Prospectus by Investment Company (Form 497)

Rule 497(e)

File No. 333-146827

Innovator ETFs^Ò Trust

(the "Trust")

Innovator Defined Wealth Shield ETF

(the "Fund")

Supplement To the Fund's Prospectus
Dated February 28, 2025

December 23, 2025

As described in detail in the Fund's prospectus, an investment in shares of the 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 three months. The Fund also seeks to provide investors that hold Fund shares with a buffer (the "Buffer") against SPDR^® S&P 500^® ETF Trust losses during the Outcome Period. The current Outcome Period will end on December 31, 2025, and the Fund will commence a new Outcome Period that will begin on January 1, 2026 and end on March 31, 2026. The Fund's new Cap and Buffer will not be determined until the start of the new Outcome Period. At the commencement of the new Outcome Period, the 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 December 23, 2025, the expected range of the Fund's Cap and the estimated Buffer are as set forth below.

Please Keep This Supplement With Your Prospectus For Future Reference