Rule 497(e)
File No. 333-146827
Innovator ETFs Trust
(the “Trust”)
Innovator U.S. Equity Accelerated ETFÔ – Quarterly
Innovator Growth Accelerated ETFÔ – Quarterly
(each, a “Fund” and together, the “Funds”)
Supplement
To each Fund’s Prospectus
Dated February 27, 2024
March 22, 2024
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 three months. The current Outcome Period will end on March 31, 2024, and each Fund will commence a new Outcome Period that will begin on April 1, 2024 and end on June 30, 2024. Each Fund’s Cap will not be determined until the start of the new outcome period on April 1, 2024. A supplement to each Fund’s prospectus will be filed on March 29, 2024 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 March 21, 2024, the expected range of each Fund’s Cap is set forth below.
| Fund Name | Ticker | Estimated Cap Range |
| Innovator U.S. Equity Accelerated ETFÔ – Quarterly | XDSQ |
5.84% – 6.73% (5.64% – 6.53% after taking into account the Fund’s unitary management fee) |
| Innovator Growth Accelerated ETFÔ – Quarterly | XDQQ |
7.91% – 9.21% (7.71% – 9.01% after taking into account the Fund’s unitary management fee) |
Please Keep This Supplement With Your Prospectus For Future Reference