Innovator Equity Defined Protection ETF - 6mo Apr/Oct (APOC)

The Innovator Equity Defined Protection ETF - 6mo Apr/Oct (APOC) is a defined outcome fund from Innovator Capital Management. It seeks to track the price return of the SPDR S&P 500 ETF Trust up to a cap, while aiming to protect against all losses over successive six-month outcome periods that reset in April and October.

The fund builds this payoff with FLEX options referencing the S&P 500 ETF. In exchange for full downside protection over each outcome period, upside is limited to a cap that is reset at the start of every new period. Dividends from the underlying ETF are excluded.

The stated protection and cap apply to investors who hold for an entire outcome period; buying or selling in the middle of a period can lead to different results.