Innovator U.S. Equity 10 Buffer ETF - Quarterly
Name
As of 01/21/2025Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
1.4%
1 yr return
12.7%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$293 M
Holdings in Top 10
100.1%
52 WEEK LOW AND HIGH
$30.1
$26.81
$30.19
Expenses
OPERATING FEES
Expense Ratio 0.69%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 01/21/2025Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
ZALT - Profile
Distributions
- YTD Total Return 1.4%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameInnovator U.S. Equity 10 Buffer ETF - Quarterly
-
Fund Family NameInnovator ETFs Trust
-
Inception DateOct 02, 2023
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
Fund Description
p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"span class="BoldItalic" style="font-style:italic;font-weight:bold;"General Strategy Description.span style="width: 16px;display: inline-block;" /span/spanThe Fund invests at least 80% of its net assets in FLexible EXchangespan class="Superscript" style="vertical-align:super;font-size:58%;"®/span Options (span class="Italic" style="font-style:italic;font-weight:normal;"“FLEX Options”/span) that reference the SPDRspan class="Superscript" style="vertical-align:super;font-size:58%;"®/span Samp;P 500span class="Superscript" style="vertical-align:super;font-size:58%;"®/span ETF Trust (the span class="Italic" style="font-style:italic;font-weight:normal;"“Underlying ETF”/span). FLEX Options are exchangespan class="nobreak"-traded/span options contracts with uniquely customizable terms. Although guaranteed for settlement by the Options Clearing Corporation (the span class="Italic" style="font-style:italic;font-weight:normal;"“OCC”/span), FLEX Options are still subject to counterparty risk with the OCC and may be less liquid than more traditional exchangespan class="nobreak"-traded/span options. Due to the unique mechanics of the Fund’s strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from many other investment vehicles. It is important that an investor understand these characteristics before making an investment in the Fund./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"In general, an option contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price. The reference asset for all of the Fund’s FLEX Options is the Underlying ETF, an exchangespan class="nobreak"-traded/span unit investment trust that seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the Samp;P 500span class="Superscript" style="vertical-align:super;font-size:58%;"®/span Index, which is a market capitalization weighted index of the 500 largest U.S. public companies. The Underlying ETF invests in equity securities of companies, including companies with large capitalizations. To the extent the Underlying ETF concentrates (span class="Italic" style="font-style:italic;font-weight:normal;"i.e./span, holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. Through its use of FLEX Options on the Underlying ETF, the Fund has significant exposure to companies in the information technology sector. For more information on the Underlying ETF, please see the section of the prospectus entitled “Additional Information About the Fund’s Principal Investment Strategies.”/p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"The prespan class="nobreak"-determined/span outcomes sought by the Fund, which include the buffer and cap discussed below (the span class="Italic" style="font-style:italic;font-weight:normal;"“Outcomes”/span), are based upon the performance of the Underlying ETF’s share price over an approximately threespan class="nobreak"-month/span period (the span class="Italic" style="font-style:italic;font-weight:normal;"“Outcome Period”/span). The current Outcome Period is from Januaryspan class="nobreak" /span1, 2025 through Marchspan class="nobreak" /span31, 2025. Following the Outcome Period, each successive Outcome Period will begin on the day the prior Outcome Period concludes and will end in three months. Upon conclusion of the Outcome Period, the Fund will receive the cash value of all the FLEX Options it held for the prior Outcome Period. It will then invest in a new series of FLEX Options with an expiration date in three months, and a new Outcome Period will begin. span class="CharOverride-3" style="font-style:normal;font-weight:bold;text-decoration:underline;"The Outcomes may only be realized by investors who continuously hold Shares from the commencement of the Outcome Period until its conclusion. Investors who purchase Shares after the Outcome Period has begun or sell Shares prior to the Outcome Period’s conclusion may experience investment returns very different from those that the Fund seeks to provide./span/p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-bottom:10pt;margin-top:12pt;"The Fund’s strategy has been specifically designed to produce the Outcomes based upon the performance of the Underlying ETF’s share price (or its “price return”) over the duration of the Outcome Period. span class="Bold" style="font-style:normal;font-weight:bold;"The Fund will not receive or benefit from any dividend payments made by the Underlying ETF. The Fund is not an appropriate investment for income/spanspan class="nobreak"span class="Bold" style="font-style:normal;font-weight:bold;"-seeking/span/spanspan class="Bold" style="font-style:normal;font-weight:bold;" investors. /spanThe Fund seeks to provide shareholders that hold Shares for the entire Outcome Period with a buffer (the span class="Italic" style="font-style:italic;font-weight:normal;"“Buffer”/span) against the first 10% of Underlying ETF losses during the Outcome Period. The Fund’s shareholders will bear all Underlying ETF losses exceeding 10% on a onespan class="nobreak"-to-one/span basis./pp class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"If the Underlying ETF’s share price increases over the duration of the Outcome Period, the Fund seeks to provide investors that hold Fund Shares for the entire Outcome Period with an increase in value that approximately matches the percentage increase experienced by the Underlying ETF’s share price over the duration of the Outcome Period, up to an upside return cap (the span class="Italic" style="font-style:italic;font-weight:normal;"“Cap”/span) that represents the maximum percentage return an investor can achieve from an investment in Fund Shares for the Outcome Period. span class="Bold" style="font-style:normal;font-weight:bold;"Therefore, even though the Fund’s returns are based upon the performance of the Underlying ETF’s share price, if the Underlying ETF’s share price experiences returns for the Outcome Period in excess of the Cap, Fund shareholders will not participate in the excess returns./span/p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"The Cap and the Buffer are based upon prevailing market conditions at the time the Fund enters into the FLEX Options on the first day of the Outcome Period. As a result, the Cap and Buffer may rise or fall from one Outcome Period to the next. For the current Outcome Period, the Cap is 3.31% prior to taking into account any fees or expenses charged to shareholders. When the Fund’s annual Fund management fee of 0.69% of the Fund’s average daily net assets is taken into account for the Outcome Period, the Cap is 3.13%. For the current Outcome Period, the Buffer is 10% of Underlying ETF losses prior to taking into account any fees or expenses charged to shareholders. When the Fund’s annual management fee of 0.69% of the Fund’s average daily net assets is taken into account for the Outcome Period, the Buffer is 9.82% of Underlying ETF losses.span class="Bold-SmallCaps" style="font-style:normal;font-variant:small-caps;font-weight:bold;" /spanThe Cap and the Buffer will be further reduced by any shareholder transaction fees and any extraordinary expenses incurred by the Fund./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"As is discussed in further detail below, it is anticipated that during the Outcome Period the Fund’s NAV will not increase or decrease at the same rate as the Underlying ETF’s share price. The Fund’s NAV is based upon the value of its portfolio, which is primarily composed of FLEX Options. Although the value of the Underlying ETF’s share price is a significant component of the value of the Fund’s FLEX Options, the time remaining until those FLEX Options expire also affects their value. The Fund’s investment subspan class="nobreak"-adviser/span, Milliman Financial Risk Management LLC (span class="Italic" style="font-style:italic;font-weight:normal;"“Milliman”/span or the span class="Italic" style="font-style:italic;font-weight:normal;"“Sub/spanspan class="nobreak"span class="Italic" style="font-style:italic;font-weight:normal;"-Adviser/span/spanspan class="Italic" style="font-style:italic;font-weight:normal;"”/span), generally anticipates that the Fund’s NAV will increase on days when the Underlying ETF’s share price increases and will decrease on days when the Underlying ETF’s share price decreases, but that the rate of such increase or decrease will be less than that experienced by the Underlying ETF./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-bottom:10pt;margin-top:12pt;"The Fund’s investment strategy seeks to buffer losses over the course of the Outcome Period while simultaneously generating returns that match the Underlying ETF, up to the Cap (discussed in detail below), while limiting downside losses. span class="Bold" style="font-style:normal;font-weight:bold;"The hypothetical graphical illustration provided below is designed to illustrate the Outcomes that the Fund seeks to provide for investors who hold Fund Shares for the entirety of the Outcome Period. There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes for an Outcome Period./span The returns that the Fund seeks to provide do not include the costs associated with purchasing Fund Shares and certain expenses incurred by the Fund./pp class="Text_flush_Center" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:avoid;page-break-before:auto;text-align:center;text-indent:0;widows:3;margin-top:8pt;"img alt="" src="tbarchart_001zalt.jpg" style="width:560.64px;max-width:100%;"//p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:10pt;margin-top:10pt;"The following table contains span class="Bold" style="font-style:normal;font-weight:bold;"hypothetical/span examples designed to illustrate the Outcomes the Fund seeks to provide over an Outcome Period, based upon the performance of the Underlying ETF from span class="nobreak"-100/span% to 100%. span class="Bold" style="font-style:normal;font-weight:bold;"The table is provided for illustrative purposes and does not provide every possible performance scenario for Shares over the course of an Outcome Period. There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes for an Outcome Period. The table is not intended to predict or project the performance of the FLEX Options or the Fund. Fund shareholders should not take this information as an assurance of the expected performance of the Underlying ETF or return on Shares./span The actual overall performance of the Fund will vary with fluctuations in the value of the FLEX Options during the Outcome Period, among other factors. Please refer to the Fund’s website, span class="nobreak"www.innovatoretfs.com/zalt/span which provides updated information relating to this table on a daily basis throughout the Outcome Period./p table class="ETF_Table" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;" tr class="ETF_Table" style="background: #CCEEFF;height:12pt;" td class="ETF_Table TB CellOverride-13" style="width: 11.11%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top" p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0pt;text-indent:0pt;margin-left:3pt;"Underlyingbr/ETFbr/Performance/p /td td class="ETF_Table TB CellOverride-14" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="top" /td td class="ETF_Table TB CellOverride-15" style="width: 5.77%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"(100/p /td td class="ETF_Table TB CellOverride-16" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;")%/p /td td class="ETF_Table TB CellOverride-17" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" /td td class="ETF_Table TB CellOverride-16" style="width: 4.70%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"(50/p /td td class="ETF_Table TB CellOverride-16" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;")%/p /td td class="ETF_Table TB CellOverride-17" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" /td td class="ETF_Table TB CellOverride-16" style="width: 4.70%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"(20/p /td td class="ETF_Table TB CellOverride-16" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;")%/p /td td class="ETF_Table TB CellOverride-17" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" /td td class="ETF_Table TB CellOverride-16" style="width: 3.63%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"(10/p /td td class="ETF_Table TB CellOverride-16" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;")%/p /td td class="ETF_Table TB CellOverride-17" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" /td td class="ETF_Table TB CellOverride-16" style="width: 2.99%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"(5/p /td td class="ETF_Table TB CellOverride-16" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;")%/p /td td class="ETF_Table TB CellOverride-17" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" /td td class="ETF_Table TB CellOverride-16" style="width: 2.35%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"0/p /td td class="ETF_Table TB CellOverride-16" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;"%/p /td td class="ETF_Table TB CellOverride-17" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" /td td class="ETF_Table TB CellOverride-16" style="width: 4.49%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"5/p /td td class="ETF_Table TB CellOverride-16" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;"%/p /td td class="ETF_Table TB CellOverride-17" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" /td td class="ETF_Table TB CellOverride-16" style="width: 4.49%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"10/p /td td class="ETF_Table TB CellOverride-16" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;"%/p /td td class="ETF_Table TB CellOverride-17" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" /td td class="ETF_Table TB CellOverride-16" style="width: 4.49%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"15/p /td td class="ETF_Table TB CellOverride-16" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;"%/p /td td class="ETF_Table TB CellOverride-17" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" /td td class="ETF_Table TB CellOverride-16" style="width: 4.49%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"20/p /td td class="ETF_Table TB CellOverride-16" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;"%/p /td td class="ETF_Table TB CellOverride-17" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" /td td class="ETF_Table TB CellOverride-16" style="width: 4.49%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"50/p /td td class="ETF_Table TB CellOverride-16" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;"%/p /td td class="ETF_Table TB CellOverride-17" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" /td td class="ETF_Table TB CellOverride-18" style="width: 6.41%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"100/p /td td class="ETF_Table TB CellOverride-19" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;"%/p /td /tr tr class="ETF_Table" style="height:12pt;" td class="ETF_Table TB CellOverride-13" style="width: 11.11%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top" p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-left:0pt;text-indent:0pt;margin-left:3pt;"Fundbr/Performance/p /td td class="ETF_Table TB CellOverride-20" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-right: windowtext 1pt none; border-right-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="top" /td td class="ETF_Table TB CellOverride-15" style="width: 5.77%; padding: 0in 0in 3px 0in;border-width: 0pt;border-left: windowtext 1pt none; border-left-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"(90/p /td td class="ETF_Table TB CellOverride-16" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;")%*/p /td td class="ETF_Table TB CellOverride-21" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" /td td class="ETF_Table TB CellOverride-16" style="width: 4.70%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"(40/p /td td class="ETF_Table TB CellOverride-16" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;")%*/p /td td class="ETF_Table TB CellOverride-21" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" /td td class="ETF_Table TB CellOverride-16" style="width: 4.70%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"(10/p /td td class="ETF_Table TB CellOverride-16" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;")%*/p /td td class="ETF_Table TB CellOverride-21" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" /td td class="ETF_Table TB CellOverride-16" style="width: 3.63%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"0/p /td td class="ETF_Table TB CellOverride-16" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;"%/p /td td class="ETF_Table TB CellOverride-21" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" /td td class="ETF_Table TB CellOverride-16" style="width: 2.99%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"0/p /td td class="ETF_Table TB CellOverride-16" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;"%/p /td td class="ETF_Table TB CellOverride-21" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" /td td class="ETF_Table TB CellOverride-16" style="width: 2.35%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"0/p /td td class="ETF_Table TB CellOverride-16" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;"%/p /td td class="ETF_Table TB CellOverride-21" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" /td td class="ETF_Table TB CellOverride-16" style="width: 4.49%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"3.31/p /td td class="ETF_Table TB CellOverride-16" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;"%*/p /td td class="ETF_Table TB CellOverride-21" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" /td td class="ETF_Table TB CellOverride-16" style="width: 4.49%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"3.31/p /td td class="ETF_Table TB CellOverride-16" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;"%*/p /td td class="ETF_Table TB CellOverride-21" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" /td td class="ETF_Table TB CellOverride-16" style="width: 4.49%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"3.31/p /td td class="ETF_Table TB CellOverride-16" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;"%*/p /td td class="ETF_Table TB CellOverride-21" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" /td td class="ETF_Table TB CellOverride-16" style="width: 4.49%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"3.31/p /td td class="ETF_Table TB CellOverride-16" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;"%*/p /td td class="ETF_Table TB CellOverride-21" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" /td td class="ETF_Table TB CellOverride-16" style="width: 4.49%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"3.31/p /td td class="ETF_Table TB CellOverride-16" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;"%*/p /td td class="ETF_Table TB CellOverride-21" style="width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" /td td class="ETF_Table TB CellOverride-18" style="width: 6.41%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;"3.31/p /td td class="ETF_Table TB CellOverride-19" style="width: 1.71%; padding: 0in 0in 3px 0in;border-width: 0pt;border-right: windowtext 1pt none; border-right-style: solid;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;white-space: nowrap;border-bottom: windowtext 1pt none; border-bottom-style: solid; padding: 0in 0in 2px 0in;" valign="middle" p class="Tbody_rightalign-bracket-_rule1_JOIN" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0pt;text-align:left;"%*/p /td /tr /table p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-bottom:10pt;margin-left:36pt;margin-top:6pt;text-indent:-30pt;margin-top:6pt;"* span style="width: 27px;display: inline-block;" /spanThe Cap and the Buffer are set on the first day of the Outcome Period. The Cap is 3.31% prior to taking into account any fees or expenses charged to shareholders. When the Fund’s annual Fund management fee of 0.69% of the Fund’s average daily net assets is taken into account for the Outcome Period, the Cap is 3.13%. The Buffer is 10% prior to taking into /pp class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:24pt;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-24pt;widows:3;margin-left:36pt;margin-top:6pt;text-indent:0pt;margin-top:6pt;"account any fees or expenses charged to shareholders. When the Fund’s annual Fund management fee of 0.69% of the Fund’s average daily net assets is taken into account for the Outcome Period, the Buffer is 9.82%. The Fund’s annual management fee of 0.69% of the Fund’s average daily net assets, any shareholder transaction fees and any extraordinary expenses incurred by the Fund will have the effect of reducing the Cap and Buffer amounts for Fund shareholders./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"span class="BoldItalic" style="font-style:italic;font-weight:bold;"Use of FLEX Options.span style="width: 16px;display: inline-block;" /span/spanThe Outcomes may be achieved by purchasing and selling call and put FLEX Options to create layers within the Fund’s portfolio. The Subspan class="nobreak"-Adviser/span has constructed a portfolio principally composed of FLEX Options that reference the Underlying ETF that are each set to expire on the last day of the Outcome Period. The customizable nature of FLEX Options allows the Subspan class="nobreak"-Adviser/span to select the share price at which the Underlying ETF will be exercised at the expiration of each FLEX Option. This is commonly known as the “strike price.” At the commencement of the Outcome Period, the Subspan class="nobreak"-Adviser/span specifically selects the strike price for each FLEX Option such that when the FLEX Options are exercised on the final day of the Outcome Period, the Outcomes may be obtained, depending on the performance of the Underlying ETF’s share price over the duration of the Outcome Period. The Fund utilizes European style option contracts, which are exercisable only on the expiration date of the option contract./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"To achieve these returns, the Fund may purchase and sell a combination of call option contracts and put option contracts. A call option contract gives the buyer of the call option contract the right (but not the obligation) to buy, and the seller of the call option contract (span class="Italic" style="font-style:italic;font-weight:normal;"i.e./span, the “writer”) the obligation to sell, a specified amount of an underlying security at a prespan class="nobreak"-determined/span price. A put option contract gives the buyer of the put option contract the right (but not the obligation) to sell, and the writer of the put option contract the obligation to buy (if the option in exercised), a specified amount of an underlying security at a prespan class="nobreak"-determined/span price./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"The effect of the Fund’s call option contracts is to provide exposure to the increases in the price of the Underlying ETF, subject to the Cap. span class="Bold" style="font-style:normal;font-weight:bold;"The potential investment gains provided by the Fund are subject to the Cap, a maximum investment return level, which is discussed below. /spanThe Fund will not participate in gains that exceed the Cap./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"Separately, the Fund is designed to deliver on its investment objective to provide returns that are buffered by up to 10% if the Underlying ETF’s share price experiences a loss during the course of the Outcome Period through its put option contracts. span class="Bold" style="font-style:normal;font-weight:bold;"There is no guarantee that the Fund will be successful in its attempt to provide buffered returns./span The Buffer that the Fund seeks to provide is only operative against the first 10% of Underlying ETF losses for the Outcome Period. After the Underlying ETF’s share price has decreased in value by more than 10%, the Fund will experience all subsequent losses on a onespan class="nobreak"-to-one/span basis. The effect created by the Fund’s FLEX Options positions is that if the Underlying ETF’s share price has decreased in value over the course of the Outcome Period, the Fund seeks to be returned the amount of its principal investment (if the Underlying ETF’s share price decreased in value by 10% or less) or experience a loss that is 10% less than the loss experienced by the Underlying ETF (if the Underlying ETF’s share price decreased in value by more than 10%)./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-bottom:10pt;margin-top:12pt;"Each of the FLEX Options purchased and sold throughout the Outcome Period are expected to have the same or similar terms (span class="Italic" style="font-style:italic;font-weight:normal;"i.e., /spanstrike price and expiration) as the corresponding FLEX Options purchased and sold on the first day of the Outcome Period. A detailed explanation regarding the terms of the FLEX Options and the mechanics of the Fund’s strategy can be found in “Additional Information Regarding the Fund’s Principal Investment Strategies.”/pp class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"span class="BoldItalic" style="font-style:italic;font-weight:bold;"The Outcome Period.span style="width: 16px;display: inline-block;" /span/spanThe Outcomes sought by the Fund are based upon the Fund’s NAV at the outset of the Outcome Period. The Outcome Period begins on the day the FLEX Options are entered into and ends on the day they expire. Each FLEX Option’s value is ultimately derived from the performance of the Underlying ETF’s share price during that time. Because the terms of the FLEX Options don’t change, the Cap and Buffer both relate to the Fund’s NAV on the first day of the Outcome Period. span class="Bold" style="font-style:normal;font-weight:bold;"A shareholder that purchases Shares after the commencement of the Outcome Period will likely have purchased Shares at a different NAV than the NAV on the first day of the Outcome Period (the NAV upon which the Outcomes are based) and may experience investment outcomes very different from those sought by the Fund. A shareholder that sells Shares prior to the end of the Outcome Period may also experience investment outcomes very different from those sought by the Fund. To achieve the Outcomes sought by the Fund for the Outcome Period, an investor must be holding Shares at the time that the Fund enters into the FLEX Options and on the day those FLEX Options expire. /spanspan class="CharOverride-3" style="font-style:normal;font-weight:bold;text-decoration:underline;"There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes/spanspan class="Bold" style="font-style:normal;font-weight:bold;"./span/p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"The Fund’s assets will be principally composed of FLEX Options, the value of which is derived from the performance of the underlying reference asset, the Underlying ETF’s share price. However, because a component of an option’s value is the number of days remaining until its expiration, during the Outcome Period, the Fund’s NAV will not directly correlate on a dayspan class="nobreak"-to-day/span basis with the returns experienced by the Underlying ETF. The Subspan class="nobreak"-Adviser/span generally anticipates that the Fund’s NAV will increase on days when the Underlying ETF’s share price increases and will decrease on days when the Underlying ETF’s share price decreases, but that the rate of such increase or decrease will be less than that experienced by the Underlying ETF. Similarly, the amount of time remaining until the end of the Outcome Period also affects the impact of the Buffer on the Fund’s NAV, which may not be in full effect prior to the end of the Outcome Period. span class="Bold" style="font-style:normal;font-weight:bold;"The Fund’s strategy is designed to produce the Outcomes upon the expiration of the FLEX Options on the last day of the Outcome Period and it should not be expected that the Outcomes will be provided at any point prior to that time./span Taken together, this means that at the midpoint of an Outcome Period, if the Underlying ETF’s share price has decreased by an amount less than the Buffer, the Fund’s NAV can also be expected to have decreased in value because the Buffer is not yet in full effect. The Fund’s NAV may decrease to a lesser extent experienced by the Underlying ETF because the Fund’s NAV will not correlate onespan class="nobreak"-to-one/span with the Underlying ETF (i.e., the Fund’s NAV tends not to participate fully in either Underlying ETF gains or losses)./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-bottom:10pt;margin-top:12pt;"span class="BoldItalic" style="font-style:italic;font-weight:bold;"Cap on Potential Upside Returns.span style="width: 16px;display: inline-block;" /span/spanUnlike other investment products, the potential upside return an investor can receive from an investment in Fund Shares over the Outcome Period is subject to the Cap. span class="Bold" style="font-style:normal;font-weight:bold;"The Cap represents the maximum percentage return an investor can achieve from an investment in Fund Shares over the duration of the Outcome Period. Therefore, even though the Fund’s returns are based upon the performance of the Underlying ETF’s share price, if the Underlying ETF’s share price experiences returns for the Outcome Period in excess of the Cap, the Fund will not participate in excess returns./span The Cap is determined on the first day of the Outcome Period and is 3.31% prior to taking into account any fees or expenses charged to shareholders. When the Fund’s annual Fund management fee of 0.69% of the Fund’s average daily net assets is taken into account for the Outcome Period, the Cap is 3.13%. The Cap will be further reduced by any shareholder transaction fees and any extraordinary expenses incurred by the Fund. For the purpose of this prospectus, “extraordinary expenses” are nonspan class="nobreak"-recurring/span expenses that may /pp class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"be incurred by the Fund outside of the ordinary course of its business, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceedings, indemnification expenses and expenses in connection with holding and/or soliciting proxies for a meeting of Fund shareholders. The Cap is also set forth on the Fund’s website at span class="nobreak" style="text-decoration:underline;"www.innovatoretfs.com/zalt/span./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"The Cap will change for each Outcome Period based upon prevailing market conditions at the beginning of the Outcome Period. The Cap, and the Fund’s position relative to it, should be considered before investing in the Fund. span class="Bold" style="font-style:normal;font-weight:bold;"If an investor is considering purchasing Shares during the Outcome Period, and the Fund has already increased in value to a level near to the Cap, an investor purchasing Shares at that price has limited to no gains available for the remainder of the Outcome Period but remains vulnerable to significant downside risks. There is no guarantee that the Fund will successfully achieve its investment objective./span/p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"The Cap is a result of the design of the Fund’s principal investment strategy. In order to provide the Buffer, the Fund enters into a series of FLEX Option contracts. As the purchaser of certain of these FLEX Options, the Fund is obligated to pay a premium to the seller of those FLEX Options. However, the strategy is designed so that any premiums that the Fund is obligated to pay are offset by premiums it receives in connection with the selling of FLEX Options. On the first day of the Outcome Period when the Fund enters into its other FLEX Options positions, the portfolio managers will calculate the amount of premiums that the Fund will owe and will then go into the market and sell a call FLEX Option with terms that entitle the Fund to receive a premium in an amount equal to the amount that the Fund would otherwise owe. The Cap is the strike price of that sold call FLEX Option. The strike price is determined based upon prevailing market conditions at the time the Fund enters into the FLEX Options, most notably current interest rate levels, volatility in the Underlying ETF’s share price, and the relationship of put and calls on the underlying FLEX Options./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-bottom:10pt;margin-top:12pt;"span class="BoldItalic" style="font-style:italic;font-weight:bold;"Buffer.span style="width: 16px;display: inline-block;" /span/spanThe Buffer is only operative against the first 10% of Underlying ETF losses for the Outcome Period; span class="Bold" style="font-style:normal;font-weight:bold;"however, there is no guarantee that the Fund will be successful in its attempt to provide buffered returns./span After the Underlying ETF’s share price has decreased by more than 10%, the Fund will experience all subsequent losses on a onespan class="nobreak"-to-one/span basis. The Buffer is provided prior to taking into account annual Fund management fees, transaction fees and any extraordinary expenses incurred by the Fund. These fees and any expenses will have the effect of reducing the Buffer amount for Fund shareholders for an Outcome Period. When the Fund’s annual management fee equal to 0.69% of the Fund’s daily net assets is taken into account, the net Buffer for an Outcome Period is 9.82%. The Fund’s strategy is designed to produce the Outcomes upon the expiration of its FLEX Options investments on the last day of the Outcome Period. Therefore, it should not be expected that the Buffer, including the net effect of the Fund’s annual management fee on the Buffer, will be provided at any point prior to the last day of the Outcome Period. span class="Bold" style="font-style:normal;font-weight:bold;"If an investor is considering purchasing Shares during the Outcome Period, and the Fund has already decreased in value by an amount equal to or greater than 10%, an investor purchasing Shares at that price will have increased gains available prior to reaching the Cap but may not benefit from the Buffer that the Fund seeks to provide for the remainder of the Outcome Period. Conversely, if an investor is considering purchasing Shares during the Outcome Period and the Fund has already increased in value, then a shareholder may experience losses prior to gaining the protection offered by the Buffer, which is not guaranteed./span A shareholder that /pp class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"purchases Shares at the beginning of the Outcome Period may lose their entire investment. While the Fund seeks to limit losses to 90% for shareholders who hold Shares for the entire Outcome Period, there is no guarantee it will successfully do so. 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. An investment in the Fund is only appropriate for shareholders willing to bear those losses./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"span class="BoldItalic" style="font-style:italic;font-weight:bold;"Fund Rebalance.span style="width: 16px;display: inline-block;" /span/spanThe Fund is a continuous investment vehicle. It does not terminate and distribute its assets at the conclusion of each Outcome Period. On the termination date of an Outcome Period, the Subspan class="nobreak"-Adviser/span will invest in a new set of FLEX Options and another Outcome Period will commence./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"Approximately one week prior to the end of each Outcome Period, the Fund will file a prospectus supplement, which will alert existing shareholders that an Outcome Period is approaching its conclusion and disclose the anticipated ranges for the Cap and Buffer for the next Outcome Period. Following the close of business on the last day of the Outcome Period, the Fund will file a prospectus supplement that discloses the Fund’s final Cap and Buffer (both gross and net of the unitary management fee) for the next Outcome Period. This information is available on the Fund’s website, span class="nobreak"www.innovatoretfs.com/zalt/span, which also provides information relating to the Outcomes, including the Fund’s position relative to the Cap, of an investment in the Fund on a daily basis./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"The Fund’s website, span class="nobreak"span class="Bold" style="font-style:normal;font-weight:bold;"www.innovatoretfs.com/zalt/span/span, provides information relating to the Outcomes, including the Fund’s position relative to the Cap and Buffer, of an investment in the Fund on a daily basis./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"The Fund is classified as “nonspan class="nobreak"-diversified/span” under the Investment Company Act of 1940, as amended (the span class="Italic" style="font-style:italic;font-weight:normal;"“1940 Act”/span)./p
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ZALT - Performance
Return Ranking - Trailing
Period | ZALT Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.4% | N/A | N/A | N/A |
1 Yr | 12.7% | N/A | N/A | N/A |
3 Yr | N/A* | N/A | N/A | N/A |
5 Yr | N/A* | N/A | N/A | N/A |
10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Return Ranking - Calendar
Period | ZALT Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2024 | 11.9% | N/A | N/A | N/A |
2023 | N/A | N/A | N/A | N/A |
2022 | N/A | N/A | N/A | N/A |
2021 | N/A | N/A | N/A | N/A |
2020 | N/A | N/A | N/A | N/A |
Total Return Ranking - Trailing
Period | ZALT Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.4% | N/A | N/A | N/A |
1 Yr | 12.7% | N/A | N/A | N/A |
3 Yr | N/A* | N/A | N/A | N/A |
5 Yr | N/A* | N/A | N/A | N/A |
10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Total Return Ranking - Calendar
Period | ZALT Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2024 | 11.9% | N/A | N/A | N/A |
2023 | N/A | N/A | N/A | N/A |
2022 | N/A | N/A | N/A | N/A |
2021 | N/A | N/A | N/A | N/A |
2020 | N/A | N/A | N/A | N/A |
ZALT - Holdings
Concentration Analysis
ZALT | Category Low | Category High | ZALT % Rank | |
---|---|---|---|---|
Net Assets | 293 M | N/A | N/A | N/A |
Number of Holdings | 5 | N/A | N/A | N/A |
Net Assets in Top 10 | 255 M | N/A | N/A | N/A |
Weighting of Top 10 | 100.06% | N/A | N/A | N/A |
Top 10 Holdings
- SPY 12/31/2024 1.42 C 98.65%
- SPY 12/31/2024 573.74 P 2.80%
- US BANK MMDA - USBGFS 9 0.13%
- SPY 12/31/2024 516.38 P -0.74%
- SPY 12/31/2024 594.87 C -0.79%
Asset Allocation
Weighting | Return Low | Return High | ZALT % Rank | |
---|---|---|---|---|
Other | 99.92% | N/A | N/A | N/A |
Cash | 0.13% | N/A | N/A | N/A |
Stocks | 0.00% | N/A | N/A | N/A |
Preferred Stocks | 0.00% | N/A | N/A | N/A |
Convertible Bonds | 0.00% | N/A | N/A | N/A |
Bonds | 0.00% | N/A | N/A | N/A |
ZALT - Expenses
Operational Fees
ZALT Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.69% | N/A | N/A | N/A |
Management Fee | 0.69% | N/A | N/A | N/A |
12b-1 Fee | N/A | N/A | N/A | N/A |
Administrative Fee | N/A | N/A | N/A | N/A |
Sales Fees
ZALT Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | N/A | N/A | N/A |
Deferred Load | N/A | N/A | N/A | N/A |
Trading Fees
ZALT Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | N/A | N/A | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
ZALT Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | N/A | N/A | N/A |
ZALT - Distributions
Dividend Yield Analysis
ZALT | Category Low | Category High | ZALT % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | N/A | N/A | N/A |
Dividend Distribution Analysis
ZALT | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None |
Net Income Ratio Analysis
ZALT | Category Low | Category High | ZALT % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | N/A | N/A | N/A |
Capital Gain Distribution Analysis
ZALT | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency |