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Innovator ETFs Trust
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2022-10-03
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XDOC
2022-02-28
2022-10-03
Innovator
U.S. Equity Accelerated ETF™ – October
Investment Objective
<p id="xdx_A8F_err--ObjectivePrimaryTextBlock_zdeRy5TBH0od" style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify">The Fund seeks to provide investors with returns that are
twice those of the SPDR® S&P 500® ETF Trust, up to the upside cap of 27.38% (prior to taking into account management fees
and other fees) and 26.59% (after taking into account management fees) while approximately matching SPDR® S&P 500® ETF Trust
losses, over the period from October 1, 2022 through September 30, 2023.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
Fees and Expenses of the Fund
<p id="xdx_A87_err--ExpenseNarrativeTextBlock_zKOFV7rnWu2l" style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify">This table describes the fees and expenses that you may
pay if you buy, hold, and sell shares of the Fund (“<i>Shares</i>”). You may pay other fees, such as brokerage commissions
and other fees to financial intermediaries, which are not reflected in the table and example below.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage
of the value of your investment)
0.0079
0.0000
0.0000
0.0079
<div id="xdx_A8E_err--ExpenseFootnotesTextBlock_zy9kXMYTUHyb"/>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px">
<tr style="vertical-align: top">
<td style="width: 18pt"> </td>
<td style="width: 18pt">
<p id="xdx_F0A_zXoZVbr2iHCg" style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: justify">(1)</p> </td>
<td style="width: auto">
<p id="xdx_F1E_zOrS6cZF1fs1" style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: justify">“Other Expenses” are estimates based
on the expenses the Fund expects to incur for the current fiscal year.</p> </td> </tr>
</table>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
Example
<p id="xdx_A85_err--ExpenseExampleNarrativeTextBlock_zU8fHJhPmlhc" style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify">This example is intended to help you compare the cost of
investing in the Fund with the cost of investing in other funds.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify">This example assumes that you invest $10,000 in the Fund
for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment
has a 5% return each year and that the Fund’s operating expenses remain at current levels. This example does not include the brokerage
commissions that investors may pay to buy and sell Shares.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
81
252
Portfolio Turnover
<p id="xdx_A86_err--PortfolioTurnoverTextBlock_zIe81w20iu5b" style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify">The Fund pays transaction costs, such as commissions, when
it purchases and sells securities (or “turns over” its portfolio). A higher portfolio turnover will cause the Fund to incur
additional transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected
in Total Annual Fund Operating Expenses or in the example, may affect the Fund’s performance. During the fiscal period ended October
31, 2021, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left"> </p>
Principal Investment Strategies
<p id="xdx_A8D_err--StrategyNarrativeTextBlock_za1rVrlZC1Cf" style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b><i>General Strategy Description.</i></b> The Fund invests
at least 80% of its net assets in a portfolio of FLexible EXchange® Options (“<i>FLEX Options</i>”) that reference the
SPDR® S&P 500® ETF Trust (the “<i>Underlying ETF</i>”), an exchange-traded fund registered under the Investment
Company Act of 1940 (the “<i>1940 Act</i>”). The Underlying ETF seeks to track the investment results of the S&P 500 Index,
a large-cap, market-weighted, U.S. equities index that tracks the performance of 500 leading companies in leading industries. To the extent
the Underlying ETF concentrates (<i>i.e.</i>, holds 25% or more of its total assets) in the securities of a particular industry or group
of industries, the Fund will concentrate its investments to approximately the same extent. Through its use of FLEX Options on the Underlying
ETF, the Fund has significant exposure to information technology companies.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify">Additional information about the Underlying ETF is set
forth in the section entitled “Additional Information Regarding the Fund’s Principal Investment Strategies.” Due to
the unique mechanics of the Fund’s strategy, the return an investor can expect to receive from an investment in the Fund has characteristics
that are distinct from many other investment vehicles. It is important that an investor understand these characteristics before making
an investment in the Fund.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify">In general, an option contract is an agreement between
a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an
agreed upon price. FLEX Options are exchange-traded options contracts with uniquely customizable terms. Although guaranteed for settlement
by the Options Clearing Corporation (the “<i>OCC</i>”), FLEX Options are still subject to counterparty risk with the OCC and
may be less liquid than more traditional exchange-traded options. Each of the FLEX Options purchased and sold throughout the Outcome Period
are expected to have the same or similar terms (<i>i.e.</i>, strike price and expiration) as the corresponding FLEX Options purchased
and sold on the first day of the Outcome Period. The reference asset for all of the Fund’s FLEX Options is the Underlying ETF.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify">The pre-determined outcomes sought by the Fund, which include
the accelerated return and cap discussed below (the “<i>Outcomes</i>”), are based upon the performance of the Underlying ETF’s
share price over an approximately one-year period from October 1 through September 30 of the following year (the “<i>Outcome
Period</i>”). The initial Outcome Period is from October 1, 2022 through September 30, 2023. Upon conclusion of the Outcome
Period, the Fund will receive the cash value of all the FLEX Options it held for the prior Outcome Period. It will then invest in a new
series of FLEX Options with an expiration date in approximately one year, and a new Outcome Period will begin. <b><span style="text-decoration: underline">The Outcomes may
only be realized by investors who continuously hold Shares from the commencement of the Outcome Period until its conclusion. Investors
who purchase Shares after the Outcome Period has begun, or sell Shares prior to the Outcome Period</span></b><span style="text-decoration: underline">’</span><b><span style="text-decoration: underline">s conclusion,
may experience investment returns very different from those that the Fund seeks to provide.</span></b></p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b><i>The Outcomes</i></b><b>. </b>The Fund’s strategy
has been specifically designed to produce the Outcomes based upon the performance of the Underlying ETF’s share price (or its “price
return”) over the duration of the Outcome Period. <b>The Fund will not receive or benefit from any dividend payments made by the
Underlying ETF. The Fund is not an appropriate investment for income-seeking investors. </b>If the Underlying ETF’s share price
increases over the duration of the Outcome Period, the Fund seeks to provide investors who hold Shares for the entire Outcome Period with
an increase in value that is twice the share price increase experienced by the Underlying ETF (the “<i>Accelerated Return</i>”),
subject to an upside return cap discussed in greater detail below (the “<i>Cap</i>”). If the Underlying ETF’s share
price decreases in value over the duration of the Outcome Period, the Fund seeks to provide Fund shareholders that hold Shares for the
entire Outcome Period with an Outcome that provides for a decrease in value that is approximately equal to the share price decrease experienced
by the Underlying ETF. The Fund’s shareholders will bear all Underlying ETF losses on a one-to-one basis.<b> Unlike other ETFs that
utilize defined outcome investing strategies, the Fund does not provide a buffer against Underlying ETF losses. Certain other ETFs seek
to provide shareholders with a </b>“<b>buffer</b>”<b> </b>–<b> a protection against a specified percentage of Underlying
ETF or index losses over a period of time. </b><b><span style="text-decoration: underline">There is no guarantee that the Fund will successfully provide the Outcomes.</span></b></p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>The Fund seeks returns over an Outcome Period that generate
twice the increased performance of the Underlying ETF, up to the Cap (as discussed in greater detail below), while limiting downside losses.
The hypothetical graphical illustration provided below is designed to illustrate the Outcomes based upon the hypothetical performances
of the Underlying ETF for investors who hold Shares for the entirety of the Outcome Period.</b> <b>There is no guarantee that the Fund
will be successful in its attempt to provide the Outcomes for an Outcome Period.</b> The returns that the Fund seeks to provide do not
include the costs associated with purchasing Shares and certain expenses incurred by the Fund.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center"><img alt="inetfs20220914s_497img002.jpg" src="inetfs20220914s_497img002.jpg"/></p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify">The following table contains <b>hypothetical</b> examples
designed to illustrate the Outcomes the Fund seeks to provide over an Outcome Period, based upon the performance of the Underlying ETF
from -100% to 100%. <b>The table is provided for illustrative purposes and does not provide every possible performance scenario
for Shares over the course of an Outcome Period.</b> <b> There is no guarantee that the Fund will be successful in its attempt to
provide the Outcomes for an Outcome Period.</b> The table is not intended to predict or project the performance of the Underlying ETF,
FLEX Options or the Fund. Fund shareholders should not take this information as an assurance of the expected performance of the Underlying
ETF or return on the Fund’s Shares. The actual overall performance of the Fund during an Outcome Period will vary with fluctuations
in the value of the FLEX Options during the Outcome Period, among other factors. Please refer to the Fund’s website, www.innovatoretfs.com/xdoc,
which provides updated information relating to this table on a daily basis throughout the Outcome Period.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman; width: 100%; margin-left: auto; margin-right: auto">
<tr>
<td style="border: rgb(0, 0, 0) 1px solid; vertical-align: top; width: 6%">
<p style="font: normal 10pt Times New Roman; margin: 0pt">Underlying ETF</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt">Performance</p> </td>
<td style="border-top: rgb(0, 0, 0) 1px solid; border-bottom: rgb(0, 0, 0) 1px solid; vertical-align: middle; width: 4%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">(100)%</p> </td>
<td style="border-top: rgb(0, 0, 0) 1px solid; border-bottom: rgb(0, 0, 0) 1px solid; vertical-align: middle; width: 3.6%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">(50)%</p> </td>
<td style="border-top: rgb(0, 0, 0) 1px solid; border-bottom: rgb(0, 0, 0) 1px solid; vertical-align: middle; width: 3.6%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">(20)%</p> </td>
<td style="border-top: rgb(0, 0, 0) 1px solid; border-bottom: rgb(0, 0, 0) 1px solid; vertical-align: middle; width: 3.6%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">(10)%</p> </td>
<td style="border-top: rgb(0, 0, 0) 1px solid; border-bottom: rgb(0, 0, 0) 1px solid; vertical-align: middle; width: 3.3%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">(5)%</p> </td>
<td style="border-top: rgb(0, 0, 0) 1px solid; border-bottom: rgb(0, 0, 0) 1px solid; vertical-align: middle; width: 3.3%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">0%</p> </td>
<td style="border-top: rgb(0, 0, 0) 1px solid; border-bottom: rgb(0, 0, 0) 1px solid; vertical-align: middle; width: 3.3%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">5%</p> </td>
<td style="border-top: rgb(0, 0, 0) 1px solid; border-bottom: rgb(0, 0, 0) 1px solid; vertical-align: middle; width: 4.3%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">10%</p> </td>
<td style="border-top: rgb(0, 0, 0) 1px solid; border-bottom: rgb(0, 0, 0) 1px solid; vertical-align: middle; width: 4.8%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">15%</p> </td>
<td style="border-top: rgb(0, 0, 0) 1px solid; border-bottom: rgb(0, 0, 0) 1px solid; vertical-align: middle; width: 4.8%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">20%</p> </td>
<td style="border-top: rgb(0, 0, 0) 1px solid; border-bottom: rgb(0, 0, 0) 1px solid; vertical-align: middle; width: 4.8%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">50%</p> </td>
<td style="border-top: rgb(0, 0, 0) 1px solid; border-right: rgb(0, 0, 0) 1px solid; border-bottom: rgb(0, 0, 0) 1px solid; vertical-align: middle; width: 4.7%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">100%</p> </td> </tr>
<tr>
<td style="border-right: rgb(0, 0, 0) 1px solid; border-bottom: rgb(0, 0, 0) 1px solid; border-left: rgb(0, 0, 0) 1px solid; vertical-align: top; width: 6%">
<p style="font: normal 10pt Times New Roman; margin: 0pt">Fund</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt">Performance</p> </td>
<td style="border-bottom: #000000 1px solid; vertical-align: middle; width: 4%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">(100)%</p> </td>
<td style="border-bottom: #000000 1px solid; vertical-align: middle; width: 3.6%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">(50)%</p> </td>
<td style="border-bottom: #000000 1px solid; vertical-align: middle; width: 3.6%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">(20)%</p> </td>
<td style="border-bottom: #000000 1px solid; vertical-align: middle; width: 3.6%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">(10)%</p> </td>
<td style="border-bottom: #000000 1px solid; vertical-align: middle; width: 3.3%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">(5)%</p> </td>
<td style="border-bottom: #000000 1px solid; vertical-align: middle; width: 3.3%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">0%</p> </td>
<td style="border-bottom: #000000 1px solid; vertical-align: middle; width: 3.3%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">10%</p> </td>
<td style="border-bottom: #000000 1px solid; vertical-align: middle; width: 4.3%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">20%</p> </td>
<td style="border-bottom: #000000 1px solid; vertical-align: middle; width: 4.8%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">27.38%*</p> </td>
<td style="border-bottom: #000000 1px solid; vertical-align: middle; width: 4.8%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">27.38%*</p> </td>
<td style="border-bottom: #000000 1px solid; vertical-align: middle; width: 4.8%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">27.38%*</p> </td>
<td style="border-right: rgb(0, 0, 0) 1px solid; border-bottom: rgb(0, 0, 0) 1px solid; vertical-align: middle; width: 4.7%">
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: center">27.38%*</p> </td> </tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman; width: 100%; margin-left: auto; margin-right: auto">
<tr>
<td style="vertical-align: top; width: 51.9%">
<p style="font: normal 10pt Times New Roman; margin: 0pt 0pt 0pt 18pt; text-align: justify">* The Cap is set on the first day of the Outcome
Period and is 27.38% prior to taking into account any fees or expenses charged to shareholders. When the Fund’s annual management
fee of 0.79% of the Fund’s average daily net assets is taken into account, the Cap is 26.59%. The Fund’s annual management fee
of 0.79% of the Fund’s average daily net assets, any shareholder transaction fees and any extraordinary expenses incurred by the
Fund will have the effect of reducing the Cap amount for Fund shareholders.</p> </td> </tr>
</table>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b><i>The Outcome Period.</i></b> The Outcomes sought by
the Fund are based upon the Fund’s net asset value (“<i>NAV</i>”) at the outset of the Outcome Period. The Outcome Period
begins on the day the FLEX Options are entered into and ends on the day they expire. Each FLEX Option’s value is ultimately derived
from the performance of the Underlying ETF’s share price during that time. Because the terms of the FLEX Options don’t change,
the Accelerated Return and Cap relate to the Fund’s NAV on the first day of the Outcome Period. <b>A shareholder that purchases
Shares after the commencement of the Outcome Period will likely have purchased Shares at a different NAV than the NAV on the first day
of the Outcome Period (the NAV upon which the Outcomes are based) and may experience investment outcomes very different from those sought
by the Fund. A shareholder that sells Shares prior to the end of the Outcome Period may also experience investment outcomes very different
from those sought by the Fund. To achieve the Outcomes sought by the Fund for the Outcome Period, an investor must be holding Shares at
the time that the Fund enters into the FLEX Options and on the day those FLEX Options expire. </b><b><span style="text-decoration: underline">There is no guarantee that the
Fund will be successful in its attempt to provide the Outcomes</span></b><b>.</b></p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify">The Fund’s assets will be principally composed of
FLEX Options, the value of which is derived from the performance of the underlying reference asset, the Underlying ETF’s share price.
The Fund’s investment sub-adviser, Milliman Financial Risk Management LLC (“<i>Milliman</i>” or the “<i>Sub-Adviser</i>”),
generally anticipates that the Fund’s NAV will move in the same direction as the Underlying ETF’s share price. For example,
during an Outcome Period, the Fund’s NAV is expected to increase if the Underlying ETF’s share price increases and decrease
if the Underlying ETF’s share price decreases. However, it is unlikely that the Fund’s share price will increase or decrease
at the same rate as the Underlying ETF’s share price and, for any given period during the Outcome Period, it is unlikely that the
Fund’s share price will increase at the same rate as the Accelerated Return for the Outcome Period (<i>i.e.</i>, an increase in
value that is two times the share price change experienced by the Underlying ETF for an Outcome Period). In addition, if the Outcome Period
has begun and the Fund has experienced any Accelerated Return, an investor purchasing Shares at that price may be subject to losses that
exceed any losses of the Underlying ETF for the remainder of the Outcome Period and may have diminished or no ability to experience further
Accelerated Return. The Fund does not seek to provide investment outcomes on a daily or other short-term basis, but instead seeks to provide
investment outcomes for the entire Outcome Period of one year. Prior to their expiration, the value of the Fund’s FLEX Options is
not derived solely from the performance of the reference asset (the Underlying ETF), but a number of other factors as well, notably the
number of days remaining until the options expire and the Accelerated Return available to the applicable Cap. As the number of days until
the FLEX Options expire decreases, the value of the FLEX Options (and thus the Fund’s NAV) will more directly correlate with the
returns experienced by the Underlying ETF and Outcomes the Fund seeks to provide for the Outcome Period. <b>The Fund</b>’<b>s strategy
is designed to produce the Outcomes upon the expiration of the FLEX Options on the last day of the Outcome Period. It should not be expected
that the Outcomes will be provided at any point prior to that time, and there is no guarantee that the Outcomes will be achieved on the
last day of the Outcome Period.</b></p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b><i>Potential Upside Accelerated Return Subject to a
Cap</i></b><b>.</b> If the Underlying ETF’s share price increases in value over the duration of the Outcome Period, the Fund’s
strategy has been designed such that the Fund will experience an increase in value that is twice the increase experienced by the Underlying
ETF, up to the Cap. The extent to which the Fund will participate in gains experienced by the Underlying ETF and the Accelerated Return
is subject to the Cap that represents the maximum percentage return an investor can achieve from an investment in Shares over the duration
of the Outcome Period. Therefore, even though the Fund’s returns, and any potential for the Accelerated Return, are based upon the
performance of the Underlying ETF’s share price, if the Underlying ETF’s share price, or Accelerated Return, experiences returns
for the Outcome Period in excess of the Cap, the Fund will not participate in excess returns. <b>The Cap should be considered before investing
in the Fund. </b><b><span style="text-decoration: underline">The Fund</span></b><span style="text-decoration: underline">’</span><b><span style="text-decoration: underline">s returns, including any Accelerated Return, will not exceed the Cap</span></b><span style="text-decoration: underline">.
</span><b><span style="text-decoration: underline">There is no guarantee that the Fund will successfully provide the Accelerated Return. </span></b><b> If an investor is considering
purchasing Shares during the Outcome Period, and the Fund has already increased in value to a level near to the Cap, an investor purchasing
Shares at that price has limited to no gains and no Accelerated Return available for the remainder of the Outcome Period but remains vulnerable
to significant downside risks.</b> <b>The Cap may rise or fall from one Outcome Period to the next. If the Outcome Period has begun and
the Fund has experienced any Accelerated Return, an investor purchasing Shares at that price may be subject to losses that exceed any
losses of the Underlying ETF until the remainder of the Outcome Period. An investment in the Fund is only appropriate for shareholders
willing to bear those losses.</b></p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify">The Cap will be determined on the first day of the Outcome
Period based upon prevailing market conditions. Since the Cap is based upon prevailing market conditions at the beginning of an Outcome
Period, the Cap will therefore rise or fall from one Outcome Period to the next. For the current Outcome Period, the Cap is set forth
below, prior to taking into account annual Fund management fees, shareholder transaction fees and any extraordinary expenses.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify; text-indent: 9pt">• The Cap is 27.38%.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify">When the Fund’s annual management fee of 0.79% of
the Fund’s average daily net assets is taken into account, the Cap is revised downwards accordingly as set forth below and will
be further reduced by any shareholder transaction fees and any extraordinary expenses incurred by the Fund.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify; text-indent: 9pt">• The Cap is 26.59%.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify">For the purpose of this prospectus, “extraordinary
expenses” are non-recurring expenses that may incurred by the Fund outside of the ordinary course of its business, including, without
limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceedings,
indemnification expenses and expenses in connection with holding and/or soliciting proxies for a meeting of Fund shareholders.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b><i>Use of FLEX Options.</i></b> The Outcomes described
above may be achieved by purchasing and selling call FLEX Options to create layers within the Fund’s portfolio. To achieve these
returns, the Fund may purchase call options (giving the Fund the right to receive the cash value of the Underlying ETF’s share price),
while simultaneously selling call options (giving the Fund the obligation to deliver the cash value of the Underlying ETF’s share
price). Each of these FLEX Options has a specifically selected strike price.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify">The Sub-Adviser has constructed a portfolio principally
composed of FLEX Options that reference the Underlying ETF that are each set to expire on the last day of the Outcome Period. The customizable
nature of FLEX Options allows the Sub-Adviser to select the share price at which the Underlying ETF will be exercised at the expiration
of each FLEX Option. This is commonly known as the “strike price.” At the commencement of the Outcome Period, the Sub-Adviser
specifically selects the strike price for each FLEX Option such that when the FLEX Options are exercised on the final day of the Outcome
Period, the Outcomes may be obtained, depending on the performance of the Underlying ETF’s share price over the duration of the
Outcome Period.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify">A detailed explanation regarding the terms of the FLEX
Options and the mechanics of the Fund’s strategy can be found in “Additional Information About the Fund’s Principal
Investment Strategies.”</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b><i>Fund Rebalance.</i></b> The Fund is a continuous
investment vehicle. It does not terminate and distribute its assets at the conclusion of each Outcome Period. On the termination
date of an Outcome Period, the Sub-Adviser will invest in a new set of FLEX Options and another Outcome Period will commence.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify">Approximately one week prior to the end of each Outcome
Period, the Fund will file a prospectus supplement, which will alert existing shareholders that an Outcome Period is approaching its conclusion
and disclose the anticipated ranges for the Cap for the next Outcome Period. Following the close of business on the last day of
the Outcome Period, the Fund will file a prospectus supplement that discloses the Fund’s final Cap (both gross and net of the unitary
management fee) for the next Outcome Period. This information is available on the Fund’s website, <b>www.innovatoretfs.com/xdoc</b>,
which also provides information relating to the Outcomes, including the Fund’s position relative to the Cap, of an investment in
the Fund on a daily basis.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify">The Fund is classified as “non-diversified”
under the Investment Company Act of 1940, as amended (the “<i>1940 Act</i>”).</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
Principal Risks
<p id="xdx_A87_err--RiskNarrativeTextBlock_z7HDKnRc5vXj" style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--RiskLoseMoney_c20221003__20221003__dei--LegalEntityAxis__custom--S000073672Member_ziklBQ9SP9Mj">You could lose money by investing in the Fund.</span> <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--RiskNotInsuredDepositoryInstitution_c20221003__20221003__dei--LegalEntityAxis__custom--S000073672Member_zfD1PRyUZBV8">An investment
in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental
agency.</span> There can be no assurance that the Fund’s investment objectives will be achieved.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Accelerated Return Risk. </b>During Outcome Periods
in which the Underlying ETF increases in value, there can be no guarantee that the Fund will be successful in its strategy to provide
the Accelerated Return. In the event an investor purchases Shares after the FLEX Options were entered into or does not stay invested in
the Fund for the entirety of the Outcome Period, any Accelerated Return realized by the investor may not match those that the Fund seeks
to achieve. Additionally, if an investor purchases Shares after the FLEX Options were entered into and the Fund has risen in value to
a level near the Cap, there may be little or no ability for that investor to experience an investment gain on their Shares, including
any available Accelerated Return.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify">The Fund does not seek to provide investment outcomes on
a daily or other short-term basis, which is an attribute of other types of exchange-traded funds that provide a daily, multiple exposure
to a reference index (<i>i.e.</i>, a “daily leveraged ETF”). In contrast, the Fund only seeks to provide investment outcomes
for the entire Outcome Period of one year. The value of the FLEX Options held by the Fund is ultimately derived from the performance of
the Underlying ETF’s share price for this entire Outcome Period. As a result, it is very unlikely that, on any given day during
which the Underlying ETF share price increases in value, the Fund’s share price will increase at the same rate as the Accelerated
Return, which is designed for an entire Outcome Period (<i>i.e.</i>, an increase in value that is two times the share price change experienced
by the Underlying ETF).</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify">If the Underlying ETF’s share price increases in
value over the duration of the Outcome Period, the Fund seeks to provide for an increase in value at a higher rate than the share price
increase experienced by the Underlying ETF. Likewise, there are situations during the Outcome Period in which the Fund may decrease in
value at a higher rate than an associated decrease in the Underlying ETF. If the Outcome Period has begun and the Fund has already experienced
an Accelerated Return, an investor purchasing Shares at that price is subject to and may experience losses at a higher rate than any losses
of the Underlying ETF for the remainder of the Outcome Period.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Capped Upside Return Risk.</b> The Fund’s strategy
seeks to provide returns that are subject to the Cap. In the event that the Underlying ETF experiences gains in excess of the Cap for
the Outcome Period, the Fund will not participate in those gains or Accelerated Return beyond the Cap. The Fund’s strategy seeks
to deliver returns that are twice those of the Underlying ETF (up to the Cap), while limiting downside losses, if Shares are held at the
time at which the Fund enters into the FLEX Options and held until those FLEX Options expire at the end of the Outcome Period. In the
event an investor purchases Shares after the FLEX Options were entered into or sells Shares prior to the expiration of the FLEX Options,
there may be little or no ability for that investor to experience an investment gain on their Shares.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>FLEX Options Risk.</b> The Fund will utilize FLEX Options
issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations
under the FLEX Options contracts. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations,
the Fund could suffer significant losses. Additionally, FLEX Options may be less liquid than certain other securities, such as standardized
options. In less liquid markets for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired
times and prices. In connection with the creation and redemption of Shares, to the extent market participants are not willing or able
to enter into FLEX Option transactions with the Fund at prices that reflect the market price of the Shares, the Fund’s NAV and,
in turn the share price of the Fund, could be negatively impacted.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify">The Fund may experience substantial downside from specific
FLEX Option positions and certain FLEX Option positions may expire worthless. The FLEX Options held by the Fund are exercisable at the
strike price on their expiration date. As a FLEX Option approaches its expiration date, its value typically increasingly moves with the
value of the Underlying ETF. However, prior to such date, the value of the FLEX Options does not increase or decrease at the same rate
as the Underlying ETF’s share price on a day-to-day basis (although they generally move in the same direction). The value of the
FLEX Options held by the Fund will be determined based on market quotations or other recognized pricing methods. The value of the underlying
FLEX Options will be affected by, among others, changes in the Underlying ETF’s share price, changes in interest rates, changes
in the actual and implied volatility of the Underlying ETF and the remaining time to until the FLEX Options expire.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Options Risk. </b>The use of option contracts involves
investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options
are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, changes
in interest or currency exchange rates, including the anticipated volatility, which are affected by fiscal and monetary policies and by
national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the
expiration of the option contract and economic events. There may at times be an imperfect correlation between the movement in values option
contracts and the reference asset, and there may at times not be a liquid secondary market for certain option contracts.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Clearing Member Default Risk.</b> Transactions in some
types of derivatives, including FLEX Options, are required to be centrally cleared (“<i>cleared derivatives</i>”). In a transaction
involving cleared derivatives, the Fund’s counterparty is a clearing house, such as the OCC, rather than a bank or broker. Since
the Fund is not a member of clearing houses and only members of a clearing house (“<i>clearing members</i>”) can participate
directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions,
the Fund will make payments (including margin payments) to and receive payments from a clearing house through their accounts at clearing
members. Customer funds held at a clearing organization in connection with any options contracts are held in a commingled omnibus account
and are not identified to the name of the clearing member’s individual customers. As a result, assets deposited by the Fund with
any clearing member as margin for FLEX Options may, in certain circumstances, be used to satisfy losses of other clients of the Fund’s
clearing member. In addition, although clearing members guarantee performance of their clients’ obligations to the clearing house,
there is a risk that the assets of the Fund might not be fully protected in the event of the clearing member’s bankruptcy, as the
Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member’s customers
for the relevant account class. The Fund is also subject to the risk that a limited number of clearing members are willing to transact
on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults
the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. If the Fund cannot
find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Outcome Period Risk. </b>The Fund’s investment
strategy is designed to deliver the Outcomes if Shares are held from the time the Fund enters into the FLEX Options and held until those
FLEX Options expire at the end of the Outcome Period. In the event an investor purchases Shares after the FLEX Options were entered into
or sells Shares prior to the expiration of the FLEX Options, the returns realized by the investor will not match those that the Fund seeks
to provide.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Underlying ETF Risk.</b> Because the value of the FLEX
Options held by the Fund are based on the value of the Underlying ETF, the Fund’s investment performance largely depends on the
investment performance and associated risks of the Underlying ETF. The Underlying ETF is subject to many of the same structural risks
as the Fund that are described in more detail herein, such as Authorized Participant Concentration Risk, Fluctuation of Net Asset Value
Risk, Market Maker Risk, Market Risk, Operational Risk and Trading Issues Risk. However, the risks of investing in an ETF also include
the risks associated with the underlying investments held by the ETF. To the extent the Underlying ETF concentrates (<i>i.e.</i>, holds
25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investments
to approximately the same extent. As such, the Fund may be subject to the following risks as a result of its exposure to the Underlying
ETF through its usage of FLEX Options:</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt 0pt 0pt 36pt; text-align: justify"><b>Equity Securities Risk. </b>The Underlying
ETF invests in equity securities, and therefore the Fund has exposure to the equity securities markets due to its investment in FLEX Options
that reference the Underlying ETF. Equity securities may decline in value because of declines in the price of a particular holding or
the broad stock market. Such declines may relate directly to the issuer of a security or broader economic or market events, including
changes in interest rates. The value of shares will fluctuate with changes in the value of the equity securities the Underlying ETF invests
in.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt 0pt 0pt 36pt; text-align: justify"><b>Information Technology Companies Risk.
</b>The Underlying ETF invests significantly in information technology companies, which results in the Fund having significant exposure
to such companies through its exposure to the Underlying ETF by virtue of its usage of FLEX Options.<b> </b>Information technology companies
face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology
companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of
information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable
changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily
dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of
these companies. Information technology companies are facing increased government and regulatory scrutiny and may be subject to adverse
government or regulatory action.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt 0pt 0pt 36pt; text-align: justify"><b>Large Capitalization Companies Risk.</b>
The Underlying ETF invests in the securities of large capitalization companies, which results in the Fund having significant exposure
to such companies through its exposure to the Underlying ETF by virtue of its usage of FLEX Options. Large capitalization companies may
grow at a slower rate and be less able to adapt to changing market conditions than smaller capitalization companies. Thus, the return
on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or
mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different
market cycles.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Correlation Risk.</b> The FLEX Options held by the Fund
will be exercisable at the strike price only on their expiration date. As a FLEX Option approaches its expiration date, its value typically
will increasingly move with the value of the Underlying ETF. However, prior to the expiration date, the value of the FLEX Options prior
to the expiration date may vary because of related factors other than the value of the Underlying ETF. The value of the FLEX Options will
be determined based upon market quotations or using other recognized pricing methods. Factors that may influence the value of the FLEX
Options include interest rate changes and implied volatility levels of the Underlying ETF, among others. The value of the FLEX Options
held by the Fund typically do not increase or decrease at the same level as the Underlying ETF’s share price on a day-to-day basis
due to these factors (although they generally move in the same direction).</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Investment Objective Risk.</b> Certain circumstances
under which the Fund might not achieve its objective include, but are not limited, to (i) if the Fund disposes of FLEX Options, (ii) if
the Fund is unable to maintain the proportional relationship based on the number of FLEX Options in the Fund’s portfolio, (iii)
significant accrual of Fund expenses in connection with effecting the Fund’s principal investment strategy or (iv) adverse tax law
changes affecting the treatment of FLEX Options.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Management Risk.</b> The Fund is subject to management
risk because it is an actively managed portfolio. The Sub-Adviser applies investment techniques and risk analyses in making investment
decisions for the Fund, but there can be no guarantee that the Fund will meet its investment objective.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Cap Change Risk.</b> A new Cap is established at the
beginning of each Outcome Period and is dependent on prevailing market conditions. As such, the Cap may rise or fall from one Outcome
Period to the next and is unlikely to remain the same for consecutive Outcome Periods.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Market Risk.</b> The Fund could lose money over short
periods due to short-term market movements and over longer periods during more prolonged market downturns. Assets may decline in value
due to factors affecting financial markets generally or particular asset classes or industries represented in the markets. The value of
FLEX Options or other assets may also decline due to general market conditions, economic trends or events that are not specifically related
to the issuer of the security or other asset, or due to factors that affect a particular issuer or issuers, country, group of countries,
region, market, industry, group of industries, sector or asset class. During a general market downturn, multiple asset classes may be
negatively affected. Changes in market conditions and interest rates will not have the same impact on all types of securities. Securities,
including the Shares, are subject to market fluctuations and liquidity constraints that may be caused by such factors as economic, political,
or regulatory developments, changes in interest rates, and/or perceived trends in securities prices. Shares of the Fund could decline
in value or underperform other investments.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Non-Diversification Risk.</b> <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--RiskNondiversifiedStatus_c20221003__20221003__dei--LegalEntityAxis__custom--S000073672Member_zujIsoIROe2c">The Fund is classified
as “non-diversified” under the 1940 Act. As a result, the Fund is only limited as to the percentage of its assets which may
be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended
(the “Code”). The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result,
the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience
increased volatility and be highly invested in certain issuers.</span></p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Liquidity Risk.</b> In the event that trading in the
underlying FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. There is no guarantee that a liquid
secondary trading market will exist for the FLEX Options. The trading in FLEX Options may be less deep and liquid than the market for
certain other securities, including certain non-customized options. In a less liquid market for the FLEX Options, terminating the FLEX
Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. In a less liquid market
for the FLEX Options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market
may adversely impact the value of the FLEX Options and the value of your investment.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Valuation Risk.</b> During periods of reduced market
liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the
FLEX Options becomes more difficult and the judgment of the Fund’s investment adviser (employing the fair value procedures adopted
by the Board of Trustees of the Trust (the “<i>Board</i>”)) may play a greater role in the valuation of the Fund’s holdings
due to reduced availability of reliable objective pricing data. Consequently, while such determinations may be made in good faith, it
may nevertheless be more difficult for the Fund to accurately assign a daily value.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Operational Risk.</b> The Fund is exposed to operational
risks arising from a number of factors, including, but not limited to, human error in the calculation of the Cap, processing and communication
errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology
or systems failures. The Fund and its investment adviser and Sub-Adviser seek to reduce these operational risks through controls and procedures.
However, these measures do not address every possible risk and may be inadequate to address these risks.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Market Maker Risk.</b> If the Fund has lower average
daily trading volumes, it may rely on a small number of third-party market makers to provide a market for the purchase and sale of Shares.
Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread
between the Fund’s NAV and the price at which the Shares are trading on the Exchange, which could result in a decrease in value
of the Shares. In addition, decisions by market makers or authorized participants to reduce their role or step away from these activities
in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying
values of the Fund’s portfolio securities and the Fund’s market price. This reduced effectiveness could result in Shares trading
at a discount to NAV and in greater than normal intra-day bid-ask spreads for Shares.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Trading Issues Risk.</b> Although the Shares are listed
for trading on the Exchange, there can be no assurance that an active trading market for such Shares will develop or be maintained. Shares
trade on the Exchange at market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may be halted
due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in
Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker”
rules. Market makers are under no obligation to make a market in the Shares, and authorized participants are not obligated to submit purchase
or redemption orders for Creation Units. There can be no assurance that the requirements of the Exchange necessary to maintain the listing
of the Fund will continue to be met or will remain unchanged.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Authorized Participant Concentration Risk.</b> Only
an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions
that may act as authorized participants on an agency basis (<i>i.e.</i>, on behalf of other market participants). To the extent that authorized
participants exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other authorized
participant is able to step forward to create or redeem “Creation Units” (large blocks of a specified number of Shares), Shares
may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Counterparty Risk.</b> Counterparty risk is the risk
an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. Counterparty
risk may arise because of the counterparty’s financial condition, market activities, or for other reasons. The Fund may be unable
to recover its investment from the counterparty or may obtain a limited and/or delayed recovery. The OCC acts as guarantor and central
counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able
to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations,
the Fund could suffer significant losses.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Fluctuation of Net Asset Value Risk.</b> The Fund’s
Shares trade on the Exchange at their market price rather than their NAV. The market price may be at, above or below the Fund’s
NAV. Differences in market price and NAV may be due, in large part, to the fact that supply and demand forces at work in the secondary
trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the holdings of
the Fund trading individually or in the aggregate at any point in time. These differences can be especially pronounced during times of
market volatility or stress. During these periods, the demand for Shares may decrease considerably and cause the market price of Shares
to deviate significantly from the Fund’s NAV.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Cash Transactions Risk. </b>The Fund may effectuate
all or a portion of its creations and redemptions for cash, rather than in-kind securities. As a result, an investment in the Fund may
be less tax-efficient than an investment in an ETF that effects its creations and redemptions only on an in-kind basis. ETFs are able
to make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. A fund that effects
redemptions for cash may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds.
Any recognized gain on these sales by the fund will generally cause such fund to recognize a gain it might not otherwise have recognized,
or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities only in-kind. The Fund
intends to distribute gains that arise by virtue of creations and redemptions being effectuated in cash to shareholders to avoid being
taxed on this gain at the fund level and otherwise comply with special tax rules that apply to it. This strategy may cause shareholders
to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than if they had made an investment in another
ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may
involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed
its shares principally in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption
transaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of Fund Shares than for
ETFs that distribute portfolio securities in-kind. The Fund’s use of cash for creations and redemptions could also result in dilution
to the Fund and increased transaction costs, which could negatively impact the Fund’s ability to achieve its investment objective.<b>
</b></p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Cyber Security Risk.</b> As the use of Internet technology
has become more prevalent in the course of business, the investment industry has become more susceptible to potential operational risks
through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the
Fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur regulatory
penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Cyber security
breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software
coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable
to intended users. In addition, cyber security breaches of the Fund’s third-party service providers, such as its administrator,
transfer agent, custodian, or issuers in which the Fund invests, can also subject the Fund to many of the same risks associated with direct
cyber security breaches. The Fund has established risk management systems designed to reduce the risks associated with cyber security.
However, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security
systems of issuers or third-party service providers.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>Tax Risk.</b> The Fund intends to elect and to qualify
each year to be treated as a regulated investment company (“<i>RIC</i>”) under Subchapter M of the Code. However, the federal
income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of
the Fund’s options strategy, its hedging strategy, the possible application of the “straddle” rules, and various loss
limitation provisions of the Code. If, in any year, the Fund fails to qualify as a RIC under the applicable tax laws, the Fund would be
taxed as an ordinary corporation. Certain options on an ETF may not qualify as “Section 1256 contracts” under Section 1256
of the Code, and disposition of such options will likely result in short-term capital gains or losses. The Fund intends to treat any income
it may derive from the FLEX Options as “qualifying income” under the provisions of the Code applicable to RICs. In addition,
based upon language in the legislative history, the Fund intends to treat the issuer of the FLEX Options as the referenced asset, which,
assuming the referenced asset qualifies as a RIC, would allow the Fund to qualify for special rules in the RIC diversification requirements.
If the income is not qualifying income or the issuer of the FLEX Options is not appropriately the referenced asset, the Fund could lose
its own status as a RIC. In the event that a shareholder purchases Shares of the Fund shortly before a distribution by the Fund, the entire
distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase
price.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left"> </p>
<p style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><b>The Shares will change in value, and you could lose
money by investing in the Fund. The Fund may not achieve its investment objective.</b></p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
You could lose money by investing in the Fund.
An investment
in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental
agency.
The Fund is classified
as “non-diversified” under the 1940 Act. As a result, the Fund is only limited as to the percentage of its assets which may
be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended
(the “Code”). The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result,
the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience
increased volatility and be highly invested in certain issuers.
Performance
<p id="xdx_A8C_err--PerformanceNarrativeTextBlock_z97tzwM1dCDc" style="font: normal 10pt Times New Roman; margin: 0pt; text-align: justify"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--PerformanceOneYearOrLess_c20221003__20221003__dei--LegalEntityAxis__custom--S000073672Member_zBt9hEI8UG97">As of the date of this prospectus, the Fund has been in
operation for less than one full calendar year and therefore does not report its performance information.</span> Once available, the Fund’s
performance information will be accessible on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceAvailabilityWebSiteAddress_c20221003__20221003__dei--LegalEntityAxis__custom--S000073672Member_zaU9zKBu494">www.innovatoretfs.com</span> and will provide some indication of the
risks of investing in the Fund.</p>
<p style="font: normal 10pt Times New Roman; margin: 0pt"> </p>
As of the date of this prospectus, the Fund has been in
operation for less than one full calendar year and therefore does not report its performance information.
www.innovatoretfs.com