Innovator ETFs Trust

08/24/2026 | Press release | Distributed by Public on 08/24/2026 15:11

Prospectus by Investment Company (Form 497)

Rule 497(e)

File No. 333-146827

Innovator ETFs® Trust

(the "Trust")

Innovator Equity Defined Protection ETF® - 1 Yr September

Innovator Growth-100 Power Buffer ETFÔ - September

Innovator International Developed Power Buffer ETFÔ - September

Innovator U.S. Equity Buffer ETFÔ - September

Innovator U.S. Equity Power Buffer ETFÔ - September

Innovator U.S. Equity Ultra Buffer ETFÔ - September

Innovator U.S. Small Cap Power Buffer ETFÔ - September

Innovator Equity Dual Directional 10 Buffer ETF™ - September

Innovator Equity Dual Directional 15 Buffer ETF™ - September

(each, a "Fund" and together, the "Funds")

Supplement to Each Fund's Prospectus

Dated February 27, 2026, As Supplemented to Date

August 24, 2026

As described in detail in each Fund's prospectus, an investment in shares of each Fund is subject to an upside return cap (the "Cap") that represents the maximum percentage return an investor can achieve from an investment in such Fund for the Outcome Period (as defined in each Fund's prospectus) of approximately one year. The current Outcome Period will end on August 31, 2026, and each Fund will commence a new Outcome Period that will begin on September 1, 2026 and end on August 31, 2027. Each Fund's Cap will not be determined until the start of the new Outcome Period. At the commencement of the new Outcome Period, each Fund will file a supplement to its prospectus that will include the actual Cap for the new Outcome Period, which may be higher or lower than the estimated Cap ranges set forth below. As of August 24, 2026, the expected range of each Fund's Cap is set forth below.

Fund Ticker Estimated Cap Range
Innovator Equity Defined Protection ETF® - 1 Yr September ZSEP

7.56% - 9.06%
(6.77% - 8.27% after taking into account the Fund's unitary
management fee)

Innovator Growth-100 Power Buffer ETFÔ - September NSEP

17.16% - 20.16%

(16.37% - 19.37% after taking into account the Fund's unitary
management fee)

Innovator International Developed Power Buffer ETFÔ - September ISEP

13.50% - 18.50%

(12.65% - 17.65% after taking into account the Fund's unitary
management fee)

Innovator U.S. Equity Buffer ETF™ - September BSEP

19.44% - 20.94%

(18.65% - 20.15% after taking into account the Fund's unitary
management fee)

Innovator U.S. Equity Power Buffer ETF™ - September PSEP

14.35% - 15.85%

(13.56% - 15.06% after taking into account the Fund's unitary
management fee)

Innovator U.S. Equity Ultra Buffer ETF™ - September USEP

13.39% - 14.89%

(12.60% - 14.10% after taking into account the Fund's unitary
management fee)

Innovator U.S. Small Cap Power Buffer ETFÔ - September KSEP

16.67% - 19.67%

(15.88% - 18.88% after taking into account the Fund's unitary
management fee)

Innovator Equity Dual Directional 10 Buffer ETF™ - September DDTS

14.27% - 15.77%

(13.48% - 14.98% after taking into account the Fund's unitary
management fee)

Innovator Equity Dual Directional 15 Buffer ETF™ - September DDFS

9.94% - 11.44%

(9.15% - 10.65% after taking into account the Fund's unitary
management fee)

Please Keep This Supplement With Your Prospectus For Future Reference

INNETFAUGINISTK 08-24

Innovator ETFs Trust published this content on August 24, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 24, 2026 at 21:11 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]