Innovator U.S. Equity Power Buffer ETF™ - April PAPR Strategy

The investment seeks the fund seeks to provide investors with returns that match the return of the Underlying ETF, up to the upside cap of 13.98% (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 April 1, 2026 to March 31, 2027. The fund invests at least 80% of its net assets in FLexible EXchange® Options ("FLEX Options") that reference the SPDR® S&P 500® ETF Trust. FLEX Options are exchange-traded options contracts with uniquely customizable terms. It is non-diversified.