Innovator U.S. Equity Ultra Buffer ETF - May (UMAY)

The Innovator S&P 500 Ultra Buffer ETF - May (UMAY) is an exchange-traded fund that seeks to provide investors with exposure to the S&P 500 Index while offering a buffer against losses of up to 9%. The ETF uses a defined outcome investment strategy that employs options contracts to establish downside buffers of 9% and 30% for the S&P 500 Index over a one-year period.

UMAY seeks to provide investors with exposure to the S&P 500 Index with a downside buffer of 9% from the index's price at the beginning of the outcome period (in this case, May 1st). This means that if the S&P 500 Index declines by up to 9% during the outcome period, the ETF aims to absorb the first 9% of losses, while any losses beyond 9% would be borne by the investor.

At the same time, UMAY also sets an upside cap of 14.12% for the outcome period, meaning that investors can participate in gains up to that level, but no more. This is achieved through the sale of call options on the S&P 500 Index.