Definitive Materials Filed by Investment Companies. (497)

Rule 497(e)

Registration Nos. 333-201473 and 811-22926

Innovator ETFs Trust II

(the “Trust,” and each series of the Trust, a “Fund”)

Supplement To each Fund’s Statement of Additional Information

May 6, 2020

Notwithstanding anything to the contrary in each Fund’s Statement of Additional Information, the “Management of the Trust” section is amended by deleting footnote number 2 of the “Trustees and Officers” table in its entirety. Additionally, the last row of the “Trustee and Officers” table is deleted in its entirety and replaced with the below:

Kevin Gustafson

109 N. Hale Street

Wheaton, IL 60187

Year of Birth: 1965

Chief Compliance Officer and Anti-Money Laundering Officer

Since 2020

Chief Compliance Officer, Innovator Capital Management LLC (2019 – present); General Counsel, Innovator Capital Management LLC (2019 – Present); Chief Compliance Officer, General Counsel and Chief Risk Officer, Americas, Eastspring Investments, Inc. (2012 – 2019)

N/A

None

2.	Notwithstanding anything to the contrary in each Fund’s Statement of Additional Information, the section “Management of the Trust—Risk Oversight” is revised by deleting the second paragraph in its entirety and replacing it with the below:

The Board has also appointed a Chief Compliance Officer (“CCO”) who oversees the implementation and evaluation of the Fund’s compliance program. Kevin Gustafson serves as CCO and Anti-Money Laundering Officer of the Trust.

Not all risks that may affect the Fund can be identified nor can controls be developed to eliminate or mitigate their occurrence or effects. It may not be practical or cost effective to eliminate or mitigate certain risks, the processes and controls employed to address certain risks may be limited in their effectiveness. Further, some risks are simply beyond the reasonable control of the Fund or the Advisor or other service providers. There can be no guarantee that any risk management systems established by the Fund, its service providers, or issuers of the securities in which the Fund invests will succeed, and the Fund cannot control such systems put in place by service providers, issuers or other third parties whose operations may affect the Fund and/or its shareholders. Moreover, it is necessary to bear certain risks (such as investment related risks) to achieve the Fund's goals. As a result of the foregoing and other factors, the Fund's ability to manage risk is subject to substantial limitations.

Please Keep this Supplement for Future Reference

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