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Innovator ETFs Trust

09/23/2021 | Press release | Distributed by Public on 09/23/2021 15:12

Filing by Investment Company (SEC Filing - 497)

Rule 497(e)

Registration Nos. 333-146827 and 811-22135

Innovator ETFs Trust

(the "Trust")

Innovator Defined Wealth Shield ETF

(the "Fund")

Supplement To the Fund's Prospectus
Dated July 1, 2021

September 23, 2021

As described in detail in the Fund's prospectus, an investment in shares of the 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 Fund also seeks to provide investors that hold Fund shares with a buffer (the "Buffer") against Underlying ETF losses during the outcome period. The current outcome period will end on September 30, 2021, and the Fund will commence a new outcome period that will begin on October 1, 2021 and end on December 31, 2021. The Fund's new Cap and Buffer will not be determined until the start of the new outcome period on October 1, 2021. As of September 22, 2021, the expected range of the Fund's Cap and the estimated Buffer are set forth below.

Fund Name

Ticker

Estimated Cap Range

Estimated Buffer

Innovator Defined Wealth Shield ETF

BALT

0.63% - 1.06%

(0.45% - 0.88% after taking into account the Fund's unitary management fee)

20%

(19.82% after taking into account the Fund's unitary management fee)

Please Keep This Supplement With Your Prospectus For Future Reference