Prospectus by Investment Company (Form 497)

inetfs20220120_497.htm

Rule 497(e)

Registration Nos. 333-146827 and 811-22135

Innovator ETFs Trust

(the "Trust")

Innovator U.S. Equity Buffer ETF™ - February

(formerly Innovator S&P 500 Buffer ETF™ - February)

Innovator U.S. Equity Power Buffer ETF™ - February

(formerly Innovator S&P 500 Power Buffer ETF™ - February)

Innovator U.S. Equity Ultra Buffer ETF™ - February

(formerly Innovator S&P 500 Ultra Buffer ETF™ - February)

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

Supplement To each Fund's Prospectus
Dated March 1, 2021

January 24, 2022

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 January 31, 2022, and each Fund will commence a new outcome period that will begin on February 1, 2022 and end on January 31, 2023. Each Fund's Cap will not be determined until the start of the new outcome period on February 1, 2022. As of January 21, 2022, the expected range of each Fund's Cap is set forth below.

Fund Name	Ticker	Estimated Cap Range
Innovator U.S. Equity Buffer ETF™ - February	BFEB	12.37% - 14.86% (11.58% - 14.07% after taking into account the Fund's unitary management fee)
Innovator U.S. Equity Power Buffer ETF™ - February	PFEB	8.06% - 9.43% (7.27% - 8.64% after taking into account the Fund's unitary management fee)
Innovator U.S. Equity Ultra Buffer ETF™ - February	UFEB	6.00% - 6.75% (5.21% - 5.96% after taking into account the Fund's unitary management fee)

Please Keep This Supplement With Your Prospectus For Future Reference

Public link

Please use the above public link if you want to share this noodl on another website.