Prospectus by Investment Company - Form 497

Rule 497(e)

File No. 333-146827

Innovator ETFs^® Trust

(the "Trust")

Innovator U.S. Equity Buffer ETFÔ - December

Innovator U.S. Equity Power Buffer ETFÔ - December

Innovator U.S. Equity Ultra Buffer ETFÔ - December

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

Supplement to Each Fund's Prospectus

Dated February 27, 2024

November 29, 2024

As described in detail in each Fund's prospectus, an investment in shares of each Fund is subject to an upside return cap (the "Cap") that represents the maximum percentage return an investor can achieve from an investment in such Fund for the Outcome Period of approximately one year. The current Outcome Period will end on November 30, 2024. Each Fund will commence a new Outcome Period that will begin on December 1, 2024 and end on November 30, 2025. An investment in each Fund over the course of the Outcome Period will be subject to such Fund's Cap as set forth in the table below.

Fund	Ticker	Cap	Investment Objective
Innovator U.S. Equity Buffer ETF™ - December	BDEC	Gross: 14.96% Net: 14.17%*	The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust, up to the upside cap of 14.96% (prior to taking into account management fees and other fees) while providing a buffer against the first 9% (prior to taking into account management fees and other fees) of SPDR® S&P 500® ETF Trust losses, over the period from December 1, 2024 to November 30, 2025.
Innovator U.S. Equity Power Buffer ETF™ - December	PDEC	Gross: 11.90% Net: 11.11%*	The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust, up to the upside cap of 11.90% (prior to taking into account management fees and other fees) while providing a buffer against the first 15% (prior to taking into account management fees and other fees) of SPDR® S&P 500® ETF Trust losses, over the period from December 1, 2024 to November 30, 2025.
Innovator U.S. Equity Ultra Buffer ETF™ - December	UDEC	Gross: 11.94% Net: 11.15%*	The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust, up to the upside cap of 11.94% (prior to taking into account management fees and other fees) while providing a buffer against SPDR® S&P 500® ETF Trust losses of between 5% and 35% (prior to taking into account management fees and other fees) over the period from December 1, 2024 to November 30, 2025.

* Takes into account the Fund's unitary management fee.

In connection with onset of the new Outcome Period, each Fund's prospectus is amended as set forth below:

1.	Each Fund's investment objective is deleted in its entirety and replaced with the corresponding investment objective set forth in the table above.

2.	All references to the dates associated with the prior Outcome Period are deleted in their entirety and replaced with references to new Outcome Period: December 1, 2024 through November 30, 2025.

3.	All references to the Cap for the prior Outcome Period are deleted in their entirety and replaced with the corresponding Cap set forth in the table above.

Please Keep This Supplement With Your Prospectus For Future Reference

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