Rule 497(e)

File No. 333-146827

 

Innovator ETFs® Trust

(the “Trust”)


Innovator Equity Defined Protection ETF®– 1 Yr August

Innovator Growth-100 Power Buffer ETFÔ – August

Innovator International Developed Power Buffer ETFÔ – August

Innovator U.S. Equity Buffer ETFÔ – August

Innovator U.S. Equity Power Buffer ETFÔ – August

Innovator U.S. Equity Ultra Buffer ETFÔ – August

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

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

 

Supplement to Each Fund’s Prospectus

Dated February 27, 2026, As Supplemented To Date

 

July 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 July 31, 2026, and each Fund will commence a new Outcome Period that will begin on August 1, 2026 and end on July 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 July 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 August ZAUG

7.73% – 9.23%

 

(6.94% – 8.44% after taking into account the Fund’s unitary management fee)

Innovator Growth-100 Power Buffer ETFÔ – August

 

 NAUG

19.28% – 22.28%

 

(18.49% – 21.49% after taking into account the Fund’s unitary management fee)

Innovator International Developed Power Buffer ETFÔ – August

 

 

 IAUG

13.66% – 18.66%

 

(12.81% – 17.81% after taking into account the Fund’s unitary management fee)

Innovator U.S. Equity Buffer ETFÔ – August

 

 

 

 BAUG

17.58% – 19.08%

 

(16.79% – 18.29% after taking into account the Fund’s unitary management fee)

 

 

 

 

Innovator U.S. Equity Power Buffer ETFÔ – August

 

 PAUG

13.36% – 14.86%

 

(12.57% – 14.07% after taking into account the Fund’s unitary management fee)

Innovator U.S. Equity Ultra Buffer ETFÔ – August

 

 UAUG

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 – August

 

 KAUG

17.74% – 20.74%

 

(16.95% – 19.95% after taking into account the Fund’s unitary management fee)

 

Please Keep This Supplement With Your Prospectus For Future Reference

 

INNETFJUL 8-26