Core Insights - The Innovator Power Buffer Step-Up Strategy ETF (PSTP US) employs a rules-based, options-driven investment process aimed at providing risk-managed exposure to the SPDR S&P 500 ETF Trust [1] - The strategy targets a defined downside buffer while accepting an upside cap, with call and put strikes and maturities set to achieve the intended outcome profile over an approximately one-year term [1] - A monthly evaluation framework allows for opportunistic "step-ups," enabling the fund to roll into a new one-year options basket when preset thresholds are met, thereby refreshing buffer and cap parameters [1] Portfolio Construction - The portfolio is constructed using exchange-listed FLEX options, with collateral maintained in cash or short-dated U.S. Treasuries [1] - Exposure is sized to align the options portfolio with the underlying equity beta target, ensuring effective risk management [1] - Risk management is further supported through OCC-guaranteed settlement, listing venue liquidity, and disciplined reset and roll mechanics [1]