Rule 497(e)
File No. 333-146827
Innovator ETFs® Trust
(the “Trust”)
Innovator Equity Defined Protection ETF® – 1 Yr August
Innovator Growth-100 Power Buffer ETFÔ – August
Innovator International Developed Power Buffer ETFÔ – August
Innovator U.S. Equity Buffer ETFÔ – August
Innovator U.S. Equity Power Buffer ETFÔ – August
Innovator U.S. Equity Ultra Buffer ETFÔ – August
Innovator U.S. Small Cap Power Buffer ETFÔ – August
(each, a “Fund” and together, the “Funds”)
Supplement
to Each Fund’s Prospectus
Dated February 27, 2025 or February 28, 2025
July 24, 2025
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 July 31, 2025, and each Fund will commence a new Outcome Period that will begin on August 1, 2025 and end on July 31, 2026. Each Fund’s Cap will not be determined until the start of the new outcome period on August 1, 2025. A supplement to each Fund’s prospectus will be filed on July 31, 2025 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 July 24, 2025, 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 August | ZAUG |
5.99% – 7.49% (5.20% – 6.70% after taking into account the Fund’s unitary management fee) |
| Innovator Growth-100 Power Buffer ETFÔ – August | NAUG |
13.32% – 15.32% (12.53% – 14.53% after taking into account the Fund’s unitary management fee) |
| Innovator International Developed Power Buffer ETFÔ – August | IAUG |
10.29% – 15.29% (9.44% – 14.44% after taking into account the Fund’s unitary management fee) |
| Innovator U.S. Equity Buffer ETF™ – August | BAUG |
14.75% – 16.25% (13.96% – 15.46% after taking into account the Fund’s unitary management fee) |
| Innovator U.S. Equity Power Buffer ETF™ – August | PAUG |
11.10% – 12.85% (10.31% – 12.06% after taking into account the Fund’s unitary management fee) |
| Innovator U.S. Equity Ultra Buffer ETF™ – August | UAUG |
10.57% – 12.32% (9.78% – 11.53% after taking into account the Fund’s unitary management fee) |
| Innovator U.S. Small Cap Power Buffer ETFÔ – August | KAUG |
15.14% – 18.14% (14.35% – 17.35% after taking into account the Fund’s unitary management fee) |
Please Keep
This Supplement With Your Prospectus For Future Reference