Prospectus by Investment Company (Form 497)

Annual Fund Operating Expenses2

Expenses you pay each year as a % of the value of your investment

1.A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.

2.Expense information has been restated to reflect current contractual rates.

3.Other Expenses are based on the estimated amounts for the current fiscal year.

4.Voya Investments, LLC (the "Investment Adviser") is contractually obligated to limit expenses to 0.86%, 1.61%, 0.61%, 1.11%, 1.01%, 0.61%, and 0.61% for Class A, Class C, Class I, Class R, Class R2, Class R6, and Class W shares, respectively, through October 1, 2027 (the "Expense Limitation Agreement"). The limitation does not extend to interest, taxes, other investment-related costs, fees, leverage expenses, extraordinary expenses such as litigation or other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the independent trustees. Modification of the Expense Limitation Agreement requires written agreement signed by each of the parties and approval by the Fund's Board of Trustees (the "Board"). The Expense Limitation Agreement shall terminate with respect to the Fund upon termination of the Fund's advisory agreement with the Investment Adviser, or it may be terminated by Voya Equity Trust (the "Trust"), without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business.

2.The table in the sub-section of the Prospectus entitled "Fees and Expenses of the Fund - Expense Example" in the Fund's Summary Section is deleted in its entirety and replaced with the following: