Strategy. The Fund is an actively -managed ETF that, under normal market circumstances, seeks to provide current income while seeking to provide capital appreciation. The Fund will invest at least 80% of its net assets (including borrowings for investment purposes) in equity securities and financial instruments that give economic exposure to equity securities through a daily put -write options strategy. The Funds investment adviser is Innovator Capital Management, LLC ( Innovator or the Adviser ) and the Funds investment sub -adviser is Milliman Financial Risk Management LLC ( Milliman or the Sub -Adviser ). The Fund is classified as a non -diversified company under the Investment Company Act of 1940, as amended (the 1940 Act ). As further described below, the … Show more… The Fund is an actively -managed ETF that, under normal market circumstances, seeks to provide current income while seeking to provide capital appreciation. The Fund will invest at least 80% of its net assets (including borrowings for investment purposes) in equity securities and financial instruments that give economic exposure to equity securities through a daily put -write options strategy. The Funds investment adviser is Innovator Capital Management, LLC ( Innovator or the Adviser ) and the Funds investment sub -adviser is Milliman Financial Risk Management LLC ( Milliman or the Sub -Adviser ). The Fund is classified as a non -diversified company under the Investment Company Act of 1940, as amended (the 1940 Act ). As further described below, the Fund seeks to achieve its investment objective by implementing an investment strategy that invests: (i) a portion of its assets in select equity securities that comprise a broad U.S. large capitalization equity index; (ii) in financial instruments that provide 100% notional exposure to the investment performance of a daily put -write options portfolio (the Options Strategy ); and (iii) in U.S. Treasury bills ( U.S. T -Bills ) and/or money market funds. The Funds portfolio is designed to produce the following investment profile: Investment Growth Potential: ? Capital Appreciation. The Fund invests approximately 50% of its net assets in the equity securities of certain companies that are components of the Solactive GBS United States 500 Index (the U.S. Equity Index ), a broad U.S. large -capitalization equity index (the Equity Portfolio ). Through the Equity Portfolio, the Fund seeks to provide capital appreciation by experiencing the performance of the U.S. Equity Index to the extent of the Funds investment. See Investment PortfolioEquity Portfolio below for additional information. ? Current Income. The Fund seeks to provide current income through monthly distributions generated primarily from premiums received from the implementation of the Options Strategy. The Options Strategy generates income from sold single -day expiration, approximately 5 delta out -of-the-money put option contracts that reference the S&P 500 Price Return Index ( SPX ), a broad U.S. large -capitalization index that provides investment results substantially similar to the U.S. Equity Index (the Daily Put Contracts ). As further described below, a 5 delta Daily Put Contract is intended to have a low probability ( i.e. , approximately a 5% chance) of finishing in -the-money , at which point the Funds investment in the Daily Put Contract would experience a loss. As described further below, the Daily Put Contracts have expiration dates of the business day that immediately follows the day the Daily Put Contract is entered into. Through the Options Strategy, the Fund intends to sell Daily Put Contracts which have a notional value ( i.e. , the total underlying amount of a derivatives trade that measures the economic exposure of such position) that covers approximately 100% of the Funds net assets. The Fund also expects to receive income generated by its investments in U.S. T -Bills , money market funds and dividends, if any, from its investments in components of the U.S. Equity Index, as detailed below. See Investment PortfolioOptions Strategy below for additional information. Investment Loss Potential. On a daily basis, the Fund will be subject to the downside performance of the Equity Portfolio and SPX by virtue of the Options Strategy. Through the Equity Portfolio, the Fund has the potential for capital loss by experiencing the daily returns of the U.S. Equity Index to the extent of the Funds investment. In addition, the Fund will experience losses from the Daily Put Contracts if the value of SPX falls below the strike price of the Daily Put Contracts written by the Fund. Because the Options Strategy has a notional value equal to 100% of the Funds assets, losses of the Options Strategy, combined with losses of the Equity Portfolio, may exceed losses experienced by the U.S. Equity Index and/or SPX. The Funds monthly income payments to investors may not be sufficient to offset any such losses on a total return basis. See Options Strategy below for additional information. Investment Portfolio The Fund is designed to provide monthly distribution payments while providing capital appreciation. The following chart represents the Funds portfolio, related investment function of each component, and approximate weightings within the portfolio. The Fund is an actively managed fund, and accordingly, the Sub -Adviser , subject to the supervision of the Adviser, has discretion to select the Funds investments and implement the Funds investment strategies. Fund Holdings Portfolio Investment Approximate Weightings or Notional Value Investment Details Intended Investment Function Options Strategy Notional exposure of approximately 100% of the Funds assets The Fund will sell Daily Put Contracts that cover 100% of the Funds assets through Daily Put Contracts sold directly by the Fund. In addition to Daily Put Contracts, the Fund may also use equity -linked notes ( ELNs ) or swap agreements to implement the Options Strategy. Provides the Fund with recurring monthly income. The Options Strategy generates income in the form of premiums received while subjecting the Fund to potential downside exposure from losses experienced by SPX. The Daily Put Contracts provide income received for selling put options on 100% of the Funds net assets. See Principal Investment StrategiesOptions Strategy and Additional Information About the Funds Principal Investment Strategies for additional information. Equity Portfolio 50% of the Funds assets The Fund invests in a representative sample of equity securities of companies in the U.S. Equity Index. Provides capital appreciation by replicating the returns of the U.S. Equity Index while also providing dividend income, each to the extent of the Funds investment weighting. See Principal Investment StrategiesEquity Portfolio for additional information. U.S. T -Bills and/or Money Market Funds 50% of the Funds assets The Fund invests in: (1) U.S. T -Bills with maturities of less than one year; and/or (2) money market funds. Provides the potential for income and serves as collateral for the Daily Put Contracts. See Principal Investment StrategiesU.S. Treasury Bills and Money Market Funds for additional information. Options Strategy The Fund seeks to provide current income through monthly distributions generated primarily from premiums received from implementing a daily put -write options portfolio. The Fund seeks to obtain 100% notional exposure to the Funds net assets through the implementation of the Options Strategy. In general, an option contract is an agreement between a buyer and seller that gives the purchaser of the option contract the right to buy or sell a particular asset at a specified future date at an agreed upon price. A put option contract gives the buyer of the put option contract the right (but not the obligation) to sell, and the seller of the put option contract (the writer) the obligation to buy, a specified amount of an underlying security at a pre -determined price (the strike price). If the price of the reference asset finishes above the strike price, the option contract expires worthless and the writer of the put option contract will experience a gain equal to the premium received for selling the option contract. If the price of the reference asset finishes below the strike price, the writer of the put option contract will experience losses equal to the difference between the price of the reference asset at exercise and the strike price, offset to the extent of the premiums received for writing the option contract. The Fund will sell exchange -traded option contracts. Exchange -traded option contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange -traded option contracts are guaranteed for settlement by the Options Clearing Corporation ( OCC ). The Fund sells option contracts that reference an index, and are cash -settled European style option contracts. An option is considered to be European style when it can be exercised only at expiration (contrasted with American style which can be exercised at any time prior to expiration). The Options Strategy utilizes daily option contracts ( i.e. , option contracts with an expiration date of the immediately following business day). The Fund implements the Options Strategy which utilizes Daily Put Contracts one -day maturity ( i.e. , options with an expiration date of the close of the next business day), 5 delta put option contracts that reference SPX on a daily basis in order to provide income by virtue of premiums received. The amount of premiums generated by the Daily Put Contracts will vary based on market conditions. Delta is a measurement to calculate the probability that an option contract will finish in -the-money , at which point an investment in the option contract will experience a loss. The Daily Put Contracts are designed to reduce the likelihood such option contracts finish in -the-money , as a 5 delta put option contract is believed to have a 5% chance of finishing in -the-money . While the Options Strategy seeks to minimize the risk associated with the written put option contracts, the Funds sold Daily Put Contracts subject the Fund to risk of loss, including the risk that the Fund may lose a significant amount of its assets in a short period of time. The Fund will experience losses from selling Daily Put Contracts directly if the value of SPX falls below the strike price. The Daily Put Contracts are considered to be uncovered, meaning the Fund does not directly own the securities underlying the option contracts. However, the Fund uses U.S. T -Bills and money market funds as collateral for these purposes and will liquidate assets as necessary to cover any losses incurred by its sold put option contracts. In addition to the usage of Daily Put Contracts, the Fund may also use ELNs or swap agreements to implement the Options Strategy. The Fund may use ELNs or swap agreements to obtain 100% notional exposure to the Daily Put Contracts. ELNs are hybrid derivative -type instruments that are designed to combine the characteristics of one or more reference securities (e.g., a single stock, a stock index or a basket of stocks) and a related equity derivative. ELNs are structured as notes that are issued by counterparties, including banks, broker -dealers or their affiliates, and that are designed to offer a return linked to the underlying instruments within the ELN. A swap agreement is an instrument entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a swap transaction, the Fund and a counterparty will agree to exchange or swap payments based on the change in value of the underlying reference assets. Equity Portfolio The Fund seeks to provide capital appreciation, as well as the potential for income, through the Equity Portfolio. The Fund anticipates investing approximately 50% of its assets in select equity securities of companies that are components of the U.S. Equity Index. As a result, the Fund will not experience the full extent of the investment gains or losses of the U.S. Equity Index, because only a portion of the Funds assets ( i.e. , approximately 50%) are invested in the Equity Portfolio. The U.S Equity Index seeks to provide the returns of the 500 largest U.S. companies, as measured by market capitalization. The U.S. Equity Index is comprised of the common stock of the largest 500 U.S. companies ranked by total market capitalization (according to the securities free float market capitalization) in descending order. The U.S. Equity Index is rebalanced and reconstituted quarterly. The Fund will not invest in each component of the U.S. Equity Index. Rather, the Funds investment weightings of the constituents of the U.S. Equity Index in the Equity Portfolio will seek to provide returns that are substantially similar to the U.S. Equity Index. To the extent the Funds representative sampling approach fails to replicate the returns of the U.S. Equity Index, the level of noncorrelation with the returns of the U.S. Equity Index could increase and the Fund may further underperform the U.S. Equity Index. For additional information relating to the U.S. Equity Index, see Additional Information About the Funds Principal Investment Strategies. The Fund may receive additional income through the Equity Portfolio to the extent any companies in which it invests pay dividends. Any dividend payments received by the Fund will be paid to investors as part of its anticipated monthly distributions. U.S. Treasury Bills and Money Market Funds The Fund invests approximately 50% of its assets in: (1) U.S. T -Bills with maturities of less than one -year (the Sub -Adviser generally expects to use U.S. T -Bills with one or three month maturities); and/or (2) money market funds. U.S. Treasury securities are government debt instruments issued by the United States Department of Treasury and are backed by the full faith and credit of the United States government. Money market funds is a type of fund that invests in cash, cash equivalents and short -term debt securities, and seeks to generate income while minimizing risk. It is possible for the Fund to lose money by investing in money market funds. Money market funds are subject to management fees and other expenses of those funds, and the Fund will bear proportionately the costs incurred by the money market funds operations in addition to the Funds management fee. The Funds investment in U.S. T -Bills and/or money market funds provides an opportunity for additional income to the Fund and serves as collateral for the Funds sold put option contracts, if any. The Funds investments in U.S. T -Bills and/or money market funds may be greater than 50% to the extent the Fund needs additional collateral for its direct selling of put option contracts. Show less