The Innovator U.S. Equity Buffer ETF is designed to mirror the total return of the SPDR S&P 500 ETF Trust (SPY), though its maximum gains are subject to a pre-established limit. It concurrently offers investors a protective cushion against the first 9% of losses incurred during its defined outcome period. This ETF supports long-term investment, as its characteristics, including both protection and growth potential, are recalibrated roughly once a year at the close of each period.