ETFs provide market exposure up to a cap, with defined levels of downside exposure, including buffers of 9%, 15% or 30% over one-year Outcome Period starting October 1^st

Cap ranges announced for the inaugural series of the “Stackers” (TSOC, DSOC, DBOC) – The world’s first ETFs to offer a multiple or stacked exposure to the upside with a single exposure to the downside. Anticipated listing October 1^st

New upside cap ranges and refreshed buffers for S&P 500 Buffer ETFs (BOCT, POCT, UOCT) and Power Buffer ETFs on Nasdaq 100 (NOCT), Russell 2000 (KOCT)

CHICAGO, Sept. 23, 2020 (GLOBE NEWSWIRE) -- Innovator Capital Management, LLC (Innovator) today announced the anticipated upside cap ranges and return profiles for the October Series of the Defined Outcome ETFs™. The existing October Series of Innovator Defined Outcome ETFs™ includes the S&P 500 Buffer ETFs™ – Innovator S&P 500 Buffer ETF™ – October (BOCT), Innovator S&P 500 Power Buffer ETF™ – October (POCT) and Innovator S&P 500 Ultra Buffer ETF™ – October (UOCT) – which are scheduled to complete their second outcome period and reset at the end of the month, as well as the Innovator Nasdaq 100 (NOCT) and Russell 2000 (KOCT) Power Buffer ETFs™, which will complete their first annual outcome period.

The October Series of Defined Outcome ETFs™ will also welcome Innovator’s recently announced Stacker ETFs™ – Innovator Triple Stacker ETF™ – October (TSOC), Innovator Double Stacker ETF™ – October (DSOC) and Innovator Double Stacker 9 Buffer ETF™ – October (DBOC) – the world’s first ETFs to offer a “stacked” or multiple exposure on the upside, to a cap, with a single exposure to the downside. The Stacker ETFs™ will offer advisors a potential solution to magnify their equity exposures and performance potential by accessing multiple U.S. stock market return streams simultaneously, up to a cap, while maintaining downside exposure to a single benchmark, SPY (the SPDR S&P 500 Index ETF), over a one year outcome period.

Anticipated return profiles for the Innovator Defined Outcome ETFs – October Series, as of 9/21/20

* The Cap Ranges above are based on the highest and lowest Cap as illustrated by the Funds’ strategy from 8/24/20-9/21/20 and are shown gross of the 0.79% management fee. The actual Cap for each Fund will be set at the beginning of the Outcome Period, and is dependent upon market conditions at that time. Periods of high market volatility could result in higher caps, and lower volatility could result in lower caps. As a result, the Cap set by each Fund may be higher or lower than the Cap Range. “Cap” refers to the maximum potential return, before fees and expenses and any shareholder transaction fees and any extraordinary expenses, if held over the full Outcome Period. “Buffer” refers to the amount of downside protection the fund seeks to provide, before fees and expenses, over the full Outcome Period. Outcome Period is the intended length of time over which the defined outcomes are sought. Upon fund launch, the Caps can be found on a daily basis via www.innovatoretfs.com. TSOC, DSOC and DBOC are not yet available for investment.

On October 1^st, Innovator plans to list the Innovator Triple Stacker ETF™ – October (TSOC), the Innovator Double Stacker ETF™ – October (DSOC) and the Innovator Double Stacker 9 Buffer ETF™ – October (DBOC) on the Cboe. The Innovator Triple Stacker ETF™ – October (TSOC) will seek to provide investors with upside performance comprised of 100% of SPY (S&P 500) + 100% of QQQ¹ (Nasdaq 100) + 100% of IWM² (Russell 2000), to a cap, and the downside exposure to SPY only, over a one-year Outcome Period. The Innovator Double Stacker ETF™ – October (DSOC) will seek to provide investors with upside performance comprised of 100% of SPY (S&P 500) + 100% of QQQ (Nasdaq 100), to a cap, and the downside exposure to SPY only, over a one-year Outcome Period. The Innovator Double Stacker 9 Buffer ETF™ – October (DBOC) will seek to provide investors with upside performance comprised of 100% of SPY (S&P 500) + 100% of QQQ (Nasdaq 100), to a cap, and the downside exposure is to SPY only and includes a Buffer against the first 9% of losses in SPY over a one-year Outcome Period.

While the Funds are designed to not participate in any QQQ or IWM ETF losses, as applicable, over the duration of the Outcome Period as a whole, a decrease in the value of an underlying asset’s share price may cause a decrease in the Fund’s NAV while an Outcome Period is ongoing. Therefore an investor that purchases Shares after an Outcome Period has begun may be exposed to the downside risks for QQQ and IWM.

The Funds have characteristics unlike many other traditional investment products and may not be suitable for all investors. For more information regarding whether an investment in the Fund is right for you, please see “Investor Suitability” in the prospectus.

At the end of TSOC, DSOC and DBOC’s outcome period, September 30, 2021, the ETFs will simply rebalance and reset, providing investors with new upside caps and a fresh 9% Buffer, respectively, over the next one year outcome period. The Stacker ETFs™ do not expire and can be long-term core equity holdings in a portfolio. The options-based ETFs are anticipated to be as tax-efficient as traditional equity ETFs, with no planned cap gains distributions to shareholders and investors being able to defer taxes until selling.

The October Series of Innovator S&P 500 Buffer ETFs (BOCT, POCT, UOCT) and Innovator Nasdaq 100 (NOCT) and Russell 2000 (KOCT) Power Buffer ETFs currently have a remaining Outcome Period of under one week, with known upside potential and downside buffers through month-end. Investors who purchase prior to the rebalance will be fully invested for the next outcome period, obtaining new upside caps and downside buffers for the year commencing September 1, 2020. For additional information, visit the Innovator Defined Outcome ETF Pricing Tool.

The Equity Buffer ETFs™ and the Stacker ETFs™ are part of Innovator’s category-creating Defined Outcome ETF™ family – the first group of ETFs that allow investors to take advantage of market growth, to a cap, while maintaining defined levels of downside exposure, including built-in buffers against losses of -9% (“Buffer”), -15% (“Power Buffer”) or -30% (“Ultra Buffer”) in a tax-efficient vehicle over a one year outcome period. In addition to the three planned Stacker ETFs, Innovator currently has 51 total Defined Outcome Buffer ETFs™ in the market, including the Defined Outcome Bond ETFs™ launched in August, as well as the Innovator Laddered Fund of S&P 500 Power Buffer ETFs (BUFF), with total assets under management (AUM) of $3.3 billion and $1.4 billion in inflows year-to-date³. In addition to being named “ETF Issuer of the Year – 2019” in the seventh annual ETF.com Awards*, acknowledging the rapid advisor adoption and the positive potential impact on investor behavior of the Defined Outcome ETFs™, Innovator won “Newcomer Alternative ETF of the Year” and was “Highly Commended” for “ETF Suite of the Year” at the Mutual Fund Industry and ETF Awards 2020 by Fund Intelligence** in July. Additionally, Innovator defended their 2019 win for the “Asset Managers: ETFs” award at the 2020 WealthManagement.com Industry Awards.

Innovator Defined Outcome ETFs - Benefits to Advisors

• Pioneer and creator of Defined Outcome ETFs™ with 51 ETFs and $3.3 billion in AUM across family⁴
• Tax-efficient exposure to five broad benchmark equity indexes (S&P 500, NASDAQ 100, Russell 2000, MSCI EAFE, MSCI EM) and now the 20+ Year U.S. Treasury Market
• Monthly issuance on the S&P 500 with three buffer levels (9,15, or 30%)
• Only sponsor with a track record of multiple completed Outcome Periods⁵

Innovator's Defined Outcome ETFs are the subject of a patent application filed with the U.S. Patent and Trademark Office.

About Innovator Defined Outcome ETFs
Defined Outcome ETFs™ are the world’s first ETFs that seek to provide investors the upside performance of broadly recognized benchmarks (e.g., S&P 500, Nasdaq 100, Russell 2000, MSCI EAFE, and MSCI Emerging Markets, as well as the iShares 20+ Year Treasury Bond ETF (TLT)) to a cap, with defined levels of downside exposure, including built-in buffers, over an outcome period of one year. The ETFs reset annually and can be held indefinitely.

Each Buffer ETF™ in Innovator’s Defined Outcome ETF™ suite seeks to provide a defined exposure to a broad market benchmark where the downside buffer level, upside growth potential to a cap, and Outcome Period are all known, prior to investing. In 2019, Innovator began expanding its suite of S&P 500 Buffer ETFs™ into a monthly series to provide investors more opportunities to purchase shares as close to the beginning of their respective Outcome Periods as possible.

Investors can purchase shares of a previously listed Defined Outcome ETF throughout the entire Outcome Period, obtaining a current set of defined outcome parameters, which are disclosed daily through a web tool available at: http://innovatoretfs.com/define.

Innovator is focused on delivering defined outcome-based solutions inside the benefit-rich ETF wrapper, retaining many of the features that have contributed to the success of structured products⁶ (e.g., downside buffer levels, upside participation, defined outcome parameters), but with the added benefits of transparency, liquidity, the elimination of credit risk and lower costs afforded by the ETF structure.

About Innovator Capital Management, LLC
Awarded ETF.com's "ETF Issuer of the Year - 2019", Innovator Capital Management LLC (Innovator) is an SEC-registered investment advisor (RIA) based in Wheaton, IL. Formed in 2014, the firm is currently headed by ETF visionaries Bruce Bond and John Southard, founders of one of the largest ETF providers in the world. Bond and Southard reentered the asset management industry to bring to market first-of-their-kind investment opportunities, including the Defined Outcome ETFs™, products that they felt would change the investing landscape and bring more certainty to the financial planning process. The category-creating Defined Outcome ETFs™ seek to provide investors structured exposures to broad markets, where the upside growth potential, buffer against the downside, and outcome period are all known, prior to investing. Having launched the first Defined Outcome ETFs™ in 2018 -- the flagship Innovator S&P 500 Buffer ETF™ Suite -- Innovator has listed ETFs on other key exposures, allowing advisors to construct diversified portfolios with built-in buffers for better risk management. Built on a foundation of innovation and driven by a commitment to help investors better control their financial outcomes, Innovator is leading the Defined Outcome ETF Revolution™. For additional information, visit www.innovatoretfs.com.

About Cboe Global Markets, Inc.
Cboe Global Markets (Cboe: CBOE) is one of the world’s largest exchange-holding companies, offering cutting-edge trading and investment solutions to investors around the world. For more information, visit www.cboe.com.

About Milliman Financial Risk Management LLC
Milliman Financial Risk Management LLC (Milliman FRM) is a global leader in financial risk management to the retirement industry, providing investment advisory, hedging, and consulting services on over $143 billion in global assets as of June 30, 2020. Milliman FRM is one of the largest and fastest-growing subadvisors of ETFs. For more information about Milliman FRM, visit www.Milliman.com/FRM.

Media Contact
Paul Damon
+1 (802) 999-5526
paul@keramas.net

Interim Period Shareholders

Unlike structured notes, which offer limited liquidity, Innovator Defined Outcome ETFs™ trade throughout the day on an exchange, like a stock. As a result, investors purchasing shares of a Fund after its launch date may achieve a different payoff profile than those who entered the Fund on day one. Innovator recognizes this as a benefit of the Funds and provides a web-based tool that allows investors to know, in real-time throughout the trading day, their potential defined outcome return profile before they invest, based on the current ETF price and the Outcome Period remaining. Innovator’s web tool can be accessed at http://www.innovatoretfs.com/define.

Although each Fund seeks to achieve the defined outcomes stated in its investment objective, there is no guarantee that it will do so. The returns that the Funds seek to provide do not include the costs associated with purchasing shares of the Fund and certain expenses incurred by the Fund.

While the Fund will not participate in any QQQ or IWM ETF losses, as applicable, over the duration of the Outcome Period as whole, a decrease in the value in the net performance of the underlying assets’ share price will cause a decrease in the Fund’s NAV while an Outcome Period is ongoing.  In the event an Outcome Period has begun and the underlying asset's share price has increased in value, such an increase will be reflected in the value of the Fund’s purchased call option on the underlying assets. Accordingly, in the event that the underlying asset's share price were to subsequently decrease in value, that decrease would also be reflected in the value of that option, and therefore the Fund’s NAV.  An investor that purchases Fund Shares after the underlying assets have increased in value during an Outcome Period may be negatively affected by future decreases during the remainder of the Outcome Period

Investing involves risks. Loss of principal is possible. The Funds face numerous market trading risks, including active markets risk, authorized participation concentration risk, buffered loss risk, cap change risk, capped upside return risk, correlation risk, liquidity risk, management risk, market maker risk, market risk, non-diversification risk, operation risk, options risk, trading issues risk, upside participation risk and valuation risk. For a detail list of fund risks see the prospectus.

Market Disruptions Resulting from COVID-19. The outbreak of COVID-19 has negatively affected the worldwide economy, individual countries, individual companies and the market in general. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Fund..

Technology Sector Risk Companies in the technology sector are often smaller and can be characterized by relatively higher volatility in price performance when compared to other economic sectors. They can face intense competition, which may have an adverse effect on profit margins.

Small-Cap Risk Small-cap companies may be more volatile and susceptible to adverse developments than their mid- and large-cap counterpart. In addition, the small-cap companies may be less liquid than larger companies.

FLEX Options Risk The Fund will utilize FLEX Options issued and guaranteed for settlement by the Options Clearing Corporation (OCC). In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. Additionally, FLEX Options may be less liquid than standard options. In a less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. The values of FLEX Options do not increase or decrease at the same rate as the reference asset and may vary due to factors other than the price of reference asset.

These Funds are designed to provide point-to-point exposure to the price return of the Index via a basket of Flex Options. As a result, the ETFs are not expected to move directly in line with the Index during the interim period.

Investors purchasing shares after an outcome period has begun may experience very different results than funds' investment objective. Initial outcome periods are approximately 1-year beginning on the funds' inception date. Following the initial outcome period, each subsequent outcome period will begin on the first day of the month the fund was incepted. After the conclusion of an outcome period, another will begin.

Fund shareholders are subject to an upside return cap (the "Cap") that represents the maximum percentage return an investor can achieve from an investment in the funds' for the Outcome Period, before fees and expenses. If the Outcome Period has begun and the Fund has increased in value to a level near to the Cap, an investor purchasing at that price has little or no ability to achieve gains but remains vulnerable to downside risks. Additionally, the Cap may rise or fall from one Outcome Period to the next. The Cap, and the Fund's position relative to it, should be considered before investing in the Fund. The Funds' website, www.innovatoretfs.com, provides important Fund information as well information relating to the potential outcomes of an investment in a Fund on a daily basis.

The Defined Outcome Funds that include a buffer objective only seek to provide shareholders that hold shares for the entire Outcome Period with their respective buffer level against Index losses during the Outcome Period. You will bear all Index losses exceeding 9, 15 or 30%. Depending upon market conditions at the time of purchase, a shareholder that purchases shares after the Outcome Period has begun may also lose their entire investment. For instance, if the Outcome Period has begun and the Fund has decreased in value beyond the pre-determined buffer, an investor purchasing shares at that price may not benefit from the buffer. Similarly, if the Outcome Period has begun and the Fund has increased in value, an investor purchasing shares at that price may not benefit from the buffer until the Fund's value has decreased to its value at the commencement of the Outcome Period.

Nasdaq® is a registered trademark of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and is licensed for use by Innovator Capital Management, LLC. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations.

THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).

The Innovator Russell 2000 Power Buffer ETF™ (the “Fund”) has been developed solely by Innovator Capital Management, LLC. The “Fund” is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the Russell 2000 Index (the “Index”) vest in the relevant LSE Group company, which owns the Index. “FTSE®” “Russell®”, and “FTSE Russell®” are trade marks of the relevant LSE Group company and are used by any other LSE Group company under license.

The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by Innovator Capital Management, LLC.

The ETFs referred to herein is not sponsored, endorsed, or promoted by MSCI Inc. or based upon the MSCI EAFE and MSCI Emerging Markets Indexes. MSCI Inc. bears no liability with respect to the ETFs.

MSCI, MSCI EAFE, and MSCI Emerging Markets are trademarks or service marks of MSCI Inc. or its affiliates (“Marks”) and are used hereto subject to license from MSCI. All goodwill and use of Marks inures to the benefit of MSCI and its affiliates. No other use of the Marks is permitted without a license from MSCI.

Cboe Global Markets, Inc., and its affiliates do not recommend or make any representation as to possible Benefits from any securities, futures or investments, or third-party products or services. Cboe Global Markets, Inc., is not affiliated with S&P DJI, Milliman, or Innovator Capital Management. Investors should undertake their own due diligence regarding their securities, futures and investment practices.

Cboe Global Markets, Inc., and its affiliates make no warranty, expressed or implied, including, without limitation, any warranties as of merchantability, fitness for a particular purpose, accuracy, completeness or timeliness, or as to the results to be obtained by recipients of the products.

* ETF.com’s editorial team chose the finalists and then the ETF.com Awards Selection Committee, an independent panel comprised of fifteen of the ETF industry’s leading analysts, consultants and investors, decided the winners.

** The shortlists and winners are comprised of individuals and firms who have submitted entries or been nominated via the online submission process, as well as through recommendations from leading market participants. Judges will judge the ETF categories and will use the submitted application material, as well as any uploaded supplemental information, to determine which firm, individual or product they believe to be the most suitable and deserving winners for each category.

Innovator ETFs^TM, Defined Outcome ETF^TM, Buffer ETF^TM, Enhanced ETF^TM, Define Your Future^TM, Leading the Defined Outcome ETF Revolution^TM and other service marks and trademarks related to these marks are the exclusive property of Innovator Capital Management, LLC.

View the funds' red herring prospectus: TSOC, DSOC, DBOC

TSOC, DSOC and DBOC: INFORMATION CONTAINED HEREIN IS SUBJECT TO COMPLETION OR AMENDMENT. A REGISTRATION STATEMENT RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION BUT HAS NOT YET BECOME EFFECTIVE. THESE SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED PRIOR TO THE TIME THE REGISTRATION STATEMENT BECOMES EFFECTIVE. THIS COMMUNICATION SHALL NOT CONSTITUTE AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER SECURITIES LAWS OF ANY SUCH STATE.

AN INDICATION OF INTEREST IN RESPONSE TO THIS ADVERTISEMENT WILL INVOLVE NO OBLIGATION OR COMMITMENT OF ANY KIND.

The Funds' investment objectives, risks, charges and expenses should be considered before investing. The prospectus contains this and other important information, and it may be obtained at innovatoretfs.com. Read it carefully before investing.

Innovator ETFs are distributed by Foreside Fund Services, LLC.

Copyright © 2020 Innovator Capital Management, LLC.

800.208.5212

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¹ QQQ is the ticker for the Nasdaq QQQ Trust based on the Nasdaq 100; Growth & Technology benchmark
² IWM is the ticker for the iShares Russell 2000 ETF, representing the U.S. Small-Cap universe
³ AUM and flows are through September 22, 2020.
⁴ AUM in all Innovator Defined Outcome ETFs™ as of 9.22.2020.
⁵ Innovator Capital Management, LLC is the only issuer that has multiple Defined Outcome ETFs™ available that have completed a one-year Outcome Period, with eight S&P 500 monthly series resets to date and one for the MSCI EAFE Power Buffer ETF™ and MSCI Emerging Markets Power Buffer ETF™ suites.
⁶ Structured notes and structured annuities are financial instruments designed and created to afford investors exposure to an underlying asset through a derivative contract. It is important to note that these ETFs are not structured notes or structured annuities.