Innovator 20 Year Treasury Bond 5 Floor ETF - July(CBOE:TFJL)

TFJL is one of the first fixed income ETFs to pursue a defined outcome strategy. The fund uses FLEX options in an effort to provide the price return of the iShares 20+ Year Treasury Bond ETF (TLT), up to a cap, and a maximum loss of 5% over a 3-month period. The upside cap and downside floor will fluctuate daily based on the performance of the underlying ETF. The defined outcome can only be achieved when shares of TFJL are purchased on the first day and held until the final day of trading of a specific outcome period. In the case of TFJL, the outcome period begins on the first trading day in January and resets every three months. This results in a total of 4 separate defined outcome periods per year. The issuer publishes effective interim levels, for the floor and cap, daily on its website. The defined outcome return does not include the funds expense ratio. The use of FLEX options opens investors to counterparty risk.