Rule 497(e)
File No. 333-146827
Innovator ETFs Trust
(the “Trust”)
Innovator U.S. Equity Buffer ETFÔ – May
Innovator U.S. Equity Power Buffer ETFÔ – May
Innovator U.S. Equity Ultra Buffer ETFÔ – May
(each, a “Fund” and together, the “Funds”)
Supplement
To Each Fund’s Prospectus
Dated February 27, 2024
April 23, 2024
As described in detail in each Fund’s prospectus, an investment in shares of a Fund is subject to an upside return cap (the “Cap”) that represents the maximum percentage return an investor can achieve from an investment in the Fund for the Outcome Period of approximately one year. The current Outcome Period for each Fund will end on April 30, 2024, and each Fund will commence a new Outcome Period that will begin on May 1, 2024 and end on April 30, 2025. Each Fund’s Cap will not be determined until the start of the new Outcome Period on May 1, 2024. A supplement to each Fund’s prospectus will be filed on April 30, 2024 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 April 22, 2024, the expected range of each Fund’s Cap is set forth below.
| Fund Name | Ticker | Estimated Cap Range |
| Innovator U.S. Equity Buffer ETFÔ – May | BMAY |
18.35% – 20.50%
(17.56% – 19.71% after taking into account the Fund’s unitary management fee)
|
| Innovator U.S. Equity Power Buffer ETFÔ – May | PMAY |
14.29% – 15.58%
(13.50% – 14.79% after taking into account the Fund’s unitary management fee)
|
| Innovator U.S. Equity Ultra Buffer ETFÔ – May | UMAY |
15.14% – 15.87%
(14.35% – 15.08% after taking into account the Fund’s unitary management fee)
|
Please Keep This Supplement With Your Prospectus For Future Reference