Rule 497(e)

File No. 333-146827

 

Innovator ETFs® Trust

(the “Trust”)

 

Innovator 20+ Year Treasury Bond 9 Buffer ETFÔ – July

Innovator Emerging Markets Power Buffer ETFÔ – July

Innovator Equity Defined Protection ETFÔ – 1 Yr July

Innovator Growth Accelerated Plus ETF®– July

Innovator Growth-100 Power Buffer ETFÔ – July

Innovator International Developed Power Buffer ETFÔ – July

Innovator U.S. Equity Accelerated 9 Buffer ETF™ – July

Innovator U.S. Equity Accelerated Plus ETF®– July

Innovator U.S. Equity Buffer ETFÔ – July

Innovator U.S. Equity Power Buffer ETFÔ – July

Innovator U.S. Equity Ultra Buffer ETFÔ – July

Innovator U.S. Small Cap Power Buffer ETFÔ – July

Innovator Equity Dual Directional 10 Buffer ETFÔ – July

Innovator Equity Dual Directional 15 Buffer ETFÔ – July

(each, a “Fund” and together, the “Funds”)

 

Supplement to Each Fund’s Prospectus

 

Dated February 27, 2026, As Supplemented To Date

 

June 24, 2026

 

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 will end on June 30, 2026, and each Fund will commence a new Outcome Period that will begin on July 1, 2026 and end on June 30, 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 June 23, 2026, the expected range of each Fund’s Cap is set forth below.

 

Fund Name Ticker Estimated Cap Range
Innovator 20+ Year Treasury Bond 9 Buffer ETFÔ – July TBJL

9.90% – 15.90%

 

(9.11% – 15.11% after taking into account the Fund’s unitary
management fee)

Innovator Emerging Markets Power Buffer ETFÔ – July EJUL

23.62% – 28.62%

 

(22.73% – 27.73% after taking into account the Fund’s unitary management fee)

Innovator Equity Defined Protection ETFÔ – 1 Yr July ZJUL

7.05% – 8.55%

 

(6.26% – 7.76% after taking into account the Fund’s unitary
management fee)

 

 

 

 

Innovator Growth Accelerated Plus ETF® – July QTJL

20.25% – 29.25%

 

(19.46% – 28.46% after taking into account the Fund’s unitary management fee)

Innovator Growth-100 Power Buffer ETFÔ – July NJUL

18.22% – 21.22%

 

(17.43% – 20.43% after taking into account the Fund’s unitary management fee)

Innovator International Developed Power Buffer ETFÔ – July IJUL

10.96% – 15.96%

 

(10.11% – 15.11% after taking into account the Fund’s unitary management fee)

Innovator U.S. Equity Accelerated 9 Buffer ETFÔ – July XBJL

11.78% – 14.78%

 

(10.99% – 13.99% after taking into account the Fund’s unitary management fee)

Innovator U.S. Equity Accelerated Plus ETF® – July XTJL

13.95% – 18.45%

 

(13.16% – 17.66% after taking into account the Fund’s unitary management fee)

Innovator U.S. Equity Buffer ETFÔ– July BJUL

16.94% – 18.44%

 

(16.15% – 17.65% after taking into account the Fund’s unitary management fee)

Innovator U.S. Equity Power Buffer ETF™ – July PJUL

12.61% – 14.11%

 

(11.82% – 13.32% after taking into account the Fund’s unitary management fee)

Innovator U.S. Equity Ultra Buffer ETF™ – July UJUL

12.80% – 14.30%

 

(12.01% – 13.51% after taking into account the Fund’s unitary management fee)

Innovator U.S. Small Cap Power Buffer ETFÔ – July KJUL

17.01% – 20.01%

 

(16.22% – 19.22% after taking into account the Fund’s unitary management fee)

Innovator Equity Dual Directional 10 Buffer ETFÔ– July DDTL

14.24% – 15.74%

 

(13.45% – 14.95% after taking into account the Fund’s unitary management fee for the Outcome Period)

Innovator Equity Dual Directional 15 Buffer ETFÔ– July DDFL

9.58% – 11.08%

 

(8.79% – 10.29% after taking into account the Fund’s unitary management fee for the Outcome Period)

 

Please Keep This Supplement With Your Prospectus For Future Reference

 

INVETFTRSTSTK 06-26