Innovator U.S. Equity Power Buffer ETF - November PNOV Strategy

The investment seeks to provide investors with returns that match the return of the Underlying ETF, up to the upside cap of 13.25% while providing a buffer against the first 15% of Underlying ETF losses, over the period from November 1, 2025 to October 31, 2026. The fund invests under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to the SPDR ® S&P 500 ® ETF Trust (the “Underlying ETF”). FLEX Options are exchange-traded option contracts with uniquely customizable terms. -null-. It is non-diversified.