Innovator US Small Cap Power Buffer ETF - August (KAUG)

The Innovator US Small Cap Power Buffer ETF - August (KAUG) is a defined-outcome fund from Innovator Capital Management. It seeks to provide returns tied to the iShares Russell 2000 ETF, which represents U.S. small-cap stocks, up to a cap, while buffering against the first 15% of losses over a one-year outcome period beginning in August.

The fund uses FLexible EXchange options on the reference ETF to create this payoff. The upside cap is set at the start of each outcome period based on market conditions.

The buffer and cap apply to investors who hold shares for the full period. At the end of each outcome period the fund resets with new options, a new cap and a fresh buffer for the following year.