Innovator Capital Management, LLC (Innovator) announced today the
April Series of Innovator S&P 500 Buffer ETFs have begun
trading on the Cboe.
The Innovator S&P 500 Buffer ETFsm suite
seeks to provide investors with exposure to the S&P 500 Price
Return Index (S&P 500) up to a Cap, with downside buffer levels
of 9%, 15%, or 30% over an Outcome Period of approximately one
year. The ETFs reset annually and can be held
indefinitely. Innovator S&P 500 Buffer ETFs, with over
$390 million in AUM as of March 29, 2019, are among the fastest
growing new category of ETFs in the market today.
Return profiles for the April 2019
Series - Innovator S&P 500 Buffer ETFsm, as of
4/1/19
Ticker / |
Name |
Buffer Level |
Cap* |
Outcome Period |
|
|
|
|
|
BAPR |
Innovator S&P 500 Buffer
ETF |
9.00% |
17.24% (gross) 16.45% (net of
management fee) |
12 months
4/1/19 - 3/31/20 |
|
|
|
|
|
PAPR |
Innovator S&P 500 Power Buffer
ETF |
15.00% |
10.61%
(gross) 9.82% (net of management fee) |
12 months
4/1/19 - 3/31/20 |
|
|
|
|
|
UAPR |
Innovator
S&P 500 Ultra Buffer ETF |
30.00% (-5% to -35%) |
10.57% (gross) 9.78% (net of management fee) |
12 months 4/1/19 - 3/31/20 |
* The Caps are shown gross and net of the 0.79%
management fee. “Cap” refers to the maximum potential return,
before fees and expenses and any shareholder transaction fees and
any extraordinary expenses, if held over the full Outcome Period.
“Buffer” refers to the amount of downside protection the fund seeks
to provide, before fees and expenses, over the full Outcome Period.
Outcome Period is the intended length of time over which the
defined outcomes are sought. Upon fund launch, the Caps can be
found on a daily basis via www.innovatoretfs.com.
“Our Defined Outcome ETFsm suite is really a
boon for investors as well as advisors,” said Bruce Bond, CEO of
Innovator ETFs. “Now by simply selecting one of our S&P 500
Buffer ETFs at the desired level of risk, they can have a built-in
buffer against losses. We believe Defined Outcome ETFs are a
significant development for the investment industry at large, and
they have the potential to challenge how professionals think about
risk and portfolio construction.”
“The Innovator S&P 500 Buffer ETFSM suite
represents a powerful tool box for advisors that can add
significant value to portfolios, and help build enduring client
relationships,” added John Southard, Innovator’s Chief Investment
Officer. “No other ETFs in the market today offer investors defined
exposures to the S&P 500, where the downside buffer level,
upside growth potential, and outcome period can all be known, prior
to investing.”
Upcoming Webinar
Continuing educational efforts around Defined
Outcome investing and implementation of the Innovator S&P 500
Buffer ETFSM suite, Innovator will be hosting its next webinar
today, April 1, 2019, at 2pm ET. Additional information including
event registration is available using the following link:
http://www.innovatoretfs.com/webinars.
The Funds have characteristics unlike
many other traditional investment products and may not be suitable
for all investors. For more information regarding whether an
investment in the Fund is right for you, please see “Investor
Suitability” in the prospectus.
The Innovator Defined Outcome S&P
500 Buffer ETFsm Suite – Quarterly Series
Innovator S&P 500 Buffer ETFs (Cboe: BAPR, BJUL,
BOCT, BJAN): Designed to track the return of the S&P
500 (up to a predetermined Cap) while buffering investors against
the first 9% of losses over the Outcome Period, before fees and
expenses.
Innovator S&P 500 Power Buffer ETFs
(Cboe: PAPR, PJUL, POCT, PJAN): Designed to track the
return of the S&P 500 (up to a predetermined Cap) while
buffering investors against the first 15% of losses over the
Outcome Period, before fees and expenses.
Innovator S&P 500 Ultra Buffer ETFs
(Cboe: UAPR, UJUL, UOCT, UJAN): Designed to track the
return of the S&P 500 (up to a predetermined Cap) while
buffering investors against a decline of 30% of losses over the
Outcome Period, from -5% to -35%, before fees and expenses.
Investors are exposed to loss between 0% and 5% and over 35% over
the Outcome Period, before fees and expenses.
About Innovator Defined Outcome S&P
500 Buffer ETFs
Each Innovator Defined Outcome S&P 500
Buffer ETFSM seeks to provide defined exposure to the S&P 500,
where the downside buffer level, upside growth potential to a Cap,
and Outcome Period are all known, prior to investing.
Innovator has listed a suite of twelve S&P
500 Buffer ETFs, in quarterly series, to provide investors an
opportunity to purchase shares as close to the beginning of their
respective Outcome Periods as possible. Investors can also purchase
shares of a previously listed Defined Outcome Buffer ETF throughout
the entire Outcome Period, obtaining a current set of defined
outcome parameters, which are disclosed daily through a web tool
available at: http://innovatoretfs.com/define/.
Innovator is focused on delivering defined
outcome based solutions inside the benefit-rich ETF wrapper,
retaining many of the features that have contributed to the success
of structured products1 (e.g., downside buffer levels, upside
participation, defined outcome parameters), but with the added
benefits of transparency, liquidity and lower costs afforded by the
ETF structure.
Interim Period Shareholders
Unlike structured notes, which offer limited
liquidity, Innovator Defined Outcome S&P 500 Buffer ETFs trade
throughout the day on an exchange, like a stock. As a result,
investors purchasing shares of a Fund after its launch date may
achieve a different payoff profile than those who entered the Fund
on day one. Innovator recognizes this as a benefit of the Funds and
provides a web-based tool that allows investors to know, in
real-time throughout the trading day, their potential defined
outcome profile before they invest, based on the current ETF price
and the Outcome Period remaining. Innovator’s web tool can be
accessed at http://www.innovatoretfs.com/define.
ETF Construction
Each Fund will hold a portfolio of custom
exchange-traded FLEX Options that have varying strike prices (the
price at which the option purchaser may buy or sell the security,
at the expiration date), and the same expiration date
(approximately one year). The layering of these FLEX Options with
varying strike prices provides the mechanism for producing a Fund’s
desired outcome (i.e. Cap or buffer). Each Fund intends to roll
options components annually, on the last business day of the month
associated with each Fund.
The ETFs will be subadvised by Milliman
Financial Risk Management LLC (Milliman FRM), a global leader in
financial risk management. Milliman FRM was also instrumental in
the design of the Cboe S&P 500 Target Outcome Indexes, which
the Innovator Defined Outcome ETFs are benchmarked against.
Although each Fund seeks to achieve the
defined outcomes stated in its investment objective, there is no
guarantee that it will do so. The returns that the Funds seek to
provide do not include the costs associated with purchasing shares
of the Fund and certain expenses incurred by the Fund.
About Innovator Capital Management,
LLC
Innovator Capital Management, LLC is an SEC
registered investment advisor (RIA) based in Wheaton, IL. Formed in
2014, the firm is currently headed by ETF visionaries Bruce Bond
and John Southard, founders of one of the largest ETF providers in
the world. Innovation is our hallmark and acts as a guide to our
company principles. Innovator is committed to helping investors
better control their financial outcomes by providing investment
opportunities they never considered or thought possible. For
additional information, visit www.innovatoretfs.com.
About Cboe Global Markets,
Inc.
Cboe Global Markets, Inc. (Cboe: CBOE | Nasdaq:
CBOE) is one of the world’s largest exchange-holding companies,
offering cutting-edge trading and investment solutions to investors
around the world. For more information, visit www.cboe.com.
About Milliman Financial Risk Management
LLC
Milliman Financial Risk Management LLC (Milliman
FRM) is a global leader in financial risk management to the
retirement industry, providing investment advisory, hedging, and
consulting services on over $141 billion in global assets as of
December 31, 2018. For more information about Milliman FRM, visit
www.Milliman.com/FRM.
Media ContactBill Conboy+1 (303)
415-2290bill@bccapitalpartners.com
1 Structured notes and structured annuities are
financial instruments designed and created to afford investors
exposure to an underlying asset through a derivative contract. It
is important to note that these ETFs are not structured notes or
structured annuities.
Investing involves risks. The Funds face
numerous market trading risks, including active markets risk,
authorized participation concentration risk, buffered loss risk,
Cap change risk, capped upside return risk, correlation risk, FLEX
Option counterparty risk, cyber security risk, fluctuation of net
asset value risk, investment objective risk, limitations of
intraday indicative value risk, liquidity risk, management risk,
market maker risk, market risk, non-diversification risk, operation
risk, options risk, Outcome Period risk, tax risk, trading issues
risk, upside participation risk and valuation risk. Unlike mutual
funds, the Funds may trade at a premium or discount to their net
asset value. ETFs are bought and sold at market price and not
individually redeemed from the Fund. Brokerage commissions will
reduce returns.
The outcomes that a Fund seeks to provide may
only be realized if you are holding shares on the first day of the
Outcome Period and continue to hold them on the last day of the
Outcome Period, approximately one year. If you purchase shares
after the Outcome Period has begun or sell shares prior to the
Outcome Period’s conclusion, you may experience very different
investment returns from those that a Fund seeks to provide.
These Funds are designed to provide
point-to-point exposure to the price return of the S&P 500 via
a basket of FLEX Options. As a result, the ETFs are not expected to
move directly in line with the S&P 500 during the interim
period.
FLEX Options Risk. The Fund
will utilize FLEX Options issued and guaranteed for settlement by
the Options Clearing Corporation (OCC). FLEX options, are
non-standard options that allow both the writer and purchaser to
negotiate various terms. Terms that are negotiable include the
exercise style, strike price, expiration date, as well as other
feature. The Fund bears the risk that the OCC will be unable or
unwilling to perform its obligations under the FLEX Options
contracts. In the unlikely event that the OCC becomes insolvent or
is otherwise unable to meet its settlement obligations, the Fund
could suffer significant losses. Additionally, FLEX Options may be
less liquid than certain other securities such as standardized
options. In less liquid market for the FLEX Options, the Fund may
have difficulty closing out certain FLEX Options positions at
desired times and prices. The values of FLEX Options do not
increase or decrease at the same rate as the reference asset and
may vary due to factors other than the price of reference
asset.
Fund shareholders are subject to an
upside return cap (the "Cap") that represents the maximum
percentage return an investor can achieve from an investment in the
funds' for the Outcome Period, before fees and expenses. If the
Outcome Period has begun and the Fund has increased in value to a
level near to the Cap, an investor purchasing at that price has
little or no ability to achieve gains but remains vulnerable to
downside risks. Additionally, the Cap may rise or fall from one
Outcome Period to the next. The Cap, and the Fund's position
relative to it, should be considered before investing in the Fund.
The Funds' website, www.innovatoretfs.com, provides important Fund
information as well information relating to the potential outcomes
of an investment in a Fund on a daily basis.
The Funds only seek to provide
shareholders that hold shares for the entire Outcome Period with
their respective buffer level against S&P 500 Price Index
losses during the Outcome Period. You will bear all S&P 500
Price Index losses exceeding 9%, 15%, and 30%, respectively.
Depending upon market conditions at the time of purchase, a
shareholder that purchases shares after the Outcome Period has
begun may also lose their entire investment. For instance, if the
Outcome Period has begun and the Fund has decreased in value beyond
the pre-determined 9% buffer, an investor purchasing shares at that
price may not benefit from the buffer. Similarly, if the Outcome
Period has begun and the Fund has increased in value, an investor
purchasing shares at that price may not benefit from the buffer
until the Fund's value has decreased to its value at the
commencement of the Outcome Period.
Each Fund’s investment objectives,
risks, charges and expenses should be considered before investing.
The prospectus contains this and other important information, and
may be obtained at www.innovatoretfs.com or 800.208.5212. Read it
carefully before investing.
Cboe Global Markets, Inc., and its
affiliates do not recommend or make any representation as to
possible Benefits from any securities, futures or investments, or
third-party products or services. Cboe Global Markets, Inc., is not
affiliated with S&P DJI, Milliman, or Innovator Capital
Management. Investors should undertake their own due diligence
regarding their securities, futures and investment
practices.
Cboe Global Markets, Inc., and its
affiliates make no warranty, expressed or implied, including,
without limitation, any warranties as of merchantability, fitness
for a particular purpose, accuracy, completeness or timeliness, or
as to the results to be obtained by recipients of the
products.
Innovator ETFs are distributed by Foreside Fund Services,
LLC.
Copyright © 2019 Innovator Capital Management,
LLC.
800.208.5212
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