Rule 497(e)

File No. 333-146827

 

Innovator ETFs® Trust

(the “Trust”)

 

Innovator Emerging Markets Power Buffer ETF™ – October

Innovator Equity Defined Protection ETF® – 1 Yr October

Innovator Equity Dual Directional 10 Buffer ETF™ – October

Innovator Equity Dual Directional 15 Buffer ETF™ – October

Innovator Growth Accelerated Plus ETF®– October

Innovator Growth-100 Power Buffer ETF™ – October

Innovator International Developed Power Buffer ETF™ – October

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

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

Innovator U.S. Equity Buffer ETF™ – October

Innovator U.S. Equity Power Buffer ETF™ – October

Innovator U.S. Equity Ultra Buffer ETF™ – October

Innovator U.S. Small Cap Power Buffer ETF™ – October

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

 

Supplement to Each Fund’s Prospectus

Dated February 27, 2026, As Supplemented to Date

 

September 23, 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 over an approximately one-year period (the “Outcome Period”). The current Outcome Period will end on September 30, 2026, and each Fund will commence a new Outcome Period that will begin on October 1, 2026 and end on September 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 September 23, 2026, the expected range of each Fund’s Cap is set forth below.

 

Fund Ticker Estimated Cap Range
Innovator Emerging Markets Power Buffer ETF™ – October EOCT

16.96% – 21.96%

(16.07% – 21.07% after taking into account the Fund’s unitary management fee)

Innovator Equity Defined Protection ETF® – 1 Yr October ZOCT

7.83% – 9.33%
(7.04% – 8.54% after taking into account the Fund’s unitary management fee)

 

 

Innovator Equity Dual Directional 10 Buffer ETF™ – October DDTO

13.11% – 14.61%

(12.32% – 13.82% after taking into account the Fund’s unitary management fee)

Innovator Equity Dual Directional 15 Buffer ETF™ – October DDFO

9.13% – 10.63%

(8.34% – 9.84% after taking into account the Fund’s unitary management fee)

Innovator Growth Accelerated Plus ETF® – October QTOC

18.99% – 26.49%
(18.20% – 25.70% after taking into account the Fund’s unitary management fee)

Innovator Growth-100 Power Buffer ETF™ – October NOCT

17.03% – 19.53%
(16.24% – 18.74% after taking into account the Fund’s unitary management fee)

Innovator International Developed Power Buffer ETF™ – October IOCT

10.83% – 15.83%
(9.98% – 14.98% after taking into account the Fund’s unitary management fee)

Innovator U.S. Equity Accelerated 9 Buffer ETF™ – October XBOC

11.34% – 14.34%
(10.55% – 13.55% after taking into account the Fund’s unitary management fee)

Innovator U.S. Equity Accelerated Plus ETF® – October XTOC

13.44% – 17.94%
(12.65% – 17.15% after taking into account the Fund’s unitary management fee)

Innovator U.S. Equity Buffer ETF™ – October BOCT

18.90% – 20.40%
(18.11% – 19.61% after taking into account the Fund’s unitary management fee)

Innovator U.S. Equity Power Buffer ETF™ – October POCT

14.01% – 15.51%

(13.22% – 14.72% after taking into account the Fund’s unitary management fee)

Innovator U.S. Equity Ultra Buffer ETF™ – October UOCT

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 ETF™ – October KOCT

16.64% – 19.64%

(15.85% – 18.85% after taking into account the Fund’s unitary management fee)

 

Please Keep This Supplement With Your Prospectus For Future Reference

 

INNOVANNSTK 09-26