Innovator ETFs Trust

05/22/2026 | Press release | Distributed by Public on 05/22/2026 15:08

Prospectus by Investment Company (Form 497)

Rule 497(e)

File No. 333-146827

Innovator ETFs® Trust

(the "Trust")

Innovator Equity Defined Protection ETF® - 1 Yr June

Innovator Growth-100 Power Buffer ETFÔ - June

Innovator International Developed Power Buffer ETFÔ - June

Innovator U.S. Equity Buffer ETFÔ - June

Innovator U.S. Equity Power Buffer ETFÔ - June

Innovator U.S. Equity Ultra Buffer ETFÔ - June

Innovator U.S. Small Cap Power Buffer ETFÔ - June

(each, a "Fund" and together, the "Funds")

Supplement to Each Fund's Prospectus
Dated February 27, 2026, As Supplemented To Date

May 22, 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 the Fund for the Outcome Period of approximately one year. The current Outcome Period will end on May 31, 2026, and each Fund will commence a new Outcome Period that will begin on June 1, 2026 and end on May 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 May 22, 2026, the expected range of each Fund's Cap is set forth below.

Fund Name Ticker Estimated Cap Range
Innovator Equity Defined Protection ETF® - 1 Yr June ZJUN

6.54% - 8.04%

(5.75% - 7.25% after taking into account the Fund's unitary management fee)

Innovator Growth-100 Power Buffer ETFÔ - June NJUN 16.41% - 19.41%

(15.62% - 18.62% after taking into account the Fund's unitary management fee)

Innovator International Developed Power Buffer ETFÔ - June IJUN

12.20% - 16.70%

(11.35% - 15.85% after taking into account the Fund's unitary management fee)

Innovator U.S. Equity Buffer ETF™ - June BJUN

16.98% - 18.48%

(16.19% - 17.69% after taking into account the Fund's unitary management fee)

Innovator U.S. Equity Power Buffer ETF™ - June PJUN

12.67% - 14.17%

(11.88% - 13.38% after taking into account the Fund's unitary management fee)

Innovator U.S. Equity Ultra Buffer ETF™ - June UJUN

12.45% - 13.95%

(11.66% - 13.16% after taking into account the Fund's unitary management fee)

Innovator U.S. Small Cap Power Buffer ETFÔ - June KJUN

17.05% - 20.05%

(16.26% - 19.26% after taking into account the Fund's unitary management fee)

Please Keep This Supplement With Your Prospectus For Future Reference

Innovator ETFs Trust published this content on May 22, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 22, 2026 at 21:08 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]