Core Viewpoint - The Innovator 1 Yr February investment strategy aims to provide large-cap U.S. equity exposure through an equity defined protection framework, targeting the SPDR S&P 500 ETF Trust's performance over a one-year period while ensuring downside protection and a capped upside [1] Investment Strategy - The fund primarily invests in centrally cleared FLEX options on the Underlying ETF, utilizing a combination of long call spreads and put positions to create a specific payoff profile rather than directly owning the ETF [1] - Each February Outcome Period involves resetting strikes and maturities, with the option sleeve typically held until expiration, while interim trading is focused on primary-market flows and maintaining targeted option exposures [1]