Rule 497(e)
File No. 333-146827
Innovator ETFs® Trust
(the “Trust”)
Supplement to the Prospectus and Statement of Additional Information (“SAI”)
for each series listed in Appendix A (each a “Fund”)
Dated April 1, 2026
On April 1, 2026 (the “Effective Date”), GSAM Holdings LLC, a subsidiary of The Goldman Sachs Group, Inc. (“Goldman”), completed its acquisition of Innovator Capital Management, LLC (“Innovator”), the investment adviser to the Funds, pursuant to a membership interest purchase agreement (the “Transaction”). As a result of the Transaction, Innovator became an indirect, wholly-owned subsidiary of Goldman.
Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Transaction, which constituted a change in control of Innovator, resulted in the automatic termination of the previous investment management agreement between the Trust and Innovator on behalf of each of the Funds (the “Prior Agreement”) on the Effective Date. In connection with the Transaction, on February 24, 2026, at a joint special meeting of shareholders (together with any adjournments, the “Meeting”), shareholders of certain Funds listed under the caption “Approved Funds” in Appendix A (the “Approved Funds”) approved a new investment management agreement with Innovator (the “New Agreement”) on behalf of each such Fund. For the remaining Approved Funds, Innovator (in its capacity as initial shareholder of the Fund), approved the New Agreement. The New Agreement has also been approved by the Board of Trustees of the Trust (the “Board”) on behalf of each Approved Fund. The New Agreement became effective with respect to each Approved Fund on the Effective Date. The New Agreement is the same as the Prior Agreement, except with respect to the date and term of the agreement and certain other non-material differences.
Solicitation for shareholder approval of the New Agreement with respect to the Funds listed under the caption “Outstanding Funds” in Appendix A (the “Outstanding Funds”) is ongoing. The Trust, on behalf of each Outstanding Fund, has entered into an interim advisory agreement with Innovator in reliance on Rule 15a-4 under the 1940 Act (the “Interim Agreement”), pursuant to which Innovator continues to serve as investment adviser to each Outstanding Fund for up to 150 days following the termination of the Prior Agreement or until shareholders of the Outstanding Fund approves the New Agreement. The Interim Agreement has also been approved by the Board on behalf of each Outstanding Fund and became effective on the Effective Date. The Interim Agreement is the same as the Prior Agreement, except with respect to the date and term of the agreement and certain other differences as required by Rule 15a-4.
Additionally, at the Meeting, shareholders of the Funds also elected fourteen (14) nominees to the Board, whose election became effective on the Effective Date: Cheryl K. Beebe; Dwight L. Bush; Kathryn A. Cassidy; John G. Chou; Joaquin Delgado; Eileen H. Dowling; Lawrence Hughes; John F. Killian; Steven D. Krichmar; Michael Latham; Lawrence W. Stranghoener; Gregory G. Weaver; Brian J. Wildman; and James A. McNamara. Furthermore, on the Effective Date, H. Bruce Bond, Mark Berg, Joe Stowell will no longer serve on the Board.
Please Keep This Supplement With Your Prospectus and
SAI For Future Reference
1
Appendix A
Innovator IBD® 50 ETF
Innovator IBD® Breakout Opportunities ETF
Approved Funds
|
Innovator Buffer Step Up Strategy ETF® |
|
Innovator Deepwater Frontier Tech ETF |
|
Innovator Defined Wealth Shield ETF |
|
Innovator Emerging Markets Power Buffer ETF™ – January |
|
Innovator Emerging Markets Power Buffer ETF™ – April |
|
Innovator Emerging Markets Power Buffer ETF™ – July |
|
Innovator Emerging Markets Power Buffer ETF™ – October |
|
Innovator Equity Autocallable Income Strategy ETF |
|
Innovator Equity Defined Protection ETF® – 1 Yr February |
|
Innovator Equity Defined Protection ETF® – 1 Yr April |
|
Innovator Equity Defined Protection ETF® – 1 Yr June |
|
Innovator Equity Defined Protection ETF® – 2 Yr to April 2027 |
|
Innovator Equity Defined Protection ETF® – 2 Yr to October 2027 |
|
Innovator Equity Defined Protection ETF® – 2 Yr to January 2028 |
|
Innovator Equity Defined Protection ETF® – 2 Yr to April 2028 |
|
Innovator Equity Dual Directional 5 Buffer ETF™ – Quarterly |
|
Innovator Equity Dual Directional 10 Buffer ETF™ – January |
|
Innovator Equity Dual Directional 10 Buffer ETF™ – February |
|
Innovator Equity Dual Directional 10 Buffer ETF™ – March |
|
Innovator Equity Dual Directional 10 Buffer ETF™ – April |
|
Innovator Equity Dual Directional 10 Buffer ETF™ – November |
|
Innovator Equity Dual Directional 15 Buffer ETF™ – January |
|
Innovator Equity Dual Directional 15 Buffer ETF™ – February |
|
Innovator Equity Dual Directional 15 Buffer ETF™ – March |
|
Innovator Equity Dual Directional 15 Buffer ETF™ – April |
|
Innovator Equity Dual Directional 15 Buffer ETF™ – September |
|
Innovator Equity Dual Directional 15 Buffer ETF™ – October |
|
Innovator Equity Dual Directional 15 Buffer ETF™ – December |
|
Innovator Equity Managed 10 Buffer ETF |
|
Innovator Equity Managed 100 Buffer ETF™ |
|
Innovator Equity Managed Floor ETF® |
|
Innovator Equity Premium Income – Daily PutWrite ETF |
|
Innovator Growth Accelerated Plus ETF® – April |
|
Innovator Growth-100 Dual Directional 5 Buffer ETF™ – Quarterly |
|
Innovator Growth-100 Power Buffer ETF™ – January |
|
Innovator Growth-100 Power Buffer ETF™ – February |
|
Innovator Growth-100 Power Buffer ETF™ – March |
|
Innovator Growth-100 Power Buffer ETF™ – May |
|
Innovator International Developed Managed 10 Buffer ETF™ |
A-1
|
Innovator International Developed Managed Floor ETF® |
|
Innovator International Developed Power Buffer ETF™ – January |
|
Innovator International Developed Power Buffer ETF™ – April |
|
Innovator International Developed Power Buffer ETF™ – May |
|
Innovator International Developed Power Buffer ETF™ – June |
|
Innovator International Developed Power Buffer ETF™ – July |
|
Innovator International Developed Power Buffer ETF™ – August |
|
Innovator International Developed Power Buffer ETF™ – September |
|
Innovator International Developed Power Buffer ETF™ – October |
|
Innovator International Developed Power Buffer ETF™ – November |
|
Innovator International Developed Power Buffer ETF™ – December |
|
Innovator Laddered Allocation Buffer ETF™ |
|
Innovator Nasdaq-100® 10 Buffer ETF™ – Quarterly |
|
Innovator Nasdaq-100® Managed 10 Buffer ETF™ |
|
Innovator Nasdaq-100® Managed Floor ETF® |
|
Innovator Premium Income 20 Barrier ETF® – April |
|
Innovator Premium Income 20 Barrier ETF® – October |
|
Innovator Premium Income 30 Barrier ETF® – October |
|
Innovator S&P Investment Grade Preferred ETF |
|
Innovator U.S. Equity 5 to 15 Buffer ETF™ – Quarterly |
|
Innovator U.S. Equity 10 Buffer ETF™ – Quarterly |
|
Innovator U.S. Equity Accelerated ETF® – Quarterly |
|
Innovator U.S. Equity Accelerated 9 Buffer ETF™ – April |
|
Innovator U.S. Equity Accelerated 9 Buffer ETF™ – July |
|
Innovator U.S. Equity Accelerated Plus ETF® – April |
|
Innovator U.S. Equity Accelerated Plus ETF® – October |
|
Innovator U.S. Equity Buffer ETF™ – January |
|
Innovator U.S. Equity Buffer ETF™ – February |
|
Innovator U.S. Equity Buffer ETF™ – March |
|
Innovator U.S. Equity Buffer ETF™ – April |
|
Innovator U.S. Equity Buffer ETF™ – May |
|
Innovator U.S. Equity Buffer ETF™ – June |
|
Innovator U.S. Equity Buffer ETF™ – July |
|
Innovator U.S. Equity Buffer ETF™ – August |
|
Innovator U.S. Equity Buffer ETF™ – September |
|
Innovator U.S. Equity Buffer ETF™ – October |
|
Innovator U.S. Equity Buffer ETF™ – November |
|
Innovator U.S. Equity Buffer ETF™ – December |
|
Innovator U.S. Equity Power Buffer ETF™ – January |
|
Innovator U.S. Equity Power Buffer ETF™ – February |
|
Innovator U.S. Equity Power Buffer ETF™ – March |
|
Innovator U.S. Equity Power Buffer ETF™ – April |
|
Innovator U.S. Equity Power Buffer ETF™ – May |
|
Innovator U.S. Equity Power Buffer ETF™ – June |
A-2
|
Innovator U.S. Equity Power Buffer ETF™ – July |
|
Innovator U.S. Equity Power Buffer ETF™ – August |
|
Innovator U.S. Equity Power Buffer ETF™ – September |
|
Innovator U.S. Equity Power Buffer ETF™ – October |
|
Innovator U.S. Equity Power Buffer ETF™ – November |
|
Innovator U.S. Equity Power Buffer ETF™ – December |
|
Innovator U.S. Equity Ultra Buffer ETF™ – January |
|
Innovator U.S. Equity Ultra Buffer ETF™ – February |
|
Innovator U.S. Equity Ultra Buffer ETF™ – March |
|
Innovator U.S. Equity Ultra Buffer ETF™ – April |
|
Innovator U.S. Equity Ultra Buffer ETF™ – June |
|
Innovator U.S. Equity Ultra Buffer ETF™ – August |
|
Innovator U.S. Equity Ultra Buffer ETF™ – September |
|
Innovator U.S. Equity Ultra Buffer ETF™ – October |
|
Innovator U.S. Equity Ultra Buffer ETF™ – November |
|
Innovator U.S. Equity Ultra Buffer ETF™ – December |
|
Innovator U.S. Small Cap 10 Buffer ETF™ – Quarterly |
|
Innovator U.S. Small Cap Managed 10 Buffer ETF™ |
|
Innovator U.S. Small Cap Managed Floor ETF® |
|
Innovator U.S. Small Cap Power Buffer ETF™ – July |
|
Innovator U.S. Small Cap Power Buffer ETF™ – August |
|
Innovator U.S. Small Cap Power Buffer ETF™ – September |
|
Innovator U.S. Small Cap Power Buffer ETF™ – December |
Outstanding Funds
|
Innovator 20+ Year Treasury Bond 5 Floor ETF® – Quarterly |
|
Innovator 20+ Year Treasury Bond 9 Buffer ETF™ – July |
|
Innovator Emerging Markets 10 Buffer ETF™ – Quarterly |
|
Innovator Equity Defined Protection ETF® – 1 Yr January |
|
Innovator Equity Defined Protection ETF® – 1 Yr March |
|
Innovator Equity Defined Protection ETF® – 1 Yr May |
|
Innovator Equity Defined Protection ETF® – 1 Yr July |
|
Innovator Equity Defined Protection ETF® – 1 Yr August |
|
Innovator Equity Defined Protection ETF® – 1 Yr September |
|
Innovator Equity Defined Protection ETF® – 1 Yr October |
|
Innovator Equity Defined Protection ETF® – 1 Yr November |
|
Innovator Equity Defined Protection ETF® – 1 Yr December |
|
Innovator Equity Defined Protection ETF® – 2 Yr to July 2026 |
|
Innovator Equity Defined Protection ETF® – 2 Yr to October 2026 |
|
Innovator Equity Defined Protection ETF® – 2 Yr to January 2027 |
|
Innovator Equity Defined Protection ETF® – 2 Yr to July 2027 |
|
Innovator Equity Defined Protection ETF® – 6 Mo Jan/Jul |
|
Innovator Equity Defined Protection ETF® – 6 Mo Apr/Oct |
|
Innovator Equity Dual Directional 10 Buffer ETF™ – July |
A-3
|
Innovator Equity Dual Directional 10 Buffer ETF™ – September |
|
Innovator Equity Dual Directional 10 Buffer ETF™ – October |
|
Innovator Equity Dual Directional 10 Buffer ETF™ – December |
|
Innovator Equity Dual Directional 15 Buffer ETF™ – July |
|
Innovator Equity Dual Directional 15 Buffer ETF™ – November |
|
Innovator Gradient Tactical Rotation Strategy ETF |
|
Innovator Growth Accelerated ETF® – Quarterly |
|
Innovator Growth Accelerated Plus ETF® – January |
|
Innovator Growth Accelerated Plus ETF® – July |
|
Innovator Growth Accelerated Plus ETF® – October |
|
Innovator Growth-100 Power Buffer ETF™ – April |
|
Innovator Growth-100 Power Buffer ETF™ – June |
|
Innovator Growth-100 Power Buffer ETF™ – July |
|
Innovator Growth-100 Power Buffer ETF™ – August |
|
Innovator Growth-100 Power Buffer ETF™ – September |
|
Innovator Growth-100 Power Buffer ETF™ – October |
|
Innovator Growth-100 Power Buffer ETF™ – November |
|
Innovator Growth-100 Power Buffer ETF™ – December |
|
Innovator Hedged Nasdaq-100® ETF |
|
Innovator Index Autocallable Income Strategy ETF |
|
Innovator International Developed 10 Buffer ETF™ – Quarterly |
|
Innovator International Developed Power Buffer ETF™ – February |
|
Innovator International Developed Power Buffer ETF™ – March |
|
Innovator Laddered Allocation Power Buffer ETF™ |
|
Innovator Power Buffer Step Up Strategy ETF® |
|
Innovator Premium Income 15 Buffer ETF™ – January |
|
Innovator Premium Income 15 Buffer ETF™ – April |
|
Innovator Premium Income 15 Buffer ETF™ – July |
|
Innovator Premium Income 15 Buffer ETF™ – October |
|
Innovator Premium Income 20 Barrier ETF® – January |
|
Innovator Premium Income 20 Barrier ETF® – July |
|
Innovator Premium Income 30 Barrier ETF® – January |
|
Innovator Premium Income 30 Barrier ETF® – April |
|
Innovator Premium Income 30 Barrier ETF® – July |
|
Innovator U.S. Equity Accelerated 9 Buffer ETF™ – January |
|
Innovator U.S. Equity Accelerated 9 Buffer ETF™ – October |
|
Innovator U.S. Equity Accelerated Plus ETF® – January |
|
Innovator U.S. Equity Accelerated Plus ETF® – July |
|
Innovator U.S. Equity Ultra Buffer ETF™ – May |
|
Innovator U.S. Equity Ultra Buffer ETF™ – July |
|
Innovator U.S. Small Cap Power Buffer ETF™ – January |
|
Innovator U.S. Small Cap Power Buffer ETF™ – February |
|
Innovator U.S. Small Cap Power Buffer ETF™ – March |
|
Innovator U.S. Small Cap Power Buffer ETF™ – April |
A-4
|
Innovator U.S. Small Cap Power Buffer ETF™ – May |
|
Innovator U.S. Small Cap Power Buffer ETF™ – June |
|
Innovator U.S. Small Cap Power Buffer ETF™ – October |
|
Innovator U.S. Small Cap Power Buffer ETF™ – November |
|
Innovator Uncapped Accelerated U.S. Equity ETF™ |
|
Innovator Uncapped Bitcoin 20 Floor ETF® – Quarterly |
A-5