Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR)

Innovator Equity Defined Protection ETF - 1 Yr April is a defined outcome fund from Innovator ETFs that provides exposure to the price return of the SPDR S&P 500 ETF Trust (SPY) while seeking to protect against all of its losses over a one-year outcome period. Each outcome period begins at the start of April and resets annually.

To build this payoff, the fund holds a package of FLEX options referencing SPY. The structure aims to shield shareholders from 100% of SPY's price decline over the full outcome period, before fees and expenses, in exchange for an upside cap: gains above a set level are forgone. The cap is established at the beginning of each outcome period based on market conditions.

The fund does not receive SPY's dividends, and investors who buy partway through a period may experience different results than the stated outcome. It trades on Cboe BZX under the ticker ZAPR.