETFs are bought and sold at market price and not individually redeemed from the Fund. Brokerage commissions will reduce returns.

The outcomes that a Fund seeks to provide may only be realized if you are holding shares on the first day of the Outcome Period and continue to hold them on the last day of the Outcome Period, approximately one year. If you purchase shares after the Outcome Period has begun or sell shares prior to the Outcome Period’s conclusion, you may experience very different investment returns from those that a Fund seeks to provide.

These Funds are designed to provide point-to-point exposure to the price return of the S&P 500 via a basket of FLEX Options. As a result, the ETFs are not expected to move directly in line with the S&P 500 during the interim period.

FLEX Options Risk. The Fund will utilize FLEX Options issued and guaranteed for settlement by the Options Clearing Corporation (OCC). The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. The values of FLEX Options do not increase or decrease at the same rate as the reference asset and may vary due to factors other than the price of reference asset.

Fund shareholders are subject to an upside return cap (the "Cap") that represents the maximum percentage return an investor can achieve from an investment in the funds' for the Outcome Period, before fees and expenses. If the Outcome Period has begun and the Fund has increased in value to a level near to the Cap, an investor purchasing at that price has little or no ability to achieve gains but remains vulnerable to downside risks. Additionally, the Cap may rise or fall from one Outcome Period to the next. The Cap, and the Fund's position relative to it, should be considered before investing in the Fund. The Funds' website, www.innovatoretfs.com, provides important Fund information as well information relating to the potential outcomes of an investment in a Fund on a daily basis.

The Funds only seek to provide shareholders that hold shares for the entire Outcome Period with their respective buffer level against S&P 500 Price Index losses during the Outcome Period. You will bear all S&P 500 Price Index losses exceeding 9%, 15%, and 30%, respectively. Depending upon market conditions at the time of purchase, a shareholder that purchases shares after the Outcome Period has begun may also lose their entire investment. For instance, if the Outcome Period has begun and the Fund has decreased in value beyond the pre-determined 9% buffer, an investor purchasing shares at that price may not benefit from the buffer. Similarly, if the Outcome Period has begun and the Fund has increased in value, an investor purchasing shares at that price may not benefit from the buffer until the Fund's value has decreased to its value at the commencement of the Outcome Period.

Each Fund’s investment objectives, risks, charges and expenses should be considered before investing. The prospectus contains this and other important information, and may be obtained at www.innovatoretfs.com or 800.208.5212. Read it carefully before investing.

Cboe Global Markets, Inc., and its affiliates do not recommend or make any representation as to possible Benefits from any securities, futures or investments, or third-party products or services. Cboe Global Markets, Inc., is not affiliated with S&P DJI, Milliman, or Innovator Capital Management. Investors should undertake their own due diligence regarding their securities, futures and investment practices.

Cboe Global Markets, Inc., and its affiliates make no warranty, expressed or implied, including, without limitation, any warranties as of merchantability, fitness for a particular purpose, accuracy, completeness or timeliness, or as to the results to be obtained by recipients of the products.

Innovator ETFs are distributed by Foreside Fund Services, LLC.

Copyright © 2019 Innovator Capital Management, LLC.

800.208.5212