The Innovator U.S. Equity Power Buffer ETF aims to replicate the performance of the SPDR S&P 500 ETF Trust (SPY), though its maximum potential gain is subject to a predetermined cap. Concurrently, it offers investors a safeguard against the initial 15% of losses occurring within a given outcome period. While designed for indefinite holding, the ETF's protective buffer and return cap are refreshed approximately annually at the conclusion of each outcome period.