Prospectus by Investment Company - Form 497

Rule 497(e)

File No. 333-146827

Innovator ETFs Trust

(the "Trust")

Innovator U.S. Equity Buffer ETFÔ- August

Innovator U.S. Equity Power Buffer ETFÔ- August

Innovator U.S. Equity Ultra Buffer ETFÔ- August

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

Supplement To Each Fund's Prospectus
Dated February 27, 2024

July 24, 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 one year. The current Outcome Period for each Fund will end on July 31, 2024, and each Fund will commence a new Outcome Period that will begin on August 1, 2024 and end on July 31, 2025. Each Fund's Cap will not be determined until the start of the new Outcome Period on August 1, 2024. A supplement to each Fund's prospectus will be filed on July 31, 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 July 23, 2024, the expected range of each Fund's Cap is set forth below.

Fund Name	Ticker	Estimated Cap Range
Innovator U.S. Equity Buffer ETFÔ - August	BAUG	16.18% - 17.91% (15.39% - 17.12% after taking into account the Fund's unitary management fee)
Innovator U.S. Equity Power Buffer ETFÔ - August	PAUG	13.01% - 13.75% (12.22% - 12.96% after taking into account the Fund's unitary management fee)
Innovator U.S. Equity Ultra Buffer ETFÔ - August	UAUG	13.19% - 14.00% (12.40% -13.21% after taking into account the Fund's unitary management fee)

Please Keep This Supplement With Your Prospectus For Future Reference

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