Innovator U.S. Small Cap Power Buffer ETF - May (KMAY)

The Innovator U.S. Small Cap Power Buffer ETF - May (KMAY) is a defined-outcome fund from Innovator Capital Management. It seeks to provide returns tied to the iShares Russell 2000 ETF up to a cap, while buffering against the first 15% of losses over a one-year outcome period that begins in May.

The fund uses FLexible EXchange options on the reference ETF, which tracks U.S. small-cap stocks, to build its payoff. The upside cap is determined at the start of each outcome period.

The buffer and cap are designed for investors who hold from the beginning to the end of the period. Each May, the fund resets with new options, a new cap and a fresh buffer.