This Innovator U.S. Equity Ultra Buffer ETF aims to replicate the performance of the SPDR S&P 500 ETF Trust (SPY), subject to a predetermined upper limit on returns. During each specified outcome period, it simultaneously provides investors with protection against losses ranging from 5% to 35%. The fund is structured for continuous ownership, with its performance parameters and loss buffer resetting at the conclusion of each outcome period, typically occurring once per year.