Innovator ETFs Trust - Innovator Equity Defined Protection ETF - 1 Yr May
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- Innovator ETFs Trust – Innovator Equity Defined Protection ETF – 1 Yr May (Cboe BZX: ZMAY) is a United States-domiciled exchange-traded fund that seeks to provide investors with exposure to the return of an S&P 500 exchange-traded fund, subject to a predetermined upside cap and a 100% downside buffer over an annual outcome period, before fees and expenses. Launched on May 1, 2025, the Fund is part of Innovator ETFs Trust’s Equity Defined Protection ETF series and is managed by Innovator Capital Management, LLC; it is designed for investors seeking defined-outcome U.S. large-cap equity exposure through an ETF structure. The Fund uses a portfolio of an S&P 500-linked ETF and Flexible Exchange Options (FLEX Options) to establish its targeted payoff profile; provides one-for-one participation in gains of the reference asset up to the applicable annual cap; seeks to buffer the full amount of reference-asset losses over the stated outcome period; resets its options strategy annually; and trades on Cboe BZX under the ticker ZMAY. The Fund’s current May 1, 2026 through April 30, 2027 outcome period has a starting upside cap of 7.31% before fees and expenses and a starting downside buffer of 100%; its expense ratio is 0.79%. ZMAY primarily serves financial advisers, institutions and individual investors seeking risk-managed participation in U.S. equity markets, although targeted outcomes are dependent on holding shares for the full outcome period and are not guaranteed. The Fund is distributed by Foreside Fund Services, LLC. Recent operating developments include the annual reset of its defined-outcome strategy for the May 2026–April 2027 period, establishing the new cap and 100% buffer terms; Innovator ETFs also identifies Goldman Sachs as the owner or licensor of the Defined Protection ETF and related Innovator ETF trademarks and proprietary outcome-tool functionality.