Innovator ETFs Trust – Innovator Equity Defined Protection ETF – 2 Yr to October 2027 is an actively managed exchange-traded fund that seeks to provide investors with the upside price return of the SPDR S&P 500 ETF Trust, subject to a predetermined cap, while providing a 100% downside buffer over a two-year outcome period, before fees and expenses. The Fund, trading under the ticker TOCT on Cboe BZX, is a series of Innovator ETFs Trust and is advised by Innovator Capital Management LLC. It primarily invests in Flexible Exchange Options, or FLEX Options, referencing the SPDR S&P 500 ETF Trust, using customized exchange-traded options to establish defined-outcome exposure to U.S. large-cap equities. The Fund targets investors seeking limited, predefined equity-market upside participation with protection against declines in the underlying ETF during the applicable outcome period. TOCT’s initial outcome period runs from October 1, 2025 through September 30, 2027, with a starting upside cap of 12.78%, a 100% downside buffer, and a 0.79% expense ratio; the strategy is scheduled to reset on a biennial basis at the start of each subsequent two-year outcome period. The Fund represents a recent product launch within Innovator’s defined-protection ETF lineup, listing on October 1, 2025, and expands the sponsor’s suite of outcome-oriented ETFs designed to package options-based risk management strategies in an exchange-traded format. Innovator ETFs Trust is based in Wheaton, Illinois, United States.