ETF Research Center

SFLR aims to provide capital appreciation by holding a portfolio of large-cap US stocks while hedging the downside risk using a laddered options strategy. The fund utilizes four, one-year FLEX options packages with staggered 3-month expiration dates to target a maximum loss of approximately 10% on a rolling 12-month basis.

FUND BASICS
Category	US Equities
Fund Sponsor	Innovator
Website	www.innovatoretfs.com/etf/default.aspx?ticker=sflr
Inception date	Nov 09, 2022
Assets (mns)	$810
Currency	USD
Expense ratio	89 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	Yes
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	228
Wgt avg mkt cap (mns)	$885,519
Large cap (>$10bn)	99.7%
Mid cap ($2-10bn)	0.1%
Small cap (<$2bn)	0.0%
Developed mkts	99.8%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	34.1 %
MICROSOFT CORP	6.8 %
APPLE INC	6.2 %
NVIDIA CORP	5.4 %
AMAZON.COM INC	3.7 %
META PLATFORMS INC	2.8 %
ALPHABET INC. CLASS A	2.0 %
BROADCOM INC.	1.9 %
ALPHABET INC. CLASS C	1.8 %
JPMORGAN CHASE & CO	1.8 %
BERKSHIRE HATHAWAY INC-CL B	1.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.8 %
	IRELAND	1.1 %
	BRITAIN	0.6 %
	LUXEMBOURG	0.3 %
	ARGENTINA	0.3 %
	BERMUDA	0.2 %
	AUSTRALIA	0.1 %
	SOUTH KOREA	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru April 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
-3.5%	8.9%	--	--	15.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.74	95%
MSCI EAFE	0.44	39%
MSCI Emg. Mkts.	0.44	30%

Technical Indicators
Recent close	$31.72
30d moving avg.	$31.09
Annualized volatility	9.7%
Short interest (ETF)	0.5%
Relative strength (RSI)	49

Liquidity measures
Avg. volume (thou.)	209
Turnover	0.8%
Bid/Ask (% of price)	0.25%
ADV underlying (mns)	$183,158

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 32 potential alternatives to the Innovator Equity Managed Floor ETF ETF based on the alternatives' overlap in portfolio holdings with SFLR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SFLR

Expense:

89 bp

ALTAR Score™:

4.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SFLR
Ticker	Fund Name	Overlap¹ vs SFLR (%)	Expense ratio (bp)	Savings vs SFLR (bp)	ALTAR Score™ (%)	ALTAR vs SFLR (%)
XYLD	Global X S&P 500 Covered Call ETF	69.1	60	29	5.0	+0.6
XRMI	Global X S&P 500 Risk Managed Income ETF	69.0	60	29	5.0	+0.6
PBP	Invesco S&P 500 BuyWrite ETF	68.7	49	40	5.0	+0.7
XYLG	Global X S&P 500 Covered Call & Growth ETF	67.8	60	29	5.0	+0.6
XTR	Global X S&P 500 Tail Risk ETF	66.0	26	63	5.3	+0.9
XCLR	Global X S&P 500 Collar 95-110 ETF	65.9	25	64	5.3	+0.9
ACIO	Aptus Collared Investment Opportunity ETF	54.5	79	10	4.4	+0.1
EFIV	SPDR S&P 500 ESG ETF	53.1	10	79	5.6	+1.3
FTHI	First Trust BuyWrite Income ETF	52.0	75	14	5.1	+0.8
FTQI	First Trust Nasdaq BuyWrite Income ETF	47.9	75	14	3.9	-0.5
JEPQ	J.P. Morgan Nasdaq Equity Premium Income ETF	44.4	35	54	4.6	+0.2
QTR	Global X NASDAQ 100 Tail Risk ETF	43.8	26	63	4.5	+0.2
QCLR	Global X NASDAQ 100 Collar 95-110 ETF	43.8	25	64	4.5	+0.2
NUSI	Nationwide Nasdaq-100 Risk-Managed Income ETF	43.8	68	21	4.1	-0.2
QRMI	Global X NASDAQ 100 Risk Managed Income ETF	43.8	60	29	4.2	-0.2
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	43.8	60	29	4.2	-0.2
QYLD	Global X NASDAQ 100 Covered Call ETF	43.8	60	29	4.2	-0.1
GARP	iShares MSCI USA Quality GARP ETF	40.2	15	74	4.6	+0.3
MMLG	First Trust Multi-Manager Large Growth ETF	38.2	85	4	2.1	-2.2
DJIA	Global X Dow 30 Covered Call ETF	30.8	60	29	5.5	+1.2
DYLG	Global X Dow 30 Covered Call & Growth ETF	30.4	60	29	5.4	+1.1
TYLG	Global X Information Technology Covered Call & Growth ETF	27.5	60	29	4.7	+0.4
SIXH	ETC 6 Meridian Hedged Equity Index Option ETF	26.8	82	7	7.2	+2.8
CCOR	Core Alternative ETF	26.0	107	-18	5.5	+1.2
DIVO	Amplify CWP Enhanced Dividend Income ETF	22.7	55	34	5.4	+1.1
QQQA	ProShares Nasdaq-100 Dorsey Wright Momentum ETF	19.5	58	31	2.5	-1.8
THNQ	ROBO Global Artificial Intelligence ETF	15.6	68	21	2.7	-1.6
KNG	FT Vest S&P 500 Dividend Aristocrats Target Income ETF	13.4	75	14	5.8	+1.5
LCG	Sterling Capital Focus Equity ETF	9.2	59	30	3.2	-1.1
XVOL	Acruence Active Hedge U.S. Equity ETF	7.3	83	6	4.4	+0.1
IDVO	Amplify International Enhanced Dividend Income ETF	0.6	65	24	5.7	+1.4
GBLD	Invesco MSCI Green Building ETF	0.2	39	50	9.9	+5.6

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Innovator Equity Managed Floor ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	19.9	%
Divided by: Fwd. P/BV	3.8	x
Less: Expense ratio	89	bp
Equals: ALTAR Score	4.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	CATEGORY AVERAGE	1.58

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.