The Innovator U.S. Equity Ultra Buffer ETF (UJAN) aims to replicate the returns of the SPDR S&P 500 ETF Trust (SPY), though its upside potential is constrained by a predetermined maximum. Simultaneously, it offers investors a degree of protection, mitigating losses that occur within the range of -5% to -35% during its specified outcome period. While the ETF can be held for an unlimited duration, its unique cap and buffer features are refreshed at the end of each outcome period, which typically concludes annually.