The Innovator U.S. Equity Ultra Buffer ETF is designed to replicate the returns of the SPDR S&P 500 ETF Trust (SPY), albeit with an upside limit. It simultaneously shields investors from market downturns, absorbing losses that occur between a -5% and -35% threshold over its specified investment term. This fund can be held long-term, with its performance and protective parameters refreshing approximately once a year at the close of each cycle.