UPDATE - Innovator ETFs Lists the STACKER ETFs™, Offering Investors a Multiple or Stacked Equity Exposure to the Upside with a Single Exposure to the Downside

“TSOC” – Innovator Triple Stacker ETF™ – October: seeks to provide triple upside exposures of 100% SPY (S&P 500) + 100% QQQ (Nasdaq 100) + 100% IWM (Russell 2000) to a cap, and downside exposure to SPY only, over a one-year Outcome Period

“DSOC” – Innovator Double Stacker ETF™ – October: seeks to provide double upside exposures of 100% SPY (S&P 500) + 100% QQQ (Nasdaq 100) to a cap, and downside exposure to SPY only, over a one-year Outcome Period

“DBOC” – Innovator Double Stacker 9 Buffer ETF™ – October: seeks to provide double upside exposures of 100% SPY (S&P 500) + 100% QQQ (Nasdaq 100) to a cap, and downside exposure to SPY only, with a Buffer against the first 9% of losses over a one-year Outcome Period

Announces Upside Caps for entire October Series of Defined Outcome ETFs™

CHICAGO, Oct. 01, 2020 (GLOBE NEWSWIRE) -- Innovator Capital Management, LLC (Innovator) today announced the listing of the Innovator Stacker ETFs™, 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. Part of Innovator’s Defined Outcome ETF™ family, the Stacker ETFs™ are the world’s first ETFs to 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.

The Stacker ETFs™ listing today on the Cboe are 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.

“Today’s launch of the Stacker ETFs™ is another landmark for financial advisors and the ETF industry. Now, for the first time in an ETF, investors who hold shares for an entire outcome period have access to triple or double exposures on the potential upside to a cap with a single exposure on the downside, the S&P 500. With the ‘Stackers’, we at Innovator are introducing a suite of products that we feel make a lot of sense for investors’ portfolios, especially in the low-expected-return environment for U.S. stocks that many are forecasting. The Stacker ETFs™ can help take the guesswork out of some of today’s big challenges advisors face when constructing equity portfolios, like which equity exposure might be the best to own for the next year and which traditional active managers (stock pickers) can potentially outperform the market. The Stacker ETFs™ seek to provide advisors with diversified exposure across the U.S. stock markets and can magnify investors’ performance potential without increasing risk beyond exposure to the S&P 500, the benchmark many clients are most comfortable with,” said Bruce Bond, CEO of Innovator ETFs.

Innovator also announced the new upside caps and return profiles for the existing October Series of the Defined Outcome ETFs™, which reset yesterday at the end of September. This 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) – as well as the Power Buffer ETFs™ on the Nasdaq 100 (NOCT) and Russell 2000 (KOCT). BOCT, POCT and UOCT completed their second outcome period while NOCT and KOCT finished their first annual outcome period. It was an extraordinarily volatile year that saw domestic equity benchmarks reach record levels before the most rapid bear market drawdown and subsequent rebound in history, with many markets snapping back to hit fresh highs recently. Through the Outcome Period, the October series of the options-based Defined Outcome Buffer ETFs experienced lower drawdown and volatility (standard deviation) than their respective reference assets while participating in the upside of those markets that finished in positive territory.³

Return profiles for the Innovator Defined Outcome ETFs – October Series, as of 10/01/2020

* The Caps above are shown gross of the 0.79% management fee. “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.

The Stackers ETFs™ will not be like traditional leveraged ETFs, which can produce distorted returns and higher volatility when held long-term due to their frequent, often daily, rebalancing. Instead, the Stacker ETFs™ will seek to provide asymmetrical returns over a year-long outcome period that are magnified on the upside only, to a cap, while rebalancing annually, making them more suited for longer-term investors.

John Southard, CIO of Innovator ETFs, said, “Today’s near-record-low yielding and low forward-looking return environment for U.S. equities is creating a headache for advisors’ seeking to hit their clients’ return goals with traditional portfolio assets, strategies and allocations. The idea with the Innovator Stacker ETFs™ is to allow investors to participate in the potential upside, to a cap, across multiple U.S. equity market segments without taking on the potential downside risk and additional volatility of Growth and Technology stocks, as well as Small-Caps. And with the ‘Stackers’, advisors don’t have to be right about which U.S. equity market segment to allocate to based on fundamentals or technicals, potential government policies or stimulus measures. Especially in low-return equity markets, we feel the Stacker ETFs™ hold significant appeal and can offer advisors substitutes for active stock pickers given the transparency, return parameters and outperformance potential.”

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.

Investors in the Innovator Stacker ETFs™ will not receive dividend yield from their holdings in TSOC, DSOC or DBOC, respectively; the ETFs are based on the price returns of the reference ETFs (SPY, QQQ and IWM) over the length of the outcome period. The Innovator Stacker ETFs™ will charge a 0.79% management fee.

The Stacker ETFs™ are constructed using Cboe FLEX Options, offering exposure to select equity markets rather than investing in them directly. The FLEX Options forming the underlying positions of the Innovator Stacker ETFs™ are based on SPY, QQQ and IWM. The Innovator Stacker ETFs™ are likely to be issued on a quarterly frequency.

The Stacker ETFs™ provide defined returns over the entire Outcome Period, not on a daily basis. As a result, interim returns may lag the reference benchmark ETFs. This is due to the time-value nature of the underlying options held by the fund; as such, the Stacker ETFs™ won’t maintain proportional betas of 1.0 to the reference ETFs in instances of positive returns for the associated equity benchmarks. Though they provide simultaneous exposure to the upside of multiple benchmarks, the Stacker ETFs™ only seek to provide the positive performance of the reference ETFs over the full Outcome Period, up to a cap, and/or 1:1 downside to SPY over the Outcome Period. In the interim, or intra-Outcome Period, investors can expect the Stacker ETFs™ to exhibit lower beta than traditional passive index-tracking ETFs. An investor that purchases Shares after an Outcome Period has begun may be exposed to the downside risks for QQQ and IWM.

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. For real-time information regarding the remaining upside cap and/or downside buffer on any Innovator Defined Outcome ETF during a fund’s Outcome Period, 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 $3.34 billion and $1.44 billion in inflows year-to-date⁴. 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 54 ETFs and $3.34 billion in AUM across family⁵
• 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 Periods⁶

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 products⁷ (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 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™, Defined Outcome ETF™, Buffer ETF™, Enhanced ETF™, Define Your Future™, Leading the Defined Outcome ETF Revolution™ and other service marks and trademarks related to these marks are the exclusive property of Innovator Capital Management, LLC.

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

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 For full Outcome Period analysis, use Innovator’s Previous Outcome Period Tool by navigating to BOCT, POCT, UOCT, NOCT and/or KOCT with the dropdown function on this page: http://www.innovatoretfs.com/define/previous/
⁴ AUM and flows are through September 30, 2020.  
⁵ AUM in all Innovator Defined Outcome ETFs™ as of 9.30.2020. 
⁶ Innovator Capital Management, LLC is the only issuer that has multiple Defined Outcome ETFs™ available that have completed a one-year Outcome Period, with nine S&P 500 monthly series resets to date, one reset for the MSCI EAFE Power Buffer ETF™ and MSCI Emerging Markets Power Buffer ETF™ suites and one reset for the quarterly-issued Nasdaq 100 Power Buffer ETF™ and Russell 2000 Power Buffer ETF™ suites. 
⁷ 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.