The Innovator U.S. Equity Power Buffer ETF (PMAR) is engineered to replicate the performance of the SPDR S&P 500 ETF Trust (SPY), albeit with gains capped at a specific, pre-established limit. Simultaneously, it shields investors from the initial 15% of any losses that may occur over its defined investment cycle. While investors can hold this ETF for an extended duration, its buffer and upside cap terms are refreshed and re-established at the close of each outcome period, which typically happens annually.