Innovator Equity Defined Protection ETF - 2 Yr to April 2028 (AAPR)

The Innovator Equity Defined Protection ETF - 2 Yr to April 2028 is a defined outcome fund from Innovator ETFs. Over a two-year outcome period ending in April 2028, it seeks to track the price return of the SPDR S&P 500 ETF Trust up to a predetermined upside cap while providing protection against 100% of that fund's losses over the full period, before fees.

The strategy is built with FLEX options on the S&P 500 ETF, combining purchased and sold options to create the protected payoff and the cap. The cap level is set at the start of the outcome period, and the stated protection and cap apply only to investors who hold shares for the entire period; shares bought or sold mid-period can experience different results.

The fund does not receive dividends paid by the S&P 500 constituents, and it trades on Cboe BZX under the ticker AAPR.