Innovator U.S. Small Cap Power Buffer ETF - May KMAY Strategy

The investment seeks to provide investors with returns that match the return of the Underlying ETF, up to the upside cap of 18.45% (prior to taking into account management fees and other fees) while providing a buffer against the first 15% (prior to taking into account management fees and other fees) of Underlying ETF losses, over the period from May 1, 2026 to April 30, 2027. The fund has adopted a policy pursuant to Rule 35d-1 under the 1940 Act to invest, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to the iShares Russell 2000 ETF. The fund is non-diversified.