Innovator ETFs Trust – Innovator Equity Defined Protection ETF – 2 Yr to April 2028 is a U.S.-listed, non-diversified exchange-traded fund designed to provide defined-outcome exposure to the U.S. large-cap equity market. Trading on Cboe BZX under the ticker AAPR, the Fund seeks to match the upside return of an S&P 500 exchange-traded fund, up to a predetermined cap, while seeking to provide a 100% buffer against losses of the underlying ETF over each approximately two-year outcome period, before fees and expenses. The Fund invests at least 80% of net assets, plus borrowings for investment purposes, in investments providing exposure to the State Street SPDR S&P 500 ETF Trust; it uses FLEX Options, including purchased and written put and call options, to produce its defined protection and capped-return profile. Products and services consist principally of exchange-traded defined-protection investment exposure; two-year S&P 500-linked outcome strategies; capped-upside equity participation; full downside-buffer strategies; and options-based portfolio management delivered through ETF shares to individual investors, financial advisers, wealth managers, and institutional investors. The Fund was listed on April 1, 2024, is a series of Innovator ETFs Trust, and is managed by Innovator Capital Management, LLC, headquartered in Wheaton, Illinois, United States. Its latest material operational change occurred on April 1, 2026, when the prior two-year outcome period ended and the Fund commenced a new April 1, 2026 to March 31, 2028 outcome period; concurrently, it was renamed from Innovator Equity Defined Protection ETF – 2 Yr to April 2026 to Innovator Equity Defined Protection ETF – 2 Yr to April 2028. For the current outcome period, the Fund targets S&P 500 ETF returns up to a gross starting cap of 15.73%, with a 100% starting buffer, and charges a 0.79% expense ratio.