Rule 497(e)
File No. 333-146827
Innovator ETFs® Trust
(the “Trust”)
Innovator 20+ Year Treasury Bond 5 Floor ETF® – Quarterly
Innovator Emerging Markets 10 Buffer ETFTM – Quarterly
Innovator Equity Dual Directional 5 Buffer ETFTM – Quarterly
Innovator Growth-100 Dual Directional 5 Buffer ETFTM – Quarterly
Innovator Growth Accelerated ETF® – Quarterly
Innovator International Developed 10 Buffer ETFTM – Quarterly
Innovator Nasdaq-100® 10 Buffer ETFTM – Quarterly
Innovator U.S. Equity 5 to 15 Buffer ETFTM – Quarterly
Innovator U.S. Equity 10 Buffer ETFTM – Quarterly
Innovator U.S. Equity Accelerated ETF® – Quarterly
Innovator U.S. Small Cap 10 Buffer ETFTM – Quarterly
(each, a “Fund” and together, the “Funds”)
Supplement to Each Fund’s Prospectus
Dated January 2, 2026 or February 27, 2026, As Supplemented to Date
September 23, 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 such Fund over an approximately three-month 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 December 31, 2026. 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 20+ Year Treasury Bond 5 Floor ETF® – Quarterly | TFJL |
8.37% – 14.37%
(8.17% – 14.17% after taking into account the Fund’s unitary management fee for the Outcome Period)
|
| Innovator Emerging Markets 10 Buffer ETFTM – Quarterly | EBUF |
3.67% – 5.67%
(3.44% – 5.44% after taking into account the Fund’s unitary management fee for the Outcome Period)
|
| Innovator Equity Dual Directional 5 Buffer ETFTM – Quarterly | DDSQ |
2.38% – 2.98%
(2.18% – 2.78% after taking into account the Fund’s unitary management fee for the Outcome Period)
|
| Innovator Growth-100 Dual Directional 5 Buffer ETFTM – Quarterly | DDNQ |
4.5% – 5.5%
(4.3% – 5.3% after taking into account the Fund’s unitary management fee for the Outcome Period)
|
| Innovator Growth Accelerated ETF® – Quarterly | XDQQ |
8.02% – 10.02%
(7.82% – 9.82% after taking into account the Fund’s unitary management fee for the Outcome Period)
|
| Innovator International Developed 10 Buffer ETFTM – Quarterly | IBUF |
1.42% – 3.42%
(1.20% – 3.20% after taking into account the Fund’s unitary management fee for the Outcome Period)
|
| Innovator Nasdaq-100® 10 Buffer ETFTM – Quarterly | QBUF |
3.97% – 4.97%
(3.77% – 4.77% after taking into account the Fund’s unitary management fee for the Outcome Period)
|
| Innovator U.S. Equity 5 to 15 Buffer ETFTM – Quarterly | EALT |
5.92% – 6.52%
(5.74% – 6.34% after taking into account the Fund’s unitary management fee for the Outcome Period)
|
| Innovator U.S. Equity 10 Buffer ETFTM – Quarterly | ZALT |
3.01% – 3.61%
(2.83% – 3.43% after taking into account the Fund’s unitary management fee for the Outcome Period)
|
| Innovator U.S. Equity Accelerated ETF® – Quarterly | XDSQ |
6.06% – 7.26%
(5.86% – 7.06% after taking into account the Fund’s unitary management fee for the Outcome Period)
|
| Innovator U.S. Small Cap 10 Buffer ETF™ – Quarterly | RBUF |
3.75% – 4.75%
(3.55% – 4.55% after taking into account the Fund’s unitary management fee for the Outcome Period)
|
Please Keep This Supplement With Your Prospectus For Future Reference
INNOVQUASTK 09-26