Innovator Buffer Step-Up Strategy ETF (BSTP)

The Innovator Buffer Step-Up Strategy ETF (BSTP) is an exchange-traded fund that seeks to provide investors with exposure to the S&P 500 while limiting downside risk. The fund uses a buffer strategy that allows investors to participate in the upside of the S&P 500 up to a certain cap, while also limiting the potential losses from market downturns.

BSTP invests in a combination of U.S. Treasury bills and a portfolio of S&P 500 Index options contracts. The options contracts are used to implement the buffer strategy, which seeks to protect the fund's assets from losses of up to 15% in the S&P 500 over a one-year period. The buffer level is reset annually, and the fund seeks to provide investors with upside participation in the S&P 500 up to a certain cap.

The ETF is managed by Innovator Capital Management, which specializes in defined outcome ETFs.

It is important to note that while the buffer strategy can limit the potential losses from market downturns, it does not guarantee that losses will be completely avoided. Additionally, the buffer strategy may limit the fund's participation in strong market rallies.