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Innovator Capital Management, LLC (Innovator) today announced the new upside caps and return profiles for the January series of Innovator’s Defined Outcome ETFs™, including the latest Stacker ETFs™, which list today on the Cboe. The return profiles for the ten ETFs in the January series will span the calendar year to December 31st 2021, aligning with many advisors’ annual rebalancing and portfolio management activities.

The January series includes the Power Buffer ETFs™ on the Nasdaq-100 QQQ ETF (NJAN), the Russell 2000 IWM ETF (KJAN), MSCI EAFE EFA ETF (IJAN) and MSCI Emerging Markets EEM ETF (EJAN), which completed their first annual outcome period and reset at the end of the month, as well as the S&P 500 Buffer ETFs™ – Innovator S&P 500 Buffer ETF™ - January (BJAN), Innovator S&P 500 Power Buffer ETF™ - December (PJAN) and Innovator S&P 500 Ultra Buffer ETF™ - December (UJAN) – which finished their second annual outcome period.

Additionally, Innovator is listing the second quarterly series of its Stacker ETFs™, the world’s first ETFs that seek to offer "stacked" exposure to two or three equity markets (via the price returns of SPY, QQQ, and IWM) to a cap, and downside exposure to the SPY only, over a one year outcome period. The January Stacker ETFs include the Innovator Triple Stacker ETF™ - January (TSJA), Innovator Double Stacker ETF™ - January (DSJA) and Innovator Double Stacker 9 Buffer ETF™ - January (DBJA).

Return profiles for the Innovator Defined Outcome ETFs™ – January series, as of 1/01/21

Ticker	Name	Buffer Level		Cap*		Outcome Period
TSJA	Innovator Triple Stacker ETF™ - January	NA		SPY Upside Cap: 6.10%		12 months 1/01/21 – 12/31/21
				QQQ Upside Cap: 6.10%
				IWM Upside Cap: 6.10%
				Total Upside Cap: 18.30%
DSJA	Innovator Double Stacker ETF™ - January	NA		SPY Upside Cap: 9.81%		12 months 1/01/21 – 12/31/21
				QQQ Upside Cap: 9.81%
				Total Upside Cap: 19.62%
DBJA	Innovator Double Stacker 9 Buffer ETF™ - January	9.00%				12 months 1/01/21 – 12/31/21
				SPY Upside Cap: 6.20%
				QQQ Upside Cap: 6.20%
				Total Upside Cap: 12.40%
NJAN	Innovator Nasdaq-100	15.00%		12.61%		12 months
	Power Buffer ETF™ - January					1/01/21 – 12/31/21
KJAN	Innovator Russell 2000	15.00%		12.75%		12 months
	Power Buffer ETF™ - January					1/01/21 – 12/31/21
IJAN	Innovator MSCI EAFE	15.00%		8.82%		12 months
	Power Buffer ETF™ - January					1/01/21 – 12/31/21
EJAN	Innovator MSCI Emerging Markets	15.00%		10.35%		12 months
	Power Buffer ETF™ - January					1/01/21 – 12/31/21
BJAN	Innovator S&P 500	9.00%		14.90%		12 months
	Buffer ETF™ - January					1/01/21 – 12/31/21
PJAN	Innovator S&P 500	15.00%		9.75%		12 months
	Power Buffer ETF™ - January					1/01/21 – 12/31/21
UJAN	Innovator S&P 500	30.00%		6.80%		12 months
	Ultra Buffer ETF™ - January	(-5% to -35%)				1/01/21 – 12/31/21

* The Caps above are shown gross of each fund’s management fee (.79% for all ETFs listed above except IJAN (.85%) and EJAN (.89%)). “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.

“While we’re very excited to put 2020 behind us, with many stock and credit benchmarks near record highs, 2021 presents a challenging market environment for investment portfolios,” said Bruce Bond, CEO of Innovator ETFs. “According to Barron’s December 18th cover story, most Wall Street strategists see low to modest potential gains for major stock benchmarks over the calendar year. At the same time, the consensus of forecasters thinks rates will rise, which could lead to losses in bond portfolios. In a low-to-modest-return environment, advisors can potentially enhance equity returns with Innovator’s Stacker ETFs. For advisors who are wary of today’s high stock market levels and valuations as the global economy continues to battle the pandemic, as well as the potential for price losses on bonds if rates rise, the Buffer ETFs can help clients stay invested in the market with built-in buffers against a known amount of loss. Whether an advisor has a bearish or bullish market view for 2021, or whether an investor has a low or high risk tolerance, Innovator has a Defined Outcome ETF to help them implement their view and better match their risk appetite.”

The ETFs reset annually and can be held indefinitely. For additional information, visit the Innovator Defined Outcome ETF Pricing Tool.

Starting with the January series, Innovator will be transitioning reference assets of the underlying options within its Defined Outcome Buffer ETFs™ to achieve the stated outcomes with ETF-based, or fund-based, options rather than index-based options. Innovator’s Equity Buffer ETFs™ have traditionally used index-based options while the Defined Outcome Bond ETFs and Stacker ETFs™ have been constructed using fund-based options. This change is intended to streamline market making and increase the operational efficiencies of the tax-efficient Buffer ETFs™ and will not materially impact shareholders. The Buffer ETFs™ will continue to draw from the same deeply liquid options markets pools that underpin the strategies, the level of the upside caps achieved should be unaffected and no tax event will be triggered given the options can be transferred in-kind. “These operational changes are intended to harness the power and efficiencies of the ETF wrapper even further for the benefit of our Defined Outcome Buffer ETF™ investors,” added Bond.

Innovator Defined Outcome ETFs - Benefits to Advisors

• Pioneer and creator of Defined Outcome ETFs™ with 57 ETFs and over $3.6 billion AUM across family1
• Tax-efficient exposure to five broad equity benchmarks (S&P 500, NASDAQ-100, Russell 2000, MSCI EAFE, MSCI EM), including ETFs based on those indexes, the 20+ Year U.S. Treasury Market and now including the Stacker ETFs, the world’s first ETFs to offer a “stacked” exposure to two or three benchmark equity index ETFs on the upside, to a cap, with downside exposure to the S&P 500 only
• Monthly issuance on the S&P 500 and SPY with three buffer levels (9,15, or 30%)

Innovator's Defined Outcome ETFs™ are the subject of a patent application filed with the U.S. Patent and Trademark Office.

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.

About Innovator Defined Outcome ETFs™ Defined Outcome ETFs™ are the world’s first ETFs that seek to provide investors with known ranges of future investment outcomes prior to investing. These outcome ranges include multiple and single upside exposure, to a cap, with defined levels of downside risk with buffers and floors over a set amount of time. The Innovator Defined Outcome ETFs™ cover a large spectrum of domestic and international equities and bonds. Innovator’s category-creating Defined Outcome ETF™ family includes Buffer ETFs™, Stacker ETFs™ and Floor ETFs™. 

The Buffer ETFs™ seek to provide the upside performance of broadly recognized benchmarks (e.g., S&P 500, NASDAQ-100, Russell 2000, MSCI EAFE, and MSCI Emerging Markets, as well as the iShares 20+ Year Treasury Bond ETF (TLT)), or underlying ETFs based on those benchmarks, as applicable, to a cap, with built-in buffers, over an outcome period of one year. The ETFs reset annually and can be held indefinitely.

Each Buffer ETF™ in Innovator’s Defined Outcome ETF™ suite seeks to provide a defined exposure to a broad market benchmark where the downside buffer level, upside growth potential to a cap, and Outcome Period are all known, prior to investing. In 2019, Innovator began expanding its suite of S&P 500 Buffer ETFs™ into a monthly series to provide investors more opportunities to purchase shares as close to the beginning of their respective Outcome Periods as possible.

Investors can purchase shares of a previously listed Defined Outcome ETF™ throughout the entire Outcome Period, obtaining 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 products2 (e.g., downside buffer levels, upside participation, defined outcome parameters), but with the added benefits of transparency, liquidity, the elimination of credit risk and lower costs afforded by the ETF structure.

About Innovator Stacker ETFs™ The outcomes that the Stacker Funds seek 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. The Funds should not be considered if an investor is unwilling to hold shares for the duration of the Outcome Period in order to achieve the outcomes the funds seek to provide. There is no guarantee that the Outcomes for an Outcome Period will be realized or that the Fund will achieve its investment objective. The returns the Funds seek to provide are based on price return of the corresponding ETFs. An investor that purchases Fund Shares after the start of an outcome period may be exposed to the downside risks of QQQ and IWM.

While the Fund will not participate in any QQQ or IWM ETF (as applicable) losses over the duration of the Outcome Period as whole, a decrease in the value of the QQQ or IWM ETF share price will cause a decrease in the Fund’s NAV while an Outcome Period is ongoing. In the event an Outcome Period has begun, and the QQQ or IWM ETF share price has increased in value, such an increase will be reflected in the value of the Fund’s purchased call option on the QQQ or IWM ETF. Accordingly, in the event that the QQQ or IWM ETF share price were to subsequently decrease in value, that decrease would also be reflected in the value of that option, and therefore the Fund’s NAV. An investor that purchases Fund Shares after the QQQ or IWM ETF has increased in value during an Outcome Period may be negatively affected by future decreases during the remainder of the Outcome Period.

About Innovator Capital Management, LLCAwarded ETF.com's "ETF Issuer of the Year - 2019"*, Innovator Capital Management LLC (Innovator) 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. Bond and Southard reentered the asset management industry to bring to market first-of-their-kind investment opportunities, including the Defined Outcome ETFs™, products that they felt would change the investing landscape and bring more certainty to the financial planning process. Innovator’s category-creating Defined Outcome ETF™ family includes Buffer ETFs™, Stacker ETFs™ and Floor ETFs. Buffer ETFs™ and Floor ETFs™ seek to provide investors structured exposures to broad markets, where the upside growth potential, buffer or floor against the downside, and outcome period are all known, prior to investing. Stacker ETFs™ are the world’s first ETFs to offer a multiple or "stacked" exposure to two or three benchmark index ETFs (SPY, QQQ, IWM) to a cap, with only downside exposure to the SPY over a one year outcome period. Having launched the first Defined Outcome ETFs™ in 2018 -- the flagship Innovator S&P 500 Buffer ETF™ Suite – Innovator’s solutions allow advisors to construct diversified portfolios with known outcome ranges to aid in risk management and financial planning. Built on a foundation of innovation and driven by a commitment to help investors better control their financial outcomes, Innovator is leading the Defined Outcome ETF Revolution™. For additional information, visit www.innovatoretfs.com.

About Cboe Global Markets, Inc.Cboe Global Markets (Cboe: 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 LLCMilliman 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 $143 billion in global assets as of June 30, 2020. Milliman FRM is one of the largest and fastest-growing subadvisors of ETFs. For more information about Milliman FRM, visit www.Milliman.com/FRM.

Media ContactPaul Damon+1 (802) 999-5526paul@keramas.net

Interim Period Shareholders

Unlike structured notes, which offer limited liquidity, Innovator Defined Outcome 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 return 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.

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.

Investing involves risks. Loss of principal is possible. 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, liquidity risk, management risk, market maker risk, market risk, non-diversification risk, operation risk, options risk, trading issues risk, upside participation risk and valuation risk. For a detail list of fund risks see the prospectus.

Market Disruptions Resulting from COVID-19. The outbreak of COVID-19 has negatively affected the worldwide economy, individual countries, individual companies and the market in general. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Fund.

Foreign and Emerging Markets Risk Non-U.S. securities and Emerging Markets are subject to higher volatility than securities of domestic issuers due to possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, different legal or accounting standards, and less government supervision and regulation of securities exchanges in foreign countries.

Technology Sector Risk Companies in the technology sector are often smaller and can be characterized by relatively higher volatility in price performance when compared to other economic sectors. They can face intense competition, which may have an adverse effect on profit margins.

Small-Cap Risk Small-cap companies may be more volatile and susceptible to adverse developments than their mid- and large-cap counterpart. In addition, the small-cap companies may be less liquid than larger companies.

FLEX Options Risk The Fund will utilize FLEX Options issued and guaranteed for settlement by the Options Clearing Corporation (OCC). 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 standard options. In a 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.

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

Investors purchasing shares after an outcome period has begun may experience very different results than funds' investment objective. Initial outcome periods are approximately 1-year beginning on the funds' inception date. Following the initial outcome period, each subsequent outcome period will begin on the first day of the month the fund was incepted. After the conclusion of an outcome period, another will begin.

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 with buffer mechanisms only seek to provide shareholders that hold shares for the entire Outcome Period with their respective buffer level against Reference Asset losses during the Outcome Period. You will bear all Reference Asset losses exceeding 9, 15 or 30%. 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 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.

Nasdaq® is a registered trademark of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and is licensed for use by Innovator Capital Management, LLC. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations.

THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).

The Innovator Russell 2000 Power Buffer ETF™ (the “Fund”) has been developed solely by Innovator Capital Management, LLC. The “Fund” is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the Russell 2000 Index (the “Index”) vest in the relevant LSE Group company, which owns the Index. “FTSE®” “Russell®”, and “FTSE Russell®” are trade marks of the relevant LSE Group company and are used by any other LSE Group company under license.

The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by Innovator Capital Management, LLC.

The ETFs referred to herein is not sponsored, endorsed, or promoted by MSCI Inc. or based upon the MSCI EAFE and MSCI Emerging Markets Indexes. MSCI Inc. bears no liability with respect to the ETFs.

MSCI, MSCI EAFE, and MSCI Emerging Markets are trademarks or service marks of MSCI Inc. or its affiliates (“Marks”) and are used hereto subject to license from MSCI. All goodwill and use of Marks inures to the benefit of MSCI and its affiliates. No other use of the Marks is permitted without a license from MSCI.

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.

* ETF.com’s editorial team chose the finalists and then the ETF.com Awards Selection Committee, an independent panel comprised of fifteen of the ETF industry’s leading analysts, consultants and investors, decided the winners.

** The shortlists and winners are comprised of individuals and firms who have submitted entries or been nominated via the online submission process, as well as through recommendations from leading market participants. Judges will judge the ETF categories and will use the submitted application material, as well as any uploaded supplemental information, to determine which firm, individual or product they believe to be the most suitable and deserving winners for each category.

Innovator ETFsTM, Defined Outcome ETFTM, Buffer ETFTM, Enhanced ETFTM, Define Your FutureTM, Leading the Defined Outcome ETF RevolutionTM and other service marks and trademarks related to these marks are the exclusive property of Innovator Capital Management, LLC.

The Funds' investment objectives, risks, charges and expenses should be considered before investing. The prospectus contains this and other important information, and it may be obtained at innovatoretfs.com. Read it carefully before investing.

Innovator ETFs are distributed by Foreside Fund Services, LLC.

Copyright © 2020 Innovator Capital Management, LLC.

800.208.5212 

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1 AUM in all Innovator Defined Outcome ETFs as of 12.31.2020.

2 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.