The Innovator U.S. Equity Buffer ETF is designed to mirror the performance of the SPDR S&P 500 ETF Trust (SPY), though its potential upside is limited by a predetermined maximum gain. Concurrently, it offers investors protection against the first 9% of any losses incurred over its specific outcome period. This ETF is structured for continuous holding, as its cap and buffer reset at the conclusion of each outcome period, typically occurring annually.