TSLH — Innovator Hedged TSLA Strategy ETF

TSLH Fund Overview

TSLH — Innovator Hedged TSLA Strategy ETF is a US ETF managed by Innovator ETFs Trust, categorised as Ultra-Short Treasury / Sovereign Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Innovator ETFs Trust
• Category: Ultra-Short Treasury / Sovereign Bond
• Assets under management: $1.10M
• 1-year return: 3.4%
• Ticker: TSLH
• SEC CIK: 0001415726
• SEC series ID: S000075941
• Share class ID: C000235316

TSLH Investment Objective and Strategy

Innovator Hedged TSLA Strategy ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Innovator ETFs Trust.

Investment objective

The Fund seeks to participate in the price return of the common stock of Tesla, Inc., subject to a limit on investment gains (prior to taking into account management fees and other fees) and seeks to provide a level of protection against significant declines in the price return of the common stock of Tesla, Inc. (prior to taking into account management fees and other fees).

Principal investment strategy

The Fund is an actively managed exchange -traded fund ( ETF ) that seeks to provide risk -managed investment exposure to the common share price of Tesla, Inc. (NASDAQ: TSLA) ( TSLA ) through an active hedging strategy. The Fund seeks to achieve its investment objective by investing the Funds net assets (including borrowings for investment purposes) in options contracts that reference TSLA (the Options Portfolio ) and in U.S. Treasury Bills (the Treasury Portfolio ). The Funds investment adviser is Innovator Capital Management, LLC ( Innovator or the Adviser ) and the Funds investment sub -adviser is Milliman Financial Risk Management LLC ( Milliman or the Sub -Adviser ). As discussed in greater detail below, the Fund seeks to provide investment exposure to the price performance experienced by TSLA while seeking to limit significant losses against decreases in the price of TSLA (the Floor ).

There is no guarantee the Fund will be successful in implementing this strategy. The Fund does not invest directly in TSLA. Hedged TSLA Investment Strategy The Fund will seek to participate in the price return of TSLA, subject to a limit on investment gains (prior to taking into account management fees and other fees) and will seek to provide the Floor against TSLA losses, up to a limit (prior to taking into account management fees and other fees) through the Sub -Adviser s investments in the Options Portfolio and Treasury Portfolio. There is no guarantee that the Sub -Adviser will be successful in its attempt to provide the Floor and protect against significant TSLA losses. The maximum gain potential and Floor that the Fund seeks to provide are prior to taking into account annual Fund management fees, transaction fees and any extraordinary expenses incurred by the Fund.

These expenses will have the effect of reducing the maximum gain potential amount and the Floor experienced by shareholders. Shareholders in the Fund are not entitled to receive dividends, if any, that may be payable on TSLA. An investors possible return profile will also depend on the time at which such investor purchases and sells Shares of the Fund. If an investor purchases shares of the Fund after the then -current Options Portfolio was initially executed, the return profile available to that investor will be impacted by changes in the price of TSLA, changes in the value of the U.S. Treasury Bills, and the corresponding movements in the Funds NAV ( see Options Portfolio and Treasury Portfolio below). The Sub -Adviser intends to pursue the Funds investment objective through the combination of investments in a Treasury Portfolio comprised of U.S.

Treasury Bills and an Options Portfolio comprised of FLexible EXchange Options ( FLEX Options ) that reference TSLA with approximately three -month expiration dates. An option contract gives the purchaser of the option, in exchange for the premium paid, the right to purchase (for a call option) or sell (for a put option) the underlying asset at a specified price (the strike price) on a specified date (the expiration date). The Options Portfolio will consist of a call option spread strategy via the purchase and sale of call FLEX Options that reference TSLA with rotating expiration dates of approximately three months. The Funds Treasury Portfolio will seek to provide the Floor against TSLA losses by preserving the Funds capital in the event the Options Portfolio expires worthless. The Floor is provided based on the Funds NAV and will be in effect throughout the duration of the Funds FLEX Options (as described below).

The percentage of protection provided by the Floor, which is not guaranteed, is based on the Funds NAV on the day the Fund executes its FLEX Options contracts, and the Floor will fluctuate based on changes in the value of the underlying U.S. Treasury Bills, as described below. Please note that the initial duration of the FLEX Options in the Options Portfolio and the related Treasuries Portfolio will be approximately two months due to the timing of launching the Fund. For all periods after this initial period, the Options Portfolio will use FLEX Options with a duration of approximately three months. Hedged TSLA Investment Strategy Principal Holdings Portfolio Investment Investment Terms Portfolio Investment Percentage* Target Portfolio Maturity Treasury Portfolio Multiple series of U.S. Treasury Bills supported by full faith and credit of the U.S.

government 90% of portfolio at the time of investment 3 month maturities Purchased Call Option Contracts on TSLA in -the-money ( i.e. , the strike price is less than the current TSLA market price) call FLEX Options at approximately 90% of TSLA price at time of investment 10% of portfolio at the time of investment 3 month expiration dates Sold Call Option Contracts on TSLA out -of-the money ( i.e. , the strike price is more than the current TSLA market price) FLEX Options used to partially fund purchased call option contract 3 month expiration dates * The portfolio percentages indicate the targeted portfolio investment amounts at the time of investment. The percentage investments may be greater or lesser than the stated amounts at the time of investment and will fluctuate throughout the holding period.

See Options Portfolio and Treasury Portfolio below. The Sub -Adviser seeks to provide investment exposure to the price performance experienced by TSLA through the Options Portfolio while seeking to limit losses against significant decreases in the price of TSLA through the Floor which is provided by the Funds Treasury Portfolio. The Sub -Adviser seeks to specifically select the strike price for each FLEX Option contract in the Options Portfolio such that if the FLEX Options were exercised on the expiration date (the final day of the option term set at approximately three months), the Funds portfolio would experience the price return of TSLA subject to a maximum gain on the price performance of TSLA over the duration of the options contract and would be protected from losses to the extent of the value of the Treasury Portfolio.

The Funds purchased call FLEX Options provide the Fund exposure to the price return of TSLA (gains and losses) starting at 90% of the then -current share price of TSLA. The Options Portfolio, through these purchased call FLEX Options, seeks to provide investment returns that match the performance of the share price of TSLA; The Fund sells the call FLEX Options to help pay the premium of the purchased call FLEX Options that allow the Funds participation in TSLAs price performance. The Funds sold FLEX Options effectively sell the Funds ability to participate in increases in the share price of TSLA beyond the strike price of the sold call FLEX Options over the duration of the Options Portfolio and sets a limit on TSLA price performance gains for the duration of the FLEX Options contracts. The strike price for the sold call FLEX Options is dependent upon prevailing market conditions at the times the Fund originally enters into the FLEX Options contracts; and The Fund purchases multiple series of U.S.

Treasury Bills with weighted average maturities of approximately three -months to provide the sought -after protection of the Floor. In the event that TSLA decreases in value by approximately more than 10% over the duration of the option contracts, the Funds purchased call FLEX Options and the sold call FLEX Options would expire worthless and the Funds value would be comprised of the Treasury Portfolio. The Treasury Portfolio is intended to provide the Floor and protect against significant decreases in the price of TSLA. There is no guarantee that the Treasury Portfolio will retain value to provide the level of portfolio protection sought by the Fund. The value of the Treasury Portfolio may increase (providing a higher Floor and therefore more protection to shareholders) or decrease (providing a lower Floor and therefore less protection to shareholders).

While the Sub -Adviser will seek three -month rotating portfolio holdings in the Options Portfolio and the Treasury Portfolio, the duration of each may not be precisely three -months as a result of market conditions at the time of purchase. In addition, the percentage of the Treasury Portfolio and the Options Portfolio that is established at the time of purchase may be greater than or less than the sought -after 90% and 10% of the Funds net assets, respectively, due to market conditions at the time of executing the Funds Options Portfolio. While the Sub -Adviser will target a Treasury Portfolio with a value of 90% of the Funds net assets at the time of entering into the FLEX Options, the value of the Treasury Portfolio will also increase and decrease due to market conditions over the duration of the anticipated three -month holding period.

Options Portfolio FLEX Options are customizable exchange -traded option contracts guaranteed for settlement by the Options Clearing Corporation (the OCC ). The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the buyer for every seller and the seller for every buyer, protecting clearing members and options traders from counterparty risk. The Fund holds FLEX Options that reference TSLA, which gives the Fund the right to receive or deliver shares of TSLA on the expiration date of the option contract at the stated strike price, depending on whether the option contract is a put or call option and whether the Fund purchases or sells the option. The Funds FLEX Options are cash -settled . Cash -settled option contracts give the Fund the right to receive the cash value of TSLAs share price (for purchased call options) or the obligation to deliver the cash value of TSLAs share price (for sold call options).

The FLEX Options held by the Fund are European style options, which are exercisable at the strike price only on the expiration date. The value of the FLEX Options does not increase or decrease at the same level of TSLAs share price on a day -to-day basis (although they generally move in the same direction). However, as a FLEX Option approaches its expiration date, its value typically will increasingly move with the value of TSLA. The Funds NAV is dependent on the value of the FLEX Options, which is based principally upon the price of TSLA and the time remaining until the expiration date of the FLEX Options, and the value of the Treasury Portfolio. As the price of TSLA changes and time moves towards the expiration date of the Funds FLEX Options, the value of the FLEX Options, and therefore the Funds NAV, will change.

The Sub -Adviser anticipates the Funds NAV will move in the same direction as the price movements of TSLA. However, there is no guarantee that the Funds NAV will move in the same direction as the price movements of TSLA and it is not expected for the Funds NAV to directly correlate on a day -to-day basis with the returns experienced by TSLA. A component of an options value is the number of days remaining until its expiration date. Therefore, while changes in the price of TSLA will result in changes to the Funds NAV, the Sub -Adviser generally anticipates that the rate of change in the Funds NAV will be less than that experienced by TSLA until the expiration date of the FLEX Options. The Options Portfolio is designed to provide upside participation in the price return of TSLA, subject to a maximum gain potential, at the time the FLEX Option contracts expire.

The potential upside offered by the Fund by virtue of the Options Portfolio is limited, and such limit may vary widely from quarter to quarter. The limits to the upside performance of TSLA are dependent upon prevailing market conditions at the time the Fund enters into the option contracts and could fluctuate from one period to the next.

TSLH Holdings

Top 3 holdings of Innovator Hedged TSLA Strategy ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all TSLH holdings

TSLH Portfolio Allocation

Asset-class allocation of Innovator Hedged TSLA Strategy ETF by percentage of net assets, from the latest SEC N-PORT filing.

TSLH Performance

Total returns for TSLH (as of 2026-10-01), from SEC filings.

TSLH Risk Information

Risk metrics for TSLH, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 18.8%

TSLH Costs and Fees

TSLH costs about $79 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.79%
• Gross expense ratio: 0.79%
• Portfolio turnover: 0%
• Brokerage commissions: 17.87 bps of average net assets (SEC N-CEN)

TSLH Cashflows

Over the 12 months to 2024-07, Innovator Hedged TSLA Strategy ETF had net outflows of $924.41K, from monthly SEC N-PORT filings.

TSLH Debt Constituents

Largest debt holdings of Innovator Hedged TSLA Strategy ETF by percentage of net assets, from the latest SEC N-PORT filing.

TSLH Prospectus and SEC Filings

Official Innovator Hedged TSLA Strategy ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2024-02-27
• Prospectus (485BPOS) — filed 2023-02-27
• Prospectus supplement (497) — filed 2022-07-26
• Portfolio holdings (N-PORT) — filed 2024-09-25
• Portfolio holdings (N-PORT) — filed 2024-06-27
• Portfolio holdings (N-PORT) — filed 2024-03-28
• Annual census (N-CEN) — filed 2024-01-12
• Annual census (N-CEN) — filed 2023-01-13

Related Funds

Other Ultra-Short Treasury / Sovereign Bond funds tracked on ABC INVEST:

• Vanguard 0-3 Month Treasury Bill ETF (VBIL)
• US Treasury 3 Month Bill ETF (TBIL)
• Global X 1-3 Month T-Bill ETF (CLIP)
• Invesco Short Term Treasury ETF (TBLL)
• Abbey Capital Futures Strategy Fund (ABYAX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.