# EDGAR Filing Document

**Accession Number:** 0001415726
**File Stem:** 0001133228-26-000153
**Filing Date:** 2026-1
**Character Count:** 2838978
**Document Hash:** 3c9f8085d6dc22d008e782f3c0c956ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-000153.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0001133228-26-000153

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 815

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260107

**DATE AS OF CHANGE**: 20260107

**EFFECTIVENESS DATE**: 20260107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Innovator ETFs Trust
- **CENTRAL INDEX KEY:** 0001415726

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22135
- **FILM NUMBER:** 26516696

**BUSINESS ADDRESS:**
- **STREET 1:** 200 W. FRONT STREET
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187
- **BUSINESS PHONE:** 800-621-1675

**MAIL ADDRESS:**
- **STREET 1:** 200 W. FRONT STREET
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INNOVATOR ETFS TRUST
- **DATE OF NAME CHANGE:** 20170825

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Academy Funds Trust
- **DATE OF NAME CHANGE:** 20071019

## Series and Classes Contracts Data

### Innovator IBD(R) 50 ETF (Series ID: S000047761)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000150102 | Innovator IBD(R) 50 ETF | FFTY            |

### Innovator U.S. Equity Buffer ETF - July (Series ID: S000058251)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000190964 | Innovator U.S. Equity Buffer ETF - July |  |

### Innovator U.S. Equity Power Buffer ETF - July (Series ID: S000058252)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000190965 | Innovator U.S. Equity Power Buffer ETF - July |  |

### Innovator U.S. Equity Ultra Buffer ETF - July (Series ID: S000058253)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000190966 | Innovator U.S. Equity Ultra Buffer ETF - July |  |

### Innovator Deepwater Frontier Tech ETF (Series ID: S000062244)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000201551 | Innovator Deepwater Frontier Tech ETF |  |

### Innovator IBD Breakout Opportunities ETF (Series ID: S000063057)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000204535 | Innovator IBD Breakout Opportunities ETF |  |

### Innovator U.S. Equity Buffer ETF - October (Series ID: S000063477)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000205657 | Innovator U.S. Equity Buffer ETF - October |  |

### Innovator U.S. Equity Power Buffer ETF - October (Series ID: S000063478)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000205658 | Innovator U.S. Equity Power Buffer ETF - October |  |

### Innovator U.S. Equity Ultra Buffer ETF - October (Series ID: S000063479)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000205660 | Innovator U.S. Equity Ultra Buffer ETF - October |  |

### Innovator U.S. Equity Buffer ETF - January (Series ID: S000063994)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000207057 | Innovator U.S. Equity Buffer ETF - January |  |

### Innovator U.S. Equity Power Buffer ETF - January (Series ID: S000063995)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000207058 | Innovator U.S. Equity Power Buffer ETF - January |  |

### Innovator U.S. Equity Ultra Buffer ETF - January (Series ID: S000063996)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000207059 | Innovator U.S. Equity Ultra Buffer ETF - January |  |

### Innovator U.S. Small Cap Power Buffer ETF - January (Series ID: S000064001)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000207068 | Innovator U.S. Small Cap Power Buffer ETF - January |  |

### Innovator International Developed Power Buffer ETF - January (Series ID: S000064004)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000207071 | Innovator International Developed Power Buffer ETF - January |  |

### Innovator Emerging Markets Power Buffer ETF - January (Series ID: S000064007)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000207074 | Innovator Emerging Markets Power Buffer ETF - January |  |

### Innovator U.S. Equity Ultra Buffer ETF - April (Series ID: S000065115)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000210831 | Innovator U.S. Equity Ultra Buffer ETF - April |  |

### Innovator U.S. Equity Power Buffer ETF - April (Series ID: S000065116)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000210832 | Innovator U.S. Equity Power Buffer ETF - April |  |

### Innovator U.S. Equity Buffer ETF - April (Series ID: S000065117)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000210833 | Innovator U.S. Equity Buffer ETF - April |  |

### Innovator U.S. Small Cap Power Buffer ETF - October (Series ID: S000065317)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000211375 | Innovator U.S. Small Cap Power Buffer ETF - October |  |

### Innovator International Developed Power Buffer ETF - July (Series ID: S000065320)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000211378 | Innovator International Developed Power Buffer ETF - July |  |

### Innovator Emerging Markets Power Buffer ETF - July (Series ID: S000065323)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000211381 | Innovator Emerging Markets Power Buffer ETF - July |  |

### Innovator Growth-100 Power Buffer ETF - October (Series ID: S000065329)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000211387 | Innovator Growth-100 Power Buffer ETF - October |  |

### Innovator U.S. Equity Ultra Buffer ETF - June (Series ID: S000065371)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000211456 | Innovator U.S. Equity Ultra Buffer ETF - June |  |

### Innovator U.S. Equity Power Buffer ETF - June (Series ID: S000065372)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000211457 | Innovator U.S. Equity Power Buffer ETF - June |  |

### Innovator U.S. Equity Buffer ETF - June (Series ID: S000065373)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000211458 | Innovator U.S. Equity Buffer ETF - June |  |

### Innovator U.S. Equity Ultra Buffer ETF - August (Series ID: S000066060)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000213581 | Innovator U.S. Equity Ultra Buffer ETF - August |  |

### Innovator U.S. Equity Power Buffer ETF - August (Series ID: S000066061)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000213582 | Innovator U.S. Equity Power Buffer ETF - August |  |

### Innovator U.S. Equity Buffer ETF - August (Series ID: S000066062)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000213583 | Innovator U.S. Equity Buffer ETF - August |  |

### Innovator U.S. Equity Ultra Buffer ETF - September (Series ID: S000066307)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000214097 | Innovator U.S. Equity Ultra Buffer ETF - September |  |

### Innovator U.S. Equity Power Buffer ETF - September (Series ID: S000066308)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000214098 | Innovator U.S. Equity Power Buffer ETF - September |  |

### Innovator U.S. Equity Buffer ETF - September (Series ID: S000066309)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000214099 | Innovator U.S. Equity Buffer ETF - September |  |

### Innovator International Developed Power Buffer ETF - October (Series ID: S000066605)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000214791 | Innovator International Developed Power Buffer ETF - October |  |

### Innovator Emerging Markets Power Buffer ETF - October (Series ID: S000066606)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000214792 | Innovator Emerging Markets Power Buffer ETF - October |  |

### Innovator U.S. Equity Ultra Buffer ETF - November (Series ID: S000066826)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000215175 | Innovator U.S. Equity Ultra Buffer ETF - November |  |

### Innovator U.S. Equity Power Buffer ETF - November (Series ID: S000066827)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000215176 | Innovator U.S. Equity Power Buffer ETF - November |  |

### Innovator U.S. Equity Buffer ETF - November (Series ID: S000066828)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000215177 | Innovator U.S. Equity Buffer ETF - November |  |

### Innovator U.S. Equity Ultra Buffer ETF - December (Series ID: S000067131)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000215957 | Innovator U.S. Equity Ultra Buffer ETF - December |  |

### Innovator U.S. Equity Power Buffer ETF - December (Series ID: S000067132)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000215958 | Innovator U.S. Equity Power Buffer ETF - December |  |

### Innovator U.S. Equity Buffer ETF - December (Series ID: S000067133)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000215959 | Innovator U.S. Equity Buffer ETF - December |  |

### Innovator Growth-100 Power Buffer ETF - January (Series ID: S000067348)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000216543 | Innovator Growth-100 Power Buffer ETF - January |  |

### Innovator U.S. Equity Ultra Buffer ETF - February (Series ID: S000067825)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000217571 | Innovator U.S. Equity Ultra Buffer ETF - February |  |

### Innovator U.S. Equity Power Buffer ETF - February (Series ID: S000067826)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000217572 | Innovator U.S. Equity Power Buffer ETF - February |  |

### Innovator U.S. Equity Buffer ETF - February (Series ID: S000067827)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000217573 | Innovator U.S. Equity Buffer ETF - February |  |

### Innovator U.S. Equity Ultra Buffer ETF - March (Series ID: S000068075)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000218117 | Innovator U.S. Equity Ultra Buffer ETF - March |  |

### Innovator U.S. Equity Power Buffer ETF - March (Series ID: S000068076)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000218118 | Innovator U.S. Equity Power Buffer ETF - March |  |

### Innovator U.S. Equity Buffer ETF - March (Series ID: S000068077)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000218119 | Innovator U.S. Equity Buffer ETF - March |  |

### Innovator International Developed Power Buffer ETF - April (Series ID: S000068279)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000218587 | Innovator International Developed Power Buffer ETF - April |  |

### Innovator Emerging Markets Power Buffer ETF - April (Series ID: S000068280)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000218588 | Innovator Emerging Markets Power Buffer ETF - April |  |

### Innovator Growth-100 Power Buffer ETF - April (Series ID: S000068282)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000218590 | Innovator Growth-100 Power Buffer ETF - April |  |

### Innovator U.S. Small Cap Power Buffer ETF - April (Series ID: S000068284)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000218592 | Innovator U.S. Small Cap Power Buffer ETF - April |  |

### Innovator U.S. Equity Ultra Buffer ETF - May (Series ID: S000068502)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000219060 | Innovator U.S. Equity Ultra Buffer ETF - May |  |

### Innovator U.S. Equity Power Buffer ETF - May (Series ID: S000068503)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000219061 | Innovator U.S. Equity Power Buffer ETF - May |  |

### Innovator U.S. Equity Buffer ETF - May (Series ID: S000068504)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000219062 | Innovator U.S. Equity Buffer ETF - May |  |

### Innovator 20+ Year Treasury Bond 9 Buffer ETF - July (Series ID: S000068655)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000219603 | Innovator 20+ Year Treasury Bond 9 Buffer ETF - July |  |

### Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (Series ID: S000068658)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000219606 | Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly |  |

### Innovator U.S. Small Cap Power Buffer ETF - July (Series ID: S000068868)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000220092 | Innovator U.S. Small Cap Power Buffer ETF - July |  |

### Innovator Growth-100 Power Buffer ETF - July (Series ID: S000068870)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000220094 | Innovator Growth-100 Power Buffer ETF - July |  |

### Innovator U.S. Equity Accelerated 9 Buffer ETF - April (Series ID: S000070748)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000224890 | Innovator U.S. Equity Accelerated 9 Buffer ETF - April |  |

### Innovator U.S. Equity Accelerated Plus ETF - April (Series ID: S000070749)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000224891 | Innovator U.S. Equity Accelerated Plus ETF - April |  |

### Innovator Growth Accelerated ETF - Quarterly (Series ID: S000070878)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000225133 | Innovator Growth Accelerated ETF - Quarterly |  |

### Innovator U.S. Equity Accelerated ETF - Quarterly (Series ID: S000070879)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000225134 | Innovator U.S. Equity Accelerated ETF - Quarterly |  |

### Innovator Growth Accelerated Plus ETF - April (Series ID: S000070880)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000225135 | Innovator Growth Accelerated Plus ETF - April |  |

### Innovator U.S. Equity Accelerated Plus ETF - July (Series ID: S000072376)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000228555 | Innovator U.S. Equity Accelerated Plus ETF - July |  |

### Innovator U.S. Equity Accelerated 9 Buffer ETF - July (Series ID: S000072377)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000228556 | Innovator U.S. Equity Accelerated 9 Buffer ETF - July |  |

### Innovator Growth Accelerated Plus ETF - July (Series ID: S000072378)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000228557 | Innovator Growth Accelerated Plus ETF - July |  |

### Innovator Defined Wealth Shield ETF (Series ID: S000072431)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000228657 | Innovator Defined Wealth Shield ETF |  |

### Innovator U.S. Equity Accelerated 9 Buffer ETF - October (Series ID: S000073670)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000230742 | Innovator U.S. Equity Accelerated 9 Buffer ETF - October |  |

### Innovator U.S. Equity Accelerated Plus ETF - October (Series ID: S000073671)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000230743 | Innovator U.S. Equity Accelerated Plus ETF - October |  |

### Innovator Growth Accelerated Plus ETF - October (Series ID: S000073673)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000230745 | Innovator Growth Accelerated Plus ETF - October |  |

### Innovator S&P Investment Grade Preferred ETF (Series ID: S000073678)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000230750 | Innovator S&P Investment Grade Preferred ETF |  |

### Innovator Laddered Allocation Power Buffer ETF (Series ID: S000073679)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000230751 | Innovator Laddered Allocation Power Buffer ETF |  |

### Innovator U.S. Equity Accelerated Plus ETF - January (Series ID: S000074846)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000233113 | Innovator U.S. Equity Accelerated Plus ETF - January |  |

### Innovator U.S. Equity Accelerated 9 Buffer ETF - January (Series ID: S000074847)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000233114 | Innovator U.S. Equity Accelerated 9 Buffer ETF - January |  |

### Innovator Growth Accelerated Plus ETF - January (Series ID: S000074848)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000233115 | Innovator Growth Accelerated Plus ETF - January |  |

### Innovator Laddered Allocation Buffer ETF (Series ID: S000075196)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000234039 | Innovator Laddered Allocation Buffer ETF |  |

### Innovator Buffer Step-Up Strategy ETF (Series ID: S000075439)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000234537 | Innovator Buffer Step-Up Strategy ETF |  |

### Innovator Power Buffer Step-Up Strategy ETF (Series ID: S000075440)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000234538 | Innovator Power Buffer Step-Up Strategy ETF |  |

### Innovator Uncapped Accelerated U.S. Equity ETF (Series ID: S000077042)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000237181 | Innovator Uncapped Accelerated U.S. Equity ETF |  |

### Innovator Equity Managed Floor ETF (Series ID: S000077117)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000237286 | Innovator Equity Managed Floor ETF |  |

### Innovator Nasdaq-100 Managed Floor ETF (Series ID: S000077118)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000237287 | Innovator Nasdaq-100 Managed Floor ETF | QFLR            |

### Innovator Gradient Tactical Rotation Strategy ETF (Series ID: S000078008)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000238738 | Innovator Gradient Tactical Rotation Strategy ETF |  |

### Innovator Premium Income 20 Barrier ETF -- April (Series ID: S000079339)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000240347 | Innovator Premium Income 20 Barrier ETF -- April |  |

### Innovator Premium Income 30 Barrier ETF - April (Series ID: S000080090)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000241738 | Innovator Premium Income 30 Barrier ETF - April |  |

### Innovator Premium Income 20 Barrier ETF - July (Series ID: S000080756)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000243289 | Innovator Premium Income 20 Barrier ETF - July |  |

### Innovator Premium Income 30 Barrier ETF - July (Series ID: S000080757)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000243290 | Innovator Premium Income 30 Barrier ETF - July |  |

### Innovator Equity Defined Protection ETF - 2 Yr to July 2027 (Series ID: S000080903)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000243475 | Innovator Equity Defined Protection ETF - 2 Yr to July 2027 |  |

### Innovator International Developed Power Buffer ETF - September (Series ID: S000081709)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000244687 | Innovator International Developed Power Buffer ETF - September |  |

### Innovator International Developed Power Buffer ETF - November (Series ID: S000081710)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000244688 | Innovator International Developed Power Buffer ETF - November |  |

### Innovator International Developed Power Buffer ETF - December (Series ID: S000081711)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000244689 | Innovator International Developed Power Buffer ETF - December |  |

### Innovator International Developed Power Buffer ETF - February (Series ID: S000081712)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000244690 | Innovator International Developed Power Buffer ETF - February |  |

### Innovator International Developed Power Buffer ETF - March (Series ID: S000081714)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000244692 | Innovator International Developed Power Buffer ETF - March |  |

### Innovator International Developed Power Buffer ETF - May (Series ID: S000081715)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000244693 | Innovator International Developed Power Buffer ETF - May |  |

### Innovator International Developed Power Buffer ETF - June (Series ID: S000081716)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000244694 | Innovator International Developed Power Buffer ETF - June |  |

### Innovator International Developed Power Buffer ETF - August (Series ID: S000081717)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000244695 | Innovator International Developed Power Buffer ETF - August |  |

### Innovator Premium Income 15 Buffer ETF - October (Series ID: S000081985)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000245151 | Innovator Premium Income 15 Buffer ETF - October |  |

### Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly (Series ID: S000081986)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000245152 | Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly |  |

### Innovator U.S. Equity 10 Buffer ETF - Quarterly (Series ID: S000081987)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000245153 | Innovator U.S. Equity 10 Buffer ETF - Quarterly |  |

### Innovator Premium Income 20 Barrier ETF - October (Series ID: S000082311)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000245610 | Innovator Premium Income 20 Barrier ETF - October |  |

### Innovator Premium Income 30 Barrier ETF - October (Series ID: S000082312)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000245611 | Innovator Premium Income 30 Barrier ETF - October |  |

### Innovator Equity Defined Protection ETF - 2 Yr to January 2028 (Series ID: S000083544)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000247286 | Innovator Equity Defined Protection ETF - 2 Yr to January 2028 |  |

### Innovator Premium Income 20 Barrier ETF - January (Series ID: S000083546)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000247288 | Innovator Premium Income 20 Barrier ETF - January |  |

### Innovator Premium Income 30 Barrier ETF - January (Series ID: S000083547)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000247289 | Innovator Premium Income 30 Barrier ETF - January |  |

### Innovator Premium Income 15 Buffer ETF - January (Series ID: S000083550)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000247292 | Innovator Premium Income 15 Buffer ETF - January |  |

### Innovator Equity Defined Protection ETF - 2 Yr to April 2026 (Series ID: S000084451)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000248834 | Innovator Equity Defined Protection ETF - 2 Yr to April 2026 |  |

### Innovator Premium Income 15 Buffer ETF - April (Series ID: S000084453)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000248836 | Innovator Premium Income 15 Buffer ETF - April |  |

### Innovator Equity Premium Income - Daily PutWrite ETF (Series ID: S000084720)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000249173 | Innovator Equity Premium Income - Daily PutWrite ETF |  |

### Innovator Growth-100 Power Buffer ETF - June (Series ID: S000085568)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000250865 | Innovator Growth-100 Power Buffer ETF - June |  |

### Innovator U.S. Small Cap Power Buffer ETF - June (Series ID: S000085570)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000250867 | Innovator U.S. Small Cap Power Buffer ETF - June |  |

### Innovator Equity Defined Protection ETF - 2 Yr to July 2026 (Series ID: S000085642)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000250971 | Innovator Equity Defined Protection ETF - 2 Yr to July 2026 |  |

### Innovator Hedged Nasdaq-100 ETF (Series ID: S000085643)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000250972 | Innovator Hedged Nasdaq-100 ETF |  |

### Innovator Nasdaq-100 10 Buffer ETF - Quarterly (Series ID: S000085645)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000250974 | Innovator Nasdaq-100 10 Buffer ETF - Quarterly |  |

### Innovator U.S. Small Cap 10 Buffer ETF - Quarterly (Series ID: S000085646)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000250975 | Innovator U.S. Small Cap 10 Buffer ETF - Quarterly |  |

### Innovator International Developed 10 Buffer ETF - Quarterly (Series ID: S000085647)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000250976 | Innovator International Developed 10 Buffer ETF - Quarterly |  |

### Innovator Emerging Markets 10 Buffer ETF - Quarterly (Series ID: S000085648)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000250977 | Innovator Emerging Markets 10 Buffer ETF - Quarterly |  |

### Innovator Premium Income 15 Buffer ETF - July (Series ID: S000085650)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000250979 | Innovator Premium Income 15 Buffer ETF - July |  |

### Innovator Equity Defined Protection ETF - 1 Yr July (Series ID: S000085815)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000251210 | Innovator Equity Defined Protection ETF - 1 Yr July |  |

### Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul (Series ID: S000085816)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000251211 | Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul |  |

### Innovator Growth-100 Power Buffer ETF - August (Series ID: S000085949)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000251349 | Innovator Growth-100 Power Buffer ETF - August |  |

### Innovator Growth-100 Power Buffer ETF - September (Series ID: S000085951)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000251351 | Innovator Growth-100 Power Buffer ETF - September |  |

### Innovator Growth-100 Power Buffer ETF - November (Series ID: S000085953)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000251353 | Innovator Growth-100 Power Buffer ETF - November |  |

### Innovator Growth-100 Power Buffer ETF - December (Series ID: S000085958)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000251358 | Innovator Growth-100 Power Buffer ETF - December |  |

### Innovator Growth-100 Power Buffer ETF - February (Series ID: S000085960)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000251360 | Innovator Growth-100 Power Buffer ETF - February |  |

### Innovator Growth-100 Power Buffer ETF - March (Series ID: S000085962)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000251362 | Innovator Growth-100 Power Buffer ETF - March |  |

### Innovator Growth-100 Power Buffer ETF - May (Series ID: S000085964)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000251364 | Innovator Growth-100 Power Buffer ETF - May |  |

### Innovator U.S. Small Cap Power Buffer ETF - August (Series ID: S000085966)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000251366 | Innovator U.S. Small Cap Power Buffer ETF - August |  |

### Innovator U.S. Small Cap Power Buffer ETF - September (Series ID: S000085968)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000251368 | Innovator U.S. Small Cap Power Buffer ETF - September |  |

### Innovator U.S. Small Cap Power Buffer ETF - November (Series ID: S000085970)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000251370 | Innovator U.S. Small Cap Power Buffer ETF - November |  |

### Innovator U.S. Small Cap Power Buffer ETF - December (Series ID: S000085972)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000251372 | Innovator U.S. Small Cap Power Buffer ETF - December |  |

### Innovator U.S. Small Cap Power Buffer ETF - February (Series ID: S000085977)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000251377 | Innovator U.S. Small Cap Power Buffer ETF - February |  |

### Innovator U.S. Small Cap Power Buffer ETF - March (Series ID: S000085979)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000251379 | Innovator U.S. Small Cap Power Buffer ETF - March |  |

### Innovator U.S. Small Cap Power Buffer ETF - May (Series ID: S000085984)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000251384 | Innovator U.S. Small Cap Power Buffer ETF - May |  |

### Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct (Series ID: S000086344)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000251838 | Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct |  |

### Innovator Equity Defined Protection ETF - 1 Yr October (Series ID: S000086345)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000251839 | Innovator Equity Defined Protection ETF - 1 Yr October |  |

### Innovator Equity Defined Protection ETF - 1 Yr August (Series ID: S000086346)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000251840 | Innovator Equity Defined Protection ETF - 1 Yr August |  |

### Innovator Equity Defined Protection ETF - 1 Yr September (Series ID: S000086347)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000251841 | Innovator Equity Defined Protection ETF - 1 Yr September |  |

### Innovator Equity Defined Protection ETF - 2 Yr to October 2026 (Series ID: S000086348)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000251842 | Innovator Equity Defined Protection ETF - 2 Yr to October 2026 |  |

### Innovator Equity Defined Protection ETF - 2 Yr to January 2027 (Series ID: S000086349)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000251843 | Innovator Equity Defined Protection ETF - 2 Yr to January 2027 |  |

### Innovator Equity Defined Protection ETF - 2 Yr to April 2027 (Series ID: S000086350)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000251844 | Innovator Equity Defined Protection ETF - 2 Yr to April 2027 |  |

### Innovator Equity Defined Protection ETF - 2 Yr to October 2027 (Series ID: S000086351)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000251845 | Innovator Equity Defined Protection ETF - 2 Yr to October 2027 |  |

### Innovator U.S. Small Cap Managed Floor ETF (Series ID: S000087661)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000253536 | Innovator U.S. Small Cap Managed Floor ETF |  |

### Innovator Equity Defined Protection ETF - 1 Yr November (Series ID: S000088148)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000254202 | Innovator Equity Defined Protection ETF - 1 Yr November |  |

### Innovator Equity Defined Protection ETF - 1 Yr December (Series ID: S000088150)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000254204 | Innovator Equity Defined Protection ETF - 1 Yr December |  |

### Innovator Equity Defined Protection ETF - 1 Yr January (Series ID: S000088152)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000254206 | Innovator Equity Defined Protection ETF - 1 Yr January |  |

### Innovator Equity Defined Protection ETF - 1 Yr February (Series ID: S000088154)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000254208 | Innovator Equity Defined Protection ETF - 1 Yr February |  |

### Innovator Equity Defined Protection ETF - 1 Yr March (Series ID: S000088156)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000254210 | Innovator Equity Defined Protection ETF - 1 Yr March |  |

### Innovator Equity Defined Protection ETF - 1 Yr April (Series ID: S000088158)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000254212 | Innovator Equity Defined Protection ETF - 1 Yr April |  |

### Innovator Equity Defined Protection ETF - 1 Yr May (Series ID: S000088160)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000254214 | Innovator Equity Defined Protection ETF - 1 Yr May |  |

### Innovator Equity Defined Protection ETF - 1 Yr June (Series ID: S000088162)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000254216 | Innovator Equity Defined Protection ETF - 1 Yr June |  |

### Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly (Series ID: S000090181)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000257093 | Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly |  |

### Innovator Equity Managed 100 Buffer ETF (Series ID: S000092348)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000260317 | Innovator Equity Managed 100 Buffer ETF |  |

### Innovator Equity Dual Directional 15 Buffer ETF - July (Series ID: S000093321)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000261508 | Innovator Equity Dual Directional 15 Buffer ETF - July |  |

### Innovator Equity Dual Directional 10 Buffer ETF - July (Series ID: S000093322)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000261509 | Innovator Equity Dual Directional 10 Buffer ETF - July |  |

### Innovator Equity Dual Directional 10 Buffer ETF - September (Series ID: S000093323)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000261510 | Innovator Equity Dual Directional 10 Buffer ETF - September |  |

### Innovator Equity Dual Directional 15 Buffer ETF - September (Series ID: S000093324)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000261511 | Innovator Equity Dual Directional 15 Buffer ETF - September |  |

### Innovator Index Autocallable Income Strategy ETF (Series ID: S000093415)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000261671 | Innovator Index Autocallable Income Strategy ETF |  |

### Innovator Equity Autocallable Income Strategy ETF (Series ID: S000093416)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000261672 | Innovator Equity Autocallable Income Strategy ETF |  |

### Innovator Equity Dual Directional 10 Buffer ETF - October (Series ID: S000095582)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000264309 | Innovator Equity Dual Directional 10 Buffer ETF - October |  |

### Innovator Equity Dual Directional 10 Buffer ETF - November (Series ID: S000095583)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000264310 | Innovator Equity Dual Directional 10 Buffer ETF - November |  |

### Innovator Equity Dual Directional 15 Buffer ETF - October (Series ID: S000095591)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000264318 | Innovator Equity Dual Directional 15 Buffer ETF - October |  |

### Innovator Equity Dual Directional 15 Buffer ETF - November (Series ID: S000095592)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000264319 | Innovator Equity Dual Directional 15 Buffer ETF - November |  |

?xml version='1.0' encoding='ASCII'? 2025-08-07193911_InnovatorBufferStep-UpStrategyETF_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-22135</u>**

**<u>Innovator ETFs Trust</u>**

(Exact name of registrant as specified in charter)

**<u>200 W Front Street</u>**

**<u>Wheaton, IL 60187</u>**

(Address of principal executive offices) (Zip code)

**<u>Corporation Service Company</u>**

**<u>2711 Centerville Road, Suite 400</u>**

**<u>Wilmington, New Castle County, Delaware 19808</u>**

(Name and address of agent for service)

Copy to:

**<u>Morrison C. Warren, Esq.</u>**

**<u>Chapman and Cutler LLP</u>**

**<u>320 South Canal Street</u>**

**<u>Chicago, Illinois 60606</u>** (Name and address of agent for service)

**<u>800-208-5212</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>October 31, 2025</u>**

Date of reporting period: **<u>October 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img279507_202412191526983.jpg) | **Innovator Buffer Step-Up Strategy ETF®**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279507_202412191526983.jpg) | BSTP (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img279507_202412191526983.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Buffer Step-Up Strategy ETF® for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BSTP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Buffer Step-Up Strategy ETF® | $95 | 0.89% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to provide risk-managed exposure to the SPDR S&P 500 ETF Trust (SPY). The Fund seeks to provide an alternative to managing and evaluating a series of buffer strategies, seeking to provide the upside of the SPY while mitigating downside losses with 9% or 15% built-in buffers.

Through the Options Portfolio, the Fund will seek to participate in the price return of the SPY, subject to investment gains up to a limit, and provide protection against SPY losses up to a limit.

The Sub-Adviser will actively monitor the performance of the Options Portfolio and, if certain criteria are met, rebalance or "step-up" the portfolio to protect capital or capture portfolio gains experienced by the Fund, depending on its evaluation of market conditions.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5724img003.jpg)

Innovator Buffer Step-Up Strategy ETF® PAGE 1 TSR-AR-45783Y731

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/07/2022)** |
| **Innovator Buffer Step-Up Strategy ETF NAV**  | 13.26 | 10.59 |
| **S&P 500 TR**  | 21.45 | 16.00 |
| **S&P 500**  | 19.89 | 14.28 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=BSTP for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $57036951 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $556537 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.86% |
| **30-Day SEC Yield Unsubsidized** | -0.86% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $6.74  | 100.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $666.26  | 4.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $769.82 (Short)  | -2.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $606.26 (Short)  | -3.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=BSTP.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Buffer Step-Up Strategy ETF® PAGE 2 TSR-AR-45783Y731

------

---

| | | |
|:---|:---|:---|
| ![image](img279524_202412191552604.jpg) | **Innovator Deepwater Frontier Tech ETF**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279524_202412191552604.jpg) | LOUP (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img279524_202412191552604.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Deepwater Frontier Tech ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=LOUP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Deepwater Frontier Tech ETF | $92 | 0.70% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Nasdaq-100 Index posted strong positive performance for the year ended October 31, 2025. The technology sector maintained its momentum, supported by ongoing investor enthusiasm for generative AI infrastructure and the enduring leadership of the 'Magnificent 7.' However, as the period progressed, market dynamics began to favor valuation-sensitive strategies, leading to a modest rotation away from high-multiple software names and into broader cyclicals, while still securing solid double-digit gains overall.

Over this same period, LOUP outperformed the Nasdaq-100, largely attributable to security selection within Industrials and Information Technology.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5725img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/24/2018)** |
| **Innovator Deepwater Frontier Tech ETF NAV**  | 63.99 | 16.88 | 17.64 |
| **S&P 500 TR**  | 21.45 | 17.64 | 14.81 |
| **Dow Jones Global Index TR**  | 22.43 | 14.46 | 11.21 |
| **Deepwater Frontier Tech Index Total Return**  | 65.25 | 17.70 | 18.44 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=LOUP for more recent performance information.

Innovator Deepwater Frontier Tech ETF PAGE 1 TSR-AR-45782C862

------

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $166957162 |
| **Number of Holdings** | 31 |
| **Net Advisory Fee** | $620943 |
| **Portfolio Turnover** | 117% |
| **30-Day SEC Yield** | -0.53% |
| **30-Day SEC Yield Unsubsidized** | -0.53% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 49.8% |
|  Industrial  | 17.6% |
|  Communications  | 15.0% |
|  Consumer, Non-cyclical  | 5.3% |
|  Basic Materials  | 3.4% |
|  Energy  | 3.3% |
|  Financial  | 3.0% |
|  Utilities  | 2.6% |
|  Cash & Other  | 0.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=LOUP.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Deepwater Frontier Tech ETF PAGE 2 TSR-AR-45782C862

------

---

| | | |
|:---|:---|:---|
| ![image](img597719_202512031723982.jpg) | **Innovator Equity Autocallable Income** **Strategy ETF**  | ![image](img216216_202410282023961.jpg) |
| ![image](img597719_202512031723982.jpg) | ACEI (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img597719_202512031723982.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Autocallable Income Strategy ETF for the period of September 24, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=ACEI. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Equity Autocallable Income Strategy ETF | $8 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Innovator Equity Autocallable Income Strategy ETF is designed to offer investors a single-ticker solution to pursue a high rate of monthly income through exposure to a laddered portfolio of autocallables. As opposed to income derived from interest-rate risk, ACEI's income is connected to equity market performance. ACEI's strategy is built around a 10-stock autocallable structure. The Fund's income and potential for an early "autocall" are contingent on the individual performance of the 10 largest market-cap stocks in the S&P 500. The ETF holds 10 autocallables, one on each stock.

Since its inception on September 24, 2025, through October 31, 2025, ACEI generated a total return of 0.68%, with no distributions paid yet. Over the same period, the S&P 500 returned 3.13%.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6542img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(09/24/2025)** |
| **Innovator Equity Autocallable Income Strategy ETF NAV**  | -0.53 |
| **S&P 500 TR**  | 3.13 |
| **S&P 500**  | 3.05 |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=ACEI for more recent performance information.

Innovator Equity Autocallable Income Strategy ETF PAGE 1 TSR-AR-45784N593

------

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4351777 |
| **Number of Holdings** | 11 |
| **Net Advisory Fee** | $2023 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.51% |
| **30-Day SEC Yield Unsubsidized** | 3.51% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 100.3% |
|  NVDA AUTOCALL 11-30-28  | 0.2% |
|  TSLA AUTOCALL 9-29-28  | 0.1% |
|  GOOG AUTOCALL 10-31-28  | 0.1% |
|  AAPL AUTOCALL 9-29-28  | 0.0% |
|  AVGO AUTOCALL 10-31-28  | 0.0% |
|  AMZN AUTOCALL 11-30-28  | 0.0% |
|  MSFT AUTOCALL 11-30-28  | -0.1% |
|  BRK/B AUTOCALL 11-30-28  | -0.1% |
|  ORCL AUTOCALL 10-31-28  | -0.9% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=ACEI.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Autocallable Income Strategy ETF PAGE 2 TSR-AR-45784N593

------

---

| | | |
|:---|:---|:---|
| ![image](img597720_202512031728658.jpg) | **Innovator Equity Managed 100 Buffer ETF** **™**  | ![image](img216216_202410282023961.jpg) |
| ![image](img597720_202512031728658.jpg) | BFRZ (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img597720_202512031728658.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Managed 100 Buffer ETF™ for the period of May 12, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=BFRZ. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Equity Managed 100 Buffer ETF™ | $44 | 0.89% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

Since its inception on May 12, 2025, through October 31, 2025, BFRZ generated a total return of 7.73%. Over the same period, the S&P 500 Index returned 17.74%. The options overlay portion of the portfolio is comprised of two components: short-dated call selling ("Calls") and long-dated put buying ("Puts"). The calls contributed a loss of 0.26%, while the puts contributed a loss of 8.22%.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5878img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(05/12/2025)** |
| **Innovator Equity Managed 100 Buffer ETF NAV**  | 7.76 |
| **S&P 500 TR**  | 17.74 |
| **S&P 500**  | 17.04 |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=BFRZ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Innovator Equity Managed 100 Buffer ETF™ PAGE 1 TSR-AR-45784N619

------

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $73995106 |
| **Number of Holdings** | 202 |
| **Net Advisory Fee** | $149166 |
| **Portfolio Turnover** | 7% |
| **30-Day SEC Yield** | 0.32% |
| **30-Day SEC Yield Unsubsidized** | 0.32% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 32.5% |
|  Communications  | 15.6% |
|  Financial  | 12.5% |
|  Consumer, Non-cyclical  | 11.7% |
|  Consumer, Cyclical  | 8.9% |
|  Industrial  | 7.2% |
|  Finance and Insurance  | 3.6% |
|  Energy  | 2.8% |
|  Utilities  | 2.1% |
|  Cash & Other  | 3.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=BFRZ.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Managed 100 Buffer ETF™ PAGE 2 TSR-AR-45784N619

------

---

| | | |
|:---|:---|:---|
| ![image](img278425_202412191548384.jpg) | **Innovator Equity Managed Floor ETF®**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278425_202412191548384.jpg) | SFLR (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img278425_202412191548384.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Managed Floor ETF® for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=SFLR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Equity Managed Floor ETF® | $96 | 0.89% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

During the 12 months ended October 31, 2025, SFLR generated a total return of 16.63%. Over the same period, the S&P 500 Index returned 21.45%. The options overlay portion of the portfolio is comprised of two components: short-dated call selling ("Calls") and long-dated put buying ("Puts"). Both components detracted from the fund's return, with the calls generating a 0.49% loss and the puts contributing a 3.09% loss.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5753img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(11/08/2022)** |
| **Innovator Equity Managed Floor ETF NAV**  | 16.66 | 18.24 |
| **S&P 500 TR**  | 21.45 | 23.32 |
| **S&P 500**  | 19.89 | 21.52 |
| **Solactive GBS United States 500 Index TR**  | 22.32 | 24.02 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=SFLR for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Innovator Equity Managed Floor ETF® PAGE 1 TSR-AR-45783Y673

------

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1227650527 |
| **Number of Holdings** | 209 |
| **Net Advisory Fee** | $7153335 |
| **Portfolio Turnover** | 10% |
| **30-Day SEC Yield** | 0.28% |
| **30-Day SEC Yield Unsubsidized** | 0.28% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 34.0% |
|  Communications  | 16.8% |
|  Financial  | 13.4% |
|  Consumer, Non-cyclical  | 11.9% |
|  Consumer, Cyclical  | 7.8% |
|  Industrial  | 7.1% |
|  Energy  | 2.9% |
|  Utilities  | 2.3% |
|  Basic Materials  | 1.5% |
|  Cash & Other  | 2.3% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=SFLR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Managed Floor ETF® PAGE 2 TSR-AR-45783Y673

------

---

| | | |
|:---|:---|:---|
| ![image](img405423_202506101828111.jpg) | **Innovator Equity Premium Income - Daily** **Putwrite ETF**  | ![image](img216216_202410282023961.jpg) |
| ![image](img405423_202506101828111.jpg) | SPUT (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img405423_202506101828111.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Premium Income - Daily Putwrite ETF for the period of March 13, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=SPUT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Equity Premium Income - Daily Putwrite ETF | $54 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund combines the potential for capital appreciation with income generated from the daily sale of put options on the S&P 500. Through its portfolio construction, the Fund is designed to provide compelling levels of income with meaningful upside return potential, seeking to offer market-like returns, monthly distributions, a low-volatility profile, and a shallower drawdown profile.

Since its inception on March 13, 2025, through October 31, 2025, SPUT generated a total return of 13.17%. Over the same period, the S&P 500 returned 24.85%.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5879img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(03/13/2025)** |
| **Innovator Equity Premium Income - Daily Putwrite ETF NAV**  | 13.17 |
| **S&P 500 TR**  | 24.85 |
| **S&P 500**  | 23.88 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=SPUT for more recent performance information.

Innovator Equity Premium Income - Daily Putwrite ETF PAGE 1 TSR-AR-45784N403

------

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $8164991 |
| **Number of Holdings** | 507 |
| **Net Advisory Fee** | $32575 |
| **Portfolio Turnover** | 46% |
| **30-Day SEC Yield** | 5.34% |
| **30-Day SEC Yield Unsubsidized** | 1.15% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financial  | 26.0% |
|  Technology  | 17.8% |
|  Communications  | 8.9% |
|  Consumer, Non-cyclical  | 7.1% |
|  Consumer, Cyclical  | 4.1% |
|  Industrial  | 3.8% |
|  Energy  | 1.4% |
|  Utilities  | 1.1% |
|  Basic Materials  | 0.8% |
|  Cash & Other  | 29.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=SPUT.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Premium Income - Daily Putwrite ETF PAGE 2 TSR-AR-45784N403

------

---

| | | |
|:---|:---|:---|
| ![image](img278424_202412182246469.jpg) | **Innovator Gradient Tactical Rotation** **Strategy ETF**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278424_202412182246469.jpg) | IGTR (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img278424_202412182246469.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Gradient Tactical Rotation Strategy ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IGTR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Gradient Tactical Rotation Strategy ETF | $83 | 0.80% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund's strategy seeks to identify the global market segment displaying the strongest price momentum metrics. The strategy utilizes a rules-based, two-factor approach to create tactical investment opportunities.

During the 12 months ended October 31, 2025, IGTR generated a total return of 7.52%. Over the same period, the S&P Global BMI Index returned 22.44%.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5754img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(11/16/2022)** |
| **Innovator Gradient Tactical Rotation Strategy ETF NAV**  | 7.52 | 4.80 |
| **S&P 500 TR**  | 21.45 | 22.08 |
| **S&P Global BMI TR**  | 22.44 | 19.61 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=IGTR for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Innovator Gradient Tactical Rotation Strategy ETF PAGE 1 TSR-AR-45783Y665

------

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $56820856 |
| **Number of Holdings** | 101 |
| **Net Advisory Fee** | $719038 |
| **Portfolio Turnover** | 418% |
| **30-Day SEC Yield** | 0.20% |
| **30-Day SEC Yield Unsubsidized** | 0.20% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 40.1% |
|  Financial  | 12.6% |
|  Consumer, Cyclical  | 11.3% |
|  Consumer, Non-cyclical  | 8.8% |
|  Industrial  | 8.3% |
|  Communications  | 8.0% |
|  Basic Materials  | 4.7% |
|  Utilities  | 3.3% |
|  Energy  | 2.6% |
|  Cash & Other  | 0.3% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=IGTR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Gradient Tactical Rotation Strategy ETF PAGE 2 TSR-AR-45783Y665

------

---

| | | |
|:---|:---|:---|
| ![image](img278411_202412182234890.jpg) | **Innovator Hedged Nasdaq-100® ETF**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278411_202412182234890.jpg) | QHDG (Principal U.S. Listing Exchange: NASDAQ) | ![image](img216216_202410282023961.jpg) |
| ![image](img278411_202412182234890.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Hedged Nasdaq-100® ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=QHDG. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Hedged Nasdaq-100® ETF | $86 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is designed to be a conservative growth equity solution that seeks to provide capital appreciation and a level of hedged downside protection over the Nasdaq-100® via an options hedge overlay.

During the 12 months ended October 31, 2025 QHDG generated a total return of 17.82%. Over the same period, the Nasdaq-100 returned 30.95%.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5768img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(08/19/2024)** |
| **Innovator Hedged Nasdaq-100 ETF NAV**  | 17.82 | 16.01 |
| **NASDAQ 100 Total Return Index**  | 30.95 | 25.99 |
| **NASDAQ 100 Index**  | 30.00 | 25.09 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=QHDG for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Innovator Hedged Nasdaq-100® ETF PAGE 1 TSR-AR-45783Y152

------

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3738424 |
| **Number of Holdings** | 106 |
| **Net Advisory Fee** | $69848 |
| **Portfolio Turnover** | 21% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 53.3% |
|  Communications  | 27.6% |
|  Consumer, Non-cyclical  | 8.1% |
|  Consumer, Cyclical  | 8.1% |
|  Industrial  | 1.5% |
|  Utilities  | 1.4% |
|  Basic Materials  | 1.1% |
|  Energy  | 0.4% |
|  Financial  | 0.2% |
|  Cash & Other  | -1.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=QHDG.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Hedged Nasdaq-100® ETF PAGE 2 TSR-AR-45783Y152

------

---

| | | |
|:---|:---|:---|
| ![image](img279519_202412191537210.jpg) | **Innovator IBD® 50 ETF**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279519_202412191537210.jpg) | FFTY (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img279519_202412191537210.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator IBD® 50 ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=FFTY. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator IBD® 50 ETF | $101 | 0.80% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Innovator IBD® 50 ETF seeks to track the investment results of the IBD® 50 Index. IBD® 50 is Investor's Business Daily's signature investing tool—targeting companies that are generating outstanding profit growth, big sales increases, wide profit margins and a high return on equity.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

FFTY delivered a strong positive return over the same period, beating the S&P 500, largely attributable to its allocation within health care, materials, and information technology.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5770img003.jpg)

Innovator IBD® 50 ETF PAGE 1 TSR-AR-45782C102

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Innovator IBD 50 ETF NAV**  | 53.62 | 3.39 | 6.35 |
| **S&P 500 TR**  | 21.45 | 17.64 | 14.64 |
| **IBD 50 Total Return Index**  | 54.26 | 4.13 | 7.05\*\* |

---

Visit https://www.innovatoretfs.com/etf/?ticker=FFTY for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

\*\* Since Inception return is 3.42% from the date the Fund began tracking the IBD<sup>®</sup> 50 Total Return Index, November 20, 2017.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $113792165 |
| **Number of Holdings** | 51 |
| **Net Advisory Fee** | $357358 |
| **Portfolio Turnover** | 1,209% |
| **30-Day SEC Yield** | -0.50% |
| **30-Day SEC Yield Unsubsidized** | -0.67% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 26.0% |
|  Industrial  | 25.3% |
|  Consumer, Non-cyclical  | 19.8% |
|  Communications  | 13.1% |
|  Financial  | 11.2% |
|  Energy  | 3.5% |
|  Basic Materials  | 1.5% |
|  Cash & Other  | -0.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=FFTY.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator IBD® 50 ETF PAGE 2 TSR-AR-45782C102

------

---

| | | |
|:---|:---|:---|
| ![image](img279530_202412191555359.jpg) | **Innovator IBD® Breakout Opportunities ETF**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279530_202412191555359.jpg) | BOUT (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img279530_202412191555359.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator IBD® Breakout Opportunities ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BOUT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator IBD® Breakout Opportunities ETF | $82 | 0.80% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Innovator IBD® Breakout Opportunities ETF seeks to provide exposure to the investment results of the IBD® Breakout Stocks Index. The Index leverages decades of Investor's Business Daily research and seeks to identify stock breakout opportunities, or stocks poised to experience a period of sustained price growth beyond the security's recent "resistance level", with consideration for various market conditions.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

BOUT delivered a positive return over the same period, but trailed the S&P 500, largely attributable to its underweight to information technology and exposure to small caps.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5769img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(09/12/2018)** |
| **Innovator IBD Breakout Opportunities ETF NAV**  | 3.87 | 10.62 | 6.46 |
| **S&P 500 TR**  | 21.45 | 17.64 | 14.68 |
| **IBD Breakout Stocks Total Return Index**  | 5.25 | 12.09 | 7.83 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=BOUT for more recent performance information.

Innovator IBD® Breakout Opportunities ETF PAGE 1 TSR-AR-45782C763

------

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $11322166 |
| **Number of Holdings** | 37 |
| **Net Advisory Fee** | $99856 |
| **Portfolio Turnover** | 1,668% |
| **30-Day SEC Yield** | -0.45% |
| **30-Day SEC Yield Unsubsidized** | -0.45% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Industrial  | 32.7% |
|  Consumer, Non-cyclical  | 22.1% |
|  Technology  | 15.6% |
|  Communications  | 13.7% |
|  Basic Materials  | 5.7% |
|  Financial  | 5.0% |
|  Consumer, Cyclical  | 4.4% |
|  Cash & Other  | 0.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=BOUT.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator IBD® Breakout Opportunities ETF PAGE 2 TSR-AR-45782C763

------

---

| | | |
|:---|:---|:---|
| ![image](img597721_202512031730373.jpg) | **Innovator Index Autocallable Income** **Strategy ETF**  | ![image](img216216_202410282023961.jpg) |
| ![image](img597721_202512031730373.jpg) | ACII (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img597721_202512031730373.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Index Autocallable Income Strategy ETF for the period of September 24, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=acii. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Index Autocallable Income Strategy ETF | $8 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Innovator Index Autocallable Income Strategy ETF is designed to offer investors a single-ticker solution to pursue a high rate of monthly income through exposure to a laddered portfolio of autocallables. As opposed to income derived from interest-rate risk, ACII's income is connected to equity market performance. Specifically, ACII follows a "worst-of" autocallable approach, contingent upon the performance of a basket of three major U.S equity ETFs: the SPDR S&P 500 ETF (SPY), the Invesco Nasdaq-100 ETF (QQQ), and the iShares Russell 2000 ETF (IWM).

Since its inception on September 24, 2025, through October 31, 2025, ACII generated a total return of 0.82%, with no distributions paid yet. Over the same period, the S&P 500 returned 3.13%.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6546img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(09/24/2025)** |
| **Innovator Index Autocallable Income Strategy ETF NAV**  | 0.65 |
| **S&P 500 TR**  | 3.13 |
| **S&P 500**  | 3.05 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=acii for more recent performance information.

Innovator Index Autocallable Income Strategy ETF PAGE 1 TSR-AR-45784N585

------

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3774224 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $2295 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.52% |
| **30-Day SEC Yield Unsubsidized** | 3.52% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 98.4% |
|  Worst of SPY QQQ IWM 2029  | 0.0% |
|  Worst of SPY QQQ IWM 2028  | 0.0% |
|  Worst of SPY QQQ IWM 2027  | -0.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=acii.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Index Autocallable Income Strategy ETF PAGE 2 TSR-AR-45784N585

------

---

| | | |
|:---|:---|:---|
| ![image](img279526_202412191553307.jpg) | **Innovator Laddered Allocation Buffer ETF** **™**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279526_202412191553307.jpg) | BUFB (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img279526_202412191553307.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Laddered Allocation Buffer ETF™ for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BUFB. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Laddered Allocation Buffer ETF™ | $11\*\* | 0.10%\*\* |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

\*\* Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide investors with returns of the MerQube U.S. Large Cap Equity Buffer Laddered Index. The Index is comprised of the shares of twelve Innovator U.S. Equity Buffer ETFs (Underlying ETFs), the investment in which seeks to provide investors with U.S. large-cap equity market exposure while attempting to limit downside risk through a laddered portfolio of the Underlying ETFs. Under normal market conditions, the Fund will invest substantially all of its assets in the Underlying ETFs, which seek to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of its respective Outcome Period. Unlike the Underlying ETFs, the Fund itself does not pursue a defined outcome strategy. The Buffer is only provided by the Underlying ETFs and the Fund itself does not provide any stated Buffer against losses.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5784img003.jpg)

Innovator Laddered Allocation Buffer ETF™ PAGE 1 TSR-AR-45783Y756

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(02/08/2022)** |
| **Innovator Laddered Allocation Buffer ETF NAV**  | 14.22 | 10.47 |
| **S&P 500 TR**  | 21.45 | 13.44 |
| **MerQube US Large Cap Equity Buffer Laddered Index**  | 14.32 | 10.56 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=BUFB for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $233534079 |
| **Number of Holdings** | 13 |
| **Net Advisory Fee** | $205959 |
| **Portfolio Turnover** | 1% |
| **30-Day SEC Yield** | -0.07% |
| **30-Day SEC Yield Unsubsidized** | -0.07% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Innovator U.S. Equity Buffer ETF - December  | 8.4% |
|  Innovator U.S. Equity Buffer ETF - February  | 8.3% |
|  Innovator U.S. Equity Buffer ETF - October  | 8.3% |
|  Innovator U.S. Equity Buffer ETF - August  | 8.3% |
|  Innovator U.S. Equity Buffer ETF - January  | 8.3% |
|  Innovator U.S. Equity Buffer ETF - July  | 8.3% |
|  Innovator U.S. Equity Buffer ETF - November  | 8.3% |
|  Innovator U.S. Equity Buffer ETF - September  | 8.3% |
|  Innovator U.S. Equity Buffer ETF - March  | 8.3% |
|  Innovator U.S. Equity Buffer ETF - June  | 8.3% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=BUFB.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Laddered Allocation Buffer ETF™ PAGE 2 TSR-AR-45783Y756

------

---

| | | |
|:---|:---|:---|
| ![image](img279513_202412191530436.jpg) | **Innovator Laddered Allocation Power** **Buffer ETF** **™**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279513_202412191530436.jpg) | BUFF (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img279513_202412191530436.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Laddered Allocation Power Buffer ETF™ for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BUFF. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Laddered Allocation Power Buffer ETF™ | $11\*\* | 0.10%\*\* |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

\*\* Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide investors with returns of the FTSE Laddered Power Buffer Strategy Index (Index). The Index is comprised of the shares of twelve Innovator U.S. Equity Power Buffer ETFs (Underlying ETFs), the investment in which seeks to provide investors with U.S. large-cap equity market exposure while attempting to limit downside risk through a laddered portfolio of the Underlying ETFs. Under normal market conditions, the Fund will invest substantially all of its assets in the Underlying ETFs, which seek to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of its respective Outcome Period. Unlike the Underlying ETFs, the Fund itself does not pursue a defined outcome strategy. The Buffer is only provided by the Underlying ETFs and the Fund itself does not provide any stated Buffer against losses.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5785img003.jpg)

Innovator Laddered Allocation Power Buffer ETF™ PAGE 1 TSR-AR-45783Y814

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/19/2016)** |
| **Innovator Laddered Allocation Power Buffer ETF NAV**  | 11.62 | 9.33 | 8.50 |
| **S&P 500 TR**  | 21.45 | 17.64 | 15.65 |
| **FTSE Laddered Power Buffer Strategy Price Return** **Index**  | 11.70 | 9.42 | 8.93\*\* |

---

Visit https://www.innovatoretfs.com/etf/?ticker=BUFF for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

\*\* Since Inception return is cumulative and from the date the Fund began tracking the FTSE Laddered Power Buffer Strategy Price Return Index.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $735283324 |
| **Number of Holdings** | 13 |
| **Net Advisory Fee** | $624643 |
| **Portfolio Turnover** | 1% |
| **30-Day SEC Yield** | -0.08% |
| **30-Day SEC Yield Unsubsidized** | -0.08% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Innovator U.S. Equity Power Buffer ETF - December  | 8.4% |
|  Innovator U.S. Equity Power Buffer ETF - October  | 8.4% |
|  Innovator U.S. Equity Power Buffer ETF - February  | 8.3% |
|  Innovator U.S. Equity Power Buffer ETF - August  | 8.3% |
|  Innovator U.S. Equity Power Buffer ETF - July  | 8.3% |
|  Innovator U.S. Equity Power Buffer ETF - September  | 8.3% |
|  Innovator U.S. Equity Power Buffer ETF - March  | 8.3% |
|  Innovator U.S. Equity Power Buffer ETF - January  | 8.3% |
|  Innovator U.S. Equity Power Buffer ETF - June  | 8.3% |
|  Innovator U.S. Equity Power Buffer ETF - November  | 8.3% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=BUFF.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Laddered Allocation Power Buffer ETF™ PAGE 2 TSR-AR-45783Y814

------

---

| | | |
|:---|:---|:---|
| ![image](img278920_202412191335962.jpg) | **Innovator Nasdaq-100 Managed Floor ETF®**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278920_202412191335962.jpg) | QFLR (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img278920_202412191335962.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Nasdaq-100 Managed Floor ETF® for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=QFLR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Nasdaq-100 Managed Floor ETF® | $100 | 0.89% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

During the 12 months ended October 31, 2025, QFLR generated a total return of 24.85%. Over the same period, the Nasdaq-100 returned 30.95%. The options overlay portion of the portfolio is comprised of two components: short-dated call selling ("Calls") and long-dated put buying ("Puts"). The calls contributed a loss of 1.52%, while the puts contributed a loss of 4.54%.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5786img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(01/24/2024)** |
| **Innovator Nasdaq-100 Managed Floor ETF NAV**  | 24.92 | 19.74 |
| **NASDAQ 100 Total Return Index**  | 30.95 | 25.64 |
| **NASDAQ 100 Index**  | 30.00 | 24.68 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=QFLR for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Innovator Nasdaq-100 Managed Floor ETF® PAGE 1 TSR-AR-45783Y681

------

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $398647088 |
| **Number of Holdings** | 48 |
| **Net Advisory Fee** | $2571066 |
| **Portfolio Turnover** | 26% |
| **30-Day SEC Yield** | -0.22% |
| **30-Day SEC Yield Unsubsidized** | -0.22% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  NVIDIA Corp.  | 10.7% |
|  Microsoft Corp.  | 9.0% |
|  Apple, Inc.  | 8.8% |
|  Broadcom, Inc.  | 6.6% |
|  Amazon.com, Inc.  | 6.3% |
|  Alphabet, Inc. - Class A  | 3.9% |
|  Tesla, Inc.  | 3.9% |
|  Alphabet, Inc. - Class C  | 3.8% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 3.6% |
|  Meta Platforms, Inc. - Class A  | 3.5% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=QFLR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Nasdaq-100 Managed Floor ETF® PAGE 2 TSR-AR-45783Y681

------

---

| | | |
|:---|:---|:---|
| ![image](img279517_202412191533882.jpg) | **Innovator Power Buffer Step-Up Strategy** **ETF®**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279517_202412191533882.jpg) | PSTP (Principal U.S. Listing Exchange: NYSE Arca) | ![image](img216216_202410282023961.jpg) |
| ![image](img279517_202412191533882.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Power Buffer Step-Up Strategy ETF® for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PSTP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Power Buffer Step-Up Strategy ETF® | $94 | 0.89% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to provide risk-managed exposure to the SPDR S&P 500 ETF Trust (SPY). The Fund seeks to provide an alternative to managing and evaluating a series of buffer strategies, seeking to provide the upside of the SPY while mitigating downside losses with 9% or 15% built-in buffers.

Through the Options Portfolio, the Fund will seek to participate in the price return of the SPY, subject to investment gains up to a limit, and provide protection against SPY losses up to a limit.

The Sub-Adviser will actively monitor the performance of the Options Portfolio and, if certain criteria are met, rebalance or "step-up" the portfolio to protect capital or capture portfolio gains experienced by the Fund, depending on its evaluation of market conditions.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5723img003.jpg)

Innovator Power Buffer Step-Up Strategy ETF® PAGE 1 TSR-AR-45783Y723

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/07/2022)** |
| **Innovator Power Buffer Step-Up Strategy ETF NAV**  | 11.55 | 8.86 |
| **S&P 500 TR**  | 21.45 | 16.00 |
| **S&P 500**  | 19.89 | 14.28 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PSTP for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $126887827 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $992391 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.87% |
| **30-Day SEC Yield Unsubsidized** | -0.87% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $6.79  | 99.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $682.05  | 5.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $773.32 (Short)  | -2.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $579.74 (Short)  | -2.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PSTP.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Power Buffer Step-Up Strategy ETF® PAGE 2 TSR-AR-45783Y723

------

---

| | | |
|:---|:---|:---|
| ![image](img279521_202412191548606.jpg) | **Innovator S&P Investment Grade Preferred** **ETF**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279521_202412191548606.jpg) | EPRF (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img279521_202412191548606.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator S&P Investment Grade Preferred ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=EPRF. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator S&P Investment Grade Preferred ETF | $47 | 0.47% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

EPRF is the only 100% investment grade preferred ETF available. Investment grade preferred stocks tend to have more duration than benchmark preferred stocks because their higher credit quality typically means they are structured as perpetual cash flows (no maturity).

During the 12 months ended October 31, 2025, short-term rates declined while longer-term rates remained largely unchanged. Credit spreads, however, widened out substantially, pushing the prices of preferred stock lower.

Over the period, EPRF exhibited high correlation with the broader preferred market, experiencing price losses that were largely offset by the income.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5806img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(05/23/2016)** |
| **Innovator S&P Investment Grade Preferred ETF NAV**  | -1.44 | -0.40 | 1.84 |
| **S&P 500 TR**  | 21.45 | 17.64 | 15.59 |
| **S&P U.S. Aggregate Bond Index**  | 6.11 | 0.15 | 1.84 |
| **S&P U.S. High Quality Preferred Stock Index TR**  | -4.82 | -0.84 | 1.86 |

---

Innovator S&P Investment Grade Preferred ETF PAGE 1 TSR-AR-45783Y822

------

Visit https://www.innovatoretfs.com/etf/?ticker=EPRF for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $83333426 |
| **Number of Holdings** | 77 |
| **Net Advisory Fee** | $432591 |
| **Portfolio Turnover** | 27% |
| **Average Credit Quality** | AAA |
| **Effective Duration** | 2 yrs |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Cullen/Frost Bankers, Inc.  | 4.1% |
|  Voya Financial, Inc.  | 4.1% |
|  Hartford Insurance Group, Inc.  | 4.1% |
|  Bank of New York Mellon Corp.  | 4.1% |
|  UMB Financial Corp.  | 4.0% |
|  State Street Corp.  | 4.0% |
|  Axis Capital Holdings Ltd.  | 4.0% |
|  Ares Management Corp.  | 4.0% |
|  Northern Trust Corp.  | 3.9% |
|  Agree Realty Corp.  | 3.9% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=EPRF.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator S&P Investment Grade Preferred ETF PAGE 2 TSR-AR-45783Y822

------

---

| | | |
|:---|:---|:---|
| ![image](img278918_202412191610371.jpg) | **Innovator U.S. Small Cap Managed Floor** **ETF®**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278918_202412191610371.jpg) | RFLR (Principal U.S. Listing Exchange: NYSE Arca) | ![image](img216216_202410282023961.jpg) |
| ![image](img278918_202412191610371.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Small Cap Managed Floor ETF® for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=RFLR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Small Cap Managed Floor ETF® | $94 | 0.89% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

During the 12 months ended October 31, 2025, RFLR generated a total return of 11.66%. Over the same period, the Russell 2000 returned 14.41%. The options overlay portion of the portfolio is comprised of two components: short-dated call selling ("Calls") and long-dated put buying ("Puts"). The calls contributed a gain of 3.51%, while the puts contributed a loss of 4.80%.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5857img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/16/2024)** |
| **Innovator U.S. Small Cap Managed Floor ETF NAV**  | 11.66 | 12.20 |
| **Russell 2000 Total Return Index**  | 14.41 | 13.20 |
| **Russell 2000**  | 12.87 | 11.72 |
| **Solactive United States 2000 Index TR**  | 13.02 | 12.21 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=RFLR for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Innovator U.S. Small Cap Managed Floor ETF® PAGE 1 TSR-AR-45784N502

------

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $36712283 |
| **Number of Holdings** | 1272 |
| **Net Advisory Fee** | $154288 |
| **Portfolio Turnover** | 32% |
| **30-Day SEC Yield** | 0.85% |
| **30-Day SEC Yield Unsubsidized** | 0.85% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financial  | 22.6% |
|  Consumer, Non-cyclical  | 22.4% |
|  Industrial  | 12.6% |
|  Consumer, Cyclical  | 11.0% |
|  Technology  | 9.8% |
|  Energy  | 5.7% |
|  Communications  | 4.8% |
|  Basic Materials  | 3.8% |
|  Utilities  | 2.4% |
|  Cash & Other  | 4.9% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=RFLR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Managed Floor ETF® PAGE 2 TSR-AR-45784N502

------

---

| | | |
|:---|:---|:---|
| ![image](img278379_202412182218398.jpg) | **Innovator Uncapped Accelerated U.S.** **Equity ETF** **™**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278379_202412182218398.jpg) | XUSP (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278379_202412182218398.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Uncapped Accelerated U.S. Equity ETF™ for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XUSP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Uncapped Accelerated U.S. Equity ETF™ | $88 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund is actively managed and seeks to provide investors with the potential for rates of return that outperform the price return of the SPDR® S&P 500® ETF Trust (SPY) after achieving performance thresholds.

In markets where the S&P 500 Index is down, the Fund is designed to match the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the Fund has potential to outperform the S&P 500 Index during periods where SPY achieves sustained positive performance.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5866img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(08/10/2022)** |
| **Innovator Uncapped Accelerated U.S. Equity ETF NAV**  | 23.11 | 19.66 |
| **S&P 500 TR**  | 21.45 | 17.98 |
| **S&P 500**  | 19.89 | 16.24 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=XUSP for more recent performance information.

Innovator Uncapped Accelerated U.S. Equity ETF™ PAGE 1 TSR-AR-45783Y699

------

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $47956174 |
| **Number of Holdings** | 12 |
| **Net Advisory Fee** | $358984 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $6.69  | 25.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $5.88  | 24.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $6.20  | 23.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $5.62  | 22.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $587.36  | 6.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $615.38  | 4.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $648.74  | 4.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $699.49  | 2.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $666.21 (Short)  | -2.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $617.87 (Short)  | -3.2% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=XUSP.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Uncapped Accelerated U.S. Equity ETF™ PAGE 2 TSR-AR-45783Y699

------

---

| | | |
|:---|:---|:---|
| ![image](img278398_202412182227252.jpg) | **Innovator 20+ Year Treasury Bond 5 Floor** **ETF® – Quarterly**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278398_202412182227252.jpg) | TFJL (Principal U.S. Listing Exchange: Cboe BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278398_202412182227252.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator 20+ Year Treasury Bond 5 Floor ETF® – Quarterly for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=TFJL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator 20+ Year Treasury Bond 5 Floor ETF® – Quarterly | $79 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the iShares 20+ Year U.S. Treasury ETF (TLT) up to a stated upside Cap, while limiting downside losses to TLT by the amount of its stated Floor over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the I.C.E US Treasury 20+ Year Index is down, the risk mitigation attributes of the stated Floor provide an opportunity for the Fund to soften market losses during the reporting period and outperform the I.C.E US Treasury 20+ Year Index. Alternatively, in markets where the I.C.E US Treasury 20+ Year Index is appreciating, the risk mitigation attributes of the Floor may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Floor will also cause the Fund to experience different returns than TLT.

The year ended October 31, 2025, proved somewhat challenging for 20+ Year U.S. Treasuries, reflecting a divergence between monetary easing and fiscal realities. Performance for the period was moderately positive, as concerns over rising federal deficits and increased bond supply outweighed the benefits of Federal Reserve rate cuts. While the front end of the curve rallied on policy easing, the long end sold off, resulting in a steepening yield curve. Volatility spiked in April 2025 amid uncertainty regarding tax-and-spending legislation, and although yields attracted opportunistic buying in Q3, a broader 'risk-on' rotation into equities limited any sustained recovery in long-duration bonds

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5722img003.jpg)

Innovator 20+ Year Treasury Bond 5 Floor ETF® – Quarterly PAGE 1 TSR-AR-45782C243

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(08/17/2020)** |
| **Innovator 20+ Year Treasury Bond 5 Floor ETF -** **Quarterly NAV**  | 0.29 | -3.58 | -3.77 |
| **S&P U.S. Aggregate Bond Index**  | 6.11 | 0.15 | 0.03 |
| **ICE US Treasury 20+ Year Index Excluding Transaction** **Costs**  | 2.05 | -7.86 | -8.13 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=TFJL for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $31551389 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $224552 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 12/31/2025; Exercise Price: $0.22  | 99.7% |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 12/31/2025; Exercise Price: $84.90  | 0.3% |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 12/31/2025; Exercise Price: $126.91 (Short)  | 0.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=TFJL.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator 20+ Year Treasury Bond 5 Floor ETF® – Quarterly PAGE 2 TSR-AR-45782C243

------

---

| | | |
|:---|:---|:---|
| ![image](img278886_202412191310641.jpg) | **Innovator 20+ Year Treasury Bond 9 Buffer** **ETF** **™** **- July**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278886_202412191310641.jpg) | TBJL (Principal U.S. Listing Exchange: Cboe BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278886_202412191310641.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator 20+ Year Treasury Bond 9 Buffer ETF™ - July for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=TBJL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator 20+ Year Treasury Bond 9 Buffer ETF™ - July | $79 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the iShares 20+ Year U.S. Treasury ETF (TLT) up to a stated upside Cap, while limiting downside losses to TLT by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the I.C.E US Treasury 20+ Year Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the I.C.E US Treasury 20+ Year Index. Alternatively, in markets where the I.C.E US Treasury 20+ Year Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than TLT.

The year ended October 31, 2025, proved somewhat challenging for 20+ Year U.S. Treasuries, reflecting a divergence between monetary easing and fiscal realities. Performance for the period was moderately positive, as concerns over rising federal deficits and increased bond supply outweighed the benefits of Federal Reserve rate cuts. While the front end of the curve rallied on policy easing, the long end sold off, resulting in a steepening yield curve. Volatility spiked in April 2025 amid uncertainty regarding tax-and-spending legislation, and although yields attracted opportunistic buying in Q3, a broader 'risk-on' rotation into equities limited any sustained recovery in long-duration bonds

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5721img003.jpg)

Innovator 20+ Year Treasury Bond 9 Buffer ETF™- July PAGE 1 TSR-AR-45782C235

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(08/17/2020)** |
| **Innovator 20+ Year Treasury Bond 9 Buffer ETF - July** **NAV**  | 0.53 | -3.58 | -3.85 |
| **S&P U.S. Aggregate Bond Index**  | 6.11 | 0.15 | 0.03 |
| **ICE US Treasury 20+ Year Index Excluding Transaction** **Costs**  | 2.05 | -7.86 | -8.13 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=TBJL for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $28382927 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $201422 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.77% |
| **30-Day SEC Yield Unsubsidized** | -0.77% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 06/30/2026; Exercise Price: $0.88  | 97.9% |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 06/30/2026; Exercise Price: $88.28  | 3.0% |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 06/30/2026; Exercise Price: $131.23 (Short)  | -0.2% |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 06/30/2026; Exercise Price: $80.33 (Short)  | -0.9% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=TBJL.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator 20+ Year Treasury Bond 9 Buffer ETF™- July PAGE 2 TSR-AR-45782C235

------

---

| | | |
|:---|:---|:---|
| ![image](img278416_202412182241766.jpg) | **Innovator Defined Wealth Shield ETF**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278416_202412182241766.jpg) | BALT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278416_202412182241766.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Defined Wealth Shield ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BALT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Defined Wealth Shield ETF | $71 | 0.69% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5726img003.jpg)

Innovator Defined Wealth Shield ETF PAGE 1 TSR-AR-45783Y855

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/30/2021)** |
| **Innovator Defined Wealth Shield ETF NAV**  | 7.03 | 5.95 |
| **S&P 500 TR**  | 21.45 | 12.97 |
| **S&P 500**  | 19.89 | 11.31 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=BALT for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1885774215 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $9374101 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.67% |
| **30-Day SEC Yield Unsubsidized** | -0.67% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $1.67  | 101.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $666.18  | 1.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $532.94 (Short)  | -0.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $681.90 (Short)  | -2.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=BALT.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Defined Wealth Shield ETF PAGE 2 TSR-AR-45783Y855

------

---

| | | |
|:---|:---|:---|
| ![image](img278394_202412182225872.jpg) | **Innovator Emerging Markets 10 Buffer** **ETF** **™** **- Quarterly**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278394_202412182225872.jpg) | EBUF (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img278394_202412182225872.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Emerging Markets 10 Buffer ETF™ - Quarterly for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=EBUF. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Emerging Markets 10 Buffer ETF™ - Quarterly | $94 | 0.89% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price return of the iShares MSCI Emerging Markets ETF (EEM) up to a stated upside Cap, while limiting downside losses to EEM by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the MSCI Emerging Markets Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the MSCI Emerging Markets Index. Alternatively, in markets where the MSCI Emerging Markets Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than EEM.

Supported by a resurgence in Chinese equities and sustained momentum in the technology sector, the MSCI Emerging Markets Index delivered robust double-digit growth for the year ended October 31, 2025. Semiconductor constituents in Taiwan and South Korea capitalized on the artificial intelligence boom, contributing significantly to performance, while a weakening U.S. dollar provided additional support. Conversely, the real estate sector continued to lag, acting as a drag on overall gains.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5727img003.jpg)

Innovator Emerging Markets 10 Buffer ETF™- Quarterly PAGE 1 TSR-AR-45783Y210

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/28/2024)** |
| **Innovator Emerging Markets 10 Buffer ETF - Quarterly NAV**  | 11.28 | 10.10 |
| **MSCI EM (EMERGING MARKETS) Net (USD)**  | 27.91 | 23.59 |
| **MSCI EM (EMERGING MARKETS) Price (USD)**  | 25.19 | 20.90 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=EBUF for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $15633740 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $81450 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.85% |
| **30-Day SEC Yield Unsubsidized** | -0.85% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $0.13  | 101.0% |
|  iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $53.40  | 1.8% |
|  iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $48.06 (Short)  | -0.4% |
|  iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $55.54 (Short)  | -2.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=EBUF.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Emerging Markets 10 Buffer ETF™- Quarterly PAGE 2 TSR-AR-45783Y210

------

---

| | | |
|:---|:---|:---|
| ![image](img278396_202412182226164.jpg) | **Innovator Emerging Markets Power Buffer** **ETF** **™** **- April**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278396_202412182226164.jpg) | EAPR (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img278396_202412182226164.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Emerging Markets Power Buffer ETF™ - April for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=EAPR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Emerging Markets Power Buffer ETF™ - April | $94 | 0.89% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price return of the iShares MSCI Emerging Markets ETF (EEM) up to a stated upside Cap, while limiting downside losses to EEM by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the MSCI Emerging Markets Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the MSCI Emerging Markets Index. Alternatively, in markets where the MSCI Emerging Markets Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than EEM.

Supported by a resurgence in Chinese equities and sustained momentum in the technology sector, the MSCI Emerging Markets Index delivered robust double-digit growth for the year ended October 31, 2025. Semiconductor constituents in Taiwan and South Korea capitalized on the artificial intelligence boom, contributing significantly to performance, while a weakening U.S. dollar provided additional support. Conversely, the real estate sector continued to lag, acting as a drag on overall gains.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5728img003.jpg)

Innovator Emerging Markets Power Buffer ETF™- April PAGE 1 TSR-AR-45782C359

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/31/2021)** |
| **Innovator Emerging Markets Power Buffer ETF - April NAV**  | 10.35 | 3.60 |
| **MSCI EM (EMERGING MARKETS) Net (USD)**  | 27.91 | 3.95 |
| **MSCI EM (EMERGING MARKETS) Price (USD)**  | 25.19 | 1.38 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=EAPR for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $77048558 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $623301 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.87% |
| **30-Day SEC Yield Unsubsidized** | -0.87% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI Emerging Markets ETF, Expiration: 03/31/2026; Exercise Price: $0.44  | 112.3% |
|  iShares MSCI Emerging Markets ETF, Expiration: 03/31/2026; Exercise Price: $43.70  | 0.6% |
|  iShares MSCI Emerging Markets ETF, Expiration: 03/31/2026; Exercise Price: $37.15 (Short)  | -0.3% |
|  iShares MSCI Emerging Markets ETF, Expiration: 03/31/2026; Exercise Price: $50.12 (Short)  | -12.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=EAPR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Emerging Markets Power Buffer ETF™- April PAGE 2 TSR-AR-45782C359

------

---

| | | |
|:---|:---|:---|
| ![image](img278887_202412191311668.jpg) | **Innovator Emerging Markets Power Buffer** **ETF** **™** **- January**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278887_202412191311668.jpg) | EJAN (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img278887_202412191311668.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Emerging Markets Power Buffer ETF™ - January for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=EJAN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Emerging Markets Power Buffer ETF™ - January | $93 | 0.89% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price return of the iShares MSCI Emerging Markets ETF (EEM) up to a stated upside Cap, while limiting downside losses to EEM by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the MSCI Emerging Markets Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the MSCI Emerging Markets Index. Alternatively, in markets where the MSCI Emerging Markets Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than EEM.

Supported by a resurgence in Chinese equities and sustained momentum in the technology sector, the MSCI Emerging Markets Index delivered robust double-digit growth for the year ended October 31, 2025. Semiconductor constituents in Taiwan and South Korea capitalized on the artificial intelligence boom, contributing significantly to performance, while a weakening U.S. dollar provided additional support. Conversely, the real estate sector continued to lag, acting as a drag on overall gains.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5729img003.jpg)

Innovator Emerging Markets Power Buffer ETF™- January PAGE 1 TSR-AR-45782C516

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Innovator Emerging Markets Power Buffer ETF -** **January NAV**  | 8.19 | 4.15 | 3.85 |
| **MSCI EM (EMERGING MARKETS) Net (USD)**  | 27.91 | 7.46 | 6.52 |
| **MSCI EM (EMERGING MARKETS) Price (USD)**  | 25.19 | 4.90 | 4.00 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=EJAN for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $100223088 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1007589 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.87% |
| **30-Day SEC Yield Unsubsidized** | -0.87% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $0.42  | 114.6% |
|  iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $41.82  | 0.1% |
|  iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $35.55 (Short)  | -0.1% |
|  iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $48.22 (Short)  | -14.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=EJAN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Emerging Markets Power Buffer ETF™- January PAGE 2 TSR-AR-45782C516

------

---

| | | |
|:---|:---|:---|
| ![image](img278882_202506181751379.jpg) | **Innovator Emerging Markets Power Buffer** **ETF** **™** **- July**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278882_202506181751379.jpg) | EJUL (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img278882_202506181751379.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Emerging Markets Power Buffer ETF™ - July for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=EJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Emerging Markets Power Buffer ETF™ - July | $96 | 0.89% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price return of the iShares MSCI Emerging Markets ETF (EEM) up to a stated upside Cap, while limiting downside losses to EEM by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the MSCI Emerging Markets Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the MSCI Emerging Markets Index. Alternatively, in markets where the MSCI Emerging Markets Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than EEM.

Supported by a resurgence in Chinese equities and sustained momentum in the technology sector, the MSCI Emerging Markets Index delivered robust double-digit growth for the year ended October 31, 2025. Semiconductor constituents in Taiwan and South Korea capitalized on the artificial intelligence boom, contributing significantly to performance, while a weakening U.S. dollar provided additional support. Conversely, the real estate sector continued to lag, acting as a drag on overall gains.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5730img003.jpg)

Innovator Emerging Markets Power Buffer ETF™- July PAGE 1 TSR-AR-45782C714

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(06/28/2019)** |
| **Innovator Emerging Markets Power Buffer ETF - July** **NAV**  | 16.01 | 2.68 | 2.42 |
| **MSCI EM (EMERGING MARKETS) Net (USD)**  | 27.91 | 7.46 | 7.13 |
| **MSCI EM (EMERGING MARKETS) Price (USD)**  | 25.19 | 4.90 | 4.58 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=EJUL for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $148294784 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $851891 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.87% |
| **30-Day SEC Yield Unsubsidized** | -0.87% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI Emerging Markets ETF, Expiration: 06/30/2026; Exercise Price: $0.48  | 105.8% |
|  iShares MSCI Emerging Markets ETF, Expiration: 06/30/2026; Exercise Price: $48.24  | 2.0% |
|  iShares MSCI Emerging Markets ETF, Expiration: 06/30/2026; Exercise Price: $41.00 (Short)  | -0.8% |
|  iShares MSCI Emerging Markets ETF, Expiration: 06/30/2026; Exercise Price: $54.93 (Short)  | -7.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=EJUL.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Emerging Markets Power Buffer ETF™- July PAGE 2 TSR-AR-45782C714

------

---

| | | |
|:---|:---|:---|
| ![image](img279536_202412191559579.jpg) | **Innovator Emerging Markets Power Buffer** **ETF** **™** **- October**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279536_202412191559579.jpg) | EOCT (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img279536_202412191559579.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Emerging Markets Power Buffer ETF™ - October for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=EOCT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Emerging Markets Power Buffer ETF™ - October | $98 | 0.89% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price return of the iShares MSCI Emerging Markets ETF (EEM) up to a stated upside Cap, while limiting downside losses to EEM by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the MSCI Emerging Markets Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the MSCI Emerging Markets Index. Alternatively, in markets where the MSCI Emerging Markets Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than EEM.

Supported by a resurgence in Chinese equities and sustained momentum in the technology sector, the MSCI Emerging Markets Index delivered robust double-digit growth for the year ended October 31, 2025. Semiconductor constituents in Taiwan and South Korea capitalized on the artificial intelligence boom, contributing significantly to performance, while a weakening U.S. dollar provided additional support. Conversely, the real estate sector continued to lag, acting as a drag on overall gains.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5731img003.jpg)

Innovator Emerging Markets Power Buffer ETF™- October PAGE 1 TSR-AR-45782C623

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/30/2021)** |
| **Innovator Emerging Markets Power Buffer ETF - October NAV**  | 19.37 | 5.74 |
| **MSCI EM (EMERGING MARKETS) Net (USD)**  | 27.91 | 5.35 |
| **MSCI EM (EMERGING MARKETS) Price (USD)**  | 25.19 | 2.78 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=EOCT for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $105921016 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $642812 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.85% |
| **30-Day SEC Yield Unsubsidized** | -0.85% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI Emerging Markets ETF, Expiration: 09/30/2026; Exercise Price: $0.53  | 99.8% |
|  iShares MSCI Emerging Markets ETF, Expiration: 09/30/2026; Exercise Price: $53.40  | 4.8% |
|  iShares MSCI Emerging Markets ETF, Expiration: 09/30/2026; Exercise Price: $45.39 (Short)  | -1.7% |
|  iShares MSCI Emerging Markets ETF, Expiration: 09/30/2026; Exercise Price: $61.52 (Short)  | -3.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=EOCT.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Emerging Markets Power Buffer ETF™- October PAGE 2 TSR-AR-45782C623

------

---

| | | |
|:---|:---|:---|
| ![image](img405409_202506101812148.jpg) | **Innovator Equity Defined Protection ETF® -** **1 Yr April**  | ![image](img216216_202410282023961.jpg) |
| ![image](img405409_202506101812148.jpg) | ZAPR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img405409_202506101812148.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Defined Protection ETF® - 1 Yr April for the period of March 31, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZAPR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Equity Defined Protection ETF® - 1 Yr April | $47 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5867img003.jpg)

Innovator Equity Defined Protection ETF® - 1 Yr April PAGE 1 TSR-AR-45784N726

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(03/31/2025)** |
| **Innovator Equity Defined Protection ETF - 1 Yr April NAV**  | 4.59 |
| **S&P 500 TR**  | 22.76 |
| **S&P 500**  | 21.89 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=ZAPR for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $38951166 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $176548 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.77% |
| **30-Day SEC Yield Unsubsidized** | -0.77% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $5.63  | 115.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $559.42  | 0.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $601.51 (Short)  | -16.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=ZAPR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Defined Protection ETF® - 1 Yr April PAGE 2 TSR-AR-45784N726

------

---

| | | |
|:---|:---|:---|
| ![image](img278377_202412182211562.jpg) | **Innovator Equity Defined Protection ETF® -** **1 Yr August**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278377_202412182211562.jpg) | ZAUG (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278377_202412182211562.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Defined Protection ETF® - 1 Yr August for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZAUG. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Equity Defined Protection ETF® - 1 Yr August | $82 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5734img003.jpg)

Innovator Equity Defined Protection ETF® - 1 Yr August PAGE 1 TSR-AR-45783Y111

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(07/31/2024)** |
| **Innovator Equity Defined Protection ETF - 1 Yr August NAV**  | 7.87 | 8.17 |
| **S&P 500 TR**  | 21.45 | 20.20 |
| **S&P 500**  | 19.89 | 18.64 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=ZAUG for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $118059350 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $642557 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.77% |
| **30-Day SEC Yield Unsubsidized** | -0.77% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise Price: $6.35  | 104.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise Price: $632.11  | 3.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise Price: $678.16 (Short)  | -8.3% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=ZAUG.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Defined Protection ETF® - 1 Yr August PAGE 2 TSR-AR-45783Y111

------

---

| | | |
|:---|:---|:---|
| ![image](img405410_202506101815268.jpg) | **Innovator Equity Defined Protection ETF® -** **1 Yr December**  | ![image](img216216_202410282023961.jpg) |
| ![image](img405410_202506101815268.jpg) | ZDEK (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img405410_202506101815268.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Defined Protection ETF® - 1 Yr December for the period of November 29, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZDEK. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Equity Defined Protection ETF® - 1 Yr December | $75 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5868img003.jpg)

Innovator Equity Defined Protection ETF® - 1 Yr December PAGE 1 TSR-AR-45784N858

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(11/29/2024)** |
| **Innovator Equity Defined Protection ETF - 1 Yr December NAV**  | 6.41 |
| **S&P 500 TR**  | 14.72 |
| **S&P 500**  | 13.39 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=ZDEK for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $99943873 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $942778 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $6.05  | 105.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $602.57  | 0.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $649.49 (Short)  | -5.9% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=ZDEK.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Defined Protection ETF® - 1 Yr December PAGE 2 TSR-AR-45784N858

------

---

| | | |
|:---|:---|:---|
| ![image](img405411_202506101816192.jpg) | **Innovator Equity Defined Protection ETF® -** **1 Yr February**  | ![image](img216216_202410282023961.jpg) |
| ![image](img405411_202506101816192.jpg) | ZFEB (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img405411_202506101816192.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Defined Protection ETF® - 1 Yr February for the period of January 31, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZFEB. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Equity Defined Protection ETF® - 1 Yr February | $60 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5869img003.jpg)

Innovator Equity Defined Protection ETF® - 1 Yr February PAGE 1 TSR-AR-45784N775

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(01/31/2025)** |
| **Innovator Equity Defined Protection ETF - 1 Yr February NAV**  | 4.99 |
| **S&P 500 TR**  | 14.34 |
| **S&P 500**  | 13.24 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=ZFEB for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $117303070 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $697844 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.77% |
| **30-Day SEC Yield Unsubsidized** | -0.77% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $6.04  | 107% |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $601.84  | 0.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $647.86 (Short)  | -8.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=ZFEB.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Defined Protection ETF® - 1 Yr February PAGE 2 TSR-AR-45784N775

------

---

| | | |
|:---|:---|:---|
| ![image](img405412_202506101818578.jpg) | **Innovator Equity Defined Protection ETF® -** **1 Yr January**  | ![image](img216216_202410282023961.jpg) |
| ![image](img405412_202506101818578.jpg) | ZJAN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img405412_202506101818578.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Defined Protection ETF® - 1 Yr January for the period of December 31, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZJAN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Equity Defined Protection ETF® - 1 Yr January | $67 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5870img003.jpg)

Innovator Equity Defined Protection ETF® - 1 Yr January PAGE 1 TSR-AR-45784N817

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(12/31/2024)** |
| **Innovator Equity Defined Protection ETF - 1 Yr January NAV**  | 5.63 |
| **S&P 500 TR**  | 17.52 |
| **S&P 500**  | 16.30 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=ZJAN for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $54755756 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $334204 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $5.90  | 109.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $586.12  | 0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $630.27 (Short)  | -9.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=ZJAN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Defined Protection ETF® - 1 Yr January PAGE 2 TSR-AR-45784N817

------

---

| | | |
|:---|:---|:---|
| ![image](img278422_202412182244511.jpg) | **Innovator Equity Defined Protection ETF® -** **1 Yr July**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278422_202412182244511.jpg) | ZJUL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278422_202412182244511.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Defined Protection ETF® - 1 Yr July for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Equity Defined Protection ETF® - 1 Yr July | $82 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5732img003.jpg)

Innovator Equity Defined Protection ETF® - 1 Yr July PAGE 1 TSR-AR-45783Y251

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/28/2024)** |
| **Innovator Equity Defined Protection ETF - 1 Yr July NAV**  | 8.01 | 8.35 |
| **S&P 500 TR**  | 21.45 | 19.79 |
| **S&P 500**  | 19.89 | 18.27 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=ZJUL for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $154408341 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $970806 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.77% |
| **30-Day SEC Yield Unsubsidized** | -0.77% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $6.22  | 106.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $617.89  | 2.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $661.10 (Short)  | -9.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=ZJUL.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Defined Protection ETF® - 1 Yr July PAGE 2 TSR-AR-45783Y251

------

---

| | | |
|:---|:---|:---|
| ![image](img597722_202512031732381.jpg) | **Innovator Equity Defined Protection ETF® -** **1 Yr June**  | ![image](img216216_202410282023961.jpg) |
| ![image](img597722_202512031732381.jpg) | ZJUN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img597722_202512031732381.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Defined Protection ETF® - 1 Yr June for the period of May 30, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=ZJUN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Equity Defined Protection ETF® - 1 Yr June | $33 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5871img003.jpg)

Innovator Equity Defined Protection ETF® - 1 Yr June PAGE 1 TSR-AR-45784N643

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(05/30/2025)** |
| **Innovator Equity Defined Protection ETF - 1 Yr June NAV**  | 3.34 |
| **S&P 500 TR**  | 16.28 |
| **S&P 500**  | 15.71 |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=ZJUN for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $53866414 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $166047 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.77% |
| **30-Day SEC Yield Unsubsidized** | -0.77% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise Price: $5.92  | 111.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise Price: $589.41  | 1.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise Price: $632.42 (Short)  | -13.2% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=ZJUN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Defined Protection ETF® - 1 Yr June PAGE 2 TSR-AR-45784N643

------

---

| | | |
|:---|:---|:---|
| ![image](img405414_r20250610182261.jpg) | **Innovator Equity Defined Protection ETF® -** **1 Yr March**  | ![image](img216216_202410282023961.jpg) |
| ![image](img405414_r20250610182261.jpg) | ZMAR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img405414_r20250610182261.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Defined Protection ETF® - 1 Yr March for the period of February 28, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZMAR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Equity Defined Protection ETF® - 1 Yr March | $54 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5872img003.jpg)

Innovator Equity Defined Protection ETF® - 1 Yr March PAGE 1 TSR-AR-45784N742

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(02/28/2025)** |
| **Innovator Equity Defined Protection ETF - 1 Yr March NAV**  | 4.81 |
| **S&P 500 TR**  | 15.85 |
| **S&P 500**  | 14.87 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=ZMAR for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $95875136 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $526761 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.77% |
| **30-Day SEC Yield Unsubsidized** | -0.77% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $5.97  | 108.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $594.20  | 1.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $640.41 (Short)  | -9.9% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=ZMAR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Defined Protection ETF® - 1 Yr March PAGE 2 TSR-AR-45784N742

------

---

| | | |
|:---|:---|:---|
| ![image](img405417_202506101823129.jpg) | **Innovator Equity Defined Protection ETF® -** **1 Yr May**  | ![image](img216216_202410282023961.jpg) |
| ![image](img405417_202506101823129.jpg) | ZMAY (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img405417_202506101823129.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Defined Protection ETF® - 1 Yr May for the period of April 30, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZMAY. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Equity Defined Protection ETF® - 1 Yr May | $41 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5873img003.jpg)

Innovator Equity Defined Protection ETF® - 1 Yr May PAGE 1 TSR-AR-45784N650

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(04/30/2025)** |
| **Innovator Equity Defined Protection ETF - 1 Yr May NAV**  | 3.97 |
| **S&P 500 TR**  | 23.60 |
| **S&P 500**  | 22.82 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=ZMAY for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $36495259 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $141458 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.77% |
| **30-Day SEC Yield Unsubsidized** | -0.77% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $5.57  | 117.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $554.56  | 1.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $594.58 (Short)  | -18.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=ZMAY.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Defined Protection ETF® - 1 Yr May PAGE 2 TSR-AR-45784N650

------

---

| | | |
|:---|:---|:---|
| ![image](img278907_202506121339901.jpg) | **Innovator Equity Defined Protection ETF® -** **1 Yr November**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278907_202506121339901.jpg) | ZNOV (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278907_202506121339901.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Defined Protection ETF® - 1 Yr November for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZNOV. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Equity Defined Protection ETF® - 1 Yr November | $82 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5735img003.jpg)

Innovator Equity Defined Protection ETF® - 1 Yr November PAGE 1 TSR-AR-45784N809

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/31/2024)** |
| **Innovator Equity Defined Protection ETF - 1 Yr November NAV**  | 6.75 | 6.75 |
| **S&P 500 TR**  | 21.45 | 21.45 |
| **S&P 500**  | 19.89 | 19.89 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=ZNOV for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $45738296 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $365273 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $6.85  | 98.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $682.09  | 5.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $728.78 (Short)  | -5.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=ZNOV.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Defined Protection ETF® - 1 Yr November PAGE 2 TSR-AR-45784N809

------

---

| | | |
|:---|:---|:---|
| ![image](img279523_202412191550642.jpg) | **Innovator Equity Defined Protection ETF® -** **1 Yr October**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279523_202412191550642.jpg) | ZOCT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img279523_202412191550642.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Defined Protection ETF® - 1 Yr October for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZOCT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Equity Defined Protection ETF® - 1 Yr October | $82 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5733img003.jpg)

Innovator Equity Defined Protection ETF® - 1 Yr October PAGE 1 TSR-AR-45784N700

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/30/2024)** |
| **Innovator Equity Defined Protection ETF - 1 Yr October NAV**  | 6.68 | 5.95 |
| **S&P 500 TR**  | 21.45 | 18.62 |
| **S&P 500**  | 19.89 | 17.12 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=ZOCT for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $130738408 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $571516 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $6.70  | 101.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $666.22  | 4.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $709.68 (Short)  | -6.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=ZOCT.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Defined Protection ETF® - 1 Yr October PAGE 2 TSR-AR-45784N700

------

---

| | | |
|:---|:---|:---|
| ![image](img278402_202412182229405.jpg) | **Innovator Equity Defined Protection ETF® -** **1 Yr September**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278402_202412182229405.jpg) | ZSEP (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278402_202412182229405.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Defined Protection ETF® - 1 Yr September for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZSEP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Equity Defined Protection ETF® - 1 Yr September | $82 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5736img003.jpg)

Innovator Equity Defined Protection ETF® - 1 Yr September PAGE 1 TSR-AR-45784N106

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(08/30/2024)** |
| **Innovator Equity Defined Protection ETF - 1 Yr September NAV**  | 7.19 | 6.90 |
| **S&P 500 TR**  | 21.45 | 19.29 |
| **S&P 500**  | 19.89 | 17.78 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=ZSEP for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $148318160 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $745440 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.77% |
| **30-Day SEC Yield Unsubsidized** | -0.77% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $6.48  | 103.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $645.08  | 3.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $688.46 (Short)  | -7.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=ZSEP.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Defined Protection ETF® - 1 Yr September PAGE 2 TSR-AR-45784N106

------

---

| | | |
|:---|:---|:---|
| ![image](img278417_202412182241636.jpg) | **Innovator Equity Defined Protection ETF® -** **2 Yr to April 2026**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278417_202412182241636.jpg) | AAPR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278417_202412182241636.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Defined Protection ETF® - 2 Yr to April 2026 for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=AAPR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Equity Defined Protection ETF® - 2 Yr to April 2026 | $82 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5752img003.jpg)

Innovator Equity Defined Protection ETF® - 2 Yr to April 2026 PAGE 1 TSR-AR-45783Y335

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/28/2024)** |
| **Innovator Equity Defined Protection ETF - 2 Yr to April 2026 NAV**  | 7.59 | 8.28 |
| **S&P 500 TR**  | 21.45 | 19.52 |
| **S&P 500**  | 19.89 | 17.99 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=AAPR for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $57527510 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $500580 |
| **Portfolio Turnover** | 2% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $9.42  | 113.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $523.07  | 0.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $617.22 (Short)  | -14.2% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=AAPR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Defined Protection ETF® - 2 Yr to April 2026 PAGE 2 TSR-AR-45783Y335

------

---

| | | |
|:---|:---|:---|
| ![image](img405420_202506101826233.jpg) | **Innovator Equity Defined Protection ETF® -** **2 Yr to April 2027**  | ![image](img216216_202410282023961.jpg) |
| ![image](img405420_202506101826233.jpg) | TAPR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img405420_202506101826233.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Defined Protection ETF® - 2 Yr to April 2027 for the period of March 31, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=TAPR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Equity Defined Protection ETF® - 2 Yr to April 2027 | $48 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5874img003.jpg)

Innovator Equity Defined Protection ETF® - 2 Yr to April 2027 PAGE 1 TSR-AR-45784N734

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(03/31/2025)** |
| **Innovator Equity Defined Protection ETF - 2 Yr to April 2027 NAV**  | 5.99 |
| **S&P 500 TR**  | 22.76 |
| **S&P 500**  | 21.89 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=TAPR for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $10272555 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $41527 |
| **Portfolio Turnover** | 7% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2027; Exercise Price: $10.07  | 113.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2027; Exercise Price: $559.39  | 3.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2027; Exercise Price: $645.09 (Short)  | -17.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=TAPR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Defined Protection ETF® - 2 Yr to April 2027 PAGE 2 TSR-AR-45784N734

------

---

| | | |
|:---|:---|:---|
| ![image](img278903_202412191321234.jpg) | **Innovator Equity Defined Protection ETF® -** **2 Yr to January 2026**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278903_202412191321234.jpg) | AJAN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278903_202412191321234.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Defined Protection ETF® - 2 Yr to January 2026 for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=AJAN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Equity Defined Protection ETF® - 2 Yr to January 2026 | $81 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5737img003.jpg)

Innovator Equity Defined Protection ETF® - 2 Yr to January 2026 PAGE 1 TSR-AR-45783Y418

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/29/2023)** |
| **Innovator Equity Defined Protection ETF - 2 Yr to January 2026 NAV**  | 6.32 | 7.15 |
| **S&P 500 TR**  | 21.45 | 23.24 |
| **S&P 500**  | 19.89 | 21.63 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=AJAN for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $42821866 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $398015 |
| **Portfolio Turnover** | 4% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $8.56  | 124.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $475.31  | 0.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $550.46 (Short)  | -25.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=AJAN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Defined Protection ETF® - 2 Yr to January 2026 PAGE 2 TSR-AR-45783Y418

------

---

| | | |
|:---|:---|:---|
| ![image](img405422_202506101827266.jpg) | **Innovator Equity Defined Protection ETF® -** **2 Yr to January 2027**  | ![image](img216216_202410282023961.jpg) |
| ![image](img405422_202506101827266.jpg) | TJAN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img405422_202506101827266.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Defined Protection ETF® - 2 Yr to January 2027 for the period of December 31, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=TJAN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Equity Defined Protection ETF® - 2 Yr to January 2027 | $68 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5875img003.jpg)

Innovator Equity Defined Protection ETF® - 2 Yr to January 2027 PAGE 1 TSR-AR-45784N825

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(12/31/2024)** |
| **Innovator Equity Defined Protection ETF - 2 Yr to January 2027 NAV**  | 6.77 |
| **S&P 500 TR**  | 17.52 |
| **S&P 500**  | 16.30 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=TJAN for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $37287789 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $274689 |
| **Portfolio Turnover** | 7% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2026; Exercise Price: $10.55  | 107.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2026; Exercise Price: $586.08  | 3.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2026; Exercise Price: $679.50 (Short)  | -11.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=TJAN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Defined Protection ETF® - 2 Yr to January 2027 PAGE 2 TSR-AR-45784N825

------

---

| | | |
|:---|:---|:---|
| ![image](img278924_202412191339610.jpg) | **Innovator Equity Defined Protection ETF® -** **2 Yr to July 2027**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278924_202412191339610.jpg) | TJUL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278924_202412191339610.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Defined Protection ETF® - 2 Yr to July 2027 for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=TJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Equity Defined Protection ETF® - 2 Yr to July 2027 | $82 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5738img003.jpg)

Innovator Equity Defined Protection ETF® - 2 Yr to July 2027 PAGE 1 TSR-AR-45783Y541

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(07/17/2023)** |
| **Innovator Equity Defined Protection ETF - 2 Yr to July 2027 NAV**  | 7.15 | 7.66 |
| **S&P 500 TR**  | 21.45 | 21.46 |
| **S&P 500**  | 19.89 | 19.80 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=TJUL for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $167788224 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $1429355 |
| **Portfolio Turnover** | 8% |
| **30-Day SEC Yield** | -0.77% |
| **30-Day SEC Yield Unsubsidized** | -0.77% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2027; Exercise Price: $11.12  | 105.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2027; Exercise Price: $617.85  | 5.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2027; Exercise Price: $701.94 (Short)  | -11.2% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=TJUL.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Defined Protection ETF® - 2 Yr to July 2027 PAGE 2 TSR-AR-45783Y541

------

---

| | | |
|:---|:---|:---|
| ![image](img278426_202412182246837.jpg) | **Innovator Equity Defined Protection ETF® -** **2 Yr to July 2026**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278426_202412182246837.jpg) | AJUL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278426_202412182246837.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Defined Protection ETF® - 2 Yr to July 2026 for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=AJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Equity Defined Protection ETF® - 2 Yr to July 2026 | $82 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5739img003.jpg)

Innovator Equity Defined Protection ETF® - 2 Yr to July 2026 PAGE 1 TSR-AR-45783Y236

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/28/2024)** |
| **Innovator Equity Defined Protection ETF - 2 Yr to July 2026 NAV**  | 7.78 | 8.65 |
| **S&P 500 TR**  | 21.45 | 19.79 |
| **S&P 500**  | 19.89 | 18.27 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=AJUL for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $61089513 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $528718 |
| **Portfolio Turnover** | 4% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $9.80  | 110.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $544.22  | 1.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $643.27 (Short)  | -12.3% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=AJUL.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Defined Protection ETF® - 2 Yr to July 2026 PAGE 2 TSR-AR-45783Y236

------

---

| | | |
|:---|:---|:---|
| ![image](img279525_t20241219155240.jpg) | **Innovator Equity Defined Protection ETF® -** **2 Yr to October 2026**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279525_t20241219155240.jpg) | AOCT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img279525_t20241219155240.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Defined Protection ETF® - 2 Yr to October 2026 for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=AOCT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Equity Defined Protection ETF® - 2 Yr to October 2026 | $82 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5740img003.jpg)

Innovator Equity Defined Protection ETF® - 2 Yr to October 2026 PAGE 1 TSR-AR-45784N601

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/30/2024)** |
| **Innovator Equity Defined Protection ETF - 2 Yr to October 2026 NAV**  | 6.70 | 5.45 |
| **S&P 500 TR**  | 21.45 | 18.62 |
| **S&P 500**  | 19.89 | 17.12 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=AOCT for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $72411808 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $625000 |
| **Portfolio Turnover** | 8% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $10.33  | 110.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $573.76  | 2.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $648.12 (Short)  | -13.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=AOCT.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Defined Protection ETF® - 2 Yr to October 2026 PAGE 2 TSR-AR-45784N601

------

---

| | | |
|:---|:---|:---|
| ![image](img597736_t20251203175832.jpg) | **Innovator Equity Defined Protection ETF® -** **2 Yr to October 2027**  | ![image](img216216_202410282023961.jpg) |
| ![image](img597736_t20251203175832.jpg) | TOCT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img597736_t20251203175832.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Defined Protection ETF® - 2 Yr to October 2027 for the period of September 30, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=TOCT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Equity Defined Protection ETF® - 2 Yr to October 2027 | $7 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6543img003.jpg)

Innovator Equity Defined Protection ETF® - 2 Yr to October 2027 PAGE 1 TSR-AR-45784N577

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(09/30/2025)** |
| **Innovator Equity Defined Protection ETF - 2 Yr to October 2027 NAV**  | 0.51 |
| **S&P 500 TR**  | 2.34 |
| **S&P 500**  | 2.27 |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=TOCT for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $10549260 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $5456 |
| **Portfolio Turnover** | 9% |
| **30-Day SEC Yield** | -0.73% |
| **30-Day SEC Yield Unsubsidized** | -0.73% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2027; Exercise Price: $11.99  | 100.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2027; Exercise Price: $666.18  | 7.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2027; Exercise Price: $751.32 (Short)  | -7.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=TOCT.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Defined Protection ETF® - 2 Yr to October 2027 PAGE 2 TSR-AR-45784N577

------

---

| | | |
|:---|:---|:---|
| ![image](img279528_202412191729578.jpg) | **Innovator Equity Defined Protection ETF® -** **6 Mo Apr/Oct**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279528_202412191729578.jpg) | APOC (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img279528_202412191729578.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Defined Protection ETF® - 6 Mo Apr/Oct for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=APOC. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Equity Defined Protection ETF® - 6 Mo Apr/Oct | $80 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5743img003.jpg)

Innovator Equity Defined Protection ETF® - 6 Mo Apr/Oct PAGE 1 TSR-AR-45784N882

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/30/2024)** |
| **Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct NAV**  | 3.30 | 3.15 |
| **S&P 500 TR**  | 21.45 | 18.62 |
| **S&P 500**  | 19.89 | 17.12 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=APOC for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $100824405 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $583735 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $3.33  | 101.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $666.18  | 3.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $688.56 (Short)  | -4.5% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=APOC.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Defined Protection ETF® - 6 Mo Apr/Oct PAGE 2 TSR-AR-45784N882

------

---

| | | |
|:---|:---|:---|
| ![image](img278421_202412182243984.jpg) | **Innovator Equity Defined Protection ETF® -** **6 Mo Jan/Jul**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278421_202412182243984.jpg) | JAJL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278421_202412182243984.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Defined Protection ETF® - 6 Mo Jan/Jul for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=JAJL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Equity Defined Protection ETF® - 6 Mo Jan/Jul | $82 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5742img003.jpg)

Innovator Equity Defined Protection ETF® - 6 Mo Jan/Jul PAGE 1 TSR-AR-45783Y244

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/28/2024)** |
| **Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul NAV**  | 7.78 | 7.85 |
| **S&P 500 TR**  | 21.45 | 19.79 |
| **S&P 500**  | 19.89 | 18.27 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=JAJL for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $241144131 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $1698476 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.77% |
| **30-Day SEC Yield Unsubsidized** | -0.77% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $3.09  | 107.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $617.85  | 0.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $640.34 (Short)  | -8.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=JAJL.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Defined Protection ETF® - 6 Mo Jan/Jul PAGE 2 TSR-AR-45783Y244

------

---

| | | |
|:---|:---|:---|
| ![image](img597723_202512031734792.jpg) | **Innovator Equity Dual Directional 10 Buffer** **ETF** **™** **- July**  | ![image](img216216_202410282023961.jpg) |
| ![image](img597723_202512031734792.jpg) | DDTL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img597723_202512031734792.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Dual Directional 10 Buffer ETF™ - July for the period of June 30, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=DDTL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Equity Dual Directional 10 Buffer ETF™ - July | $27 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide shareholders who hold shares of the Fund for the entire Outcome Period with a "dual direction" of positive returns, meaning the possibility of positive returns regardless of the direction of performance of the Fund's reference asset. Specifically, the Fund seeks to provide investors with capital appreciation as follows: (1) if the Underlying ETF experiences positive returns over the course of the Outcome Period, participating in the positive price returns that match the performance of the Underlying ETF's share price, limited by the Upside Cap, and (2) if the Underlying ETF experiences negative returns over the course of the Outcome Period that are less than or equal to Inverse Performance Threshold, provide positive returns that match the absolute value of Underlying ETF losses. If the Underlying ETF experiences losses over the course of the Outcome Period that exceed the Inverse Performance Threshold, the Fund seeks to provide a buffer thereafter, over the course of the Outcome Period.

Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5876img003.jpg)

Innovator Equity Dual Directional 10 Buffer ETF™- July PAGE 1 TSR-AR-45784N510

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(06/30/2025)** |
| **Innovator Equity Dual Directional 10 Buffer ETF - July NAV**  | 5.18 |
| **S&P 500 TR**  | 10.66 |
| **S&P 500**  | 10.24 |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=DDTL for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $102669934 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $247218 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $6.23  | 104.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $549.89  | 13.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $617.90  | 5.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $695.71 (Short)  | -5.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $556.07 (Short)  | -17.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=DDTL.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Dual Directional 10 Buffer ETF™- July PAGE 2 TSR-AR-45784N510

------

---

| | | |
|:---|:---|:---|
| ![image](img597724_202512031736542.jpg) | **Innovator Equity Dual Directional 10 Buffer** **ETF** **™** **- November**  | ![image](img216216_202410282023961.jpg) |
| ![image](img597724_202512031736542.jpg) | DDTN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img597724_202512031736542.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Dual Directional 10 Buffer ETF™ - November for the period of October 31, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=DDTN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Equity Dual Directional 10 Buffer ETF™ - November | $0 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide shareholders who hold shares of the Fund for the entire Outcome Period with a "dual direction" of positive returns, meaning the possibility of positive returns regardless of the direction of performance of the Fund's reference asset. Specifically, the Fund seeks to provide investors with capital appreciation as follows: (1) if the Underlying ETF experiences positive returns over the course of the Outcome Period, participating in the positive price returns that match the performance of the Underlying ETF's share price, limited by the Upside Cap, and (2) if the Underlying ETF experiences negative returns over the course of the Outcome Period that are less than or equal to Inverse Performance Threshold, provide positive returns that match the absolute value of Underlying ETF losses. If the Underlying ETF experiences losses over the course of the Outcome Period that exceed the Inverse Performance Threshold, the Fund seeks to provide a buffer thereafter, over the course of the Outcome Period.

Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $947977 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 0.00% |
| **30-Day SEC Yield Unsubsidized** | 0.00% |

---

Innovator Equity Dual Directional 10 Buffer ETF™- November PAGE 1 TSR-AR-45784N460

------

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $6.86  | 99.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $607.03  | 32.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $682.10  | 11.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $776.53 (Short)  | -2.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $613.85 (Short)  | -41.5% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=DDTN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Dual Directional 10 Buffer ETF™- November PAGE 2 TSR-AR-45784N460

------

---

| | | |
|:---|:---|:---|
| ![image](img597725_202512031737571.jpg) | **Innovator Equity Dual Directional 10 Buffer** **ETF** **™** **- October**  | ![image](img216216_202410282023961.jpg) |
| ![image](img597725_202512031737571.jpg) | DDTO(Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img597725_202512031737571.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Dual Directional 10 Buffer ETF™ - October for the period of September 30, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=DDTO. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Equity Dual Directional 10 Buffer ETF™ - October | $7 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

The Fund seeks to provide shareholders who hold shares of the Fund for the entire Outcome Period with a "dual direction" of positive returns, meaning the possibility of positive returns regardless of the direction of performance of the Fund's reference asset. Specifically, the Fund seeks to provide investors with capital appreciation as follows: (1) if the Underlying ETF experiences positive returns over the course of the Outcome Period, participating in the positive price returns that match the performance of the Underlying ETF's share price, limited by the Upside Cap, and (2) if the Underlying ETF experiences negative returns over the course of the Outcome Period that are less than or equal to Inverse Performance Threshold, provide positive returns that match the absolute value of Underlying ETF losses. If the Underlying ETF experiences losses over the course of the Outcome Period that exceed the Inverse Performance Threshold, the Fund seeks to provide a buffer thereafter, over the course of the Outcome Period.

Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6544img003.jpg)

Innovator Equity Dual Directional 10 Buffer ETF™- October PAGE 1 TSR-AR-45784N494

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(09/30/2025)** |
| **Innovator Equity Dual Directional 10 Buffer ETF - October NAV**  | 1.04 |
| **S&P 500 TR**  | 2.34 |
| **S&P 500**  | 2.27 |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=DDTO for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $47061404 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $19959 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.69% |
| **30-Day SEC Yield Unsubsidized** | -0.69% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $6.72  | 100.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $592.90  | 26.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $666.23  | 9.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $749.72 (Short)  | -3.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $599.56 (Short)  | -34.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=DDTO.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Dual Directional 10 Buffer ETF™- October PAGE 2 TSR-AR-45784N494

------

---

| | | |
|:---|:---|:---|
| ![image](img597726_202512031739791.jpg) | **Innovator Equity Dual Directional 10 Buffer** **ETF** **™** **- September**  | ![image](img216216_202410282023961.jpg) |
| ![image](img597726_202512031739791.jpg) | DDTS (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img597726_202512031739791.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Dual Directional 10 Buffer ETF™- September for the period of August 29, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=DDTS. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Equity Dual Directional 10 Buffer ETF™- September | $13 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide shareholders who hold shares of the Fund for the entire Outcome Period with a "dual direction" of positive returns, meaning the possibility of positive returns regardless of the direction of performance of the Fund's reference asset. Specifically, the Fund seeks to provide investors with capital appreciation as follows: (1) if the Underlying ETF experiences positive returns over the course of the Outcome Period, participating in the positive price returns that match the performance of the Underlying ETF's share price, limited by the Upside Cap, and (2) if the Underlying ETF experiences negative returns over the course of the Outcome Period that are less than or equal to Inverse Performance Threshold, provide positive returns that match the absolute value of Underlying ETF losses. If the Underlying ETF experiences losses over the course of the Outcome Period that exceed the Inverse Performance Threshold, the Fund seeks to provide a buffer thereafter, over the course of the Outcome Period.

Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

Innovator Equity Dual Directional 10 Buffer ETF™- September PAGE 1 TSR-AR-45784N478

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6075img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(08/29/2025)** |
| **Innovator Equity Dual Directional 10 Buffer ETF - September NAV**  | 2.87 |
| **S&P 500 TR**  | 6.08 |
| **S&P 500**  | 5.88 |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=DDTS for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $21604089 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $22843 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $6.49  | 102.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $574.09  | 21.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $645.09  | 7.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $726.71 (Short)  | -4.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $580.55 (Short)  | -26.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=DDTS.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Dual Directional 10 Buffer ETF™- September PAGE 2 TSR-AR-45784N478

------

---

| | | |
|:---|:---|:---|
| ![image](img597727_202512031740675.jpg) | **Innovator Equity Dual Directional 15 Buffer** **ETF** **™** **- July**  | ![image](img216216_202410282023961.jpg) |
| ![image](img597727_202512031740675.jpg) | DDFL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img597727_202512031740675.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Dual Directional 15 Buffer ETF™ - July for the period of June 30, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=DDFL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Equity Dual Directional 15 Buffer ETF™ - July | $27 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide shareholders who hold shares of the Fund for the entire Outcome Period with a "dual direction" of positive returns, meaning the possibility of positive returns regardless of the direction of performance of the Fund's reference asset. Specifically, the Fund seeks to provide investors with capital appreciation as follows: (1) if the Underlying ETF experiences positive returns over the course of the Outcome Period, participating in the positive price returns that match the performance of the Underlying ETF's share price, limited by the Upside Cap, and (2) if the Underlying ETF experiences negative returns over the course of the Outcome Period that are less than or equal to Inverse Performance Threshold, provide positive returns that match the absolute value of Underlying ETF losses. If the Underlying ETF experiences losses over the course of the Outcome Period that exceed the Inverse Performance Threshold, the Fund seeks to provide a buffer thereafter, over the course of the Outcome Period.

Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5877img003.jpg)

Innovator Equity Dual Directional 15 Buffer ETF™- July PAGE 1 TSR-AR-45784N536

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(06/30/2025)** |
| **Innovator Equity Dual Directional 15 Buffer ETF - July NAV**  | 3.35 |
| **S&P 500 TR**  | 10.66 |
| **S&P 500**  | 10.24 |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=DDFL for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $83129031 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $197788 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $6.24  | 105.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $518.99  | 15.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $617.87  | 5.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $672.22 (Short)  | -8.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $525.20 (Short)  | -18.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=DDFL.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Dual Directional 15 Buffer ETF™- July PAGE 2 TSR-AR-45784N536

------

---

| | | |
|:---|:---|:---|
| ![image](img598757_202512102155464.jpg) | **Innovator Equity Dual Directional 15 Buffer** **ETF** **™** **- November**  | ![image](img216216_202410282023961.jpg) |
| ![image](img598757_202512102155464.jpg) | DDFN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img598757_202512102155464.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Dual Directional 15 Buffer ETF™ - November for the period of October 31, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=DDFN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Equity Dual Directional 15 Buffer ETF™ - November | $0 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide shareholders who hold shares of the Fund for the entire Outcome Period with a "dual direction" of positive returns, meaning the possibility of positive returns regardless of the direction of performance of the Fund's reference asset. Specifically, the Fund seeks to provide investors with capital appreciation as follows: (1) if the Underlying ETF experiences positive returns over the course of the Outcome Period, participating in the positive price returns that match the performance of the Underlying ETF's share price, limited by the Upside Cap, and (2) if the Underlying ETF experiences negative returns over the course of the Outcome Period that are less than or equal to Inverse Performance Threshold, provide positive returns that match the absolute value of Underlying ETF losses. If the Underlying ETF experiences losses over the course of the Outcome Period that exceed the Inverse Performance Threshold, the Fund seeks to provide a buffer thereafter, over the course of the Outcome Period.

Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $947985 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 0.00% |
| **30-Day SEC Yield Unsubsidized** | 0.00% |

---

Innovator Equity Dual Directional 15 Buffer ETF™- November PAGE 1 TSR-AR-45784N452

------

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $6.88  | 99.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $572.93  | 37.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $682.11  | 11.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $750.27 (Short)  | -3.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $579.76 (Short)  | -45.2% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=DDFN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Dual Directional 15 Buffer ETF™- November PAGE 2 TSR-AR-45784N452

------

---

| | | |
|:---|:---|:---|
| ![image](img597728_202512031748172.jpg) | **Innovator Equity Dual Directional 15 Buffer** **ETF** **™** **- October**  | ![image](img216216_202410282023961.jpg) |
| ![image](img597728_202512031748172.jpg) | DDFO (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img597728_202512031748172.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Dual Directional 15 Buffer ETF™ - October for the period of September 30, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=DDFO. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Equity Dual Directional 15 Buffer ETF™ - October | $7 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide shareholders who hold shares of the Fund for the entire Outcome Period with a "dual direction" of positive returns, meaning the possibility of positive returns regardless of the direction of performance of the Fund's reference asset. Specifically, the Fund seeks to provide investors with capital appreciation as follows: (1) if the Underlying ETF experiences positive returns over the course of the Outcome Period, participating in the positive price returns that match the performance of the Underlying ETF's share price, limited by the Upside Cap, and (2) if the Underlying ETF experiences negative returns over the course of the Outcome Period that are less than or equal to Inverse Performance Threshold, provide positive returns that match the absolute value of Underlying ETF losses. If the Underlying ETF experiences losses over the course of the Outcome Period that exceed the Inverse Performance Threshold, the Fund seeks to provide a buffer thereafter, over the course of the Outcome Period.

Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

Innovator Equity Dual Directional 15 Buffer ETF™- October PAGE 1 TSR-AR-45784N528

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6545img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(09/30/2025)** |
| **Innovator Equity Dual Directional 15 Buffer ETF - October NAV**  | 0.77 |
| **S&P 500 TR**  | 2.34 |
| **S&P 500**  | 2.27 |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=DDFO for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $121069280 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $55213 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.72% |
| **30-Day SEC Yield Unsubsidized** | -0.72% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $6.73  | 100.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $559.59  | 30.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $666.21  | 10.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $726.34 (Short)  | -4.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $566.28 (Short)  | -37.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=DDFO.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Dual Directional 15 Buffer ETF™- October PAGE 2 TSR-AR-45784N528

------

---

| | | |
|:---|:---|:---|
| ![image](img597735_202512031755233.jpg) | **Innovator Equity Dual Directional 15 Buffer** **ETF** **™** **- September**  | ![image](img216216_202410282023961.jpg) |
| ![image](img597735_202512031755233.jpg) | DDFS (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img597735_202512031755233.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Equity Dual Directional 15 Buffer ETF™ - September for the period of August 29, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=DDFS. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Equity Dual Directional 15 Buffer ETF™ - September | $13 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide shareholders who hold shares of the Fund for the entire Outcome Period with a "dual direction" of positive returns, meaning the possibility of positive returns regardless of the direction of performance of the Fund's reference asset. Specifically, the Fund seeks to provide investors with capital appreciation as follows: (1) if the Underlying ETF experiences positive returns over the course of the Outcome Period, participating in the positive price returns that match the performance of the Underlying ETF's share price, limited by the Upside Cap, and (2) if the Underlying ETF experiences negative returns over the course of the Outcome Period that are less than or equal to Inverse Performance Threshold, provide positive returns that match the absolute value of Underlying ETF losses. If the Underlying ETF experiences losses over the course of the Outcome Period that exceed the Inverse Performance Threshold, the Fund seeks to provide a buffer thereafter, over the course of the Outcome Period.

Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

Innovator Equity Dual Directional 15 Buffer ETF™- September PAGE 1 TSR-AR-45784N486

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6076img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(08/29/2025)** |
| **Innovator Equity Dual Directional 15 Buffer ETF - September NAV**  | 2.09 |
| **S&P 500 TR**  | 6.08 |
| **S&P 500**  | 5.88 |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=DDFS for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $55431472 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $59404 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $6.50  | 102.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $541.84  | 23.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $645.10  | 7.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $705.10 (Short)  | -6.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $548.31 (Short)  | -28.5% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=DDFS.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Equity Dual Directional 15 Buffer ETF™- September PAGE 2 TSR-AR-45784N486

------

---

| | | |
|:---|:---|:---|
| ![image](img278418_202412182242686.jpg) | **Innovator Growth Accelerated** **ETF®-Quarterly**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278418_202412182242686.jpg) | XDQQ (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278418_202412182242686.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Growth Accelerated ETF®-Quarterly for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XDQQ. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Growth Accelerated ETF®-Quarterly | $88 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide accelerated returns of the Invesco QQQ Trust (QQQ) up to a stated Cap over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Nasdaq-100 Index is down, the Fund will generally provide similar losses to the Nasdaq-100 Index at the end of the Outcome Period. Alternatively, in markets where the Nasdaq-100 Index is appreciating, the Fund seeks to provide accelerated returns of QQQ, limited by the Fund's Cap, which limits the amount of potential accelerated Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap may also cause the Fund to experience different returns than QQQ.

The Nasdaq-100 Index posted strong positive performance for the year ended October 31, 2025. The technology sector maintained its momentum, supported by ongoing investor enthusiasm for generative AI infrastructure and the enduring leadership of the 'Magnificent 7.' However, as the period progressed, market dynamics began to favor valuation-sensitive strategies, leading to a modest rotation away from high-multiple software names and into broader cyclicals, while still securing solid double-digit gains overall.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5759img003.jpg)

Innovator Growth Accelerated ETF®-Quarterly PAGE 1 TSR-AR-45783Y608

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/31/2021)** |
| **Innovator Growth Accelerated ETF-Quarterly NAV**  | 22.80 | 9.75 |
| **NASDAQ 100 Total Return Index**  | 30.95 | 16.92 |
| **NASDAQ 100 Index**  | 30.00 | 16.00 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=XDQQ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $61602749 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $340724 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $1.50  | 101.0% |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $600.37  | 6.9% |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $625.59 (Short)  | -8.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=XDQQ.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Growth Accelerated ETF®-Quarterly PAGE 2 TSR-AR-45783Y608

------

---

| | | |
|:---|:---|:---|
| ![image](img278921_202412191336784.jpg) | **Innovator Growth Accelerated Plus ETF® -** **April**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278921_202412191336784.jpg) | QTAP (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278921_202412191336784.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Growth Accelerated Plus ETF® - April for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=QTAP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Growth Accelerated Plus ETF® - April | $88 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide accelerated returns of the Invesco QQQ Trust (QQQ) up to a stated Cap over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Nasdaq-100 Index is down, the Fund will generally provide similar losses to the Nasdaq-100 Index at the end of the Outcome Period. Alternatively, in markets where the Nasdaq-100 Index is appreciating, the Fund seeks to provide accelerated returns of QQQ, limited by the Fund's Cap, which limits the amount of potential accelerated Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap may also cause the Fund to experience different returns than QQQ.

The Nasdaq-100 Index posted strong positive performance for the year ended October 31, 2025. The technology sector maintained its momentum, supported by ongoing investor enthusiasm for generative AI infrastructure and the enduring leadership of the 'Magnificent 7.' However, as the period progressed, market dynamics began to favor valuation-sensitive strategies, leading to a modest rotation away from high-multiple software names and into broader cyclicals, while still securing solid double-digit gains overall.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5755img003.jpg)

Innovator Growth Accelerated Plus ETF® - April PAGE 1 TSR-AR-45783Y509

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/31/2021)** |
| **Innovator Growth Accelerated Plus ETF - April NAV**  | 23.17 | 12.67 |
| **NASDAQ 100 Total Return Index**  | 30.95 | 16.92 |
| **NASDAQ 100 Index**  | 30.00 | 16.00 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=QTAP for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $30888210 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $173174 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise Price: $4.70  | 114.4% |
|  Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise Price: $468.92  | 63.0% |
|  Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise Price: $501.98 (Short)  | -77.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=QTAP.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Growth Accelerated Plus ETF® - April PAGE 2 TSR-AR-45783Y509

------

---

| | | |
|:---|:---|:---|
| ![image](img278440_202412182253116.jpg) | **Innovator Growth Accelerated Plus ETF® -** **January**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278440_202412182253116.jpg) | QTJA (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278440_202412182253116.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Growth Accelerated Plus ETF® - January for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=QTJA. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Growth Accelerated Plus ETF® - January | $87 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide accelerated returns of the Invesco QQQ Trust (QQQ) up to a stated Cap over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Nasdaq-100 Index is down, the Fund will generally provide similar losses to the Nasdaq-100 Index at the end of the Outcome Period. Alternatively, in markets where the Nasdaq-100 Index is appreciating, the Fund seeks to provide accelerated returns of QQQ, limited by the Fund's Cap, which limits the amount of potential accelerated Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap may also cause the Fund to experience different returns than QQQ.

The Nasdaq-100 Index posted strong positive performance for the year ended October 31, 2025. The technology sector maintained its momentum, supported by ongoing investor enthusiasm for generative AI infrastructure and the enduring leadership of the 'Magnificent 7.' However, as the period progressed, market dynamics began to favor valuation-sensitive strategies, leading to a modest rotation away from high-multiple software names and into broader cyclicals, while still securing solid double-digit gains overall.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5756img003.jpg)

Innovator Growth Accelerated Plus ETF® - January PAGE 1 TSR-AR-45783Y798

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/31/2021)** |
| **Innovator Growth Accelerated Plus ETF - January NAV**  | 19.89 | 3.75 |
| **NASDAQ 100 Total Return Index**  | 30.95 | 13.68 |
| **NASDAQ 100 Index**  | 30.00 | 12.76 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=QTJA for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $24923709 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $156392 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $5.13  | 104.5% |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $511.23  | 41.2% |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $544.36 (Short)  | -46.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=QTJA.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Growth Accelerated Plus ETF® - January PAGE 2 TSR-AR-45783Y798

------

---

| | | |
|:---|:---|:---|
| ![image](img278902_202412191319707.jpg) | **Innovator Growth Accelerated Plus ETF® -** **July**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278902_202412191319707.jpg) | QTJL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278902_202412191319707.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Growth Accelerated Plus ETF® - July for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=QTJL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Growth Accelerated Plus ETF® - July | $89 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide accelerated returns of the Invesco QQQ Trust (QQQ) up to a stated Cap over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Nasdaq-100 Index is down, the Fund will generally provide similar losses to the Nasdaq-100 Index at the end of the Outcome Period. Alternatively, in markets where the Nasdaq-100 Index is appreciating, the Fund seeks to provide accelerated returns of QQQ, limited by the Fund's Cap, which limits the amount of potential accelerated Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap may also cause the Fund to experience different returns than QQQ.

The Nasdaq-100 Index posted strong positive performance for the year ended October 31, 2025. The technology sector maintained its momentum, supported by ongoing investor enthusiasm for generative AI infrastructure and the enduring leadership of the 'Magnificent 7.' However, as the period progressed, market dynamics began to favor valuation-sensitive strategies, leading to a modest rotation away from high-multiple software names and into broader cyclicals, while still securing solid double-digit gains overall.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5757img003.jpg)

Innovator Growth Accelerated Plus ETF® - July PAGE 1 TSR-AR-45783Y871

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/30/2021)** |
| **Innovator Growth Accelerated Plus ETF - July NAV**  | 25.75 | 10.14 |
| **NASDAQ 100 Total Return Index**  | 30.95 | 15.08 |
| **NASDAQ 100 Index**  | 30.00 | 14.17 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=QTJL for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $24246625 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $135209 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2026; Exercise Price: $5.53  | 104.4% |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2026; Exercise Price: $551.64  | 36.3% |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2026; Exercise Price: $586.61 (Short)  | -41.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=QTJL.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Growth Accelerated Plus ETF® - July PAGE 2 TSR-AR-45783Y871

------

---

| | | |
|:---|:---|:---|
| ![image](img279544_c20241219160804.jpg) | **Innovator Growth Accelerated Plus** **ETF®-October**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279544_c20241219160804.jpg) | QTOC (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img279544_c20241219160804.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Growth Accelerated Plus ETF®-October for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=QTOC. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Growth Accelerated Plus ETF®-October | $88 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide accelerated returns of the Invesco QQQ Trust (QQQ) up to a stated Cap over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Nasdaq-100 Index is down, the Fund will generally provide similar losses to the Nasdaq-100 Index at the end of the Outcome Period. Alternatively, in markets where the Nasdaq-100 Index is appreciating, the Fund seeks to provide accelerated returns of QQQ, limited by the Fund's Cap, which limits the amount of potential accelerated Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap may also cause the Fund to experience different returns than QQQ.

The Nasdaq-100 Index posted strong positive performance for the year ended October 31, 2025. The technology sector maintained its momentum, supported by ongoing investor enthusiasm for generative AI infrastructure and the enduring leadership of the 'Magnificent 7.' However, as the period progressed, market dynamics began to favor valuation-sensitive strategies, leading to a modest rotation away from high-multiple software names and into broader cyclicals, while still securing solid double-digit gains overall.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5758img003.jpg)

Innovator Growth Accelerated Plus ETF®-October PAGE 1 TSR-AR-45782C128

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/30/2021)** |
| **Innovator Growth Accelerated Plus ETF-October NAV**  | 22.28 | 8.59 |
| **NASDAQ 100 Total Return Index**  | 30.95 | 15.77 |
| **NASDAQ 100 Index**  | 30.00 | 14.85 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=QTOC for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $14475034 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $114982 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 09/30/2026; Exercise Price: $6.02  | 101.7% |
|  Invesco QQQ Trust Series 1, Expiration: 09/30/2026; Exercise Price: $600.37  | 27.2% |
|  Invesco QQQ Trust Series 1, Expiration: 09/30/2026; Exercise Price: $638.13 (Short)  | -29.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=QTOC.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Growth Accelerated Plus ETF®-October PAGE 2 TSR-AR-45782C128

------

---

| | | |
|:---|:---|:---|
| ![image](img278406_202412182231695.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **April**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278406_202412182231695.jpg) | NAPR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278406_202412182231695.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - April for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=NAPR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Growth-100 Power Buffer ETF™ - April | $83 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the Invesco QQQ Trust (QQQ) up to a stated upside Cap, while limiting downside losses to QQQ by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Nasdaq-100 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Nasdaq-100 Index. Alternatively, in markets where the Nasdaq-100 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than QQQ.

The Nasdaq-100 Index posted strong positive performance for the year ended October 31, 2025. The technology sector maintained its momentum, supported by ongoing investor enthusiasm for generative AI infrastructure and the enduring leadership of the 'Magnificent 7.' However, as the period progressed, market dynamics began to favor valuation-sensitive strategies, leading to a modest rotation away from high-multiple software names and into broader cyclicals, while still securing solid double-digit gains overall.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5766img003.jpg)

Innovator Growth-100 Power Buffer ETF™- April PAGE 1 TSR-AR-45782C334

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(03/31/2020)** |
| **Innovator Growth-100 Power Buffer ETF - April NAV**  | 9.05 | 8.72 | 9.93 |
| **NASDAQ 100 Total Return Index**  | 30.95 | 19.47 | 24.87 |
| **NASDAQ 100 Index**  | 30.00 | 18.53 | 23.89 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=NAPR for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $206950097 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1710243 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise Price: $4.69  | 119.8% |
|  Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise Price: $468.92  | 0.8% |
|  Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise Price: $398.58 (Short)  | -0.4% |
|  Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise Price: $541.18 (Short)  | -20.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=NAPR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Growth-100 Power Buffer ETF™- April PAGE 2 TSR-AR-45782C334

------

---

| | | |
|:---|:---|:---|
| ![image](img278885_202412191309354.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **August**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278885_202412191309354.jpg) | NAUG (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278885_202412191309354.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - August for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=NAUG. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Growth-100 Power Buffer ETF™ - August | $86 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the Invesco QQQ Trust (QQQ) up to a stated upside Cap, while limiting downside losses to QQQ by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Nasdaq-100 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Nasdaq-100 Index. Alternatively, in markets where the Nasdaq-100 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than QQQ.

The Nasdaq-100 Index posted strong positive performance for the year ended October 31, 2025. The technology sector maintained its momentum, supported by ongoing investor enthusiasm for generative AI infrastructure and the enduring leadership of the 'Magnificent 7.' However, as the period progressed, market dynamics began to favor valuation-sensitive strategies, leading to a modest rotation away from high-multiple software names and into broader cyclicals, while still securing solid double-digit gains overall.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5761img003.jpg)

Innovator Growth-100 Power Buffer ETF™- August PAGE 1 TSR-AR-45783Y129

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(07/31/2024)** |
| **Innovator Growth-100 Power Buffer ETF - August NAV**  | 17.89 | 16.26 |
| **NASDAQ 100 Total Return Index**  | 30.95 | 26.93 |
| **NASDAQ 100 Index**  | 30.00 | 25.99 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=NAUG for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $83651321 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $252720 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 07/31/2026; Exercise Price: $5.65  | 105.5% |
|  Invesco QQQ Trust Series 1, Expiration: 07/31/2026; Exercise Price: $565.01  | 3.7% |
|  Invesco QQQ Trust Series 1, Expiration: 07/31/2026; Exercise Price: $480.26 (Short)  | -1.6% |
|  Invesco QQQ Trust Series 1, Expiration: 07/31/2026; Exercise Price: $648.35 (Short)  | -7.9% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=NAUG.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Growth-100 Power Buffer ETF™- August PAGE 2 TSR-AR-45783Y129

------

---

| | | |
|:---|:---|:---|
| ![image](img405424_c20250610183291.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **December**  | ![image](img216216_202410282023961.jpg) |
| ![image](img405424_c20250610183291.jpg) | NDEC (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img405424_c20250610183291.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - December for the period of November 29, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=NDEC. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Growth-100 Power Buffer ETF™ - December | $77 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the Invesco QQQ Trust (QQQ) up to a stated upside Cap, while limiting downside losses to QQQ by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Nasdaq-100 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Nasdaq-100 Index. Alternatively, in markets where the Nasdaq-100 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than QQQ.

The Nasdaq-100 Index posted strong positive performance for the year ended October 31, 2025. The technology sector maintained its momentum, supported by ongoing investor enthusiasm for generative AI infrastructure and the enduring leadership of the 'Magnificent 7.' However, as the period progressed, market dynamics began to favor valuation-sensitive strategies, leading to a modest rotation away from high-multiple software names and into broader cyclicals, while still securing solid double-digit gains overall.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5880img003.jpg)

Innovator Growth-100 Power Buffer ETF™- December PAGE 1 TSR-AR-45784N841

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(11/29/2024)** |
| **Innovator Growth-100 Power Buffer ETF - December NAV**  | 13.11 |
| **NASDAQ 100 Total Return Index**  | 24.35 |
| **NASDAQ 100 Index**  | 23.54 |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=NDEC for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $42561894 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $516123 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.77% |
| **30-Day SEC Yield Unsubsidized** | -0.77% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 11/28/2025; Exercise Price: $5.10  | 108.4% |
|  Invesco QQQ Trust Series 1, Expiration: 11/28/2025; Exercise Price: $509.74  | 0.1% |
|  Invesco QQQ Trust Series 1, Expiration: 11/28/2025; Exercise Price: $433.28 (Short)  | 0.0% |
|  Invesco QQQ Trust Series 1, Expiration: 11/28/2025; Exercise Price: $583.91 (Short)  | -8.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=NDEC.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Growth-100 Power Buffer ETF™- December PAGE 2 TSR-AR-45784N841

------

---

| | | |
|:---|:---|:---|
| ![image](img405425_202506101833522.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **February**  | ![image](img216216_202410282023961.jpg) |
| ![image](img405425_202506101833522.jpg) | NFEB (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img405425_202506101833522.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - February for the period of January 31, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=NFEB. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Growth-100 Power Buffer ETF™ - February | $62 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the Invesco QQQ Trust (QQQ) up to a stated upside Cap, while limiting downside losses to QQQ by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Nasdaq-100 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Nasdaq-100 Index. Alternatively, in markets where the Nasdaq-100 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than QQQ.

The Nasdaq-100 Index posted strong positive performance for the year ended October 31, 2025. The technology sector maintained its momentum, supported by ongoing investor enthusiasm for generative AI infrastructure and the enduring leadership of the 'Magnificent 7.' However, as the period progressed, market dynamics began to favor valuation-sensitive strategies, leading to a modest rotation away from high-multiple software names and into broader cyclicals, while still securing solid double-digit gains overall.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5881img003.jpg)

Innovator Growth-100 Power Buffer ETF™- February PAGE 1 TSR-AR-45784N791

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(01/31/2025)** |
| **Innovator Growth-100 Power Buffer ETF - February NAV**  | 10.85 |
| **NASDAQ 100 Total Return Index**  | 21.05 |
| **NASDAQ 100 Index**  | 20.39 |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=NFEB for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $46189666 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $288344 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 01/30/2026; Exercise Price: $5.22  | 107.8% |
|  Invesco QQQ Trust Series 1, Expiration: 01/30/2026; Exercise Price: $522.29  | 0.7% |
|  Invesco QQQ Trust Series 1, Expiration: 01/30/2026; Exercise Price: $443.95 (Short)  | -0.2% |
|  Invesco QQQ Trust Series 1, Expiration: 01/30/2026; Exercise Price: $599.54 (Short)  | -8.6% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=NFEB.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Growth-100 Power Buffer ETF™- February PAGE 2 TSR-AR-45784N791

------

---

| | | |
|:---|:---|:---|
| ![image](img278891_202412191315966.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **January**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278891_202412191315966.jpg) | NJAN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278891_202412191315966.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - January for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=NJAN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Growth-100 Power Buffer ETF™ - January | $85 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the Invesco QQQ Trust (QQQ) up to a stated upside Cap, while limiting downside losses to QQQ by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Nasdaq-100 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Nasdaq-100 Index. Alternatively, in markets where the Nasdaq-100 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than QQQ.

The Nasdaq-100 Index posted strong positive performance for the year ended October 31, 2025. The technology sector maintained its momentum, supported by ongoing investor enthusiasm for generative AI infrastructure and the enduring leadership of the 'Magnificent 7.' However, as the period progressed, market dynamics began to favor valuation-sensitive strategies, leading to a modest rotation away from high-multiple software names and into broader cyclicals, while still securing solid double-digit gains overall.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5765img003.jpg)

Innovator Growth-100 Power Buffer ETF™- January PAGE 1 TSR-AR-45782C466

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Innovator Growth-100 Power Buffer ETF - January NAV**  | 15.79 | 7.56 | 7.71 |
| **NASDAQ 100 Total Return Index**  | 30.95 | 19.47 | 21.41 |
| **NASDAQ 100 Index**  | 30.00 | 18.53 | 20.44 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=NJAN for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $289711912 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $2201609 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $5.11  | 108.8% |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $511.23  | 0.3% |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $434.55 (Short)  | -0.1% |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $587.91 (Short)  | -9.2% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=NJAN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Growth-100 Power Buffer ETF™- January PAGE 2 TSR-AR-45782C466

------

---

| | | |
|:---|:---|:---|
| ![image](img278938_202412191350132.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **July**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278938_202412191350132.jpg) | NJUL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278938_202412191350132.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - July for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=NJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Growth-100 Power Buffer ETF™ - July | $86 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the Invesco QQQ Trust (QQQ) up to a stated upside Cap, while limiting downside losses to QQQ by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Nasdaq-100 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Nasdaq-100 Index. Alternatively, in markets where the Nasdaq-100 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than QQQ.

The Nasdaq-100 Index posted strong positive performance for the year ended October 31, 2025. The technology sector maintained its momentum, supported by ongoing investor enthusiasm for generative AI infrastructure and the enduring leadership of the 'Magnificent 7.' However, as the period progressed, market dynamics began to favor valuation-sensitive strategies, leading to a modest rotation away from high-multiple software names and into broader cyclicals, while still securing solid double-digit gains overall.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5767img003.jpg)

Innovator Growth-100 Power Buffer ETF™- July PAGE 1 TSR-AR-45782C276

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(06/30/2020)** |
| **Innovator Growth-100 Power Buffer ETF - July NAV**  | 18.97 | 11.29 | 11.34 |
| **NASDAQ 100 Total Return Index**  | 30.95 | 19.47 | 20.07 |
| **NASDAQ 100 Index**  | 30.00 | 18.53 | 19.14 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=NJUL for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $246883606 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1866005 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2026; Exercise Price: $5.52  | 106.8% |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2026; Exercise Price: $551.64  | 3.0% |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2026; Exercise Price: $468.89 (Short)  | -1.3% |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2026; Exercise Price: $632.23 (Short)  | -8.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=NJUL.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Growth-100 Power Buffer ETF™- July PAGE 2 TSR-AR-45782C276

------

---

| | | |
|:---|:---|:---|
| ![image](img278939_202412191352369.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **June**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278939_202412191352369.jpg) | NJUN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278939_202412191352369.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - June for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=NJUN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Growth-100 Power Buffer ETF™ - June | $86 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the Invesco QQQ Trust (QQQ) up to a stated upside Cap, while limiting downside losses to QQQ by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Nasdaq-100 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Nasdaq-100 Index. Alternatively, in markets where the Nasdaq-100 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than QQQ.

The Nasdaq-100 Index posted strong positive performance for the year ended October 31, 2025. The technology sector maintained its momentum, supported by ongoing investor enthusiasm for generative AI infrastructure and the enduring leadership of the 'Magnificent 7.' However, as the period progressed, market dynamics began to favor valuation-sensitive strategies, leading to a modest rotation away from high-multiple software names and into broader cyclicals, while still securing solid double-digit gains overall.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5763img003.jpg)

Innovator Growth-100 Power Buffer ETF™- June PAGE 1 TSR-AR-45783Y269

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(05/31/2024)** |
| **Innovator Growth-100 Power Buffer ETF - June NAV**  | 18.05 | 16.63 |
| **NASDAQ 100 Total Return Index**  | 30.95 | 27.36 |
| **NASDAQ 100 Index**  | 30.00 | 26.43 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=NJUN for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $70099516 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $378491 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 05/29/2026; Exercise Price: $5.19  | 111.0% |
|  Invesco QQQ Trust Series 1, Expiration: 05/29/2026; Exercise Price: $519.11  | 1.9% |
|  Invesco QQQ Trust Series 1, Expiration: 05/29/2026; Exercise Price: $441.24 (Short)  | -0.9% |
|  Invesco QQQ Trust Series 1, Expiration: 05/29/2026; Exercise Price: $598.95 (Short)  | -12.3% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=NJUN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Growth-100 Power Buffer ETF™- June PAGE 2 TSR-AR-45783Y269

------

---

| | | |
|:---|:---|:---|
| ![image](img405426_202506101834965.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **March**  | ![image](img216216_202410282023961.jpg) |
| ![image](img405426_202506101834965.jpg) | NMAR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img405426_202506101834965.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - March for the period of February 28, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=NMAR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Growth-100 Power Buffer ETF™ - March | $55 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the Invesco QQQ Trust (QQQ) up to a stated upside Cap, while limiting downside losses to QQQ by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Nasdaq-100 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Nasdaq-100 Index. Alternatively, in markets where the Nasdaq-100 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than QQQ.

The Nasdaq-100 Index posted strong positive performance for the year ended October 31, 2025. The technology sector maintained its momentum, supported by ongoing investor enthusiasm for generative AI infrastructure and the enduring leadership of the 'Magnificent 7.' However, as the period progressed, market dynamics began to favor valuation-sensitive strategies, leading to a modest rotation away from high-multiple software names and into broader cyclicals, while still securing solid double-digit gains overall.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5882img003.jpg)

Innovator Growth-100 Power Buffer ETF™- March PAGE 1 TSR-AR-45784N767

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(02/28/2025)** |
| **Innovator Growth-100 Power Buffer ETF - March NAV**  | 10.96 |
| **NASDAQ 100 Total Return Index**  | 24.40 |
| **NASDAQ 100 Index**  | 23.82 |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=NMAR for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $29088968 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $177169 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 02/27/2026; Exercise Price: $5.08  | 110.8% |
|  Invesco QQQ Trust Series 1, Expiration: 02/27/2026; Exercise Price: $508.17  | 0.9% |
|  Invesco QQQ Trust Series 1, Expiration: 02/27/2026; Exercise Price: $431.94 (Short)  | -0.4% |
|  Invesco QQQ Trust Series 1, Expiration: 02/27/2026; Exercise Price: $585.21 (Short)  | -11.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=NMAR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Growth-100 Power Buffer ETF™- March PAGE 2 TSR-AR-45784N767

------

---

| | | |
|:---|:---|:---|
| ![image](img405413_202506101819674.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **May**  | ![image](img216216_202410282023961.jpg) |
| ![image](img405413_202506101819674.jpg) | NMAY (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img405413_202506101819674.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - May for the period of April 30, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=NMAY. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Growth-100 Power Buffer ETF™ - May | $42 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the Invesco QQQ Trust (QQQ) up to a stated upside Cap, while limiting downside losses to QQQ by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Nasdaq-100 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Nasdaq-100 Index. Alternatively, in markets where the Nasdaq-100 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than QQQ.

The Nasdaq-100 Index posted strong positive performance for the year ended October 31, 2025. The technology sector maintained its momentum, supported by ongoing investor enthusiasm for generative AI infrastructure and the enduring leadership of the 'Magnificent 7.' However, as the period progressed, market dynamics began to favor valuation-sensitive strategies, leading to a modest rotation away from high-multiple software names and into broader cyclicals, while still securing solid double-digit gains overall.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5883img003.jpg)

Innovator Growth-100 Power Buffer ETF™- May PAGE 1 TSR-AR-45784N676

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(04/30/2025)** |
| **Innovator Growth-100 Power Buffer ETF - May NAV**  | 12.00 |
| **NASDAQ 100 Total Return Index**  | 32.59 |
| **NASDAQ 100 Index**  | 32.12 |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=NMAY for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $17167818 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $65719 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 04/30/2026; Exercise Price: $4.75  | 117.6% |
|  Invesco QQQ Trust Series 1, Expiration: 04/30/2026; Exercise Price: $475.47  | 1.1% |
|  Invesco QQQ Trust Series 1, Expiration: 04/30/2026; Exercise Price: $404.15 (Short)  | -0.5% |
|  Invesco QQQ Trust Series 1, Expiration: 04/30/2026; Exercise Price: $556.30 (Short)  | -18.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=NMAY.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Growth-100 Power Buffer ETF™- May PAGE 2 TSR-AR-45784N676

------

---

| | | |
|:---|:---|:---|
| ![image](img278956_202506101828400.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **November**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278956_202506101828400.jpg) | NNOV (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278956_202506101828400.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - November for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=NNOV. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Growth-100 Power Buffer ETF™ - November | $85 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the Invesco QQQ Trust (QQQ) up to a stated upside Cap, while limiting downside losses to QQQ by the amount of its stated Buffer over the course of the Outcome Period.

In markets where the Nasdaq-100 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Nasdaq-100 Index. Alternatively, in markets where the Nasdaq-100 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than QQQ.

The Nasdaq-100 Index posted strong positive performance for the year ended October 31, 2025. The technology sector maintained its momentum, supported by ongoing investor enthusiasm for generative AI infrastructure and the enduring leadership of the 'Magnificent 7.' However, as the period progressed, market dynamics began to favor valuation-sensitive strategies, leading to a modest rotation away from high-multiple software names and into broader cyclicals, while still securing solid double-digit gains overall.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5762img003.jpg)

Innovator Growth-100 Power Buffer ETF™- November PAGE 1 TSR-AR-45784N874

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/31/2024)** |
| **Innovator Growth-100 Power Buffer ETF - November NAV**  | 15.19 | 15.19 |
| **NASDAQ 100 Total Return Index**  | 30.95 | 30.95 |
| **NASDAQ 100 Index**  | 30.00 | 30.00 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=NNOV for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $21568161 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $187830 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 10/30/2026; Exercise Price: $6.29  | 99.3% |
|  Invesco QQQ Trust Series 1, Expiration: 10/30/2026; Exercise Price: $629.07  | 7.3% |
|  Invesco QQQ Trust Series 1, Expiration: 10/30/2026; Exercise Price: $534.71 (Short)  | -3.3% |
|  Invesco QQQ Trust Series 1, Expiration: 10/30/2026; Exercise Price: $729.22 (Short)  | -3.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=NNOV.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Growth-100 Power Buffer ETF™- November PAGE 2 TSR-AR-45784N874

------

---

| | | |
|:---|:---|:---|
| ![image](img279542_202412191605376.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **October**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279542_202412191605376.jpg) | NOCT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img279542_202412191605376.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - October for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=NOCT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Growth-100 Power Buffer ETF™ - October | $85 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the Invesco QQQ Trust (QQQ) up to a stated upside Cap, while limiting downside losses to QQQ by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Nasdaq-100 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Nasdaq-100 Index. Alternatively, in markets where the Nasdaq-100 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than QQQ.

The Nasdaq-100 Index posted strong positive performance for the year ended October 31, 2025. The technology sector maintained its momentum, supported by ongoing investor enthusiasm for generative AI infrastructure and the enduring leadership of the 'Magnificent 7.' However, as the period progressed, market dynamics began to favor valuation-sensitive strategies, leading to a modest rotation away from high-multiple software names and into broader cyclicals, while still securing solid double-digit gains overall.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5764img003.jpg)

Innovator Growth-100 Power Buffer ETF™- October PAGE 1 TSR-AR-45782C615

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(09/30/2019)** |
| **Innovator Growth-100 Power Buffer ETF - October NAV**  | 16.11 | 11.47 | 10.94 |
| **NASDAQ 100 Total Return Index**  | 30.95 | 19.47 | 22.89 |
| **NASDAQ 100 Index**  | 30.00 | 18.53 | 21.90 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=NOCT for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $253610572 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1299416 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 09/30/2026; Exercise Price: $6.00  | 102.5% |
|  Invesco QQQ Trust Series 1, Expiration: 09/30/2026; Exercise Price: $600.37  | 5.7% |
|  Invesco QQQ Trust Series 1, Expiration: 09/30/2026; Exercise Price: $510.31 (Short)  | -2.6% |
|  Invesco QQQ Trust Series 1, Expiration: 09/30/2026; Exercise Price: $685.98 (Short)  | -5.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=NOCT.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Growth-100 Power Buffer ETF™- October PAGE 2 TSR-AR-45782C615

------

---

| | | |
|:---|:---|:---|
| ![image](img278404_202412182231670.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **September**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278404_202412182231670.jpg) | NSEP (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278404_202412182231670.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - September for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=NSEP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Growth-100 Power Buffer ETF™ - September | $86 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the Invesco QQQ Trust (QQQ) up to a stated upside Cap, while limiting downside losses to QQQ by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Nasdaq-100 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Nasdaq-100 Index. Alternatively, in markets where the Nasdaq-100 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than QQQ.

The Nasdaq-100 Index posted strong positive performance for the year ended October 31, 2025. The technology sector maintained its momentum, supported by ongoing investor enthusiasm for generative AI infrastructure and the enduring leadership of the 'Magnificent 7.' However, as the period progressed, market dynamics began to favor valuation-sensitive strategies, leading to a modest rotation away from high-multiple software names and into broader cyclicals, while still securing solid double-digit gains overall.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5760img003.jpg)

Innovator Growth-100 Power Buffer ETF™- September PAGE 1 TSR-AR-45784N205

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(08/30/2024)** |
| **Innovator Growth-100 Power Buffer ETF - September NAV**  | 16.82 | 15.45 |
| **NASDAQ 100 Total Return Index**  | 30.95 | 27.78 |
| **NASDAQ 100 Index**  | 30.00 | 26.87 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=NSEP for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $63230970 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $300073 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 08/31/2026; Exercise Price: $5.70  | 105.9% |
|  Invesco QQQ Trust Series 1, Expiration: 08/31/2026; Exercise Price: $570.40  | 4.2% |
|  Invesco QQQ Trust Series 1, Expiration: 08/31/2026; Exercise Price: $484.84 (Short)  | -1.9% |
|  Invesco QQQ Trust Series 1, Expiration: 08/31/2026; Exercise Price: $649.80 (Short)  | -8.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=NSEP.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Growth-100 Power Buffer ETF™- September PAGE 2 TSR-AR-45784N205

------

---

| | | |
|:---|:---|:---|
| ![image](img278387_202412182223297.jpg) | **Innovator International Developed 10** **Buffer ETF** **™** **- Quarterly**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278387_202412182223297.jpg) | IBUF (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img278387_202412182223297.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator International Developed 10 Buffer ETF™ - Quarterly for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IBUF. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator International Developed 10 Buffer ETF™ - Quarterly | $90 | 0.85% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price return of the iShares MSCI EAFE ETF (EFA) up to a stated upside Cap, while limiting downside losses to EFA by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the MSCI EAFE Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the MSCI EAFE Index. Alternatively, in markets where the MSCI EAFE Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than EFA.

The MSCI EAFE Index delivered strong performance for the year ended October 31, 2025, Gains were supported by a pivot toward monetary easing by major central banks and renewed optimism surrounding corporate governance reforms in Japan, which bolstered valuations in the region. However, lingering manufacturing weakness in the Eurozone and uncertainty regarding trade tariffs introduced periods of volatility. Throughout the year, a weakening U.S. dollar, resilient labor markets, and the ongoing AI boom, bolstered returns, though these gains were tempered later in the period by sluggish growth projections for Germany and Italy.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5771img003.jpg)

Innovator International Developed 10 Buffer ETF™- Quarterly PAGE 1 TSR-AR-45783Y178

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/28/2024)** |
| **Innovator International Developed 10 Buffer ETF - Quarterly NAV**  | 12.80 | 10.57 |
| **MSCI EAFE Net (USD)**  | 23.03 | 17.94 |
| **MSCI EAFE Price (USD)**  | 19.91 | 15.16 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=IBUF for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $73708705 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $282475 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.82% |
| **30-Day SEC Yield Unsubsidized** | -0.82% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise Price: $0.23  | 99.3% |
|  iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise Price: $93.37  | 2.0% |
|  iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise Price: $84.03 (Short)  | -0.4% |
|  iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise Price: $96.83 (Short)  | -0.9% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=IBUF.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator International Developed 10 Buffer ETF™- Quarterly PAGE 2 TSR-AR-45783Y178

------

---

| | | |
|:---|:---|:---|
| ![image](img278400_202412182228251.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- April**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278400_202412182228251.jpg) | IAPR (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img278400_202412182228251.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - April for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IAPR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator International Developed Power Buffer ETF™ - April | $89 | 0.85% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price return of the iShares MSCI EAFE ETF (EFA) up to a stated upside Cap, while limiting downside losses to EFA by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the MSCI EAFE Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the MSCI EAFE Index. Alternatively, in markets where the MSCI EAFE Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than EFA.

The MSCI EAFE Index delivered strong performance for the year ended October 31, 2025, Gains were supported by a pivot toward monetary easing by major central banks and renewed optimism surrounding corporate governance reforms in Japan, which bolstered valuations in the region. However, lingering manufacturing weakness in the Eurozone and uncertainty regarding trade tariffs introduced periods of volatility. Throughout the year, a weakening U.S. dollar, resilient labor markets, and the ongoing AI boom, bolstered returns, though these gains were tempered later in the period by sluggish growth projections for Germany and Italy.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5779img003.jpg)

Innovator International Developed Power Buffer ETF™- April PAGE 1 TSR-AR-45782C367

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/31/2021)** |
| **Innovator International Developed Power Buffer ETF - April NAV**  | 10.24 | 4.29 |
| **MSCI EAFE Net (USD)**  | 23.03 | 8.11 |
| **MSCI EAFE Price (USD)**  | 19.91 | 5.29 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=IAPR for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $230209648 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1841929 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.83% |
| **30-Day SEC Yield Unsubsidized** | -0.83% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 03/31/2026; Exercise Price: $0.82  | 103.3% |
|  iShares MSCI EAFE ETF, Expiration: 03/31/2026; Exercise Price: $81.73  | 0.9% |
|  iShares MSCI EAFE ETF, Expiration: 03/31/2026; Exercise Price: $69.47 (Short)  | -0.3% |
|  iShares MSCI EAFE ETF, Expiration: 03/31/2026; Exercise Price: $94.64 (Short)  | -4.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=IAPR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator International Developed Power Buffer ETF™- April PAGE 2 TSR-AR-45782C367

------

---

| | | |
|:---|:---|:---|
| ![image](img278399_202412182228872.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- August**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278399_202412182228872.jpg) | IAUG (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img278399_202412182228872.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - August for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IAUG. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator International Developed Power Buffer ETF™ - August | $91 | 0.85% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price return of the iShares MSCI EAFE ETF (EFA) up to a stated upside Cap, while limiting downside losses to EFA by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the MSCI EAFE Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the MSCI EAFE Index. Alternatively, in markets where the MSCI EAFE Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than EFA.

The MSCI EAFE Index delivered strong performance for the year ended October 31, 2025, Gains were supported by a pivot toward monetary easing by major central banks and renewed optimism surrounding corporate governance reforms in Japan, which bolstered valuations in the region. However, lingering manufacturing weakness in the Eurozone and uncertainty regarding trade tariffs introduced periods of volatility. Throughout the year, a weakening U.S. dollar, resilient labor markets, and the ongoing AI boom, bolstered returns, though these gains were tempered later in the period by sluggish growth projections for Germany and Italy.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5776img003.jpg)

Innovator International Developed Power Buffer ETF™- August PAGE 1 TSR-AR-45783Y145

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(07/31/2024)** |
| **Innovator International Developed Power Buffer ETF - August NAV**  | 14.01 | 9.53 |
| **MSCI EAFE Net (USD)**  | 23.03 | 16.62 |
| **MSCI EAFE Price (USD)**  | 19.91 | 13.73 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=IAUG for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $74540679 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $214870 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.83% |
| **30-Day SEC Yield Unsubsidized** | -0.83% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 07/31/2026; Exercise Price: $0.88  | 100.6% |
|  iShares MSCI EAFE ETF, Expiration: 07/31/2026; Exercise Price: $87.52  | 3.0% |
|  iShares MSCI EAFE ETF, Expiration: 07/31/2026; Exercise Price: $74.39 (Short)  | -1.1% |
|  iShares MSCI EAFE ETF, Expiration: 07/31/2026; Exercise Price: $99.79 (Short)  | -2.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=IAUG.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator International Developed Power Buffer ETF™- August PAGE 2 TSR-AR-45783Y145

------

---

| | | |
|:---|:---|:---|
| ![image](img278912_202412191326264.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- December**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278912_202412191326264.jpg) | IDEC (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img278912_202412191326264.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - December for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IDEC. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator International Developed Power Buffer ETF™ - December | $92 | 0.85% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price return of the iShares MSCI EAFE ETF (EFA) up to a stated upside Cap, while limiting downside losses to EFA by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the MSCI EAFE Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the MSCI EAFE Index. Alternatively, in markets where the MSCI EAFE Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than EFA.

The MSCI EAFE Index delivered strong performance for the year ended October 31, 2025, Gains were supported by a pivot toward monetary easing by major central banks and renewed optimism surrounding corporate governance reforms in Japan, which bolstered valuations in the region. However, lingering manufacturing weakness in the Eurozone and uncertainty regarding trade tariffs introduced periods of volatility. Throughout the year, a weakening U.S. dollar, resilient labor markets, and the ongoing AI boom, bolstered returns, though these gains were tempered later in the period by sluggish growth projections for Germany and Italy.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5777img003.jpg)

Innovator International Developed Power Buffer ETF™- December PAGE 1 TSR-AR-45783Y426

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(11/30/2023)** |
| **Innovator International Developed Power Buffer ETF - December NAV**  | 15.68 | 12.72 |
| **MSCI EAFE Net (USD)**  | 23.03 | 18.45 |
| **MSCI EAFE Price (USD)**  | 19.91 | 15.40 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=IDEC for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $21229631 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $173886 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.82% |
| **30-Day SEC Yield Unsubsidized** | -0.82% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 11/28/2025; Exercise Price: $0.79  | 102.1% |
|  iShares MSCI EAFE ETF, Expiration: 11/28/2025; Exercise Price: $78.97  | 0.1% |
|  iShares MSCI EAFE ETF, Expiration: 11/28/2025; Exercise Price: $67.12 (Short)  | 0.0% |
|  iShares MSCI EAFE ETF, Expiration: 11/28/2025; Exercise Price: $93.45 (Short)  | -2.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=IDEC.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator International Developed Power Buffer ETF™- December PAGE 2 TSR-AR-45783Y426

------

---

| | | |
|:---|:---|:---|
| ![image](img278922_202412191337676.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- February**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278922_202412191337676.jpg) | IFEB (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img278922_202412191337676.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - February for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IFEB. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator International Developed Power Buffer ETF™ - February | $90 | 0.85% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price return of the iShares MSCI EAFE ETF (EFA) up to a stated upside Cap, while limiting downside losses to EFA by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the MSCI EAFE Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the MSCI EAFE Index. Alternatively, in markets where the MSCI EAFE Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than EFA.

The MSCI EAFE Index delivered strong performance for the year ended October 31, 2025, Gains were supported by a pivot toward monetary easing by major central banks and renewed optimism surrounding corporate governance reforms in Japan, which bolstered valuations in the region. However, lingering manufacturing weakness in the Eurozone and uncertainty regarding trade tariffs introduced periods of volatility. Throughout the year, a weakening U.S. dollar, resilient labor markets, and the ongoing AI boom, bolstered returns, though these gains were tempered later in the period by sluggish growth projections for Germany and Italy.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5773img003.jpg)

Innovator International Developed Power Buffer ETF™- February PAGE 1 TSR-AR-45783Y350

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(01/31/2024)** |
| **Innovator International Developed Power Buffer ETF - February NAV**  | 12.47 | 10.07 |
| **MSCI EAFE Net (USD)**  | 23.03 | 16.53 |
| **MSCI EAFE Price (USD)**  | 19.91 | 13.30 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=IFEB for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $26616564 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $195060 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.83% |
| **30-Day SEC Yield Unsubsidized** | -0.83% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 01/30/2026; Exercise Price: $0.79  | 103.4% |
|  iShares MSCI EAFE ETF, Expiration: 01/30/2026; Exercise Price: $79.24  | 0.4% |
|  iShares MSCI EAFE ETF, Expiration: 01/30/2026; Exercise Price: $67.35 (Short)  | -0.1% |
|  iShares MSCI EAFE ETF, Expiration: 01/30/2026; Exercise Price: $92.69 (Short)  | -3.9% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=IFEB.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator International Developed Power Buffer ETF™- February PAGE 2 TSR-AR-45783Y350

------

---

| | | |
|:---|:---|:---|
| ![image](img278449_202412182259231.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- January**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278449_202412182259231.jpg) | IJAN (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img278449_202412182259231.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - January for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IJAN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator International Developed Power Buffer ETF™ - January | $90 | 0.85% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price return of the iShares MSCI EAFE ETF (EFA) up to a stated upside Cap, while limiting downside losses to EFA by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the MSCI EAFE Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the MSCI EAFE Index. Alternatively, in markets where the MSCI EAFE Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than EFA.

The MSCI EAFE Index delivered strong performance for the year ended October 31, 2025, Gains were supported by a pivot toward monetary easing by major central banks and renewed optimism surrounding corporate governance reforms in Japan, which bolstered valuations in the region. However, lingering manufacturing weakness in the Eurozone and uncertainty regarding trade tariffs introduced periods of volatility. Throughout the year, a weakening U.S. dollar, resilient labor markets, and the ongoing AI boom, bolstered returns, though these gains were tempered later in the period by sluggish growth projections for Germany and Italy.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5783img003.jpg)

Innovator International Developed Power Buffer ETF™- January PAGE 1 TSR-AR-45782C524

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Innovator International Developed Power Buffer ETF -** **January NAV**  | 11.85 | 8.28 | 6.59 |
| **MSCI EAFE Net (USD)**  | 23.03 | 12.33 | 8.33 |
| **MSCI EAFE Price (USD)**  | 19.91 | 9.46 | 5.59 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=IJAN for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $157806793 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1528273 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.83% |
| **30-Day SEC Yield Unsubsidized** | -0.83% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise Price: $0.76  | 104.5% |
|  iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise Price: $75.61  | 0.1% |
|  iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise Price: $64.27 (Short)  | -0.1% |
|  iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise Price: $90.92 (Short)  | -4.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=IJAN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator International Developed Power Buffer ETF™- January PAGE 2 TSR-AR-45782C524

------

---

| | | |
|:---|:---|:---|
| ![image](img278879_202412191304111.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- July**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278879_202412191304111.jpg) | IJUL (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img278879_202412191304111.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - July for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator International Developed Power Buffer ETF™ - July | $92 | 0.85% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price return of the iShares MSCI EAFE ETF (EFA) up to a stated upside Cap, while limiting downside losses to EFA by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the MSCI EAFE Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the MSCI EAFE Index. Alternatively, in markets where the MSCI EAFE Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than EFA.

The MSCI EAFE Index delivered strong performance for the year ended October 31, 2025, Gains were supported by a pivot toward monetary easing by major central banks and renewed optimism surrounding corporate governance reforms in Japan, which bolstered valuations in the region. However, lingering manufacturing weakness in the Eurozone and uncertainty regarding trade tariffs introduced periods of volatility. Throughout the year, a weakening U.S. dollar, resilient labor markets, and the ongoing AI boom, bolstered returns, though these gains were tempered later in the period by sluggish growth projections for Germany and Italy.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5781img003.jpg)

Innovator International Developed Power Buffer ETF™- July PAGE 1 TSR-AR-45782C722

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(06/28/2019)** |
| **Innovator International Developed Power Buffer ETF -** **July NAV**  | 16.54 | 7.57 | 5.86 |
| **MSCI EAFE Net (USD)**  | 23.03 | 12.33 | 8.79 |
| **MSCI EAFE Price (USD)**  | 19.91 | 9.46 | 6.09 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=IJUL for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $228273363 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1498266 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.83% |
| **30-Day SEC Yield Unsubsidized** | -0.83% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 06/30/2026; Exercise Price: $0.89  | 99.3% |
|  iShares MSCI EAFE ETF, Expiration: 06/30/2026; Exercise Price: $89.39  | 3.1% |
|  iShares MSCI EAFE ETF, Expiration: 06/30/2026; Exercise Price: $75.98 (Short)  | -1.0% |
|  iShares MSCI EAFE ETF, Expiration: 06/30/2026; Exercise Price: $101.55 (Short)  | -1.6% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=IJUL.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator International Developed Power Buffer ETF™- July PAGE 2 TSR-AR-45782C722

------

---

| | | |
|:---|:---|:---|
| ![image](img278933_202412191345805.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- June**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278933_202412191345805.jpg) | IJUN (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img278933_202412191345805.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - June for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IJUN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator International Developed Power Buffer ETF™ - June | $91 | 0.85% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price return of the iShares MSCI EAFE ETF (EFA) up to a stated upside Cap, while limiting downside losses to EFA by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the MSCI EAFE Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the MSCI EAFE Index. Alternatively, in markets where the MSCI EAFE Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than EFA.

The MSCI EAFE Index delivered strong performance for the year ended October 31, 2025, Gains were supported by a pivot toward monetary easing by major central banks and renewed optimism surrounding corporate governance reforms in Japan, which bolstered valuations in the region. However, lingering manufacturing weakness in the Eurozone and uncertainty regarding trade tariffs introduced periods of volatility. Throughout the year, a weakening U.S. dollar, resilient labor markets, and the ongoing AI boom, bolstered returns, though these gains were tempered later in the period by sluggish growth projections for Germany and Italy.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5775img003.jpg)

Innovator International Developed Power Buffer ETF™- June PAGE 1 TSR-AR-45783Y285

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(05/31/2024)** |
| **Innovator International Developed Power Buffer ETF - June NAV**  | 13.79 | 9.29 |
| **MSCI EAFE Net (USD)**  | 23.03 | 15.56 |
| **MSCI EAFE Price (USD)**  | 19.91 | 12.88 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=IJUN for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $59109225 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $364704 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.84% |
| **30-Day SEC Yield Unsubsidized** | -0.84% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 05/29/2026; Exercise Price: $0.89  | 99.9% |
|  iShares MSCI EAFE ETF, Expiration: 05/29/2026; Exercise Price: $88.81  | 2.3% |
|  iShares MSCI EAFE ETF, Expiration: 05/29/2026; Exercise Price: $75.49 (Short)  | -0.7% |
|  iShares MSCI EAFE ETF, Expiration: 05/29/2026; Exercise Price: $101.74 (Short)  | -1.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=IJUN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator International Developed Power Buffer ETF™- June PAGE 2 TSR-AR-45783Y285

------

---

| | | |
|:---|:---|:---|
| ![image](img278925_202412191339449.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- March**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278925_202412191339449.jpg) | IMAR (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img278925_202412191339449.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - March for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IMAR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator International Developed Power Buffer ETF™ - March | $90 | 0.85% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price return of the iShares MSCI EAFE ETF (EFA) up to a stated upside Cap, while limiting downside losses to EFA by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the MSCI EAFE Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the MSCI EAFE Index. Alternatively, in markets where the MSCI EAFE Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than EFA.

The MSCI EAFE Index delivered strong performance for the year ended October 31, 2025, Gains were supported by a pivot toward monetary easing by major central banks and renewed optimism surrounding corporate governance reforms in Japan, which bolstered valuations in the region. However, lingering manufacturing weakness in the Eurozone and uncertainty regarding trade tariffs introduced periods of volatility. Throughout the year, a weakening U.S. dollar, resilient labor markets, and the ongoing AI boom, bolstered returns, though these gains were tempered later in the period by sluggish growth projections for Germany and Italy.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5774img003.jpg)

Innovator International Developed Power Buffer ETF™- March PAGE 1 TSR-AR-45783Y343

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(02/29/2024)** |
| **Innovator International Developed Power Buffer ETF - March NAV**  | 12.49 | 9.22 |
| **MSCI EAFE Net (USD)**  | 23.03 | 16.11 |
| **MSCI EAFE Price (USD)**  | 19.91 | 12.84 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=IMAR for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $34219570 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $338807 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.83% |
| **30-Day SEC Yield Unsubsidized** | -0.83% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 02/27/2026; Exercise Price: $0.82  | 102.5% |
|  iShares MSCI EAFE ETF, Expiration: 02/27/2026; Exercise Price: $81.58  | 0.7% |
|  iShares MSCI EAFE ETF, Expiration: 02/27/2026; Exercise Price: $69.34 (Short)  | -0.2% |
|  iShares MSCI EAFE ETF, Expiration: 02/27/2026; Exercise Price: $94.73 (Short)  | -3.2% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=IMAR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator International Developed Power Buffer ETF™- March PAGE 2 TSR-AR-45783Y343

------

---

| | | |
|:---|:---|:---|
| ![image](img278934_202506121338521.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- May**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278934_202506121338521.jpg) | IMAY (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img278934_202506121338521.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - May for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IMAY. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator International Developed Power Buffer ETF™ - May | $91 | 0.85% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price return of the iShares MSCI EAFE ETF (EFA) up to a stated upside Cap, while limiting downside losses to EFA by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the MSCI EAFE Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the MSCI EAFE Index. Alternatively, in markets where the MSCI EAFE Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than EFA.

The MSCI EAFE Index delivered strong performance for the year ended October 31, 2025, Gains were supported by a pivot toward monetary easing by major central banks and renewed optimism surrounding corporate governance reforms in Japan, which bolstered valuations in the region. However, lingering manufacturing weakness in the Eurozone and uncertainty regarding trade tariffs introduced periods of volatility. Throughout the year, a weakening U.S. dollar, resilient labor markets, and the ongoing AI boom, bolstered returns, though these gains were tempered later in the period by sluggish growth projections for Germany and Italy.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5778img003.jpg)

Innovator International Developed Power Buffer ETF™- May PAGE 1 TSR-AR-45783Y293

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(04/30/2024)** |
| **Innovator International Developed Power Buffer ETF - May NAV**  | 13.69 | 11.20 |
| **MSCI EAFE Net (USD)**  | 23.03 | 17.55 |
| **MSCI EAFE Price (USD)**  | 19.91 | 14.55 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=IMAY for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $34227057 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $184406 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.83% |
| **30-Day SEC Yield Unsubsidized** | -0.83% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 04/30/2026; Exercise Price: $0.85  | 101.4% |
|  iShares MSCI EAFE ETF, Expiration: 04/30/2026; Exercise Price: $84.75  | 1.5% |
|  iShares MSCI EAFE ETF, Expiration: 04/30/2026; Exercise Price: $72.04 (Short)  | -0.5% |
|  iShares MSCI EAFE ETF, Expiration: 04/30/2026; Exercise Price: $98.29 (Short)  | -2.5% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=IMAY.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator International Developed Power Buffer ETF™- May PAGE 2 TSR-AR-45783Y293

------

---

| | | |
|:---|:---|:---|
| ![image](img278898_202412191317396.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- November**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278898_202412191317396.jpg) | INOV (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img278898_202412191317396.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - November for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=INOV. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator International Developed Power Buffer ETF™ - November | $91 | 0.85% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price return of the iShares MSCI EAFE ETF (EFA) up to a stated upside Cap, while limiting downside losses to EFA by the amount of its stated Buffer over the course of the Outcome Period.

In markets where the MSCI EAFE Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the MSCI EAFE Index. Alternatively, in markets where the MSCI EAFE Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than EFA.

The MSCI EAFE Index delivered strong performance for the year ended October 31, 2025, Gains were supported by a pivot toward monetary easing by major central banks and renewed optimism surrounding corporate governance reforms in Japan, which bolstered valuations in the region. However, lingering manufacturing weakness in the Eurozone and uncertainty regarding trade tariffs introduced periods of volatility. Throughout the year, a weakening U.S. dollar, resilient labor markets, and the ongoing AI boom, bolstered returns, though these gains were tempered later in the period by sluggish growth projections for Germany and Italy.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5772img003.jpg)

Innovator International Developed Power Buffer ETF™- November PAGE 1 TSR-AR-45783Y459

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/31/2023)** |
| **Innovator International Developed Power Buffer ETF - November NAV**  | 14.77 | 16.13 |
| **MSCI EAFE Net (USD)**  | 23.03 | 23.00 |
| **MSCI EAFE Price (USD)**  | 19.91 | 19.84 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=INOV for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $11775826 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $107586 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.83% |
| **30-Day SEC Yield Unsubsidized** | -0.83% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 10/30/2026; Exercise Price: $0.94  | 96.8% |
|  iShares MSCI EAFE ETF, Expiration: 10/30/2026; Exercise Price: $94.49  | 5.6% |
|  iShares MSCI EAFE ETF, Expiration: 10/30/2026; Exercise Price: $112.32 (Short)  | -0.7% |
|  iShares MSCI EAFE ETF, Expiration: 10/30/2026; Exercise Price: $80.32 (Short)  | -1.9% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=INOV.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator International Developed Power Buffer ETF™- November PAGE 2 TSR-AR-45783Y459

------

---

| | | |
|:---|:---|:---|
| ![image](img279538_202412191601170.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- October**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279538_202412191601170.jpg) | IOCT (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img279538_202412191601170.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - October for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IOCT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator International Developed Power Buffer ETF™ - October | $92 | 0.85% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price return of the iShares MSCI EAFE ETF (EFA) up to a stated upside Cap, while limiting downside losses to EFA by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the MSCI EAFE Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the MSCI EAFE Index. Alternatively, in markets where the MSCI EAFE Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than EFA.

The MSCI EAFE Index delivered strong performance for the year ended October 31, 2025, Gains were supported by a pivot toward monetary easing by major central banks and renewed optimism surrounding corporate governance reforms in Japan, which bolstered valuations in the region. However, lingering manufacturing weakness in the Eurozone and uncertainty regarding trade tariffs introduced periods of volatility. Throughout the year, a weakening U.S. dollar, resilient labor markets, and the ongoing AI boom, bolstered returns, though these gains were tempered later in the period by sluggish growth projections for Germany and Italy.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5782img003.jpg)

Innovator International Developed Power Buffer ETF™- October PAGE 1 TSR-AR-45782C631

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/30/2021)** |
| **Innovator International Developed Power Buffer ETF - October NAV**  | 15.49 | 7.91 |
| **MSCI EAFE Net (USD)**  | 23.03 | 7.92 |
| **MSCI EAFE Price (USD)**  | 19.91 | 5.12 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=IOCT for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $194233137 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1103487 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.82% |
| **30-Day SEC Yield Unsubsidized** | -0.82% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 09/30/2026; Exercise Price: $0.93  | 97.8% |
|  iShares MSCI EAFE ETF, Expiration: 09/30/2026; Exercise Price: $93.37  | 5.2% |
|  iShares MSCI EAFE ETF, Expiration: 09/30/2026; Exercise Price: $106.34 (Short)  | -1.4% |
|  iShares MSCI EAFE ETF, Expiration: 09/30/2026; Exercise Price: $79.36 (Short)  | -1.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=IOCT.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator International Developed Power Buffer ETF™- October PAGE 2 TSR-AR-45782C631

------

---

| | | |
|:---|:---|:---|
| ![image](img278927_202412191342538.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- September**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278927_202412191342538.jpg) | ISEP (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img216216_202410282023961.jpg) |
| ![image](img278927_202412191342538.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - September for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ISEP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator International Developed Power Buffer ETF™ - September | $91 | 0.85% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price return of the iShares MSCI EAFE ETF (EFA) up to a stated upside Cap, while limiting downside losses to EFA by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the MSCI EAFE Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the MSCI EAFE Index. Alternatively, in markets where the MSCI EAFE Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than EFA.

The MSCI EAFE Index delivered strong performance for the year ended October 31, 2025, Gains were supported by a pivot toward monetary easing by major central banks and renewed optimism surrounding corporate governance reforms in Japan, which bolstered valuations in the region. However, lingering manufacturing weakness in the Eurozone and uncertainty regarding trade tariffs introduced periods of volatility. Throughout the year, a weakening U.S. dollar, resilient labor markets, and the ongoing AI boom, bolstered returns, though these gains were tempered later in the period by sluggish growth projections for Germany and Italy.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5780img003.jpg)

Innovator International Developed Power Buffer ETF™- September PAGE 1 TSR-AR-45783Y533

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(08/31/2023)** |
| **Innovator International Developed Power Buffer ETF - September NAV**  | 14.01 | 11.83 |
| **MSCI EAFE Net (USD)**  | 23.03 | 16.87 |
| **MSCI EAFE Price (USD)**  | 19.91 | 13.92 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=ISEP for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $101018913 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $697570 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.83% |
| **30-Day SEC Yield Unsubsidized** | -0.83% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 08/31/2026; Exercise Price: $0.91  | 98.6% |
|  iShares MSCI EAFE ETF, Expiration: 08/31/2026; Exercise Price: $91.48  | 4.3% |
|  iShares MSCI EAFE ETF, Expiration: 08/31/2026; Exercise Price: $77.76 (Short)  | -1.5% |
|  iShares MSCI EAFE ETF, Expiration: 08/31/2026; Exercise Price: $104.10 (Short)  | -1.6% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=ISEP.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator International Developed Power Buffer ETF™- September PAGE 2 TSR-AR-45783Y533

------

---

| | | |
|:---|:---|:---|
| ![image](img279529_f20241219172931.jpg) | **Innovator Nasdaq-100® 10 Buffer ETF** **™** **-** **Quarterly**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279529_f20241219172931.jpg) | QBUF (Principal U.S. Listing Exchange: NASDAQ) | ![image](img216216_202410282023961.jpg) |
| ![image](img279529_f20241219172931.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Nasdaq-100® 10 Buffer ETF™ - Quarterly for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=QBUF. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Nasdaq-100® 10 Buffer ETF™ - Quarterly | $85 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the Invesco QQQ Trust (QQQ) up to a stated upside Cap, while limiting downside losses to QQQ by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Nasdaq-100 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Nasdaq-100 Index. Alternatively, in markets where the Nasdaq-100 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than QQQ.

The Nasdaq-100 Index posted strong positive performance for the year ended October 31, 2025. The technology sector maintained its momentum, supported by ongoing investor enthusiasm for generative AI infrastructure and the enduring leadership of the 'Magnificent 7.' However, as the period progressed, market dynamics began to favor valuation-sensitive strategies, leading to a modest rotation away from high-multiple software names and into broader cyclicals, while still securing solid double-digit gains overall.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5787img003.jpg)

Innovator Nasdaq-100® 10 Buffer ETF™- Quarterly PAGE 1 TSR-AR-45783Y160

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/28/2024)** |
| **Innovator Nasdaq-100 10 Buffer ETF - Quarterly NAV**  | 15.09 | 12.61 |
| **NASDAQ 100 Total Return Index**  | 30.95 | 23.42 |
| **NASDAQ 100 Index**  | 30.00 | 22.54 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=QBUF for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $212160191 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $954406 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $1.51  | 102.8% |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $600.37  | 1.7% |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $540.33 (Short)  | -0.5% |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $625.53 (Short)  | -4.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=QBUF.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Nasdaq-100® 10 Buffer ETF™- Quarterly PAGE 2 TSR-AR-45783Y160

------

---

| | | |
|:---|:---|:---|
| ![image](img278929_202506121340428.jpg) | **Innovator Premium Income 15 Buffer ETF® -** **April**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278929_202506121340428.jpg) | LAPR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278929_202506121340428.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Premium Income 15 Buffer ETF® - April for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=LAPR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Premium Income 15 Buffer ETF® - April | $81 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide an income-oriented defined outcome strategy which limits the total return a Fund may provide over the course of the Outcome Period to the Defined Distribution Rate, while potentially limiting downside losses experienced by the SPDR S&P 500 ETF Trust (SPY) at the end of the Outcome Period through the implementation of a Buffer. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the structure of the Fund's investments is such that the Fund will not participate in the upside returns of such index, and the total return provided will be the Fund's stated Defined Distribution Rate, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Defined Distribution Rate and the Buffer will cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5794img003.jpg)

Innovator Premium Income 15 Buffer ETF® - April PAGE 1 TSR-AR-45783Y319

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/28/2024)** |
| **Innovator Premium Income 15 Buffer ETF - April NAV**  | 6.15 | 6.23 |
| **S&P 500 TR**  | 21.45 | 19.52 |
| **S&P 500**  | 19.89 | 17.99 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=LAPR for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $7543876 |
| **Number of Holdings** | 6 |
| **Net Advisory Fee** | $43288 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 2.98% |
| **30-Day SEC Yield Unsubsidized** | 2.98% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 98.9% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $475.49 (Short)  | -0.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=LAPR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Premium Income 15 Buffer ETF® - April PAGE 2 TSR-AR-45783Y319

------

---

| | | |
|:---|:---|:---|
| ![image](img278914_202412191329915.jpg) | **Innovator Premium Income 15 Buffer ETF® -** **January**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278914_202412191329915.jpg) | LJAN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278914_202412191329915.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Premium Income 15 Buffer ETF® - January for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=LJAN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Premium Income 15 Buffer ETF® - January | $81 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide an income-oriented defined outcome strategy which limits the total return a Fund may provide over the course of the Outcome Period to the Defined Distribution Rate, while potentially limiting downside losses experienced by the SPDR S&P 500 ETF Trust (SPY) at the end of the Outcome Period through the implementation of a Buffer. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the structure of the Fund's investments is such that the Fund will not participate in the upside returns of such index, and the total return provided will be the Fund's stated Defined Distribution Rate, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Defined Distribution Rate and the Buffer will cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5792img003.jpg)

Innovator Premium Income 15 Buffer ETF® - January PAGE 1 TSR-AR-45783Y368

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/29/2023)** |
| **Innovator Premium Income 15 Buffer ETF - January NAV**  | 5.62 | 5.90 |
| **S&P 500 TR**  | 21.45 | 23.24 |
| **S&P 500**  | 19.89 | 21.63 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=LJAN for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $11716655 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $93496 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.10% |
| **30-Day SEC Yield Unsubsidized** | 3.10% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 99.7% |
|  United States Treasury Bill  | 0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $499.43 (Short)  | -0.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=LJAN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Premium Income 15 Buffer ETF® - January PAGE 2 TSR-AR-45783Y368

------

---

| | | |
|:---|:---|:---|
| ![image](img278431_l20241218224969.jpg) | **Innovator Premium Income 15 Buffer ETF® -** **July**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278431_l20241218224969.jpg) | LJUL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278431_l20241218224969.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Premium Income 15 Buffer ETF® - July for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=LJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Premium Income 15 Buffer ETF® - July | $81 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide an income-oriented defined outcome strategy which limits the total return a Fund may provide over the course of the Outcome Period to the Defined Distribution Rate, while potentially limiting downside losses experienced by the SPDR S&P 500 ETF Trust (SPY) at the end of the Outcome Period through the implementation of a Buffer. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the structure of the Fund's investments is such that the Fund will not participate in the upside returns of such index, and the total return provided will be the Fund's stated Defined Distribution Rate, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Defined Distribution Rate and the Buffer will cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5793img003.jpg)

Innovator Premium Income 15 Buffer ETF® - July PAGE 1 TSR-AR-45783Y186

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/28/2024)** |
| **Innovator Premium Income 15 Buffer ETF - July NAV**  | 6.03 | 6.14 |
| **S&P 500 TR**  | 21.45 | 19.79 |
| **S&P 500**  | 19.89 | 18.27 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=LJUL for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $7781182 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $30658 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 2.91% |
| **30-Day SEC Yield Unsubsidized** | 2.91% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 98.3% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $525.18 (Short)  | -1.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=LJUL.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Premium Income 15 Buffer ETF® - July PAGE 2 TSR-AR-45783Y186

------

---

| | | |
|:---|:---|:---|
| ![image](img278382_t20241218221985.jpg) | **Innovator Premium Income 15 Buffer ETF® -** **October**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278382_t20241218221985.jpg) | LOCT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278382_t20241218221985.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Premium Income 15 Buffer ETF® - October for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=LOCT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Premium Income 15 Buffer ETF® - October | $81 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide an income-oriented defined outcome strategy which limits the total return a Fund may provide over the course of the Outcome Period to the Defined Distribution Rate, while potentially limiting downside losses experienced by the SPDR S&P 500 ETF Trust (SPY) at the end of the Outcome Period through the implementation of a Buffer. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the structure of the Fund's investments is such that the Fund will not participate in the upside returns of such index, and the total return provided will be the Fund's stated Defined Distribution Rate, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Defined Distribution Rate and the Buffer will cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5795img003.jpg)

Innovator Premium Income 15 Buffer ETF® - October PAGE 1 TSR-AR-45783Y434

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/29/2023)** |
| **Innovator Premium Income 15 Buffer ETF - October NAV**  | 5.87 | 6.13 |
| **S&P 500 TR**  | 21.45 | 26.78 |
| **S&P 500**  | 19.89 | 25.07 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=LOCT for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $13680408 |
| **Number of Holdings** | 12 |
| **Net Advisory Fee** | $130359 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 2.92% |
| **30-Day SEC Yield Unsubsidized** | 2.92% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 97.9% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=LOCT.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Premium Income 15 Buffer ETF® - October PAGE 2 TSR-AR-45783Y434

------

---

| | | |
|:---|:---|:---|
| ![image](img278384_202412182220960.jpg) | **Innovator Premium Income 20 Barrier ETF®** **- April**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278384_202412182220960.jpg) | APRH (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278384_202412182220960.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Premium Income 20 Barrier ETF® - April for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=APRH. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Premium Income 20 Barrier ETF® - April | $82 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide an income-oriented defined outcome strategy which limits the total return a Fund may provide over the course of the Outcome Period to the Defined Distribution Rate, while potentially limiting downside losses experienced by the S&P 500 Price Return Index (SPX) at the end of the Outcome Period through the implementation of a Barrier. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Barrier provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the structure of the Fund's investments is such that the Fund will not participate in the upside returns of such index, and the total return provided will be the Fund's stated Defined Distribution Rate, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Defined Distribution Rate and the Barrier will cause the Fund to experience different returns than SPX.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5799img003.jpg)

Innovator Premium Income 20 Barrier ETF® - April PAGE 1 TSR-AR-45783Y624

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/31/2023)** |
| **Innovator Premium Income 20 Barrier ETF - April NAV**  | 7.48 | 7.75 |
| **S&P 500 TR**  | 21.45 | 23.50 |
| **S&P 500**  | 19.89 | 21.78 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=APRH for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $26133734 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $215582 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 2.98% |
| **30-Day SEC Yield Unsubsidized** | 2.98% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 99.0% |
|  S&P 500 Index, Expiration: 03/31/2026; Exercise Price: $4,433.42  | 6.4% |
|  United States Treasury Bill  | 1.6% |
|  S&P 500 Mini Index, Expiration: 03/31/2026; Exercise Price: $448.95 (Short)  | 0.0% |
|  S&P 500 Index, Expiration: 03/31/2026; Exercise Price: $4,489.54 (Short)  | -7.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=APRH.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Premium Income 20 Barrier ETF® - April PAGE 2 TSR-AR-45783Y624

------

---

| | | |
|:---|:---|:---|
| ![image](img278919_202412191335269.jpg) | **Innovator Premium Income 20 Barrier ETF®** **- January**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278919_202412191335269.jpg) | JANH (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278919_202412191335269.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Premium Income 20 Barrier ETF® - January for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=JANH. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Premium Income 20 Barrier ETF® - January | $82 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide an income-oriented defined outcome strategy which limits the total return a Fund may provide over the course of the Outcome Period to the Defined Distribution Rate, while potentially limiting downside losses experienced by the S&P 500 Price Return Index (SPX) at the end of the Outcome Period through the implementation of a Barrier. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Barrier provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the structure of the Fund's investments is such that the Fund will not participate in the upside returns of such index, and the total return provided will be the Fund's stated Defined Distribution Rate, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Defined Distribution Rate and the Barrier will cause the Fund to experience different returns than SPX.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5798img003.jpg)

Innovator Premium Income 20 Barrier ETF® - January PAGE 1 TSR-AR-45783Y657

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/29/2023)** |
| **Innovator Premium Income 20 Barrier ETF - January NAV**  | 6.68 | 6.97 |
| **S&P 500 TR**  | 21.45 | 23.24 |
| **S&P 500**  | 19.89 | 21.63 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=JANH for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $10566411 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $90230 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.09% |
| **30-Day SEC Yield Unsubsidized** | 3.09% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 100.2% |
|  S&P 500 Index, Expiration: 12/31/2025; Exercise Price: $4,657.38  | 1.5% |
|  S&P 500 Mini Index, Expiration: 12/31/2025; Exercise Price: $471.63 (Short)  | 0.0% |
|  S&P 500 Index, Expiration: 12/31/2025; Exercise Price: $4,716.34 (Short)  | -1.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=JANH.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Premium Income 20 Barrier ETF® - January PAGE 2 TSR-AR-45783Y657

------

---

| | | |
|:---|:---|:---|
| ![image](img278953_202412191403795.jpg) | **Innovator Premium Income 20 Barrier ETF®** **- July**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278953_202412191403795.jpg) | JULH (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278953_202412191403795.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Premium Income 20 Barrier ETF® - July for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=JULH. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Premium Income 20 Barrier ETF® - July | $82 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide an income-oriented defined outcome strategy which limits the total return a Fund may provide over the course of the Outcome Period to the Defined Distribution Rate, while potentially limiting downside losses experienced by the S&P 500 Price Return Index (SPX) at the end of the Outcome Period through the implementation of a Barrier. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Barrier provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the structure of the Fund's investments is such that the Fund will not participate in the upside returns of such index, and the total return provided will be the Fund's stated Defined Distribution Rate, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Defined Distribution Rate and the Barrier will cause the Fund to experience different returns than SPX.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5796img003.jpg)

Innovator Premium Income 20 Barrier ETF® - July PAGE 1 TSR-AR-45783Y582

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/30/2023)** |
| **Innovator Premium Income 20 Barrier ETF - July NAV**  | 7.41 | 7.52 |
| **S&P 500 TR**  | 21.45 | 21.86 |
| **S&P 500**  | 19.89 | 20.19 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=JULH for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $18848916 |
| **Number of Holdings** | 6 |
| **Net Advisory Fee** | $151157 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 2.92% |
| **30-Day SEC Yield Unsubsidized** | 2.92% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 98.6% |
|  S&P 500 Index, Expiration: 06/30/2026; Exercise Price: $4,901.91  | 16.0% |
|  United States Treasury Bill  | 1.6% |
|  United States Treasury Bill  | 1.6% |
|  S&P 500 Mini Index, Expiration: 06/30/2026; Exercise Price: $496.39 (Short)  | 0.0% |
|  S&P 500 Index, Expiration: 06/30/2026; Exercise Price: $4,963.96 (Short)  | -17.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=JULH.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Premium Income 20 Barrier ETF® - July PAGE 2 TSR-AR-45783Y582

------

---

| | | |
|:---|:---|:---|
| ![image](img279535_202412191558133.jpg) | **Innovator Premium Income 20 Barrier ETF®** **- October**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279535_202412191558133.jpg) | OCTH (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img279535_202412191558133.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Premium Income 20 Barrier ETF® - October for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=OCTH. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Premium Income 20 Barrier ETF® - October | $82 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide an income-oriented defined outcome strategy which limits the total return a Fund may provide over the course of the Outcome Period to the Defined Distribution Rate, while potentially limiting downside losses experienced by the S&P 500 Price Return Index (SPX) at the end of the Outcome Period through the implementation of a Barrier. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Barrier provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the structure of the Fund's investments is such that the Fund will not participate in the upside returns of such index, and the total return provided will be the Fund's stated Defined Distribution Rate, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Defined Distribution Rate and the Barrier will cause the Fund to experience different returns than SPX.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5797img003.jpg)

Innovator Premium Income 20 Barrier ETF® - October PAGE 1 TSR-AR-45783Y525

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/29/2023)** |
| **Innovator Premium Income 20 Barrier ETF - October NAV**  | 7.21 | 7.22 |
| **S&P 500 TR**  | 21.45 | 26.78 |
| **S&P 500**  | 19.89 | 25.07 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=OCTH for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $20365481 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $153065 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 2.95% |
| **30-Day SEC Yield Unsubsidized** | 2.95% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 98.7% |
|  S&P 500 Index, Expiration: 09/30/2026; Exercise Price: $5,283.85  | 30.5% |
|  United States Treasury Bill  | 1.6% |
|  United States Treasury Bill  | 1.6% |
|  United States Treasury Bill  | 1.6% |
|  S&P 500 Mini Index, Expiration: 09/30/2026; Exercise Price: $535.07 (Short)  | -1.6% |
|  S&P 500 Index, Expiration: 09/30/2026; Exercise Price: $5,350.74 (Short)  | -32.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=OCTH.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Premium Income 20 Barrier ETF® - October PAGE 2 TSR-AR-45783Y525

------

---

| | | |
|:---|:---|:---|
| ![image](img278386_j20241218222208.jpg) | **Innovator Premium Income 30 Barrier ETF®** **- April**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278386_j20241218222208.jpg) | APRJ (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278386_j20241218222208.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Premium Income 30 Barrier ETF® - April for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=APRJ. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Premium Income 30 Barrier ETF® - April | $81 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide an income-oriented defined outcome strategy which limits the total return a Fund may provide over the course of the Outcome Period to the Defined Distribution Rate, while potentially limiting downside losses experienced by the S&P 500 Price Return Index (SPX) at the end of the Outcome Period through the implementation of a Barrier. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Barrier provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the structure of the Fund's investments is such that the Fund will not participate in the upside returns of such index, and the total return provided will be the Fund's stated Defined Distribution Rate, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Defined Distribution Rate and the Barrier will cause the Fund to experience different returns than SPX.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5800img003.jpg)

Innovator Premium Income 30 Barrier ETF® - April PAGE 1 TSR-AR-45783Y616

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/31/2023)** |
| **Innovator Premium Income 30 Barrier ETF - April NAV**  | 5.90 | 6.37 |
| **S&P 500 TR**  | 21.45 | 23.50 |
| **S&P 500**  | 19.89 | 21.78 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=APRJ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $34062216 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $287488 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 2.97% |
| **30-Day SEC Yield Unsubsidized** | 2.97% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 99.2% |
|  S&P 500 Index, Expiration: 03/31/2026; Exercise Price: $3,872.23  | 6.2% |
|  United States Treasury Bill  | 1.3% |
|  S&P 500 Mini Index, Expiration: 03/31/2026; Exercise Price: $392.83 (Short)  | 0.0% |
|  S&P 500 Index, Expiration: 03/31/2026; Exercise Price: $3,928.35 (Short)  | -6.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=APRJ.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Premium Income 30 Barrier ETF® - April PAGE 2 TSR-AR-45783Y616

------

---

| | | |
|:---|:---|:---|
| ![image](img278896_202412191317354.jpg) | **Innovator Premium Income 30 Barrier ETF®** **- January**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278896_202412191317354.jpg) | JANJ (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278896_202412191317354.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Premium Income 30 Barrier ETF® - January for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=JANJ. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Premium Income 30 Barrier ETF® - January | $81 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide an income-oriented defined outcome strategy which limits the total return a Fund may provide over the course of the Outcome Period to the Defined Distribution Rate, while potentially limiting downside losses experienced by the S&P 500 Price Return Index (SPX) at the end of the Outcome Period through the implementation of a Barrier. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Barrier provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the structure of the Fund's investments is such that the Fund will not participate in the upside returns of such index, and the total return provided will be the Fund's stated Defined Distribution Rate, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Defined Distribution Rate and the Barrier will cause the Fund to experience different returns than SPX.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5802img003.jpg)

Innovator Premium Income 30 Barrier ETF® - January PAGE 1 TSR-AR-45783Y376

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/29/2023)** |
| **Innovator Premium Income 30 Barrier ETF - January NAV**  | 5.48 | 5.76 |
| **S&P 500 TR**  | 21.45 | 23.24 |
| **S&P 500**  | 19.89 | 21.63 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=JANJ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $16133258 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $147721 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.08% |
| **30-Day SEC Yield Unsubsidized** | 3.08% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 100.2% |
|  S&P 500 Index, Expiration: 12/31/2025; Exercise Price: $4,067.84  | 1.1% |
|  S&P 500 Mini Index, Expiration: 12/31/2025; Exercise Price: $412.68 (Short)  | 0.0% |
|  S&P 500 Index, Expiration: 12/31/2025; Exercise Price: $4,126.79 (Short)  | -1.3% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=JANJ.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Premium Income 30 Barrier ETF® - January PAGE 2 TSR-AR-45783Y376

------

---

| | | |
|:---|:---|:---|
| ![image](img278434_202412182250527.jpg) | **Innovator Premium Income 30 Barrier ETF®** **- July**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278434_202412182250527.jpg) | JULJ (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278434_202412182250527.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Premium Income 30 Barrier ETF® - July for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=JULJ. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Premium Income 30 Barrier ETF® - July | $81 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide an income-oriented defined outcome strategy which limits the total return a Fund may provide over the course of the Outcome Period to the Defined Distribution Rate, while potentially limiting downside losses experienced by the S&P 500 Price Return Index (SPX) at the end of the Outcome Period through the implementation of a Barrier. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Barrier provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the structure of the Fund's investments is such that the Fund will not participate in the upside returns of such index, and the total return provided will be the Fund's stated Defined Distribution Rate, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Defined Distribution Rate and the Barrier will cause the Fund to experience different returns than SPX.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5801img003.jpg)

Innovator Premium Income 30 Barrier ETF® - July PAGE 1 TSR-AR-45783Y566

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/30/2023)** |
| **Innovator Premium Income 30 Barrier ETF - July NAV**  | 6.15 | 6.43 |
| **S&P 500 TR**  | 21.45 | 21.86 |
| **S&P 500**  | 19.89 | 20.19 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=JULJ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $17555260 |
| **Number of Holdings** | 6 |
| **Net Advisory Fee** | $160808 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 2.90% |
| **30-Day SEC Yield Unsubsidized** | 2.90% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 98.7% |
|  S&P 500 Index, Expiration: 06/30/2026; Exercise Price: $4,281.42  | 14.4% |
|  United States Treasury Bill  | 1.3% |
|  United States Treasury Bill  | 1.3% |
|  S&P 500 Mini Index, Expiration: 06/30/2026; Exercise Price: $434.34 (Short)  | 0.0% |
|  S&P 500 Index, Expiration: 06/30/2026; Exercise Price: $4,343.47 (Short)  | -15.6% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=JULJ.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Premium Income 30 Barrier ETF® - July PAGE 2 TSR-AR-45783Y566

------

---

| | | |
|:---|:---|:---|
| ![image](img278941_202412191354984.jpg) | **Innovator Premium Income 30 Barrier ETF®** **- October**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278941_202412191354984.jpg) | OCTJ (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278941_202412191354984.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Premium Income 30 Barrier ETF® - October for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=OCTJ. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Premium Income 30 Barrier ETF® - October | $81 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide an income-oriented defined outcome strategy which limits the total return a Fund may provide over the course of the Outcome Period to the Defined Distribution Rate, while potentially limiting downside losses experienced by the S&P 500 Price Return Index (SPX) at the end of the Outcome Period through the implementation of a Barrier. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Barrier provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the structure of the Fund's investments is such that the Fund will not participate in the upside returns of such index, and the total return provided will be the Fund's stated Defined Distribution Rate, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Defined Distribution Rate and the Barrier will cause the Fund to experience different returns than SPX.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5803img003.jpg)

Innovator Premium Income 30 Barrier ETF® - October PAGE 1 TSR-AR-45783Y491

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/29/2023)** |
| **Innovator Premium Income 30 Barrier ETF - October NAV**  | 5.92 | 6.04 |
| **S&P 500 TR**  | 21.45 | 26.78 |
| **S&P 500**  | 19.89 | 25.07 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=OCTJ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $17959463 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $166367 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 2.94% |
| **30-Day SEC Yield Unsubsidized** | 2.94% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 98.5% |
|  S&P 500 Index, Expiration: 09/30/2026; Exercise Price: $4,615.01  | 25.9% |
|  United States Treasury Bill  | 1.3% |
|  United States Treasury Bill  | 1.3% |
|  United States Treasury Bill  | 1.3% |
|  S&P 500 Mini Index, Expiration: 09/30/2026; Exercise Price: $468.19 (Short)  | -0.9% |
|  S&P 500 Index, Expiration: 09/30/2026; Exercise Price: $4,681.89 (Short)  | -27.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=OCTJ.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Premium Income 30 Barrier ETF® - October PAGE 2 TSR-AR-45783Y491

------

---

| | | |
|:---|:---|:---|
| ![image](img278409_202506121337291.jpg) | **Innovator U.S. Equity 10 Buffer ETF** **™** **-** **Quarterly**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278409_202506121337291.jpg) | ZALT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278409_202506121337291.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity 10 Buffer ETF™ - Quarterly for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZALT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity 10 Buffer ETF™ - Quarterly | $73 | 0.69% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5808img003.jpg)

Innovator U.S. Equity 10 Buffer ETF™- Quarterly PAGE 1 TSR-AR-45783Y442

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/29/2023)** |
| **Innovator U.S. Equity 10 Buffer ETF - Quarterly NAV**  | 10.17 | 11.59 |
| **S&P 500 TR**  | 21.45 | 26.78 |
| **S&P 500**  | 19.89 | 25.07 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=ZALT for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $634293499 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $3066735 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.67% |
| **30-Day SEC Yield Unsubsidized** | -0.67% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $1.65  | 100.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $666.17  | 1.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $599.56 (Short)  | -0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $689.23 (Short)  | -2.2% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=ZALT.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity 10 Buffer ETF™- Quarterly PAGE 2 TSR-AR-45783Y442

------

---

| | | |
|:---|:---|:---|
| ![image](img278414_202412182238273.jpg) | **Innovator U.S. Equity 5 to 15 Buffer ETF** **™** **-** **Quarterly**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278414_202412182238273.jpg) | EALT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278414_202412182238273.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity 5 to 15 Buffer ETF™ - Quarterly for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=EALT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity 5 to 15 Buffer ETF™ - Quarterly | $73 | 0.69% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5807img003.jpg)

Innovator U.S. Equity 5 to 15 Buffer ETF™- Quarterly PAGE 1 TSR-AR-45783Y475

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/29/2023)** |
| **Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly NAV**  | 11.56 | 16.33 |
| **S&P 500 TR**  | 21.45 | 26.78 |
| **S&P 500**  | 19.89 | 25.07 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=EALT for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $155409556 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $857151 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.66% |
| **30-Day SEC Yield Unsubsidized** | -0.66% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $1.64  | 100.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $632.87  | 0.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $566.25 (Short)  | -0.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $706.75 (Short)  | -1.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=EALT.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity 5 to 15 Buffer ETF™- Quarterly PAGE 2 TSR-AR-45783Y475

------

---

| | | |
|:---|:---|:---|
| ![image](img278928_202412191342827.jpg) | **Innovator U.S. Equity Accelerated 9 Buffer** **ETF** **™** **- April**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278928_202412191342827.jpg) | XBAP (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278928_202412191342827.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Accelerated 9 Buffer ETF™ - April for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XBAP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Accelerated 9 Buffer ETF™ - April | $85 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide accelerated returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside accelerated performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5810img003.jpg)

Innovator U.S. Equity Accelerated 9 Buffer ETF™- April PAGE 1 TSR-AR-45783Y301

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/31/2021)** |
| **Innovator U.S. Equity Accelerated 9 Buffer ETF - April NAV**  | 14.21 | 9.26 |
| **S&P 500 TR**  | 21.45 | 14.24 |
| **S&P 500**  | 19.89 | 12.58 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=XBAP for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $153282577 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $1342441 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $5.57  | 111.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $559.37  | 22.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $559.37  | 0.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $509.02 (Short)  | -0.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $595.14 (Short)  | -34.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=XBAP.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Accelerated 9 Buffer ETF™- April PAGE 2 TSR-AR-45783Y301

------

---

| | | |
|:---|:---|:---|
| ![image](img278436_202412182251139.jpg) | **Innovator U.S. Equity Accelerated 9 Buffer** **ETF** **™** **- January**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278436_202412182251139.jpg) | XBJA (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278436_202412182251139.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Accelerated 9 Buffer ETF™ - January for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XBJA. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Accelerated 9 Buffer ETF™ - January | $83 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide accelerated returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside accelerated performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5812img003.jpg)

Innovator U.S. Equity Accelerated 9 Buffer ETF™- January PAGE 1 TSR-AR-45783Y780

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/31/2021)** |
| **Innovator U.S. Equity Accelerated 9 Buffer ETF - January NAV**  | 11.10 | 6.59 |
| **S&P 500 TR**  | 21.45 | 11.53 |
| **S&P 500**  | 19.89 | 9.88 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=XBJA for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $92285682 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $752094 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $5.84  | 105.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $586.06  | 15.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $586.06  | 0.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $533.31 (Short)  | -0.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $620.37 (Short)  | -21.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=XBJA.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Accelerated 9 Buffer ETF™- January PAGE 2 TSR-AR-45783Y780

------

---

| | | |
|:---|:---|:---|
| ![image](img278890_202412191313404.jpg) | **Innovator U.S. Equity Accelerated 9 Buffer** **ETF** **™** **- July**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278890_202412191313404.jpg) | XBJL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278890_202412191313404.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Accelerated 9 Buffer ETF™ - July for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XBJL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Accelerated 9 Buffer ETF™ - July | $84 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide accelerated returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside accelerated performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5811img003.jpg)

Innovator U.S. Equity Accelerated 9 Buffer ETF™- July PAGE 1 TSR-AR-45783Y889

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/30/2021)** |
| **Innovator U.S. Equity Accelerated 9 Buffer ETF - July NAV**  | 12.75 | 9.24 |
| **S&P 500 TR**  | 21.45 | 12.97 |
| **S&P 500**  | 19.89 | 11.31 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=XBJL for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $127178862 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $1169389 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.77% |
| **30-Day SEC Yield Unsubsidized** | -0.77% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $6.15  | 104.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $617.83  | 14.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $617.83  | 2.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $562.22 (Short)  | -1.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $654.55 (Short)  | -20.5% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=XBJL.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Accelerated 9 Buffer ETF™- July PAGE 2 TSR-AR-45783Y889

------

---

| | | |
|:---|:---|:---|
| ![image](img279715_202412191615497.jpg) | **Innovator U.S. Equity Accelerated 9 Buffer** **ETF** **™** **- October**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279715_202412191615497.jpg) | XBOC (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img279715_202412191615497.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Accelerated 9 Buffer ETF™ - October for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XBOC. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Accelerated 9 Buffer ETF™ - October | $84 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide accelerated returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside accelerated performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5809img003.jpg)

Innovator U.S. Equity Accelerated 9 Buffer ETF™- October PAGE 1 TSR-AR-45783Y848

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/30/2021)** |
| **Innovator U.S. Equity Accelerated 9 Buffer ETF - October NAV**  | 11.93 | 8.15 |
| **S&P 500 TR**  | 21.45 | 13.66 |
| **S&P 500**  | 19.89 | 11.99 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=XBOC for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $83605742 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $713455 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $6.64  | 100.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $666.15  | 10.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $666.15  | 4.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $606.20 (Short)  | -3.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $705.15 (Short)  | -12.9% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=XBOC.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Accelerated 9 Buffer ETF™- October PAGE 2 TSR-AR-45783Y848

------

---

| | | |
|:---|:---|:---|
| ![image](img278420_202412182243285.jpg) | **Innovator U.S. Equity Accelerated ETF® -** **Quarterly**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278420_202412182243285.jpg) | XDSQ (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278420_202412182243285.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Accelerated ETF® - Quarterly for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XDSQ. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Accelerated ETF® - Quarterly | $85 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide accelerated returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated Cap over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the Fund will generally provide similar losses to the S&P 500 Index at the end of the Outcome Period. Alternatively, in markets where the S&P 500 Index is appreciating, the Fund seeks to provide accelerated returns of SPY, limited by the Fund's Cap, which limits the amount of potential accelerated Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap may also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5813img003.jpg)

Innovator U.S. Equity Accelerated ETF® - Quarterly PAGE 1 TSR-AR-45783Y103

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/31/2021)** |
| **Innovator U.S. Equity Accelerated ETF - Quarterly NAV**  | 16.40 | 10.81 |
| **S&P 500 TR**  | 21.45 | 14.24 |
| **S&P 500**  | 19.89 | 12.58 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=XDSQ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $71089085 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $472497 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $1.68  | 100.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $666.18  | 4.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $687.90 (Short)  | -4.5% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=XDSQ.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Accelerated ETF® - Quarterly PAGE 2 TSR-AR-45783Y103

------

---

| | | |
|:---|:---|:---|
| ![image](img278395_202412182226865.jpg) | **Innovator U.S. Equity Accelerated Plus** **ETF® - April**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278395_202412182226865.jpg) | XTAP (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278395_202412182226865.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Accelerated Plus ETF® - April for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XTAP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Accelerated Plus ETF® - April | $86 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide accelerated returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated Cap over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the Fund will generally provide similar losses to the S&P 500 Index at the end of the Outcome Period. Alternatively, in markets where the S&P 500 Index is appreciating, the Fund seeks to provide accelerated returns of SPY, limited by the Fund's Cap, which limits the amount of potential accelerated Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap may also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5816img003.jpg)

Innovator U.S. Equity Accelerated Plus ETF® - April PAGE 1 TSR-AR-45783Y400

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/31/2021)** |
| **Innovator U.S. Equity Accelerated Plus ETF - April NAV**  | 18.77 | 10.39 |
| **S&P 500 TR**  | 21.45 | 14.24 |
| **S&P 500**  | 19.89 | 12.58 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=XTAP for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $23954715 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $158027 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $5.56  | 108.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $559.36  | 43.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $590.44 (Short)  | -51.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=XTAP.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Accelerated Plus ETF® - April PAGE 2 TSR-AR-45783Y400

------

---

| | | |
|:---|:---|:---|
| ![image](img278435_202412182251582.jpg) | **Innovator U.S. Equity Accelerated Plus** **ETF® - January**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278435_202412182251582.jpg) | XTJA (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278435_202412182251582.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Accelerated Plus ETF® - January for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XTJA. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Accelerated Plus ETF® - January | $85 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide accelerated returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated Cap over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the Fund will generally provide similar losses to the S&P 500 Index at the end of the Outcome Period. Alternatively, in markets where the S&P 500 Index is appreciating, the Fund seeks to provide accelerated returns of SPY, limited by the Fund's Cap, which limits the amount of potential accelerated Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap may also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5818img003.jpg)

Innovator U.S. Equity Accelerated Plus ETF® - January PAGE 1 TSR-AR-45783Y772

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/31/2021)** |
| **Innovator U.S. Equity Accelerated Plus ETF - January NAV**  | 13.93 | 6.21 |
| **S&P 500 TR**  | 21.45 | 11.53 |
| **S&P 500**  | 19.89 | 9.88 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=XTJA for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $17896623 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $135019 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.77% |
| **30-Day SEC Yield Unsubsidized** | -0.77% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $5.83  | 102.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $586.04  | 30.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $614.68 (Short)  | -33.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=XTJA.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Accelerated Plus ETF® - January PAGE 2 TSR-AR-45783Y772

------

---

| | | |
|:---|:---|:---|
| ![image](img278892_202412191315768.jpg) | **Innovator U.S. Equity Accelerated Plus** **ETF® - July**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278892_202412191315768.jpg) | XTJL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278892_202412191315768.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Accelerated Plus ETF® - July for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XTJL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Accelerated Plus ETF® - July | $86 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide accelerated returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated Cap over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the Fund will generally provide similar losses to the S&P 500 Index at the end of the Outcome Period. Alternatively, in markets where the S&P 500 Index is appreciating, the Fund seeks to provide accelerated returns of SPY, limited by the Fund's Cap, which limits the amount of potential accelerated Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap may also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5819img003.jpg)

Innovator U.S. Equity Accelerated Plus ETF® - July PAGE 1 TSR-AR-45783Y806

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/30/2021)** |
| **Innovator U.S. Equity Accelerated Plus ETF - July NAV**  | 16.50 | 9.57 |
| **S&P 500 TR**  | 21.45 | 12.97 |
| **S&P 500**  | 19.89 | 11.31 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=XTJL for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $16225333 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $98798 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $6.14  | 103.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $617.81  | 29.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $649.05 (Short)  | -32.2% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=XTJL.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Accelerated Plus ETF® - July PAGE 2 TSR-AR-45783Y806

------

---

| | | |
|:---|:---|:---|
| ![image](img279978_c20241219162687.jpg) | **Innovator U.S. Equity Accelerated Plus** **ETF® - October**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279978_c20241219162687.jpg) | XTOC (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img279978_c20241219162687.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Accelerated Plus ETF® - October for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XTOC. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Accelerated Plus ETF® - October | $85 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide accelerated returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated Cap over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the Fund will generally provide similar losses to the S&P 500 Index at the end of the Outcome Period. Alternatively, in markets where the S&P 500 Index is appreciating, the Fund seeks to provide accelerated returns of SPY, limited by the Fund's Cap, which limits the amount of potential accelerated Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap may also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5817img003.jpg)

Innovator U.S. Equity Accelerated Plus ETF® - October PAGE 1 TSR-AR-45783Y830

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/30/2021)** |
| **Innovator U.S. Equity Accelerated Plus ETF - October NAV**  | 15.45 | 8.07 |
| **S&P 500 TR**  | 21.45 | 13.66 |
| **S&P 500**  | 19.89 | 11.99 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=XTOC for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $15685693 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $106228 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $6.62  | 100.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $666.14  | 20.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $699.29 (Short)  | -20.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=XTOC.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Accelerated Plus ETF® - October PAGE 2 TSR-AR-45783Y830

------

---

| | | |
|:---|:---|:---|
| ![image](img278392_202412182225691.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **- April**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278392_202412182225691.jpg) | BAPR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278392_202412182225691.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - April for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BAPR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Buffer ETF™ - April | $83 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5827img003.jpg)

Innovator U.S. Equity Buffer ETF™- April PAGE 1 TSR-AR-45782C888

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(03/29/2019)** |
| **Innovator U.S. Equity Buffer ETF - April NAV**  | 9.51 | 10.71 | 10.17 |
| **S&P 500 TR**  | 21.45 | 17.64 | 16.12 |
| **S&P 500**  | 19.89 | 15.91 | 14.30 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=BAPR for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $344950947 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $2477342 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $5.61  | 108.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $559.40  | 0.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $509.06 (Short)  | -0.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $649.62 (Short)  | -9.3% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=BAPR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Buffer ETF™- April PAGE 2 TSR-AR-45782C888

------

---

| | | |
|:---|:---|:---|
| ![image](img279533_202412191557625.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **- August**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279533_202412191557625.jpg) | BAUG (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img279533_202412191557625.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - August for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BAUG. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Buffer ETF™ - August | $85 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5829img003.jpg)

Innovator U.S. Equity Buffer ETF™- August PAGE 1 TSR-AR-45782C698

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/31/2019)** |
| **Innovator U.S. Equity Buffer ETF - August NAV**  | 16.30 | 12.48 | 11.51 |
| **S&P 500 TR**  | 21.45 | 17.64 | 16.02 |
| **S&P 500**  | 19.89 | 15.91 | 14.21 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=BAUG for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $221413915 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1437646 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise Price: $6.33  | 102.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise Price: $632.09  | 3.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise Price: $575.19 (Short)  | -1.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise Price: $732.01 (Short)  | -3.6% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=BAUG.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Buffer ETF™- August PAGE 2 TSR-AR-45782C698

------

---

| | | |
|:---|:---|:---|
| ![image](img278899_202412191318378.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **-** **December**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278899_202412191318378.jpg) | BDEC (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278899_202412191318378.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - December for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BDEC. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Buffer ETF™ - December | $84 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5821img003.jpg)

Innovator U.S. Equity Buffer ETF™- December PAGE 1 TSR-AR-45782C557

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/29/2019)** |
| **Innovator U.S. Equity Buffer ETF - December NAV**  | 12.83 | 11.98 | 10.94 |
| **S&P 500 TR**  | 21.45 | 17.64 | 15.81 |
| **S&P 500**  | 19.89 | 15.91 | 14.04 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=BDEC for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $195326353 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1819644 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $6.04  | 100.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $602.56  | 0.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $548.32 (Short)  | 0.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $692.72 (Short)  | -1.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=BDEC.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Buffer ETF™- December PAGE 2 TSR-AR-45782C557

------

---

| | | |
|:---|:---|:---|
| ![image](img278905_202412191321644.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **-** **February**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278905_202412191321644.jpg) | BFEB (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278905_202412191321644.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - February for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BFEB. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Buffer ETF™ - February | $85 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5823img003.jpg)

Innovator U.S. Equity Buffer ETF™- February PAGE 1 TSR-AR-45782C433

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(01/31/2020)** |
| **Innovator U.S. Equity Buffer ETF - February NAV**  | 14.00 | 13.78 | 12.33 |
| **S&P 500 TR**  | 21.45 | 17.64 | 15.73 |
| **S&P 500**  | 19.89 | 15.91 | 13.96 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=BFEB for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $191403197 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1400027 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $6.03  | 102.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $601.83  | 0.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $547.66 (Short)  | -0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $693.30 (Short)  | -2.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=BFEB.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Buffer ETF™- February PAGE 2 TSR-AR-45782C433

------

---

| | | |
|:---|:---|:---|
| ![image](img278441_202412182254691.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **- January**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278441_202412182254691.jpg) | BJAN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278441_202412182254691.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - January for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BJAN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Buffer ETF™ - January | $85 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5820img003.jpg)

Innovator U.S. Equity Buffer ETF™- January PAGE 1 TSR-AR-45782C409

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2018)** |
| **Innovator U.S. Equity Buffer ETF - January NAV**  | 14.98 | 12.50 | 12.53 |
| **S&P 500 TR**  | 21.45 | 17.64 | 17.70 |
| **S&P 500**  | 19.89 | 15.91 | 15.82 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=BJAN for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $285686160 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $2237710 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $5.87  | 102.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $586.09  | 0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $533.34 (Short)  | -0.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $677.16 (Short)  | -3.3% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=BJAN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Buffer ETF™- January PAGE 2 TSR-AR-45782C409

------

---

| | | |
|:---|:---|:---|
| ![image](img278439_l20241218225329.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **- July**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278439_l20241218225329.jpg) | BJUL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278439_l20241218225329.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - July for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Buffer ETF™ - July | $85 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5830img003.jpg)

Innovator U.S. Equity Buffer ETF™- July PAGE 1 TSR-AR-45782C789

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(08/28/2018)** |
| **Innovator U.S. Equity Buffer ETF - July NAV**  | 15.34 | 12.51 | 9.88 |
| **S&P 500 TR**  | 21.45 | 17.64 | 14.56 |
| **S&P 500**  | 19.89 | 15.91 | 12.72 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=BJUL for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $297095425 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $2014395 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $6.19  | 102.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $617.86  | 2.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $562.26 (Short)  | -1.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $716.77 (Short)  | -4.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=BJUL.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Buffer ETF™- July PAGE 2 TSR-AR-45782C789

------

---

| | | |
|:---|:---|:---|
| ![image](img278930_202412191344308.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **- June**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278930_202412191344308.jpg) | BJUN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278930_202412191344308.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - June for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BJUN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Buffer ETF™ - June | $84 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5831img003.jpg)

Innovator U.S. Equity Buffer ETF™- June PAGE 1 TSR-AR-45782C755

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(05/31/2019)** |
| **Innovator U.S. Equity Buffer ETF - June NAV**  | 13.78 | 9.53 | 9.78 |
| **S&P 500 TR**  | 21.45 | 17.64 | 17.06 |
| **S&P 500**  | 19.89 | 15.91 | 15.24 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=BJUN for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $163674074 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1202409 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise Price: $5.91  | 105.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise Price: $589.40  | 1.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise Price: $536.34 (Short)  | -1.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise Price: $685.28 (Short)  | -6.5% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=BJUN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Buffer ETF™- June PAGE 2 TSR-AR-45782C755

------

---

| | | |
|:---|:---|:---|
| ![image](img279520_202412191548821.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **- March**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279520_202412191548821.jpg) | BMAR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img279520_202412191548821.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - March for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BMAR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Buffer ETF™ - March | $85 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5824img003.jpg)

Innovator U.S. Equity Buffer ETF™- March PAGE 1 TSR-AR-45782C391

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(02/28/2020)** |
| **Innovator U.S. Equity Buffer ETF - March NAV**  | 16.22 | 13.32 | 13.05 |
| **S&P 500 TR**  | 21.45 | 17.64 | 17.72 |
| **S&P 500**  | 19.89 | 15.91 | 15.95 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=BMAR for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $178692497 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1516533 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $5.95  | 103.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $594.19  | 1.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $540.70 (Short)  | -0.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $688.42 (Short)  | -4.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=BMAR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Buffer ETF™- March PAGE 2 TSR-AR-45782C391

------

---

| | | |
|:---|:---|:---|
| ![image](img278383_202412182220191.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **- May**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278383_202412182220191.jpg) | BMAY (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278383_202412182220191.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - May for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BMAY. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Buffer ETF™ - May | $84 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5828img003.jpg)

Innovator U.S. Equity Buffer ETF™- May PAGE 1 TSR-AR-45782C326

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(04/30/2020)** |
| **Innovator U.S. Equity Buffer ETF - May NAV**  | 12.12 | 9.59 | 10.38 |
| **S&P 500 TR**  | 21.45 | 17.64 | 18.56 |
| **S&P 500**  | 19.89 | 15.91 | 16.78 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=BMAY for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $156670325 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1115649 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $5.56  | 108.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $554.55  | 1.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $504.63 (Short)  | -0.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $655.13 (Short)  | -9.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=BMAY.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Buffer ETF™- May PAGE 2 TSR-AR-45782C326

------

---

| | | |
|:---|:---|:---|
| ![image](img278906_202412191321960.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **-** **November**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278906_202412191321960.jpg) | BNOV (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278906_202412191321960.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - November for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BNOV. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Buffer ETF™ - November | $85 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5822img003.jpg)

Innovator U.S. Equity Buffer ETF™- November PAGE 1 TSR-AR-45782C581

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/31/2019)** |
| **Innovator U.S. Equity Buffer ETF - November NAV**  | 15.17 | 10.06 | 9.54 |
| **S&P 500 TR**  | 21.45 | 17.64 | 16.28 |
| **S&P 500**  | 19.89 | 15.91 | 14.49 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=BNOV for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $146654107 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1155685 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $6.83  | 99.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $682.07  | 5.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $802.17 (Short)  | -1.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $620.67 (Short)  | -3.6% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=BNOV.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Buffer ETF™- November PAGE 2 TSR-AR-45782C581

------

---

| | | |
|:---|:---|:---|
| ![image](img279534_202412191557200.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **-** **October**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279534_202412191557200.jpg) | BOCT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img279534_202412191557200.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - October for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BOCT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Buffer ETF™ - October | $85 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5825img003.jpg)

Innovator U.S. Equity Buffer ETF™- October PAGE 1 TSR-AR-45782C771

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(09/28/2018)** |
| **Innovator U.S. Equity Buffer ETF - October NAV**  | 16.10 | 12.43 | 10.30 |
| **S&P 500 TR**  | 21.45 | 17.64 | 14.63 |
| **S&P 500**  | 19.89 | 15.91 | 12.79 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=BOCT for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $288949377 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1918772 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $6.68  | 100.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $666.19  | 4.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $768.64 (Short)  | -2.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $606.24 (Short)  | -3.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=BOCT.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Buffer ETF™- October PAGE 2 TSR-AR-45782C771

------

---

| | | |
|:---|:---|:---|
| ![image](img278932_202412191345489.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **-** **September**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278932_202412191345489.jpg) | BSEP (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278932_202412191345489.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - September for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BSEP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Buffer ETF™ - September | $85 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5826img003.jpg)

Innovator U.S. Equity Buffer ETF™- September PAGE 1 TSR-AR-45782C664

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(08/30/2019)** |
| **Innovator U.S. Equity Buffer ETF - September NAV**  | 16.41 | 13.06 | 12.00 |
| **S&P 500 TR**  | 21.45 | 17.64 | 16.55 |
| **S&P 500**  | 19.89 | 15.91 | 14.75 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=BSEP for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $242705078 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1470656 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $6.46  | 101.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $645.06  | 3.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $587.00 (Short)  | -2.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $744.13 (Short)  | -3.3% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=BSEP.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Buffer ETF™- September PAGE 2 TSR-AR-45782C664

------

---

| | | |
|:---|:---|:---|
| ![image](img278913_202412191327254.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **April**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278913_202412191327254.jpg) | PAPR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278913_202412191327254.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - April for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PAPR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Power Buffer ETF™ - April | $82 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5842img003.jpg)

Innovator U.S. Equity Power Buffer ETF™- April PAGE 1 TSR-AR-45782C870

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(03/29/2019)** |
| **Innovator U.S. Equity Power Buffer ETF - April NAV**  | 7.64 | 7.78 | 7.34 |
| **S&P 500 TR**  | 21.45 | 17.64 | 16.12 |
| **S&P 500**  | 19.89 | 15.91 | 14.30 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PAPR for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $797122363 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $6127703 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $5.59  | 111.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $559.39  | 0.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $475.48 (Short)  | -0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $628.70 (Short)  | -12.3% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PAPR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- April PAGE 2 TSR-AR-45782C870

------

---

| | | |
|:---|:---|:---|
| ![image](img278880_202412191304840.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **August**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278880_202412191304840.jpg) | PAUG (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278880_202412191304840.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - August for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PAUG. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Power Buffer ETF™ - August | $84 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5839img003.jpg)

Innovator U.S. Equity Power Buffer ETF™- August PAGE 1 TSR-AR-45782C680

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/31/2019)** |
| **Innovator U.S. Equity Power Buffer ETF - August NAV**  | 13.39 | 9.76 | 9.18 |
| **S&P 500 TR**  | 21.45 | 17.64 | 16.02 |
| **S&P 500**  | 19.89 | 15.91 | 14.21 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PAUG for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $982103866 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $6666346 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise Price: $6.32  | 103.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise Price: $632.08  | 3.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise Price: $537.27 (Short)  | -1.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise Price: $709.51 (Short)  | -5.2% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PAUG.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- August PAGE 2 TSR-AR-45782C680

------

---

| | | |
|:---|:---|:---|
| ![image](img278904_202412191321991.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **December**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278904_202412191321991.jpg) | PDEC (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278904_202412191321991.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - December for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PDEC. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Power Buffer ETF™ - December | $83 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5836img003.jpg)

Innovator U.S. Equity Power Buffer ETF™- December PAGE 1 TSR-AR-45782C540

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/29/2019)** |
| **Innovator U.S. Equity Power Buffer ETF - December** **NAV**  | 10.50 | 9.20 | 8.40 |
| **S&P 500 TR**  | 21.45 | 17.64 | 15.81 |
| **S&P 500**  | 19.89 | 15.91 | 14.04 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PDEC for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $921702497 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $7751190 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $6.03  | 102.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $602.55  | 0.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $512.17 (Short)  | 0.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $674.31 (Short)  | -2.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PDEC.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- December PAGE 2 TSR-AR-45782C540

------

---

| | | |
|:---|:---|:---|
| ![image](img278911_202506121341986.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **February**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278911_202506121341986.jpg) | PFEB (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278911_202506121341986.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - February for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PFEB. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Power Buffer ETF™ - February | $83 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5834img003.jpg)

Innovator U.S. Equity Power Buffer ETF™- February PAGE 1 TSR-AR-45782C417

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(01/31/2020)** |
| **Innovator U.S. Equity Power Buffer ETF - February NAV**  | 10.88 | 9.85 | 8.90 |
| **S&P 500 TR**  | 21.45 | 17.64 | 15.73 |
| **S&P 500**  | 19.89 | 15.91 | 13.96 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PFEB for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $789789900 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $6064490 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $6.02  | 104.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $601.82  | 0.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $511.55 (Short)  | -0.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $672.89 (Short)  | -4.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PFEB.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- February PAGE 2 TSR-AR-45782C417

------

---

| | | |
|:---|:---|:---|
| ![image](img278448_202412182258631.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **January**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278448_202412182258631.jpg) | PJAN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278448_202412182258631.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - January for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PJAN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Power Buffer ETF™ - January | $84 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5833img003.jpg)

Innovator U.S. Equity Power Buffer ETF™- January PAGE 1 TSR-AR-45782C508

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2018)** |
| **Innovator U.S. Equity Power Buffer ETF - January NAV**  | 11.47 | 9.69 | 9.34 |
| **S&P 500 TR**  | 21.45 | 17.64 | 17.70 |
| **S&P 500**  | 19.89 | 15.91 | 15.82 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PJAN for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1188955605 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $9317704 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $5.86  | 105.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $586.08  | 0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $498.17 (Short)  | -0.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $656.64 (Short)  | -5.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PJAN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- January PAGE 2 TSR-AR-45782C508

------

---

| | | |
|:---|:---|:---|
| ![image](img278442_202412182254488.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **July**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278442_202412182254488.jpg) | PJUL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278442_202412182254488.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - July for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Power Buffer ETF™ - July | $85 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5840img003.jpg)

Innovator U.S. Equity Power Buffer ETF™- July PAGE 1 TSR-AR-45782C813

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(08/07/2018)** |
| **Innovator U.S. Equity Power Buffer ETF - July NAV**  | 14.01 | 10.85 | 8.78 |
| **S&P 500 TR**  | 21.45 | 17.64 | 14.68 |
| **S&P 500**  | 19.89 | 15.91 | 12.82 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PJUL for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1189808582 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $7835276 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $6.18  | 104.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $617.85  | 2.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $525.17 (Short)  | -1.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $692.55 (Short)  | -6.2% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PJUL.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- July PAGE 2 TSR-AR-45782C813

------

---

| | | |
|:---|:---|:---|
| ![image](img278945_202412191358635.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **June**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278945_202412191358635.jpg) | PJUN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278945_202412191358635.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - June for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PJUN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Power Buffer ETF™ - June | $84 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5841img003.jpg)

Innovator U.S. Equity Power Buffer ETF™- June PAGE 1 TSR-AR-45782C748

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(05/31/2019)** |
| **Innovator U.S. Equity Power Buffer ETF - June NAV**  | 12.47 | 7.45 | 7.94 |
| **S&P 500 TR**  | 21.45 | 17.64 | 17.06 |
| **S&P 500**  | 19.89 | 15.91 | 15.24 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PJUN for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $756015450 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $5152211 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise Price: $5.89  | 107.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise Price: $589.39  | 1.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise Price: $500.98 (Short)  | -0.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise Price: $663.58 (Short)  | -9.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PJUN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- June PAGE 2 TSR-AR-45782C748

------

---

| | | |
|:---|:---|:---|
| ![image](img278947_r20241219135938.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **March**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278947_r20241219135938.jpg) | PMAR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278947_r20241219135938.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - March for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PMAR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Power Buffer ETF™ - March | $84 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5835img003.jpg)

Innovator U.S. Equity Power Buffer ETF™- March PAGE 1 TSR-AR-45782C383

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(02/28/2020)** |
| **Innovator U.S. Equity Power Buffer ETF - March NAV**  | 12.82 | 10.08 | 9.83 |
| **S&P 500 TR**  | 21.45 | 17.64 | 17.72 |
| **S&P 500**  | 19.89 | 15.91 | 15.95 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PMAR for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $626424720 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $4697611 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $5.94  | 105.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $594.18  | 1.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $505.05 (Short)  | -0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $666.31 (Short)  | -6.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PMAR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- March PAGE 2 TSR-AR-45782C383

------

---

| | | |
|:---|:---|:---|
| ![image](img278388_202412182223172.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **May**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278388_202412182223172.jpg) | PMAY (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278388_202412182223172.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - May for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PMAY. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Power Buffer ETF™ - May | $83 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5843img003.jpg)

Innovator U.S. Equity Power Buffer ETF™- May PAGE 1 TSR-AR-45782C318

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(04/30/2020)** |
| **Innovator U.S. Equity Power Buffer ETF - May NAV**  | 10.95 | 7.40 | 7.96 |
| **S&P 500 TR**  | 21.45 | 17.64 | 18.56 |
| **S&P 500**  | 19.89 | 15.91 | 16.78 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PMAY for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $623179661 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $4510258 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $5.55  | 111.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $554.54  | 1.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $471.36 (Short)  | -0.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $631.51 (Short)  | -12.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PMAY.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- May PAGE 2 TSR-AR-45782C318

------

---

| | | |
|:---|:---|:---|
| ![image](img278910_202412191325485.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **November**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278910_202412191325485.jpg) | PNOV (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278910_202412191325485.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - November for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PNOV. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Power Buffer ETF™ - November | $84 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5832img003.jpg)

Innovator U.S. Equity Power Buffer ETF™- November PAGE 1 TSR-AR-45782C573

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/31/2019)** |
| **Innovator U.S. Equity Power Buffer ETF - November** **NAV**  | 11.70 | 8.70 | 8.41 |
| **S&P 500 TR**  | 21.45 | 17.64 | 16.28 |
| **S&P 500**  | 19.89 | 15.91 | 14.49 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PNOV for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $615293763 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $5638425 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $6.82  | 99.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $682.06  | 5.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $772.50 (Short)  | -2.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $579.75 (Short)  | -2.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PNOV.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- November PAGE 2 TSR-AR-45782C573

------

---

| | | |
|:---|:---|:---|
| ![image](img279537_202412191600479.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **October**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279537_202412191600479.jpg) | POCT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img279537_202412191600479.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - October for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=POCT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Power Buffer ETF™ - October | $84 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5837img003.jpg)

Innovator U.S. Equity Power Buffer ETF™- October PAGE 1 TSR-AR-45782C797

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(09/28/2018)** |
| **Innovator U.S. Equity Power Buffer ETF - October NAV**  | 12.16 | 10.80 | 8.76 |
| **S&P 500 TR**  | 21.45 | 17.64 | 14.63 |
| **S&P 500**  | 19.89 | 15.91 | 12.79 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=POCT for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1091620497 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $6628466 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $6.66  | 100.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $666.18  | 5.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $566.25 (Short)  | -2.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $744.86 (Short)  | -3.6% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=POCT.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- October PAGE 2 TSR-AR-45782C797

------

---

| | | |
|:---|:---|:---|
| ![image](img278881_202412191315747.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **September**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278881_202412191315747.jpg) | PSEP (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278881_202412191315747.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - September for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PSEP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Power Buffer ETF™ - September | $84 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5838img003.jpg)

Innovator U.S. Equity Power Buffer ETF™- September PAGE 1 TSR-AR-45782C656

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(08/30/2019)** |
| **Innovator U.S. Equity Power Buffer ETF - September** **NAV**  | 12.80 | 10.70 | 9.58 |
| **S&P 500 TR**  | 21.45 | 17.64 | 16.55 |
| **S&P 500**  | 19.89 | 15.91 | 14.75 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PSEP for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $939371059 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $6390362 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $6.45  | 102.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $645.05  | 4.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $548.29 (Short)  | -1.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $720.70 (Short)  | -4.9% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PSEP.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- September PAGE 2 TSR-AR-45782C656

------

---

| | | |
|:---|:---|:---|
| ![image](img278923_202412191338705.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **April**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278923_202412191338705.jpg) | UAPR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278923_202412191338705.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - April for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=UAPR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Ultra Buffer ETF™ - April | $82 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5849img003.jpg)

Innovator U.S. Equity Ultra Buffer ETF™- April PAGE 1 TSR-AR-45782C805

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(03/29/2019)** |
| **Innovator U.S. Equity Ultra Buffer ETF - April NAV**  | 7.32 | 5.73 | 4.36 |
| **S&P 500 TR**  | 21.45 | 17.64 | 16.12 |
| **S&P 500**  | 19.89 | 15.91 | 14.30 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=UAPR for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $155230099 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1229426 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $5.58  | 111.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $531.42  | 0.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $363.60 (Short)  | -0.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $627.97 (Short)  | -12.5% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=UAPR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- April PAGE 2 TSR-AR-45782C805

------

---

| | | |
|:---|:---|:---|
| ![image](img278889_202412191312156.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **August**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278889_202412191312156.jpg) | UAUG (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278889_202412191312156.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - August for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=UAUG. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Ultra Buffer ETF™ - August | $84 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5853img003.jpg)

Innovator U.S. Equity Ultra Buffer ETF™- August PAGE 1 TSR-AR-45782C672

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/31/2019)** |
| **Innovator U.S. Equity Ultra Buffer ETF - August NAV**  | 13.55 | 8.06 | 7.74 |
| **S&P 500 TR**  | 21.45 | 17.64 | 16.02 |
| **S&P 500**  | 19.89 | 15.91 | 14.21 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=UAUG for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $238501792 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1526154 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise Price: $6.31  | 103.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise Price: $600.48  | 2.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise Price: $410.85 (Short)  | -0.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise Price: $705.53 (Short)  | -5.6% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=UAUG.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- August PAGE 2 TSR-AR-45782C672

------

---

| | | |
|:---|:---|:---|
| ![image](img278909_202412191324924.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **December**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278909_202412191324924.jpg) | UDEC (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278909_202412191324924.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - December for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=UDEC. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Ultra Buffer ETF™ - December | $83 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5845img003.jpg)

Innovator U.S. Equity Ultra Buffer ETF™- December PAGE 1 TSR-AR-45782C532

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/29/2019)** |
| **Innovator U.S. Equity Ultra Buffer ETF - December NAV**  | 10.55 | 7.47 | 6.78 |
| **S&P 500 TR**  | 21.45 | 17.64 | 15.81 |
| **S&P 500**  | 19.89 | 15.91 | 14.04 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=UDEC for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $266647304 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $2179455 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $6.01  | 102.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $572.42  | 0.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $391.66 (Short)  | 0.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $674.55 (Short)  | -2.6% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=UDEC.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- December PAGE 2 TSR-AR-45782C532

------

---

| | | |
|:---|:---|:---|
| ![image](img278915_202412191330937.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **February**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278915_202412191330937.jpg) | UFEB (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278915_202412191330937.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - February for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=UFEB. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Ultra Buffer ETF™ - February | $83 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5846img003.jpg)

Innovator U.S. Equity Ultra Buffer ETF™- February PAGE 1 TSR-AR-45782C425

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(01/31/2020)** |
| **Innovator U.S. Equity Ultra Buffer ETF - February NAV**  | 10.65 | 7.71 | 6.97 |
| **S&P 500 TR**  | 21.45 | 17.64 | 15.73 |
| **S&P 500**  | 19.89 | 15.91 | 13.96 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=UFEB for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $169747762 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1351029 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $6.01  | 104.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $571.73  | 0.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $391.18 (Short)  | -0.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $672.35 (Short)  | -4.9% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=UFEB.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- February PAGE 2 TSR-AR-45782C425

------

---

| | | |
|:---|:---|:---|
| ![image](img278445_202412182257753.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **January**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278445_202412182257753.jpg) | UJAN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278445_202412182257753.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - January for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=UJAN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Ultra Buffer ETF™ - January | $83 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5844img003.jpg)

Innovator U.S. Equity Ultra Buffer ETF™- January PAGE 1 TSR-AR-45782C300

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2018)** |
| **Innovator U.S. Equity Ultra Buffer ETF - January NAV**  | 11.24 | 8.42 | 8.02 |
| **S&P 500 TR**  | 21.45 | 17.64 | 17.70 |
| **S&P 500**  | 19.89 | 15.91 | 15.82 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=UJAN for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $202890469 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1653698 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $5.85  | 105.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $556.78  | 0.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $380.95 (Short)  | 0.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $655.35 (Short)  | -6.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=UJAN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- January PAGE 2 TSR-AR-45782C300

------

---

| | | |
|:---|:---|:---|
| ![image](img278877_202412191300322.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **July**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278877_202412191300322.jpg) | UJUL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278877_202412191300322.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - July for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=UJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Ultra Buffer ETF™ - July | $84 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5852img003.jpg)

Innovator U.S. Equity Ultra Buffer ETF™- July PAGE 1 TSR-AR-45782C839

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(08/07/2018)** |
| **Innovator U.S. Equity Ultra Buffer ETF - July NAV**  | 13.57 | 8.48 | 6.93 |
| **S&P 500 TR**  | 21.45 | 17.64 | 14.68 |
| **S&P 500**  | 19.89 | 15.91 | 12.82 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=UJUL for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $215782269 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1263176 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $6.17  | 104.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $586.96  | 2.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $401.60 (Short)  | -0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $688.96 (Short)  | -6.5% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=UJUL.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- July PAGE 2 TSR-AR-45782C839

------

---

| | | |
|:---|:---|:---|
| ![image](img278948_202412191400323.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **June**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278948_202412191400323.jpg) | UJUN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278948_202412191400323.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - June for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=UJUN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Ultra Buffer ETF™ - June | $84 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5851img003.jpg)

Innovator U.S. Equity Ultra Buffer ETF™- June PAGE 1 TSR-AR-45782C730

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(05/31/2019)** |
| **Innovator U.S. Equity Ultra Buffer ETF - June NAV**  | 11.46 | 6.27 | 6.68 |
| **S&P 500 TR**  | 21.45 | 17.64 | 17.06 |
| **S&P 500**  | 19.89 | 15.91 | 15.24 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=UJUN for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $143972651 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $748069 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise Price: $5.88  | 108.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise Price: $559.92  | 1.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise Price: $383.10 (Short)  | -0.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise Price: $658.82 (Short)  | -9.6% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=UJUN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- June PAGE 2 TSR-AR-45782C730

------

---

| | | |
|:---|:---|:---|
| ![image](img279503_202412191523388.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **March**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279503_202412191523388.jpg) | UMAR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img279503_202412191523388.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - March for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=UMAR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Ultra Buffer ETF™ - March | $84 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5847img003.jpg)

Innovator U.S. Equity Ultra Buffer ETF™- March PAGE 1 TSR-AR-45782C375

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(02/28/2020)** |
| **Innovator U.S. Equity Ultra Buffer ETF - March NAV**  | 12.82 | 7.87 | 7.56 |
| **S&P 500 TR**  | 21.45 | 17.64 | 17.72 |
| **S&P 500**  | 19.89 | 15.91 | 15.95 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=UMAR for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $180886735 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1091791 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $5.93  | 105.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $564.47  | 0.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $386.22 (Short)  | -0.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $663.88 (Short)  | -6.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=UMAR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- March PAGE 2 TSR-AR-45782C375

------

---

| | | |
|:---|:---|:---|
| ![image](img278391_202412182225500.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **May**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278391_202412182225500.jpg) | UMAY (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278391_202412182225500.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - May for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=UMAY. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Ultra Buffer ETF™ - May | $83 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5850img003.jpg)

Innovator U.S. Equity Ultra Buffer ETF™- May PAGE 1 TSR-AR-45782C292

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(04/30/2020)** |
| **Innovator U.S. Equity Ultra Buffer ETF - May NAV**  | 9.41 | 6.22 | 6.40 |
| **S&P 500 TR**  | 21.45 | 17.64 | 18.56 |
| **S&P 500**  | 19.89 | 15.91 | 16.78 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=UMAY for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $58604016 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $433350 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.77% |
| **30-Day SEC Yield Unsubsidized** | -0.77% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $5.53  | 113.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $526.81  | 0.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $360.45 (Short)  | -0.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $624.36 (Short)  | -13.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=UMAY.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- May PAGE 2 TSR-AR-45782C292

------

---

| | | |
|:---|:---|:---|
| ![image](img278901_202412191319925.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **November**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278901_202412191319925.jpg) | UNOV (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278901_202412191319925.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - November for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=UNOV. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Ultra Buffer ETF™ - November | $83 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5848img003.jpg)

Innovator U.S. Equity Ultra Buffer ETF™- November PAGE 1 TSR-AR-45782C565

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/31/2019)** |
| **Innovator U.S. Equity Ultra Buffer ETF - November NAV**  | 11.07 | 6.73 | 6.75 |
| **S&P 500 TR**  | 21.45 | 17.64 | 16.28 |
| **S&P 500**  | 19.89 | 15.91 | 14.49 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=UNOV for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $66121629 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $730530 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $6.81  | 99.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $647.96  | 4.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $443.34 (Short)  | -0.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $763.91 (Short)  | -2.9% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=UNOV.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- November PAGE 2 TSR-AR-45782C565

------

---

| | | |
|:---|:---|:---|
| ![image](img279711_202412191610384.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **October**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279711_202412191610384.jpg) | UOCT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img279711_202412191610384.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - October for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=UOCT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Ultra Buffer ETF™ - October | $84 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5855img003.jpg)

Innovator U.S. Equity Ultra Buffer ETF™- October PAGE 1 TSR-AR-45782C821

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(09/28/2018)** |
| **Innovator U.S. Equity Ultra Buffer ETF - October NAV**  | 11.70 | 8.54 | 7.02 |
| **S&P 500 TR**  | 21.45 | 17.64 | 14.63 |
| **S&P 500**  | 19.89 | 15.91 | 12.79 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=UOCT for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $179078435 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1387415 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $6.65  | 100.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $632.87  | 3.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $433.02 (Short)  | -0.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $739.66 (Short)  | -3.9% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=UOCT.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- October PAGE 2 TSR-AR-45782C821

------

---

| | | |
|:---|:---|:---|
| ![image](img278888_202412191312239.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **September**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278888_202412191312239.jpg) | USEP (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278888_202412191312239.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - September for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=USEP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Ultra Buffer ETF™ - September | $84 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

The S&P 500 Index delivered strong performance for the year ended October 31, 2025. Gains were anchored by sustained momentum in mega-cap technology and enduring enthusiasm for artificial intelligence. Optimism regarding a soft economic landing further buoyed sentiment, supported by the Federal Reserve's pivot to monetary easing in the second half of the year. However, even with healthy performance, market breadth remained fairly concentrated.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5854img003.jpg)

Innovator U.S. Equity Ultra Buffer ETF™- September PAGE 1 TSR-AR-45782C649

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(08/30/2019)** |
| **Innovator U.S. Equity Ultra Buffer ETF - September** **NAV**  | 12.78 | 8.57 | 7.86 |
| **S&P 500 TR**  | 21.45 | 17.64 | 16.55 |
| **S&P 500**  | 19.89 | 15.91 | 14.75 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=USEP for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $228970490 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1238769 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $6.44  | 102.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $612.80  | 2.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $419.28 (Short)  | -0.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $717.17 (Short)  | -5.2% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=USEP.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- September PAGE 2 TSR-AR-45782C649

------

---

| | | |
|:---|:---|:---|
| ![image](img279531_202412191728677.jpg) | **Innovator U.S. Small Cap 10 Buffer ETF** **™** **-** **Quarterly**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279531_202412191728677.jpg) | RBUF (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img279531_202412191728677.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Small Cap 10 Buffer ETF™ - Quarterly for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=RBUF. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Small Cap 10 Buffer ETF™ - Quarterly | $83 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the iShares Russell 2000 ETF (IWM) up to a stated upside Cap, while limiting downside losses to IWM by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Russell 2000 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Russell 2000 Index. Alternatively, in markets where the Russell 2000 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than IWM.

The Russell 2000 Index posted a respectable return for the year ended October 31, 2025, though it continued to trail its large-cap counterparts. Performance was a tale of two halves: a sharp sell-off in April following 'Liberation Day' tariff announcements was reversed by a robust rally, fueled by the Federal Reserve's pivot to rate cuts which eased borrowing cost concerns for smaller firms. Industrials and Telecommunications were healthy performers, benefitting from Conversely, Energy and Consumer Staples remained weak spots, limiting the index's overall upside relative to the tech-heavy S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5856img003.jpg)

Innovator U.S. Small Cap 10 Buffer ETF™- Quarterly PAGE 1 TSR-AR-45783Y228

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/28/2024)** |
| **Innovator U.S. Small Cap 10 Buffer ETF - Quarterly NAV**  | 10.79 | 11.19 |
| **Russell 2000 Total Return Index**  | 14.41 | 16.83 |
| **Russell 2000**  | 12.87 | 15.31 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=RBUF for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $70188774 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $480629 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise Price: $0.60  | 100.2% |
|  iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise Price: $241.96  | 2.7% |
|  iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise Price: $217.76 (Short)  | -0.7% |
|  iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise Price: $254.01 (Short)  | -2.3% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=RBUF.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap 10 Buffer ETF™- Quarterly PAGE 2 TSR-AR-45783Y228

------

---

| | | |
|:---|:---|:---|
| ![image](img278403_202412182229954.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- April**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278403_202412182229954.jpg) | KAPR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278403_202412182229954.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - April for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=KAPR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Small Cap Power Buffer ETF™ - April | $82 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the iShares Russell 2000 ETF (IWM) up to a stated upside Cap, while limiting downside losses to IWM by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Russell 2000 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Russell 2000 Index. Alternatively, in markets where the Russell 2000 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than IWM.

The Russell 2000 Index posted a respectable return for the year ended October 31, 2025, though it continued to trail its large-cap counterparts. Performance was a tale of two halves: a sharp sell-off in April following 'Liberation Day' tariff announcements was reversed by a robust rally, fueled by the Federal Reserve's pivot to rate cuts which eased borrowing cost concerns for smaller firms. Industrials and Telecommunications were healthy performers, benefitting from Conversely, Energy and Consumer Staples remained weak spots, limiting the index's overall upside relative to the tech-heavy S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5859img003.jpg)

Innovator U.S. Small Cap Power Buffer ETF™- April PAGE 1 TSR-AR-45782C342

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(03/31/2020)** |
| **Innovator U.S. Small Cap Power Buffer ETF - April NAV**  | 7.12 | 5.87 | 7.53 |
| **Russell 2000 Total Return Index**  | 14.41 | 11.50 | 16.21 |
| **Russell 2000**  | 12.87 | 10.01 | 14.69 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=KAPR for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $162527056 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1358237 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.77% |
| **30-Day SEC Yield Unsubsidized** | -0.77% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 03/31/2026; Exercise Price: $1.99  | 109.2% |
|  iShares Russell 2000 ETF, Expiration: 03/31/2026; Exercise Price: $199.49  | 1.1% |
|  iShares Russell 2000 ETF, Expiration: 03/31/2026; Exercise Price: $169.57 (Short)  | -0.4% |
|  iShares Russell 2000 ETF, Expiration: 03/31/2026; Exercise Price: $235.20 (Short)  | -10.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=KAPR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- April PAGE 2 TSR-AR-45782C342

------

---

| | | |
|:---|:---|:---|
| ![image](img278883_202412191307757.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- August**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278883_202412191307757.jpg) | KAUG (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278883_202412191307757.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - August for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=KAUG. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Small Cap Power Buffer ETF™ - August | $80 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the iShares Russell 2000 ETF (IWM) up to a stated upside Cap, while limiting downside losses to IWM by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Russell 2000 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Russell 2000 Index. Alternatively, in markets where the Russell 2000 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than IWM.

The Russell 2000 Index posted a respectable return for the year ended October 31, 2025, though it continued to trail its large-cap counterparts. Performance was a tale of two halves: a sharp sell-off in April following 'Liberation Day' tariff announcements was reversed by a robust rally, fueled by the Federal Reserve's pivot to rate cuts which eased borrowing cost concerns for smaller firms. Industrials and Telecommunications were healthy performers, benefitting from Conversely, Energy and Consumer Staples remained weak spots, limiting the index's overall upside relative to the tech-heavy S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5862img003.jpg)

Innovator U.S. Small Cap Power Buffer ETF™- August PAGE 1 TSR-AR-45783Y137

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(07/31/2024)** |
| **Innovator U.S. Small Cap Power Buffer ETF - August NAV**  | 6.04 | 4.52 |
| **Russell 2000 Total Return Index**  | 14.41 | 9.36 |
| **Russell 2000**  | 12.87 | 7.89 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=KAUG for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $130780287 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $874555 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.77% |
| **30-Day SEC Yield Unsubsidized** | -0.77% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 07/31/2026; Exercise Price: $2.19  | 104.6% |
|  iShares Russell 2000 ETF, Expiration: 07/31/2026; Exercise Price: $219.39  | 3.5% |
|  iShares Russell 2000 ETF, Expiration: 07/31/2026; Exercise Price: $186.48 (Short)  | -1.4% |
|  iShares Russell 2000 ETF, Expiration: 07/31/2026; Exercise Price: $257.30 (Short)  | -7.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=KAUG.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- August PAGE 2 TSR-AR-45783Y137

------

---

| | | |
|:---|:---|:---|
| ![image](img405415_202506101822849.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- December**  | ![image](img216216_202410282023961.jpg) |
| ![image](img405415_202506101822849.jpg) | KDEC (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img405415_202506101822849.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - December for the period of November 29, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=KDEC. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator U.S. Small Cap Power Buffer ETF™ - December | $73 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the iShares Russell 2000 ETF (IWM) up to a stated upside Cap, while limiting downside losses to IWM by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Russell 2000 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Russell 2000 Index. Alternatively, in markets where the Russell 2000 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than IWM.

The Russell 2000 Index posted a respectable return for the year ended October 31, 2025, though it continued to trail its large-cap counterparts. Performance was a tale of two halves: a sharp sell-off in April following 'Liberation Day' tariff announcements was reversed by a robust rally, fueled by the Federal Reserve's pivot to rate cuts which eased borrowing cost concerns for smaller firms. Industrials and Telecommunications were healthy performers, benefitting from Conversely, Energy and Consumer Staples remained weak spots, limiting the index's overall upside relative to the tech-heavy S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

Innovator U.S. Small Cap Power Buffer ETF™- December PAGE 1 TSR-AR-45784N833

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5884img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(11/29/2024)** |
| **Innovator U.S. Small Cap Power Buffer ETF - December NAV**  | 2.61 |
| **Russell 2000 Total Return Index**  | 3.10 |
| **Russell 2000**  | 1.83 |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=KDEC for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $74892689 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $407401 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 11/28/2025; Exercise Price: $2.42  | 98.3% |
|  iShares Russell 2000 ETF, Expiration: 11/28/2025; Exercise Price: $241.87  | 1.5% |
|  iShares Russell 2000 ETF, Expiration: 11/28/2025; Exercise Price: $283.88 (Short)  | 0.0% |
|  iShares Russell 2000 ETF, Expiration: 11/28/2025; Exercise Price: $205.59 (Short)  | -0.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=KDEC.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- December PAGE 2 TSR-AR-45784N833

------

---

| | | |
|:---|:---|:---|
| ![image](img405416_202506101823460.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- February**  | ![image](img216216_202410282023961.jpg) |
| ![image](img405416_202506101823460.jpg) | KFEB (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img405416_202506101823460.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - February for the period of January 31, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=KFEB. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator U.S. Small Cap Power Buffer ETF™ - February | $61 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the iShares Russell 2000 ETF (IWM) up to a stated upside Cap, while limiting downside losses to IWM by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Russell 2000 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Russell 2000 Index. Alternatively, in markets where the Russell 2000 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than IWM.

The Russell 2000 Index posted a respectable return for the year ended October 31, 2025, though it continued to trail its large-cap counterparts. Performance was a tale of two halves: a sharp sell-off in April following 'Liberation Day' tariff announcements was reversed by a robust rally, fueled by the Federal Reserve's pivot to rate cuts which eased borrowing cost concerns for smaller firms. Industrials and Telecommunications were healthy performers, benefitting from Conversely, Energy and Consumer Staples remained weak spots, limiting the index's overall upside relative to the tech-heavy S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

Innovator U.S. Small Cap Power Buffer ETF™- February PAGE 1 TSR-AR-45784N783

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5885img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(01/31/2025)** |
| **Innovator U.S. Small Cap Power Buffer ETF - February NAV**  | 7.74 |
| **Russell 2000 Total Return Index**  | 9.51 |
| **Russell 2000**  | 8.38 |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=KFEB for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $42020985 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $158429 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 01/30/2026; Exercise Price: $2.26  | 100.0% |
|  iShares Russell 2000 ETF, Expiration: 01/30/2026; Exercise Price: $226.48  | 1.7% |
|  iShares Russell 2000 ETF, Expiration: 01/30/2026; Exercise Price: $192.51 (Short)  | -0.4% |
|  iShares Russell 2000 ETF, Expiration: 01/30/2026; Exercise Price: $266.34 (Short)  | -1.6% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=KFEB.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- February PAGE 2 TSR-AR-45784N783

------

---

| | | |
|:---|:---|:---|
| ![image](img278897_202412191317274.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- January**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278897_202412191317274.jpg) | KJAN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278897_202412191317274.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - January for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=KJAN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Small Cap Power Buffer ETF™ - January | $83 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the iShares Russell 2000 ETF (IWM) up to a stated upside Cap, while limiting downside losses to IWM by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Russell 2000 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Russell 2000 Index. Alternatively, in markets where the Russell 2000 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than IWM.

The Russell 2000 Index posted a respectable return for the year ended October 31, 2025, though it continued to trail its large-cap counterparts. Performance was a tale of two halves: a sharp sell-off in April following 'Liberation Day' tariff announcements was reversed by a robust rally, fueled by the Federal Reserve's pivot to rate cuts which eased borrowing cost concerns for smaller firms. Industrials and Telecommunications were healthy performers, benefitting from Conversely, Energy and Consumer Staples remained weak spots, limiting the index's overall upside relative to the tech-heavy S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5858img003.jpg)

Innovator U.S. Small Cap Power Buffer ETF™- January PAGE 1 TSR-AR-45782C474

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Innovator U.S. Small Cap Power Buffer ETF - January** **NAV**  | 11.27 | 9.37 | 7.61 |
| **Russell 2000 Total Return Index**  | 14.41 | 11.50 | 8.46 |
| **Russell 2000**  | 12.87 | 10.01 | 7.02 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=KJAN for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $283671688 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $2479503 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise Price: $2.21  | 100.7% |
|  iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise Price: $220.96  | 0.8% |
|  iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise Price: $187.82 (Short)  | -0.2% |
|  iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise Price: $259.52 (Short)  | -1.6% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=KJAN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- January PAGE 2 TSR-AR-45782C474

------

---

| | | |
|:---|:---|:---|
| ![image](img278935_202412191349525.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- July**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278935_202412191349525.jpg) | KJUL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278935_202412191349525.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - July for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=KJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Small Cap Power Buffer ETF™ - July | $82 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the iShares Russell 2000 ETF (IWM) up to a stated upside Cap, while limiting downside losses to IWM by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Russell 2000 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Russell 2000 Index. Alternatively, in markets where the Russell 2000 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than IWM.

The Russell 2000 Index posted a respectable return for the year ended October 31, 2025, though it continued to trail its large-cap counterparts. Performance was a tale of two halves: a sharp sell-off in April following 'Liberation Day' tariff announcements was reversed by a robust rally, fueled by the Federal Reserve's pivot to rate cuts which eased borrowing cost concerns for smaller firms. Industrials and Telecommunications were healthy performers, benefitting from Conversely, Energy and Consumer Staples remained weak spots, limiting the index's overall upside relative to the tech-heavy S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5861img003.jpg)

Innovator U.S. Small Cap Power Buffer ETF™- July PAGE 1 TSR-AR-45782C284

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(06/30/2020)** |
| **Innovator U.S. Small Cap Power Buffer ETF - July NAV**  | 8.23 | 5.54 | 5.89 |
| **Russell 2000 Total Return Index**  | 14.41 | 11.50 | 12.17 |
| **Russell 2000**  | 12.87 | 10.01 | 10.70 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=KJUL for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $158939852 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1169400 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.77% |
| **30-Day SEC Yield Unsubsidized** | -0.77% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 06/30/2026; Exercise Price: $2.16  | 105.3% |
|  iShares Russell 2000 ETF, Expiration: 06/30/2026; Exercise Price: $215.79  | 2.9% |
|  iShares Russell 2000 ETF, Expiration: 06/30/2026; Exercise Price: $183.42 (Short)  | -1.1% |
|  iShares Russell 2000 ETF, Expiration: 06/30/2026; Exercise Price: $252.79 (Short)  | -7.3% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=KJUL.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- July PAGE 2 TSR-AR-45782C284

------

---

| | | |
|:---|:---|:---|
| ![image](img278893_202412191315693.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- June**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278893_202412191315693.jpg) | KJUN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278893_202412191315693.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - June for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=KJUN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Small Cap Power Buffer ETF™ - June | $81 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the iShares Russell 2000 ETF (IWM) up to a stated upside Cap, while limiting downside losses to IWM by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Russell 2000 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Russell 2000 Index. Alternatively, in markets where the Russell 2000 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than IWM.

The Russell 2000 Index posted a respectable return for the year ended October 31, 2025, though it continued to trail its large-cap counterparts. Performance was a tale of two halves: a sharp sell-off in April following 'Liberation Day' tariff announcements was reversed by a robust rally, fueled by the Federal Reserve's pivot to rate cuts which eased borrowing cost concerns for smaller firms. Industrials and Telecommunications were healthy performers, benefitting from Conversely, Energy and Consumer Staples remained weak spots, limiting the index's overall upside relative to the tech-heavy S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5860img003.jpg)

Innovator U.S. Small Cap Power Buffer ETF™- June PAGE 1 TSR-AR-45783Y277

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(05/31/2024)** |
| **Innovator U.S. Small Cap Power Buffer ETF - June NAV**  | 4.16 | 6.17 |
| **Russell 2000 Total Return Index**  | 14.41 | 15.09 |
| **Russell 2000**  | 12.87 | 13.55 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=KJUN for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $19978863 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $140411 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.77% |
| **30-Day SEC Yield Unsubsidized** | -0.77% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 05/29/2026; Exercise Price: $2.05  | 108.8% |
|  iShares Russell 2000 ETF, Expiration: 05/29/2026; Exercise Price: $205.07  | 1.9% |
|  iShares Russell 2000 ETF, Expiration: 05/29/2026; Exercise Price: $174.31 (Short)  | -0.7% |
|  iShares Russell 2000 ETF, Expiration: 05/29/2026; Exercise Price: $239.85 (Short)  | -10.2% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=KJUN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- June PAGE 2 TSR-AR-45783Y277

------

---

| | | |
|:---|:---|:---|
| ![image](img405418_202506101824683.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- March**  | ![image](img216216_202410282023961.jpg) |
| ![image](img405418_202506101824683.jpg) | KMAR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img405418_202506101824683.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - March for the period of February 28, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=KMAR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator U.S. Small Cap Power Buffer ETF™ - March | $55 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the iShares Russell 2000 ETF (IWM) up to a stated upside Cap, while limiting downside losses to IWM by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Russell 2000 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Russell 2000 Index. Alternatively, in markets where the Russell 2000 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than IWM.

The Russell 2000 Index posted a respectable return for the year ended October 31, 2025, though it continued to trail its large-cap counterparts. Performance was a tale of two halves: a sharp sell-off in April following 'Liberation Day' tariff announcements was reversed by a robust rally, fueled by the Federal Reserve's pivot to rate cuts which eased borrowing cost concerns for smaller firms. Industrials and Telecommunications were healthy performers, benefitting from Conversely, Energy and Consumer Staples remained weak spots, limiting the index's overall upside relative to the tech-heavy S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5886img003.jpg)

Innovator U.S. Small Cap Power Buffer ETF™- March PAGE 1 TSR-AR-45784N759

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(02/28/2025)** |
| **Innovator U.S. Small Cap Power Buffer ETF - March NAV**  | 10.12 |
| **Russell 2000 Total Return Index**  | 15.70 |
| **Russell 2000**  | 14.62 |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=KMAR for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $11958898 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $62878 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.77% |
| **30-Day SEC Yield Unsubsidized** | -0.77% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 02/27/2026; Exercise Price: $2.15  | 103.3% |
|  iShares Russell 2000 ETF, Expiration: 02/27/2026; Exercise Price: $214.65  | 1.4% |
|  iShares Russell 2000 ETF, Expiration: 02/27/2026; Exercise Price: $182.45 (Short)  | -0.4% |
|  iShares Russell 2000 ETF, Expiration: 02/27/2026; Exercise Price: $252.32 (Short)  | -4.6% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=KMAR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- March PAGE 2 TSR-AR-45784N759

------

---

| | | |
|:---|:---|:---|
| ![image](img405419_202506101825551.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- May**  | ![image](img216216_202410282023961.jpg) |
| ![image](img405419_202506101825551.jpg) | KMAY (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img405419_202506101825551.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - May for the period of April 30, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=KMAY. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator U.S. Small Cap Power Buffer ETF™ - May | $42 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the iShares Russell 2000 ETF (IWM) up to a stated upside Cap, while limiting downside losses to IWM by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Russell 2000 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Russell 2000 Index. Alternatively, in markets where the Russell 2000 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than IWM.

The Russell 2000 Index posted a respectable return for the year ended October 31, 2025, though it continued to trail its large-cap counterparts. Performance was a tale of two halves: a sharp sell-off in April following 'Liberation Day' tariff announcements was reversed by a robust rally, fueled by the Federal Reserve's pivot to rate cuts which eased borrowing cost concerns for smaller firms. Industrials and Telecommunications were healthy performers, benefitting from Conversely, Energy and Consumer Staples remained weak spots, limiting the index's overall upside relative to the tech-heavy S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5887img003.jpg)

Innovator U.S. Small Cap Power Buffer ETF™- May PAGE 1 TSR-AR-45784N668

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(04/30/2025)** |
| **Innovator U.S. Small Cap Power Buffer ETF - May NAV**  | 12.57 |
| **Russell 2000 Total Return Index**  | 27.09 |
| **Russell 2000**  | 26.23 |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=KMAY for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $20201043 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $139033 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 04/30/2026; Exercise Price: $1.95  | 111.4% |
|  iShares Russell 2000 ETF, Expiration: 04/30/2026; Exercise Price: $194.86  | 1.2% |
|  iShares Russell 2000 ETF, Expiration: 04/30/2026; Exercise Price: $165.63 (Short)  | -0.5% |
|  iShares Russell 2000 ETF, Expiration: 04/30/2026; Exercise Price: $230.95 (Short)  | -12.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=KMAY.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- May PAGE 2 TSR-AR-45784N668

------

---

| | | |
|:---|:---|:---|
| ![image](img278917_202506101829156.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- November**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278917_202506101829156.jpg) | KNOV (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278917_202506101829156.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - November for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=KNOV. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Small Cap Power Buffer ETF™ - November | $84 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the iShares Russell 2000 ETF (IWM) up to a stated upside Cap, while limiting downside losses to IWM by the amount of its stated Buffer over the course of the Outcome Period.

In markets where the Russell 2000 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Russell 2000 Index. Alternatively, in markets where the Russell 2000 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than IWM.

The Russell 2000 Index posted a respectable return for the year ended October 31, 2025, though it continued to trail its large-cap counterparts. Performance was a tale of two halves: a sharp sell-off in April following 'Liberation Day' tariff announcements was reversed by a robust rally, fueled by the Federal Reserve's pivot to rate cuts which eased borrowing cost concerns for smaller firms. Industrials and Telecommunications were healthy performers, benefitting from Conversely, Energy and Consumer Staples remained weak spots, limiting the index's overall upside relative to the tech-heavy S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5864img003.jpg)

Innovator U.S. Small Cap Power Buffer ETF™- November PAGE 1 TSR-AR-45784N866

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/31/2024)** |
| **Innovator U.S. Small Cap Power Buffer ETF - November NAV**  | 12.36 | 12.36 |
| **Russell 2000 Total Return Index**  | 14.41 | 14.41 |
| **Russell 2000**  | 12.87 | 12.87 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=KNOV for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $18304420 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $146762 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 10/30/2026; Exercise Price: $2.46  | 98.6% |
|  iShares Russell 2000 ETF, Expiration: 10/30/2026; Exercise Price: $246.23  | 7.7% |
|  iShares Russell 2000 ETF, Expiration: 10/30/2026; Exercise Price: $209.30 (Short)  | -3.2% |
|  iShares Russell 2000 ETF, Expiration: 10/30/2026; Exercise Price: $291.22 (Short)  | -3.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=KNOV.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- November PAGE 2 TSR-AR-45784N866

------

---

| | | |
|:---|:---|:---|
| ![image](img279540_202412191604825.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- October**  | ![image](img216216_202410282023961.jpg) |
| ![image](img279540_202412191604825.jpg) | KOCT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img279540_202412191604825.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - October for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=KOCT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Small Cap Power Buffer ETF™ - October | $83 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the iShares Russell 2000 ETF (IWM) up to a stated upside Cap, while limiting downside losses to IWM by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Russell 2000 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Russell 2000 Index. Alternatively, in markets where the Russell 2000 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than IWM.

The Russell 2000 Index posted a respectable return for the year ended October 31, 2025, though it continued to trail its large-cap counterparts. Performance was a tale of two halves: a sharp sell-off in April following 'Liberation Day' tariff announcements was reversed by a robust rally, fueled by the Federal Reserve's pivot to rate cuts which eased borrowing cost concerns for smaller firms. Industrials and Telecommunications were healthy performers, benefitting from Conversely, Energy and Consumer Staples remained weak spots, limiting the index's overall upside relative to the tech-heavy S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5865img003.jpg)

Innovator U.S. Small Cap Power Buffer ETF™- October PAGE 1 TSR-AR-45782C599

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(09/30/2019)** |
| **Innovator U.S. Small Cap Power Buffer ETF - October** **NAV**  | 11.10 | 6.78 | 5.47 |
| **Russell 2000 Total Return Index**  | 14.41 | 11.50 | 9.80 |
| **Russell 2000**  | 12.87 | 10.01 | 8.33 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=KOCT for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $137082688 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $928495 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 09/30/2026; Exercise Price: $2.42  | 99.6% |
|  iShares Russell 2000 ETF, Expiration: 09/30/2026; Exercise Price: $241.96  | 6.7% |
|  iShares Russell 2000 ETF, Expiration: 09/30/2026; Exercise Price: $205.67 (Short)  | -2.7% |
|  iShares Russell 2000 ETF, Expiration: 09/30/2026; Exercise Price: $283.53 (Short)  | -3.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=KOCT.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- October PAGE 2 TSR-AR-45782C599

------

---

| | | |
|:---|:---|:---|
| ![image](img278407_202412182232360.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- September**  | ![image](img216216_202410282023961.jpg) |
| ![image](img278407_202412182232360.jpg) | KSEP (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img278407_202412182232360.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - September for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=KSEP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** **\*** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Small Cap Power Buffer ETF™ - September | $83 | 0.79% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current reporting period.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to match the price returns of the iShares Russell 2000 ETF (IWM) up to a stated upside Cap, while limiting downside losses to IWM by the amount of its stated Buffer over the course of the Outcome Period. Because the period contemplated herein does not align with the Outcome Period of the Fund, the Fund's performance stated over the period covered by this report does not reflect the implementation of the Fund's investment strategy for the full Outcome Period.

In markets where the Russell 2000 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Fund to soften market losses during the reporting period and outperform the Russell 2000 Index. Alternatively, in markets where the Russell 2000 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting period by virtue of the Fund's Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than IWM.

The Russell 2000 Index posted a respectable return for the year ended October 31, 2025, though it continued to trail its large-cap counterparts. Performance was a tale of two halves: a sharp sell-off in April following 'Liberation Day' tariff announcements was reversed by a robust rally, fueled by the Federal Reserve's pivot to rate cuts which eased borrowing cost concerns for smaller firms. Industrials and Telecommunications were healthy performers, benefitting from Conversely, Energy and Consumer Staples remained weak spots, limiting the index's overall upside relative to the tech-heavy S&P 500.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5863img003.jpg)

Innovator U.S. Small Cap Power Buffer ETF™- September PAGE 1 TSR-AR-45784N304

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(08/30/2024)** |
| **Innovator U.S. Small Cap Power Buffer ETF - September NAV**  | 9.47 | 8.02 |
| **Russell 2000 Total Return Index**  | 14.41 | 11.47 |
| **Russell 2000**  | 12.87 | 10.01 |

---

Visit https://www.innovatoretfs.com/etf/?ticker=KSEP for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $29793356 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $138858 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 08/31/2026; Exercise Price: $2.35  | 100.9% |
|  iShares Russell 2000 ETF, Expiration: 08/31/2026; Exercise Price: $235.17  | 5.4% |
|  iShares Russell 2000 ETF, Expiration: 08/31/2026; Exercise Price: $199.89 (Short)  | -2.2% |
|  iShares Russell 2000 ETF, Expiration: 08/31/2026; Exercise Price: $275.62 (Short)  | -4.3% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=KSEP.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- September PAGE 2 TSR-AR-45784N304

------

---

| | | |
|:---|:---|:---|
| ![image](img405421_202506101827955.jpg) | **Innovator Uncapped Bitcoin 20 Floor ETF® -** **Quarterly**  | ![image](img216216_202410282023961.jpg) |
| ![image](img405421_202506101827955.jpg) | QBF (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img216216_202410282023961.jpg) |
| ![image](img405421_202506101827955.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216216_202410282023961.jpg) |

---

This annual shareholder report contains important information about the Innovator Uncapped Bitcoin 20 Floor ETF® - Quarterly for the period of February 5, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=QBF. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Innovator Uncapped Bitcoin 20 Floor ETF® - Quarterly | $59 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to provide investors with investment results that participate in a percentage of any positive price returns of bitcoin, while providing a maximum loss of 20%, before fees and expenses, of any bitcoin price return losses, over successive three-month periods.

Since its inception on February 5, 2025, QBF generated a total return of 3.72%. Over the same period, the price of spot Bitcoin returned 13.03%.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5888img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(02/05/2025)** |
| **Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly NAV**  | 3.40 |
| **S&P 500 TR**  | 13.93 |
| **S&P 500**  | 12.85 |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=QBF for more recent performance information.

Innovator Uncapped Bitcoin 20 Floor ETF® - Quarterly PAGE 1 TSR-AR-45784N692

------

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $20970146 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $71731 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 2.63% |
| **30-Day SEC Yield Unsubsidized** | 2.63% |

---

**WHAT DID THE FUND INVEST IN?** **\*** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 82.5% |
|  Cboe Mini Bitcoin U.S. ETF Index, Expiration: 12/31/2025; Exercise Price: $216.42  | 19.2% |
|  Cboe Mini Bitcoin U.S. ETF Index, Expiration: 12/31/2025; Exercise Price: $270.53 (Short)  | -1.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=QBF.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Uncapped Bitcoin 20 Floor ETF® - Quarterly PAGE 2 TSR-AR-45784N692

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

The registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics by mail when they call the registrant at 1-800-208-5212.

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Brian Wildman is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| (a) Audit Fees | $1206400 | $1062000 |
| (b) Audit-Related Fees |  |  |
| (c) Tax Fees | $576000 | $522900 |
| (d) All Other Fees | - | - |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) N/A

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 10/31/2025 | FYE 10/31/2024 |
| Registrant | $576000 | $522900 |
| Registrant's Investment Adviser | - | - |

---

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

The registrant is not a foreign issuer.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee, consisting of the entire Board, are as follows: Brian Wildman, Joseph Stowell, Mark Berg.

**<u>Item 6. Investments.</u>**

Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](cover_v17.jpg)

------

**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments](#soi) | [1](#soi) |
| [Statements of Assets and Liabilities](#sal1) | [108](#sal1) |
| [Statements of Operations](#sop1) | [112](#sop1) |
| [Statements of Changes in Net Assets](#scna1) | [116](#scna1) |
| [Financial Highlights](#fihi1) | [125](#fihi1) |
| [Notes to Financial Statements](#note) | [130](#note) |
| [Report of Independent Registered Public Accounting Firm](#report) | [156](#report) |
| [Board Considerations Regarding Approval of Investment Management Agreement](#board) | [159](#board) |
| [Additional Information](#add) | [166](#add) |
| [Directory of Funds' Service Providers](#back001) | [Back Cover](#back001) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Buffer Step-Up Strategy ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.2%<sup>(a)</sup>** |
| **Call Options - 100.3%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $6.74<sup>(b)(c)(d)</sup> | $58179718 | &nbsp;&nbsp;&nbsp; 853 | $57216135  |
| **Put Options - 4.9%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $666.26<sup>(b)(c)(d)</sup> | 58179718 | &nbsp;&nbsp;&nbsp; 853 | 2790607  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $58,919,263)** |  |  | 60006742  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.2%** <br>**(Cost $58,919,263)** |  |  | $60006742  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 88411  |
| Liabilities in Excess of Other Assets - (5.4)% |  |  | (3058202)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $57036951 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Buffer Step-Up Strategy ETF** 

**Schedule of Written Options** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.3)%** | **WRITTEN OPTIONS - (5.3)%** | **WRITTEN OPTIONS - (5.3)%** | **WRITTEN OPTIONS - (5.3)%** |
| **Call Options - (2.3)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $769.82<sup>(a)(b)</sup> | $(58179718) | &nbsp;&nbsp;&nbsp;&nbsp;(853) | $(1302505)  |
| **Put Options - (3.0)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $606.26<sup>(a)(b)</sup> | (58179718) | &nbsp;&nbsp;&nbsp;&nbsp;(853) | (1713549)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,660,693)** |  |  | $(3016054) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $60006742 | 105.2%  |
| Written Options | (3016054) | (5.3)  |
| Money Market Deposit Account | 88411 | 0.2  |
| Liabilities in Excess of Other Assets | (42148) | (0.1)  |
|  | $57036951 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Deepwater Frontier Tech ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 100.0%**<br>|  |  |
| **Aerospace/Defense - 4.3%**<br>|  |  |
| AeroVironment, Inc.<sup>(a)</sup> | 19509 | $7216574  |
| **Banks - 3.0%**<br>|  |  |
| NU Holdings Ltd./Cayman Islands - Class A<sup>(a)</sup> | 308630 | 4972029  |
| **Commercial Services - 5.3%**<br>|  |  |
| Adyen NV<sup>(a)(b)</sup> | 2734 | 4691071  |
| Shift4 Payments, Inc. - Class A<sup>(a)(c)</sup> | 60013 | 4146898  |
|  |  | 8837969  |
| **Computers - 2.5%**<br>|  |  |
| Rubrik, Inc. - Class A<sup>(a)</sup> | 56633 | 4262766  |
| **Electric - 2.6%**<br>|  |  |
| Vistra Corp. | 23098 | 4349353  |
| **Electronics - 7.1%**<br>|  |  |
| Celestica, Inc.<sup>(a)(c)</sup> | 18717 | 6447632  |
| Coherent Corp.<sup>(a)</sup> | 40894 | 5396372  |
|  |  | 11844004  |
| **Energy-Alternate Sources - 3.3%**<br>|  |  |
| First Solar, Inc.<sup>(a)(c)</sup> | 20623 | 5505104  |
| **Internet - 8.7%**<br>|  |  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 7573 | 4826500  |
| MercadoLibre, Inc.<sup>(a)</sup> | 2187 | 5089718  |
| Uber Technologies, Inc.<sup>(a)</sup> | 48060 | 4637790  |
|  |  | 14554008  |
| **Machinery-Construction & Mining - 3.3%**<br>|  |  |
| Vertiv Holdings Co. - Class A | 28505 | 5497474  |
| **Mining - 3.4%**<br>|  |  |
| Cameco Corp.<sup>(c)</sup> | 55342 | 5656506  |
| **Miscellaneous Manufacturing - 2.9%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 6560 | 4803429  |
| **Semiconductors - 22.4%**<br>|  |  |
| ASML Holding NV | 4814 | 5094383  |
| Astera Labs, Inc.<sup>(a)</sup> | 36252 | 6767523  |
| Lam Research Corp. | 33472 | 5270501  |
| Micron Technology, Inc. | 40457 | 9053063  |
| SK hynix, Inc. | 28585 | 11215311  |
|  |  | 37400781  |
| **Software - 24.9%**<br>|  |  |
| Confluent, Inc. - Class A<sup>(a)</sup> | 213963 | 5000315  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 29073 | 4733375  |
| Gitlab, Inc. - Class A<sup>(a)(c)</sup> | 100790 | 4913512  |
| Global-e Online Ltd.<sup>(a)</sup> | 136053 | 4956411  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Deepwater Frontier Tech ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Software - (Continued)**  | **Software - (Continued)**  | **Software - (Continued)**  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 67058 | $4777212  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 63125 | 7178575  |
| Snowflake, Inc.<sup>(a)</sup> | 19069 | 5241687  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 18483 | 4738487  |
|  |  | 41539574  |
| **Telecommunications - 6.3%**<br>|  |  |
| Arista Networks, Inc.<sup>(a)</sup> | 30319 | 4781003  |
| Ciena Corp.<sup>(a)</sup> | 29880 | 5674810  |
|  |  | 10455813  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $116,271,170)** |  | 166895384 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES** <br>**LENDING - 7.8%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES** <br>**LENDING - 7.8%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES** <br>**LENDING - 7.8%** |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 13012242 | 13012242  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $13,012,242)** |  | 13012242  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.8%** <br>**(Cost $129,283,412)** |  | $179907626  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  | 406699  |
| Liabilities in Excess of Other Assets - (8.0)% |  | (13357163)  |
| **TOTAL NET ASSETS - 100.0%** |  | $166957162 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of October 31, 2025, the value of these securities total $4,691,071 or 2.8% of the Fund's net assets.

<sup>(c)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $13,611,333.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Common Stocks | $166895384 | 100.0%  |
| Investments Purchased with Proceeds from Securities Lending | 13012242 | 7.8  |
| Money Market Deposit Account | 406699 | 0.2  |
| Liabilities in Excess of Other Assets | (13357163) | (8.0)  |
|  | $166957162 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY AUTOCALLABLE INCOME STRATEGY ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY BILLS - 99.5%**<br>|  |  |
| 3.94%, 11/20/2025<sup>(a)(b)</sup> | $4340000 | $4332043  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $4,331,004)** |  | 4332043  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.5%** <br>**(Cost $4,331,004)** |  | $4332043  |
| Money Market Deposit Account - 0.9%<sup>(c)</sup> |  | 37692  |
| Liabilities in Excess of Other Assets - (0.4)% |  | (17958)  |
| **TOTAL NET ASSETS - 100.0%** |  | $4351777 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of October 31, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for swaps.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| U.S. Treasury Bills | $4332043 | 99.5%  |
| Money Market Deposit Account | 37692 | 0.9  |
| Liabilities in Excess of Other Assets | (17958) | (0.4)  |
|  | $4351777 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY AUTOCALLABLE INCOME STRATEGY ETF** 

**SCHEDULE OF INTEREST RATE SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Long/Short** | **Fixed Rate** <br>**Received** | **Floating Rate** <br>**Index - Paid** | **Payment** <br>**Frequency** | **Maturity** <br>**Date** | **Notional** <br>**Amount** | **Upfront** <br>**Premiums** <br>**Paid** <br>(Received) | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Alphabet, Inc. | Long | &nbsp;&nbsp; 12.25% | SOFR | Monthly | 11/01/2028 | $437500 | $25 | &nbsp;&nbsp; $3738  |
| &nbsp;&nbsp;&nbsp; Amazon.com, <br>Inc. | Long | &nbsp;&nbsp; 11.35% | SOFR | Monthly | 12/01/2028 | 437500 | (585) | &nbsp;&nbsp; 323  |
| Apple, Inc. | Long | &nbsp;&nbsp; 9.12% | SOFR | Monthly | 10/02/2028 | 437500 | 524 | &nbsp;&nbsp; 526  |
|  Berkshire Hathaway, Inc. | Long | &nbsp;&nbsp; 5.95% | SOFR | Monthly | 12/01/2028 | 437500 | (858) | &nbsp;&nbsp; (5005)  |
| Broadcom, Inc. | Long | &nbsp;&nbsp; 18.80% | SOFR | Monthly | 11/01/2028 | 437500 | (2246) | &nbsp;&nbsp; 2290  |
|  Meta Platforms, Inc. | Long | &nbsp;&nbsp; 13.11% | SOFR | Monthly | 10/02/2028 | 437500 | (6591) | &nbsp;&nbsp; (30772)  |
| Microsoft Corp. | Long | &nbsp;&nbsp; 8.56% | SOFR | Monthly | 12/01/2028 | 437500 | 450 | &nbsp;&nbsp; (5263)  |
| Nvidia Corp. | Long | &nbsp;&nbsp; 17.05% | SOFR | Monthly | 12/01/2028 | 437500 | 1921 | &nbsp;&nbsp; 6654  |
| Oracle Corp. | Long | &nbsp;&nbsp; 20.88% | SOFR | Monthly | 11/01/2028 | 437500 | (15033) | &nbsp;&nbsp; (21848)  |
| Tesla, Inc. | Long | &nbsp;&nbsp; 26.12% | SOFR | Monthly | 10/02/2028 | 437500 | 483 | &nbsp;&nbsp; 3542  |
| **Total Swaps** |  |  |  |  |  |  | $(21910) | &nbsp;&nbsp; $(45815) |

---

Goldman Sachs is the counterparty for the swaps in the Fund.

SOFR - Secured Overnight Borrowing Rate

See Note 2 for additional disclosures.

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY MANAGED 100 BUFFER ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 93.0%** | **COMMON STOCKS - 93.0%** | **COMMON STOCKS - 93.0%** |
| **Aerospace/Defense - 1.8%**<br>|  |  |
| Boeing Co.<sup>(a)</sup> | 1608 | $323240  |
| General Electric Co. | 1709 | 527996  |
| HEICO Corp. | 330 | 104864  |
| HEICO Corp. - Class A | 330 | 81751  |
| Northrop Grumman Corp. | 447 | 260802  |
|  |  | 1298653  |
| **Agriculture - 0.6%** |  |  |
| Philip Morris International, Inc. | 2882 | 415959  |
| **Airlines - 0.2%** |  |  |
| Delta Air Lines, Inc.<sup>(b)</sup> | 2201 | 126293  |
| **Apparel - 0.3%** |  |  |
| NIKE, Inc. - Class B<sup>(b)</sup> | 3598 | 232395  |
| **Auto Manufacturers - 2.7%** |  |  |
| Ford Motor Co.<sup>(b)</sup> | 19814 | 260158  |
| Tesla, Inc.<sup>(a)</sup> | 3741 | 1707991  |
|  |  | 1968149  |
| **Banks - 4.4%** |  |  |
| Bank of America Corp. | 11440 | 611468  |
| Bank of New York Mellon Corp. | 2531 | 273171  |
| Citizens Financial Group, Inc. | 4235 | 215434  |
| Huntington Bancshares, Inc./OH<sup>(b)</sup> | 11330 | 174935  |
| JPMorgan Chase & Co. | 3911 | 1216790  |
| Morgan Stanley | 1485 | 243540  |
| Northern Trust Corp. | 1438 | 185028  |
| Regions Financial Corp. | 7975 | 192995  |
| State Street Corp.<sup>(b)</sup> | 1547 | 178926  |
|  |  | 3292287  |
| **Beverages - 0.8%** |  |  |
| Brown-Forman Corp. - Class A | 1155 | 31324  |
| Brown-Forman Corp. - Class B<sup>(b)</sup> | 1870 | 50920  |
| Coca-Cola Co. | 7097 | 488983  |
|  |  | 571227  |
| **Biotechnology - 0.8%** |  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 228 | 103977  |
| Gilead Sciences, Inc. | 2934 | 351464  |
| Illumina, Inc.<sup>(a)</sup> | 839 | 103650  |
| Royalty Pharma PLC - Class A | 936 | 35137  |
|  |  | 594228  |
| **Building Materials - 0.4%** |  |  |
| Carlisle Cos., Inc. | 240 | 78012  |
| CRH PLC<sup>(b)</sup> | 1870 | 222717  |
|  |  | 300729  |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY MANAGED 100 BUFFER ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Chemicals - 0.5%** |  |  |
| LyondellBasell Industries NV - Class A | 3537 | $164187  |
| PPG Industries, Inc. | 1595 | 155911  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 376 | 16958  |
|  |  | 337056  |
| **Commercial Services - 0.7%** |  |  |
| Block, Inc.<sup>(a)(b)</sup> | 990 | 75181  |
| Booz Allen Hamilton Holding Corp. | 610 | 53167  |
| Moody's Corp. | 495 | 237748  |
| Toast, Inc. - Class A<sup>(a)</sup> | 1155 | 41742  |
| TransUnion | 1766 | 143364  |
|  |  | 551202  |
| **Computers - 7.9%** |  |  |
| Amdocs Ltd. | 1155 | 97320  |
| Apple, Inc. | 18374 | 4967778  |
| International Business Machines Corp. | 1377 | 423304  |
| NetApp, Inc. | 889 | 104706  |
| Okta, Inc.<sup>(a)(b)</sup> | 385 | 35239  |
| Pure Storage, Inc. - Class A<sup>(a)(b)</sup> | 1100 | 108570  |
| Super Micro Computer, Inc.<sup>(a)(b)</sup> | 825 | 42867  |
| Zscaler, Inc.<sup>(a)</sup> | 275 | 91064  |
|  |  | 5870848  |
| **Cosmetics/Personal Care - 0.8%** |  |  |
| Procter & Gamble Co. | 3925 | 590202  |
| **Distribution/Wholesale - 0.1%** |  |  |
| Watsco, Inc.<sup>(b)</sup> | 165 | 60722  |
| **Diversified Financial Services - 4.0%** |  |  |
| American Express Co. | 1161 | 418807  |
| Ares Management Corp. - Class A | 825 | 122686  |
| Blue Owl Capital, Inc. - Class A | 3410 | 53776  |
| Charles Schwab Corp. | 3763 | 355679  |
| Interactive Brokers Group, Inc. - Class A | 1320 | 92875  |
| LPL Financial Holdings, Inc. | 220 | 83008  |
| Mastercard, Inc. - Class A | 1218 | 672324  |
| Nasdaq, Inc. | 2311 | 197567  |
| Rocket Cos., Inc. - Class A<sup>(b)</sup> | 3103 | 51696  |
| TPG, Inc. | 605 | 33299  |
| Tradeweb Markets, Inc. - Class A | 440 | 46372  |
| Visa, Inc. - Class A | 2530 | 862072  |
|  |  | 2990161  |
| **Electric - 1.9%** | **Electric - 1.9%** | **Electric - 1.9%** |
| Alliant Energy Corp. | 1760 | 117603  |
| Ameren Corp. | 1266 | 129157  |
| CMS Energy Corp. | 2482 | 182551  |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY MANAGED 100 BUFFER ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Electric - (Continued)** | **Electric - (Continued)** | **Electric - (Continued)** |
| DTE Energy Co. | 1400 | $189756  |
| Evergy, Inc. | 2648 | 203393  |
| FirstEnergy Corp.<sup>(b)</sup> | 3796 | 173971  |
| PPL Corp. | 5453 | 199144  |
| WEC Energy Group, Inc. | 1706 | 190611  |
|  |  | 1386186  |
| **Electronics - 1.2%** |  |  |
| Fortive Corp. | 2995 | 150768  |
| Honeywell International, Inc. | 1508 | 303606  |
| Hubbell, Inc.<sup>(b)</sup> | 275 | 129250  |
| TE Connectivity PLC | 1266 | 312715  |
|  |  | 896339  |
| **Engineering & Construction - 0.2%** |  |  |
| EMCOR Group, Inc. | 220 | 148672  |
| **Entertainment - 0.3%** |  |  |
| DraftKings, Inc. - Class A<sup>(a)</sup> | 1430 | 43744  |
| Flutter Entertainment PLC<sup>(a)</sup> | 386 | 89780  |
| Live Nation Entertainment, Inc.<sup>(a)(b)</sup> | 495 | 74017  |
| Warner Music Group Corp. - Class A<sup>(b)</sup> | 1325 | 42347  |
|  |  | 249888  |
| **Environmental Control - 0.6%** |  |  |
| Republic Services, Inc. | 948 | 197412  |
| Waste Management, Inc. | 1181 | 235928  |
|  |  | 433340  |
| **Food - 0.5%** |  |  |
| General Mills, Inc. | 4021 | 187419  |
| Kraft Heinz Co. | 6216 | 153721  |
|  |  | 341140  |
| **Gas - 0.2%** |  |  |
| NiSource, Inc. | 4181 | 176062  |
| **Healthcare-Products - 1.9%** |  |  |
| Abbott Laboratories | 3366 | 416105  |
| Baxter International, Inc. | 7979 | 147372  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 1487 | 122603  |
| Hologic, Inc.<sup>(a)</sup> | 2145 | 158537  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 660 | 352625  |
| Natera, Inc.<sup>(a)(b)</sup> | 282 | 56098  |
| STERIS PLC | 551 | 129871  |
|  |  | 1383211  |
| **Healthcare-Services - 0.6%** |  |  |
| UnitedHealth Group, Inc. | 1334 | 455641  |

---

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY MANAGED 100 BUFFER ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Home Builders - 0.2%** |  |  |
| PulteGroup, Inc.<sup>(b)</sup> | 1265 | $151636  |
| **Household Products/Wares - 0.3%** |  |  |
| Avery Dennison Corp. | 716 | 125221  |
| Clorox Co. | 605 | 68038  |
|  |  | 193259  |
| **Insurance - 2.7%** |  |  |
| American International Group, Inc. | 2420 | 191083  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 1983 | 946962  |
| Brown & Brown, Inc. | 1541 | 122879  |
| Everest Group Ltd. | 275 | 86493  |
| Hartford Insurance Group, Inc. | 1485 | 184407  |
| Loews Corp. | 1873 | 186476  |
| Markel Group, Inc.<sup>(a)</sup> | 7 | 13822  |
| MetLife, Inc. | 2876 | 229562  |
| Ryan Specialty Holdings, Inc.<sup>(b)</sup> | 826 | 45265  |
|  |  | 2006949  |
| **Internet - 13.7%** |  |  |
| Alphabet, Inc. - Class A | 7400 | 2080806  |
| Alphabet, Inc. - Class C | 6248 | 1760811  |
| Amazon.com, Inc.<sup>(a)</sup> | 12100 | 2955062  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 330 | 210319  |
| Coupang, Inc.<sup>(a)</sup> | 2310 | 73851  |
| MercadoLibre, Inc.<sup>(a)</sup> | 56 | 130326  |
| Meta Platforms, Inc. - Class A | 2696 | 1747952  |
| Netflix, Inc.<sup>(a)</sup> | 551 | 616492  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 1870 | 61897  |
| Reddit, Inc. - Class A<sup>(a)(b)</sup> | 165 | 34477  |
| Snap, Inc. - Class A<sup>(a)</sup> | 2365 | 18447  |
| Spotify Technology SA<sup>(a)(b)</sup> | 221 | 144826  |
| Uber Technologies, Inc.<sup>(a)</sup> | 3135 | 302527  |
|  |  | 10137793  |
| **Iron/Steel - 0.1%** |  |  |
| Reliance, Inc. | 386 | 109018  |
| **Leisure Time - 0.1%** |  |  |
| Viking Holdings Ltd.<sup>(a)(b)</sup> | 661 | 40222  |
| **Lodging - 0.6%** |  |  |
| Hilton Worldwide Holdings, Inc. | 885 | 227410  |
| Marriott International, Inc./MD - Class A | 825 | 214978  |
|  |  | 442388  |

---

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY MANAGED 100 BUFFER ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Machinery-Construction & Mining - 1.3%** |  |  |
| Caterpillar, Inc. | 990 | $571487  |
| GE Vernova, Inc. | 393 | 229960  |
| Vertiv Holdings Co. - Class A | 825 | 159110  |
|  |  | 960557  |
| **Machinery-Diversified - 0.5%** |  |  |
| Dover Corp. | 885 | 160592  |
| Westinghouse Air Brake Technologies Corp. | 880 | 179907  |
|  |  | 340499  |
| **Media - 0.4%** |  |  |
| Walt Disney Co. | 2695 | 303511  |
| **Mining - 0.5%** |  |  |
| Anglogold Ashanti PLC | 1216 | 82688  |
| Southern Copper Corp. | 1886 | 261777  |
|  |  | 344465  |
| **Miscellaneous Manufacturing - 0.5%** |  |  |
| Entegris, Inc.<sup>(b)</sup> | 1651 | 151182  |
| Illinois Tool Works, Inc.<sup>(b)</sup> | 944 | 230261  |
|  |  | 381443  |
| **Oil & Gas - 2.2%** |  |  |
| Chevron Corp. | 1997 | 314967  |
| Devon Energy Corp. | 5232 | 169988  |
| Exxon Mobil Corp. | 6774 | 774674  |
| Occidental Petroleum Corp. | 4345 | 179014  |
| Valero Energy Corp. | 1155 | 195842  |
|  |  | 1634485  |
| **Oil & Gas Services - 0.2%** |  |  |
| Halliburton Co. | 6271 | 168314  |
| **Packaging & Containers - 0.2%** |  |  |
| Packaging Corp. of America<sup>(b)</sup> | 605 | 118435  |
| **Pharmaceuticals - 4.7%** |  |  |
| AbbVie, Inc. | 2977 | 649105  |
| Becton Dickinson & Co. | 1268 | 226604  |
| Cencora, Inc. | 715 | 241534  |
| Eli Lilly & Co. | 1172 | 1011272  |
| Johnson & Johnson | 3855 | 728094  |
| McKesson Corp.<sup>(b)</sup> | 275 | 223119  |
| Merck & Co., Inc. | 4901 | 421388  |
|  |  | 3501116  |

---

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY MANAGED 100 BUFFER ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Pipelines - 0.4%** |  |  |
| Cheniere Energy, Inc. | 660 | $139920  |
| Kinder Morgan, Inc. | 6160 | 161330  |
| Venture Global, Inc. - Class A | 2699 | 23131  |
|  |  | 324381  |
| **Retail - 4.4%** |  |  |
| Carvana Co.<sup>(a)(b)</sup> | 412 | 126294  |
| Costco Wholesale Corp. | 686 | 625255  |
| Ferguson Enterprises, Inc.<sup>(b)</sup> | 725 | 180162  |
| Home Depot, Inc. | 1619 | 614556  |
| Lowe's Cos., Inc. | 1381 | 328858  |
| McDonald's Corp.<sup>(b)</sup> | 1393 | 415713  |
| Ross Stores, Inc. | 1376 | 218674  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 165 | 85780  |
| Walmart, Inc. | 6903 | 698446  |
|  |  | 3293738  |
| **Semiconductors - 13.2%** |  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 2587 | 662582  |
| Broadcom, Inc. | 5527 | 2042945  |
| GLOBALFOUNDRIES, Inc.<sup>(a)(b)</sup> | 171 | 6088  |
| KLA Corp. | 331 | 400093  |
| Marvell Technology, Inc. | 1485 | 139204  |
| NVIDIA Corp. | 29043 | 5880917  |
| QUALCOMM, Inc. | 1818 | 328876  |
| Texas Instruments, Inc. | 1992 | 321628  |
|  |  | 9782333  |
| **Software - 11.4%** | **Software - 11.4%** | **Software - 11.4%** |
| Adobe, Inc.<sup>(a)</sup> | 850 | 289263  |
| Atlassian Corp. - Class A<sup>(a)(b)</sup> | 330 | 55909  |
| Bentley Systems, Inc. - Class B<sup>(b)</sup> | 825 | 41935  |
| Broadridge Financial Solutions, Inc. | 551 | 121440  |
| Cloudflare, Inc. - Class A<sup>(a)(b)</sup> | 459 | 116265  |
| HubSpot, Inc.<sup>(a)</sup> | 74 | 36402  |
| Intuit, Inc. | 458 | 305738  |
| Microsoft Corp. | 9075 | 4699126  |
| MongoDB, Inc.<sup>(a)</sup> | 220 | 79160  |
| Oracle Corp. | 2421 | 635779  |
| Palantir Technologies, Inc. - Class A<sup>(a)(b)</sup> | 2695 | 540267  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 990 | 112583  |
| Salesforce, Inc. | 1771 | 461186  |
| Samsara, Inc. - Class A<sup>(a)</sup> | 496 | 19924  |
| ServiceNow, Inc.<sup>(a)</sup> | 330 | 303362  |
| Snowflake, Inc. - Class A<sup>(a)(b)</sup> | 495 | 136066  |
| SS&C Technologies Holdings, Inc. | 1100 | 93412  |

---

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY MANAGED 100 BUFFER ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Software - (Continued)** | **Software - (Continued)** | **Software - (Continued)** | **Software - (Continued)** |
| Strategy, Inc. - Class A<sup>(a)(b)</sup> | Strategy, Inc. - Class A<sup>(a)(b)</sup> | 614 | $165479  |
| Veeva Systems, Inc. - Class A<sup>(a)(b)</sup> | Veeva Systems, Inc. - Class A<sup>(a)(b)</sup> | 440 | 128128  |
| Zoom Communications, Inc. - Class A<sup>(a)</sup> | Zoom Communications, Inc. - Class A<sup>(a)</sup> | 825 | 71965  |
|  |  |  | 8413389  |
| **Telecommunications - 1.5%** | **Telecommunications - 1.5%** |  |  |
| Arista Networks, Inc.<sup>(a)</sup> | Arista Networks, Inc.<sup>(a)</sup> | 1650 | 260188  |
| AT&T, Inc. | AT&T, Inc. | 13860 | 343035  |
| Cisco Systems, Inc. | Cisco Systems, Inc. | 7206 | 526831  |
| Ubiquiti, Inc. | Ubiquiti, Inc. | 6 | 4723  |
|  |  |  | 1134777  |
| **Transportation - 0.5%** | **Transportation - 0.5%** |  |  |
| CSX Corp. | CSX Corp. | 7425 | 267449  |
| Expeditors International of Washington, Inc.<sup>(b)</sup> | Expeditors International of Washington, Inc.<sup>(b)</sup> | 1045 | 127385  |
|  |  |  | 394834  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $63,718,134)** | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $63,718,134)** |  | 68848132  |
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 3.9%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - 3.9%**<br>|  |  |  |
| S&P 500 Index<sup>(c)(d)(e)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $6,400.00 | $17784520 | 26 | 153322  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $6,400.00 | 18468540 | 27 | 375030  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2026; Exercise Price: $6,800.00 | 18468540 | 27 | 807300  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2026; Exercise Price: $7,340.00 | 18468540 | 27 | 1552635  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $4,359,664)** | &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $4,359,664)** |  | 2888287 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.4%** |  |  |
| **REITS - 1.4%** |  |  |
| Alexandria Real Estate Equities, Inc. | 1541 | 89717  |
| Invitation Homes, Inc. | 4841 | 136274  |
| Mid-America Apartment Communities, Inc. | 1158 | 148490  |
| Realty Income Corp.<sup>(b)</sup> | 3741 | 216903  |
| SBA Communications Corp. | 605 | 115846  |
| Sun Communities, Inc. | 990 | 125334  |
| VICI Properties, Inc.<sup>(b)</sup> | 5830 | 174842  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $1,100,086)** |  | 1007406 |

---

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY MANAGED 100 BUFFER ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
| **SHORT-TERM INVESTMENTS** |  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 6.6%** |  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(f)</sup> | 4873686 | $4873686  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $4,873,686)** |  | 4873686  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.9%** <br>**(Cost $74,051,570)** |  | $77617511  |
| Money Market Deposit Account - 1.8%<sup>(g)</sup> |  | 1347085  |
| Liabilities in Excess of Other Assets - (6.7)% |  | (4969490)  |
| **TOTAL NET ASSETS - 100.0%** |  | $73995106 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $4,824,665.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

<sup>(g)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY MANAGED 100 BUFFER ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.3)%** | **WRITTEN OPTIONS - (0.3)%** | **WRITTEN OPTIONS - (0.3)%** | **WRITTEN OPTIONS - (0.3)%** |
| **Call Options - (0.3)%**<br>|  |  |  |
| S&P 500 Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/05/2025; Exercise Price: $6,840.00 | $(23256680) | &nbsp;&nbsp;&nbsp;&nbsp;(34) | $(135694)  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/10/2025; Exercise Price: $7,000.00 | (23256680) | &nbsp;&nbsp;&nbsp;&nbsp;(34) | (15198)  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/14/2025; Exercise Price: $7,000.00 | (22572660) | &nbsp;&nbsp;&nbsp;&nbsp;(33) | (44682)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $182,620)** |  |  | $(195574) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Common Stocks | $68848132 | 93.0%  |
| Purchased Options | 2888287 | 3.9  |
| Real Estate Investment Trusts - Common | 1007406 | 1.4  |
| Written Options | (195574) | (0.3)  |
| Investments Purchased with Proceeds from Securities Lending | 4873686 | 6.6  |
| Money Market Deposit Account | 1347085 | 1.8  |
| Liabilities in Excess of Other Assets | (4773916) | (6.4)  |
|  | $73995106 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY MANAGED FLOOR ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.4%** | **COMMON STOCKS - 96.4%** | **COMMON STOCKS - 96.4%** |
| **Advertising - 0.0%<sup>(a)</sup>** |  |  |
| Trade Desk, Inc. - Class A<sup>(b)</sup> | 160 | $8045  |
| **Aerospace/Defense - 2.1%** |  |  |
| General Electric Co. | 36018 | 11127761  |
| HEICO Corp. | 8673 | 2756019  |
| HEICO Corp. - Class A | 6716 | 1663755  |
| Lockheed Martin Corp. | 11363 | 5589232  |
| TransDigm Group, Inc. | 3346 | 4378275  |
|  |  | 25515042  |
| **Airlines - 0.1%** |  |  |
| Southwest Airlines Co. | 45548 | 1380104  |
| **Apparel - 0.1%** |  |  |
| Deckers Outdoor Corp.<sup>(b)</sup> | 18753 | 1528370  |
| **Auto Manufacturers - 2.7%** |  |  |
| Ford Motor Co. | 299944 | 3938265  |
| General Motors Co. | 46743 | 3229474  |
| Tesla, Inc.<sup>(b)</sup> | 56413 | 25755919  |
|  |  | 32923658  |
| **Banks - 4.8%** |  |  |
| Bank of America Corp. | 198873 | 10629762  |
| Citizens Financial Group, Inc. | 80777 | 4109126  |
| First Citizens BancShares, Inc./NC - Class A | 325 | 593066  |
| Goldman Sachs Group, Inc. | 12302 | 9710830  |
| Huntington Bancshares, Inc./OH<sup>(c)</sup> | 167612 | 2587929  |
| JPMorgan Chase & Co. | 71773 | 22330016  |
| Morgan Stanley | 28018 | 4594952  |
| Regions Financial Corp. | 171670 | 4154414  |
|  |  | 58710095  |
| **Beverages - 1.3%** |  |  |
| Brown-Forman Corp. - Class A | 25153 | 682149  |
| Brown-Forman Corp. - Class B<sup>(c)</sup> | 75880 | 2066212  |
| Coca-Cola Co. | 143772 | 9905891  |
| Constellation Brands, Inc. - Class A | 22055 | 2897586  |
|  |  | 15551838  |
| **Biotechnology - 0.9%** |  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 4092 | 1866116  |
| Amgen, Inc. | 12842 | 3832438  |
| Illumina, Inc.<sup>(b)</sup> | 26213 | 3238354  |
| Royalty Pharma PLC - Class A | 52838 | 1983538  |
|  |  | 10920446  |

---

The accompanying notes are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY MANAGED FLOOR ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Building Materials - 0.9%** |  |  |
| Carlisle Cos., Inc. | 5047 | $1640527  |
| CRH PLC | 21345 | 2542189  |
| Lennox International, Inc. | 2011 | 1015555  |
| Trane Technologies PLC | 12044 | 5403541  |
|  |  | 10601812  |
| **Chemicals - 1.1%** |  |  |
| Dow, Inc.<sup>(c)</sup> | 143438 | 3420996  |
| Linde PLC | 14735 | 6163650  |
| PPG Industries, Inc. | 42270 | 4131893  |
|  |  | 13716539  |
| **Commercial Services - 0.6%** |  |  |
| Cintas Corp. | 22470 | 4118077  |
| Toast, Inc. - Class A<sup>(b)</sup> | 13559 | 490022  |
| TransUnion | 5617 | 455988  |
| United Rentals, Inc. | 3081 | 2684106  |
|  |  | 7748193  |
| **Computers - 8.5%** |  |  |
| Amdocs Ltd. | 8013 | 675175  |
| Apple, Inc. | 315820 | 85388253  |
| Crowdstrike Holdings, Inc. - Class A<sup>(b)</sup> | 6698 | 3637081  |
| Dell Technologies, Inc. - Class C | 8996 | 1457442  |
| International Business Machines Corp. | 29536 | 9079662  |
| Okta, Inc.<sup>(b)</sup> | 5336 | 488404  |
| Pure Storage, Inc. - Class A<sup>(b)</sup> | 70 | 6909  |
| Super Micro Computer, Inc.<sup>(b)</sup> | 25778 | 1339425  |
| Zscaler, Inc.<sup>(b)</sup> | 6092 | 2017305  |
|  |  | 104089656  |
| **Cosmetics/Personal Care - 0.9%** |  |  |
| Estee Lauder Cos., Inc. - Class A<sup>(c)</sup> | 6807 | 658169  |
| Procter & Gamble Co. | 67370 | 10130427  |
|  |  | 10788596  |
| **Diversified Financial Services - 4.0%** | **Diversified Financial Services - 4.0%** | **Diversified Financial Services - 4.0%** |
| American Express Co. | 17342 | 6255780  |
| Apollo Global Management, Inc. | 11686 | 1452687  |
| Ares Management Corp. - Class A | 9106 | 1354153  |
| Blue Owl Capital, Inc. - Class A<sup>(c)</sup> | 27002 | 425822  |
| Coinbase Global, Inc. - Class A<sup>(b)</sup> | 10099 | 3471834  |
| Interactive Brokers Group, Inc. - Class A | 37844 | 2662704  |
| LPL Financial Holdings, Inc.<sup>(c)</sup> | 2082 | 785559  |
| Mastercard, Inc. - Class A | 22013 | 12150956  |
| Nasdaq, Inc. | 36688 | 3136457  |
| Rocket Cos., Inc. - Class A<sup>(c)</sup> | 28073 | 467696  |

---

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY MANAGED FLOOR ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Diversified Financial Services - (Continued)** | **Diversified Financial Services - (Continued)** | **Diversified Financial Services - (Continued)** |
| T Rowe Price Group, Inc.<sup>(c)</sup> | 11154 | $1143620  |
| TPG, Inc. | 16118 | 887135  |
| Tradeweb Markets, Inc. - Class A | 7391 | 778937  |
| Visa, Inc. - Class A | 42026 | 14319939  |
|  |  | 49293279  |
| **Electric - 2.3%** |  |  |
| Alliant Energy Corp. | 36692 | 2451759  |
| Ameren Corp. | 16755 | 1709345  |
| CenterPoint Energy, Inc. | 57426 | 2195970  |
| CMS Energy Corp. | 39359 | 2894854  |
| Consolidated Edison, Inc. | 28682 | 2793914  |
| DTE Energy Co. | 22679 | 3073912  |
| Entergy Corp. | 46708 | 4488172  |
| Evergy, Inc. | 26726 | 2052824  |
| Eversource Energy | 54034 | 3988250  |
| PPL Corp.<sup>(c)</sup> | 85387 | 3118333  |
|  |  | 28767333  |
| **Electrical Components & Equipment - 0.2%** |  |  |
| AMETEK, Inc. | 14674 | 2965762  |
| **Electronics - 0.7%** |  |  |
| Hubbell, Inc. | 2065 | 970550  |
| Jabil, Inc. | 3459 | 764059  |
| TE Connectivity PLC | 22012 | 5437184  |
| Trimble, Inc.<sup>(b)</sup> | 12807 | 1021358  |
|  |  | 8193151  |
| **Entertainment - 0.4%** |  |  |
| DraftKings, Inc. - Class A<sup>(b)</sup> | 56039 | 1714233  |
| Flutter Entertainment PLC<sup>(b)</sup> | 5086 | 1182953  |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 14129 | 2112709  |
| Warner Music Group Corp. - Class A<sup>(c)</sup> | 7494 | 239508  |
|  |  | 5249403  |
| **Environmental Control - 0.6%** |  |  |
| Republic Services, Inc. | 18009 | 3750194  |
| Waste Management, Inc. | 18716 | 3738895  |
|  |  | 7489089  |
| **Food - 0.4%** |  |  |
| Hershey Co. | 15345 | 2602972  |
| Kellanova | 22057 | 1832055  |
|  |  | 4435027  |

---

The accompanying notes are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY MANAGED FLOOR ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Healthcare-Products - 2.5%** |  |  |
| Abbott Laboratories | 54145 | $6693405  |
| Align Technology, Inc.<sup>(b)</sup> | 21543 | 2970349  |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 19375 | 1597469  |
| GE HealthCare Technologies, Inc. | 27577 | 2066896  |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 10672 | 5701836  |
| Natera, Inc.<sup>(b)</sup> | 3010 | 598779  |
| Thermo Fisher Scientific, Inc. | 10824 | 6141429  |
| West Pharmaceutical Services, Inc. | 14063 | 3966751  |
| Zimmer Biomet Holdings, Inc. | 15478 | 1556468  |
|  |  | 31293382  |
| **Healthcare-Services - 0.8%** |  |  |
| HCA Healthcare, Inc. | 6824 | 3136856  |
| Humana, Inc. | 6456 | 1795995  |
| Molina Healthcare, Inc.<sup>(b)(c)</sup> | 18706 | 2863140  |
| UnitedHealth Group, Inc. | 7771 | 2654263  |
|  |  | 10450254  |
| **Household Products/Wares - 0.2%** |  |  |
| Church & Dwight Co., Inc. | 21348 | 1872006  |
| **Insurance - 3.1%** |  |  |
| Arch Capital Group Ltd. | 20738 | 1789897  |
| Berkshire Hathaway, Inc. - Class B<sup>(b)</sup> | 32871 | 15697217  |
| Brown & Brown, Inc. | 28681 | 2287023  |
| Hartford Insurance Group, Inc. | 33071 | 4106757  |
| Loews Corp. | 36018 | 3585952  |
| Markel Group, Inc.<sup>(b)</sup> | 1334 | 2634023  |
| Principal Financial Group, Inc. | 18933 | 1591129  |
| Prudential Financial, Inc. | 30774 | 3200496  |
| W R Berkley Corp. | 40793 | 2910173  |
|  |  | 37802667  |
| **Internet - 14.5%** | **Internet - 14.5%** | **Internet - 14.5%** |
| Alphabet, Inc. - Class A | 117581 | 33062601  |
| Alphabet, Inc. - Class C | 100546 | 28335874  |
| Amazon.com, Inc.<sup>(b)</sup> | 204885 | 50037015  |
| AppLovin Corp. - Class A<sup>(b)</sup> | 4468 | 2847590  |
| Booking Holdings, Inc. | 780 | 3960637  |
| Coupang, Inc.<sup>(b)</sup> | 20031 | 640391  |
| DoorDash, Inc. - Class A<sup>(b)</sup> | 10041 | 2554129  |
| Expedia Group, Inc. | 8799 | 1935780  |
| MercadoLibre, Inc.<sup>(b)</sup> | 1071 | 2492496  |
| Meta Platforms, Inc. - Class A | 47754 | 30961306  |
| Netflix, Inc.<sup>(b)</sup> | 8299 | 9285419  |

---

The accompanying notes are an integral part of these financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY MANAGED FLOOR ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Internet - (Continued)** | **Internet - (Continued)** | **Internet - (Continued)** |
| Pinterest, Inc. - Class A<sup>(b)</sup> | 33458 | $1107460  |
| Reddit, Inc. - Class A<sup>(b)</sup> | 2755 | 575657  |
| Robinhood Markets, Inc. - Class A<sup>(b)</sup> | 10386 | 1524457  |
| Snap, Inc. - Class A<sup>(b)</sup> | 61091 | 476510  |
| Spotify Technology SA<sup>(b)</sup> | 5336 | 3496788  |
| Uber Technologies, Inc.<sup>(b)</sup> | 50300 | 4853950  |
|  |  | 178148060  |
| **Iron/Steel - 0.2%** |  |  |
| Nucor Corp. | 10888 | 1633744  |
| Reliance, Inc. | 3604 | 1017878  |
|  |  | 2651622  |
| **Machinery-Construction & Mining - 0.4%** |  |  |
| GE Vernova, Inc. | 6040 | 3534246  |
| Vertiv Holdings Co. - Class A | 6469 | 1247611  |
|  |  | 4781857  |
| **Machinery-Diversified - 1.0%** |  |  |
| Deere & Co. | 7368 | 3401290  |
| Dover Corp. | 18076 | 3280071  |
| IDEX Corp. | 16516 | 2831833  |
| Westinghouse Air Brake Technologies Corp. | 16015 | 3274107  |
|  |  | 12787301  |
| **Media - 0.5%** |  |  |
| FactSet Research Systems, Inc.<sup>(c)</sup> | 2068 | 551743  |
| Walt Disney Co. | 44876 | 5053935  |
|  |  | 5605678  |
| **Mining - 0.2%** |  |  |
| Freeport-McMoRan, Inc. | 54715 | 2281616  |
| Southern Copper Corp. | 2088 | 289814  |
|  |  | 2571430  |
| **Miscellaneous Manufacturing - 0.7%** |  |  |
| 3M Co. | 41027 | 6830996  |
| Entegris, Inc.<sup>(c)</sup> | 16241 | 1487188  |
|  |  | 8318184  |
| **Oil & Gas - 2.1%** |  |  |
| Chevron Corp. | 42822 | 6753886  |
| ConocoPhillips | 70492 | 6263919  |
| Exxon Mobil Corp. | 92106 | 10533242  |
| Valero Energy Corp. | 11743 | 1991143  |
|  |  | 25542190  |
| **Oil & Gas Services - 0.2%** |  |  |
| Halliburton Co. | 90407 | 2426524  |

---

The accompanying notes are an integral part of these financial statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY MANAGED FLOOR ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Pharmaceuticals - 4.3%** |  |  |
| AbbVie, Inc. | 45481 | $9916677  |
| Cencora, Inc. | 11625 | 3927041  |
| Eli Lilly & Co. | 20103 | 17346075  |
| Johnson & Johnson | 75193 | 14201702  |
| Merck & Co., Inc. | 86238 | 7414743  |
|  |  | 52806238  |
| **Pipelines - 0.6%** |  |  |
| Cheniere Energy, Inc. | 9400 | 1992800  |
| Kinder Morgan, Inc. | 192807 | 5049615  |
|  |  | 7042415  |
| **Private Equity - 0.2%** |  |  |
| KKR & Co., Inc. | 20139 | 2383048  |
| **Retail - 4.5%** |  |  |
| Carvana Co.<sup>(b)(c)</sup> | 2870 | 879770  |
| Costco Wholesale Corp. | 12202 | 11121513  |
| Darden Restaurants, Inc. | 8799 | 1585140  |
| Ferguson Enterprises, Inc. | 6812 | 1692782  |
| Home Depot, Inc. | 29376 | 11150836  |
| Lowe's Cos., Inc. | 22692 | 5403646  |
| McDonald's Corp. | 28032 | 8365590  |
| Ross Stores, Inc. | 19343 | 3073989  |
| Walmart, Inc. | 115696 | 11706121  |
|  |  | 54979387  |
| **Semiconductors - 14.0%** |  |  |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 44250 | 11333310  |
| Broadcom, Inc. | 100728 | 37232091  |
| GLOBALFOUNDRIES, Inc.<sup>(b)</sup> | 4856 | 172874  |
| Lam Research Corp. | 63736 | 10035870  |
| Marvell Technology, Inc. | 17434 | 1634263  |
| NVIDIA Corp. | 501006 | 101448705  |
| QUALCOMM, Inc. | 25459 | 4605533  |
| Texas Instruments, Inc. | 35470 | 5726986  |
|  |  | 172189632  |
| **Software - 11.5%** | **Software - 11.5%** | **Software - 11.5%** |
| Atlassian Corp. - Class A<sup>(b)</sup> | 5690 | 964000  |
| Bentley Systems, Inc. - Class B<sup>(c)</sup> | 37105 | 1886047  |
| Broadridge Financial Solutions, Inc. | 12673 | 2793129  |
| Cloudflare, Inc. - Class A<sup>(b)</sup> | 10032 | 2541106  |
| HubSpot, Inc.<sup>(b)</sup> | 4263 | 2097055  |
| Intuit, Inc. | 8673 | 5789661  |

---

The accompanying notes are an integral part of these financial statements.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY MANAGED FLOOR ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Software - (Continued)** | **Software - (Continued)** | **Software - (Continued)** |
| Microsoft Corp. | 158437 | $82040263  |
| MongoDB, Inc.<sup>(b)</sup> | 35 | 12594  |
| Oracle Corp. | 36268 | 9524339  |
| Palantir Technologies, Inc. - Class A<sup>(b)</sup> | 57769 | 11580951  |
| ROBLOX Corp. - Class A<sup>(b)</sup> | 24714 | 2810476  |
| Salesforce, Inc. | 20976 | 5462360  |
| Samsara, Inc. - Class A<sup>(b)</sup> | 7736 | 310755  |
| Snowflake, Inc.<sup>(b)(c)</sup> | 15386 | 4229304  |
| SS&C Technologies Holdings, Inc. | 20677 | 1755891  |
| Strategy, Inc. - Class A<sup>(b)(c)</sup> | 4820 | 1299038  |
| Veeva Systems, Inc. - Class A<sup>(b)</sup> | 6120 | 1782144  |
| Workday, Inc. - Class A<sup>(b)(c)</sup> | 9406 | 2256688  |
| Zoom Communications, Inc. - Class A<sup>(b)</sup> | 22125 | 1929964  |
|  |  | 141065765  |
| **Telecommunications - 1.8%** |  |  |
| AT&T, Inc. | 304821 | 7544320  |
| Cisco Systems, Inc. | 146155 | 10685392  |
| T-Mobile US, Inc. | 21156 | 4443818  |
|  |  | 22673530  |
| **Transportation - 0.5%** |  |  |
| Expeditors International of Washington, Inc. | 12748 | 1553981  |
| Union Pacific Corp. | 22011 | 4850564  |
|  |  | 6404545  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $986,778,480)** |  | 1183671153  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.3%** |  |  |
| **REITS - 1.3%** |  |  |
| Alexandria Real Estate Equities, Inc. | 39158 | 2279779  |
| Essex Property Trust, Inc. | 10388 | 2615387  |
| Healthpeak Properties, Inc. | 178907 | 3211380  |
| Invitation Homes, Inc. | 103030 | 2900294  |
| Mid-America Apartment Communities, Inc. | 14716 | 1887033  |
| SBA Communications Corp. | 9389 | 1797806  |
| Sun Communities, Inc. | 14046 | 1778223  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $18,450,631)** |  | 16469902 |

---

The accompanying notes are an integral part of these financial statements.

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY MANAGED FLOOR ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 1.2%<sup>(b)</sup>**  | **PURCHASED OPTIONS - 1.2%<sup>(b)</sup>**  | **PURCHASED OPTIONS - 1.2%<sup>(b)</sup>**  | **PURCHASED OPTIONS - 1.2%<sup>(b)</sup>**  |
| **Put Options - 1.2%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(d)(e)(f)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $530.00 | $299901782 | 4397 | $430906  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $500.00 | 299901782 | 4397 | 1292718  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2026; Exercise Price: $555.00 | 299969988 | 4398 | 4230876  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2026; Exercise Price: $598.00 | 300038194 | 4399 | 8415287  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $28,003,654)** |  |  | 14369787 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.0%**<br>|  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(g)</sup> | 24421573 | 24421573  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $24,421,573)** |  | 24421573  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.9%** <br>**(Cost $1,057,654,338)** |  | $1238932415  |
| Money Market Deposit Account - 1.3%<sup>(h)</sup> |  | 15549000  |
| Liabilities in Excess of Other Assets - (2.2)% |  | (26830888)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1227650527 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $24,270,766.

<sup>(d)</sup> Exchange-traded.

<sup>(e)</sup> 100 shares per contract.

<sup>(f)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(g)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

<sup>(h)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY MANAGED FLOOR ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.3)%**<br>|  |  |  |
| **Call Options - (0.3)%**<br>|  |  |  |
| S&P 500 Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/05/2025; Exercise Price: $6,840.00 | $(404939840) | &nbsp;&nbsp;&nbsp;&nbsp;(592) | $(2362672)  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/10/2025; Exercise Price: $7,000.00 | (398783660) | &nbsp;&nbsp;&nbsp;&nbsp;(583) | (260601)  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/14/2025; Exercise Price: $7,000.00 | (396731600) | &nbsp;&nbsp;&nbsp;&nbsp;(580) | (785320)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,142,663)** |  |  | $(3408593) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Common Stocks | $1183671153 | 96.4%  |
| Real Estate Investment Trusts - Common | 16469902 | 1.3  |
| Purchased Options | 14369787 | 1.2  |
| Written Options | (3408593) | (0.3)  |
| Investments Purchased with Proceeds from Securities Lending | 24421573 | 2.0  |
| Money Market Deposit Account | 15549000 | 1.3  |
| Liabilities in Excess of Other Assets | (23422295) | (1.9)  |
|  | $1227650527 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY PREMIUM INCOME - DAILY PUTWRITE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 51.1%**<br>|  |  |
| **Advertising - 0.0%<sup>(a)</sup>**<br>|  |  |
| Omnicom Group, Inc.<sup>(b)</sup> | 14 | $1050  |
| Trade Desk, Inc. - Class A<sup>(c)</sup> | 32 | 1609  |
|  |  | 2659  |
| **Aerospace/Defense - 1.1%**<br>|  |  |
| Boeing Co.<sup>(c)</sup> | 52 | 10453  |
| General Dynamics Corp.  | 16 | 5518  |
| General Electric Co.  | 77 | 23789  |
| HEICO Corp.  | 3 | 953  |
| HEICO Corp. - Class A | 5 | 1239  |
| Howmet Aerospace, Inc.  | 29 | 5973  |
| L3Harris Technologies, Inc.  | 14 | 4047  |
| Lockheed Martin Corp.  | 17 | 8362  |
| Northrop Grumman Corp.  | 10 | 5835  |
| RTX Corp.  | 96 | 17136  |
| TransDigm Group, Inc.  | 4 | 5234  |
|  |  | 88539  |
| **Agriculture - 0.3%**<br>|  |  |
| Altria Group, Inc.  | 122 | 6878  |
| Archer-Daniels-Midland Co.  | 34 | 2058  |
| Philip Morris International, Inc.  | 112 | 16165  |
|  |  | 25101  |
| **Airlines - 0.1%**<br>|  |  |
| Delta Air Lines, Inc.<sup>(b)</sup> | 47 | 2697  |
| Southwest Airlines Co.  | 37 | 1121  |
| United Airlines Holdings, Inc.<sup>(c)</sup> | 23 | 2163  |
|  |  | 5981  |
| **Apparel - 0.1%**<br>|  |  |
| Deckers Outdoor Corp.<sup>(c)</sup> | 11 | 896  |
| NIKE, Inc. - Class B<sup>(b)</sup> | 84 | 5426  |
|  |  | 6322  |
| **Auto Manufacturers - 1.3%**<br>|  |  |
| Cummins, Inc.  | 10 | 4377  |
| Ford Motor Co.<sup>(b)</sup> | 281 | 3689  |
| General Motors Co.  | 69 | 4767  |
| PACCAR, Inc.  | 37 | 3641  |
| Tesla, Inc.<sup>(c)</sup> | 202 | 92225  |
|  |  | 108699  |
| **Auto Parts & Equipment - 0.0%<sup>(a)</sup>**<br>|  |  |
| Aptiv PLC<sup>(c)</sup> | 16 | 1298  |

---

The accompanying notes are an integral part of these financial statements.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY PREMIUM INCOME - DAILY PUTWRITE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Banks - 2.3%**<br>|  |  |
| Bank of America Corp.  | 471 | $25175  |
| Bank of New York Mellon Corp.  | 52 | 5612  |
| Citigroup, Inc.  | 131 | 13261  |
| Citizens Financial Group, Inc.  | 31 | 1577  |
| Fifth Third Bancorp<sup>(b)</sup> | 48 | 1998  |
| First Citizens BancShares, Inc./NC - Class A | 1 | 1825  |
| Goldman Sachs Group, Inc.  | 22 | 17366  |
| Huntington Bancshares, Inc./OH<sup>(b)</sup> | 105 | 1621  |
| JPMorgan Chase & Co.  | 200 | 62224  |
| M&T Bank Corp.  | 12 | 2207  |
| Morgan Stanley | 89 | 14596  |
| Northern Trust Corp.  | 14 | 1801  |
| PNC Financial Services Group, Inc.  | 28 | 5111  |
| Regions Financial Corp.  | 65 | 1573  |
| State Street Corp.<sup>(b)</sup> | 21 | 2429  |
| Truist Financial Corp.  | 94 | 4195  |
| US Bancorp | 108 | 5042  |
| Wells Fargo & Co.  | 235 | 20438  |
|  |  | 188051  |
| **Beverages - 0.5%**<br>|  |  |
| Brown-Forman Corp. - Class A | 4 | 108  |
| Brown-Forman Corp. - Class B<sup>(b)</sup> | 22 | 599  |
| Coca-Cola Co.  | 279 | 19223  |
| Constellation Brands, Inc. - Class A<sup>(b)</sup> | 11 | 1445  |
| Keurig Dr Pepper, Inc.<sup>(b)</sup> | 93 | 2526  |
| Monster Beverage Corp.<sup>(c)</sup> | 50 | 3342  |
| PepsiCo, Inc.  | 99 | 14463  |
|  |  | 41706  |
| **Biotechnology - 0.6%**<br>|  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(c)</sup> | 9 | 4104  |
| Amgen, Inc.  | 39 | 11639  |
| Biogen, Inc.<sup>(c)</sup> | 11 | 1697  |
| Corteva, Inc.  | 49 | 3010  |
| Gilead Sciences, Inc.  | 90 | 10781  |
| Illumina, Inc.<sup>(c)</sup> | 11 | 1359  |
| Incyte Corp.<sup>(c)</sup> | 12 | 1122  |
| Regeneron Pharmaceuticals, Inc.  | 7 | 4563  |
| Royalty Pharma PLC - Class A | 28 | 1051  |
| Vertex Pharmaceuticals, Inc.<sup>(c)</sup> | 19 | 8086  |
|  |  | 47412  |

---

The accompanying notes are an integral part of these financial statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY PREMIUM INCOME - DAILY PUTWRITE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Building Materials - 0.4%**<br>|  |  |
| Builders FirstSource, Inc.<sup>(c)</sup> | 8 | $929  |
| Carlisle Cos., Inc.  | 3 | 975  |
| Carrier Global Corp.  | 58 | 3451  |
| CRH PLC | 49 | 5836  |
| Johnson Controls International PLC | 47 | 5376  |
| Lennox International, Inc.<sup>(b)</sup> | 2 | 1010  |
| Martin Marietta Materials, Inc.  | 4 | 2452  |
| Trane Technologies PLC | 16 | 7178  |
| Vulcan Materials Co.  | 9 | 2606  |
|  |  | 29813  |
| **Chemicals - 0.5%**<br>|  |  |
| Air Products and Chemicals, Inc.  | 16 | 3881  |
| CF Industries Holdings, Inc.<sup>(b)</sup> | 12 | 1000  |
| Dow, Inc.  | 51 | 1216  |
| DuPont de Nemours, Inc.<sup>(b)</sup> | 30 | 2450  |
| Ecolab, Inc.  | 18 | 4615  |
| International Flavors & Fragrances, Inc.  | 18 | 1133  |
| Linde PLC | 34 | 14222  |
| LyondellBasell Industries NV - Class A | 18 | 836  |
| PPG Industries, Inc.  | 16 | 1564  |
| Sherwin-Williams Co.  | 17 | 5864  |
| Solstice Advanced Materials, Inc.<sup>(c)</sup> | 12 | 518  |
|  |  | 37299  |
| **Commercial Services - 0.7%**<br>|  |  |
| Affirm Holdings, Inc.<sup>(c)</sup> | 17 | 1222  |
| Automatic Data Processing, Inc.<sup>(b)</sup> | 29 | 7549  |
| Block, Inc.<sup>(c)</sup> | 40 | 3038  |
| Booz Allen Hamilton Holding Corp.  | 9 | 784  |
| Cintas Corp.  | 25 | 4582  |
| Corpay, Inc.<sup>(c)</sup> | 5 | 1302  |
| Equifax, Inc.  | 9 | 1900  |
| Global Payments, Inc.  | 17 | 1322  |
| Moody's Corp.  | 11 | 5283  |
| PayPal Holdings, Inc.<sup>(c)</sup> | 70 | 4849  |
| Quanta Services, Inc. | 11 | 4940  |
| Rollins, Inc.  | 21 | 1210  |
| S&P Global, Inc.  | 22 | 10719  |
| Toast, Inc. - Class A<sup>(c)</sup> | 33 | 1193  |
| TransUnion | 14 | 1136  |
| United Rentals, Inc.  | 5 | 4356  |
| Verisk Analytics, Inc.  | 10 | 2187  |
|  |  | 57572  |

---

The accompanying notes are an integral part of these financial statements.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY PREMIUM INCOME - DAILY PUTWRITE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Computers - 4.4%**<br>|  |  |
| Accenture PLC - Class A | 49 | $12255  |
| Amdocs Ltd.  | 8 | 674  |
| Apple, Inc.<sup>(b)</sup> | 1049 | 283618  |
| Cognizant Technology Solutions Corp. - Class A | 36 | 2624  |
| Crowdstrike Holdings, Inc. - Class A<sup>(b)(c)</sup> | 18 | 9774  |
| Dell Technologies, Inc. - Class C | 22 | 3564  |
| Fortinet, Inc.<sup>(b)(c)</sup> | 44 | 3803  |
| Gartner, Inc.<sup>(c)</sup> | 5 | 1242  |
| Hewlett Packard Enterprise Co.  | 94 | 2296  |
| HP, Inc.  | 68 | 1882  |
| International Business Machines Corp.  | 67 | 20596  |
| Leidos Holdings, Inc.  | 9 | 1714  |
| NetApp, Inc.  | 14 | 1649  |
| Okta, Inc.<sup>(b)(c)</sup> | 12 | 1098  |
| Pure Storage, Inc. - Class A<sup>(b)(c)</sup> | 22 | 2171  |
| Seagate Technology Holdings PLC | 14 | 3582  |
| Super Micro Computer, Inc.<sup>(b)(c)</sup> | 37 | 1923  |
| Western Digital Corp.  | 25 | 3755  |
| Zscaler, Inc.<sup>(c)</sup> | 7 | 2318  |
|  |  | 360538  |
| **Cosmetics/Personal Care - 0.4%**<br>|  |  |
| Colgate-Palmolive Co.  | 58 | 4469  |
| Estee Lauder Cos., Inc. - Class A<sup>(b)</sup> | 16 | 1547  |
| Kenvue, Inc.  | 138 | 1983  |
| Procter & Gamble Co.  | 169 | 25413  |
|  |  | 33412  |
| **Distribution/Wholesale - 0.1%**<br>|  |  |
| Copart, Inc.<sup>(c)</sup> | 62 | 2667  |
| Fastenal Co.<sup>(b)</sup> | 83 | 3415  |
| Watsco, Inc.<sup>(b)</sup> | 3 | 1104  |
| WW Grainger, Inc.  | 3 | 2937  |
|  |  | 10123  |
| **Diversified Financial Services - 2.1%**<br>|  |  |
| American Express Co.  | 40 | 14429  |
| Ameriprise Financial, Inc.  | 7 | 3169  |
| Apollo Global Management, Inc.  | 29 | 3605  |
| Ares Management Corp. - Class A | 15 | 2231  |
| Blackrock, Inc.  | 11 | 11911  |
| Blue Owl Capital, Inc. - Class A | 43 | 678  |
| Capital One Financial Corp.  | 46 | 10120  |
| Cboe Global Markets, Inc.  | 8 | 1965  |
| Charles Schwab Corp.  | 124 | 11720  |
| Circle Internet Group, Inc.<sup>(b)(c)</sup> | 8 | 1016  |
| CME Group, Inc.  | 26 | 6903  |

---

The accompanying notes are an integral part of these financial statements.

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY PREMIUM INCOME - DAILY PUTWRITE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Diversified Financial Services - (Continued)**  | **Diversified Financial Services - (Continued)**  | **Diversified Financial Services - (Continued)**  |
| Coinbase Global, Inc. - Class A<sup>(c)</sup> | 15 | $5157  |
| Interactive Brokers Group, Inc. - Class A | 30 | 2111  |
| Intercontinental Exchange, Inc.  | 41 | 5998  |
| LPL Financial Holdings, Inc.  | 6 | 2264  |
| Mastercard, Inc. - Class A | 58 | 32015  |
| Nasdaq, Inc.  | 30 | 2565  |
| Raymond James Financial, Inc.  | 13 | 2063  |
| Rocket Cos., Inc. - Class A<sup>(b)</sup> | 17 | 283  |
| SoFi Technologies, Inc.<sup>(b)(c)</sup>  | 74 | 2196  |
| Synchrony Financial | 27 | 2008  |
| T Rowe Price Group, Inc.  | 16 | 1641  |
| TPG, Inc.  | 10 | 550  |
| Tradeweb Markets, Inc. - Class A | 8 | 843  |
| Visa, Inc. - Class A<sup>(b)</sup> | 123 | 41911  |
|  |  | 169352  |
| **Electric - 1.1%**<br>|  |  |
| Alliant Energy Corp.  | 19 | 1270  |
| Ameren Corp.  | 19 | 1938  |
| American Electric Power Co., Inc.<sup>(b)</sup> | 39 | 4690  |
| CenterPoint Energy, Inc.  | 47 | 1797  |
| CMS Energy Corp.  | 21 | 1544  |
| Consolidated Edison, Inc.  | 26 | 2533  |
| Constellation Energy Corp.  | 23 | 8671  |
| Dominion Energy, Inc.<sup>(b)</sup> | 61 | 3580  |
| DTE Energy Co.  | 15 | 2033  |
| Duke Energy Corp.  | 56 | 6961  |
| Edison International | 28 | 1551  |
| Entergy Corp.  | 31 | 2979  |
| Evergy, Inc.  | 16 | 1229  |
| Eversource Energy | 26 | 1919  |
| Exelon Corp.<sup>(b)</sup> | 73 | 3367  |
| FirstEnergy Corp.<sup>(b)</sup> | 40 | 1833  |
| NextEra Energy, Inc.  | 148 | 12047  |
| NRG Energy, Inc.  | 14 | 2406  |
| PG&E Corp.  | 158 | 2522  |
| PPL Corp.  | 53 | 1936  |
| Public Service Enterprise Group, Inc.  | 36 | 2900  |
| Sempra | 47 | 4321  |
| Southern Co.<sup>(b)</sup> | 79 | 7429  |
| Vistra Corp.  | 24 | 4519  |
| WEC Energy Group, Inc.  | 23 | 2570  |
| Xcel Energy, Inc.<sup>(b)</sup> | 42 | 3409  |
|  |  | 91954  |

---

The accompanying notes are an integral part of these financial statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY PREMIUM INCOME - DAILY PUTWRITE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Electrical Components & Equipment - 0.2%**<br>|  |  |
| AMETEK, Inc.  | 17 | $3436  |
| Eaton Corp. PLC | 28 | 10683  |
| Emerson Electric Co.  | 40 | 5583  |
|  |  | 19702  |
| **Electronics - 0.5%**<br>|  |  |
| Amphenol Corp. - Class A | 86 | 11983  |
| Flex Ltd.<sup>(c)</sup> | 27 | 1688  |
| Fortive Corp.  | 24 | 1208  |
| Garmin Ltd.<sup>(b)</sup> | 11 | 2354  |
| Honeywell International, Inc.  | 46 | 9261  |
| Hubbell, Inc.<sup>(b)</sup> | 4 | 1880  |
| Jabil, Inc.  | 8 | 1767  |
| Keysight Technologies, Inc.<sup>(c)</sup> | 12 | 2196  |
| Mettler-Toledo International, Inc.<sup>(c)</sup> | 1 | 1416  |
| TE Connectivity PLC | 21 | 5187  |
| Trimble, Inc.<sup>(c)</sup> | 17 | 1356  |
|  |  | 40296  |
| **Energy-Alternate Sources - 0.0%<sup>(a)</sup>**<br>|  |  |
| First Solar, Inc.<sup>(b)(c)</sup> | 7 | 1869  |
| **Engineering & Construction - 0.0%<sup>(a)</sup>**<br>|  |  |
| EMCOR Group, Inc.  | 3 | 2028  |
| Jacobs Solutions, Inc.  | 9 | 1402  |
|  |  | 3430  |
| **Entertainment - 0.1%**<br>|  |  |
| DraftKings, Inc. - Class A<sup>(c)</sup> | 35 | 1071  |
| Flutter Entertainment PLC<sup>(c)</sup> | 13 | 3024  |
| Live Nation Entertainment, Inc.<sup>(c)</sup> | 11 | 1645  |
| TKO Group Holdings, Inc.  | 5 | 942  |
| Warner Music Group Corp. - Class A<sup>(b)</sup> | 10 | 319  |
|  |  | 7001  |
| **Environmental Control - 0.1%**<br>|  |  |
| Republic Services, Inc.  | 15 | 3124  |
| Veralto Corp.<sup>(b)</sup> | 17 | 1677  |
| Waste Management, Inc.  | 29 | 5793  |
|  |  | 10594  |
| **Food - 0.3%**<br>|  |  |
| General Mills, Inc.  | 39 | 1818  |
| Hershey Co.  | 11 | 1866  |
| Hormel Foods Corp.  | 21 | 453  |
| Kellanova | 20 | 1661  |
| Kraft Heinz Co.  | 62 | 1533  |
| Kroger Co.  | 44 | 2800  |
| McCormick & Co., Inc./MD  | 18 | 1155  |

---

The accompanying notes are an integral part of these financial statements.

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY PREMIUM INCOME - DAILY PUTWRITE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Food - (Continued)**  | **Food - (Continued)**  | **Food - (Continued)**  |
| Mondelez International, Inc. - Class A | 93 | $5344  |
| Sysco Corp.  | 35 | 2600  |
| Tyson Foods, Inc. - Class A | 20 | 1028  |
|  |  | 20258  |
| **Forest Products & Paper - 0.0%<sup>(a)</sup>**<br>|  |  |
| International Paper Co.  | 38 | 1468  |
| **Gas - 0.0%<sup>(a)</sup>**<br>|  |  |
| Atmos Energy Corp.  | 11 | 1889  |
| NiSource, Inc.  | 34 | 1432  |
|  |  | 3321  |
| **Healthcare-Products - 1.4%**<br>|  |  |
| Abbott Laboratories | 125 | 15453  |
| Agilent Technologies, Inc.  | 20 | 2927  |
| Align Technology, Inc.<sup>(c)</sup> | 5 | 689  |
| Baxter International, Inc.  | 37 | 683  |
| Boston Scientific Corp.<sup>(c)</sup> | 107 | 10777  |
| Cooper Cos., Inc.<sup>(b)(c)</sup> | 14 | 979  |
| Danaher Corp.  | 46 | 9908  |
| Edwards Lifesciences Corp.<sup>(c)</sup> | 42 | 3463  |
| GE HealthCare Technologies, Inc.  | 33 | 2473  |
| Hologic, Inc.<sup>(c)</sup> | 16 | 1183  |
| IDEXX Laboratories, Inc.<sup>(b)(c)</sup> | 6 | 3777  |
| Insulet Corp.<sup>(c)</sup> | 5 | 1565  |
| Intuitive Surgical, Inc.<sup>(c)</sup> | 26 | 13891  |
| Medtronic PLC | 93 | 8435  |
| Natera, Inc.<sup>(b)(c)</sup> | 9 | 1790  |
| ResMed, Inc.  | 10 | 2469  |
| STERIS PLC | 7 | 1650  |
| Stryker Corp.  | 25 | 8906  |
| Thermo Fisher Scientific, Inc.  | 27 | 15320  |
| Waters Corp.<sup>(c)</sup> | 4 | 1398  |
| West Pharmaceutical Services, Inc.  | 5 | 1410  |
| Zimmer Biomet Holdings, Inc.  | 14 | 1408  |
|  |  | 110554  |
| **Healthcare-Services - 0.6%**<br>|  |  |
| Centene Corp.<sup>(c)</sup> | 36 | 1273  |
| Cigna Group | 19 | 4644  |
| Elevance Health, Inc.  | 16 | 5075  |
| HCA Healthcare, Inc.<sup>(b)</sup> | 12 | 5516  |
| Humana, Inc.  | 9 | 2504  |
| IQVIA Holdings, Inc.<sup>(c)</sup> | 12 | 2598  |
| Labcorp Holdings, Inc.  | 6 | 1524  |
| Molina Healthcare, Inc.<sup>(b)(c)</sup> | 4 | 612  |

---

The accompanying notes are an integral part of these financial statements.

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY PREMIUM INCOME - DAILY PUTWRITE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Healthcare-Services - (Continued)**  | **Healthcare-Services - (Continued)**  | **Healthcare-Services - (Continued)**  |
| Quest Diagnostics, Inc.  | 8 | $1408  |
| UnitedHealth Group, Inc.  | 65 | 22201  |
|  |  | 47355  |
| **Home Builders - 0.1%**<br>|  |  |
| DR Horton, Inc.<sup>(b)</sup> | 20 | 2982  |
| Lennar Corp. - Class A | 16 | 1980  |
| Lennar Corp. - Class B | 1 | 118  |
| PulteGroup, Inc.<sup>(b)</sup> | 14 | 1678  |
|  |  | 6758  |
| **Household Products/Wares - 0.1%**<br>|  |  |
| Avery Dennison Corp.  | 6 | 1049  |
| Church & Dwight Co., Inc.  | 18 | 1579  |
| Clorox Co.  | 9 | 1012  |
| Kimberly-Clark Corp.  | 24 | 2873  |
|  |  | 6513  |
| **Insurance - 1.4%**<br>|  |  |
| Aflac, Inc.  | 35 | 3752  |
| Allstate Corp.  | 19 | 3639  |
| American International Group, Inc.  | 42 | 3316  |
| Aon PLC - Class A | 14 | 4769  |
| Arch Capital Group Ltd.<sup>(b)</sup> | 26 | 2244  |
| Arthur J Gallagher & Co.  | 18 | 4491  |
| Berkshire Hathaway, Inc. - Class B<sup>(c)</sup> | 97 | 46321  |
| Brown & Brown, Inc.  | 21 | 1675  |
| Chubb Ltd.  | 27 | 7477  |
| Cincinnati Financial Corp.  | 11 | 1700  |
| Erie Indemnity Co. - Class A | 2 | 585  |
| Everest Group Ltd.  | 3 | 944  |
| Hartford Insurance Group, Inc.  | 21 | 2608  |
| Loews Corp.  | 12 | 1195  |
| Markel Group, Inc.<sup>(c)</sup> | 1 | 1975  |
| Marsh & McLennan Cos., Inc.  | 36 | 6413  |
| MetLife, Inc.  | 41 | 3273  |
| Principal Financial Group, Inc.  | 16 | 1345  |
| Progressive Corp.  | 42 | 8652  |
| Prudential Financial, Inc.  | 26 | 2704  |
| Ryan Specialty Holdings, Inc.  | 8 | 438  |
| Travelers Cos., Inc.  | 16 | 4298  |
| W R Berkley Corp.<sup>(b)</sup> | 22 | 1569  |
| Willis Towers Watson PLC | 7 | 2192  |
|  |  | 117575  |

---

The accompanying notes are an integral part of these financial statements.

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY PREMIUM INCOME - DAILY PUTWRITE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Internet - 7.6%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(c)</sup> | 30 | $3796  |
| Alphabet, Inc. - Class A | 419 | 117819  |
| Alphabet, Inc. - Class C<sup>(b)</sup> | 367 | 103428  |
| Amazon.com, Inc.<sup>(c)</sup> | 684 | 167046  |
| AppLovin Corp. - Class A<sup>(c)</sup> | 18 | 11472  |
| Booking Holdings, Inc.  | 2 | 10155  |
| CDW Corp./DE | 9 | 1434  |
| Coupang, Inc.<sup>(c)</sup> | 81 | 2590  |
| DoorDash, Inc. - Class A<sup>(c)</sup> | 24 | 6105  |
| eBay, Inc.  | 33 | 2683  |
| Expedia Group, Inc.  | 9 | 1980  |
| GoDaddy, Inc. - Class A<sup>(c)</sup> | 10 | 1331  |
| MercadoLibre, Inc.<sup>(b)(c)</sup> | 3 | 6982  |
| Meta Platforms, Inc. - Class A | 156 | 101143  |
| Netflix, Inc.<sup>(c)</sup> | 30 | 33566  |
| Palo Alto Networks, Inc.<sup>(c)</sup> | 48 | 10571  |
| Pinterest, Inc. - Class A<sup>(c)</sup> | 43 | 1423  |
| Reddit, Inc. - Class A<sup>(b)(c)</sup> | 8 | 1672  |
| Robinhood Markets, Inc. - Class A<sup>(c)</sup> | 53 | 7779  |
| Snap, Inc. - Class A<sup>(c)</sup> | 76 | 593  |
| Spotify Technology SA<sup>(b)(c)</sup> | 11 | 7209  |
| Uber Technologies, Inc.<sup>(c)</sup> | 146 | 14089  |
| VeriSign, Inc.  | 6 | 1439  |
|  |  | 616305  |
| **Iron/Steel - 0.1%**<br>|  |  |
| Nucor Corp.  | 17 | 2551  |
| Reliance, Inc.  | 4 | 1130  |
| Steel Dynamics, Inc.  | 10 | 1568  |
|  |  | 5249  |
| **Leisure Time - 0.1%**<br>|  |  |
| Amer Sports, Inc.<sup>(c)</sup> | 10 | 312  |
| Carnival Corp.<sup>(c)</sup> | 75 | 2162  |
| Royal Caribbean Cruises Ltd.  | 18 | 5163  |
| Viking Holdings Ltd.<sup>(b)(c)</sup> | 9 | 548  |
|  |  | 8185  |
| **Lodging - 0.1%**<br>|  |  |
| Hilton Worldwide Holdings, Inc.  | 17 | 4368  |
| Las Vegas Sands Corp.  | 24 | 1425  |
| Marriott International, Inc./MD - Class A<sup>(b)</sup> | 17 | 4430  |
|  |  | 10223  |

---

The accompanying notes are an integral part of these financial statements.

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY PREMIUM INCOME - DAILY PUTWRITE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Machinery-Construction & Mining - 0.4%**<br>|  |  |
| Caterpillar, Inc.  | 34 | $19627  |
| GE Vernova, Inc.  | 20 | 11703  |
| Vertiv Holdings Co. - Class A | 25 | 4821  |
|  |  | 36151  |
| **Machinery-Diversified - 0.3%**<br>|  |  |
| Deere & Co.  | 18 | 8309  |
| Dover Corp.  | 10 | 1815  |
| IDEX Corp.  | 5 | 857  |
| Ingersoll Rand, Inc.<sup>(b)</sup> | 29 | 2214  |
| Otis Worldwide Corp.  | 29 | 2690  |
| Rockwell Automation, Inc.  | 8 | 2947  |
| Symbotic, Inc.<sup>(c)</sup> | 3 | 243  |
| Westinghouse Air Brake Technologies Corp.  | 12 | 2453  |
| Xylem, Inc./NY | 17 | 2564  |
|  |  | 24092  |
| **Media - 0.4%**<br>|  |  |
| Charter Communications, Inc. - Class A<sup>(b)(c)</sup> | 7 | 1637  |
| Comcast Corp. - Class A | 270 | 7515  |
| FactSet Research Systems, Inc.  | 3 | 800  |
| Fox Corp. - Class A<sup>(b)</sup> | 15 | 970  |
| Fox Corp. - Class B | 9 | 526  |
| Walt Disney Co.  | 130 | 14641  |
| Warner Bros Discovery, Inc.<sup>(c)</sup> | 164 | 3682  |
|  |  | 29771  |
| **Mining - 0.2%**<br>|  |  |
| Anglogold Ashanti PLC | 36 | 2448  |
| Freeport-McMoRan, Inc.  | 103 | 4295  |
| Newmont Corp.  | 80 | 6477  |
| Southern Copper Corp.  | 6 | 833  |
|  |  | 14053  |
| **Miscellaneous Manufacturing - 0.3%**<br>|  |  |
| 3M Co.  | 39 | 6494  |
| Axon Enterprise, Inc.<sup>(c)</sup> | 5 | 3661  |
| Entegris, Inc.<sup>(b)</sup> | 11 | 1007  |
| Illinois Tool Works, Inc.<sup>(b)</sup> | 21 | 5122  |
| Parker-Hannifin Corp.  | 9 | 6956  |
| Teledyne Technologies, Inc.<sup>(c)</sup> | 3 | 1580  |
|  |  | 24820  |
| **Office-Business Equipment - 0.0%<sup>(a)</sup>**<br>|  |  |
| Zebra Technologies Corp. - Class A<sup>(c)</sup> | 4 | 1077  |

---

The accompanying notes are an integral part of these financial statements.

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY PREMIUM INCOME - DAILY PUTWRITE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Oil & Gas - 1.1%**<br>|  |  |
| Chevron Corp.  | 138 | $21765  |
| ConocoPhillips<sup>(b)</sup> | 91 | 8086  |
| Coterra Energy, Inc.  | 54 | 1278  |
| Devon Energy Corp.  | 43 | 1397  |
| Diamondback Energy, Inc.  | 14 | 2005  |
| EOG Resources, Inc.  | 39 | 4128  |
| EQT Corp.  | 43 | 2304  |
| Expand Energy Corp.  | 15 | 1550  |
| Exxon Mobil Corp.  | 311 | 35566  |
| Marathon Petroleum Corp.  | 22 | 4288  |
| Occidental Petroleum Corp.  | 56 | 2307  |
| Phillips 66 | 29 | 3948  |
| Texas Pacific Land Corp.  | 1 | 943  |
| Valero Energy Corp.  | 23 | 3900  |
|  |  | 93465  |
| **Oil & Gas Services - 0.1%**<br>|  |  |
| Baker Hughes Co.  | 71 | 3437  |
| Halliburton Co.  | 62 | 1664  |
| SLB Ltd.  | 98 | 3534  |
|  |  | 8635  |
| **Packaging & Containers - 0.1%**<br>|  |  |
| Amcor PLC | 166 | 1311  |
| Ball Corp.  | 20 | 940  |
| Packaging Corp. of America | 6 | 1175  |
| Smurfit WestRock PLC | 37 | 1366  |
|  |  | 4792  |
| **Pharmaceuticals - 2.2%**<br>|  |  |
| AbbVie, Inc.  | 127 | 27691  |
| Becton Dickinson & Co.  | 21 | 3753  |
| Bristol-Myers Squibb Co.  | 147 | 6772  |
| Cardinal Health, Inc.  | 17 | 3243  |
| Cencora, Inc.  | 13 | 4392  |
| CVS Health Corp.  | 91 | 7112  |
| Dexcom, Inc.<sup>(c)</sup> | 28 | 1630  |
| Eli Lilly & Co.  | 61 | 52634  |
| Johnson & Johnson | 174 | 32863  |
| McKesson Corp.<sup>(b)</sup> | 9 | 7302  |
| Merck & Co., Inc.  | 181 | 15562  |
| Pfizer, Inc.<sup>(b)</sup> | 410 | 10107  |
| Zoetis, Inc.  | 32 | 4611  |
|  |  | 177672  |

---

The accompanying notes are an integral part of these financial statements.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY PREMIUM INCOME - DAILY PUTWRITE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Pipelines - 0.2%**<br>|  |  |
| Cheniere Energy, Inc.  | 16 | $3392  |
| Kinder Morgan, Inc.  | 140 | 3667  |
| ONEOK, Inc.<sup>(b)</sup> | 45 | 3015  |
| Targa Resources Corp.  | 15 | 2311  |
| Venture Global, Inc. - Class A | 32 | 274  |
| Williams Cos., Inc.  | 88 | 5092  |
|  |  | 17751  |
| **Private Equity - 0.2%**<br>|  |  |
| Blackstone, Inc.  | 52 | 7626  |
| Carlyle Group, Inc.  | 16 | 853  |
| KKR & Co., Inc.  | 49 | 5798  |
|  |  | 14277  |
| **Real Estate - 0.1%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(c)</sup> | 22 | 3354  |
| CoStar Group, Inc.<sup>(c)</sup> | 30 | 2064  |
|  |  | 5418  |
| **Retail - 2.1%**<br>|  |  |
| AutoZone, Inc.<sup>(c)</sup> | 1 | 3674  |
| Best Buy Co., Inc.  | 14 | 1150  |
| Carvana Co.<sup>(b)(c)</sup> | 9 | 2759  |
| Chipotle Mexican Grill, Inc.<sup>(c)</sup> | 97 | 3074  |
| Costco Wholesale Corp.  | 32 | 29166  |
| Darden Restaurants, Inc.  | 8 | 1441  |
| Dollar General Corp.  | 16 | 1579  |
| Dollar Tree, Inc.<sup>(b)(c)</sup> | 14 | 1388  |
| Ferguson Enterprises, Inc.<sup>(b)</sup> | 13 | 3231  |
| Genuine Parts Co.  | 10 | 1273  |
| Home Depot, Inc.  | 72 | 27331  |
| Lowe's Cos., Inc.  | 40 | 9525  |
| Lululemon Athletica, Inc.<sup>(c)</sup> | 8 | 1364  |
| McDonald's Corp.<sup>(b)</sup> | 52 | 15518  |
| O'Reilly Automotive, Inc.<sup>(b)(c)</sup> | 62 | 5855  |
| Ross Stores, Inc.  | 23 | 3655  |
| Starbucks Corp.<sup>(b)</sup> | 80 | 6470  |
| Target Corp.<sup>(b)</sup> | 33 | 3060  |
| TJX Cos., Inc.  | 80 | 11211  |
| Tractor Supply Co.<sup>(b)</sup> | 38 | 2056  |
| Ulta Beauty, Inc.<sup>(c)</sup> | 3 | 1560  |
| Walmart, Inc.  | 313 | 31669  |
| Williams-Sonoma, Inc.  | 9 | 1749  |
| Yum! Brands, Inc.  | 20 | 2764  |
|  |  | 172522  |

---

The accompanying notes are an integral part of these financial statements.

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY PREMIUM INCOME - DAILY PUTWRITE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Semiconductors - 7.5%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(c)</sup> | 116 | $29710  |
| Analog Devices, Inc.  | 36 | 8429  |
| Applied Materials, Inc.  | 58 | 13520  |
| Broadcom, Inc.  | 333 | 123087  |
| GLOBALFOUNDRIES, Inc.<sup>(b)(c)</sup> | 6 | 214  |
| Intel Corp.<sup>(c)</sup> | 315 | 12597  |
| KLA Corp.  | 10 | 12087  |
| Lam Research Corp.<sup>(b)</sup> | 92 | 14486  |
| Marvell Technology, Inc.  | 62 | 5812  |
| Microchip Technology, Inc.  | 38 | 2372  |
| Micron Technology, Inc.  | 81 | 18125  |
| Monolithic Power Systems, Inc.  | 3 | 3015  |
| NVIDIA Corp.  | 1691 | 342411  |
| ON Semiconductor Corp.<sup>(c)</sup> | 30 | 1502  |
| QUALCOMM, Inc.  | 79 | 14291  |
| Teradyne, Inc.  | 12 | 2181  |
| Texas Instruments, Inc.  | 65 | 10495  |
|  |  | 614334  |
| **Software - 5.9%**<br>|  |  |
| Adobe, Inc.<sup>(c)</sup> | 31 | 10550  |
| Atlassian Corp. - Class A<sup>(c)</sup> | 12 | 2033  |
| Autodesk, Inc.<sup>(c)</sup> | 15 | 4520  |
| Bentley Systems, Inc. - Class B | 12 | 610  |
| Broadridge Financial Solutions, Inc.  | 8 | 1763  |
| Cadence Design Systems, Inc.<sup>(c)</sup> | 20 | 6774  |
| Cloudflare, Inc. - Class A<sup>(b)(c)</sup> | 22 | 5573  |
| CoreWeave, Inc. - Class A<sup>(c)</sup> | 13 | 1738  |
| Datadog, Inc. - Class A<sup>(c)</sup> | 22 | 3582  |
| Electronic Arts, Inc.  | 16 | 3201  |
| Fair Isaac Corp.<sup>(b)(c)</sup> | 2 | 3319  |
| Fidelity National Information Services, Inc.<sup>(b)</sup> | 38 | 2376  |
| Fiserv, Inc.<sup>(c)</sup> | 40 | 2668  |
| HubSpot, Inc.<sup>(c)</sup> | 4 | 1968  |
| Intuit, Inc.  | 20 | 13351  |
| Microsoft Corp.  | 529 | 273921  |
| MongoDB, Inc.<sup>(c)</sup> | 6 | 2159  |
| MSCI, Inc.  | 5 | 2943  |
| Oracle Corp.  | 118 | 30988  |
| Palantir Technologies, Inc. - Class A<sup>(c)</sup> | 151 | 30271  |
| Paychex, Inc.  | 23 | 2692  |
| PTC, Inc.<sup>(c)</sup> | 9 | 1787  |
| ROBLOX Corp. - Class A<sup>(c)</sup> | 41 | 4662  |
| Roper Technologies, Inc.  | 8 | 3569  |
| Salesforce, Inc.  | 67 | 17447  |
| Samsara, Inc. - Class A<sup>(c)</sup> | 20 | 803  |

---

The accompanying notes are an integral part of these financial statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY PREMIUM INCOME - DAILY PUTWRITE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Software - (Continued)**  | **Software - (Continued)**  | **Software - (Continued)**  |
| ServiceNow, Inc.<sup>(c)</sup> | 15 | $13789  |
| Snowflake, Inc. - Class A<sup>(b)(c)</sup> | 23 | 6322  |
| SS&C Technologies Holdings, Inc.  | 16 | 1359  |
| Strategy, Inc. - Class A<sup>(b)(c)</sup> | 19 | 5121  |
| Synopsys, Inc.<sup>(c)</sup> | 13 | 5900  |
| Take-Two Interactive Software, Inc.<sup>(c)</sup> | 12 | 3076  |
| Tyler Technologies, Inc.<sup>(c)</sup> | 3 | 1429  |
| Veeva Systems, Inc. - Class A<sup>(b)(c)</sup> | 11 | 3203  |
| Workday, Inc. - Class A<sup>(c)</sup> | 16 | 3839  |
| Zoom Communications, Inc.<sup>(c)</sup> | 19 | 1657  |
|  |  | 480963  |
| **Telecommunications - 0.9%**<br>|  |  |
| Arista Networks, Inc.<sup>(c)</sup> | 74 | 11669  |
| AT&T, Inc.  | 519 | 12845  |
| Cisco Systems, Inc.  | 286 | 20909  |
| Corning, Inc.  | 56 | 4988  |
| Motorola Solutions, Inc.<sup>(b)</sup> | 12 | 4881  |
| T-Mobile US, Inc.  | 34 | 7142  |
| Verizon Communications, Inc.  | 305 | 12121  |
|  |  | 74555  |
| **Transportation - 0.4%**<br>|  |  |
| CSX Corp.  | 135 | 4863  |
| Expeditors International of Washington, Inc.  | 10 | 1219  |
| FedEx Corp.  | 16 | 4061  |
| JB Hunt Transport Services, Inc.  | 6 | 1013  |
| Norfolk Southern Corp.  | 16 | 4534  |
| Old Dominion Freight Line, Inc.  | 13 | 1826  |
| Union Pacific Corp.<sup>(b)</sup> | 43 | 9476  |
| United Parcel Service, Inc. - Class B | 53 | 5110  |
|  |  | 32102  |
| **Water - 0.0%<sup>(a)</sup>**<br>|  |  |
| American Water Works Co., Inc.  | 14 | 1798  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,486,157)** |  | 4170735  |
|  | **Par** |  |
| **Equity-Linked Notes - 19.1%**<br>|  |  |
| **Diversified Financial Services - 19.1%**<br>|  |  |
| GS Finance Corp., 0.00%, 09/02/2026<sup>(d)</sup> | $1585000 | 1558586  |
| &nbsp;&nbsp;&nbsp; **TOTAL Equity-Linked Notes** <br>**(Cost $1,584,516)** |  | 1558586  |

---

The accompanying notes are an integral part of these financial statements.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY PREMIUM INCOME - DAILY PUTWRITE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.8%**<br>|  |  |
| **REITS - 0.8%**<br>|  |  |
| Alexandria Real Estate Equities, Inc.  | 11 | $640  |
| American Tower Corp.  | 34 | 6085  |
| AvalonBay Communities, Inc.  | 10 | 1739  |
| Crown Castle, Inc.  | 31 | 2797  |
| Digital Realty Trust, Inc.  | 24 | 4090  |
| Equinix, Inc.  | 7 | 5922  |
| Equity Residential<sup>(b)</sup> | 25 | 1486  |
| Essex Property Trust, Inc.  | 5 | 1259  |
| Extra Space Storage, Inc.  | 15 | 2003  |
| Healthpeak Properties, Inc.  | 50 | 898  |
| Invitation Homes, Inc.  | 41 | 1154  |
| Iron Mountain, Inc.  | 21 | 2162  |
| Mid-America Apartment Communities, Inc.  | 8 | 1026  |
| Prologis, Inc.  | 67 | 8314  |
| Public Storage<sup>(b)</sup> | 11 | 3064  |
| Realty Income Corp.<sup>(b)</sup> | 65 | 3769  |
| SBA Communications Corp.  | 8 | 1532  |
| Simon Property Group, Inc.  | 23 | 4043  |
| Sun Communities, Inc.  | 9 | 1139  |
| Ventas, Inc.  | 32 | 2361  |
| VICI Properties, Inc.<sup>(b)</sup> | 76 | 2279  |
| Welltower, Inc.<sup>(b)</sup> | 47 | 8509  |
| Weyerhaeuser Co. | 52 | 1196  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $68,330)** |  | 67467 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **U.S. TREASURY BILLS - 28.8%**<br>|  |  |
| 0.00%, 11/20/2025<sup>(d)(e)</sup> | $2349000 | 2344694  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $2,344,713)** |  | 2344694 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.4%**<br>|  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(f)</sup> | 689564 | 689564  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $689,564)** |  | 689564  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.2%** <br>**(Cost $8,173,280)** |  | $8831046  |
| Money Market Deposit Account - 11.2%<sup>(g)</sup> |  | 911102  |
| Liabilities in Excess of Other Assets - (19.4)% |  | (1577157)  |
| **TOTAL NET ASSETS - 100.0%** |  | $8164991 |

---

The accompanying notes are an integral part of these financial statements.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY PREMIUM INCOME - DAILY PUTWRITE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $673,842.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> The note will pay a contingent coupon on each contingent coupon payment date on a monthly basis if the closing level of each reference asset on the applicable monthly observation date is greater than its coupon barrier level.

<sup>(e)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

<sup>(g)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR EQUITY PREMIUM INCOME - DAILY PUTWRITE ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.0)%**<br>|  |  |  |
| **Put Options - (0.0)%<sup>(a)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Mini Index, <br>Expiration: 11/03/2025; Exercise Price: $673.00<sup>(b)(c)</sup> | $(1915256) | &nbsp;&nbsp;&nbsp;&nbsp;(28) | $(644)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $435)** |  |  | $(644) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Common Stocks | $4170735 | 51.1%  |
| Equity-Linked Notes | 1558586 | 19.1  |
| Real Estate Investment Trusts - Common | 67467 | 0.8  |
| Written Options | (644) | 0.0  |
| U.S. Treasury Bills | 2344694 | 28.8  |
| Money Market Deposit Account | 911102 | 11.2  |
| Investments Purchased with Proceeds from Securities Lending | 689564 | 8.4  |
| Liabilities in Excess of Other Assets | (1576513) | (19.4)  |
|  | $8164991 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Gradient Tactical Rotation Strategy ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.7%**<br>|  |  |
| **Advertising - 0.5%**<br>|  |  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 5822 | $292730  |
| **Aerospace/Defense - 0.8%**<br>|  |  |
| Howmet Aerospace, Inc. | 2303 | 474303  |
| **Airlines - 3.0%**<br>|  |  |
| Delta Air Lines, Inc.<sup>(b)</sup> | 10318 | 592047  |
| Southwest Airlines Co. | 13505 | 409201  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 7220 | 678969  |
|  |  | 1680217  |
| **Apparel - 2.1%**<br>|  |  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 4329 | 352814  |
| Ralph Lauren Corp. | 1500 | 479490  |
| Tapestry, Inc. | 3544 | 389202  |
|  |  | 1221506  |
| **Auto Manufacturers - 1.9%**<br>|  |  |
| Tesla, Inc.<sup>(a)</sup> | 2421 | 1105332  |
| **Banks - 4.8%**<br>|  |  |
| Citigroup, Inc. | 4546 | 460192  |
| Citizens Financial Group, Inc. | 8736 | 444400  |
| Goldman Sachs Group, Inc. | 616 | 486252  |
| Huntington Bancshares, Inc./OH<sup>(b)</sup> | 24919 | 384749  |
| KeyCorp | 23768 | 418079  |
| Morgan Stanley | 3127 | 512828  |
|  |  | 2706500  |
| **Biotechnology - 0.8%**<br>|  |  |
| Moderna, Inc.<sup>(a)(b)</sup> | 15936 | 432822  |
| **Chemicals - 3.0%**<br>|  |  |
| Albemarle Corp.<sup>(b)</sup> | 8042 | 789965  |
| Dow, Inc.<sup>(b)</sup> | 18508 | 441416  |
| DuPont de Nemours, Inc.<sup>(b)</sup> | 5792 | 472917  |
|  |  | 1704298  |
| **Commercial Services - 3.9%**<br>|  |  |
| Block, Inc.<sup>(a)(b)</sup> | 7105 | 539553  |
| Corpay, Inc.<sup>(a)</sup> | 1405 | 365792  |
| Global Payments, Inc. | 4626 | 359718  |
| Quanta Services, Inc. | 1067 | 479222  |
| United Rentals, Inc. | 517 | 450400  |
|  |  | 2194685  |
| **Computers - 8.9%**<br>|  |  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 1116 | 605999  |
| Dell Technologies, Inc. - Class C | 4687 | 759341  |
| Hewlett Packard Enterprise Co. | 25785 | 629670  |
| NetApp, Inc. | 3944 | 464524  |
| Seagate Technology Holdings PLC | 2995 | 766361  |

---

The accompanying notes are an integral part of these financial statements.

42<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Gradient Tactical Rotation Strategy ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Computers - (Continued)**  | **Computers - (Continued)**  | **Computers - (Continued)**  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 14101 | $732688  |
| Western Digital Corp. | 7297 | 1096082  |
|  |  | 5054665  |
| **Cosmetics/Personal Care - 0.8%**<br>|  |  |
| Estee Lauder Cos., Inc. - Class A<sup>(b)</sup> | 4724 | 456763  |
| **Diversified Financial Services - 6.2%**<br>|  |  |
| American Express Co. | 1483 | 534962  |
| Apollo Global Management, Inc. | 3936 | 489284  |
| Capital One Financial Corp. | 2294 | 504657  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 2537 | 872170  |
| Invesco Ltd. | 23248 | 550978  |
| Synchrony Financial | 7626 | 567222  |
|  |  | 3519273  |
| **Electric - 3.3%**<br>|  |  |
| Constellation Energy Corp. | 1607 | 605839  |
| NRG Energy, Inc. | 3651 | 627461  |
| Vistra Corp. | 3361 | 632876  |
|  |  | 1866176  |
| **Electrical Components & Equipment - 1.6%**<br>|  |  |
| Eaton Corp. PLC | 1305 | 497936  |
| Emerson Electric Co. | 3114 | 434621  |
|  |  | 932557  |
| **Electronics - 3.3%**<br>|  |  |
| Amphenol Corp. - Class A | 3975 | 553877  |
| Jabil, Inc. | 2008 | 443547  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 2681 | 490516  |
| Trimble, Inc.<sup>(a)</sup> | 5158 | 411350  |
|  |  | 1899290  |
| **Hand/Machine Tools - 0.8%**<br>|  |  |
| Stanley Black & Decker, Inc.<sup>(b)</sup> | 6653 | 450541  |
| **Healthcare-Products - 2.4%**<br>|  |  |
| Align Technology, Inc.<sup>(a)</sup> | 3162 | 435977  |
| Bio-Techne Corp. | 7919 | 495492  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 851 | 454672  |
|  |  | 1386141  |
| **Healthcare-Services - 0.9%**<br>|  |  |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | 2973 | 535348  |
| **Internet - 4.8%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 3291 | 416443  |
| Amazon.com, Inc.<sup>(a)</sup> | 1983 | 484288  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 1543 | 392493  |
| Expedia Group, Inc. | 2491 | 548020 |

---

The accompanying notes are an integral part of these financial statements.

43<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Gradient Tactical Rotation Strategy ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Internet - (Continued)**  | **Internet - (Continued)**  | **Internet - (Continued)**  |
| Meta Platforms, Inc. - Class A | 566 | $366966  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 2315 | 509856  |
|  |  | 2718066  |
| **Iron/Steel - 0.8%**<br>|  |  |
| Nucor Corp. | 2897 | 434695  |
| **Leisure Time - 2.7%**<br>|  |  |
| Carnival Corp.<sup>(a)</sup> | 19686 | 567547  |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 22826 | 511759  |
| Royal Caribbean Cruises Ltd. | 1674 | 480154  |
|  |  | 1559460  |
| **Lodging - 0.8%**<br>|  |  |
| MGM Resorts International<sup>(a)</sup> | 13599 | 435576  |
| **Machinery-Construction & Mining - 0.9%**<br>|  |  |
| GE Vernova, Inc. | 846 | 495028  |
| **Media - 1.6%**<br>|  |  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 41285 | 926848  |
| **Mining - 0.9%**<br>|  |  |
| Freeport-McMoRan, Inc. | 12380 | 516246  |
| **Miscellaneous Manufacturing - 0.9%**<br>|  |  |
| Parker-Hannifin Corp. | 651 | 503112  |
| **Office-Business Equipment - 0.8%**<br>|  |  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 1623 | 436993  |
| **Oil & Gas - 2.6%**<br>|  |  |
| APA Corp.<sup>(b)</sup> | 26942 | 610236  |
| Devon Energy Corp. | 12216 | 396898  |
| Texas Pacific Land Corp. | 486 | 458483  |
|  |  | 1465617  |
| **Private Equity - 1.6%**<br>|  |  |
| Blackstone, Inc. | 2952 | 432881  |
| KKR & Co., Inc. | 4176 | 494146  |
|  |  | 927027  |
| **Retail - 0.8%**<br>|  |  |
| Williams-Sonoma, Inc. | 2247 | 436682  |
| **Semiconductors - 24.2%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 3848 | 985550  |
| Analog Devices, Inc. | 2442 | 571745  |
| Applied Materials, Inc. | 3079 | 717715  |
| Broadcom, Inc. | 2123 | 784725  |
| Intel Corp.<sup>(a)</sup> | 28180 | 1126918  |
| KLA Corp. | 644 | 778429  |
| Lam Research Corp. | 6355 | 1000658  |

---

The accompanying notes are an integral part of these financial statements.

44<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Gradient Tactical Rotation Strategy ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Semiconductors - (Continued)**  | **Semiconductors - (Continued)**  | **Semiconductors - (Continued)**  |
| Microchip Technology, Inc. | 10657 | $665210  |
| Micron Technology, Inc. | 6338 | 1418254  |
| Monolithic Power Systems, Inc. | 967 | 971835  |
| NVIDIA Corp. | 3749 | 759135  |
| NXP Semiconductors NV | 2801 | 585745  |
| ON Semiconductor Corp.<sup>(a)</sup> | 14010 | 701621  |
| QUALCOMM, Inc. | 3456 | 625190  |
| Skyworks Solutions, Inc.<sup>(b)</sup> | 7916 | 615232  |
| Teradyne, Inc. | 5662 | 1029125  |
| Texas Instruments, Inc. | 2470 | 398806  |
|  |  | 13735893  |
| **Software - 6.2%**<br>|  |  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 1289 | 436571  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 3093 | 503571  |
| Dayforce, Inc.<sup>(a)</sup> | 7959 | 547102  |
| Oracle Corp. | 1810 | 475324  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 3802 | 762187  |
| ServiceNow, Inc.<sup>(a)</sup> | 482 | 443093  |
| Synopsys, Inc.<sup>(a)</sup> | 758 | 343996  |
|  |  | 3511844  |
| **Telecommunications - 1.1%**<br>|  |  |
| Arista Networks, Inc.<sup>(a)</sup> | 4059 | 640064  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $50,479,738)** |  | 56656298 |

---

---

| | | |
|:---|:---|:---|
|  | **Units**  |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 7.9%** |  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(c)</sup> | 4508026 | 4508026  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $4,508,026)** |  | 4508026 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  |  |
| **U.S. TREASURY BILLS - 0.2%**<br>|  |  |
| 3.89%, 11/25/2025<sup>(d)</sup> | $75000 | 74822  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $74,806)** |  | 74822  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.8%** <br>**(Cost $55,062,570)** |  | $61239146  |
| Money Market Deposit Account - 0.0%<sup>(e)</sup> |  | 11438  |
| Liabilities in Excess of Other Assets - (7.8)% |  | (4429728)  |
| **TOTAL NET ASSETS - 100.0%** |  | $56820856 |

---

The accompanying notes are an integral part of these financial statements.

45<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Gradient Tactical Rotation Strategy ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $4,376,754.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

<sup>(d)</sup> The rate shown is the annualized yield as of October 31, 2025.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Common Stocks | $56656298 | 99.7%  |
| Investments Purchased with Proceeds from Securities Lending | 4508026 | 7.9  |
| U.S. Treasury Bills | 74822 | 0.2  |
| Money Market Deposit Account | 11438 | 0.0  |
| Liabilities in Excess of Other Assets | (4429728) | (7.8)  |
|  | $56820856 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

46<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Hedged Nasdaq-100 ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 101.7%**<br>|  |  |
| **Advertising - 0.1%**<br>|  |  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 87 | $4374  |
| **Auto Manufacturers - 3.8%**<br>|  |  |
| PACCAR, Inc. | 102 | 10037  |
| Tesla, Inc.<sup>(a)</sup> | 288 | 131489  |
|  |  | 141526  |
| **Beverages - 1.8%**<br>|  |  |
| Coca-Cola Europacific Partners PLC | 89 | 7906  |
| Keurig Dr Pepper, Inc.<sup>(b)</sup> | 264 | 7170  |
| Monster Beverage Corp.<sup>(a)</sup> | 190 | 12698  |
| PepsiCo, Inc. | 266 | 38860  |
|  |  | 66634  |
| **Biotechnology - 2.6%**<br>|  |  |
| Amgen, Inc. | 105 | 31335  |
| Biogen, Inc.<sup>(a)</sup> | 29 | 4474  |
| Gilead Sciences, Inc. | 241 | 28869  |
| Regeneron Pharmaceuticals, Inc. | 20 | 13036  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 50 | 21279  |
|  |  | 98993  |
| **Chemicals - 1.1%**<br>|  |  |
| Linde PLC | 91 | 38065  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 31 | 1397  |
|  |  | 39462  |
| **Commercial Services - 1.4%**<br>|  |  |
| Automatic Data Processing, Inc. | 79 | 20564  |
| Cintas Corp. | 78 | 14295  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 186 | 12884  |
| Verisk Analytics, Inc. | 27 | 5907  |
|  |  | 53650  |
| **Computers - 10.0%**<br>|  |  |
| Apple, Inc.<sup>(b)</sup> | 1174 | 317414  |
| Cognizant Technology Solutions Corp. - Class A | 95 | 6924  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)(b)</sup> | 49 | 26608  |
| Fortinet, Inc.<sup>(a)(b)</sup> | 149 | 12878  |
| Zscaler, Inc.<sup>(a)</sup> | 30 | 9934  |
|  |  | 373758  |
| **Distribution/Wholesale - 0.5%**<br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 188 | 8086  |
| Fastenal Co.<sup>(b)</sup> | 223 | 9176  |
|  |  | 17262  |
| **Electric - 1.4%**<br>|  |  |
| American Electric Power Co., Inc.<sup>(b)</sup> | 104 | 12507  |
| Constellation Energy Corp. | 61 | 22997  |

---

The accompanying notes are an integral part of these financial statements.

47<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Hedged Nasdaq-100 ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Eletric - (Continued)**  | **Eletric - (Continued)**  | **Eletric - (Continued)**  |
| Exelon Corp.<sup>(b)</sup> | 197 | $9086  |
| Xcel Energy, Inc.<sup>(b)</sup> | 115 | 9334  |
|  |  | 53924  |
| **Electronics - 0.7%**<br>|  |  |
| Honeywell International, Inc. | 124 | 24965  |
| **Food - 0.5%**<br>|  |  |
| Kraft Heinz Co. | 230 | 5688  |
| Mondelez International, Inc. - Class A | 252 | 14480  |
|  |  | 20168  |
| **Healthcare-Products - 1.4%**<br>|  |  |
| GE HealthCare Technologies, Inc. | 89 | 6670  |
| IDEXX Laboratories, Inc.<sup>(a)(b)</sup> | 16 | 10072  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 70 | 37400  |
|  |  | 54142  |
| **Internet - 23.4%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 83 | 10503  |
| Alphabet, Inc. - Class A | 460 | 129347  |
| Alphabet, Inc. - Class C<sup>(b)</sup> | 429 | 120901  |
| Amazon.com, Inc.<sup>(a)</sup> | 843 | 205878  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 60 | 38240  |
| Booking Holdings, Inc. | 6 | 30466  |
| CDW Corp./DE | 26 | 4144  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 78 | 19841  |
| MercadoLibre, Inc.<sup>(a)(b)</sup> | 10 | 23273  |
| Meta Platforms, Inc. - Class A | 172 | 111516  |
| Netflix, Inc.<sup>(a)</sup> | 83 | 92865  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 130 | 28631  |
| PDD Holdings, Inc. - ADR<sup>(a)</sup> | 130 | 17533  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 237 | 41205  |
|  |  | 874343  |
| **Lodging - 0.4%**<br>|  |  |
| Marriott International, Inc./MD - Class A<sup>(b)</sup> | 53 | 13811  |
| **Media - 1.4%**<br>|  |  |
| Charter Communications, Inc. - Class A<sup>(a)(b)</sup> | 27 | 6314  |
| Comcast Corp. - Class A | 717 | 19958  |
| Thomson Reuters Corp. | 88 | 13469  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 482 | 10821  |
|  |  | 50562  |
| **Miscellaneous Manufacturing - 0.3%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 15 | 10983  |
| **Oil & Gas - 0.2%**<br>|  |  |
| Diamondback Energy, Inc. | 56 | 8019  |

---

The accompanying notes are an integral part of these financial statements.

48<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Hedged Nasdaq-100 ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Oil & Gas Services - 0.2%**<br>|  |  |
| Baker Hughes Co. | 192 | $9295  |
| **Pharmaceuticals - 0.4%**<br>|  |  |
| AstraZeneca PLC - ADR | 114 | 9393  |
| Dexcom, Inc.<sup>(a)</sup> | 76 | 4425  |
|  |  | 13818  |
| **Real Estate - 0.2%**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 82 | 5642  |
| **Retail - 3.4%**<br>|  |  |
| Costco Wholesale Corp. | 86 | 78385  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 22 | 3752  |
| O'Reilly Automotive, Inc.<sup>(a)(b)</sup> | 165 | 15582  |
| Ross Stores, Inc. | 64 | 10171  |
| Starbucks Corp.<sup>(b)</sup> | 221 | 17872  |
|  |  | 125762  |
| **Semiconductors - 27.8%<sup>(c)</sup>**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 316 | 80934  |
| Analog Devices, Inc. | 96 | 22477  |
| Applied Materials, Inc. | 155 | 36131  |
| ARM Holdings PLC - ADR<sup>(a)(b)</sup> | 27 | 4585  |
| ASML Holding NV | 16 | 16948  |
| Broadcom, Inc. | 615 | 227322  |
| GLOBALFOUNDRIES, Inc.<sup>(a)(b)</sup> | 108 | 3845  |
| Intel Corp.<sup>(a)</sup> | 852 | 34072  |
| KLA Corp. | 26 | 31427  |
| Lam Research Corp.<sup>(b)</sup> | 246 | 38735  |
| Marvell Technology, Inc. | 168 | 15748  |
| Microchip Technology, Inc. | 105 | 6554  |
| Micron Technology, Inc. | 218 | 48782  |
| NVIDIA Corp. | 1922 | 389186  |
| NXP Semiconductors NV | 49 | 10247  |
| ON Semiconductor Corp.<sup>(a)</sup> | 80 | 4006  |
| QUALCOMM, Inc. | 210 | 37989  |
| Texas Instruments, Inc. | 177 | 28578  |
|  |  | 1037566  |
| **Software - 15.5%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 83 | 28246  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 32 | 5421  |
| Autodesk, Inc.<sup>(a)</sup> | 42 | 12656  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 53 | 17951  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 63 | 10257  |
| Electronic Arts, Inc. | 49 | 9803  |
| Intuit, Inc. | 54 | 36048  |
| Microsoft Corp. | 588 | 304472  |

---

The accompanying notes are an integral part of these financial statements.

49<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Hedged Nasdaq-100 ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Software - (Continued)**  | **Software - (Continued)**  | **Software - (Continued)**  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 443 | $88808  |
| Paychex, Inc. | 70 | 8192  |
| Roper Technologies, Inc. | 21 | 9369  |
| Strategy, Inc. - Class A<sup>(a)</sup> | 51 | 13745  |
| Synopsys, Inc.<sup>(a)</sup> | 36 | 16338  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 36 | 9229  |
| Workday, Inc. - Class A<sup>(a)</sup> | 42 | 10077  |
|  |  | 580612  |
| **Telecommunications - 2.7%**<br>|  |  |
| Cisco Systems, Inc. | 771 | 56368  |
| T-Mobile US, Inc. | 219 | 46001  |
|  |  | 102369  |
| **Transportation - 0.5%**<br>|  |  |
| CSX Corp. | 363 | 13075  |
| Old Dominion Freight Line, Inc. | 41 | 5757  |
|  |  | 18832  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,174,800)** |  | 3800472 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 0.9%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - 0.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise <br>Price: $570.35<sup>(d)(e)(f)</sup> | $3837327 | 61 | 34363  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $70,530)** |  |  | 34363 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 7.6%**<br>|  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(g)</sup> | 284226 | 284226  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM** <br>**SECURITIES LENDING** <br>**(Cost $284,226)** |  | 284226  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 110.2%** <br>**(Cost $3,529,556)** |  | $4119061  |
| Money Market Deposit Account - 0.3%<sup>(h)</sup> |  | 10971  |
| Liabilities in Excess of Other Assets - (10.5)% |  | (391608)  |
| **TOTAL NET ASSETS - 100.0%** |  | $3738424 |

---

The accompanying notes are an integral part of these financial statements.

50<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Hedged Nasdaq-100 ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $277,045.

<sup>(c)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> Exchange-traded.

<sup>(f)</sup> 100 shares per contract.

<sup>(g)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

<sup>(h)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

51<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR HEDGED NASDAQ-100 ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.9)%**<br>|  |  |  |
| **Call Options - (2.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise <br>Price: $641.62<sup>(a)(b)</sup> | $(3837327) | &nbsp;&nbsp;&nbsp;&nbsp;(61) | $(97441)  |
| **Put Options - (0.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise <br>Price: $510.31<sup>(a)(b)</sup> | (3837327) | &nbsp;&nbsp;&nbsp;&nbsp;(61) | (11415)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $70,123)** |  |  | $(108856) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Common Stocks | $3800472 | 101.7%  |
| Purchased Options | 34363 | 0.9  |
| Written Options | (108856) | (2.9)  |
| Investments Purchased with Proceeds from Securities Lending | 284226 | 7.6  |
| Money Market Deposit Account | 10971 | 0.3  |
| Liabilities in Excess of Other Assets | (282752) | (7.6)  |
|  | $3738424 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

52<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator IBD 50 ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 100.4%**<br>|  |  |
| **Aerospace/Defense - 3.4%**<br>|  |  |
| Karman Holdings, Inc.<sup>(a)(b)</sup> | 6740 | $567778  |
| Rocket Lab Corp.<sup>(a)</sup> | 52440 | 3302671  |
|  |  | 3870449  |
| **Biotechnology - 12.1%**<br>|  |  |
| Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | 160051 | 4050891  |
| Argenx SE - ADR<sup>(a)</sup> | 703 | 575405  |
| Stoke Therapeutics, Inc.<sup>(a)(b)</sup> | 128866 | 3871135  |
| Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 17128 | 1178578  |
| Travere Therapeutics, Inc.<sup>(a)</sup> | 115725 | 4068891  |
|  |  | 13744900  |
| **Commercial Services - 1.0%**<br>|  |  |
| StoneCo Ltd. - Class A<sup>(a)</sup> | 60707 | 1154040  |
| **Computers - 0.5%**<br>|  |  |
| Zscaler, Inc.<sup>(a)</sup> | 1802 | 596714  |
| **Diversified Financial Services - 6.5%**<br>|  |  |
| Dave, Inc.<sup>(a)</sup> | 16597 | 3971994  |
| Futu Holdings Ltd. - ADR | 11704 | 2329564  |
| SoFi Technologies, Inc.<sup>(a)(b)</sup> | 37440 | 1111219  |
|  |  | 7412777  |
| **Electrical Components & Equipment - 3.3%**<br>|  |  |
| American Superconductor Corp.<sup>(a)</sup> | 64238 | 3804817  |
| **Electronics - 7.2%**<br>|  |  |
| Amphenol Corp. - Class A | 24826 | 3459255  |
| Applied Optoelectronics, Inc.<sup>(a)</sup> | 16299 | 579592  |
| Celestica, Inc.<sup>(a)</sup> | 11983 | 4127904  |
|  |  | 8166751  |
| **Energy-Alternate Sources - 3.0%**<br>|  |  |
| NEXTracker, Inc. - Class A<sup>(a)</sup> | 33792 | 3420426  |
| **Engineering & Construction - 5.2%**<br>|  |  |
| Comfort Systems USA, Inc. | 4005 | 3867148  |
| EMCOR Group, Inc. | 2977 | 2011797  |
|  |  | 5878945  |
| **Healthcare-Products - 3.7%**<br>|  |  |
| Guardant Health, Inc.<sup>(a)</sup> | 8001 | 744253  |
| Tempus AI, Inc.<sup>(a)(b)</sup> | 26036 | 2339335  |
| TransMedics Group, Inc.<sup>(a)</sup> | 8610 | 1132559  |
|  |  | 4216147  |
| **Healthcare-Services - 0.5%**<br>|  |  |
| GeneDx Holdings Corp.<sup>(a)</sup> | 4389 | 600898  |

---

The accompanying notes are an integral part of these financial statements.

53<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator IBD 50 ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Internet - 7.2%**<br>|  |  |
| Alphabet, Inc. - Class A | 4212 | $1184372  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 3665 | 2335815  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 27954 | 4103088  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 3230 | 561568  |
|  |  | 8184843  |
| **Investment Companies - 4.7%**<br>|  |  |
| Cleanspark, Inc.<sup>(a)(b)</sup> | 183665 | 3269237  |
| Riot Platforms, Inc.<sup>(a)(b)</sup> | 104328 | 2063608  |
|  |  | 5332845  |
| **Machinery-Construction & Mining - 3.0%**<br>|  |  |
| Vertiv Holdings Co. - Class A | 17410 | 3357693  |
| **Machinery-Diversified - 3.2%**<br>|  |  |
| Symbotic, Inc.<sup>(a)(b)</sup> | 44628 | 3612636  |
| **Mining - 1.5%**<br>|  |  |
| Anglogold Ashanti PLC | 8593 | 584324  |
| Cameco Corp. | 10842 | 1108161  |
|  |  | 1692485  |
| **Oil & Gas Services - 0.5%**<br>|  |  |
| Solaris Energy Infrastructure, Inc.<sup>(b)</sup> | 11121 | 591971  |
| **Pharmaceuticals - 2.5%**<br>|  |  |
| Phibro Animal Health Corp. - Class A | 14039 | 590480  |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 20309 | 2310352  |
|  |  | 2900832  |
| **Semiconductors - 14.6%**<br>|  |  |
| Camtek Ltd./Israel<sup>(a)(b)</sup> | 9019 | 1116732  |
| Micron Technology, Inc. | 15309 | 3425695  |
| Monolithic Power Systems, Inc. | 2114 | 2124570  |
| Nova Ltd.<sup>(a)(b)</sup> | 6578 | 2267042  |
| NVIDIA Corp. | 5583 | 1130502  |
| Ouster, Inc.<sup>(a)</sup> | 66753 | 2226880  |
| Rambus, Inc.<sup>(a)</sup> | 31155 | 3203980  |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 3790 | 1138630  |
|  |  | 16634031  |
| **Software - 10.9%**<br>|  |  |
| Innodata, Inc.<sup>(a)(b)</sup> | 51432 | 3837341  |
| Life360, Inc.<sup>(a)</sup> | 11811 | 1165864  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 20359 | 4081369  |
| SoundHound AI, Inc. - Class A<sup>(a)(b)</sup> | 191153 | 3368116  |
|  |  | 12452690  |

---

The accompanying notes are an integral part of these financial statements.

54<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator IBD 50 ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Telecommunications - 5.9%**<br>|  |  |
| Arista Networks, Inc.<sup>(a)</sup> | 14275 | $2251025  |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | 23599 | 4427644  |
|  |  | 6678669  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $98,505,253)** |  | 114305559 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 19.7%**<br>|  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(c)</sup> | 22377262 | 22377262  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $22,377,262)** |  | 22377262  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 120.1%** <br>**(Cost $120,882,515)** |  | $136682821  |
| Money Market Deposit Account - 0.9%<sup>(d)</sup> |  | 993192  |
| Liabilities in Excess of Other Assets - (21.0)% |  | (23883848)  |
| **TOTAL NET ASSETS - 100.0%** |  | $113792165 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $20,591,395.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

<sup>(d)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Common Stocks | $114305559 | 100.4%  |
| Investments Purchased with Proceeds from Securities Lending | 22377262 | 19.7  |
| Money Market Deposit Account | 993192 | 0.9  |
| Liabilities in Excess of Other Assets | (23883848) | (21.0)  |
|  | $113792165 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

55<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator IBD Breakout Opportunities ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.2%**<br>|  |  |
| **Aerospace/Defense - 9.4%**<br>|  |  |
| AeroVironment, Inc.<sup>(a)</sup> | 888 | $328480  |
| General Electric Co. | 240 | 74148  |
| Karman Holdings, Inc.<sup>(a)(b)</sup> | 876 | 73795  |
| Kratos Defense & Security Solutions, Inc.<sup>(a)(b)</sup> | 6432 | 582739  |
|  |  | 1059162  |
| **Airlines - 0.7%**<br>|  |  |
| Ryanair Holdings PLC - ADR | 1188 | 74226  |
| **Auto Manufacturers - 3.7%**<br>|  |  |
| REV Group, Inc.<sup>(b)</sup> | 8256 | 423285  |
| **Banks - 5.0%**<br>|  |  |
| Customers Bancorp, Inc.<sup>(a)</sup> | 8358 | 560989  |
| **Biotechnology - 1.4%**<br>|  |  |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 1776 | 160906  |
| **Building Materials - 2.8%**<br>|  |  |
| Modine Manufacturing Co.<sup>(a)(b)</sup> | 2076 | 318064  |
| **Commercial Services - 11.4%**<br>|  |  |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 3828 | 375221  |
| Legence Corp. - Class A<sup>(a)</sup> | 16230 | 671435  |
| StoneCo Ltd. - Class A<sup>(a)</sup> | 8820 | 167668  |
| Stride, Inc.<sup>(a)(b)</sup> | 1104 | 75116  |
|  |  | 1289440  |
| **Computers - 4.5%**<br>|  |  |
| Zscaler, Inc.<sup>(a)</sup> | 1554 | 514592  |
| **Electrical Components & Equipment - 3.9%**<br>|  |  |
| Generac Holdings, Inc.<sup>(a)</sup> | 2616 | 439540  |
| **Electronics - 6.3%**<br>|  |  |
| Coherent Corp.<sup>(a)</sup> | 2592 | 342040  |
| TE Connectivity PLC | 714 | 176365  |
| TTM Technologies, Inc.<sup>(a)</sup> | 2850 | 191520  |
|  |  | 709925  |
| **Engineering & Construction - 5.0%**<br>|  |  |
| MasTec, Inc.<sup>(a)</sup> | 2766 | 564707  |
| **Healthcare-Products - 5.0%**<br>|  |  |
| Insulet Corp.<sup>(a)</sup> | 1824 | 570930  |
| **Healthcare-Services - 4.3%**<br>|  |  |
| GeneDx Holdings Corp.<sup>(a)</sup> | 1296 | 177435  |
| Privia Health Group, Inc.<sup>(a)</sup> | 12888 | 313179  |
|  |  | 490614  |

---

The accompanying notes are an integral part of these financial statements.

56<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator IBD Breakout Opportunities ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Internet - 13.7%**<br>|  |  |
| Alphabet, Inc. - Class A | 1932 | $543259  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 810 | 516237  |
| eBay, Inc. | 6030 | 490300  |
|  |  | 1549796  |
| **Iron/Steel - 4.4%**<br>|  |  |
| Carpenter Technology Corp. | 1596 | 504176  |
| **Machinery-Construction & Mining - 3.9%**<br>|  |  |
| Bloom Energy Corp. - Class A<sup>(a)(b)</sup> | 666 | 88018  |
| BWX Technologies, Inc. | 1644 | 351175  |
|  |  | 439193  |
| **Mining - 1.3%**<br>|  |  |
| Barrick Mining Corp. | 2256 | 73997  |
| Gold Fields Ltd. - ADR | 1818 | 69829  |
|  |  | 143826  |
| **Miscellaneous Manufacturing - 1.4%**<br>|  |  |
| Federal Signal Corp.<sup>(b)</sup> | 1332 | 157216  |
| **Semiconductors - 3.0%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 1320 | 338078  |
| **Software - 8.1%**<br>|  |  |
| Guidewire Software, Inc.<sup>(a)</sup> | 2004 | 468214  |
| Innodata, Inc.<sup>(a)(b)</sup> | 960 | 71626  |
| Oracle Corp. | 1182 | 310405  |
| Pattern Group, Inc. - Class A<sup>(a)</sup> | 4062 | 71613  |
|  |  | 921858  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $10,981,321)** |  | 11230523  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 10.0%**<br>|  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(c)</sup> | 1137506 | 1137506  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $1,137,506)** |  | 1137506  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 109.2%** <br>**(Cost $12,118,827)** |  | $12368029  |
| Money Market Deposit Account - 0.9%<sup>(d)</sup> |  | 98155  |
| Liabilities in Excess of Other Assets - (10.1)% |  | (1144018)  |
| **TOTAL NET ASSETS - 100.0%** |  | $11322166 |

---

The accompanying notes are an integral part of these financial statements.

57<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator IBD Breakout Opportunities ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $1,117,922.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

<sup>(d)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Common Stocks | $11230523 | 99.2% |
| Investments Purchased with Proceeds from Securities Lending | 1137506 | 10.0 |
| Money Market Deposit Account | 98155 | 0.9 |
| Liabilities in Excess of Other Assets | (1144018) | (10.1)  |
|  | $11322166 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

58<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR INDEX AUTOCALLABLE INCOME STRATEGY ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY BILLS - 98.0%**<br>|  |  |
| 3.95%, 11/20/2025<sup>(a)(b)</sup> | $3705000 | $3698207  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $3,697,305)** |  | 3698207  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.0%** <br>**(Cost $3,697,305)** |  | $3698207  |
| Money Market Deposit Account - 1.6%<sup>(c)</sup> |  | 60314  |
| Assets in Excess of Other Liabilities - 0.4% |  | 15703  |
| **TOTAL NET ASSETS - 100.0%** |  | $3774224 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of October 31, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for swaps.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| U.S. Treasury Bills | $3698207 | 98.0%  |
| Money Market Deposit Account | 60314 | 1.6  |
| Assets in Excess of Other Liabilities | 15703 | 0.4  |
|  | $3774224 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

59<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR INDEX AUTOCALLABLE INCOME STRATEGY ETF** 

**SCHEDULE OF INTEREST RATE SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Long/Short** | **Fixed Rate** | **Floating Rate** <br>**Index** | **Payment** <br>**Frequency** | **Maturity** <br>**Date** | **Notional** <br>**Amount** | **Upfront** <br>**Premiums Paid** <br>(Received) | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Worst of SPY QQQ IWM | Long | &nbsp;&nbsp; 9.53% | SOFR | Monthly | 10/01/2027 | $1250000 | &nbsp;&nbsp;&nbsp;&nbsp; $1084 | &nbsp;&nbsp; $(5459)  |
|  Worst of SPY QQQ IWM | Long | &nbsp;&nbsp; 9.97% | SOFR | Monthly | 11/01/2028 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3084 | &nbsp;&nbsp; (4459)  |
|  Worst of SPY QQQ IWM | Long | &nbsp;&nbsp; 10.00% | SOFR | Monthly | 12/03/2029 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2835 | &nbsp;&nbsp; (2585)  |
| **Total Swaps** |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $7003 | &nbsp;&nbsp; $(12503) |

---

Citibank is the counterparty for the swaps in the Fund.

SOFR - Secured Overnight Borrowing Rate

See Note 2 for additional disclosures.

The accompanying notes are an integral part of these financial statements.

60<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Laddered Allocation Buffer ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **AFFILIATED EXCHANGE TRADED FUNDS - 99.9%**<br>|  |  |
| Innovator U.S. Equity Buffer ETF - August<sup>(a)(b)</sup> | 393132 | $19468211  |
| Innovator U.S. Equity Buffer ETF - February<sup>(a)(b)</sup> | 407277 | 19488164  |
| Innovator U.S. Equity Buffer ETF - January<sup>(a)(b)</sup> | 362876 | 19467862  |
| Innovator U.S. Equity Buffer ETF - July<sup>(a)(b)</sup> | 387848 | 19454533  |
| Innovator U.S. Equity Buffer ETF - June<sup>(a)(b)</sup> | 419849 | 19354115  |
| Innovator U.S. Equity Buffer ETF - March<sup>(a)(b)</sup> | 372005 | 19397792  |
| Innovator U.S. Equity Buffer ETF - May<sup>(a)(b)</sup> | 436884 | 19283405  |
| Innovator U.S. Equity Buffer ETF - November<sup>(a)(b)</sup> | 440222 | 19438002  |
| Innovator U.S. Equity Buffer ETF - October<sup>(a)(b)</sup> | 397991 | 19469720  |
| Innovator U.S. Equity Buffer ETF - September<sup>(a)(b)</sup> | 398813 | 19434158  |
| Innovator U.S. Equity Buffer ETF - April<sup>(a)(b)</sup> | 408032 | 19279879  |
| Innovator U.S. Equity Buffer ETF - December<sup>(a)(b)(c)</sup> | 402374 | 19657217  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE TRADED FUNDS** <br>**(Cost $194,751,020)** |  | 233193058 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 1.3%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 1.3%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 1.3%** |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 3104400 | 3104400  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $3,104,400)** |  | 3104400  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.2%** <br>**(Cost $197,855,420)** |  | $236297458  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  | 354349  |
| Liabilities in Excess of Other Assets - (1.4)% |  | (3117728)  |
| **TOTAL NET ASSETS - 100.0%** |  | $233534079 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(c)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $3,048,433.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Affiliated Exchange Traded Funds | $233193058 | 99.9%  |
| Investments Purchased with Proceeds from Securities Lending | 3104400 | 1.3  |
| Money Market Deposit Account | 354349 | 0.2  |
| Liabilities in Excess of Other Assets | (3117728) | (1.4)  |
|  | $233534079 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

61<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR LADDERED ALLOCATION POWER BUFFER ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **AFFILIATED EXCHANGE TRADED FUNDS - 99.9%**<br>|  |  |
| Innovator U.S. Equity Power Buffer ETF - April<sup>(a)(b)</sup> | 1582641 | $61026637  |
| Innovator U.S. Equity Power Buffer ETF - August<sup>(a)(b)</sup> | 1432141 | 61209706  |
| Innovator U.S. Equity Power Buffer ETF - December<sup>(a)(b)</sup> | 1445229 | 61494494  |
| Innovator U.S. Equity Power Buffer ETF - February<sup>(a)(b)</sup> | 1531111 | 61259751  |
| Innovator U.S. Equity Power Buffer ETF - January<sup>(a)(b)</sup> | 1325379 | 61126480  |
| Innovator U.S. Equity Power Buffer ETF - July<sup>(a)(b)</sup> | 1334565 | 61203151  |
| Innovator U.S. Equity Power Buffer ETF - June<sup>(a)(b)</sup> | 1477084 | 61117453  |
| Innovator U.S. Equity Power Buffer ETF - March<sup>(a)(b)</sup> | 1383296 | 61169349  |
| Innovator U.S. Equity Power Buffer ETF - May<sup>(a)(b)</sup> | 1562399 | 60980433  |
| Innovator U.S. Equity Power Buffer ETF - November<sup>(a)(b)(c)</sup> | 1473466 | 61089900  |
| Innovator U.S. Equity Power Buffer ETF - October<sup>(a)(b)</sup> | 1413059 | 61411544  |
| Innovator U.S. Equity Power Buffer ETF - September<sup>(a)(b)</sup> | 1416690 | 61201008  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE TRADED FUNDS** <br>**(Cost $641,726,541)** |  | 734289906 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.9%** |  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 6800000 | 6800000  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $6,800,000)** |  | 6800000  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.8%** <br>**(Cost $648,526,541)** |  | $741089906  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  | 1045548  |
| Liabilities in Excess of Other Assets - (0.9)% |  | (6852130)  |
| **TOTAL NET ASSETS - 100.0%** |  | $735283324 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(c)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $6,633,600.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Affiliated Exchange Traded Funds | $734289906 | 99.9%  |
| Investments Purchased with Proceeds from Securities Lending | 6800000 | 0.9  |
| Money Market Deposit Account | 1045548 | 0.1  |
| Liabilities in Excess of Other Assets | (6852130) | (0.9)  |
|  | $735283324 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

62<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR NASDAQ-100 MANAGED FLOOR ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.0%** |  |  |
| **Advertising - 0.5%** |  |  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 39948 | $2008585  |
| **Auto Manufacturers - 3.9%** |  |  |
| Tesla, Inc.<sup>(a)</sup> | 34141 | 15587415  |
| **Beverages - 1.1%** |  |  |
| Coca-Cola Europacific Partners PLC | 50520 | 4487692  |
| **Biotechnology - 2.8%** |  |  |
| Biogen, Inc.<sup>(a)</sup> | 27553 | 4250601  |
| Gilead Sciences, Inc. | 57706 | 6912602  |
|  |  | 11163203  |
| **Commercial Services - 1.0%** |  |  |
| Verisk Analytics, Inc. | 17682 | 3868114  |
| **Computers - 8.8%** |  |  |
| Apple, Inc. | 129534 | 35022108  |
| **Distribution/Wholesale - 1.0%** |  |  |
| Fastenal Co.<sup>(b)</sup> | 94911 | 3905588  |
| **Electric - 1.4%** |  |  |
| Xcel Energy, Inc.<sup>(b)</sup> | 70806 | 5747323  |
| **Food - 1.0%** |  |  |
| Kraft Heinz Co. | 167982 | 4154195  |
| **Healthcare-Products - 1.6%** |  |  |
| GE HealthCare Technologies, Inc. | 37410 | 2803879  |
| IDEXX Laboratories, Inc.<sup>(a)(b)</sup> | 6045 | 3805388  |
|  |  | 6609267  |
| **Internet - 22.6%** |  |  |
| Alphabet, Inc. - Class A | 55967 | 15737361  |
| Alphabet, Inc. - Class C | 53091 | 14962105  |
| Amazon.com, Inc.<sup>(a)</sup> | 103551 | 25289225  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 7702 | 4908716  |
| CDW Corp./DE | 21194 | 3377688  |
| Meta Platforms, Inc. - Class A | 21265 | 13787163  |
| Netflix, Inc.<sup>(a)</sup> | 10624 | 11886768  |
|  |  | 89949026  |
| **Lodging - 1.3%** |  |  |
| Marriott International, Inc./MD - Class A | 19320 | 5034406  |
| **Oil & Gas - 1.0%** |  |  |
| Diamondback Energy, Inc. | 26817 | 3839926 |

---

The accompanying notes are an integral part of these financial statements.

63<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR NASDAQ-100 MANAGED FLOOR ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Retail - 4.2%** | **Retail - 4.2%** |  |  |
| Costco Wholesale Corp. | Costco Wholesale Corp. | 11623 | $10593783  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | Lululemon Athletica, Inc.<sup>(a)</sup> | 12016 | 2049209  |
| Ross Stores, Inc. | Ross Stores, Inc. | 26589 | 4225524  |
|  |  |  | 16868516  |
| **Semiconductors - 26.9%<sup>(c)</sup>** | **Semiconductors - 26.9%<sup>(c)</sup>** |  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | Advanced Micro Devices, Inc.<sup>(a)</sup> | 50921 | 13041887  |
| ARM Holdings PLC - ADR<sup>(a)(b)</sup> | ARM Holdings PLC - ADR<sup>(a)(b)</sup> | 10141 | 1722145  |
| ASML Holding NV | ASML Holding NV | 5168 | 5474101  |
| Broadcom, Inc. | Broadcom, Inc. | 70807 | 26172391  |
| Lam Research Corp. | Lam Research Corp. | 69001 | 10864897  |
| Microchip Technology, Inc. | Microchip Technology, Inc. | 64625 | 4033892  |
| NVIDIA Corp. | NVIDIA Corp. | 211244 | 42774798  |
| ON Semiconductor Corp.<sup>(a)</sup> | ON Semiconductor Corp.<sup>(a)</sup> | 60428 | 3026234  |
|  |  |  | 107110345  |
| **Software - 16.0%** | **Software - 16.0%** |  |  |
| Autodesk, Inc.<sup>(a)</sup> | Autodesk, Inc.<sup>(a)</sup> | 17185 | 5178528  |
| Datadog, Inc. - Class A<sup>(a)</sup> | Datadog, Inc. - Class A<sup>(a)</sup> | 23716 | 3861202  |
| Electronic Arts, Inc. | Electronic Arts, Inc. | 18928 | 3786736  |
| Microsoft Corp. | Microsoft Corp. | 69502 | 35988830  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 49823 | 9988017  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 19620 | 5029979  |
|  |  |  | 63833292  |
| **Telecommunications - 2.0%** | **Telecommunications - 2.0%** |  |  |
| T-Mobile US, Inc. | T-Mobile US, Inc. | 37359 | 7847258  |
| **Transportation - 0.9%** | **Transportation - 0.9%** |  |  |
| Old Dominion Freight Line, Inc.<sup>(b)</sup> | Old Dominion Freight Line, Inc.<sup>(b)</sup> | 25388 | 3564983  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $292,637,521)** | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $292,637,521)** |  | 390601242  |
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 1.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 1.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 1.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 1.4%<sup>(a)</sup>** |
| **Put Options - 1.4%**<br>|  |  |  |
| **Invesco QQQ Trust Series 1<sup>(d)(e)(f)</sup>**<br>|  |  |  |
| Expiration: 12/31/2025; Exercise Price: $460.00 | $99015618 | 1574 | 147956  |
| Expiration: 03/31/2026; Exercise Price: $420.00 | 99141432 | 1576 | 378240  |
| Expiration: 06/30/2026; Exercise Price: $495.00 | 99267246 | 1578 | 1555908  |
| Expiration: 09/30/2026; Exercise Price: $540.00 | 99267246 | 1578 | 3252258  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $11,701,799)** |  |  | 5334362 |

---

The accompanying notes are an integral part of these financial statements.

64<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR NASDAQ-100 MANAGED FLOOR ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value**  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 3.6%** |  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(g)</sup> | 14478423 | $14478423  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $14,478,423)** |  | 14478423  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.0%**<br>**(Cost $318,817,743)** |  | $410414027  |
| Money Market Deposit Account - 1.5%<sup>(h)</sup> |  | 5831453  |
| Liabilities in Excess of Other Assets - (4.5)% |  | (17598392)  |
| **TOTAL NET ASSETS - 100.0%** |  | $398647088 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $14,197,201.

<sup>(c)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(d)</sup> Exchange-traded.

<sup>(e)</sup> 100 shares per contract.

<sup>(f)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(g)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

<sup>(h)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

65<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR NASDAQ-100 MANAGED FLOOR ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.6)%**<br>|  |  |  |
| **Call Options - (0.6)%**<br>|  |  |  |
| NASDAQ 100 Index<sup>(a)(b)</sup><br>|  |  |  |
| Expiration: 11/05/2025; Exercise Price: $25,600.00 | $(129290650) | &nbsp;&nbsp;&nbsp;&nbsp;(50) | $(1780500)  |
| Expiration: 11/10/2025; Exercise Price: $26,500.00 | (129290650) | &nbsp;&nbsp;&nbsp;&nbsp;(50) | (280000)  |
| Expiration: 11/14/2025; Exercise Price: $26,600.00 | (131876463) | &nbsp;&nbsp;&nbsp;&nbsp;(51) | (460020)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,514,657)** |  |  | $(2520520) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Common Stocks | $390601242 | 98.0%  |
| Purchased Options | 5334362 | 1.4  |
| Written Options | (2520520) | (0.6)  |
| Investments Purchased with Proceeds from Securities Lending | 14478423 | 3.6  |
| Money Market Deposit Account | 5831453 | 1.5  |
| Liabilities in Excess of Other Assets | (15077872) | (3.9)  |
|  | $398647088 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

66<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR POWER BUFFER STEP-UP STRATEGY ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.9%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 99.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: <br>$6.79<sup>(b)(c)(d)</sup> | $127818044 | &nbsp;&nbsp; 1874 | $125724786  |
| **Put Options - 5.8%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $682.05<sup>(b)(c)(d)</sup> | 127818044 | &nbsp;&nbsp; 1874 | 7370442  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $133,102,888)** |  |  | 133095228  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.9%** <br>**(Cost $133,102,888)** |  |  | $133095228  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 192222  |
| Liabilities in Excess of Other Assets - (5.1)% |  |  | (6399623)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $126887827 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

67<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR POWER BUFFER STEP-UP STRATEGY ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.2)%**<br>|  |  |  |
| **Call Options - (2.5)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $773.32<sup>(a)(b)</sup> | $(127818044) | (1874) | $(3176430)  |
| **Put Options - (2.7)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $579.74<sup>(a)(b)</sup> | (127818044) | (1874) | (3375074)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $6,543,844)** |  |  | $(6551504) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $133095228 | 104.9%  |
| Written Options | (6551504) | (5.2)  |
| Money Market Deposit Account | 192222 | 0.2  |
| Other Assets in Excess of Other Assets | 151881 | 0.1  |
|  | $126887827 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

68<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - 76.1%**<br>|  |  |
| **Banks - 40.0%<sup>(a)</sup>**<br>|  |  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 02, 5.12% (3 mo. Term SOFR + 0.91%), Perpetual<sup>(b)</sup> | 13800 | $281796  |
| &nbsp;&nbsp;&nbsp; Series 4, 5.22% (3 mo. Term SOFR + 1.01%), Perpetual<sup>(b)</sup> | 13396 | 283995  |
| &nbsp;&nbsp;&nbsp; Series 5, 4.98% (3 mo. Term SOFR + 0.76%), Perpetual<sup>(b)</sup> | 13700 | 279343  |
| &nbsp;&nbsp;&nbsp; Series E, 4.82% (3 mo. Term SOFR + 0.61%), Perpetual<sup>(b)</sup> | 12959 | 276416  |
| &nbsp;&nbsp;&nbsp; Series GG, 6.00%, Perpetual<sup>(b)(c)</sup> | 11141 | 282647  |
| &nbsp;&nbsp;&nbsp; Series HH, 5.88%, Perpetual<sup>(b)</sup> | 11316 | 282334  |
| &nbsp;&nbsp;&nbsp; Series KK, 5.38%, Perpetual<sup>(b)</sup> | 12212 | 279655  |
| &nbsp;&nbsp;&nbsp; Series LL, 5.00%, Perpetual<sup>(b)</sup> | 13025 | 278084  |
| &nbsp;&nbsp;&nbsp; Series NN, 4.38%, Perpetual<sup>(b)</sup> | 14929 | 274246  |
| &nbsp;&nbsp;&nbsp; Series PP, 4.13%, Perpetual<sup>(b)</sup> | 15840 | 274982  |
| &nbsp;&nbsp;&nbsp; Series QQ, 4.25%, Perpetual<sup>(b)</sup> | 15459 | 276407  |
| &nbsp;&nbsp;&nbsp; Series SS, 4.75%, Perpetual<sup>(b)(c)</sup> | 13627 | 275402  |
|  Bank of New York Mellon Corp., Series K, 6.15% to 03/20/2030 then 5 yr. CMT Rate + 2.16%, Perpetual<sup>(b)</sup> | 131583 | 3389578  |
| Cullen/Frost Bankers, Inc., Series B, 4.45%, Perpetual<sup>(b)</sup> | 185005 | 3418892  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series DD, 5.75%, Perpetual<sup>(b)</sup> | 22560 | 569414  |
| &nbsp;&nbsp;&nbsp; Series EE, 6.00%, Perpetual<sup>(b)(c)</sup> | 22171 | 570016  |
| &nbsp;&nbsp;&nbsp; Series GG, 4.75%, Perpetual<sup>(b)</sup> | 26511 | 558322  |
| &nbsp;&nbsp;&nbsp; Series JJ, 4.55%, Perpetual<sup>(b)(c)</sup> | 27831 | 561351  |
| &nbsp;&nbsp;&nbsp; Series LL, 4.63%, Perpetual<sup>(b)</sup> | 27347 | 557332  |
| &nbsp;&nbsp;&nbsp; Series MM, 4.20%, Perpetual<sup>(b)(c)</sup> | 29469 | 561385  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.87% (3 mo. Term SOFR + 0.96%), Perpetual<sup>(b)</sup> | 17496 | 366716  |
| &nbsp;&nbsp;&nbsp; Series E, 7.13% (3 mo. LIBOR U.S. + 4.32%), Perpetual<sup>(b)(d)</sup> | 14781 | 378098  |
| &nbsp;&nbsp;&nbsp; Series F, 6.88% (3 mo. LIBOR U.S. + 3.94%), Perpetual<sup>(b)(d)</sup> | 14962 | 377342  |
| &nbsp;&nbsp;&nbsp; Series I, 6.38% (3 mo. LIBOR U.S. + 3.71%), Perpetual<sup>(b)(d)</sup> | 14998 | 377200  |
| &nbsp;&nbsp;&nbsp; Series K, 5.85% (3 mo. LIBOR U.S. + 3.49%), Perpetual<sup>(b)(d)</sup> | 15228 | 371411  |
| &nbsp;&nbsp;&nbsp; Series L, 4.88%, Perpetual<sup>(b)(c)</sup> | 17351 | 364718  |
| &nbsp;&nbsp;&nbsp; Series O, 4.25%, Perpetual<sup>(b)</sup> | 20215 | 368317  |
| &nbsp;&nbsp;&nbsp; Series P, 6.50%, Perpetual<sup>(b)</sup> | 14735 | 377363  |
| &nbsp;&nbsp;&nbsp; Series Q, 6.63%, Perpetual<sup>(b)</sup> | 14425 | 377358  |
| Northern Trust Corp., Series E, 4.70%, Perpetual<sup>(b)</sup> | 164638 | 3287821  |
| State Street Corp., Series G, 5.35% (3 mo. LIBOR U.S. + 3.71%), Perpetual<sup>(b)(d)</sup> | 144578 | 3310836  |
| Truist Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series I, 4.65% (3 mo. Term SOFR + 0.79%), Perpetual<sup>(b)</sup> | 50227 | 1112026  |
| &nbsp;&nbsp;&nbsp; Series O, 5.25%, Perpetual<sup>(b)</sup> | 48546 | 1094712  |
| &nbsp;&nbsp;&nbsp; Series R, 4.75%, Perpetual<sup>(b)</sup> | 54404 | 1086992  |
|  UMB Financial Corp., 7.75% to 07/15/2030 then 5 yr. CMT Rate + 3.74%, Perpetual<sup>(b)</sup> | 123854 | 3344058  |
| US Bancorp<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B\*, 4.77% (3 mo. Term SOFR + 0.86%), Perpetual<sup>(b)</sup> | 34518 | 651700  |
| &nbsp;&nbsp;&nbsp; Series K, 5.50%, Perpetual<sup>(b)</sup> | 27455 | 646840  |
| &nbsp;&nbsp;&nbsp; Series L, 3.75%, Perpetual<sup>(b)(c)</sup> | 41873 | 657825  |

---

The accompanying notes are an integral part of these financial statements.

69<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - (Continued)** | **PREFERRED STOCKS - (Continued)** | **PREFERRED STOCKS - (Continued)** |
| **Banks - (Continued)** | **Banks - (Continued)** | **Banks - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series M, 4.00%, Perpetual<sup>(b)(c)</sup> | 39613 | $659556  |
| &nbsp;&nbsp;&nbsp; Series O, 4.50%, Perpetual<sup>(b)(c)</sup> | 33898 | 647791  |
|  |  | 33390277  |
| **Diversified Financial Services - 8.2%**<br>|  |  |
| Charles Schwab Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series D, 5.95%, Perpetual<sup>(b)</sup> | 67358 | 1691359  |
| &nbsp;&nbsp;&nbsp; Series J, 4.45%, Perpetual<sup>(b)(c)</sup> | 85297 | 1701675  |
|  Voya Financial, Inc., Series B, 5.35% to 09/15/2029 then 5 yr. CMT Rate + 3.21%, Perpetual<sup>(b)</sup> | 139936 | 3413039  |
|  |  | 6806073  |
| **Insurance - 27.9%<sup>(a)</sup>**<br>|  |  |
| Arch Capital Group Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series F, 5.45%, Perpetual<sup>(b)</sup> | 76980 | 1641983  |
| &nbsp;&nbsp;&nbsp; Series G, 4.55%, Perpetual<sup>(b)</sup> | 93419 | 1644174  |
| Athene Holding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.35% to 6/30/2029 then 3 mo. LIBOR US + 4.25%, Perpetual<sup>(b)(d)</sup> | 33244 | 829438  |
| &nbsp;&nbsp;&nbsp; Series B, 5.63%, Perpetual<sup>(b)</sup> | 38042 | 800784  |
| &nbsp;&nbsp;&nbsp; Series D, 4.88%, Perpetual<sup>(b)</sup> | 45000 | 795150  |
| &nbsp;&nbsp;&nbsp; Series E, 7.75% (5 yr. CMT Rate + 3.96%), Perpetual<sup>(b)</sup> | 32543 | 835379  |
| Axis Capital Holdings Ltd., Series E, 5.50%, Perpetual<sup>(b)</sup> | 157168 | 3309958  |
| Equitable Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, Perpetual<sup>(b)</sup> | 78258 | 1648896  |
| &nbsp;&nbsp;&nbsp; Series C, 4.30%, Perpetual<sup>(b)</sup> | 96715 | 1659629  |
| Hartford Insurance Group, Inc., Series G, 6.00%, Perpetual<sup>(b)</sup> | 135145 | 3408357  |
| MetLife, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.30% (3 mo. Term SOFR + 1.26%), Perpetual<sup>(b)</sup> | 47170 | 1126420  |
| &nbsp;&nbsp;&nbsp; Series E, 5.63%, Perpetual<sup>(b)</sup> | 45301 | 1110781  |
| &nbsp;&nbsp;&nbsp; Series F, 4.75%, Perpetual<sup>(b)</sup> | 53580 | 1110178  |
| RenaissanceRe Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series F, 5.75%, Perpetual<sup>(b)</sup> | 71410 | 1651713  |
| &nbsp;&nbsp;&nbsp; Series G, 4.20%, Perpetual<sup>(b)</sup> | 99614 | 1665546  |
|  |  | 23238386  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $71,598,793)** |  | 63434736  |
| **REAL ESTATE INVESTMENT TRUSTS - PREFERRED - 11.8%**<br>|  |  |
| **REITS - 11.8%**<br>|  |  |
| Agree Realty Corp., Series A, 4.25%, Perpetual | 185053 | 3262484  |
| Kimco Realty Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series L, 5.13%, Perpetual | 79393 | 1660108  |
| &nbsp;&nbsp;&nbsp; Series M, 5.25%, Perpetual | 76737 | 1634498  |
| Public Storage<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series F, 5.15%, Perpetual | 12305 | 272064  |
| &nbsp;&nbsp;&nbsp; Series G, 5.05%, Perpetual | 12715 | 271338  |
| &nbsp;&nbsp;&nbsp; Series H, 5.60%, Perpetual | 11421 | 275475  |

---

The accompanying notes are an integral part of these financial statements.

70<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - PREFERRED - (Continued)** | **REAL ESTATE INVESTMENT TRUSTS - PREFERRED - (Continued)** | **REAL ESTATE INVESTMENT TRUSTS - PREFERRED - (Continued)** |
| **REITS - (Continued)** | **REITS - (Continued)** | **REITS - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series I, 4.88%, Perpetual | 13379 | $272798  |
| &nbsp;&nbsp;&nbsp; Series J, 4.70%, Perpetual | 13950 | 273559  |
| &nbsp;&nbsp;&nbsp; Series K, 4.75%, Perpetual | 13740 | 272327  |
| &nbsp;&nbsp;&nbsp; Series L, 4.63%, Perpetual | 14019 | 269445  |
| &nbsp;&nbsp;&nbsp; Series N, 3.88%, Perpetual | 16780 | 270997  |
| &nbsp;&nbsp;&nbsp; Series O, 3.90%, Perpetual | 16681 | 271400  |
| &nbsp;&nbsp;&nbsp; Series P, 4.00%, Perpetual | 16212 | 270740  |
| &nbsp;&nbsp;&nbsp; Series R, 4.00%, Perpetual | 16278 | 272005  |
| &nbsp;&nbsp;&nbsp; Series S, 4.10%, Perpetual | 15858 | 271172  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - PREFERRED** <br>**(Cost $11,836,279)** |  | 9820410  |
| **CONVERTIBLE PREFERRED STOCKS - 11.7%**<br>|  |  |
| **Diversified Financial Services - 7.8%**<br>|  |  |
| Apollo Global Management, Inc., 6.75%, 07/31/2026<sup>(b)</sup> | 49144 | 3211069  |
| Ares Management Corp., Series B, 6.75%, 10/01/2027<sup>(b)</sup> | 69695 | 3295876  |
|  |  | 6506945  |
| **Private Equity - 3.9%**<br>|  |  |
| KKR & Co., Inc., Series D, 6.25%, 03/01/2028<sup>(b)</sup> | 65830 | 3226987  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE PREFERRED STOCKS** <br>**(Cost $10,161,881)** |  | 9733932 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 3.4%**<br>|  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(e)</sup> | 2867253 | 2867253  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $2,867,253)** |  | 2867253  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.0%** <br>**(Cost $96,464,206)** |  | $85856331  |
| Money Market Deposit Account - 0.9%<sup>(f)</sup> |  | 721574  |
| Liabilities in Excess of Other Assets - (3.9)% |  | (3244479)  |
| **TOTAL NET ASSETS - 100.0%** |  | $83333426 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

The accompanying notes are an integral part of these financial statements.

71<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $2,781,873.

<sup>(d)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

<sup>(f)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Preferred Stocks | $63434736 | 76.1%  |
| Real Estate Investment Trusts - Preferred | 9820410 | 11.8  |
| Convertible Preferred Stocks | 9733932 | 11.7  |
| Investments Purchased with Proceeds from Securities Lending | 2867253 | 3.4  |
| Money Market Deposit Account | 721574 | 0.9  |
| Liabilities in Excess of Other Assets | (3244479) | (3.9)  |
|  | $83333426 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

72<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 89.1%**<br>|  |  |
| **Advertising - 0.2%**<br>|  |  |
| Boston Omaha Corp. - Class A<sup>(a)</sup> | 858 | $10914  |
| Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | 2262 | 4094  |
| National CineMedia, Inc. | 936 | 4137  |
| Stagwell, Inc.<sup>(a)</sup> | 5440 | 25840  |
| Taboola.com Ltd.<sup>(a)</sup> | 3095 | 11049  |
| TechTarget, Inc.<sup>(a)</sup> | 1435 | 7878  |
|  |  | 63912  |
| **Aerospace/Defense - 1.2%**<br>|  |  |
| AAR Corp.<sup>(a)</sup> | 626 | 52716  |
| AerSale Corp.<sup>(a)</sup> | 1624 | 12050  |
| Amprius Technologies, Inc.<sup>(a)</sup> | 1694 | 23868  |
| Archer Aviation, Inc. - Class A<sup>(a)</sup> | 6788 | 76161  |
| Ducommun, Inc.<sup>(a)</sup> | 234 | 21470  |
| Eve Holding, Inc.<sup>(a)</sup> | 1961 | 8550  |
| Intuitive Machines, Inc.<sup>(a)</sup> | 1366 | 16296  |
| Mercury Systems, Inc.<sup>(a)</sup> | 1092 | 84532  |
| National Presto Industries, Inc. | 209 | 22357  |
| Ondas Holdings, Inc.<sup>(a)(b)</sup> | 2877 | 18528  |
| Red Cat Holdings, Inc.<sup>(a)(b)</sup> | 833 | 9371  |
| Redwire Corp.<sup>(a)(b)</sup> | 654 | 5147  |
| Spirit AeroSystems Holdings, Inc. - Class A<sup>(a)</sup> | 1846 | 67730  |
| Vertical Aerospace Ltd.<sup>(a)</sup> | 1222 | 5511  |
| Voyager Technologies, Inc. - Class A<sup>(a)(b)</sup> | 549 | 16788  |
|  |  | 441075  |
| **Agriculture - 0.3%** |  |  |
| Andersons, Inc. | 433 | 20052  |
| Dole PLC | 937 | 11938  |
| Fresh Del Monte Produce, Inc. | 520 | 18382  |
| Tejon Ranch Co.<sup>(a)</sup> | 937 | 14823  |
| Turning Point Brands, Inc. | 338 | 30386  |
| Vital Farms, Inc.<sup>(a)</sup> | 526 | 17279  |
|  |  | 112860  |
| **Airlines - 0.4%** |  |  |
| Allegiant Travel Co.<sup>(a)(b)</sup> | 134 | 8332  |
| Copa Holdings SA - Class A | 417 | 52213  |
| Frontier Group Holdings, Inc.<sup>(a)(b)</sup> | 1935 | 7469  |
| JetBlue Airways Corp.<sup>(a)(b)</sup> | 4137 | 17376  |
| SkyWest, Inc.<sup>(a)</sup> | 546 | 54862  |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 1015 | 12464  |
| Wheels Up Experience, Inc.<sup>(a)</sup> | 5801 | 7947  |
|  |  | 160663  |
| **Apparel - 0.9%** |  |  |
| Capri Holdings Ltd.<sup>(a)(b)</sup> | 1312 | 27224  |
| Carter's, Inc. | 398 | 12497  |

---

The accompanying notes are an integral part of these financial statements.

73<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Apparel - (Continued)** | **Apparel - (Continued)** | **Apparel - (Continued)** |
| Columbia Sportswear Co.<sup>(b)</sup> | 315 | $15633  |
| Hanesbrands, Inc.<sup>(a)</sup> | 3682 | 24338  |
| Kontoor Brands, Inc. | 651 | 52679  |
| Levi Strauss & Co. - Class A | 4006 | 81242  |
| Oxford Industries, Inc. | 234 | 8623  |
| PVH Corp. | 532 | 41671  |
| Steven Madden Ltd. | 553 | 18752  |
| Under Armour, Inc. - Class A<sup>(a)</sup> | 2636 | 12152  |
| Under Armour, Inc. - Class C<sup>(a)</sup> | 2420 | 10745  |
| Wolverine World Wide, Inc. | 391 | 8876  |
|  |  | 314432  |
| **Auto Manufacturers - 0.2%** |  |  |
| Blue Bird Corp.<sup>(a)</sup> | 293 | 14638  |
| REV Group, Inc.<sup>(b)</sup> | 910 | 46656  |
|  |  | 61294  |
| **Auto Parts & Equipment - 1.5%** |  |  |
| Adient PLC<sup>(a)</sup> | 839 | 19456  |
| Aeva Technologies, Inc.<sup>(a)</sup> | 728 | 11896  |
| American Axle & Manufacturing Holdings, Inc.<sup>(a)</sup> | 3417 | 21185  |
| Cooper-Standard Holdings, Inc.<sup>(a)</sup> | 624 | 18857  |
| Dana, Inc. | 2370 | 48111  |
| Dorman Products, Inc.<sup>(a)</sup> | 312 | 41849  |
| Douglas Dynamics, Inc. | 469 | 14178  |
| Fox Factory Holding Corp.<sup>(a)</sup> | 498 | 11011  |
| Garrett Motion, Inc. | 1743 | 29526  |
| Goodyear Tire & Rubber Co.<sup>(a)</sup> | 4056 | 27946  |
| indie Semiconductor, Inc. - Class A<sup>(a)</sup> | 714 | 3841  |
| Luminar Technologies, Inc.<sup>(a)</sup> | 1 | 1  |
| Microvast Holdings, Inc.<sup>(a)</sup> | 2218 | 12088  |
| Miller Industries, Inc./TN | 90 | 3613  |
| Phinia, Inc. | 624 | 32392  |
| QuantumScape Corp.<sup>(a)</sup> | 7157 | 131975  |
| SES AI Corp.<sup>(a)</sup> | 3355 | 7918  |
| Solid Power, Inc.<sup>(a)</sup> | 3775 | 23707  |
| Standard Motor Products, Inc. | 470 | 17451  |
| Titan International, Inc.<sup>(a)</sup> | 1847 | 13945  |
| Visteon Corp. | 416 | 44579  |
| XPEL, Inc.<sup>(a)</sup> | 245 | 8354  |
|  |  | 543879  |
| **Banks - 7.5%** |  |  |
| Alerus Financial Corp. | 780 | 16474  |
| Amerant Bancorp, Inc. | 599 | 10045  |
| Ameris Bancorp | 885 | 63384  |
| Arrow Financial Corp. | 442 | 12327  |
| Associated Banc-Corp. | 2678 | 66334  |

---

The accompanying notes are an integral part of these financial statements.

74<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Banks - (Continued)** | **Banks - (Continued)** | **Banks - (Continued)** |
| Atlantic Union Bankshares Corp. | 1257 | $40878  |
| BancFirst Corp. | 338 | 36795  |
| Bancorp, Inc.<sup>(a)</sup> | 506 | 33077  |
| Bank of Hawaii Corp. | 598 | 38828  |
| Bank of Marin Bancorp | 806 | 20754  |
| Bank of NT Butterfield & Son Ltd. | 910 | 42097  |
| BankUnited, Inc. | 1118 | 44809  |
| BayCom Corp. | 702 | 19137  |
| BCB Bancorp, Inc. | 1389 | 11029  |
| Blue Foundry Bancorp<sup>(a)</sup> | 1830 | 15079  |
| Bridgewater Bancshares, Inc.<sup>(a)</sup> | 1171 | 19275  |
| Camden National Corp. | 443 | 16900  |
| Capital Bancorp, Inc. | 650 | 18067  |
| Capital City Bank Group, Inc. | 494 | 19217  |
| Carter Bankshares, Inc.<sup>(a)</sup> | 728 | 12434  |
| ChoiceOne Financial Services, Inc. | 313 | 8964  |
| Citizens & Northern Corp. | 832 | 16108  |
| City Holding Co. | 192 | 22633  |
| Civista Bancshares, Inc. | 936 | 20152  |
| Colony Bankcorp, Inc. | 1041 | 16646  |
| Columbia Banking System, Inc.<sup>(b)</sup> | 1420 | 38056  |
| Community Trust Bancorp, Inc. | 390 | 19966  |
| ConnectOne Bancorp, Inc. | 755 | 18165  |
| Customers Bancorp, Inc.<sup>(a)</sup> | 520 | 34902  |
| CVB Financial Corp. | 2132 | 39165  |
| Dime Community Bancshares, Inc. | 547 | 14359  |
| Eagle Bancorp, Inc. | 443 | 7420  |
| Eastern Bankshares, Inc. | 2991 | 52432  |
| First Bancorp, Inc. | 599 | 14849  |
| First BanCorp/Puerto Rico<sup>(b)</sup> | 4680 | 91213  |
| First Bancorp/Southern Pines NC | 780 | 37861  |
| First Bank/Hamilton NJ | 1092 | 17057  |
| First Busey Corp. | 990 | 22136  |
| First Business Financial Services, Inc. | 365 | 18473  |
| First Community Bankshares, Inc. | 705 | 22800  |
| First Financial Bancorp | 1066 | 24955  |
| First Foundation, Inc.<sup>(a)</sup> | 1274 | 6931  |
| First Hawaiian, Inc. | 2418 | 59314  |
| First Interstate BancSystem, Inc. - Class A | 1878 | 58687  |
| Firstsun Capital Bancorp<sup>(a)(b)</sup> | 287 | 9769  |
| Flagstar Bank NA | 4940 | 56415  |
| Fulton Financial Corp. | 2444 | 42452  |
| Glacier Bancorp, Inc. | 469 | 19159  |
| Great Southern Bancorp, Inc. | 287 | 15986  |
| Hancock Whitney Corp. | 1144 | 65334  |
| Heritage Commerce Corp. | 1769 | 18398  |

---

The accompanying notes are an integral part of these financial statements.

75<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Banks - (Continued)**  | **Banks - (Continued)**  | **Banks - (Continued)**  |
| Heritage Financial Corp./WA | 833 | $18484  |
| Hope Bancorp, Inc. | 1903 | 19962  |
| Independent Bank Corp. | 962 | 64733  |
| International Bancshares Corp. | 702 | 46599  |
| Kearny Financial Corp./MD | 1898 | 12128  |
| Lakeland Financial Corp. | 494 | 28183  |
| LINKBANCORP, Inc. | 1899 | 13350  |
| Live Oak Bancshares, Inc. | 838 | 26095  |
| Mercantile Bank Corp. | 416 | 18242  |
| Merchants Bancorp/IN | 312 | 9731  |
| Metrocity Bankshares, Inc. | 572 | 14649  |
| Metropolitan Bank Holding Corp. | 130 | 8615  |
| Midland States Bancorp, Inc. | 531 | 7774  |
| MidWestOne Financial Group, Inc. | 573 | 21195  |
| NB Bancorp, Inc. | 949 | 17148  |
| NBT Bancorp, Inc. | 806 | 32619  |
| Nicolet Bankshares, Inc. | 208 | 24573  |
| Northeast Bank | 182 | 15703  |
| OFG Bancorp | 1404 | 54279  |
| Origin Bancorp, Inc. | 573 | 19860  |
| Park National Corp. | 234 | 35612  |
| Pathward Financial, Inc. | 260 | 17696  |
| PCB Bancorp | 858 | 18078  |
| Peoples Financial Services Corp. | 364 | 16213  |
| Plumas Bancorp | 397 | 16293  |
| RBB Bancorp | 552 | 10284  |
| Renasant Corp. | 884 | 29729  |
| Republic Bancorp, Inc./KY - Class A | 261 | 17200  |
| S&T Bancorp, Inc. | 547 | 20042  |
| Seacoast Banking Corp. of Florida | 1378 | 41753  |
| ServisFirst Bancshares, Inc. | 806 | 56638  |
| Shore Bancshares, Inc. | 1222 | 19075  |
| Simmons First National Corp. - Class A | 1898 | 32987  |
| SmartFinancial, Inc. | 572 | 20003  |
| South Plains Financial, Inc. | 495 | 18067  |
| Southern First Bancshares, Inc.<sup>(a)</sup> | 364 | 15958  |
| Southside Bancshares, Inc. | 572 | 16085  |
| Stellar Bancorp, Inc. | 780 | 22955  |
| Stock Yards Bancorp, Inc. | 546 | 35501  |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 624 | 52316  |
| Tompkins Financial Corp. | 312 | 19800  |
| TriCo Bancshares | 494 | 21850  |
| Triumph Financial, Inc.<sup>(a)</sup> | 447 | 24344  |
| TrustCo Bank Corp. NY | 521 | 19647  |
| Trustmark Corp. | 546 | 20322  |
| United Community Banks, Inc./GA | 1717 | 50136  |

---

The accompanying notes are an integral part of these financial statements.

76<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Banks - (Continued)**  | **Banks - (Continued)**  | **Banks - (Continued)**  |
| Unity Bancorp, Inc. | 494 | $22433  |
| Walker & Dunlop, Inc. | 271 | 21658  |
| Washington Trust Bancorp, Inc. | 546 | 14873  |
| WesBanco, Inc. | 2055 | 61855  |
| West BanCorp, Inc. | 833 | 17718  |
| Westamerica BanCorp | 416 | 19822  |
|  |  | 2768562  |
| **Beverages - 0.3%** |  |  |
| Boston Beer Co., Inc. - Class A<sup>(a)</sup> | 130 | 26909  |
| BRC, Inc. - Class A<sup>(a)</sup> | 4348 | 5522  |
| MGP Ingredients, Inc. | 417 | 10091  |
| National Beverage Corp.<sup>(a)</sup> | 313 | 10727  |
| Vita Coco Co., Inc.<sup>(a)</sup> | 702 | 28908  |
| Westrock Coffee Co.<sup>(a)</sup> | 2080 | 9173  |
|  |  | 91330  |
| **Biotechnology - 8.3%** |  |  |
| 4D Molecular Therapeutics, Inc.<sup>(a)</sup> | 2164 | 24886  |
| Absci Corp.<sup>(a)</sup> | 1820 | 7790  |
| ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 2419 | 54911  |
| ADMA Biologics, Inc.<sup>(a)(b)</sup> | 2914 | 45109  |
| Akero Therapeutics, Inc.<sup>(a)</sup> | 1014 | 54959  |
| Altimmune, Inc.<sup>(a)</sup> | 2059 | 8339  |
| Alto Neuroscience, Inc.<sup>(a)</sup> | 1935 | 27458  |
| Alumis, Inc.<sup>(a)</sup> | 1675 | 7956  |
| Alvotech SA<sup>(a)</sup> | 1612 | 12332  |
| Amicus Therapeutics, Inc.<sup>(a)</sup> | 3494 | 31551  |
| AnaptysBio, Inc.<sup>(a)</sup> | 444 | 16242  |
| Anavex Life Sciences Corp.<sup>(a)</sup> | 2713 | 21623  |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 376 | 34066  |
| Annexon, Inc.<sup>(a)</sup> | 3566 | 11269  |
| Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | 1386 | 29757  |
| Apogee Therapeutics, Inc.<sup>(a)</sup> | 402 | 22749  |
| Arcellx, Inc.<sup>(a)(b)</sup> | 503 | 45396  |
| Arcturus Therapeutics Holdings, Inc.<sup>(a)</sup> | 762 | 7597  |
| Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | 1227 | 31055  |
| Ardelyx, Inc.<sup>(a)</sup> | 3883 | 23531  |
| ArriVent Biopharma, Inc.<sup>(a)</sup> | 156 | 2922  |
| Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 1388 | 58837  |
| ARS Pharmaceuticals, Inc.<sup>(a)</sup> | 1092 | 9784  |
| Aura Biosciences, Inc.<sup>(a)</sup> | 1308 | 8018  |
| Avidity Biosciences, Inc.<sup>(a)</sup> | 1543 | 107779  |
| Axsome Therapeutics, Inc.<sup>(a)</sup> | 626 | 84504  |
| Beam Therapeutics, Inc.<sup>(a)</sup> | 1047 | 26185  |
| Bicara Therapeutics, Inc.<sup>(a)</sup> | 632 | 10270  |
| BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 3822 | 27977  |

---

The accompanying notes are an integral part of these financial statements.

77<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Biotechnology - (Continued)**  | **Biotechnology - (Continued)**  | **Biotechnology - (Continued)**  |
| Biohaven Ltd.<sup>(a)</sup> | 1280 | $22016  |
| Biomea Fusion, Inc.<sup>(a)</sup> | 2474 | 3365  |
| Cardiff Oncology, Inc.<sup>(a)</sup> | 1485 | 3490  |
| Celcuity, Inc.<sup>(a)</sup> | 974 | 75154  |
| Celldex Therapeutics, Inc.<sup>(a)</sup> | 1647 | 44024  |
| Certara, Inc.<sup>(a)</sup> | 1794 | 20864  |
| CG oncology, Inc.<sup>(a)</sup> | 838 | 36260  |
| Cogent Biosciences, Inc.<sup>(a)</sup> | 1393 | 22706  |
| Compass Therapeutics, Inc.<sup>(a)</sup> | 2557 | 9563  |
| Crinetics Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 1404 | 61074  |
| Day One Biopharmaceuticals, Inc.<sup>(a)</sup> | 1180 | 8779  |
| Denali Therapeutics, Inc.<sup>(a)(b)</sup> | 1594 | 25950  |
| Design Therapeutics, Inc.<sup>(a)</sup> | 402 | 2693  |
| Dianthus Therapeutics, Inc.<sup>(a)</sup> | 182 | 6366  |
| Disc Medicine, Inc.<sup>(a)</sup> | 141 | 12157  |
| Dynavax Technologies Corp.<sup>(a)</sup> | 2314 | 23742  |
| Dyne Therapeutics, Inc.<sup>(a)</sup> | 1251 | 28248  |
| Edgewise Therapeutics, Inc.<sup>(a)</sup> | 910 | 16635  |
| Emergent BioSolutions, Inc.<sup>(a)</sup> | 289 | 3607  |
| Genelux Corp.<sup>(a)</sup> | 2037 | 16459  |
| Gossamer Bio, Inc.<sup>(a)</sup> | 3849 | 9430  |
| Greenwich Lifesciences, Inc.<sup>(a)</sup> | 494 | 4550  |
| Ideaya Biosciences, Inc.<sup>(a)</sup> | 2190 | 69773  |
| ImmunityBio, Inc.<sup>(a)</sup> | 3260 | 7824  |
| Immunome, Inc.<sup>(a)</sup> | 1880 | 30212  |
| Immunovant, Inc.<sup>(a)</sup> | 1314 | 32430  |
| Innoviva, Inc.<sup>(a)</sup> | 780 | 14196  |
| Intellia Therapeutics, Inc.<sup>(a)</sup> | 1260 | 15901  |
| Iovance Biotherapeutics, Inc.<sup>(a)</sup> | 7575 | 14923  |
| Janux Therapeutics, Inc.<sup>(a)</sup> | 506 | 14527  |
| Jyong Biotech Ltd.<sup>(a)</sup> | 1073 | 48027  |
| Keros Therapeutics, Inc.<sup>(a)</sup> | 632 | 9619  |
| Kodiak Sciences, Inc.<sup>(a)</sup> | 2301 | 41706  |
| Krystal Biotech, Inc.<sup>(a)</sup> | 352 | 69524  |
| Kura Oncology, Inc.<sup>(a)</sup> | 1518 | 15590  |
| Kymera Therapeutics, Inc.<sup>(a)</sup> | 546 | 33765  |
| Larimar Therapeutics, Inc.<sup>(a)</sup> | 2657 | 10336  |
| LENZ Therapeutics, Inc.<sup>(a)</sup> | 167 | 4963  |
| Lexeo Therapeutics, Inc.<sup>(a)</sup> | 2446 | 24484  |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | 260 | 49741  |
| Liquidia Corp.<sup>(a)</sup> | 884 | 21534  |
| Metsera, Inc.<sup>(a)(b)</sup> | 678 | 42741  |
| Mind Medicine MindMed, Inc.<sup>(a)</sup> | 1248 | 17722  |
| Mineralys Therapeutics, Inc.<sup>(a)</sup> | 667 | 27254  |
| Monte Rosa Therapeutics, Inc.<sup>(a)</sup> | 1284 | 16499  |
| MoonLake Immunotherapeutics<sup>(a)</sup> | 495 | 4999  |

---

The accompanying notes are an integral part of these financial statements.

78<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Biotechnology - (Continued)** | **Biotechnology - (Continued)** | **Biotechnology - (Continued)** |
| Myriad Genetics, Inc.<sup>(a)</sup> | 2220 | $17849  |
| Nektar Therapeutics<sup>(a)</sup> | 303 | 19674  |
| NeoGenomics, Inc.<sup>(a)</sup> | 2158 | 21084  |
| Niagen Bioscience, Inc.<sup>(a)</sup> | 2080 | 15683  |
| Novavax, Inc.<sup>(a)</sup> | 2661 | 22352  |
| Nurix Therapeutics, Inc.<sup>(a)</sup> | 1805 | 23357  |
| Nuvalent, Inc. - Class A<sup>(a)</sup> | 495 | 49163  |
| Nuvation Bio, Inc.<sup>(a)</sup> | 3495 | 18244  |
| Olema Pharmaceuticals, Inc.<sup>(a)</sup> | 1390 | 12468  |
| Perspective Therapeutics, Inc.<sup>(a)</sup> | 2785 | 7603  |
| Praxis Precision Medicines, Inc.<sup>(a)</sup> | 145 | 28820  |
| Precigen, Inc.<sup>(a)</sup> | 9023 | 37355  |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 1198 | 81835  |
| Rapport Therapeutics, Inc.<sup>(a)</sup> | 735 | 21264  |
| RAPT Therapeutics, Inc.<sup>(a)</sup> | 197 | 5951  |
| Recursion Pharmaceuticals, Inc. - Class A<sup>(a)</sup> | 3444 | 19011  |
| REGENXBIO, Inc.<sup>(a)</sup> | 1183 | 15107  |
| Relay Therapeutics, Inc.<sup>(a)</sup> | 6866 | 49023  |
| Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 287 | 9063  |
| Sana Biotechnology, Inc.<sup>(a)</sup> | 4404 | 21800  |
| Sarepta Therapeutics, Inc.<sup>(a)</sup> | 1355 | 32534  |
| Savara, Inc.<sup>(a)(b)</sup> | 3458 | 14351  |
| Scholar Rock Holding Corp.<sup>(a)(b)</sup> | 676 | 20023  |
| Soleno Therapeutics, Inc.<sup>(a)</sup> | 525 | 35259  |
| Solid Biosciences, Inc.<sup>(a)</sup> | 1700 | 9163  |
| Stoke Therapeutics, Inc.<sup>(a)(b)</sup> | 861 | 25864  |
| Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | 1716 | 23509  |
| Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 494 | 33992  |
| Taysha Gene Therapies, Inc.<sup>(a)</sup> | 2185 | 10838  |
| Tectonic Therapeutic, Inc.<sup>(a)</sup> | 374 | 6826  |
| Terns Pharmaceuticals, Inc.<sup>(a)</sup> | 2870 | 23706  |
| TG Therapeutics, Inc.<sup>(a)(b)</sup> | 1888 | 65665  |
| Travere Therapeutics, Inc.<sup>(a)</sup> | 1248 | 43880  |
| Tyra Biosciences, Inc.<sup>(a)</sup> | 167 | 2645  |
| Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 962 | 33285  |
| Vera Therapeutics, Inc.<sup>(a)</sup> | 766 | 21800  |
| Veracyte, Inc.<sup>(a)</sup> | 1014 | 36585  |
| Vericel Corp.<sup>(a)</sup> | 474 | 16618  |
| Viking Therapeutics, Inc.<sup>(a)</sup> | 1565 | 59595  |
| Vir Biotechnology, Inc.<sup>(a)</sup> | 2068 | 12325  |
| Viridian Therapeutics, Inc.<sup>(a)</sup> | 797 | 18833  |
| Xencor, Inc.<sup>(a)</sup> | 1003 | 14754  |
| XOMA Royalty Corp.<sup>(a)</sup> | 286 | 9432  |
| Zymeworks, Inc.<sup>(a)</sup> | 1144 | 21833  |
|  |  | 3040295  |

---

The accompanying notes are an integral part of these financial statements.

79<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Building Materials - 0.8%** | **Building Materials - 0.8%** | **Building Materials - 0.8%** |
| American Woodmark Corp.<sup>(a)</sup> | 249 | $15869  |
| Apogee Enterprises, Inc. | 345 | 12631  |
| Aspen Aerogels, Inc.<sup>(a)</sup> | 755 | 6146  |
| Boise Cascade Co. | 626 | 44127  |
| Gibraltar Industries, Inc.<sup>(a)</sup> | 267 | 16658  |
| Griffon Corp. | 422 | 31232  |
| Hayward Holdings, Inc.<sup>(a)</sup> | 2372 | 40253  |
| JELD-WEN Holding, Inc.<sup>(a)</sup> | 2457 | 10663  |
| Knife River Corp.<sup>(a)</sup> | 806 | 48731  |
| LSI Industries, Inc. | 651 | 14901  |
| Masterbrand, Inc.<sup>(a)</sup> | 1329 | 16785  |
| Tecnoglass, Inc. | 292 | 17412  |
|  |  | 275408  |
| **Chemicals - 1.9%** |  |  |
| American Vanguard Corp.<sup>(a)</sup> | 1622 | 7250  |
| Ashland, Inc. | 710 | 34719  |
| Avient Corp. | 966 | 30980  |
| Balchem Corp. | 417 | 63964  |
| Cabot Corp. | 885 | 59720  |
| Chemours Co. | 1096 | 14675  |
| Codexis, Inc.<sup>(a)</sup> | 813 | 1927  |
| Ecovyst, Inc.<sup>(a)</sup> | 2054 | 16822  |
| Hawkins, Inc. | 193 | 27377  |
| HB Fuller Co. | 624 | 35799  |
| Huntsman Corp. | 3251 | 26918  |
| Ingevity Corp.<sup>(a)</sup> | 911 | 48939  |
| Innospec, Inc. | 364 | 26783  |
| Koppers Holdings, Inc. | 365 | 10300  |
| Mativ Holdings, Inc. | 3588 | 38320  |
| Minerals Technologies, Inc. | 520 | 29510  |
| Oil-Dri Corp. of America | 262 | 14512  |
| Olin Corp. | 2888 | 59782  |
| Orion SA | 1050 | 5565  |
| Perimeter Solutions, Inc.<sup>(a)</sup> | 2314 | 54402  |
| Quaker Chemical Corp. | 162 | 22500  |
| Sensient Technologies Corp. | 572 | 53934  |
| Stepan Co. | 273 | 11835  |
| Tronox Holdings PLC | 1965 | 6877  |
|  |  | 703410  |
| **Coal - 0.6%** |  |  |
| Alpha Metallurgical Resources, Inc.<sup>(a)</sup> | 218 | 37771  |
| Core Natural Resources, Inc. | 607 | 47953  |
| Hallador Energy Co.<sup>(a)</sup> | 702 | 15184  |
| Peabody Energy Corp.<sup>(b)</sup> | 1209 | 33151  |
| Ramaco Resources, Inc. – Class A<sup>(a)</sup> | 401 | 12174  |

---

The accompanying notes are an integral part of these financial statements.

80<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Coal - (Continued)**  | **Coal - (Continued)**  | **Coal - (Continued)**  |
| Ramaco Resources, Inc. - Class B | 9 | $132  |
| SunCoke Energy, Inc. | 1691 | 13545  |
| Warrior Met Coal, Inc. | 657 | 44571  |
|  |  | 204481  |
| **Commercial Services - 4.3%** |  |  |
| ABM Industries, Inc. | 832 | 35776  |
| Acacia Research Corp.<sup>(a)</sup> | 2704 | 9383  |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 381 | 37346  |
| AirSculpt Technologies, Inc.<sup>(a)(b)</sup> | 2894 | 30126  |
| Alarm.com Holdings, Inc.<sup>(a)</sup> | 572 | 28154  |
| AMN Healthcare Services, Inc.<sup>(a)</sup> | 583 | 11479  |
| Arlo Technologies, Inc.<sup>(a)</sup> | 1908 | 36901  |
| Avis Budget Group, Inc.<sup>(a)</sup> | 339 | 46128  |
| BrightView Holdings, Inc.<sup>(a)</sup> | 937 | 11544  |
| Brink's Co. | 457 | 50800  |
| Cadiz, Inc.<sup>(a)</sup> | 1103 | 5846  |
| CBIZ, Inc.<sup>(a)</sup> | 677 | 37235  |
| Cimpress PLC<sup>(a)</sup> | 246 | 17026  |
| Clarivate PLC<sup>(a)</sup> | 8373 | 28468  |
| Coursera, Inc.<sup>(a)</sup> | 3225 | 27154  |
| CRA International, Inc. | 79 | 15049  |
| Deluxe Corp. | 499 | 9037  |
| Driven Brands Holdings, Inc.<sup>(a)</sup> | 989 | 14192  |
| Emerald Holding, Inc. | 4264 | 18719  |
| European Wax Center, Inc. - Class A<sup>(a)</sup> | 1904 | 7426  |
| EVERTEC, Inc. | 1092 | 31089  |
| First Advantage Corp.<sup>(a)</sup> | 2236 | 28241  |
| Flywire Corp.<sup>(a)</sup> | 1776 | 23656  |
| Forrester Research, Inc.<sup>(a)</sup> | 1131 | 8064  |
| Franklin Covey Co.<sup>(a)</sup> | 521 | 8847  |
| Graham Holdings Co. - Class B | 27 | 27327  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 442 | 83229  |
| Green Dot Corp. - Class A<sup>(a)</sup> | 529 | 6142  |
| Heidrick & Struggles International, Inc. | 364 | 21247  |
| Hertz Global Holdings, Inc.<sup>(a)(b)</sup> | 3355 | 17211  |
| Huron Consulting Group, Inc.<sup>(a)</sup> | 312 | 51305  |
| ICF International, Inc. | 320 | 25690  |
| Insperity, Inc. | 300 | 13236  |
| John Wiley & Sons, Inc. - Class A | 598 | 22048  |
| Kforce, Inc. | 511 | 12928  |
| Korn Ferry | 1353 | 87539  |
| Laureate Education, Inc.<sup>(a)</sup> | 2783 | 80790  |
| Legalzoom.com, Inc.<sup>(a)</sup> | 1327 | 13230  |
| ManpowerGroup, Inc. | 741 | 22719  |
| Marqeta, Inc. - Class A<sup>(a)</sup> | 5746 | 26029  |

---

The accompanying notes are an integral part of these financial statements.

81<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Commercial Services - (Continued)** | **Commercial Services - (Continued)** | **Commercial Services - (Continued)** |
| Mister Car Wash, Inc.<sup>(a)</sup> | 1638 | $9156  |
| National Research Corp. | 733 | 9793  |
| Paymentus Holdings, Inc. - Class A<sup>(a)</sup> | 468 | 13385  |
| Payoneer Global, Inc.<sup>(a)</sup> | 4995 | 28921  |
| Perdoceo Education Corp. | 1118 | 35508  |
| Priority Technology Holdings, Inc.<sup>(a)</sup> | 1094 | 7614  |
| Progyny, Inc.<sup>(a)</sup> | 886 | 16577  |
| Remitly Global, Inc.<sup>(a)</sup> | 1820 | 29193  |
| Resources Connection, Inc. | 2323 | 10221  |
| Robert Half, Inc. | 1641 | 42978  |
| Sezzle, Inc.<sup>(a)</sup> | 192 | 12586  |
| Spire Global, Inc.<sup>(a)</sup> | 318 | 3460  |
| Strategic Education, Inc. | 312 | 23706  |
| TIC Solutions, Inc.<sup>(a)</sup> | 836 | 10141  |
| Transcat, Inc.<sup>(a)</sup> | 83 | 6030  |
| TriNet Group, Inc. | 446 | 26760  |
| Udemy, Inc.<sup>(a)</sup> | 1488 | 8474  |
| UL Solutions, Inc. – Class A | 783 | 60972  |
| Universal Technical Institute, Inc.<sup>(a)</sup> | 419 | 12453  |
| USCB Financial Holdings, Inc. | 806 | 13911  |
| Verra Mobility Corp.<sup>(a)</sup> | 1722 | 39968  |
| Vestis Corp. | 3604 | 18921  |
| Willdan Group, Inc.<sup>(a)</sup> | 261 | 24667  |
| WW International, Inc.<sup>(a)</sup> | 1076 | 37466  |
|  |  | 1591217  |
| **Computers - 2.1%** |  |  |
| 3D Systems Corp.<sup>(a)</sup> | 4916 | 14060  |
| ASGN, Inc.<sup>(a)</sup> | 628 | 28109  |
| Cantaloupe, Inc.<sup>(a)</sup> | 2003 | 21152  |
| Corsair Gaming, Inc.<sup>(a)</sup> | 1302 | 10611  |
| Crane NXT Co. | 572 | 36179  |
| Cricut, Inc. - Class A | 1274 | 6765  |
| Diebold Nixdorf, Inc.<sup>(a)</sup> | 494 | 29220  |
| D-Wave Quantum, Inc.<sup>(a)(b)</sup> | 4224 | 156542  |
| DXC Technology Co.<sup>(a)</sup> | 2317 | 32901  |
| Globant SA<sup>(a)</sup> | 676 | 41628  |
| Grid Dynamics Holdings, Inc.<sup>(a)</sup> | 2035 | 19007  |
| Integral Ad Science Holding Corp.<sup>(a)</sup> | 1568 | 16009  |
| Mitek Systems, Inc.<sup>(a)</sup> | 1196 | 11015  |
| NCR Atleos Corp.<sup>(a)</sup> | 602 | 22214  |
| NCR Voyix Corp.<sup>(a)</sup> | 2604 | 29712  |
| NetScout Systems, Inc.<sup>(a)</sup> | 833 | 23157  |
| NextNav, Inc.<sup>(a)</sup> | 650 | 8678  |
| OneSpan, Inc. | 634 | 7228  |
| PAR Technology Corp.<sup>(a)</sup> | 345 | 12192  |

---

The accompanying notes are an integral part of these financial statements.

82<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Computers - (Continued)** | **Computers - (Continued)** | **Computers - (Continued)** |
| Rapid7, Inc.<sup>(a)</sup> | 832 | $15400  |
| Rigetti Computing, Inc.<sup>(a)(b)</sup> | 4326 | 191512  |
| Telos Corp.<sup>(a)</sup> | 2529 | 17349  |
| V2X, Inc.<sup>(a)</sup> | 260 | 14843  |
| Vuzix Corp.<sup>(a)</sup> | 2574 | 8623  |
|  |  | 774106  |
| **Cosmetics/Personal Care - 0.4%** |  |  |
| Edgewell Personal Care Co. | 1031 | 19991  |
| Honest Co., Inc.<sup>(a)</sup> | 1382 | 4713  |
| Interparfums, Inc. | 262 | 23357  |
| Perrigo Co. PLC<sup>(b)</sup> | 2014 | 41770  |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 729 | 44178  |
|  |  | 134009  |
| **Distribution/Wholesale - 0.8%** |  |  |
| A-Mark Precious Metals, Inc. | 473 | 12572  |
| G-III Apparel Group Ltd.<sup>(a)</sup> | 832 | 22339  |
| MRC Global, Inc.<sup>(a)</sup> | 962 | 13420  |
| OPENLANE, Inc.<sup>(a)</sup> | 2054 | 54267  |
| Resideo Technologies, Inc.<sup>(a)</sup> | 1830 | 78324  |
| Rush Enterprises, Inc. - Class A | 962 | 47532  |
| ScanSource, Inc.<sup>(a)</sup> | 157 | 6736  |
| VSE Corp. | 286 | 51675  |
|  |  | 286865  |
| **Diversified Financial Services - 3.6%** |  |  |
| Acadian Asset Management, Inc. | 573 | 27561  |
| Apollo Global Management, Inc. | 91 | 11312  |
| Artisan Partners Asset Management, Inc. - Class A | 962 | 42001  |
| B Riley Financial, Inc.<sup>(a)</sup> | 1256 | 6280  |
| BGC Group, Inc. - Class A | 5408 | 49429  |
| BitMine Immersion Technologies, Inc.<sup>(a)</sup> | 1068 | 49822  |
| Bread Financial Holdings, Inc. | 1092 | 68414  |
| Cohen & Steers, Inc. | 416 | 28421  |
| Dave, Inc.<sup>(a)</sup> | 106 | 25368  |
| Enact Holdings, Inc. | 573 | 20468  |
| Enova International, Inc.<sup>(a)</sup> | 364 | 43524  |
| EZCORP, Inc. - Class A<sup>(a)</sup> | 1196 | 21827  |
| Federal Agricultural Mortgage Corp. - Class C | 182 | 28873  |
| Federated Hermes, Inc. | 1170 | 56722  |
| Guild Holdings Co. - Class A | 338 | 6719  |
| LendingClub Corp.<sup>(a)</sup> | 553 | 9617  |
| LendingTree, Inc.<sup>(a)</sup> | 214 | 13696  |
| Moelis & Co. - Class A | 1456 | 92209  |
| Navient Corp. | 1040 | 12719  |
| Nelnet, Inc. - Class A | 312 | 40264  |
| Oppenheimer Holdings, Inc. - Class A | 313 | 21835  |

---

The accompanying notes are an integral part of these financial statements.

83<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Diversified Financial Services - (Continued)** | **Diversified Financial Services - (Continued)** | **Diversified Financial Services - (Continued)** |
| Paysign, Inc.<sup>(a)</sup> | 861 | $4447  |
| PennyMac Financial Services, Inc. | 166 | 20884  |
| Perella Weinberg Partners | 606 | 11320  |
| Piper Sandler Cos. | 265 | 84604  |
| PJT Partners, Inc. - Class A | 364 | 58644  |
| PRA Group, Inc.<sup>(a)</sup> | 602 | 8253  |
| Radian Group, Inc. | 2420 | 82135  |
| Regional Management Corp. | 442 | 17393  |
| Rocket Cos., Inc. - Class A<sup>(b)</sup> | 2947 | 49097  |
| StepStone Group, Inc. - Class A | 1047 | 63741  |
| StoneX Group, Inc.<sup>(a)</sup> | 546 | 50188  |
| UWM Holdings Corp. | 1099 | 6187  |
| Velocity Financial, Inc.<sup>(a)</sup> | 650 | 12103  |
| Victory Capital Holdings, Inc. - Class A | 624 | 38856  |
| Virtu Financial, Inc. - Class A | 1248 | 43480  |
| Western Union Co. | 5334 | 49766  |
| WisdomTree, Inc.<sup>(b)</sup> | 1586 | 18969  |
| World Acceptance Corp.<sup>(a)</sup> | 79 | 10070  |
|  |  | 1307218  |
| **Electric - 1.4%** |  |  |
| ALLETE, Inc. | 1067 | 71841  |
| Ameresco, Inc. - Class A<sup>(a)</sup> | 495 | 19562  |
| Avista Corp. | 1197 | 45546  |
| Black Hills Corp. | 1171 | 74277  |
| Clearway Energy, Inc. - Class A | 1378 | 41326  |
| Clearway Energy, Inc. - Class C | 630 | 20116  |
| Hawaiian Electric Industries, Inc.<sup>(a)</sup> | 2480 | 28818  |
| MGE Energy, Inc. | 495 | 41021  |
| Northwestern Energy Group, Inc. | 783 | 46722  |
| Otter Tail Corp. | 624 | 48185  |
| TXNM Energy, Inc. | 1248 | 70886  |
| Unitil Corp. | 424 | 20670  |
|  |  | 528970  |
| **Electrical Components & Equipment - 0.9%** |  |  |
| American Superconductor Corp.<sup>(a)</sup> | 444 | 26298  |
| AZZ, Inc. | 242 | 24164  |
| Belden, Inc. | 624 | 76034  |
| Energizer Holdings, Inc. | 892 | 20721  |
| EnerSys | 626 | 78976  |
| nLight, Inc.<sup>(a)</sup> | 1250 | 41263  |
| Powell Industries, Inc. | 137 | 52525  |
|  |  | 319981  |
| **Electronics - 3.2%** |  |  |
| Advanced Energy Industries, Inc. | 946 | 191783  |
| Applied Optoelectronics, Inc.<sup>(a)</sup> | 650 | 23114  |

---

The accompanying notes are an integral part of these financial statements.

84<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Electronics - (Continued)** | **Electronics - (Continued)** | **Electronics - (Continued)** |
| Atkore, Inc. | 582 | $40304  |
| Atmus Filtration Technologies, Inc. | 1170 | 53212  |
| Avnet, Inc. | 1196 | 57946  |
| Bel Fuse, Inc. - Class B | 104 | 16015  |
| Benchmark Electronics, Inc. | 755 | 33084  |
| CTS Corp. | 338 | 14030  |
| Enovix Corp.<sup>(a)</sup> | 3954 | 47408  |
| ESCO Technologies, Inc. | 364 | 79887  |
| Evolv Technologies Holdings, Inc.<sup>(a)</sup> | 1881 | 14559  |
| Itron, Inc.<sup>(a)</sup> | 477 | 47857  |
| Kimball Electronics, Inc.<sup>(a)</sup> | 702 | 20411  |
| Knowles Corp.<sup>(a)</sup> | 1847 | 43608  |
| Kopin Corp.<sup>(a)</sup> | 4585 | 15864  |
| MicroVision, Inc.<sup>(a)</sup> | 6761 | 7910  |
| Mirion Technologies, Inc.<sup>(a)</sup> | 2160 | 63439  |
| Napco Security Technologies, Inc. | 212 | 9360  |
| NVE Corp. | 185 | 12774  |
| OSI Systems, Inc.<sup>(a)(b)</sup> | 143 | 39820  |
| Plexus Corp.<sup>(a)</sup> | 365 | 51064  |
| Sanmina Corp.<sup>(a)</sup> | 807 | 110599  |
| Stoneridge, Inc.<sup>(a)</sup> | 582 | 3963  |
| TTM Technologies, Inc.<sup>(a)</sup> | 1408 | 94618  |
| Vicor Corp.<sup>(a)</sup> | 396 | 35929  |
| Vishay Intertechnology, Inc. | 3651 | 61994  |
|  |  | 1190552  |
| **Energy-Alternate Sources - 1.2%** |  |  |
| Array Technologies, Inc.<sup>(a)(b)</sup> | 3150 | 27279  |
| ASP Isotopes, Inc.<sup>(a)</sup> | 923 | 9350  |
| Eos Energy Enterprises, Inc.<sup>(a)(b)</sup> | 3445 | 55223  |
| Fluence Energy, Inc.<sup>(a)(b)</sup> | 2820 | 59220  |
| Gevo, Inc.<sup>(a)</sup> | 3436 | 8040  |
| Green Plains, Inc.<sup>(a)</sup> | 3288 | 33801  |
| Montauk Renewables, Inc.<sup>(a)</sup> | 3469 | 7042  |
| Plug Power, Inc.<sup>(a)(b)</sup> | 13844 | 37240  |
| REX American Resources Corp.<sup>(a)</sup> | 1248 | 39973  |
| Shoals Technologies Group, Inc. - Class A<sup>(a)</sup> | 2532 | 26611  |
| SolarEdge Technologies, Inc.<sup>(a)</sup> | 1383 | 48530  |
| Sunrun, Inc.<sup>(a)</sup> | 3106 | 64481  |
| T1 Energy, Inc.<sup>(a)</sup> | 3466 | 12894  |
| XPLR Infrastructure LP | 1692 | 16683  |
|  |  | 446367  |
| **Engineering & Construction - 1.8%** |  |  |
| Arcosa, Inc. | 651 | 66402  |
| Argan, Inc. | 157 | 48075  |
| Centuri Holdings, Inc.<sup>(a)</sup> | 625 | 12619  |

---

The accompanying notes are an integral part of these financial statements.

85<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Engineering & Construction - (Continued)** | **Engineering & Construction - (Continued)** | **Engineering & Construction - (Continued)** |
| Construction Partners, Inc. - Class A<sup>(a)</sup> | 572 | $65408  |
| Everus Construction Group, Inc.<sup>(a)</sup> | 741 | 67350  |
| Frontdoor, Inc.<sup>(a)</sup> | 1066 | 70814  |
| Granite Construction, Inc.<sup>(b)</sup> | 702 | 72243  |
| Great Lakes Dredge & Dock Corp.<sup>(a)</sup> | 1092 | 12394  |
| Latham Group, Inc.<sup>(a)</sup> | 1093 | 7924  |
| Limbach Holdings, Inc.<sup>(a)</sup> | 158 | 14928  |
| MYR Group, Inc.<sup>(a)</sup> | 235 | 51160  |
| Orion Group Holdings, Inc.<sup>(a)</sup> | 885 | 9531  |
| Primoris Services Corp. | 689 | 97507  |
| Tutor Perini Corp.<sup>(a)</sup> | 782 | 52676  |
| Uniti Group, Inc.<sup>(a)</sup> | 2484 | 14308  |
|  |  | 663339  |
| **Entertainment - 1.0%** |  |  |
| AMC Entertainment Holdings, Inc. – Class A<sup>(a)(b)</sup> | 7724 | 20005  |
| Atlanta Braves Holdings, Inc. - Class C<sup>(a)</sup> | 729 | 29685  |
| Bally's Corp.<sup>(a)</sup> | 738 | 13439  |
| Cinemark Holdings, Inc.<sup>(b)</sup> | 1456 | 39326  |
| Golden Entertainment, Inc. | 416 | 8403  |
| Lionsgate Studios Corp.<sup>(a)</sup> | 4453 | 28633  |
| Madison Square Garden Entertainment Corp.<sup>(a)</sup> | 625 | 27600  |
| Madison Square Garden Sports Corp.<sup>(a)</sup> | 208 | 44593  |
| Marriott Vacations Worldwide Corp. | 236 | 15571  |
| Penn Entertainment, Inc.<sup>(a)(b)</sup> | 2522 | 41512  |
| Pursuit Attractions and Hospitality, Inc.<sup>(a)</sup> | 272 | 9651  |
| Red Rock Resorts, Inc. - Class A<sup>(b)</sup> | 1015 | 54110  |
| Rush Street Interactive, Inc.<sup>(a)</sup> | 599 | 10159  |
| United Parks & Resorts, Inc.<sup>(a)</sup> | 520 | 25168  |
| Webtoon Entertainment, Inc.<sup>(a)</sup> | 185 | 3243  |
|  |  | 371098  |
| **Environmental Control - 0.2%** |  |  |
| CECO Environmental Corp.<sup>(a)</sup> | 585 | 28600  |
| Energy Recovery, Inc.<sup>(a)</sup> | 780 | 13346  |
| Enviri Corp.<sup>(a)</sup> | 578 | 7057  |
| Pure Cycle Corp.<sup>(a)</sup> | 1171 | 12893  |
| PureCycle Technologies, Inc.<sup>(a)</sup> | 1977 | 22894  |
|  |  | 84790  |
| **Food - 0.9%** |  |  |
| Beyond Meat, Inc.<sup>(a)</sup> | 2369 | 3921  |
| Calavo Growers, Inc. | 339 | 7529  |
| Cal-Maine Foods, Inc. | 520 | 45656  |
| Chefs' Warehouse, Inc.<sup>(a)</sup> | 396 | 23364  |
| Flowers Foods, Inc.<sup>(b)</sup> | 1911 | 22798  |
| Grocery Outlet Holding Corp.<sup>(a)</sup> | 1612 | 21939  |
| Hain Celestial Group, Inc.<sup>(a)</sup> | 4321 | 5012  |

---

The accompanying notes are an integral part of these financial statements.

86<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Food - (Continued)** | **Food - (Continued)** | **Food - (Continued)** |
| Ingles Markets, Inc. - Class A | 468 | $32339  |
| J & J Snack Foods Corp. | 197 | 16676  |
| John B Sanfilippo & Son, Inc. | 182 | 11426  |
| Lifeway Foods, Inc.<sup>(a)</sup> | 234 | 5614  |
| Mission Produce, Inc.<sup>(a)</sup> | 989 | 11393  |
| Simply Good Foods Co.<sup>(a)</sup> | 1561 | 30549  |
| SunOpta, Inc.<sup>(a)</sup> | 1823 | 9516  |
| TreeHouse Foods, Inc.<sup>(a)</sup> | 918 | 16708  |
| United Natural Foods, Inc.<sup>(a)</sup> | 859 | 32341  |
| Utz Brands, Inc. | 858 | 9035  |
| Weis Markets, Inc. | 208 | 13175  |
|  |  | 318991  |
| **Forest Products & Paper - 0.0%<sup>(c)</sup>** |  |  |
| Sylvamo Corp. | 366 | 14860  |
| **Gas - 0.7%** |  |  |
| Chesapeake Utilities Corp. | 273 | 34747  |
| MDU Resources Group, Inc. | 678 | 13004  |
| Northwest Natural Holding Co. | 443 | 20170  |
| ONE Gas, Inc. | 1014 | 81313  |
| Spire, Inc. | 1196 | 103334  |
|  |  | 252568  |
| **Hand/Machine Tools - 0.3%** |  |  |
| Cadre Holdings, Inc. | 260 | 11040  |
| Enerpac Tool Group Corp. | 910 | 37346  |
| Franklin Electric Co., Inc. | 364 | 34496  |
| Kennametal, Inc. | 1510 | 33145  |
|  |  | 116027  |
| **Healthcare-Products - 3.5%** |  |  |
| 10X Genomics, Inc. - Class A<sup>(a)</sup> | 1229 | 16764  |
| Accuray, Inc.<sup>(a)</sup> | 4317 | 6087  |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> | 1603 | 27828  |
| Alphatec Holdings, Inc.<sup>(a)</sup> | 1154 | 21914  |
| AngioDynamics, Inc.<sup>(a)</sup> | 1639 | 19717  |
| Artivion, Inc.<sup>(a)</sup> | 625 | 28356  |
| AtriCure, Inc.<sup>(a)</sup> | 911 | 31475  |
| Axogen, Inc.<sup>(a)</sup> | 816 | 18132  |
| Azenta, Inc.<sup>(a)(b)</sup> | 371 | 11204  |
| Beta Bionics, Inc.<sup>(a)</sup> | 780 | 21232  |
| BioLife Solutions, Inc.<sup>(a)</sup> | 1146 | 31939  |
| CareDx, Inc.<sup>(a)</sup> | 710 | 10650  |
| Castle Biosciences, Inc.<sup>(a)</sup> | 269 | 6859  |
| CONMED Corp. | 240 | 10560  |
| DENTSPLY SIRONA, Inc. | 2290 | 28877  |
| Embecta Corp. | 832 | 11099  |

---

The accompanying notes are an integral part of these financial statements.

87<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Healthcare-Products - (Continued)** | **Healthcare-Products - (Continued)** | **Healthcare-Products - (Continued)** |
| Enovis Corp.<sup>(a)</sup> | 808 | $25242  |
| Envista Holdings Corp.<sup>(a)</sup> | 3848 | 78307  |
| GRAIL, Inc.<sup>(a)</sup> | 495 | 45505  |
| Guardant Health, Inc.<sup>(a)(b)</sup> | 1512 | 140646  |
| Haemonetics Corp.<sup>(a)</sup> | 657 | 32857  |
| ICU Medical, Inc.<sup>(a)</sup> | 416 | 49957  |
| Inspire Medical Systems, Inc.<sup>(a)</sup> | 449 | 32364  |
| Integer Holdings Corp.<sup>(a)</sup> | 703 | 45393  |
| Integra LifeSciences Holdings Corp.<sup>(a)</sup> | 1109 | 13319  |
| iRadimed Corp. | 390 | 29956  |
| iRhythm Technologies, Inc.<sup>(a)</sup> | 400 | 74920  |
| Kestra Medical Technologies Ltd.<sup>(a)</sup> | 1045 | 28612  |
| Lantheus Holdings, Inc.<sup>(a)</sup> | 925 | 53363  |
| LeMaitre Vascular, Inc. | 171 | 14810  |
| MiMedx Group, Inc.<sup>(a)</sup> | 1768 | 13525  |
| Neogen Corp.<sup>(a)</sup> | 2992 | 18461  |
| NeuroPace, Inc.<sup>(a)</sup> | 500 | 4970  |
| Novocure Ltd.<sup>(a)</sup> | 1432 | 18344  |
| OmniAb, Inc.<sup>(a)</sup> | 5148 | 7979  |
| Omnicell, Inc.<sup>(a)</sup> | 689 | 23130  |
| OraSure Technologies, Inc.<sup>(a)</sup> | 2497 | 6842  |
| Quanterix Corp.<sup>(a)</sup> | 1331 | 7108  |
| Quantum-Si, Inc.<sup>(a)</sup> | 7887 | 16957  |
| QuidelOrtho Corp.<sup>(a)</sup> | 756 | 20404  |
| Sanara Medtech, Inc.<sup>(a)</sup> | 313 | 9171  |
| STAAR Surgical Co.<sup>(a)</sup> | 636 | 16453  |
| Stereotaxis, Inc.<sup>(a)</sup> | 4004 | 11652  |
| Surmodics, Inc.<sup>(a)</sup> | 209 | 5734  |
| Tactile Systems Technology, Inc.<sup>(a)</sup> | 755 | 11378  |
| TransMedics Group, Inc.<sup>(a)(b)</sup> | 498 | 65507  |
| Treace Medical Concepts, Inc.<sup>(a)</sup> | 2343 | 14972  |
| Twist Bioscience Corp.<sup>(a)</sup> | 626 | 20589  |
| UFP Technologies, Inc.<sup>(a)</sup> | 79 | 15219  |
|  |  | 1276339  |
| **Healthcare-Services - 1.8%** |  |  |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | 1617 | 34765  |
| Addus HomeCare Corp.<sup>(a)</sup> | 286 | 33431  |
| Astrana Health, Inc.<sup>(a)</sup> | 790 | 24656  |
| Auna SA - Class A<sup>(a)</sup> | 1119 | 6613  |
| BrightSpring Health Services, Inc.<sup>(a)</sup> | 781 | 25812  |
| Brookdale Senior Living, Inc.<sup>(a)</sup> | 3276 | 30369  |
| Clover Health Investments Corp.<sup>(a)</sup> | 5696 | 20107  |
| Concentra Group Holdings Parent, Inc. | 1458 | 29043  |
| CorVel Corp.<sup>(a)</sup> | 390 | 28841  |
| Fulgent Genetics, Inc.<sup>(a)</sup> | 572 | 12841  |

---

The accompanying notes are an integral part of these financial statements.

88<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Healthcare-Services - (Continued)** | **Healthcare-Services - (Continued)** | **Healthcare-Services - (Continued)** |
| GeneDx Holdings Corp.<sup>(a)</sup> | 243 | $33269  |
| Ginkgo Bioworks Holdings, Inc.<sup>(a)</sup> | 312 | 4053  |
| Innovage Holding Corp.<sup>(a)</sup> | 576 | 2586  |
| National HealthCare Corp. | 260 | 31054  |
| Oscar Health, Inc. - Class A<sup>(a)</sup> | 2393 | 43074  |
| PACS Group, Inc.<sup>(a)</sup> | 1546 | 18676  |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 1041 | 17666  |
| Pennant Group, Inc.<sup>(a)</sup> | 702 | 17360  |
| Personalis, Inc.<sup>(a)</sup> | 524 | 5051  |
| Privia Health Group, Inc.<sup>(a)</sup> | 1717 | 41723  |
| RadNet, Inc.<sup>(a)</sup> | 963 | 73178  |
| Select Medical Holdings Corp. | 1291 | 17855  |
| Sonida Senior Living, Inc.<sup>(a)</sup> | 234 | 6061  |
| Sotera Health Co.<sup>(a)</sup> | 2028 | 33665  |
| Strata Critical Medical, Inc.<sup>(a)</sup> | 1934 | 9728  |
| Surgery Partners, Inc.<sup>(a)</sup> | 1046 | 22939  |
| Teladoc Health, Inc.<sup>(a)</sup> | 3303 | 28505  |
| US Physical Therapy, Inc. | 287 | 24759  |
|  |  | 677680  |
| **Home Builders - 1.0%** |  |  |
| Beazer Homes USA, Inc.<sup>(a)</sup> | 208 | 4659  |
| Cavco Industries, Inc.<sup>(a)</sup> | 104 | 55099  |
| Century Communities, Inc. | 578 | 34333  |
| Champion Homes, Inc.<sup>(a)</sup> | 763 | 52059  |
| Dream Finders Homes, Inc. - Class A<sup>(a)</sup> | 527 | 10435  |
| Forestar Group, Inc.<sup>(a)</sup> | 169 | 4396  |
| Green Brick Partners, Inc.<sup>(a)</sup> | 676 | 43764  |
| LCI Industries<sup>(b)</sup> | 442 | 45743  |
| M/I Homes, Inc.<sup>(a)</sup> | 395 | 49450  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 1482 | 47202  |
| Winnebago Industries, Inc. | 584 | 22023  |
|  |  | 369163  |
| **Home Furnishings - 0.3%** |  |  |
| Arhaus, Inc.<sup>(a)</sup> | 940 | 9419  |
| Daktronics, Inc.<sup>(a)</sup> | 677 | 12721  |
| Ethan Allen Interiors, Inc. | 469 | 11336  |
| Leggett & Platt, Inc. | 2835 | 26479  |
| MillerKnoll, Inc. | 841 | 13136  |
| Sleep Number Corp.<sup>(a)</sup> | 966 | 5313  |
| Sonos, Inc.<sup>(a)</sup> | 1310 | 22492  |
|  |  | 100896  |
| **Household Products/Wares - 0.2%** |  |  |
| ACCO Brands Corp. | 1961 | 7373  |
| Central Garden & Pet Co. - Class A<sup>(a)</sup> | 573 | 15935  |

---

The accompanying notes are an integral part of these financial statements.

89<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Household Products/Wares - (Continued)**  | **Household Products/Wares - (Continued)**  | **Household Products/Wares - (Continued)**  |
| Quanex Building Products Corp. | 533 | $7574  |
| Spectrum Brands Holdings, Inc. | 262 | 14117  |
| WD-40 Co. | 183 | 35553  |
|  |  | 80552  |
| **Housewares - 0.1%** |  |  |
| Newell Brands, Inc. | 4706 | 16000  |
| Scotts Miracle-Gro Co. | 522 | 27938  |
|  |  | 43938  |
| **Insurance - 2.6%** |  |  |
| Abacus Global Management, Inc.<sup>(a)</sup> | 1047 | 5256  |
| American Coastal Insurance Corp. | 547 | 6476  |
| AMERISAFE, Inc. | 449 | 17996  |
| Assured Guaranty Ltd. | 729 | 58743  |
| Ategrity Specialty Holdings LLC<sup>(a)</sup> | 741 | 14398  |
| Baldwin Insurance Group, Inc. - Class A<sup>(a)</sup> | 764 | 16884  |
| Bowhead Specialty Holdings, Inc.<sup>(a)</sup> | 572 | 13705  |
| Brighthouse Financial, Inc.<sup>(a)</sup> | 936 | 53417  |
| CNO Financial Group, Inc. | 1639 | 65593  |
| Donegal Group, Inc. - Class A | 1041 | 19519  |
| Employers Holdings, Inc. | 520 | 19828  |
| Genworth Financial, Inc.<sup>(a)</sup> | 3278 | 27666  |
| Global Indemnity Group LLC - Class A | 156 | 4563  |
| Goosehead Insurance, Inc. - Class A | 312 | 21425  |
| Hagerty, Inc. - Class A<sup>(a)</sup> | 1274 | 14294  |
| Hamilton Insurance Group Ltd. - Class B<sup>(a)</sup> | 417 | 9870  |
| HCI Group, Inc. | 104 | 21217  |
| Hippo Holdings, Inc.<sup>(a)</sup> | 416 | 15300  |
| Horace Mann Educators Corp. | 599 | 26781  |
| Kemper Corp. | 936 | 42111  |
| Kingsway Financial Services, Inc.<sup>(a)</sup> | 599 | 8530  |
| Lemonade, Inc.<sup>(a)</sup> | 1071 | 64346  |
| Mercury General Corp. | 442 | 34167  |
| NMI Holdings, Inc. - Class A<sup>(a)</sup> | 1457 | 53078  |
| Palomar Holdings, Inc.<sup>(a)</sup> | 234 | 26678  |
| ProAssurance Corp.<sup>(a)</sup> | 832 | 19926  |
| Root, Inc./OH<sup>(a)</sup> | 104 | 8374  |
| Safety Insurance Group, Inc. | 235 | 16152  |
| Selectquote, Inc.<sup>(a)</sup> | 1795 | 3734  |
| SiriusPoint Ltd.<sup>(a)</sup> | 1119 | 20366  |
| Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 377 | 17187  |
| Slide Insurance Holdings, Inc.<sup>(a)</sup> | 1834 | 29326  |
| Stewart Information Services Corp. | 651 | 44444  |
| Trupanion, Inc.<sup>(a)</sup> | 546 | 21835  |
| United Fire Group, Inc. | 624 | 18864  |

---

The accompanying notes are an integral part of these financial statements.

90<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Insurance - (Continued)** | **Insurance - (Continued)** | **Insurance - (Continued)** |
| Universal Insurance Holdings, Inc.<sup>(b)</sup> | 547 | $16859  |
| White Mountains Insurance Group Ltd. | 31 | 59041  |
|  |  | 937949  |
| **Internet - 1.9%** |  |  |
| Angi, Inc.<sup>(a)</sup> | 1254 | 16641  |
| Backblaze, Inc. - Class A<sup>(a)</sup> | 896 | 9238  |
| Bed Bath & Beyond, Inc.<sup>(a)</sup> | 1982 | 15281  |
| Bumble, Inc. - Class A<sup>(a)</sup> | 1366 | 7581  |
| Cargurus, Inc.<sup>(a)</sup> | 1014 | 35612  |
| Cars.com, Inc.<sup>(a)</sup> | 1094 | 11750  |
| Cogent Communications Holdings, Inc. | 759 | 31309  |
| ePlus, Inc. | 377 | 27581  |
| EverQuote, Inc. - Class A<sup>(a)</sup> | 297 | 6397  |
| Figs, Inc. - Class A<sup>(a)</sup> | 1952 | 14562  |
| fuboTV, Inc. - Class A<sup>(a)(b)</sup> | 4500 | 17010  |
| Groupon, Inc.<sup>(a)(b)</sup> | 287 | 5777  |
| HealthStream, Inc. | 859 | 21131  |
| IAC, Inc.<sup>(a)</sup> | 602 | 19397  |
| LifeMD, Inc.<sup>(a)</sup> | 1274 | 7529  |
| Liquidity Services, Inc.<sup>(a)</sup> | 444 | 10629  |
| Magnite, Inc.<sup>(a)</sup> | 1439 | 25729  |
| MediaAlpha, Inc. - Class A<sup>(a)</sup> | 755 | 9626  |
| Newegg Commerce, Inc.<sup>(a)</sup> | 399 | 33831  |
| Newsmax, Inc.<sup>(a)</sup> | 1595 | 15950  |
| Opendoor Technologies, Inc.<sup>(a)</sup> | 9246 | 71841  |
| OptimizeRx Corp.<sup>(a)</sup> | 1482 | 30366  |
| Q2 Holdings, Inc.<sup>(a)</sup> | 884 | 54596  |
| QuinStreet, Inc.<sup>(a)</sup> | 893 | 13208  |
| RealReal, Inc.<sup>(a)</sup> | 966 | 11795  |
| Revolve Group, Inc.<sup>(a)</sup> | 446 | 9866  |
| RideNow Group, Inc. - Class B<sup>(a)</sup> | 2393 | 8136  |
| Rumble, Inc.<sup>(a)</sup> | 2272 | 15586  |
| Serve Robotics, Inc.<sup>(a)</sup> | 505 | 6681  |
| Shutterstock, Inc. | 499 | 12490  |
| Sprinklr, Inc. - Class A<sup>(a)</sup> | 2106 | 16258  |
| Stitch Fix, Inc. - Class A<sup>(a)</sup> | 2088 | 8749  |
| TripAdvisor, Inc.<sup>(a)</sup> | 1664 | 26724  |
| Upwork, Inc.<sup>(a)</sup> | 1691 | 26955  |
| Yelp, Inc.<sup>(a)</sup> | 703 | 23185  |
| Ziff Davis, Inc.<sup>(a)</sup> | 704 | 23866  |
|  |  | 702863  |
| **Investment Companies - 1.4%** |  |  |
| Bit Digital, Inc.<sup>(a)</sup> | 3564 | 13044  |
| Bitdeer Technologies Group<sup>(a)</sup> | 784 | 17405  |
| Cannae Holdings, Inc. | 755 | 13500  |

---

The accompanying notes are an integral part of these financial statements.

91<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Investment Companies - (Continued)**  | **Investment Companies - (Continued)**  | **Investment Companies - (Continued)**  |
| Cipher Mining, Inc.<sup>(a)</sup> | 2608 | $48639  |
| Cleanspark, Inc.<sup>(a)</sup> | 3700 | 65860  |
| Core Scientific, Inc.<sup>(a)</sup> | 3830 | 82498  |
| FTAI Infrastructure, Inc. | 2403 | 12832  |
| MARA Holdings, Inc.<sup>(a)(b)</sup> | 5059 | 92428  |
| Riot Platforms, Inc.<sup>(a)(b)</sup> | 5460 | 107999  |
| Terawulf, Inc.<sup>(a)(b)</sup> | 3672 | 56916  |
|  |  | 511121  |
| **Leisure Time - 1.0%** |  |  |
| Acushnet Holdings Corp. | 520 | 40212  |
| Brunswick Corp./DE | 457 | 30212  |
| Global Business Travel Group I<sup>(a)</sup> | 989 | 7773  |
| Harley-Davidson, Inc. | 1304 | 35182  |
| Lindblad Expeditions Holdings, Inc.<sup>(a)</sup> | 832 | 10034  |
| Lucky Strike Entertainment Corp. | 729 | 6109  |
| Malibu Boats, Inc. - Class A<sup>(a)</sup> | 184 | 5128  |
| OneSpaWorld Holdings Ltd. | 1015 | 23619  |
| Peloton Interactive, Inc. - Class A<sup>(a)</sup> | 4656 | 33803  |
| Polaris, Inc. | 1460 | 96506  |
| Sabre Corp.<sup>(a)</sup> | 9441 | 19307  |
| Topgolf Callaway Brands Corp.<sup>(a)</sup> | 2318 | 21812  |
| YETI Holdings, Inc.<sup>(a)</sup> | 806 | 27396  |
|  |  | 357093  |
| **Lodging - 0.2%** |  |  |
| Century Casinos, Inc.<sup>(a)</sup> | 5210 | 10003  |
| Travel + Leisure Co. | 1092 | 68556  |
|  |  | 78559  |
| **Machinery-Construction & Mining - 0.4%** |  |  |
| Astec Industries, Inc. | 417 | 19403  |
| Hyster-Yale, Inc. | 448 | 16101  |
| NANO Nuclear Energy, Inc.<sup>(a)(b)</sup> | 312 | 14833  |
| NuScale Power Corp.<sup>(a)</sup> | 1561 | 70042  |
| Terex Corp. | 789 | 36310  |
|  |  | 156689  |
| **Machinery-Diversified - 1.0%** |  |  |
| Alamo Group, Inc. | 234 | 41820  |
| Albany International Corp. - Class A | 264 | 14937  |
| Cactus, Inc. - Class A<sup>(b)</sup> | 497 | 21953  |
| Columbus McKinnon Corp./NY | 2373 | 38514  |
| DXP Enterprises, Inc./TX<sup>(a)</sup> | 138 | 16512  |
| Gates Industrial Corp. PLC<sup>(a)(b)</sup> | 3198 | 70612  |
| Ichor Holdings Ltd.<sup>(a)</sup> | 708 | 16057  |
| Kadant, Inc. | 260 | 71932  |
| Lindsay Corp. | 130 | 14461  |

---

The accompanying notes are an integral part of these financial statements.

92<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Machinery-Diversified - (Continued)**  | **Machinery-Diversified - (Continued)**  | **Machinery-Diversified - (Continued)**  |
| Mueller Water Products, Inc. - Class A | 1935 | $49652  |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | 911 | 26173  |
|  |  | 382623  |
| **Media - 0.4%** |  |  |
| Altice USA, Inc. - Class A<sup>(a)</sup> | 3381 | 7540  |
| AMC Networks, Inc. - Class A<sup>(a)</sup> | 557 | 4222  |
| Gray Media, Inc. | 2054 | 9387  |
| iHeartMedia, Inc. - Class A<sup>(a)</sup> | 1126 | 3344  |
| Liberty Latin America Ltd. - Class A<sup>(a)</sup> | 365 | 2847  |
| Liberty Latin America Ltd. - Class C<sup>(a)(b)</sup> | 2552 | 20186  |
| Scholastic Corp. | 348 | 9977  |
| Sinclair, Inc. | 624 | 8524  |
| Sphere Entertainment Co.<sup>(a)</sup> | 341 | 23352  |
| TEGNA, Inc. | 2678 | 52676  |
| Thryv Holdings, Inc.<sup>(a)</sup> | 836 | 6446  |
|  |  | 148501  |
| **Metal Fabricate/Hardware - 0.5%** |  |  |
| Hillman Solutions Corp.<sup>(a)</sup> | 3510 | 32362  |
| Janus International Group, Inc.<sup>(a)</sup> | 2548 | 24461  |
| Mayville Engineering Co., Inc.<sup>(a)</sup> | 364 | 6486  |
| Omega Flex, Inc. | 317 | 8765  |
| Proto Labs, Inc.<sup>(a)</sup> | 468 | 23288  |
| Ryerson Holding Corp.<sup>(b)</sup> | 546 | 12045  |
| Standex International Corp. | 131 | 30553  |
| Worthington Enterprises, Inc. | 250 | 14022  |
| Worthington Steel, Inc. | 314 | 10045  |
| Xometry, Inc. - Class A<sup>(a)</sup> | 555 | 27023  |
|  |  | 189050  |
| **Mining - 1.9%** |  |  |
| Centrus Energy Corp. - Class A<sup>(a)(b)</sup> | 260 | 95540  |
| Century Aluminum Co.<sup>(a)</sup> | 1094 | 32404  |
| Coeur Mining, Inc.<sup>(a)</sup> | 8307 | 142631  |
| Dakota Gold Corp.<sup>(a)</sup> | 4342 | 17715  |
| Elevra Lithium Ltd. - ADR<sup>(a)</sup> | 354 | 10001  |
| Energy Fuels, Inc./Canada<sup>(a)</sup> | 2392 | 49060  |
| Hecla Mining Co. | 10194 | 131197  |
| Ivanhoe Electric, Inc. / US<sup>(a)</sup> | 1222 | 18073  |
| Kaiser Aluminum Corp. | 240 | 21727  |
| McEwen, Inc.<sup>(a)</sup> | 885 | 16222  |
| Perpetua Resources Corp.<sup>(a)(b)</sup> | 1508 | 36237  |
| United States Lime & Minerals, Inc. | 108 | 12660  |
| Uranium Energy Corp.<sup>(a)</sup> | 5737 | 86801  |
| USA Rare Earth, Inc.<sup>(a)</sup> | 687 | 13362  |
|  |  | 683630  |

---

The accompanying notes are an integral part of these financial statements.

93<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Miscellaneous Manufacturing - 0.5%** | **Miscellaneous Manufacturing - 0.5%** | **Miscellaneous Manufacturing - 0.5%** |
| Byrna Technologies, Inc.<sup>(a)</sup> | 340 | $6885  |
| Enpro, Inc. | 241 | 55914  |
| Hillenbrand, Inc.<sup>(b)</sup> | 1248 | 39437  |
| Materion Corp. | 218 | 24989  |
| Sight Sciences, Inc.<sup>(a)</sup> | 678 | 3431  |
| Smith & Wesson Brands, Inc. | 1014 | 9719  |
| Trinity Industries, Inc. | 988 | 27042  |
|  |  | 167417  |
| **Multi-National - 0.1%** |  |  |
| Banco Latinoamericano de Comercio Exterior SA | 443 | 19053  |
| **Office Furnishings - 0.2%** |  |  |
| HNI Corp. | 574 | 23488  |
| Interface, Inc. | 780 | 19422  |
| Steelcase, Inc. - Class A | 1249 | 19934  |
|  |  | 62844  |
| **Office-Business Equipment - 0.1%** |  |  |
| Pitney Bowes, Inc. | 3278 | 32387  |
| **Oil & Gas - 2.6%** |  |  |
| Amplify Energy Corp.<sup>(a)</sup> | 3050 | 13847  |
| Berry Corp. | 4268 | 14383  |
| California Resources Corp. | 1120 | 52831  |
| Civitas Resources, Inc. | 1600 | 46128  |
| CNX Resources Corp.<sup>(a)</sup> | 2782 | 93642  |
| Crescent Energy Co. - Class A<sup>(b)</sup> | 1647 | 13884  |
| CVR Energy, Inc.<sup>(a)</sup> | 1198 | 42637  |
| Delek US Holdings, Inc. | 1047 | 39535  |
| Gulfport Energy Corp.<sup>(a)</sup> | 338 | 62871  |
| Helmerich & Payne, Inc. | 832 | 21848  |
| Kosmos Energy Ltd.<sup>(a)</sup> | 9441 | 14822  |
| Landbridge Co. LLC - Class A<sup>(b)</sup> | 286 | 16923  |
| Murphy Oil Corp. | 925 | 26178  |
| Northern Oil & Gas, Inc. | 709 | 15690  |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | 2080 | 83158  |
| Patterson-UTI Energy, Inc. | 8768 | 54975  |
| PBF Energy, Inc. - Class A | 2343 | 80060  |
| Sable Offshore Corp.<sup>(a)</sup> | 1014 | 10607  |
| SandRidge Energy, Inc. | 1560 | 18580  |
| Seadrill Ltd.<sup>(a)</sup> | 1206 | 38061  |
| SM Energy Co. | 677 | 14143  |
| Talos Energy, Inc.<sup>(a)</sup> | 1494 | 14656  |
| Tamboran Resources Corp.<sup>(a)</sup> | 469 | 11622  |
| Viper Energy, Inc. - Class A | 2304 | 86538  |
| Weatherford International PLC | 786 | 57920  |
|  |  | 945539  |

---

The accompanying notes are an integral part of these financial statements.

94<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Oil & Gas Services - 1.2%** | **Oil & Gas Services - 1.2%** | **Oil & Gas Services - 1.2%** |
| Archrock, Inc. | 1326 | $33508  |
| Atlas Energy Solutions, Inc.<sup>(b)</sup> | 2348 | 29068  |
| Bristow Group, Inc.<sup>(a)</sup> | 313 | 12739  |
| Civeo Corp. | 442 | 9185  |
| DMC Global, Inc.<sup>(a)</sup> | 938 | 7560  |
| DNOW, Inc.<sup>(a)(b)</sup> | 2028 | 29812  |
| Expro Group Holdings NV<sup>(a)</sup> | 2558 | 34738  |
| Flowco Holdings, Inc. - Class A | 1160 | 18792  |
| Forum Energy Technologies, Inc.<sup>(a)</sup> | 754 | 20192  |
| Innovex International, Inc.<sup>(a)</sup> | 884 | 17742  |
| Kodiak Gas Services, Inc. | 859 | 31680  |
| Liberty Energy, Inc. | 2217 | 40150  |
| Matrix Service Co.<sup>(a)</sup> | 730 | 10964  |
| Oceaneering International, Inc.<sup>(a)</sup> | 1443 | 33607  |
| ProPetro Holding Corp.<sup>(a)</sup> | 1049 | 10889  |
| RPC, Inc. | 1510 | 7852  |
| Select Water Solutions, Inc. | 1412 | 16323  |
| Solaris Energy Infrastructure, Inc.<sup>(b)</sup> | 607 | 32311  |
| TETRA Technologies, Inc.<sup>(a)</sup> | 1671 | 11797  |
| Tidewater, Inc.<sup>(a)</sup> | 867 | 43861  |
|  |  | 452770  |
| **Packaging & Containers - 0.1%** |  |  |
| Ardagh Metal Packaging SA | 3614 | 12902  |
| O-I Glass, Inc.<sup>(a)(b)</sup> | 1172 | 13232  |
| TriMas Corp. | 755 | 26825  |
|  |  | 52959  |
| **Pharmaceuticals - 2.2%** |  |  |
| AdaptHealth Corp.<sup>(a)</sup> | 1872 | 16829  |
| Agios Pharmaceuticals, Inc.<sup>(a)</sup> | 499 | 21577  |
| Akebia Therapeutics, Inc.<sup>(a)</sup> | 4213 | 9311  |
| Amneal Pharmaceuticals, Inc.<sup>(a)</sup> | 2288 | 24756  |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 550 | 14025  |
| Amylyx Pharmaceuticals, Inc.<sup>(a)</sup> | 1700 | 23681  |
| Aquestive Therapeutics, Inc.<sup>(a)</sup> | 1145 | 7809  |
| Arvinas, Inc.<sup>(a)</sup> | 1875 | 19012  |
| Assertio Holdings, Inc.<sup>(a)</sup> | 6084 | 4529  |
| Avadel Pharmaceuticals PLC<sup>(a)</sup> | 1145 | 21629  |
| Candel Therapeutics, Inc.<sup>(a)</sup> | 507 | 2728  |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 1560 | 33181  |
| Corbus Pharmaceuticals Holdings, Inc.<sup>(a)</sup> | 945 | 11482  |
| CorMedix, Inc.<sup>(a)</sup> | 520 | 5788  |
| Enanta Pharmaceuticals, Inc.<sup>(a)</sup> | 1229 | 13470  |
| Enliven Therapeutics, Inc.<sup>(a)</sup> | 604 | 14146  |
| Fulcrum Therapeutics, Inc.<sup>(a)</sup> | 1638 | 14332  |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 373 | 10657  |

---

The accompanying notes are an integral part of these financial statements.

95<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Pharmaceuticals - (Continued)** | **Pharmaceuticals - (Continued)** | **Pharmaceuticals - (Continued)** |
| Harrow, Inc.<sup>(a)</sup> | 237 | $8951  |
| Herbalife Ltd.<sup>(a)</sup> | 1612 | 12896  |
| Heron Therapeutics, Inc.<sup>(a)(b)</sup> | 1950 | 2262  |
| Indivior PLC<sup>(a)</sup> | 1262 | 37065  |
| KalVista Pharmaceuticals, Inc.<sup>(a)</sup> | 729 | 7953  |
| MannKind Corp.<sup>(a)</sup> | 4305 | 24065  |
| Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | 833 | 60517  |
| Ocular Therapeutix, Inc.<sup>(a)</sup> | 2201 | 25664  |
| Organon & Co. | 4089 | 27601  |
| ORIC Pharmaceuticals, Inc.<sup>(a)</sup> | 1284 | 16897  |
| Pacira BioSciences, Inc.<sup>(a)</sup> | 806 | 17232  |
| Protagonist Therapeutics, Inc.<sup>(a)</sup> | 963 | 75711  |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 938 | 106707  |
| Senseonics Holdings, Inc.<sup>(a)</sup> | 952 | 6712  |
| SIGA Technologies, Inc. | 1484 | 12287  |
| Spyre Therapeutics, Inc.<sup>(a)</sup> | 550 | 13453  |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 858 | 47302  |
| Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | 2184 | 9500  |
| Voyager Therapeutics, Inc.<sup>(a)</sup> | 2657 | 12408  |
| Xeris Biopharma Holdings, Inc.<sup>(a)</sup> | 2938 | 28499  |
|  |  | 822624  |
| **Pipelines - 0.1%** |  |  |
| Excelerate Energy, Inc. - Class A | 548 | 14199  |
| NextDecade Corp.<sup>(a)</sup> | 2965 | 17582  |
| Western Midstream Partners LP<sup>(b)</sup> | 239 | 8955  |
|  |  | 40736  |
| **Private Equity - 0.0%<sup>(c)</sup>** |  |  |
| Patria Investments Ltd. - Class A | 604 | 8800  |
| **Real Estate - 0.7%** |  |  |
| Belpointe Prep LLC<sup>(a)</sup> | 131 | 8675  |
| Compass, Inc. - Class A<sup>(a)</sup> | 5880 | 45335  |
| eXp World Holdings, Inc. | 1070 | 10957  |
| Five Point Holdings LLC - Class A<sup>(a)</sup> | 1146 | 6704  |
| FRP Holdings, Inc.<sup>(a)</sup> | 718 | 17017  |
| Howard Hughes Holdings, Inc.<sup>(a)</sup> | 426 | 33773  |
| McGrath RentCorp | 390 | 41902  |
| Newmark Group, Inc. - Class A | 2940 | 52420  |
| RMR Group, Inc. - Class A | 1067 | 16506  |
| St Joe Co. | 433 | 24586  |
|  |  | 257875  |
| **Retail - 3.3%** |  |  |
| Academy Sports & Outdoors, Inc. | 996 | 47698  |
| Advance Auto Parts, Inc. | 858 | 40438 |
| American Eagle Outfitters, Inc.<sup>(b)</sup>  | 1304  | 21790  |

---

The accompanying notes are an integral part of these financial statements.

96<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Retail - (Continued)**  | **Retail - (Continued)**  | **Retail - (Continued)**  |
| America's Car-Mart, Inc./TX<sup>(a)</sup> | 468 | $10408  |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | 219 | 51377  |
| Biglari Holdings, Inc. - Class B<sup>(a)</sup> | 53 | 19149  |
| BJ's Restaurants, Inc.<sup>(a)</sup> | 417 | 14161  |
| BlueLinx Holdings, Inc.<sup>(a)</sup> | 209 | 13677  |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 469 | 88946  |
| Buckle, Inc. | 729 | 39949  |
| Build-A-Bear Workshop, Inc.<sup>(b)</sup> | 262 | 14206  |
| Caleres, Inc. | 858 | 9472  |
| Camping World Holdings, Inc. - Class A | 1484 | 19530  |
| Cheesecake Factory, Inc.<sup>(b)</sup> | 859 | 42778  |
| Clean Energy Fuels Corp.<sup>(a)</sup> | 1779 | 5088  |
| Cracker Barrel Old Country Store, Inc. | 289 | 9739  |
| Denny's Corp.<sup>(a)</sup> | 3002 | 11738  |
| Designer Brands, Inc. - Class A | 504 | 1860  |
| Dick's Sporting Goods, Inc. | 67 | 14837  |
| Dine Brands Global, Inc. | 531 | 13126  |
| First Watch Restaurant Group, Inc.<sup>(a)</sup> | 858 | 14148  |
| Freshpet, Inc.<sup>(a)(b)</sup> | 766 | 37695  |
| Genesco, Inc.<sup>(a)</sup> | 424 | 12300  |
| Group 1 Automotive, Inc. | 160 | 63606  |
| Guess?, Inc.<sup>(b)</sup> | 708 | 12022  |
| Haverty Furniture Cos., Inc. | 522 | 11385  |
| J Jill, Inc. | 494 | 7445  |
| Kohl's Corp. | 1154 | 18776  |
| Krispy Kreme, Inc. | 3934 | 14123  |
| La-Z-Boy, Inc. | 729 | 23109  |
| Macy's, Inc. | 3020 | 58860  |
| National Vision Holdings, Inc.<sup>(a)</sup> | 2237 | 57603  |
| OneWater Marine, Inc. - Class A<sup>(a)</sup> | 243 | 3774  |
| Papa John's International, Inc. | 651 | 33077  |
| Patrick Industries, Inc. | 312 | 32564  |
| PC Connection, Inc. | 208 | 12682  |
| PriceSmart, Inc. | 416 | 47815  |
| Sally Beauty Holdings, Inc.<sup>(a)</sup> | 2193 | 33136  |
| Shake Shack, Inc. - Class A<sup>(a)</sup> | 368 | 35516  |
| Signet Jewelers Ltd. | 728 | 71963  |
| Sonic Automotive, Inc. - Class A | 235 | 14930  |
| Sweetgreen, Inc. - Class A<sup>(a)</sup> | 1854 | 11662  |
| Vera Bradley, Inc.<sup>(a)</sup> | 3698 | 8690  |
| Victoria's Secret & Co.<sup>(a)(b)</sup> | 768 | 27072  |
| Warby Parker, Inc. - Class A<sup>(a)</sup> | 1075 | 21059  |
| Wendy's Co. | 1853 | 15825  |
| Winmark Corp. | 79 | 31850  |
| Zumiez, Inc.<sup>(a)</sup> | 208 | 4503  |
|  |  | 1227157  |

---

The accompanying notes are an integral part of these financial statements.

97<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Savings & Loans - 0.9%** |  |  |
| Axos Financial, Inc.<sup>(a)</sup> | 858 | $66907  |
| Banc of California, Inc. | 2444 | 41475  |
| Beacon Financial Corp. | 710 | 17281  |
| Capitol Federal Financial, Inc. | 2341 | 14140  |
| Flushing Financial Corp.<sup>(b)</sup> | 637 | 8708  |
| Home Bancorp, Inc. | 365 | 19400  |
| Northwest Bancshares, Inc. | 2757 | 32284  |
| Provident Financial Services, Inc. | 2054 | 37568  |
| Timberland Bancorp, Inc./WA | 521 | 16734  |
| WaFd, Inc. | 1144 | 33210  |
| WSFS Financial Corp. | 911 | 47454  |
|  |  | 335161  |
| **Semiconductors - 2.3%** |  |  |
| ACM Research, Inc. - Class A<sup>(a)</sup> | 626 | 25954  |
| Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> | 140 | 3928  |
| Ambarella, Inc.<sup>(a)</sup> | 319 | 27188  |
| Arteris, Inc.<sup>(a)</sup> | 1151 | 15665  |
| Atomera, Inc.<sup>(a)</sup> | 1153 | 3643  |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 1040 | 82742  |
| Blaize Holdings, Inc.<sup>(a)</sup> | 2054 | 8031  |
| CEVA, Inc.<sup>(a)</sup> | 286 | 7782  |
| Diodes, Inc.<sup>(a)</sup> | 325 | 17342  |
| FormFactor, Inc.<sup>(a)</sup> | 577 | 31706  |
| Impinj, Inc.<sup>(a)</sup> | 219 | 44273  |
| IPG Photonics Corp.<sup>(a)</sup> | 416 | 35410  |
| Kulicke & Soffa Industries, Inc. | 660 | 26354  |
| MaxLinear, Inc.<sup>(a)</sup> | 918 | 13908  |
| Navitas Semiconductor Corp.<sup>(a)</sup> | 6788 | 91367  |
| Ouster, Inc.<sup>(a)</sup> | 806 | 26888  |
| Penguin Solutions, Inc.<sup>(a)</sup> | 637 | 14186  |
| Photronics, Inc.<sup>(a)</sup> | 1066 | 25477  |
| Power Integrations, Inc. | 1177 | 49305  |
| SEALSQ Corp.<sup>(a)</sup> | 1643 | 12191  |
| Semtech Corp.<sup>(a)</sup> | 1093 | 74171  |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 574 | 75240  |
| SiTime Corp.<sup>(a)</sup> | 234 | 67776  |
| SkyWater Technology, Inc.<sup>(a)(b)</sup> | 912 | 15946  |
| Synaptics, Inc.<sup>(a)</sup> | 375 | 26603  |
| Veeco Instruments, Inc.<sup>(a)</sup> | 730 | 20988  |
|  |  | 844064  |
| **Software - 5.3%** |  |  |
| 8x8, Inc.<sup>(a)</sup> | 2211 | 4068  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 1206 | 57442  |
| ACV Auctions, Inc. - Class A<sup>(a)</sup> | 2088 | 18938  |
| Adeia, Inc. | 1638 | 27911  |

---

The accompanying notes are an integral part of these financial statements.

98<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Software - (Continued)** | **Software - (Continued)** | **Software - (Continued)** |
| Agilysys, Inc.<sup>(a)</sup> | 217 | $27225  |
| Alignment Healthcare, Inc.<sup>(a)</sup> | 1496 | 25223  |
| Alkami Technology, Inc.<sup>(a)</sup> | 657 | 13331  |
| Amplitude, Inc. - Class A<sup>(a)</sup> | 1509 | 15165  |
| Appian Corp. - Class A<sup>(a)</sup> | 678 | 20293  |
| Asana, Inc. - Class A<sup>(a)</sup> | 1022 | 14359  |
| AvePoint, Inc.<sup>(a)</sup> | 1431 | 20134  |
| Bandwidth, Inc. - Class A<sup>(a)</sup> | 469 | 7574  |
| BigBear.ai Holdings, Inc.<sup>(a)(b)</sup> | 2525 | 17473  |
| Blackbaud, Inc.<sup>(a)</sup> | 624 | 39961  |
| BlackLine, Inc.<sup>(a)</sup> | 780 | 44655  |
| Blend Labs, Inc. - Class A<sup>(a)</sup> | 3120 | 10327  |
| Box, Inc. - Class A<sup>(a)(b)</sup> | 2392 | 76759  |
| Braze, Inc. - Class A<sup>(a)</sup> | 1508 | 43219  |
| C3.ai, Inc. - Class A<sup>(a)</sup> | 996 | 17510  |
| Cerence, Inc.<sup>(a)</sup> | 607 | 6513  |
| Clear Secure, Inc. - Class A | 1379 | 42018  |
| Clearwater Analytics Holdings, Inc. - Class A<sup>(a)</sup> | 2396 | 44110  |
| Commerce.com, Inc.<sup>(a)</sup> | 1769 | 8190  |
| Concentrix Corp. | 754 | 30394  |
| Consensus Cloud Solutions, Inc.<sup>(a)</sup> | 365 | 10702  |
| CSG Systems International, Inc.<sup>(b)</sup> | 210 | 16437  |
| Digi International, Inc.<sup>(a)</sup> | 417 | 15296  |
| Digital Turbine, Inc.<sup>(a)</sup> | 1483 | 9254  |
| DigitalOcean Holdings, Inc.<sup>(a)</sup> | 1077 | 43791  |
| Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 315 | 14474  |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | 2324 | 26447  |
| Evolent Health, Inc. - Class A<sup>(a)</sup> | 1614 | 10765  |
| Exodus Movement, Inc. - Class A<sup>(a)</sup> | 138 | 3380  |
| Expensify, Inc. - Class A<sup>(a)</sup> | 2319 | 3780  |
| Fastly, Inc. - Class A<sup>(a)</sup> | 1332 | 11042  |
| Five9, Inc.<sup>(a)</sup> | 1128 | 27388  |
| Freshworks, Inc. - Class A<sup>(a)</sup> | 3721 | 41303  |
| Genius Sports Ltd.<sup>(a)</sup> | 2704 | 30447  |
| GigaCloud Technology, Inc. - Class A<sup>(a)(b)</sup> | 549 | 15361  |
| Hinge Health, Inc. - Class A<sup>(a)</sup> | 297 | 14779  |
| Innodata, Inc.<sup>(a)</sup> | 391 | 29172  |
| Intapp, Inc.<sup>(a)</sup> | 780 | 29936  |
| Jamf Holding Corp.<sup>(a)</sup> | 1808 | 23233  |
| JFrog Ltd.<sup>(a)(b)</sup> | 1431 | 67944  |
| Klaviyo, Inc. - Class A<sup>(a)</sup> | 912 | 23712  |
| Life360, Inc.<sup>(a)(b)</sup> | 999 | 98611  |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | 1040 | 28434  |
| N-able, Inc./US<sup>(a)</sup> | 632 | 4949  |
| nCino, Inc.<sup>(a)(b)</sup> | 888 | 23692  |

---

The accompanying notes are an integral part of these financial statements.

99<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Software - (Continued)**  | **Software - (Continued)**  | **Software - (Continued)**  |
| ON24, Inc.<sup>(a)</sup> | 1977 | $10913  |
| Onestream, Inc.<sup>(a)</sup> | 968 | 18285  |
| Pagaya Technologies Ltd. - Class A<sup>(a)</sup> | 1172 | 31515  |
| PagerDuty, Inc.<sup>(a)</sup> | 1508 | 24218  |
| Phreesia, Inc.<sup>(a)</sup> | 392 | 8875  |
| Planet Labs PBC<sup>(a)</sup> | 3952 | 53154  |
| Playtika Holding Corp. | 2111 | 7747  |
| Porch Group, Inc.<sup>(a)</sup> | 3174 | 47769  |
| Progress Software Corp.<sup>(a)</sup> | 500 | 21320  |
| PROS Holdings, Inc.<sup>(a)</sup> | 892 | 20561  |
| Quantum Computing, Inc.<sup>(a)(b)</sup> | 1856 | 31014  |
| RingCentral, Inc. - Class A<sup>(a)</sup> | 780 | 23494  |
| Sapiens International Corp. NV | 579 | 24926  |
| Schrodinger, Inc./United States<sup>(a)</sup> | 842 | 17716  |
| SEMrush Holdings, Inc. - Class A<sup>(a)</sup> | 788 | 5721  |
| Silvaco Group, Inc.<sup>(a)</sup> | 1598 | 9412  |
| SoundHound AI, Inc. - Class A<sup>(a)(b)</sup> | 4996 | 88029  |
| Teradata Corp.<sup>(a)</sup> | 1753 | 36550  |
| Verint Systems, Inc.<sup>(a)</sup> | 1352 | 27419  |
| Vimeo, Inc.<sup>(a)</sup> | 2811 | 21926  |
| Workiva, Inc.<sup>(a)</sup> | 662 | 56277  |
| Yext, Inc.<sup>(a)</sup> | 1378 | 11672  |
| Zeta Global Holdings Corp. - Class A<sup>(a)</sup> | 2574 | 46306  |
| ZoomInfo Technologies, Inc.<sup>(a)</sup> | 5028 | 56414  |
|  |  | 1958354  |
| **Telecommunications - 2.3%** |  |  |
| A10 Networks, Inc. | 1067 | 19035  |
| ADTRAN Holdings, Inc.<sup>(a)</sup> | 1872 | 19506  |
| Anterix, Inc.<sup>(a)</sup> | 392 | 7926  |
| Applied Digital Corp.<sup>(a)(b)</sup> | 2613 | 90567  |
| Array Digital Infrastructure, Inc. | 156 | 7663  |
| BlackSky Technology, Inc.<sup>(a)</sup> | 945 | 19958  |
| Calix, Inc.<sup>(a)</sup> | 1196 | 81830  |
| Clearfield, Inc.<sup>(a)</sup> | 260 | 9178  |
| CommScope Holding Co., Inc.<sup>(a)</sup> | 3069 | 53094  |
| DigitalBridge Group, Inc. | 2214 | 26192  |
| EchoStar Corp. - Class A<sup>(a)(b)</sup> | 1665 | 124658  |
| Extreme Networks, Inc.<sup>(a)</sup> | 1750 | 33285  |
| Globalstar, Inc.<sup>(a)(b)</sup> | 704 | 38305  |
| Gogo, Inc.<sup>(a)</sup> | 3276 | 29812  |
| Harmonic, Inc.<sup>(a)</sup> | 1026 | 10978  |
| IDT Corp. - Class B | 339 | 17174  |
| Iridium Communications, Inc. | 1276 | 24435  |
| Powerfleet, Inc. NJ<sup>(a)</sup> | 2942 | 15004  |
| Ribbon Communications, Inc.<sup>(a)</sup> | 3355 | 11273  |

---

The accompanying notes are an integral part of these financial statements.

100<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Telecommunications - (Continued)** | **Telecommunications - (Continued)** | **Telecommunications - (Continued)** |
| Satellogic, Inc.<sup>(a)</sup> | 1644 | $3140  |
| Spok Holdings, Inc. | 494 | 7059  |
| Telephone and Data Systems, Inc. | 1378 | 53494  |
| Viasat, Inc.<sup>(a)(b)</sup> | 1690 | 67296  |
| Viavi Solutions, Inc.<sup>(a)</sup> | 3328 | 58906  |
|  |  | 829768  |
| **Textiles - 0.1%** |  |  |
| UniFirst Corp./MA | 208 | 32105  |
| **Transportation - 1.5%** |  |  |
| ArcBest Corp. | 189 | 14046  |
| Costamare Bulkers Holdings Ltd.<sup>(a)</sup> | 1596 | 20652  |
| Costamare, Inc. | 1044 | 12758  |
| CryoPort, Inc.<sup>(a)</sup> | 1099 | 10155  |
| DHT Holdings, Inc. | 1231 | 16348  |
| Euroseas Ltd. | 234 | 13464  |
| Frontline PLC<sup>(b)</sup> | 2011 | 50355  |
| Global Ship Lease, Inc. - Class A | 288 | 9081  |
| Hub Group, Inc. - Class A | 923 | 33994  |
| International Seaways, Inc. | 369 | 18904  |
| Marten Transport Ltd. | 1668 | 17097  |
| Matson, Inc. | 522 | 52696  |
| Navigator Holdings Ltd. | 2548 | 41889  |
| Nordic American Tankers Ltd.<sup>(b)</sup> | 2159 | 7945  |
| Radiant Logistics, Inc.<sup>(a)</sup> | 1145 | 6927  |
| RXO, Inc.<sup>(a)(b)</sup> | 1701 | 30159  |
| Safe Bulkers, Inc. | 2990 | 14023  |
| Schneider National, Inc. - Class B | 702 | 15002  |
| Scorpio Tankers, Inc. | 598 | 36897  |
| SFL Corp. Ltd. | 5774 | 43074  |
| Star Bulk Carriers Corp. | 1102 | 20740  |
| StealthGas, Inc.<sup>(a)</sup> | 3251 | 22269  |
| Teekay Tankers Ltd. – Class A | 295 | 17995  |
| Universal Logistics Holdings, Inc. | 52 | 841  |
| Werner Enterprises, Inc. | 631 | 16532  |
|  |  | 543843  |
| **Trucking & Leasing - 0.2%** |  |  |
| GATX Corp. | 366 | 57407  |
| Greenbrier Cos., Inc. | 520 | 21720  |
| Willis Lease Finance Corp. | 65 | 8345  |
|  |  | 87472  |
| **Water - 0.3%** |  |  |
| American States Water Co. | 520 | 37081  |
| California Water Service Group | 780 | 34616  |
| Global Water Resources, Inc. | 910 | 9027  |

---

The accompanying notes are an integral part of these financial statements.

101<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Water - (Continued)** | **Water - (Continued)** | **Water - (Continued)** |
| H2O America | 287 | $13274  |
| Middlesex Water Co. | 235 | 13506  |
|  |  | 107504  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $29,485,385)** |  | 32707637  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 6.1%** |  |  |
| **Commercial Services - 0.2%** |  |  |
| CoreCivic, Inc.<sup>(a)</sup> | 1950 | 36134  |
| GEO Group, Inc.<sup>(a)</sup> | 1697 | 28798  |
|  |  | 64932  |
| **Investment Companies - 0.1%** |  |  |
| HA Sustainable Infrastructure Capital, Inc. | 1898 | 52593  |
| **REITS - 5.8%** |  |  |
| Acadia Realty Trust | 1664 | 31733  |
| Alexander & Baldwin, Inc. | 1145 | 18286  |
| Alexander's, Inc. | 53 | 11709  |
| Alpine Income Property Trust, Inc. | 884 | 12977  |
| American Healthcare REIT, Inc. | 1796 | 81395  |
| Apartment Investment and Management Co. - Class A | 3537 | 18817  |
| Apollo Commercial Real Estate Finance, Inc. | 5331 | 52191  |
| Apple Hospitality REIT, Inc. | 2707 | 30291  |
| Arbor Realty Trust, Inc.<sup>(b)</sup> | 2604 | 26274  |
| Armada Hoffler Properties, Inc. | 917 | 5997  |
| ARMOUR Residential REIT, Inc.<sup>(b)</sup> | 1077 | 17469  |
| Blackstone Mortgage Trust, Inc. - Class A | 1925 | 35574  |
| BrightSpire Capital, Inc. | 2340 | 12074  |
| Broadstone Net Lease, Inc. | 2705 | 48474  |
| CareTrust REIT, Inc. | 2574 | 89189  |
| CBL & Associates Properties, Inc. | 702 | 20758  |
| Centerspace | 183 | 10843  |
| Chimera Investment Corp. | 1560 | 19906  |
| Claros Mortgage Trust, Inc.<sup>(a)</sup> | 2327 | 7446  |
| Community Healthcare Trust, Inc. | 729 | 10687  |
| COPT Defense Properties<sup>(b)</sup> | 1482 | 41748  |
| CTO Realty Growth, Inc. | 884 | 14745  |
| Curbline Properties Corp.<sup>(b)</sup> | 1352 | 31177  |
| DiamondRock Hospitality Co. | 4056 | 31718  |
| Diversified Healthcare Trust | 2403 | 10237  |
| Douglas Emmett, Inc. | 2392 | 30953  |
| Dynex Capital, Inc. | 1626 | 21528  |
| Ellington Financial, Inc. | 1613 | 21485  |
| Elme Communities | 1820 | 29939  |
| Empire State Realty Trust, Inc. - Class A<sup>(b)</sup> | 3120 | 23057  |

---

The accompanying notes are an integral part of these financial statements.

102<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - (Continued)** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - (Continued)** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - (Continued)** |
| **REITS - (Continued)** | **REITS - (Continued)** | **REITS - (Continued)** |
| EPR Properties | 962 | $47157  |
| Farmland Partners, Inc. | 1196 | 11996  |
| Four Corners Property Trust, Inc. | 1588 | 37540  |
| Gladstone Land Corp. | 1988 | 18011  |
| Global Medical REIT, Inc. | 523 | 16056  |
| Global Net Lease, Inc. | 2278 | 17358  |
| Highwoods Properties, Inc. | 1378 | 39452  |
| Hudson Pacific Properties, Inc.<sup>(a)</sup> | 6136 | 14972  |
| Innovative Industrial Properties, Inc. | 327 | 16399  |
| InvenTrust Properties Corp. | 624 | 17098  |
| KKR Real Estate Finance Trust, Inc. | 1118 | 9101  |
| Ladder Capital Corp. | 1873 | 19798  |
| LXP Industrial Trust | 7360 | 69846  |
| Macerich Co. | 3642 | 62460  |
| Medical Properties Trust, Inc. | 6765 | 34975  |
| Millrose Properties, Inc.<sup>(b)</sup> | 1157 | 37267  |
| National Health Investors, Inc. | 612 | 45600  |
| National Storage Affiliates Trust | 733 | 21323  |
| NET Lease Office Properties | 286 | 8394  |
| NETSTREIT Corp.<sup>(b)</sup> | 1352 | 25174  |
| NexPoint Residential Trust, Inc. | 443 | 13587  |
| One Liberty Properties, Inc. | 598 | 12014  |
| Orchid Island Capital, Inc. | 1587 | 11474  |
| Orion Properties, Inc. | 6740 | 16648  |
| Outfront Media, Inc.<sup>(a)</sup> | 2606 | 46100  |
| Paramount Group, Inc.<sup>(a)</sup> | 2783 | 18201  |
| Park Hotels & Resorts, Inc. | 2763 | 28431  |
| Pebblebrook Hotel Trust | 1536 | 16067  |
| Phillips Edison & Co., Inc. | 2055 | 69541  |
| Piedmont Realty Trust, Inc. - Class A | 1535 | 12372  |
| Postal Realty Trust, Inc. - Class A | 1119 | 16572  |
| PotlatchDeltic Corp. | 988 | 39520  |
| Ready Capital Corp. | 3334 | 9769  |
| RLJ Lodging Trust | 1822 | 12390  |
| Sabra Health Care REIT, Inc. | 3511 | 62566  |
| Saul Centers, Inc. | 417 | 12347  |
| Service Properties Trust | 9422 | 20163  |
| Sila Realty Trust, Inc. | 497 | 11779  |
| SL Green Realty Corp. | 1067 | 54791  |
| Summit Hotel Properties, Inc. | 2817 | 14479  |
| Sunstone Hotel Investors, Inc. | 4031 | 35674  |
| Tanger, Inc. | 2080 | 67725  |
| TPG RE Finance Trust, Inc. | 1170 | 10121  |
| Two Harbors Investment Corp. | 1435 | 13948  |
| UMH Properties, Inc. | 1846 | 26841  |
| Urban Edge Properties | 2496 | 47998  |

---

The accompanying notes are an integral part of these financial statements.

103<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - (Continued)** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - (Continued)** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - (Continued)** |
| **REITS - (Continued)** | **REITS - (Continued)** | **REITS - (Continued)** |
| Veris Residential, Inc. | 884 | $12694  |
| Xenia Hotels & Resorts, Inc. | 967 | 11894  |
|  |  | 2114360  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $2,314,593)** |  | 2231885 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 1.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 1.4%<sup>(a)</sup>** |  |  |
| **Put Options - 1.4%** | **Put Options - 1.4%** |  |  |
| iShares Russell 2000 ETF<sup>(d)(e)(f)</sup> | iShares Russell 2000 ETF<sup>(d)(e)(f)</sup> |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $200.00 | $9381363 | 381 | 31242  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $180.00 | 9750708 | 396 | 52668  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2026; Exercise Price: $195.00 | 7608507 | 309 | 116184  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2026; Exercise Price: $215.00 | 8888903 | 361 | 315153  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,014,685)** |  |  | 515247 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 5.4%** |  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(g)</sup> | 1979972 | 1979972  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $1,979,972)** |  | 1979972  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.0%** <br>**(Cost $34,794,635)** |  | $37434741  |
| Money Market Deposit Account - 3.4%<sup>(h)</sup> |  | 1230073  |
| Liabilities in Excess of Other Assets - (5.4)% |  | (1952531)  |
| **TOTAL NET ASSETS - 100.0%** |  | $36712283 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $1,946,895.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> Exchange-traded.

<sup>(e)</sup> 100 shares per contract.

<sup>(f)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(g)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

<sup>(h)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

104<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR U.S. SMALL CAP MANAGED FLOOR ETF** 

**Schedule of Written Options** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.2)%** | **WRITTEN OPTIONS - (0.2)%** |  |  |
| **Call Options - (0.2)%** | **Call Options - (0.2)%** |  |  |
| Russell 2000 Index<sup>(a)(b)</sup> | Russell 2000 Index<sup>(a)(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/05/2025; Exercise Price: $2,540.00 | $(12148967) | &nbsp;&nbsp;&nbsp;&nbsp;(49) | &nbsp;&nbsp; $(14700)  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/10/2025; Exercise Price: $2,605.00 | (11405152) | &nbsp;&nbsp;&nbsp;&nbsp;(46) | &nbsp;&nbsp; (6325)  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/14/2025; Exercise Price: $2,565.00 | (11901029) | &nbsp;&nbsp;&nbsp;&nbsp;(48) | &nbsp;&nbsp; (52080)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $157,099)** |  |  | &nbsp;&nbsp; $(73105) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Common Stocks | $32707637 | &nbsp;&nbsp;&nbsp;&nbsp; 89.1%  |
| Real Estate Investment Trusts - Common | 2231885 | &nbsp;&nbsp;&nbsp;&nbsp;6.1  |
| Purchased Options | 515247 | &nbsp;&nbsp;&nbsp;&nbsp;1.4  |
| Written Options | (73105) | &nbsp;&nbsp;&nbsp;&nbsp; (0.2)  |
| Investments Purchased with Proceeds from Securities Lending | 1979972 | &nbsp;&nbsp;&nbsp;&nbsp;5.4  |
| Money Market Deposit Account | 1230073 | &nbsp;&nbsp;&nbsp;&nbsp;3.4  |
| Liabilities in Excess of Other Assets | (1879426) | &nbsp;&nbsp;&nbsp;&nbsp; (5.2)  |
|  | $36712283 | &nbsp;&nbsp;&nbsp;&nbsp;100.0% |

---

The accompanying notes are an integral part of these financial statements.

105<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR UNCAPPED ACCELERATED U.S. EQUITY ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 113.9% <sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 113.9%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust <sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $5.88 | $11936050 | &nbsp;&nbsp;&nbsp; 175 | $11802130  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $615.38 | 20802830 | &nbsp;&nbsp;&nbsp; 305 | 2232380  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $5.62 | 11117578 | &nbsp;&nbsp;&nbsp; 163 | 10985403  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $587.36 | 17801766 | &nbsp;&nbsp;&nbsp; 261 | 2877486  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2026; Exercise Price: $6.20 | 11185784 | &nbsp;&nbsp;&nbsp; 164 | 11025553  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2026; Exercise Price: $648.74 | 19438710 | &nbsp;&nbsp;&nbsp; 285 | 1999859  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2026; Exercise Price: $6.69 | 12481698 | &nbsp;&nbsp;&nbsp; 183 | 12275856  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2026; Exercise Price: $699.49 | 20802830 | &nbsp;&nbsp;&nbsp; 305 | 1411506  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $45,415,163)** |  |  | 54610173  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 113.9%** <br>**(Cost $45,415,163)** |  |  | $54610173  |
| Money Market Deposit Account - 0.3% <sup>(e)</sup> |  |  | 140732  |
| Liabilities in Excess of Other Assets - (14.2)% |  |  | (6794731)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $47956174 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

106<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR UNCAPPED ACCELERATED U.S. EQUITY ETF** 

**Schedule of Written Options** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (14.1)%**<br>|  |  |  |
| **Call Options - (14.1)%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $586.10 | $(11936050) | &nbsp;&nbsp;&nbsp;&nbsp;(175) | $(1761401)  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $559.41 | (11117578) | &nbsp;&nbsp;&nbsp;&nbsp;(163) | (2209147)  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2026; Exercise Price: $617.87 | (11185784) | &nbsp;&nbsp;&nbsp;&nbsp;(164) | (1548080)  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2026; Exercise Price: $666.21 | (12481698) | &nbsp;&nbsp;&nbsp;&nbsp;(183) | (1244607)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,585,218)** |  |  | $(6763235) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $54610173 | 113.9%  |
| Written Options | (6763235) | (14.1)  |
| Money Market Deposit Account | 140732 | 0.3  |
| Liabilities in Excess of Other Assets | (31496) | (0.1)  |
|  | $47956174 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

107<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**October 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Buffer** <br>**Step-Up** <br>**Strategy ETF** | **Innovator** <br>**Deepwater** <br>**Frontier** <br>**Tech ETF** | **Innovator** <br>**Equity** <br>**Autocallable** <br>**Income** <br>**Strategy ETF** | **Innovator** <br>**Equity** <br>**Managed 100** <br>**Buffer ETF** | **Innovator** <br>**Equity** <br>**Managed** <br>**Floor ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $60006742 | $179907626 | $4332043 | $77617511 | $1238932415  |
| Deposit at broker for other investments | 199 |  |  |  |  |
| Cash - interest bearing deposit account | 88411 | 406699 | 37692 | 1347085 | 15549000  |
| Cash |  |  |  | 5751 | 210217  |
| Interest receivable | 364 | 617 | 272 | 4272 | 52310  |
|  Unrealized appreciation on swap contracts |  |  | 17073 |  | —  |
| Receivable for investments sold |  | 414 |  | 67974 | 1089139  |
| Receivable for fund shares sold |  | 4072125 |  | 1345020 | —  |
| Due from related parties |  |  | 45747 |  | —  |
| Dividends receivable |  | 6813 |  | 33201 | 525351  |
| Security lending income receivable |  | 1533 |  | 641 | 2676  |
| Receivable for transaction fee |  |  | 5638 | 2 | 10  |
| Swap premiums paid |  |  | 3403 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 60095716 | 184395827 | 4441868 | 80421457 | 1256361118  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 3016054 |  |  | 195574 | 3408593  |
| Payable to adviser | 42711 | 82102 | 1890 | 48036 | 867916  |
|  Unrealized depreciation on swap contracts |  |  | 62888 |  | —  |
| Payable for investments purchased |  | 4344321 |  | 1309055 | —  |
| Payable upon return of securities loaned |  | 13012242 |  | 4873686 | 24421573  |
| Due to broker |  |  |  |  | 12509  |
| Swap premiums received |  |  | 25313 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 3058765 | 17438665 | 90091 | 6426351 | 28710591  |
| **NET ASSETS** | $57036951 | $166957162 | $4351777 | $73995106 | $1227650527  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $60318930 | $143253251 | $4383271 | $71163624 | $1104687435  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (3281979) | 23703911 | (31494) | 2831482 | 122963092  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $57036951 | $166957162 | $4351777 | $73995106 | $1227650527  |
| Net assets | $57036951 | $166957162 | $4351777 | $73995106 | $1227650527  |
| Shares issued and outstanding<sup>(a)</sup> | 1550000 | 2050001 | 175000 | 2750000 | 33350000  |
| Net asset value per share | $36.80 | $81.44 | $24.87<sup>(b)</sup> | $26.91 | $36.81  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $58919263 | $129283412 | $4331004 | $74051570 | $1057654338  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $2660693 | $— | $— | $182620 | $3142663  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $— | $13611333 | $— | $4824665 | $24270766 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

<sup>(b)</sup> The Net Asset Value (NAV) presented in these financial statements reflects an updated NAV calculation as of 10/31/2025 due to U.S. GAAP adjustments for financial statement reporting purposes.

The accompanying notes are an integral part of these financial statements.

108<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Equity** <br>**Premium** <br>**Income - Daily** <br>**PutWrite ETF** | **Innovator** <br>**Gradient** <br>**Tactical** <br>**Rotation** <br>**Strategy ETF** | **Innovator** <br>**Hedged** <br>**Nasdaq-100** <br>**ETF** | **Innovator** <br>**IBD 50 ETF** | **Innovator** <br>**IBD Breakout** <br>**Opportunities** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $8831046 | $61239146 | $4119061 | $136682821 | $12368029  |
| Deposit at broker for other investments | 200 |  | 315 |  | —  |
| Cash - interest bearing deposit account | 911102 | 11438 | 10971 | 993192 | 98155  |
| Cash | 1500000 |  | 450 |  | —  |
| Dividends receivable | 1880 | 26373 | 441 |  | —  |
| Interest receivable | 452 | 255 | 61 | 1854 | 162  |
| Receivable for investments sold | 435 |  | 3072 | 26089907 | —  |
| Security lending income receivable | 63 | 839 | 43 | 8048 | 298  |
| Dividend tax reclaims receivable | 20 | 70823 |  | 7644 | 760  |
| Foreign currency, at value |  | 1908 |  |  | —  |
| Prepaid expenses and other assets |  | 17710 |  | 346 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 11245198 | 61368492 | 4134414 | 163783812 | 12467404  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 644 |  | 108856 |  | —  |
| Payable for investments purchased | 2344713 |  |  | 27492981 | —  |
| Payable upon return of securities loaned | 689564 | 4508026 | 284226 | 22377262 | 1137506  |
| Distributions payable | 39844 |  |  |  | —  |
| Payable to adviser | 5442 | 39610 | 2908 | 47378 | 7732  |
| &nbsp;&nbsp;&nbsp; Payable for expenses and other <br>liabilities |  |  |  | 74026 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 3080207 | 4547636 | 395990 | 49991647 | 1145238  |
| **NET ASSETS** | $8164991 | $56820856 | $3738424 | $113792165 | $11322166  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $7614821 | $87462417 | $4308828 | $400714444 | $21506536  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | 550170 | (30641561) | (570404) | (286922279) | (10184370)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $8164991 | $56820856 | $3738424 | $113792165 | $11322166  |
| Net assets | $8164991 | $56820856 | $3738424 | $113792165 | $11322166  |
| Shares issued and outstanding<sup>(a)</sup> | 300000 | 2050000 | 125000 | 2800000 | 300000  |
| Net asset value per share | $27.22 | $27.72 | $29.91 | $40.64 | $37.74  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $8173280 | $55062570 | $3529556 | $120882515 | $12118827  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $— | $1931 | $— | $— | $—  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $435 | $— | $70123 | $— | $—  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $673842 | $4376754 | $277045 | $20591395 | $1117922 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

109<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator Index** <br>**Autocallable** <br>**Income** <br>**Strategy ETF** | **Innovator** <br>**Laddered** <br>**Allocation** <br>**Buffer ETF** | **Innovator** <br>**Laddered** <br>**Allocation Power** <br>**Buffer ETF** | **Innovator** <br>**Nasdaq-100** <br>**Managed** <br>**Floor ETF** | **Innovator** <br>**Power Buffer** <br>**Step-Up** <br>**Strategy ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
|  Investments in unaffiliated securities, at value | &nbsp;&nbsp; $3698207 | $3104400 | $6800000 | $410414027 | $133095228  |
|  Investments in affiliated securities, at value | &nbsp;&nbsp; — | 233193058 | 734289906 |  | —  |
| Deposit at broker for other investments | &nbsp;&nbsp; — |  |  | 401 | 303 |
| Cash - interest bearing deposit account | &nbsp;&nbsp; 60314 | 354349 | 1045548 | 5831453 | 192222  |
| Cash | &nbsp;&nbsp; — |  |  | 88051 | —  |
| Swap premiums paid | &nbsp;&nbsp; 7003 |  |  |  | —  |
| Receivable for investments sold | &nbsp;&nbsp; — |  |  | 2200630 | 142459828  |
| Interest receivable | &nbsp;&nbsp; 367 | 1311 | 3604 | 19689 | 570  |
| Receivable for fund shares sold | &nbsp;&nbsp; — |  |  | 3434530 | —  |
| Due from related parties | &nbsp;&nbsp; 22999 |  |  |  | —  |
| Dividends receivable | &nbsp;&nbsp; — |  |  | 44101 | —  |
| Security lending income receivable | &nbsp;&nbsp; — | 4877 | 6507 | 746 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 3788890 | 236657995 | 742145565 | 422033628 | 275748151  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | &nbsp;&nbsp; — |  |  | 2520520 | 6551504  |
|  Unrealized depreciation on swap contracts | &nbsp;&nbsp; 12503 |  |  |  | —  |
| Payable to adviser | &nbsp;&nbsp; 2163 | 19516 | 62241 | 271711 | 98596  |
| Payable for investments purchased | &nbsp;&nbsp; — |  |  | 4398621 | 142209756  |
| Payable for capital shares redeemed | &nbsp;&nbsp; — |  |  | 1717265 | —  |
| Payable upon return of securities loaned | &nbsp;&nbsp; — | 3104400 | 6800000 | 14478423 | —  |
|  Broker Commissions on in-kind transactions payable | &nbsp;&nbsp; — |  |  |  | 468  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 14666 | 3123916 | 6862241 | 23386540 | 148860324  |
| **NET ASSETS** | &nbsp;&nbsp; $3774224  | $233534079 | $735283324 | $398647088 | $126887827  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $3773716 | $195311104  | $681820591 | $339818868 | $131541089  |
| Total distributable earnings | &nbsp;&nbsp; 508 | 38222975 | 53462733 | 58828220 | (4653262)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp; $3774224 | $233534079 | $735283324 | $398647088 | $126887827  |
| Net assets | &nbsp;&nbsp; $3774224  | $233534079 | $735283324 | $398647088 | $126887827  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 150000 | 6475000 | 14950000 | 11600000 | 3625000  |
| Net asset value per share | &nbsp;&nbsp; $25.16<sup>(b)</sup> | $36.07 | $49.18 | $34.37 | $35.00  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | &nbsp;&nbsp; $3697305 | $3104400 | $6800000 | $318817743 | $133102888  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost | &nbsp;&nbsp; $— | $194751020 | $641726541 | $— | $—  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | &nbsp;&nbsp; $— | $— | $— | $1514657 | $6543844  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | &nbsp;&nbsp; $— | $3048433 | $6633600 | $14197201 | $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

<sup>(b)</sup> The Net Asset Value (NAV) presented in these financial statements reflects an updated NAV calculation as of 10/31/2025 due to U.S. GAAP adjustments for financial statement reporting purposes.

The accompanying notes are an integral part of these financial statements.

110<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**October 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Innovator S&P** <br>**Investment** <br>**Grade** <br>**Preferred ETF** | **Innovator** <br>**U.S. Small Cap** <br>**Managed** <br>**Floor ETF** | **Innovator** <br>**Uncapped** <br>**Accelerated** <br>**U.S. Equity ETF**  |
| **ASSETS:**<br>|  |  |  |
| Investments, at value | $85856331 | $37434741 | $54610173  |
| Deposit at broker for other investments |  |  | 199 |
| Cash - interest bearing deposit account | 721574 | 1230073 | 140732  |
| Cash |  | 51619 | —  |
| Dividends receivable | 45352 | 6384 | —  |
| Security lending income receivable | 4681 | 5698 | —  |
| Interest receivable | 1903 | 2340 | 531  |
| Receivable for investments sold |  | 55091 | —  |
| Receivable for transaction fee |  | 8 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 86629841 | 38785954 | 54751635  |
| **LIABILITIES:**<br>|  |  |  |
| Written option contracts, at value |  | 73105 | 6763235  |
| Payable upon return of securities loaned | 2867253 | 1979972 | —  |
| Distributions payable | 395250 |  | —  |
| Payable to adviser | 33912 | 20424 | 32106  |
| Broker Commissions on in-kind transactions payable |  |  | 120  |
| Due to broker |  | 170 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 3296415 | 2073671 | 6795461  |
| **NET ASSETS** | $83333426 | $36712283 | $47956174  |
| **Net Assets Consists of:**<br>|  |  |  |
| Paid-in capital | $130787735 | $34439051 | $48704655  |
| Total distributable earnings/(accumulated losses) | (47454309) | 2273232 | (748481)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $83333426 | $36712283 | $47956174  |
| Net assets | $83333426 | $36712283 | $47956174  |
| Shares issued and outstanding<sup>(a)</sup> | 4650000 | 1300000 | 1000000  |
| Net asset value per share | $17.92 | $28.24 | $47.96  |
| **Cost:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $96464206 | $34794635 | $45415163  |
| **Proceeds:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $— | $157099 | $3585218  |
| **Loaned Securities:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $2781873 | $1946895 | $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

111<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended October 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Buffer** <br>**Step-Up** <br>**Strategy ETF** | **Innovator** <br>**Deepwater** <br>**Frontier** <br>**Tech ETF** | **Innovator** <br>**Equity** <br>**Autocallable** <br>**Income** <br>**Strategy ETF<sup>(a)</sup>** | **Innovator** <br>**Equity** <br>**Managed 100** <br>**Buffer ETF<sup>(b)</sup>** | **Innovator** <br>**Equity** <br>**Managed** <br>**Floor ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $— | $192164 | &nbsp;&nbsp;&nbsp; $— | $180903 | $9526295  |
| Less: Dividend withholding taxes |  | (15496) | &nbsp;&nbsp;&nbsp; — |  | (1955)  |
| Less: Issuance fees |  |  | &nbsp;&nbsp;&nbsp; — | (5) | (276)  |
| Interest income | 3996 | 8840 | &nbsp;&nbsp;&nbsp; 11065 | 15051 | 518285  |
| Securities lending income |  | 15617 | &nbsp;&nbsp;&nbsp; — | 1137 | 48280  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3996 | 201125 | &nbsp;&nbsp;&nbsp; 11065 | 197086 | 10090629  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 556537 | 620943 | &nbsp;&nbsp;&nbsp; 2023 | 149166 | 7153335  |
| &nbsp;&nbsp;&nbsp; Total expenses | 556537 | 620943 | &nbsp;&nbsp;&nbsp; 2023 | 149166 | 7153335  |
| **Net investment income/(loss)** | (552541) | (419818) | &nbsp;&nbsp;&nbsp; 9042 | 47920 | 2937294  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (656711) | 5491835 | &nbsp;&nbsp;&nbsp; — | (801208) | (37943868)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 8852753 | 5824585 | &nbsp;&nbsp;&nbsp; — | 212378 | 37382584  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (1264173) |  | &nbsp;&nbsp;&nbsp; — | 58836 | (1225309)  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  |  | &nbsp;&nbsp;&nbsp; 4240 |  | —  |
| &nbsp;&nbsp;&nbsp; Other investments |  |  | &nbsp;&nbsp;&nbsp; — |  | (8395)  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions  |  | (12351) | &nbsp;&nbsp;&nbsp; — |  | —  |
| Net realized gain (loss) | 6931869 | 11304069 | &nbsp;&nbsp;&nbsp; 4240 | (529994) | (1794988)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 1456601 | 39071656 | &nbsp;&nbsp;&nbsp; 1039 | 3565941 | 135663707  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (408054) |  | &nbsp;&nbsp;&nbsp; — | (12954) | (1498092)  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  |  | &nbsp;&nbsp;&nbsp; (45815) |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | 95 | &nbsp;&nbsp;&nbsp; — |  | —  |
|  Net change in unrealized appreciation (depreciation) | 1048547 | 39071751 | &nbsp;&nbsp;&nbsp; (44776) | 3552987 | 134165615  |
| **Net realized and unrealized gain (loss)** | 7980416 | 50375820 | &nbsp;&nbsp;&nbsp; (40536) | 3022993 | 132370627  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $7427875 | $49956002 | &nbsp;&nbsp;&nbsp; $(31494)  | $3070913 | $135307921 |

---

<sup>(a)</sup> Inception date of the Fund was September 24, 2025.

<sup>(b)</sup> Inception date of the Fund was May 12, 2025.

The accompanying notes are an integral part of these financial statements.

112<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Equity** <br>**Premium** <br>**Income - Daily** <br>**PutWrite ETF<sup>(a)</sup>** | **Innovator** <br>**Gradient** <br>**Tactical** <br>**Rotation** <br>**Strategy ETF** | **Innovator** <br>**Hedged** <br>**Nasdaq-100** <br>**ETF** | **Innovator** <br>**IBD 50 ETF** | **Innovator** <br>**IBD Breakout** <br>**Opportunities** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | &nbsp;&nbsp;&nbsp; $24071 | $1257187 | $67446 | $256719 | $109316  |
| Less: Dividend withholding taxes | &nbsp;&nbsp;&nbsp;&nbsp;(4) | (36977) | (174) | (13534) | (2957) |
| Less: Issuance fees | &nbsp;&nbsp;&nbsp; — | (2216) | (26) | (6067) | (430)  |
| Interest income | &nbsp;&nbsp;&nbsp; 256183 | 25730 | 591 | 13948 | 2234  |
| Securities lending income | &nbsp;&nbsp;&nbsp; 91 | 6930 | 538 | 434720 | 5771  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 280341 | 1250654 | 68375 | 685786 | 113934  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 32575 | 719038 | 69848 | 532816 | 99856  |
| Fund administration and accounting fees | &nbsp;&nbsp;&nbsp; — |  |  | 63260 | —  |
| Compliance fees | &nbsp;&nbsp;&nbsp; — |  |  | 851 | —  |
| Custodian fees | &nbsp;&nbsp;&nbsp; — |  |  | 17830 | —  |
| Legal fees | &nbsp;&nbsp;&nbsp; — |  |  | 27012 | —  |
| Audit fees | &nbsp;&nbsp;&nbsp; — |  |  | 15339 | —  |
| Reports to shareholders | &nbsp;&nbsp;&nbsp; — |  |  | 9803 | —  |
| Trustees' fees | &nbsp;&nbsp;&nbsp; — |  |  | 2822 | —  |
| Federal and state registration fees | &nbsp;&nbsp;&nbsp; — |  |  | 2389 | —  |
| Other expenses and fees | &nbsp;&nbsp;&nbsp; — |  |  | 112268 | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 32575 | 719038 | 69848 | 784390 | 99856  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | &nbsp;&nbsp;&nbsp; — |  |  | (175458) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp;&nbsp; 32575 | 719038 | 69848 | 608932 | 99856  |
| **Net investment income/(loss)** | &nbsp;&nbsp;&nbsp; 247766 | 531616 | (1473) | 76854 | 14078  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; (101247) | (16338128) | (605450) | 14740667 | 369559  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp;&nbsp; 764 | 1088252 | 1858284 | 5980861 | 443082  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp;&nbsp; (6036) |  | (441843) |  | —  |
| &nbsp;&nbsp;&nbsp; Other investments | &nbsp;&nbsp;&nbsp; — | 97 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions  | &nbsp;&nbsp;&nbsp; — | (144351) |  | (193) | —  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (106519) | (15394130) | 810991 | 20721335 | 812641  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 657766 | 15606017 | 597993 | 11734456 | (418898)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp;&nbsp;&nbsp;(209) |  | (78303) |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp; — | 11425 |  | 84 | —  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 657557 | 15617442 | 519690 | 11734540 | (418898)  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp; 551038 | 223312 | 1330681 | 32455875 | 393743  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $798804 | $754928 | $1329208 | $32532729 | $407821 |

---

<sup>(a)</sup> Inception date of the Fund was March 13, 2025.

The accompanying notes are an integral part of these financial statements.

113<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator Index** <br>**Autocallable** <br>**Income** <br>**Strategy ETF<sup>(a)</sup>** | **Innovator** <br>**Laddered** <br>**Allocation** <br>**Buffer ETF** | **Innovator** <br>**Laddered** <br>**Allocation Power** <br>**Buffer ETF** | **Innovator** <br>**Nasdaq-100** <br>**Managed** <br>**Floor ETF** | **Innovator** <br>**Power Buffer** <br>**Step-Up** <br>**Strategy ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | &nbsp;&nbsp;&nbsp; $— | $— | $— | $1950059 | $—  |
| Less: Dividend withholding taxes | &nbsp;&nbsp;&nbsp; — |  |  | (10451) | —  |
| Less: Issuance fees | &nbsp;&nbsp;&nbsp; — |  |  | (174) | —  |
| Interest income | &nbsp;&nbsp;&nbsp; 12291 | 12672 | 42051 | 251540 | 5370  |
| Securities lending income | &nbsp;&nbsp;&nbsp; – | 84473 | 236353 | 9154 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 12291 | 97145 | 278404 | 2200128 | 5370  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 2295 | 205959 | 624643 | 2571066 | 992391  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 2295 | 205959 | 624643 | 2571066 | 992391  |
| **Net investment income/(loss)** | &nbsp;&nbsp;&nbsp; 9996 | (108814) | (346239) | (370938) | (987021)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | &nbsp;&nbsp;&nbsp; — |  | 1420 | (21328196) | 2754626  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | &nbsp;&nbsp;&nbsp; — | (99246) | (149569) |  | —  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions in unaffiliated securities | &nbsp;&nbsp;&nbsp; — |  |  | 13852784 | 16356765  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions - affiliated issues | &nbsp;&nbsp;&nbsp; — | 8490649 | 38934787 |  | —  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp;&nbsp; — |  |  | (2946277) | (4425952)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp;&nbsp; 2113 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Other investments | &nbsp;&nbsp;&nbsp; — |  |  | 890 | —  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 2113 | 8391403 | 38786638 | (10420799) | 14685439  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | &nbsp;&nbsp;&nbsp; 902 |  |  | 79342756 | 591251  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | &nbsp;&nbsp;&nbsp; — | 18744782 | 34874703 |  | —  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp;&nbsp; — |  |  | (1646575) | (183686)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp;&nbsp; (12503) |  |  |  | —  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; (11601) | 18744782 | 34874703 | 77696181 | 407565  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp; (9488) | 27136185 | 73661341 | 67275382 | 15093004  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $508  | $27027371 | $73315102 | $66904444 | $14105983 |

---

<sup>(a)</sup> Inception date of the Fund was September 24, 2025.

The accompanying notes are an integral part of these financial statements.

114<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Innovator S&P** <br>**Investment** <br>**Grade** <br>**Preferred ETF** | **Innovator U.S.** <br>**Small Cap** <br>**Managed** <br>**Floor ETF** | **Innovator** <br>**Uncapped** <br>**Accelerated** <br>**U.S. Equity ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income | $5442365 | $240775 | $—  |
| Less: Dividend withholding taxes |  | (596) | —  |
| Less: Issuance fees |  | (7) | —  |
| Interest income | 15168 | 22375 | 6200  |
| Securities lending income | 95615 | 14812 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 5553148 | 277359 | 6200  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fee | 432591 | 154288 | 358984  |
| &nbsp;&nbsp;&nbsp; Total expenses | 432591 | 154288 | 358984  |
| **Net investment income/(loss)** | 5120557 | 123071 | (352784)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (3908373) | (1357086) | (2957781)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 445207 | 231182 | 3106440  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed |  | 926331 | (1203973)  |
| &nbsp;&nbsp;&nbsp; Other investments |  | (121) | —  |
| Net realized gain (loss) | (3463166) | (199694) | (1055314)  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (3523865) | 2548184 | 9599886  |
| &nbsp;&nbsp;&nbsp; Written option contracts |  | 71737 | (2501620)  |
| Net change in unrealized appreciation (depreciation) | (3523865) | 2619921 | 7098266  |
| **Net realized and unrealized gain (loss)** | (6987031) | 2420227 | 6042952  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1866474) | $2543298 | $5690168 |

---

The accompanying notes are an integral part of these financial statements.

115<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Buffer Step-Up Strategy ETF** | **Innovator Buffer Step-Up Strategy ETF** | **Innovator Deepwater Frontier Tech ETF**  | **Innovator Deepwater Frontier Tech ETF**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(552541) | $(486346) | &nbsp;&nbsp; $(419818) | &nbsp;&nbsp; $(186751)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 6931869 | 11977064 | &nbsp;&nbsp; 11304069 | &nbsp;&nbsp; 4281347  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1048547 | (308098) | &nbsp;&nbsp; 39071751 | &nbsp;&nbsp; 13007017  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 7427875 | 11182620 | &nbsp;&nbsp; 49956002 | &nbsp;&nbsp; 17101613  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 169451780 | 146080603 | &nbsp;&nbsp; 72683971 | &nbsp;&nbsp; 11186415  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (184014043) | (133370530) | &nbsp;&nbsp; (12801120) | &nbsp;&nbsp; (4835240)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 2156 | 9527 | &nbsp;&nbsp; 4947 | &nbsp;&nbsp; 9681  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (14560107) | 12719600 | &nbsp;&nbsp; 59887798 | &nbsp;&nbsp; 6360856  |
| **Net increase (decrease) in net assets** | (7132232) | 23902220 | &nbsp;&nbsp; 109843800 | &nbsp;&nbsp; 23462469  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 64169183 | 40266963 | &nbsp;&nbsp; 57113362 | &nbsp;&nbsp; 33650893  |
| &nbsp;&nbsp;&nbsp; End of the year | $57036951 | $64169183 | &nbsp;&nbsp; $166957162 | &nbsp;&nbsp; $57113362  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 5225000 | 4825000 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 250000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (5650000) | (4400000) | &nbsp;&nbsp; (200000) | &nbsp;&nbsp; (100000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (425000) | 425000 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 150000 |

---

The accompanying notes are an integral part of these financial statements.

116<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Equity** <br>**Autocallable** <br>**Income Strategy** <br>**ETF** | **Innovator Equity** <br>**Managed 100** <br>**Buffer ETF** | **Innovator Equity Managed Floor ETF**  | **Innovator Equity Managed Floor ETF**  |
|  | **Period Ended** <br>**October 31, 2025<sup>(a)</sup>**  | **Period Ended** <br>**October 31, 2025<sup>(b)</sup>**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Period Ended** <br>**October 31, 2025<sup>(a)</sup>**  | **Period Ended** <br>**October 31, 2025<sup>(b)</sup>**  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $9042 | &nbsp;&nbsp;&nbsp; $47920 | $2937294 | $1391890  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 4240 | &nbsp;&nbsp;&nbsp; (529994) | (1794988) | (8427266)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; (44776) | &nbsp;&nbsp;&nbsp; 3552987 | 134165615 | 50554970  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp; (31494) | &nbsp;&nbsp;&nbsp; 3070913 | 135307921 | 43519594  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (41992) | (3281913) | (1729090)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (41992) | (3281913) | (1729090)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 4330173 | &nbsp;&nbsp;&nbsp; 72286060 | 709174605 | 439056235  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1319890) | (126818930) | (64570675)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | &nbsp;&nbsp;&nbsp; 53098 | &nbsp;&nbsp;&nbsp; 15 | 81 | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 4383271 | &nbsp;&nbsp;&nbsp; 70966185 | 582355756 | 374485560  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 4351777 | &nbsp;&nbsp;&nbsp; 73995106 | 714381764 | 416276064  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 513268763 | 96992699  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp; $4351777  | &nbsp;&nbsp;&nbsp; $73995106 | $1227650527 | $513268763  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 2800000 | 20950000 | 14650000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (50000) | (3800000) | (2300000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 2750000 | 17150000 | 12350000 |

---

<sup>(a)</sup> Inception date of the Fund was September 24, 2025.

<sup>(b)</sup> Inception date of the Fund was May 12, 2025.

The accompanying notes are an integral part of these financial statements.

117<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Innovator Equity** <br>**Premium Income -** <br>**Daily PutWrite ETF** | **Innovator Gradient Tactical** <br>**Rotation Strategy ETF**  | **Innovator Gradient Tactical** <br>**Rotation Strategy ETF**  |
|  | **Period Ended** <br>**October 31, 2025<sup>(a)</sup>** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Period Ended** <br>**October 31, 2025<sup>(a)</sup>** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $247766 | $531616 | $2794827  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (106519) | (15394130) | 47126167  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 657557 | 15617442 | (6777455)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp; 798804 | 754928 | 43143539  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp;&nbsp; (261532) | (3057771) | (1616420)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp; (261532) | (3057771) | (1616420)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 12271230 | 4868701 | 62202250  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp; (4643940) | (97531415) | (135275345)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | &nbsp;&nbsp;&nbsp; 429 | 13024 | 3619  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 7627719 | (92649690) | (73069476)  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 8164991 | (94952533) | (31542357)  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp; — | 151773389 | 183315746  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp; $8164991 | $56820856 | $151773389  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 500000 | 200000 | 2500000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp; (200000) | (3900000) | (5350000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp; 300000 | (3700000) | (2850000) |

---

<sup>(a)</sup> Inception date of the Fund was March 13, 2025.

The accompanying notes are an integral part of these financial statements.

118<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Hedged Nasdaq-100 ETF** | **Innovator Hedged Nasdaq-100 ETF** | **Innovator IBD 50 ETF**  | **Innovator IBD 50 ETF**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(1473) | &nbsp;&nbsp;&nbsp; $(1147) | $76854 | $(226059)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 810991 | &nbsp;&nbsp;&nbsp; 28736 | 20721335 | 18085495  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | &nbsp;&nbsp; 519690 | &nbsp;&nbsp;&nbsp; 31082 | 11734540 | 3678394  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 1329208 | &nbsp;&nbsp;&nbsp; 58671 | 32532729 | 21537830  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (1906) | &nbsp;&nbsp;&nbsp; — | (647701) | (551275)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (1906) | &nbsp;&nbsp;&nbsp; — | (647701) | (551275)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 5850975 | &nbsp;&nbsp;&nbsp; 7534083 | 57991765 | 15702010  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (9151882) | &nbsp;&nbsp;&nbsp; (1880723) | (38817135) | (47893855)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | &nbsp;&nbsp; (447) | &nbsp;&nbsp;&nbsp; 445 |  | 40  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; (3301354) | &nbsp;&nbsp;&nbsp; 5653805 | 19174630 | (32191805)  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (1974052) | &nbsp;&nbsp;&nbsp; 5712476 | 51059658 | (11205250)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 5712476 | &nbsp;&nbsp;&nbsp; — | 62732507 | 73937757  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $3738424 | &nbsp;&nbsp;&nbsp; $5712476 | $113792165 | $62732507  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 300000 | 1700000 | 600000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (325000) | &nbsp;&nbsp;&nbsp; (75000) | (1250000) | (1800000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | &nbsp;&nbsp; (100000) | &nbsp;&nbsp;&nbsp; 225000 | 450000 | (1200000) |

---

<sup>(a)</sup> Inception date of the Fund was August 19, 2024.

The accompanying notes are an integral part of these financial statements.

119<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Innovator IBD Breakout** <br>**Opportunities ETF** | **Innovator IBD Breakout** <br>**Opportunities ETF** | **Innovator Index** <br>**Autocallable** <br>**Income Strategy** <br>**ETF**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Period Ended** <br>**October 31, 2025<sup>(a)</sup>** |
|  | **2025** | **2024**  | **Period Ended** <br>**October 31, 2025<sup>(a)</sup>** |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $14078 | $98332 | &nbsp;&nbsp;&nbsp; $9996  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 812641 | 2378646 | &nbsp;&nbsp;&nbsp; 2113  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (418898) | 616091 | &nbsp;&nbsp;&nbsp; (11601)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 407821 | 3093069 | &nbsp;&nbsp;&nbsp; 508  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (79635) | (176880) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (79635) | (176880) | &nbsp;&nbsp;&nbsp; —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1907965 |  | &nbsp;&nbsp;&nbsp; 3753423  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (3705115) | (1744825) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) |  |  | &nbsp;&nbsp;&nbsp; 20293  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (1797150) | (1744825) | &nbsp;&nbsp;&nbsp; 3773716  |
| **Net increase (decrease) in net assets** | (1468964) | 1171364 | &nbsp;&nbsp;&nbsp; 3774224  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 12791130 | 11619766 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $11322166 | $12791130 | &nbsp;&nbsp;&nbsp; $3774224  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 50000 |  | &nbsp;&nbsp;&nbsp; 150000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (100000) | (50000) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (50000) | (50000) | &nbsp;&nbsp;&nbsp; 150000 |

---

<sup>(a)</sup> Inception date of the Fund was September 24, 2025.

The accompanying notes are an integral part of these financial statements.

120<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Laddered** <br>**Allocation Buffer ETF** | **Innovator Laddered** <br>**Allocation Buffer ETF** | **Innovator Laddered** <br>**Allocation Power Buffer ETF**  | **Innovator Laddered** <br>**Allocation Power Buffer ETF**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025**  | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(108814) | $(43359) | $(346239) | $(234760)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8391403 | 2108387 | 38786638 | 21753111  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 18744782 | 19113963 | 34874703 | 45244884  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 27027371 | 21178991 | 73315102 | 66763235  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 74266862 | 95560050 | 334764580 | 231466895  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (31957470) | (10690818) | (155293550) | (107448445)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 42309392 | 84869232 | 179471030 | 124018450  |
| **Net increase (decrease) in net assets** | 69336763 | 106048223 | 252786132 | 190781685  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 164197316 | 58149093 | 482497192 | 291715507  |
| &nbsp;&nbsp;&nbsp; End of the year | $233534079 | $164197316 | $735283324 | $482497192  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2250000 | 3250000 | 7300000 | 5600000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (975000) | (375000) | (3300000) | (2550000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | 1275000 | 2875000 | 4000000 | 3050000 |

---

The accompanying notes are an integral part of these financial statements.

121<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Nasdaq-100** <br>**Managed Floor ETF** | **Innovator Nasdaq-100** <br>**Managed Floor ETF** | **Innovator Power Buffer** <br>**Step-Up Strategy ETF**  | **Innovator Power Buffer** <br>**Step-Up Strategy ETF**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(370938) | &nbsp;&nbsp; $(116895) | $(987021) | $(755579)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (10420799) | &nbsp;&nbsp; (5033439) | 14685439 | 15846030  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 77696181 | &nbsp;&nbsp; 12894239 | 407565 | (406669)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 66904444 | &nbsp;&nbsp; 7743905 | 14105983 | 14683782  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (75430) | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; From return of capital |  | &nbsp;&nbsp; (28037) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (75430) | &nbsp;&nbsp; (28037) |  | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 188230410 | &nbsp;&nbsp; 209727440 | 273798707 | 101054980  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (64173210) | &nbsp;&nbsp; (9682435) | (257509860) | (97629010)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 1 | &nbsp;&nbsp; — | 890 | 4447  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 124057201 | &nbsp;&nbsp; 200045005 | 16289737 | 3430417  |
| **Net increase (decrease) in net assets** | 190886215 | &nbsp;&nbsp; 207760873 | 30395720 | 18114199  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 207760873 | &nbsp;&nbsp; — | 96492107 | 78377908  |
| &nbsp;&nbsp;&nbsp; End of the period | $398647088 | &nbsp;&nbsp; $207760873 | $126887827 | $96492107  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 6300000 | &nbsp;&nbsp; 7900000 | 8700000 | 3325000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2250000) | &nbsp;&nbsp; (350000) | (8150000) | (3225000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 4050000 | &nbsp;&nbsp; 7550000 | 550000 | 100000 |

---

<sup>(a)</sup> Inception date of the Fund was January 24, 2024.

The accompanying notes are an integral part of these financial statements.

122<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator S&P Investment** <br>**Grade Preferred ETF** | **Innovator S&P Investment** <br>**Grade Preferred ETF** | **Innovator U.S. Small Cap** <br>**Managed Floor ETF**  | **Innovator U.S. Small Cap** <br>**Managed Floor ETF**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended** <br>**October 31, 2025** | **Period Ended**<br>**October 31, 2024<sup>(a)</sup>** |
|  | **2025** | **2024** | **Year Ended** <br>**October 31, 2025** | **Period Ended**<br>**October 31, 2024<sup>(a)</sup>** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $5120557 | $6345772 | $123071 | &nbsp;&nbsp;&nbsp; $2069  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3463166) | (4802254) | (199694) | &nbsp;&nbsp;&nbsp; (45861)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (3523865) | 19522911 | 2619921 | &nbsp;&nbsp;&nbsp; 104179  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (1866474) | 21066429 | 2543298 | &nbsp;&nbsp;&nbsp; 60387  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (5472234) | (6351047) | (128540) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (5472234) | (6351047) | (128540) | &nbsp;&nbsp;&nbsp; —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 7236265 | 10552465 | 31693735 | &nbsp;&nbsp;&nbsp; 3761525  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (23721220) | (15998100) | (1218135) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) |  |  | 13 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (16484955) | (5445635) | 30475613 | &nbsp;&nbsp;&nbsp; 3761525  |
| **Net increase (decrease) in net assets** | (23823663) | 9269747 | 32890371 | &nbsp;&nbsp;&nbsp; 3821912  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 107157089 | 97887342 | 3821912 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $83333426 | $107157089 | $36712283 | &nbsp;&nbsp;&nbsp; $3821912  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 400000 | 550000 | 1200000 | &nbsp;&nbsp;&nbsp; 150000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1300000) | (850000) | (50000) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (900000) | (300000) | 1150000 | &nbsp;&nbsp;&nbsp; 150000 |

---

<sup>(a)</sup> Inception date of the Fund was September 16, 2024.

The accompanying notes are an integral part of these financial statements.

123<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Innovator Uncapped Accelerated** <br>**U.S. Equity ETF**  | **Innovator Uncapped Accelerated** <br>**U.S. Equity ETF**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(352784) | $(185406)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1055314) | 8529515  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 7098266 | (379225)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 5690168 | 7964884  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 78999365 | 89154948  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (70837630) | (78614138)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 19037 | 9397  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 8180772 | 10550207  |
| **Net increase (decrease) in net assets** | 13870940 | 18515091  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 34085234 | 15570143  |
| &nbsp;&nbsp;&nbsp; End of the year | $47956174 | $34085234  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1875000 | 2525000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1750000) | (2250000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 125000 | 275000 |

---

The accompanying notes are an integral part of these financial statements.

124<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  |
| <br>**For the Year Ended** | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup> | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>** | **Total from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Return of** <br>**Capital** | **Total** <br>**Distributions**  |
| Innovator Buffer Step-Up Strategy ETF  | Innovator Buffer Step-Up Strategy ETF  | Innovator Buffer Step-Up Strategy ETF  | Innovator Buffer Step-Up Strategy ETF  | Innovator Buffer Step-Up Strategy ETF  | Innovator Buffer Step-Up Strategy ETF  | Innovator Buffer Step-Up Strategy ETF  | Innovator Buffer Step-Up Strategy ETF  | Innovator Buffer Step-Up Strategy ETF  |
| 10/31/2025 | $32.49 | &nbsp;&nbsp; $(0.30) | &nbsp;&nbsp;&nbsp;&nbsp; $4.61 | $4.31 | &nbsp;&nbsp; $— | $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $—  |
| 10/31/2024 | $25.98 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;6.77 | 6.50 | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $24.04 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | 1.93 | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| 10/31/2022<sup>(h)</sup> | $25.48 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; (1.32) | (1.46) | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Innovator Deepwater Frontier Tech ETF  | Innovator Deepwater Frontier Tech ETF  | Innovator Deepwater Frontier Tech ETF  | Innovator Deepwater Frontier Tech ETF  | Innovator Deepwater Frontier Tech ETF  | Innovator Deepwater Frontier Tech ETF  | Innovator Deepwater Frontier Tech ETF  | Innovator Deepwater Frontier Tech ETF  | Innovator Deepwater Frontier Tech ETF  |
| 10/31/2025 | $49.66 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;32.06 | 31.78 | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $33.65 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;16.17 | 16.00 | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $29.35 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;4.38 | 4.30 | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $56.02 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (26.64) | (26.68) | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $37.34 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;18.81 | 18.67 | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Autocallable Income Strategy ETF  | Innovator Equity Autocallable Income Strategy ETF  | Innovator Equity Autocallable Income Strategy ETF  | Innovator Equity Autocallable Income Strategy ETF  | Innovator Equity Autocallable Income Strategy ETF  | Innovator Equity Autocallable Income Strategy ETF  | Innovator Equity Autocallable Income Strategy ETF  | Innovator Equity Autocallable Income Strategy ETF  | Innovator Equity Autocallable Income Strategy ETF  |
| 10/31/2025<sup>(i)</sup> | $25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp; (0.60) | (0.51) | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Managed 100 Buffer ETF  | Innovator Equity Managed 100 Buffer ETF  | Innovator Equity Managed 100 Buffer ETF  | Innovator Equity Managed 100 Buffer ETF  | Innovator Equity Managed 100 Buffer ETF  | Innovator Equity Managed 100 Buffer ETF  | Innovator Equity Managed 100 Buffer ETF  | Innovator Equity Managed 100 Buffer ETF  | Innovator Equity Managed 100 Buffer ETF  |
| 10/31/2025<sup>(j)</sup> | $25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | 1.94 | &nbsp;&nbsp; (0.03) |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)  |
| Innovator Equity Managed Floor ETF  | Innovator Equity Managed Floor ETF  | Innovator Equity Managed Floor ETF  | Innovator Equity Managed Floor ETF  | Innovator Equity Managed Floor ETF  | Innovator Equity Managed Floor ETF  | Innovator Equity Managed Floor ETF  | Innovator Equity Managed Floor ETF  | Innovator Equity Managed Floor ETF  |
| 10/31/2025 | $31.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;5.14 | 5.27 | &nbsp;&nbsp; (0.14) |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)  |
| 10/31/2024 | $25.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;6.60 | 6.77 | &nbsp;&nbsp; (0.21) | (0.07) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.28)  |
| 10/31/2023<sup>(k)</sup> | $22.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | 0.55 | &nbsp;&nbsp; (0.16) |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.16)  |
| Innovator Equity Premium Income - Daily PutWrite ETF  | Innovator Equity Premium Income - Daily PutWrite ETF  | Innovator Equity Premium Income - Daily PutWrite ETF  | Innovator Equity Premium Income - Daily PutWrite ETF  | Innovator Equity Premium Income - Daily PutWrite ETF  | Innovator Equity Premium Income - Daily PutWrite ETF  | Innovator Equity Premium Income - Daily PutWrite ETF  | Innovator Equity Premium Income - Daily PutWrite ETF  | Innovator Equity Premium Income - Daily PutWrite ETF  |
| 10/31/2025<sup>(l)</sup> | $25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | 3.22 | &nbsp;&nbsp; (1.00) |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.00)  |
| Innovator Gradient Tactical Rotation Strategy ETF  | Innovator Gradient Tactical Rotation Strategy ETF  | Innovator Gradient Tactical Rotation Strategy ETF  | Innovator Gradient Tactical Rotation Strategy ETF  | Innovator Gradient Tactical Rotation Strategy ETF  | Innovator Gradient Tactical Rotation Strategy ETF  | Innovator Gradient Tactical Rotation Strategy ETF  | Innovator Gradient Tactical Rotation Strategy ETF  | Innovator Gradient Tactical Rotation Strategy ETF  |
| 10/31/2025 | $26.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | 1.91 | &nbsp;&nbsp; (0.59) |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.59)  |
| 10/31/2024 | $21.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;4.88 | 5.29 | &nbsp;&nbsp; (0.21) |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.21)  |
| 10/31/2023<sup>(m)</sup> | $25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp; (3.81) | (3.61) | &nbsp;&nbsp; (0.07) |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)  |
| Innovator Hedged Nasdaq-100 ETF  | Innovator Hedged Nasdaq-100 ETF  | Innovator Hedged Nasdaq-100 ETF  | Innovator Hedged Nasdaq-100 ETF  | Innovator Hedged Nasdaq-100 ETF  | Innovator Hedged Nasdaq-100 ETF  | Innovator Hedged Nasdaq-100 ETF  | Innovator Hedged Nasdaq-100 ETF  | Innovator Hedged Nasdaq-100 ETF  |
| 10/31/2025 | $25.39 | &nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.53 | 4.53 | &nbsp;&nbsp; (0.01) |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)  |
| 10/31/2024<sup>(n)</sup> | $25.03 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | 0.36 | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Innovator IBD 50 ETF  | Innovator IBD 50 ETF  | Innovator IBD 50 ETF  | Innovator IBD 50 ETF  | Innovator IBD 50 ETF  | Innovator IBD 50 ETF  | Innovator IBD 50 ETF  | Innovator IBD 50 ETF  | Innovator IBD 50 ETF  |
| 10/31/2025 | $26.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;14.18 | 14.21 | &nbsp;&nbsp; (0.26) |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.26)  |
| 10/31/2024 | $20.83 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;6.09 | 6.02 | &nbsp;&nbsp; (0.16) |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.16)  |
| 10/31/2023 | $26.16 | &nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (4.73) | (4.73) | &nbsp;&nbsp; (0.60) |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.60)  |
| 10/31/2022 | $50.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp; (24.54) | (24.08) | &nbsp;&nbsp; (0.10) |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.10)  |
| 10/31/2021 | $35.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;14.27 | 14.37 | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Innovator IBD Breakout Opportunities ETF  | Innovator IBD Breakout Opportunities ETF  | Innovator IBD Breakout Opportunities ETF  | Innovator IBD Breakout Opportunities ETF  | Innovator IBD Breakout Opportunities ETF  | Innovator IBD Breakout Opportunities ETF  | Innovator IBD Breakout Opportunities ETF  | Innovator IBD Breakout Opportunities ETF  | Innovator IBD Breakout Opportunities ETF  |
| 10/31/2025 | $36.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | 1.42 | &nbsp;&nbsp; (0.23) |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.23)  |
| 10/31/2024 | $29.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;7.68 | 7.94 | &nbsp;&nbsp; (0.44) |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.44)  |
| 10/31/2023 | $30.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp; (1.47) | (1.23) | &nbsp;&nbsp; (0.40) |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.40)  |
| 10/31/2022 | $36.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp; (6.16) | (5.84) | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $23.53 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;13.01 | 12.99 | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on page 129.

The accompanying notes are an integral part of these financial statements.

125<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |
| <br>**ETF Transaction Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Year**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Year** <br>**(in Thousands)**  | **Ratio of** <br>**Expenses** <br>**to Average** <br>**Net Assets** <br>**Before Expense** <br>**Reimbursement /** <br>**Recoupment<sup>(d)(e)</sup>**  | **Ratio of** <br>**Expenses** <br>**to Average** <br>**Net Assets** <br>**After Expense** <br>**Reimbursement /** <br>**Recoupment<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)(e)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(f)</sup>**  |
| $0.00<sup>(g)</sup>  | &nbsp;&nbsp; $36.80  | &nbsp;&nbsp;&nbsp;&nbsp; 13.26%  | $57037  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.88)%  | &nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $32.49  | &nbsp;&nbsp;&nbsp;&nbsp; 25.01%  | $64169  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.88)%  | &nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $25.98  | &nbsp;&nbsp;&nbsp;&nbsp; 8.09%  | $40267  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.88)%  | &nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $24.04  | &nbsp;&nbsp;&nbsp;&nbsp; -5.64%  | $28853  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.89)%  | &nbsp;&nbsp; —%  |
| 0.00<sup>(g)</sup>  | &nbsp;&nbsp; $81.44  | &nbsp;&nbsp;&nbsp;&nbsp; 63.99%  | $166957  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.47)%  | &nbsp;&nbsp; 117%  |
| 0.01  | &nbsp;&nbsp; $49.66  | &nbsp;&nbsp;&nbsp;&nbsp; 47.59%  | $57113  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37)%  | &nbsp;&nbsp; 165%  |
| 0.00<sup>(g)</sup>  | &nbsp;&nbsp; $33.65  | &nbsp;&nbsp;&nbsp;&nbsp; 14.64%  | $33651  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23)%  | &nbsp;&nbsp; 153%  |
| 0.01  | &nbsp;&nbsp; $29.35  | &nbsp;&nbsp;&nbsp;&nbsp; -47.60%  | $32288  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10)%  | &nbsp;&nbsp; 138%  |
| 0.01  | &nbsp;&nbsp; $56.02  | &nbsp;&nbsp;&nbsp;&nbsp; 50.01%  | $78428  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27)%  | &nbsp;&nbsp; 134%  |
| 0.38<sup>(s)</sup>  | &nbsp;&nbsp; $24.87  | &nbsp;&nbsp;&nbsp;&nbsp; -0.53%<sup>(t)</sup>  | $4352  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.53%  | &nbsp;&nbsp; —%  |
| 0.00<sup>(g)</sup>  | &nbsp;&nbsp; $26.91  | &nbsp;&nbsp;&nbsp;&nbsp; 7.76%  | $73995  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29%  | &nbsp;&nbsp; 7%  |
| 0.00<sup>(g)</sup>  | &nbsp;&nbsp; $36.81  | &nbsp;&nbsp;&nbsp;&nbsp; 16.66%  | $1227651  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.37%  | &nbsp;&nbsp; 10%  |
| —  | &nbsp;&nbsp; $31.68  | &nbsp;&nbsp;&nbsp;&nbsp; 26.97%  | $513269  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55%  | &nbsp;&nbsp; 9%  |
| —  | &nbsp;&nbsp; $25.19  | &nbsp;&nbsp;&nbsp;&nbsp; 11.20%  | $96993  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64%  | &nbsp;&nbsp; 7%  |
| 0.00<sup>(g)</sup>  | &nbsp;&nbsp; $27.22  | &nbsp;&nbsp;&nbsp;&nbsp; 13.17%  | $8165  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.01%  | &nbsp;&nbsp; 46%  |
| 0.00<sup>(g)</sup>  | &nbsp;&nbsp; $27.72  | &nbsp;&nbsp;&nbsp;&nbsp; 7.52%  | $56821  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59%  | &nbsp;&nbsp; 418%  |
| 0.00<sup>(g)</sup>  | &nbsp;&nbsp; $26.40  | &nbsp;&nbsp;&nbsp;&nbsp; 24.91%  | $151773  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57%  | &nbsp;&nbsp; 458%  |
| —  | &nbsp;&nbsp; $21.32  | &nbsp;&nbsp;&nbsp;&nbsp; -14.48%  | $183316  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94%  | &nbsp;&nbsp; 306%  |
| —  | &nbsp;&nbsp; $29.91  | &nbsp;&nbsp;&nbsp;&nbsp; 17.82%  | $3738  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02)%  | &nbsp;&nbsp; 21%  |
| 0.00<sup>(g)</sup>  | &nbsp;&nbsp; $25.39  | &nbsp;&nbsp;&nbsp;&nbsp; 1.43%  | $5712  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15)%  | &nbsp;&nbsp; 13%  |
| —  | &nbsp;&nbsp; $40.64  | &nbsp;&nbsp;&nbsp;&nbsp; 53.62%  | $113792  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.03%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  | &nbsp;&nbsp; 1,209%  |
| 0.00<sup>(g)</sup>  | &nbsp;&nbsp; $26.69  | &nbsp;&nbsp;&nbsp;&nbsp; 28.98%  | $62733  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27)%  | &nbsp;&nbsp; 1,304%  |
| 0.00<sup>(g)</sup>  | &nbsp;&nbsp; $20.83  | &nbsp;&nbsp;&nbsp;&nbsp; -18.21%  | $73938  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.08%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02%  | &nbsp;&nbsp; 1,425%  |
| —  | &nbsp;&nbsp; $26.16  | &nbsp;&nbsp;&nbsp;&nbsp; -47.90%  | $102043  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.29%  | &nbsp;&nbsp; 1,961%  |
| 0.00<sup>(g)</sup>  | &nbsp;&nbsp; $50.34  | &nbsp;&nbsp;&nbsp;&nbsp; 39.95%  | $274365  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.93%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.22%  | &nbsp;&nbsp; 1,133%  |
| —  | &nbsp;&nbsp; $37.74  | &nbsp;&nbsp;&nbsp;&nbsp; 3.87%  | $11322  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11%  | &nbsp;&nbsp; 1,668%  |
| —  | &nbsp;&nbsp; $36.55  | &nbsp;&nbsp;&nbsp;&nbsp; 27.45%  | $12791  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76%  | &nbsp;&nbsp; 1,448%  |
| —  | &nbsp;&nbsp; $29.05  | &nbsp;&nbsp;&nbsp;&nbsp; -4.03%  | $11620  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77%  | &nbsp;&nbsp; 1,945%  |
| —  | &nbsp;&nbsp; $30.68  | &nbsp;&nbsp;&nbsp;&nbsp; -15.98%  | $13806  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.92%  | &nbsp;&nbsp; 1,980%  |
| —  | &nbsp;&nbsp; $36.52  | &nbsp;&nbsp;&nbsp;&nbsp; 55.18%  | $14607  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07)%  | &nbsp;&nbsp; 1,846% |

---

The accompanying notes are an integral part of these financial statements.

126<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS:**  | **INVESTMENT OPERATIONS:**  | **INVESTMENT OPERATIONS:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  |
| <br>**For the Year Ended**  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**  | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup>  | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>**  | **Total from** <br>**Investment** <br>**Operations**  | **Net** <br>**Investment** <br>**Income**  | **Net** <br>**Realized** <br>**Gains**  | **Return of** <br>**Capital**  | **Total** <br>**Distributions**  |
| Innovator Index Autocallable Income Strategy ETF  | Innovator Index Autocallable Income Strategy ETF  | Innovator Index Autocallable Income Strategy ETF  | Innovator Index Autocallable Income Strategy ETF  | Innovator Index Autocallable Income Strategy ETF  | Innovator Index Autocallable Income Strategy ETF  | Innovator Index Autocallable Income Strategy ETF  | Innovator Index Autocallable Income Strategy ETF  | Innovator Index Autocallable Income Strategy ETF  |
| 10/31/2025<sup>(i)</sup> | $25.00 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp;&nbsp;&nbsp; $(0.07) | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $— | &nbsp;&nbsp;&nbsp; $—  |
| Innovator Laddered Allocation Buffer ETF  | Innovator Laddered Allocation Buffer ETF  | Innovator Laddered Allocation Buffer ETF  | Innovator Laddered Allocation Buffer ETF  | Innovator Laddered Allocation Buffer ETF  | Innovator Laddered Allocation Buffer ETF  | Innovator Laddered Allocation Buffer ETF  | Innovator Laddered Allocation Buffer ETF  | Innovator Laddered Allocation Buffer ETF  |
| 10/31/2025 | $31.58 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;4.51 | 4.49 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $25.01 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;6.58 | 6.57 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $22.97 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | 2.04 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; —  |
| 10/31/2022<sup>(o)</sup> | $24.89 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (1.92) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; —  |
| Innovator Laddered Allocation Power Buffer ETF  | Innovator Laddered Allocation Power Buffer ETF  | Innovator Laddered Allocation Power Buffer ETF  | Innovator Laddered Allocation Power Buffer ETF  | Innovator Laddered Allocation Power Buffer ETF  | Innovator Laddered Allocation Power Buffer ETF  | Innovator Laddered Allocation Power Buffer ETF  | Innovator Laddered Allocation Power Buffer ETF  | Innovator Laddered Allocation Power Buffer ETF  |
| 10/31/2025 | $44.06 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;5.15 | 5.12 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $36.93 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;7.15 | 7.13 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $34.09 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | 2.84 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $35.56 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (1.45) | &nbsp;&nbsp; (1.47) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $31.49 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | 4.07 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; —  |
| Innovator Nasdaq-100 Managed Floor ETF  | Innovator Nasdaq-100 Managed Floor ETF  | Innovator Nasdaq-100 Managed Floor ETF  | Innovator Nasdaq-100 Managed Floor ETF  | Innovator Nasdaq-100 Managed Floor ETF  | Innovator Nasdaq-100 Managed Floor ETF  | Innovator Nasdaq-100 Managed Floor ETF  | Innovator Nasdaq-100 Managed Floor ETF  | Innovator Nasdaq-100 Managed Floor ETF  |
| 10/31/2025 | $27.52 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;6.90 | 6.86 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (0.01)  |
| 10/31/2024<sup>(p)</sup> | $25.00 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | 2.53 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | (0.01) | &nbsp;&nbsp;&nbsp; (0.01)  |
| Innovator Power Buffer Step-Up Strategy ETF  | Innovator Power Buffer Step-Up Strategy ETF  | Innovator Power Buffer Step-Up Strategy ETF  | Innovator Power Buffer Step-Up Strategy ETF  | Innovator Power Buffer Step-Up Strategy ETF  | Innovator Power Buffer Step-Up Strategy ETF  | Innovator Power Buffer Step-Up Strategy ETF  | Innovator Power Buffer Step-Up Strategy ETF  | Innovator Power Buffer Step-Up Strategy ETF  |
| 10/31/2025 | $31.38 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | 3.62 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $26.35 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;5.29 | 5.03 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $24.62 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | 1.72 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; —  |
| 10/31/2022<sup>(h)</sup> | $25.67 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; —  |
| Innovator S&P Investment Grade Preferred ETF  | Innovator S&P Investment Grade Preferred ETF  | Innovator S&P Investment Grade Preferred ETF  | Innovator S&P Investment Grade Preferred ETF  | Innovator S&P Investment Grade Preferred ETF  | Innovator S&P Investment Grade Preferred ETF  | Innovator S&P Investment Grade Preferred ETF  | Innovator S&P Investment Grade Preferred ETF  | Innovator S&P Investment Grade Preferred ETF  |
| 10/31/2025 | $19.31 | &nbsp;&nbsp; 1.01 | &nbsp;&nbsp;&nbsp;&nbsp; (1.31) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (1.09) | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (1.09)  |
| 10/31/2024 | $16.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | 3.69 | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (1.11)  |
| 10/31/2023 | $17.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp; (1.17) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.99) | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (0.99)  |
| 10/31/2022 | $24.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp; (6.28) | &nbsp;&nbsp; (5.28) | &nbsp;&nbsp; (1.02) | &nbsp;&nbsp; — | (0.02) | &nbsp;&nbsp;&nbsp; (1.04)  |
| 10/31/2021 | $24.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | 1.41 | &nbsp;&nbsp; (1.14) | &nbsp;&nbsp; — | (0.07) | &nbsp;&nbsp;&nbsp; (1.21)  |
| Innovator U.S. Small Cap Managed Floor ETF  | Innovator U.S. Small Cap Managed Floor ETF  | Innovator U.S. Small Cap Managed Floor ETF  | Innovator U.S. Small Cap Managed Floor ETF  | Innovator U.S. Small Cap Managed Floor ETF  | Innovator U.S. Small Cap Managed Floor ETF  | Innovator U.S. Small Cap Managed Floor ETF  | Innovator U.S. Small Cap Managed Floor ETF  | Innovator U.S. Small Cap Managed Floor ETF  |
| 10/31/2025 | $25.48 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp; 2.77 | 2.95 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (0.19)  |
| 10/31/2024<sup>(q)</sup> | $25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 0.48 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; —  |
| Innovator Uncapped Accelerated U.S. Equity ETF  | Innovator Uncapped Accelerated U.S. Equity ETF  | Innovator Uncapped Accelerated U.S. Equity ETF  | Innovator Uncapped Accelerated U.S. Equity ETF  | Innovator Uncapped Accelerated U.S. Equity ETF  | Innovator Uncapped Accelerated U.S. Equity ETF  | Innovator Uncapped Accelerated U.S. Equity ETF  | Innovator Uncapped Accelerated U.S. Equity ETF  | Innovator Uncapped Accelerated U.S. Equity ETF  |
| 10/31/2025 | $38.95 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;9.31 | 8.99 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $25.95 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;13.26 | 12.99 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $24.52 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | 1.41 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; —  |
| 10/31/2022<sup>(r)</sup> | $26.88 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (2.32) | &nbsp;&nbsp; (2.36) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on page 129.

The accompanying notes are an integral part of these financial statements.

127<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |
| <br>**ETF Transaction Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Year**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Year** <br>**(in Thousands)**  | **Ratio of** <br>**Expenses** <br>**to Average** <br>**Net Assets** <br>**Before Expense** <br>**Reimbursement /** <br>**Recoupment<sup>(d)(e)</sup>**  | **Ratio of** <br>**Expenses** <br>**to Average** <br>**Net Assets** <br>**After Expense** <br>**Reimbursement /** <br>**Recoupment<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)(e)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(f)</sup>**  |
| $0.14<sup>(s)</sup> | &nbsp;&nbsp; $25.16 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65%<sup>(u)</sup> | &nbsp;&nbsp; $3774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
|  | &nbsp;&nbsp; $36.07 | &nbsp;&nbsp;&nbsp;&nbsp; 14.22% | &nbsp;&nbsp; $233534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05)% | &nbsp;&nbsp;&nbsp;&nbsp; 1%  |
|  | &nbsp;&nbsp; $31.58 | &nbsp;&nbsp;&nbsp;&nbsp; 26.25% | &nbsp;&nbsp; $164197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04)% | &nbsp;&nbsp;&nbsp;&nbsp; 2%  |
|  | &nbsp;&nbsp; $25.01 | &nbsp;&nbsp;&nbsp;&nbsp; 8.89% | &nbsp;&nbsp; $58149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10)% | &nbsp;&nbsp;&nbsp;&nbsp; 1%  |
|  | &nbsp;&nbsp; $22.97 | &nbsp;&nbsp;&nbsp;&nbsp; -7.72% | &nbsp;&nbsp; $26414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10)% | &nbsp;&nbsp;&nbsp;&nbsp; 1%  |
|  | &nbsp;&nbsp; $49.18 | &nbsp;&nbsp;&nbsp;&nbsp; 11.62% | &nbsp;&nbsp; $735283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06)% | &nbsp;&nbsp;&nbsp;&nbsp; 1%  |
|  | &nbsp;&nbsp; $44.06 | &nbsp;&nbsp;&nbsp;&nbsp; 19.33% | &nbsp;&nbsp; $482497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06)% | &nbsp;&nbsp;&nbsp;&nbsp; 1%  |
|  | &nbsp;&nbsp; $36.93 | &nbsp;&nbsp;&nbsp;&nbsp; 8.31% | &nbsp;&nbsp; $291716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)% | &nbsp;&nbsp;&nbsp;&nbsp; 1%  |
|  | &nbsp;&nbsp; $34.09 | &nbsp;&nbsp;&nbsp;&nbsp; -4.11% | &nbsp;&nbsp; $150015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07)% | &nbsp;&nbsp;&nbsp;&nbsp; 2%  |
|  | &nbsp;&nbsp; $35.56 | &nbsp;&nbsp;&nbsp;&nbsp; 12.93% | &nbsp;&nbsp; $69337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14)% | &nbsp;&nbsp;&nbsp;&nbsp; 1%  |
|  | &nbsp;&nbsp; $34.37 | &nbsp;&nbsp;&nbsp;&nbsp; 24.92% | &nbsp;&nbsp; $398647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13)% | &nbsp;&nbsp;&nbsp;&nbsp; 26%  |
|  | &nbsp;&nbsp; $27.52 | &nbsp;&nbsp;&nbsp;&nbsp;10.11% | &nbsp;&nbsp; $207761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13)% | &nbsp;&nbsp;&nbsp;&nbsp; 20%  |
| 0.00<sup>(g)</sup> | &nbsp;&nbsp; $35.00 | &nbsp;&nbsp;&nbsp;&nbsp; 11.55% | &nbsp;&nbsp; $126888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.89)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(g)</sup> | &nbsp;&nbsp; $31.38 | &nbsp;&nbsp;&nbsp;&nbsp; 19.06% | &nbsp;&nbsp; $96492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.88)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $26.35 | &nbsp;&nbsp;&nbsp;&nbsp; 7.04% | &nbsp;&nbsp; $78378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.88)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $24.62 | &nbsp;&nbsp;&nbsp;&nbsp; -4.08% | &nbsp;&nbsp; $33856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.89)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
|  | &nbsp;&nbsp; $17.92 | &nbsp;&nbsp;&nbsp;&nbsp; -1.44% | &nbsp;&nbsp; $83333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.56% | &nbsp;&nbsp;&nbsp;&nbsp; 27%  |
|  | &nbsp;&nbsp; $19.31 | &nbsp;&nbsp;&nbsp;&nbsp; 22.36% | &nbsp;&nbsp; $107157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86% | &nbsp;&nbsp;&nbsp;&nbsp; 33%  |
|  | &nbsp;&nbsp; $16.73 | &nbsp;&nbsp;&nbsp;&nbsp; -1.32% | &nbsp;&nbsp; $97887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.37% | &nbsp;&nbsp;&nbsp;&nbsp; 28%  |
|  | &nbsp;&nbsp; $17.90 | &nbsp;&nbsp;&nbsp;&nbsp; -22.27% | &nbsp;&nbsp; $119057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70% | &nbsp;&nbsp;&nbsp;&nbsp; 46%  |
|  | &nbsp;&nbsp; $24.22 | &nbsp;&nbsp;&nbsp;&nbsp; 5.97% | &nbsp;&nbsp; $222794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70% | &nbsp;&nbsp;&nbsp;&nbsp; 68%  |
| 0.00<sup>(g)</sup> | &nbsp;&nbsp; $28.24 | &nbsp;&nbsp;&nbsp;&nbsp; 11.66% | &nbsp;&nbsp; $36712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 32%  |
|  | &nbsp;&nbsp; $25.48 | &nbsp;&nbsp;&nbsp;&nbsp; 1.92% | &nbsp;&nbsp; $3822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp;&nbsp; 24%  |
| 0.02 | &nbsp;&nbsp; $47.96 | &nbsp;&nbsp;&nbsp;&nbsp;23.11% | &nbsp;&nbsp; $47956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $38.95 | &nbsp;&nbsp;&nbsp;&nbsp;50.11% | &nbsp;&nbsp; $34085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $25.95 | &nbsp;&nbsp;&nbsp;&nbsp; 5.85% | &nbsp;&nbsp; $15570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(g)</sup> | &nbsp;&nbsp; $24.52 | &nbsp;&nbsp;&nbsp;&nbsp; -8.79% | &nbsp;&nbsp; $5516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

128<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> Amount represents less than $0.005 per share.

<sup>(h)</sup> Inception date of the Fund was March 7, 2022.

<sup>(i)</sup> Inception date of the Fund was September 24, 2025.

<sup>(j)</sup> Inception date of the Fund was May 12, 2025.

<sup>(k)</sup> Inception date of the Fund was November 8, 2022.

<sup>(l)</sup> Inception date of the Fund was March 13, 2025.

<sup>(m)</sup> Inception date of the Fund was November 16, 2022.

<sup>(n)</sup> Inception date of the Fund was August 19, 2024.

<sup>(o)</sup> Inception date of the Fund was February 8, 2022.

<sup>(p)</sup> Inception date of the Fund was January 24, 2024.

<sup>(q)</sup> Inception date of the Fund was September 16, 2024.

<sup>(r)</sup> Inception date of the Fund was August 10, 2022.

<sup>(s)</sup> The ETF Transaction Fees Per Share presented in these financial statements reflects an updated NAV calculation as of October 31, 2025 due to U.S. GAAP adjustments for financial statement reporting purposes.

<sup>(t)</sup> The Total Return presented in these financial statements reflects an updated NAV calculation as of October 31, 2025 due to U.S. GAAP adjustments for financial statement reporting purposes. The Total Return prior to these adjustments was (1.32)%.

<sup>(u)</sup> The Total Return presented in these financial statements reflects an updated NAV calculation as of October 31, 2025 due to U.S. GAAP adjustments for financial statement reporting purposes. The Total Return prior to these adjustments was 0.19%. 

The accompanying notes are an integral part of these financial statements.

129<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025** 

1. ORGANIZATION

Innovator ETFs Trust (the "Trust") was organized under Delaware law as a Delaware statutory trust on October 17, 2007, and is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. The Trust currently consists of multiple operational series, of which eighteen are covered in this report, collectively the ("Funds"):

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Ticker** | **Commencement of** <br>**Operations** | **Tracking Index/Fund<sup>(a)</sup>**  |
| Innovator Buffer Step-Up Strategy ETF | BSTP | March 7, 2022 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Deepwater Frontier Tech ETF | LOUP | July 24, 2018 | Loup Frontier Tech Index  |
| Innovator Equity Autocallable Income Strategy ETF | ACEI | September 24, 2025 | S&P 500<sup>®</sup> Index, Russell 2000 Index, Nasdaq-100 Index  |
| Innovator Equity Managed 100 Buffer ETF | BFRZ | May 12, 2025 | S&P 500<sup>®</sup> Index  |
| Innovator Equity Managed Floor ETF | SFLR | November 8, 2022 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Premium Income - Daily PutWrite ETF | SPUT | March 13, 2025 | S&P 500<sup>®</sup> Index  |
| Innovator Gradient Tactical Rotation Strategy ETF | IGTR | November 16, 2022 | S&P Global Broad Market Index  |
| Innovator Hedged Nasdaq-100 ETF | QHDG | August 19, 2024 | Nasdaq-100 Index  |
| Innovator IBD<sup>®</sup> 50 ETF | FFTY | April 8, 2015 | IBD<sup>®</sup> 50 Index  |
| Innovator IBD<sup>®</sup> Breakout Opportunities ETF | BOUT | September 12, 2018 | IBD<sup>®</sup> Breakout Stocks Index  |
| Innovator Index Autocallable Income Strategy ETF | ACII | September 24, 2025 | S&P 500<sup>®</sup> Index, Russell 2000 Index, Nasdaq-100 Index  |
| Innovator Laddered Allocation Buffer ETF<sup>(b)</sup> | BUFB | February 8, 2022 | MerQube U.S. Large Cap Equity Buffer Laddered Index  |
| Innovator Laddered Allocation Power Buffer ETF<sup>(c)</sup> | BUFF | October 19, 2016 | Refinitiv Laddered Power Buffer Strategy Index  |
| Innovator Nasdaq-100 Managed Floor ETF | QFLR | January 24, 2024 | Nasdaq-100 Index  |
| Innovator Power Buffer Step-Up Strategy ETF | PSTP | March 7, 2022 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator S&P Investment Grade Preferred ETF | EPRF | May 23, 2016 | S&P U.S. High Quality Preferred Stock Index  |
| Innovator U.S. Small Cap Managed Floor ETF | RFLR | September 16, 2024 | Russell 2000 Index  |
| Innovator Uncapped Accelerated U.S. Equity ETF | XUSP | August 10, 2022 | SPDR S&P 500<sup>®</sup> ETF Trust |

---

<sup>(a)</sup> Each Fund individually seeks to track their respective index or Fund, before fees and expenses.

<sup>(b)</sup> BUFB seeks to achieve its investment objective by investing primarily in other Innovator ETFs (Affiliated Fund of Fund structure) that themselves seek investment results corresponding to their own respective underlying indexes. In addition to its own fees and expenses, BUFB will pay indirectly a proportional share of the fees and expenses of the underlying Innovator ETFs in which it invests, including advisory and administration fees (Acquired Fund Fees and Expenses). 

<sup>(c)</sup> BUFF seeks to achieve its investment objective by investing primarily in other Innovator ETFs (Affiliated Fund of Fund structure) that themselves seek investment results corresponding to their own respective underlying indexes. In addition to its own fees and expenses, BUFF will pay indirectly a proportional share of the fees and expenses of the underlying Innovator ETFs in which it invests, including advisory and administration fees (Acquired Fund Fees and Expenses). Prior to August 11, 2020, BUFF sought investment results that generally corresponded, before fees and expenses, to the Lunt Capital U.S. Large Cap Equity Rotation Index. 

The operational series of the Trust covered outside of this report consist of:

---

| | | | |
|:---|:---|:---|:---|
| **Name**  | **Ticker**  | **Commencement of** <br>**Operations**  | **Tracking Fund**  |
| Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  | TFJL  | August 17, 2020  | iShares 20+ Year Treasury Bond ETF  |
| Innovator 20+ Year Treasury Bond 9 Buffer ETF - July  | TBJL  | August 17, 2020  | iShares 20+ Year Treasury Bond ETF  |
| Innovator Defined Wealth Shield ETF  | BALT  | June 30, 2021  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Emerging Markets 10 Buffer ETF - Quarterly  | EBUF  | June 28, 2024  | iShares MSCI Emerging Markets ETF  |
| Innovator Emerging Markets Power Buffer ETF - April  | EAPR  | March 31, 2021  | iShares MSCI Emerging Markets ETF  |
| Innovator Emerging Markets Power Buffer ETF - January  | EJAN  | December 31, 2019  | iShares MSCI Emerging Markets ETF  |
| Innovator Emerging Markets Power Buffer ETF - July  | EJUL  | June 28, 2019  | iShares MSCI Emerging Markets ETF  |
| Innovator Emerging Markets Power Buffer ETF - October  | EOCT  | September 30, 2021  | iShares MSCI Emerging Markets ETF  |
| Innovator Equity Defined Protection ETF - 1 Yr April  | ZAPR  | March 31, 2025  | SPDR S&P 500<sup>®</sup> ETF Trust  |

---

130<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Name**  | **Ticker**  | **Commencement of** <br>**Operations**  | **Tracking Fund**  |
| Innovator Equity Defined Protection ETF - 1 Yr August  | ZAUG  | July 31, 2024  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Defined Protection ETF - 1 Yr December  | ZDEK  | November 29, 2024  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Defined Protection ETF - 1 Yr February  | ZFEB  | January 31, 2025  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Defined Protection ETF - 1 Yr January  | ZJAN  | December 31, 2024  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Defined Protection ETF - 1 Yr July  | ZJUL  | June 28, 2024  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Defined Protection ETF - 1 Yr June  | ZJUN  | May 30, 2025  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Defined Protection ETF - 1 Yr March  | ZMAR  | February 28, 2025  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Defined Protection ETF - 1 Yr May  | ZMAY  | April 30, 2025  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Defined Protection ETF - 1 Yr November  | ZNOV  | October 31, 2024  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Defined Protection ETF - 1 Yr October  | ZOCT  | September 30, 2024  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Defined Protection ETF - 1 Yr September  | ZSEP  | August 30, 2024  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Defined Protection ETF - 2 Yr to April 2026  | AAPR  | March 28, 2024  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Defined Protection ETF - 2 Yr to April 2027  | TAPR  | March 31, 2025  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Defined Protection ETF - 2 Yr to January 2026  | AJAN  | December 29, 2023  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Defined Protection ETF - 2 Yr to January 2027  | TJAN  | December 31, 2024  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Defined Protection ETF - 2 Yr to July 2026  | AJUL  | June 28, 2024  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Defined Protection ETF - 2 Yr to July 2027  | TJUL  | July 17, 2023  | SPDR S&P 500<sup>®</sup> ETF Trust  |
|  Innovator Equity Defined Protection ETF - 2 Yr to October 2026  | AOCT  | September 30, 2024  | SPDR S&P 500<sup>®</sup> ETF Trust  |
|  Innovator Equity Defined Protection ETF - 2 Yr to October 2027  | TOCT  | September 30, 2025  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct  | APOC  | September 30, 2024  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul  | JAJL  | June 28, 2024  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Dual Directional 10 Buffer ETF - July  | DDTL  | June 30, 2025  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Dual Directional 10 Buffer ETF - November  | DDTN  | October 31, 2025  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Dual Directional 10 Buffer ETF - October  | DDTO  | September 30, 2025  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Dual Directional 10 Buffer ETF - September  | DDTS  | August 29, 2025  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Dual Directional 15 Buffer ETF - July  | DDFL  | June 30, 2025  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Dual Directional 15 Buffer ETF - November  | DDFN  | October 31, 2025  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Dual Directional 15 Buffer ETF - October  | DDFO  | September 30, 2025  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Dual Directional 15 Buffer ETF - September  | DDFS  | August 29, 2025  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Growth Accelerated ETF - Quarterly  | XDQQ  | March 31, 2021  | Invesco QQQ Trust  |
| Innovator Growth Accelerated Plus ETF - April  | QTAP  | March 31, 2021  | Invesco QQQ Trust  |
| Innovator Growth Accelerated Plus ETF - January  | QTJA  | December 31, 2021  | Invesco QQQ Trust  |
| Innovator Growth Accelerated Plus ETF - July  | QTJL  | June 30, 2021  | Invesco QQQ Trust  |
| Innovator Growth Accelerated Plus ETF - October  | QTOC  | September 30, 2021  | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - April  | NAPR  | March 31, 2020  | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - August  | NAUG  | July 31, 2024  | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - December  | NDEC  | November 29, 2024  | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - February  | NFEB  | January 31, 2025  | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - January  | NJAN  | December 31, 2019  | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - July  | NJUL  | June 30, 2020  | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - June  | NJUN  | May 31, 2024  | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - March  | NMAR  | February 28, 2025  | Invesco QQQ Trust |
| Innovator Growth-100 Power Buffer ETF - May  | NMAY  | April 30, 2025  | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - November  | NNOV  | October 31, 2024  | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - October  | NOCT  | September 30, 2019  | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - September  | NSEP  | August 30, 2024  | Invesco QQQ Trust  |
| Innovator International Developed 10 Buffer ETF - Quarterly  | IBUF  | June 28, 2024  | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - April  | IAPR  | March 31, 2021  | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - August  | IAUG  | July 31, 2024  | iShares MSCI EAFE ETF  |

---

131<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Name**  | **Ticker**  | **Commencement of** <br>**Operations**  | **Tracking Fund**  |
| Innovator International Developed Power Buffer ETF - December  | IDEC  | November 30, 2023  | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - February  | IFEB  | January 31, 2024  | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - January  | IJAN  | December 31, 2019  | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - July  | IJUL  | June 28, 2019  | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - June  | IJUN  | May 31, 2024  | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - March  | IMAR  | February 29, 2024  | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - May  | IMAY  | April 30, 2024  | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - November  | INOV  | October 31, 2023  | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - October  | IOCT  | September 30, 2021  | iShares MSCI EAFE ETF  |
| &nbsp;&nbsp;&nbsp; Innovator International Developed Power Buffer <br>ETF - September  | ISEP  | August 31, 2023  | iShares MSCI EAFE ETF  |
| Innovator Nasdaq-100 10 Buffer ETF - Quarterly  | QBUF  | June 28, 2024  | Invesco QQQ Trust  |
| Innovator Premium Income 15 Buffer ETF - April  | LAPR  | March 28, 2024  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Premium Income 15 Buffer ETF - January  | LJAN  | December 29, 2023  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Premium Income 15 Buffer ETF - July  | LJUL  | June 28, 2024  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Premium Income 15 Buffer ETF - October  | LOCT  | September 29, 2023  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Premium Income 20 Barrier ETF - April  | APRH  | March 31, 2023  | S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 20 Barrier ETF - January  | JANH  | December 29, 2023  | S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 20 Barrier ETF - July  | JULH  | June 30, 2023  | S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 20 Barrier ETF - October  | OCTH  | September 29, 2023  | S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 30 Barrier ETF - April  | APRJ  | March 31, 2023  | S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 30 Barrier ETF - January  | JANJ  | December 29, 2023  | S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 30 Barrier ETF - July  | JULJ  | June 30, 2023  | S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 30 Barrier ETF - October  | OCTJ  | September 29, 2023  | S&P 500<sup>®</sup> Index  |
| Innovator U.S. Equity 10 Buffer ETF - Quarterly  | ZALT  | September 29, 2023  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly  | EALT  | September 29, 2023  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - April  | XBAP  | March 31, 2021  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - January  | XBJA  | December 31, 2021  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - July  | XBJL  | June 30, 2021  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - October  | XBOC  | September 30, 2021  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated ETF - Quarterly  | XDSQ  | March 31, 2021  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated Plus ETF - April  | XTAP  | March 31, 2021  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated Plus ETF - January  | XTJA  | December 31, 2021  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated Plus ETF - July  | XTJL  | June 30, 2021  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated Plus ETF - October  | XTOC  | September 30, 2021  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - April  | BAPR  | March 29, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - August  | BAUG  | July 31, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - December  | BDEC  | November 29, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - February  | BFEB  | January 31, 2020  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - January  | BJAN  | December 31, 2018  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - July  | BJUL  | August 28, 2018  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - June  | BJUN  | May 31, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - March  | BMAR  | February 28, 2020  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - May  | BMAY  | April 30, 2020  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - November  | BNOV  | October 31, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - October  | BOCT  | September 28, 2018  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - September  | BSEP  | August 30, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - April  | PAPR  | March 29, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - August  | PAUG  | July 31, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - December  | PDEC  | November 29, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - February  | PFEB  | January 31, 2020  | SPDR S&P 500<sup>®</sup> ETF Trust  |

---

132<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Name**  | **Ticker**  | **Commencement of** <br>**Operations**  | **Tracking Fund**  |
| Innovator U.S. Equity Power Buffer ETF - January  | PJAN  | December 31, 2018  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - July  | PJUL  | August 7, 2018  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - June  | PJUN  | May 31, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - March  | PMAR  | February 28, 2020  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - May  | PMAY  | April 30, 2020  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - November  | PNOV  | October 31, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - October  | POCT  | September 28, 2018  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - September  | PSEP  | August 30, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - April  | UAPR  | March 29, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - August  | UAUG  | July 31, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - December  | UDEC  | November 29, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - February  | UFEB  | January 31, 2020  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - January  | UJAN  | December 31, 2018  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - July  | UJUL  | August 7, 2018  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - June  | UJUN  | May 31, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - March  | UMAR  | February 28, 2020  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - May  | UMAY  | April 30, 2020  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - November  | UNOV  | October 31, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - October  | UOCT  | September 28, 2018  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - September  | USEP  | August 30, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Small Cap 10 Buffer ETF - Quarterly  | RBUF  | June 28, 2024  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - April  | KAPR  | March 31, 2020  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - August  | KAUG  | July 31, 2024  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - December  | KDEC  | November 29, 2024  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - February  | KFEB  | January 31, 2025  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - January  | KJAN  | December 31, 2019  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - July  | KJUL  | June 30, 2020  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - June  | KJUN  | May 31, 2024  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - March  | KMAR  | February 28, 2025  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - May  | KMAY  | April 30, 2025  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - November  | KNOV  | October 31, 2024  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - October  | KOCT  | September 30, 2019  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - September  | KSEP  | August 30, 2024  | iShares Russell 2000 ETF  |
| Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly  | QBF  | February 5, 2025  | CBOE Bitcoin U.S. ETF Index |

---

The Funds are exchange traded funds that offer one class of shares, do not charge a sales load, do not have a redemption fee and currently do not charge a 12b-1 fee to their shareholders. FFTY, LOUP, BOUT, BSTP, PSTP, SFLR, IGTR, QFLR, RFLR, SPUT, BFRZ, ACEI and ACII list and principally trade their shares on NYSE Arca, Inc. ("NYSE"), EPRF, BUFF, BUFB and XUSP list and principally trade their shares on Cboe BZX Exchange, Inc. ("Cboe BZX"). QHDG lists and principally trades its shares on Nasdaq Global Market ("Nasdaq").

BSTP and PSTP employ a "step-up strategy" in which the sub-adviser will seek to opportunistically manage the respective Fund's investment exposure by periodically terminating its FLEX Options investments earlier than its one-year expiration date and immediately reset the respective Fund's options portfolio for a new one-year period. The "step-up strategy" seeks to help a Fund's shareholder offset the timing risks inherent in owning an options package for one year. BSTP, PSTP and XUSP do not pursue a "defined outcome strategy" or seek to achieve the full one-year investment outcomes of the options portfolio held. Unlike other Innovator ETFs that utilize a defined outcome investment strategy, they do not seek to provide shareholders with a set buffer percentage and maximum upside potential over any specified time period.

133<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 "Financial Services – Investment Companies".

Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by Graham Day (Chief Investment Officer of the Adviser) who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

**Valuation: The net asset values ("NAV") of the Funds are determined as of the close of regular trading on the NYSE (normally 4:00 p.m. ET). If the NYSE closes early on a valuation day, the Funds shall determine NAV as of that time.** 

Portfolio securities generally shall be valued utilizing prices provided by independent pricing services. The Adviser, as the Trust's Valuation Designee ("Valuation Designee") is responsible for establishing valuation of portfolio securities and other instruments held by the Funds in accordance with the Trust's valuation procedures.

Common stocks, preferred stocks, exchange traded funds and other equity securities listed on any national or foreign exchange (excluding the NASDAQ National Market ("NASDAQ") and the London Stock Exchange Alternative Investment Market ("AIM")) are generally valued at the last sale price on the exchange on which they are principally traded or, for NASDAQ and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the exchange representing the principal market for such securities. Securities traded in the over-the-counter market are valued at the mean of the bid and the asked price, if available, and otherwise at their closing bid price. Redeemable securities issued by open-end investment companies shall be valued at the investment company's applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities. Units of Mount Vernon Liquid Assets Portfolio, LLC are not traded on an exchange and are valued at the investment company's net asset value per share as provided by the underlying fund's administrator. Fixed income securities, swaps, currency–, credit-, commodity- and equity-linked notes, and other similar instruments will be valued using a pricing service. Fixed income securities having a remaining maturity of 60 days or less when purchased will be valued at cost adjusted for amortization of premiums and accretion of discounts, provided the Valuation Designee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer specific conditions existing at the time of the determination. Deposit accounts are valued at acquisition cost. Foreign securities and other assets denominated in foreign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar as provided by the pricing service. All assets denominated in foreign currencies will be converted into U.S. dollars at the exchange rates in effect at the time of valuation. Restricted securities (with the exception of Rule 144A Securities for which market quotations are available) will normally be valued at fair value as determined by the Valuation Designee.

Exchange-traded option contracts (other than FLEX Option contracts) will be valued at the closing price in the market where such contracts are principally traded. If no closing price is available, they will be fair valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid price. OTC options are fair valued at the mean of the most recent bid and asked price, if available, and otherwise at their closing bid price. FLEX Options will be valued at a model-based price provided by the exchange on which the option is traded at the official close of that exchange's trading date. Otherwise, the value of a FLEX Option will be determined by the Valuation Designee in accordance with the Trust's valuation procedures.

134<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

If no quotation can be obtained from a pricing service, then the Valuation Designee will then attempt to obtain one or more broker quotes for the security. If no quotation is available from either a pricing service or one or more brokers or if the Valuation Designee has reason to question the reliability or accuracy of a quotation supplied or the use of amortized cost, the value of any portfolio security held by the Funds for which reliable market quotations are not readily available will be determined by the Valuation Designee in a manner that most appropriately reflects fair market value of the security on the valuation date. The use of a fair valuation method may be appropriate if, for example: (i) market quotations do not accurately reflect fair value of an investment; (ii) an investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (for example, a foreign exchange or market); (iii) a trading halt closes an exchange or market early; or (iv) other events result in an exchange or market delaying its normal close.

**Fair Valuation Measurement: FASB established a framework for measuring fair value in accordance with U.S. GAAP. Under ASC Topic 820, "Fair Value Measurement" ("ASC 820"), various inputs are used in determining the value of the Funds' investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:** 

Level 1 –

Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 –

Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 –

Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following table summarizes valuation of the Funds' investments under the fair value hierarchy as of October 31, 2025:

**Innovator Buffer Step-Up Strategy ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $60006742 | $— | $60006742  |
| **Total Investments** | $— | $60006742 | $— | $60006742  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(3016054) | $— | $(3016054)  |
| **Total Investments** | $— | $(3016054) | $— | $(3016054) |

---

135<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Deepwater Frontier Tech ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $166895384 | $— | $— | $166895384  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 13012242  |
| **Total Investments** | $166895384 | $— | $— | $179907626 |

---

**Innovator Equity Autocallable Income Strategy ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $4332043 | $— | $4332043  |
| **Total Investments** | $— | $4332043 | $— | $4332043  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Swaps<sup>(b)</sup> | $— | $17073 | $— | $17073  |
| **Total Other Financial Instruments** | $— | $17073 | $— | $17073  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Swaps<sup>(b)</sup> | $— | $(62888) | $— | $(62888)  |
| **Total Other Financial Instruments** | $— | $(62888) | $— | $(62888) |

---

**Innovator Equity Managed 100 Buffer ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $68848132 | $— | $— | $68848132  |
| &nbsp;&nbsp;&nbsp; Purchased Options | 1335652 | 1552635 |  | 2888287  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 1007406 |  |  | 1007406  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 4873686  |
| **Total Investments** | $71191190 | $1552635 | $— | $77617511  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $(195574) | $— | $— | $(195574)  |
| **Total Investments** | $(195574) | $— | $— | $(195574) |

---

136<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Equity Managed Floor ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1183671153 | $— | $— | $1183671153  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 16469902 |  |  | 16469902  |
| &nbsp;&nbsp;&nbsp; Purchased Options | 5954500 | 8415287 |  | 14369787  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 24421573  |
| **Total Investments** | $1206095555 | $8415287 | $— | $1238932415  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $(3408593) | $— | $— | $(3408593)  |
| **Total Investments** | $(3408593) | $— | $— | $(3408593) |

---

**Innovator Equity Premium Income - Daily PutWrite ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $4170735 | $— | $— | $4170735  |
| &nbsp;&nbsp;&nbsp; Equity-Linked Notes |  | 1558586 |  | 1558586  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 67467 |  |  | 67467  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 2344694 |  | 2344694  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 689564  |
| **Total Investments** | $4238202 | $3903280 | $— | $8831046  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(644) | $— | $(644)  |
| **Total Investments** | $— | $(644) | $— | $(644) |

---

**Innovator Gradient Tactical Rotation Strategy ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $56656298 | $— | $— | $56656298  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 4508026  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 74822 |  | 74822  |
| **Total Investments** | $56656298 | $74822 | $— | $61239146 |

---

137<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Hedged Nasdaq-100 ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $3800472 | $— | $— | $3800472  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 34363 |  | 34363  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 284226  |
| **Total Investments** | $3800472 | $34363 | $— | $4119061  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(108856) | $— | $(108856)  |
| **Total Investments** | $— | $(108856) | $— | $(108856) |

---

**Innovator IBD 50 ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $114305559 | $— | $— | $114305559  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 22377262  |
| **Total Investments** | $114305559 | $— | $— | $136682821 |

---

**Innovator IBD Breakout Opportunities ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $11230523 | $— | $— | $11230523  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 1137506  |
| **Total Investments** | $11230523 | $— | $— | $12368029 |

---

**Innovator Index Autocallable Income Strategy ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $3698207 | $— | $3698207  |
| **Total Investments** | $— | $3698207 | $— | $3698207  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Swaps<sup>(b)</sup> | $— | $(12503) | $— | $(12503)  |
| **Total Other Financial Instruments** | $— | $(12503) | $— | $(12503) |

---

138<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Laddered Allocation Buffer ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Exchange Traded Funds | $233193058 | $— | $— | $233193058  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 3104400  |
| **Total Investments** | $233193058 | $— | $— | $236297458 |

---

**Innovator Laddered Allocation Power Buffer ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Exchange Traded Funds | $734289906 | $— | $— | $734289906  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 6800000  |
| **Total Investments** | $734289906 | $— | $— | $741089906 |

---

**Innovator Nasdaq-100 Managed Floor ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $390601242 | $— | $— | $390601242  |
| &nbsp;&nbsp;&nbsp; Purchased Options | 5334362 |  |  | 5334362  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 14478423  |
| **Total Investments** | $395935604 | $— | $— | $410414027  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $(740020) | $(1780500) | $— | $(2520520)  |
| **Total Investments** | $(740020) | $(1780500) | $— | $(2520520) |

---

**Innovator Power Buffer Step-Up Strategy ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $133095228 | $— | $133095228  |
| **Total Investments** | $— | $133095228 | $— | $133095228  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(6551504) | $— | $(6551504)  |
| **Total Investments** | $— | $(6551504) | $— | $(6551504) |

---

139<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator S&P Investment Grade Preferred ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | $63434736 | $— | $— | $63434736  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Preferred | 9820410 |  |  | 9820410  |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | 9733932 |  |  | 9733932  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 2867253  |
| **Total Investments** | $82989078 | $— | $— | $85856331 |

---

**Innovator U.S. Small Cap Managed Floor ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $32707637 | $— | $— | $32707637  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 2231885 |  |  | 2231885  |
| &nbsp;&nbsp;&nbsp; Purchased Options | 31242 | 484005 |  | 515247  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 1979972  |
| **Total Investments** | $34970764 | $484005 | $— | $37434741  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $(66780) | $(6325) | $— | $(73105)  |
| **Total Investments** | $(66780) | $(6325) | $— | $(73105) |

---

**Innovator Uncapped Accelerated U.S. Equity ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $54610173 | $— | $54610173  |
| **Total Investments** | $— | $54610173 | $— | $54610173  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(6763235) | $— | $(6763235)  |
| **Total Investments** | $— | $(6763235) | $— | $(6763235) |

---

<sup>(a)</sup> In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedules of Investments. 

<sup>(b)</sup> The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of October 31, 2025.

See the Schedules of Investments for the investments detailed by industry classification.

140<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Option Contracts: In general, an option contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price (commonly known as the "strike price").** 

BSTP, PSTP and XUSP invest primarily in FLEX Option contracts. FLEX Options are customized option contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options in which the Funds will invest are all European style options (options that are exercisable only on the expiration date). The FLEX Options are listed on the Chicago Board Options Exchange.

BSTP, PSTP and XUSP will purchase and sell call and put FLEX Options. In general, put options give the holder (i.e., the buyer) the right to sell an asset (or deliver the cash value of the index, in case of an index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of an index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of an index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of an index call option) at a certain defined price.

When BSTP, PSTP and XUSP purchase an option, an amount equal to the premium paid by the Funds are recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Funds enter into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities.

When BSTP, PSTP and XUSP write an option, an amount equal to the premium received by the Funds are recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Funds have realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Funds. BSTP, PSTP and XUSP, as writers of an option, bear the market risk of an unfavorable change in the price of the security underlying the written option.

All of the FLEX Option contracts held by BSTP, PSTP and XUSP are fully funded and cash settled, therefore balance sheet offsetting under U.S. GAAP does not apply.

BSTP, PSTP and XUSP bear the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Funds could suffer significant losses. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid market for the FLEX Options, the Funds may have difficulty closing out certain FLEX Options positions at desired times and prices. The Funds may experience substantial downside from specific FLEX Option positions and certain FLEX Option positions may expire worthless. The value of the underlying FLEX Options will be affected by, among others, changes in the value of the exchange, changes in interest rates, changes in the actual and implied volatility of the Index and the remaining time to until the FLEX Options expire. The value of the FLEX Options does not increase or decrease at the same rate as the level of the Index (although they generally move in the same direction). However, as a FLEX Option approaches its expiration date, its value typically increasingly moves with the value of the Index.

**Swap Contracts: In general, a swap contract is an agreement between two parties to exchange a sequence of cash flows or liabilities for a predetermined period, with each respective party taking on either fixed or variable rate risk on market conditions.** 

141<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

ACEI seeks to invest primarily in over-the-counter ("OTC") swap agreements, each seeking to replicate the defined return characteristics of an autocallable note. Each autocallable instrument in which the Fund invests is designed to provide the following investment profile:

&nbsp;&nbsp;&nbsp;&nbsp;• Periodic Income Payments: Potential for periodic
 income payments at defined times over the duration of each autocallable instrument, contingent on the performance of the reference assets.

&nbsp;&nbsp;&nbsp;&nbsp;• Potential to Limit Downside Losses: No participation
 in the losses of a reference asset unless the losses of such reference asset exceed a pre-determined investment barrier, in which case
 the Fund will experience the losses of such reference asset over the duration the autocallable instrument on a one-to-one basis, offset
 by any income payments received.

ACII seeks to invest primarily in OTC swap agreements, each seeking to replicate the defined return characteristics of an autocallable note. Each autocallable instrument in which the Fund invests is designed to provide the following investment profile:

&nbsp;&nbsp;&nbsp;&nbsp;• Periodic Income Payments: Potential for periodic
 income payments at defined times over the duration of each autocallable instrument, contingent on the performance of the worst-performing
 index amongst the S&P 500 Index, Russell 2000 Index and the Nasdaq-100 Index (each, a "Market Index" and collectively,
 the "Market Indices").

&nbsp;&nbsp;&nbsp;&nbsp;• Potential to Limit Downside Losses: No participation
 in the losses of any of the Market Indices unless the losses of the worst-performing Market Index exceed a pre-determined investment barrier,
 in which case the Fund will experience the entirety of the losses of the worst-performing Market Index over the duration the autocallable
 Instrument on a one-to-one basis, offset by any income payments received.

Such OTC swap agreements are complex instruments that have multiple components impacting the value of the swaps. The reference asset or indices, knock-in/knock-out provisions and maturity dates are all inputs to the swap value.

Both ACEI and ACII's barrier levels will be approximately 70% of the common stocks or indices linked to the applicable reference entity. The performance of a given autocallable instrument is evaluated at one of three categories of measurement dates: Coupon Observation Dates, Call Observation Dates and the Maturity Date. Below is a sample payout structure of an autocallable instrument:

---

| | | |
|:---|:---|:---|
| **Evaluation Timing** | **Reference Asset Value** | **Payout**  |
| <sup>(a)</sup>Coupon Observation Date Evaluation | Greater than the Coupon Barrier Level | The Coupon Payment is made by the counterparty, and the Autocallable Instrument continues in existence. The Fund does not participate in any gains or losses of the Reference Asset.  |
| <sup>(a)</sup>Coupon Observation Date Evaluation | Less than the Coupon Barrier Level | The Coupon Payment is not made by the counterparty, but the Autocallable Instrument continues in existence. The Fund does not participate in any losses of the Reference Asset.  |
| <sup>(b)</sup>Call Observation Date Evaluation | Greater than the Autocallable Level | The Autocallable Instrument is automatically terminated. The Fund does not participate in any gains of the Reference Asset.  |
| <sup>(b)</sup>Call Observation Date Evaluation | Less than the Autocallable Level | The Autocallable Instrument continues in existence. The Fund does not participate in any losses of the Reference Asset.  |

---

142<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Evaluation Timing** | **Reference Asset Value** | **Payout**  |
| <sup>(c)</sup>Maturity Date Evaluation | Greater than the Maturity Barrier Level | The Autocallable Instrument returns the principal amount invested. The Fund experiences no gains or losses of the Reference Asset over the duration of the instrument. The gains experienced by the Fund are the cumulative Coupon Payments received.  |
| <sup>(c)</sup>Maturity Date Evaluation | Less than the Maturity Barrier Level | The Autocallable Instrument returns the principal amount invested, minus the entirety of the percentage of losses of the Reference Asset over the duration of the instrument. The losses experienced are equal to the losses of Reference Asset, offset by the cumulative Coupon Payments received. |

---

<sup>(a)</sup> Periodic dates (i.e., monthly) through the life of the Autocallable Instrument on which each Market Index is measured to evaluate the worst performing Market Index against the Coupon Barrier Level to determine whether the Coupon Payment is made during a given month.

<sup>(b)</sup> Periodic dates (i.e., quarterly) through the life of the Autocallable Instrument on which the Reference Asset is measured to evaluate the Reference Asset against the Autocallable Level (if outside the No-Call Period).

<sup>(c)</sup> Date on which the Autocallable Instrument expires, and amounts are paid out by the parties. 

The Autocallable Instruments utilized by ACEI and ACII will be evaluated on a particular Coupon Observation Date, Call Observation Date and/or Maturity Date based on the performance of the Reference Asset of the specific Autocallable Instrument. The Fund anticipates making periodic distributions from the Autocallable Instruments, which will only make Coupon Payments if the Coupon Barrier has not been met or exceeded by the Reference Asset. It is anticipated that the Coupon Barrier Levels for the Autocallable Instruments will be approximately 70% of the Autocallable Level and the Maturity Barrier Levels for the Autocallable Instruments will be approximately 70% of the Autocallable Level.

**Equity-linked Notes: In general, an equity-linked note is a hybrid derivative-type instruments that is designed to combine the characteristics of one or more reference securities (such as a single stock, a stock index or a basket of stocks) and a related equity derivative. These notes are notes where the principal and/or interest rate or value of the structured note is determined by reference to the performance of an underlying reference asset. Underlying reference assets may include a security, a basket of equity securities, a market index or a commodity. SPUT invests in an ELN which entitles the Fund to receive recurring monthly payments that represent the premiums generated by the ELN's leveraged exposure. The ELN in which the Fund invests, on a daily basis, will have investment exposure to put option contracts on the S&P 500 that have a value greater than the assets invested in the ELN, specifically 3.75x.** 

The value of derivative instruments on the Statements of Assets and Liabilities for the Funds as of October 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Asset** <br>**Derivatives** | **Liability** <br>**Derivatives**  |
|  | **Investments,** <br>**at value**  | **Options** <br>**written,** <br>**at value**  |
| **BSTP** | $60006742 | $3016054  |
| **BFRZ** | 2888287 | 195574  |
| **SFLR** | 14369787 | 3408593  |
| **SPUT** |  | 644  |
| **QHDG** | 34363 | 108856  |
| **QFLR** | 5334362 | 2520520  |
| **PSTP** | 133095228 | 6551504  |
| **RFLR** | 515247 | 73105  |
| **XUSP** | 54610173 | 6763235 |

---

143<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Risk<sup>(a)</sup> - Swap Contracts**  | **Equity Risk<sup>(a)</sup> - Swap Contracts**  | **Equity Risk<sup>(a)</sup> - Swap Contracts**  | **Equity Risk<sup>(a)</sup> - Swap Contracts**  |
|  | **Asset Derivatives as of October 31, 2025** | **Asset Derivatives as of October 31, 2025** | **Liability Derivatives as of October 31, 2025**  | **Liability Derivatives as of October 31, 2025**  |
|  | **Statement of Assets** <br>**and Liabilities** | **Value** | **Statement of Assets** <br>**and Liabilities** | **Value**  |
| **ACEI** | Unrealized appreciation <br>on swap contracts | $17073  | Unrealized depreciation <br>on swap contracts | $(62888)  |
| **ACII** | Unrealized appreciation <br>on swap contracts | —  | Unrealized depreciation <br>on swap contracts | (12503) |

---

<sup>(a)</sup> Interest Rate Swap contracts as designated on the SOI are classified as equity risk due to the underlining exposure to equity positions.

The effect of derivative instruments on the Statements of Operations for the year or period ended October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  |
|  | **Purchased** <br>**options<sup>(a)</sup>** | **Purchased** <br>**options** <br>**in-kind<sup>(b)</sup>** | **Options** <br>**written** | **Options** <br>**written** <br>**in-kind<sup>(b)</sup>**  |
| **BSTP** | **$(656711)** | $6650104 | $(1264173) | $2202649  |
| **BFRZ** | (691251) |  | 58836 | —  |
| **SFLR** | (13771564) |  | (1225309) | —  |
| **SPUT** |  |  | (6036) | —  |
| **QHDG** | (451361) | (2041) | (441843) | 185713  |
| **QFLR** | (7386861) |  | (2946277) | —  |
| **PSTP** | 2754626 | 13144046 | (4425952) | 3212719  |
| **RFLR** | (421708) |  | 926331 | —  |
| **XUSP** | (2957781) | 1868474 | (1203973) | 1237966 |

---

<sup>(a)</sup> Amount is included in realized gain/(loss) on investments on the Statements of Operations. 

<sup>(b)</sup> Amount is included in realized gain/(loss) in-kind on the Statements of Operations. 

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put** <br>**Options not Accounted for** <br>**as Hedging Instruments**  | **Equity Risk - Call and Put** <br>**Options not Accounted for** <br>**as Hedging Instruments**  |
|  | **Change in Unrealized** <br>**Appreciation/(Depreciation) on** <br>**Derivatives Recognized in Income**  | **Change in Unrealized** <br>**Appreciation/(Depreciation) on** <br>**Derivatives Recognized in Income**  |
|  | **Purchased** <br>**options<sup>(c)</sup>** | **Options** <br>**written**  |
| **BSTP** | $1456601 | $(408054)  |
| **BFRZ** | (1471377) | (12954)  |
| **SFLR** | (11173412) | (1498092)  |
| **SPUT** |  | (209)  |
| **QHDG** | (35386) | (78303)  |
| **QFLR** | (5074658) | (1646575)  |
| **PSTP** | 591251 | (183686)  |
| **RFLR** | (487199) | 71737  |
| **XUSP** | 9599886 | (2501620) |

---

<sup>(c)</sup> Amount is included in the change in unrealized appreciation/(depreciation) on investments on the Statements of Operations. 

144<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Equity Risk<sup>(a)</sup> - Swap Contracts** | **Equity Risk<sup>(a)</sup> - Swap Contracts** | **Equity Risk<sup>(a)</sup> - Swap Contracts** |
|  | **Location of Gain (Loss) on** <br>**Derivatives Recognized in Income** | **Realized Gain** <br>(Loss) on <br>**Derivatives** <br>**Recognized in** <br>**Income** | **Change in** <br>**Unrealized** <br>**Appreciation/**<br>**Depreciation on** <br>**Derivatives** <br>**Recognized in** <br>**Income**  |
| **ACEI** | Realized and Unrealized <br>Gain (Loss) on Swaps | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(45815)  |
| **ACII** | Realized and Unrealized <br>Gain (Loss) on Swaps | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12503) |

---

<sup>(a)</sup> Interest Rate Swap contracts as designated on the SOI are classified as equity risk due to the underlining exposure to equity positions.

The average volume of derivative activity during the year or period ended October 31, 2025, is as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchased** <br>**Options** | **Options** <br>**Written**  |
|  | **Average** <br>**Monthly** <br>**Market** <br>**Value** | **Average** <br>**Monthly** <br>**Market** <br>**Value**  |
| **BSTP** | $63335364 | $(2380920)  |
| **BFRZ** | 1676015 | (78987)  |
| **SFLR** | 11491087 | (2354972)  |
| **SPUT** |  | (505)  |
| **QHDG** | 103799 | (145719)  |
| **QFLR** | 5375349 | (1054685)  |
| **PSTP** | 116228035 | (4232963)  |
| **RFLR** | 474276 | (47818)  |
| **XUSP** | 50536021 | (4839191) |

---

---

| | | |
|:---|:---|:---|
|  |  | **Average** <br>**Notional** <br>**Amount**  |
| **ACEI** | Swaps Purchased | $3437500  |
| **ACII** | Swaps Purchased | 3437400 |

---

**Use of Estimates: In preparing financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.** 

**Guarantees and Indemnifications: In the normal course of business, the Trust may enter into a contract with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims against the Trust that have not yet occurred. Based on experience, the Trust expects the risk of loss to be remote.** 

**Tax Information: The Funds are treated as separate entities for federal income tax purposes. The Funds intend to qualify as regulated investment companies ("RICs") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). To qualify and remain eligible for the special tax treatment accorded to RICs, the Funds must meet certain annual income and quarterly asset diversification requirements and must distribute annually at least 90% of the sum of (i) its investment company taxable income (which includes dividends, interest and net short-term capital gains) and (ii) certain net tax-exempt income, if any. If so qualified, the Funds will not be subject to federal income tax to the extent the Funds distribute all of their net investment income and capital gains to shareholders.** 

145<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

Management evaluates the Funds' tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Tax benefits associated with an uncertain tax position can be recognized only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. Interest and penalties related to income taxes would be recorded as tax expense in the Statements of Operations. During the year or period ended October 31, 2025, the Funds did not incur any interest or penalties. The Funds' federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. As of October 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. As of October 31, 2025, the Funds have no examinations in progress and management is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

U.S. GAAP requires that certain components of net assets be reclassified between distributable earnings/(accumulated deficit) and additional paid-in capital. These reclassifications have no effect on net assets or net asset value per share. For the year or period ended October 31, 2025, the Funds made the following permanent book-to-tax reclassifications primarily related to net operating loss forfeitures and redemptions in kind:

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings/**<br>**(Accumulated** <br>**Deficit)** | **Paid-In** <br>**Capital**  |
| **BSTP** | $(8324040) | $8324040  |
| **LOUP** | (5537575) | 5537575  |
| **ACEI** | —  |  |
| **BFRZ** | (197439) | 197439  |
| **SFLR** | (36950425) | 36950425  |
| **SPUT** | 12898  | (12898)  |
| **IGTR** | (1114657) | 1114657  |
| **QHDG** | (1858003) | 1858003  |
| **FFTY** | (5018774) | 5018774  |
| **BOUT** | (433249) | 433249  |
| **ACII** | —  |  |
| **BUFB** | (8431951) | 8431951  |
| **BUFF** | (38670720) | 38670720  |
| **QFLR** | (13730589) | 13730589  |
| **PSTP** | (15565147) | 15565147  |
| **EPRF** | 51289  | (51289)  |
| **RFLR** | (201913) | 201913  |
| **XUSP** | (2740688) | 2740688 |

---

**Distributions to Shareholders: Distributions to shareholders are recorded on the ex-dividend date. FFTY, BUFF, LOUP, BOUT, BUFB, BSTP, PSTP, XUSP and IGTR intend to pay out dividends from their net investment income, if any, annually. EPRF, SPUT, ACEI, and ACII, along with SFLR, QFLR, RFLR, QHDG, and BFRZ intend to pay out dividends from its net investment income, if any, monthly and quarterly, respectively. Distributions of net realized capital gains, if any, will be declared and paid at least annually by the Funds. The Funds may periodically make reclassifications among certain of its capital accounts as a result of the recognition and characterization of certain income and capital gain distributions determined annually in accordance with federal tax regulations which may differ from U.S. GAAP. Distributions that exceed earnings and profits for tax purposes are reported as a return of capital.** 

**Investment Transactions and Investment Income: Investment transactions are recorded on the trade date. The Trust determines the gain or loss realized from investment transactions on the basis of identified cost. Dividend income,** 

146<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

if any, is recognized on the ex-dividend date or, in the case of foreign securities, as soon as the Funds are informed of the ex-dividend dates. Interest income, including accretion of discounts and amortization of premiums is recognized on an accrual basis using the effective yield method.

Distributions received from investments in master limited partnerships ("MLPs"), closed-end funds, real estate investment trusts ("REITs") and royalty trusts are comprised of ordinary income, capital gains and return of capital. For financial statement purposes, estimates are used to characterize these distributions received as return of capital, capital gains or ordinary income. Such estimates are based on historical information available from each MLP, closed-end fund, REIT or royalty trust and other industry sources. These estimates may subsequently be revised and reflected on the Form 1099 received by shareholders based on information received for the security after its tax reporting periods are concluded, as the actual character of these distributions is not known until after the fiscal year end. The distributions received from MLPs, REITs, closed-end funds, and royalty trust securities that have been classified as income and capital gains are included in dividend income and net realized gain/(loss) on investments, respectively, on the Statements of Operations. The distributions received that are classified as return of capital reduce the cost of investments on the Statements of Assets and Liabilities.

Purchases and sales of investments and dividend and interest income are translated into U.S. dollars using the spot market rates of exchange prevailing on the respective dates of such translations. The gain or loss resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate. Foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin. Foreign securities are recorded in the financial statements after translation to U.S. dollars based on the applicable exchange rate at the end of the period. The Funds report certain foreign currency-related transactions as components of realized gains or losses for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.

3. INVESTMENT ADVISOR AND OTHER AFFILIATES

Innovator Capital Management, LLC (the "Adviser") acts as investment adviser to the Funds pursuant to investment advisory agreements between the Trust and the Adviser with respect to the Funds ("Advisory Agreements") and, pursuant to the Advisory Agreements, is responsible for the day-to-day management of the Funds.

Pursuant to an investment advisory agreement between the Trust and the Adviser with respect to FFTY, FFTY pays monthly the Adviser a management fee calculated daily based on the average daily net assets of the Fund.

Pursuant to an investment advisory agreement between the Trust and the Adviser with respect to the Funds, excluding FFTY, each respective Fund pays monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund. During the term of the Advisory Agreement, the Adviser pays all expenses of the respective Funds, including the cost of transfer agency, custody, fund administration, legal, audit, and other services and license fees, except for the fees paid under the Advisory Agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses.

---

| | | |
|:---|:---|:---|
|  | **Management/**<br>**Unitary Fee Rate** | **Sub-Adviser**  |
| **BSTP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | Milliman  |
| **LOUP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | Penserra  |
| **ACEI** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | Milliman  |
| **BFRZ** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | Parametric  |
| **SFLR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | Parametric  |
| **SPUT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | Milliman  |
| **IGTR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | Penserra/Gradient  |
| **QHDG** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | Milliman  |
| **FFTY** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | Penserra  |
| **BOUT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | Penserra  |
| **ACII** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | Milliman  |

---

147<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Management/**<br>**Unitary Fee Rate** | **Sub-Adviser**  |
| **BUFB** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | Penserra  |
| **BUFF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | Penserra  |
| **QFLR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | Parametric  |
| **PSTP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | Milliman  |
| **EPRF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | Penserra  |
| **RFLR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | Parametric  |
| **XUSP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | Milliman |

---

Penserra Capital Management, LLC ("Penserra"), Milliman Financial Risk Management, LLC ("Milliman"), Parametric Portfolio Associates ("Parametric"), and Gradient Investments, LLC ("Gradient") (collectively the "Sub-Advisers") act as sub-adviser to the Funds pursuant to sub-advisory agreements between the Adviser and respective Sub-Adviser with respect to the Funds ("Sub-Advisory Agreements") and, pursuant to the Sub-Advisory Agreements, are responsible for execution of the Sub-Adviser's strategy for each of the Funds. The Sub-Advisers are responsible for the day-to-day management of the Fund's portfolios. Pursuant to the Sub-Advisory Agreements between the Adviser and the respective Sub-Adviser, the Adviser pays the Sub-Advisers a fee, based on the Funds' average daily net assets, for the services and facilities they provide payable on a monthly basis.

Certain trustees and officers of the Trust are affiliated with the Adviser. Excluding FFTY, Trustee compensation is paid for by the Adviser.

The Trust entered into an Expense Limitation Agreement on behalf of FFTY with the Adviser. Under the terms of the Expense Limitation Agreement with FFTY, the Adviser contractually agreed to waive their advisory fees and/or assume as their own expense, certain expenses otherwise payable by the Fund to the extent necessary to ensure that total annual fund operating expenses (excluding any Rule 12b-1 fees, taxes, interest, brokerage fees, acquired fund fees and expenses, expenses incurred in connection with any merger, reorganization or proxy solicitation, litigation, and other extraordinary expenses) do not exceed 0.80% of average daily net assets of FFTY until August 31, 2026. Pursuant to the terms of the Expense Limitation Agreement, Innovator is entitled to recoup any fees that it waived and/or Fund expenses that it paid for a period of three years following such fee waivers and/or expense payments. The Fund may only make such repayment to the Adviser if, after the recoupment payment has been taken into account, it does not cause the Fund's expense ratio to exceed either the expense cap in place at the time the expenses were waived or the Fund's current expense cap. For the year ended October 31, 2025, the Adviser waived $175,458 of their advisory fees for FFTY without recouping any of their previously waived fees. The table below indicates the amount of fees that the Adviser may recoup:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Recovery Expiring in<sup>\*</sup>:**  | **Recovery Expiring in<sup>\*</sup>:**  | **Recovery Expiring in<sup>\*</sup>:**  | **Recovery Expiring in<sup>\*</sup>:**  |
|  | **FYE** <br>**10/31/2026** | **FYE** <br>**10/31/2027** | **FYE** <br>**10/31/2028** | **Total**  |
| **FFTY** | $256501 | $168974 | $175458 | $600933 |

---

\* Recoupment expires on a rolling monthly basis three years following the respective fee waivers.

4. INVESTMENT TRANSACTIONS

For the year or period ended October 31, 2025, the cost of purchases and proceeds from sales of investment securities, other than in-kind purchases and sales and short-term investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales**  | **Sales**  |
|  | **U.S.** <br>**Government** | **Other** | **U.S.** <br>**Government** | **Other**  |
| **BSTP** | $— | $— | $— | $—  |
| **LOUP** |  | 113271098 |  | 107002182  |
| **ACEI** |  |  |  | —  |
| **BFRZ** |  | 4042065 |  | 2407579  |

---

148<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales**  | **Sales**  |
|  | **U.S.** <br>**Government** | **Other** | **U.S.** <br>**Government** | **Other**  |
| **SFLR** | $— | $81387479 | $— | $100458640  |
| **SPUT** |  | 3568721 |  | 2212382  |
| **IGTR** |  | 377377591 |  | 381634403  |
| **QHDG** |  | 1785220 |  | 2246614  |
| **FFTY** |  | 935898706 |  | 935104213  |
| **BOUT** |  | 206833011 |  | 206981782  |
| **ACII** |  |  |  | —  |
| **BUFB** |  | 1730341 |  | 1948814  |
| **BUFF** |  | 4899554 |  | 5171122  |
| **QFLR** |  | 73098333 |  | 86574507  |
| **PSTP** |  |  |  | —  |
| **EPRF** |  | 25029243 |  | 25845902  |
| **RFLR** |  | 5579605 |  | 5392517  |
| **XUSP** |  |  |  |  |

---

For the year or period ended October 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Creations** | **In-Kind** <br>**Redemptions**  |
| **BSTP** | $875657 | $195274389  |
| **LOUP** | 66147184 | 12922491  |
| **ACEI** |  | —  |
| **BFRZ** | 64336413 | 1251884  |
| **SFLR** | 682537711 | 121850913  |
| **SPUT** | 6135813 | 2287830  |
| **IGTR** | 1179030 | 90980771  |
| **QHDG** | 5299443 | 9012015  |
| **FFTY** | 57684276 | 38572014  |
| **BOUT** | 1892653 | 3680546  |
| **ACII** |  | —  |
| **BUFB** | 74152429 | 31891751  |
| **BUFF** | 334211497 | 155053843  |
| **QFLR** | 180204861 | 60734764  |
| **PSTP** | 17126341 | 278409241  |
| **EPRF** | 7167153 | 23583809  |
| **RFLR** | 30003710 | 1149954  |
| **XUSP** | 2255007 | 85157103 |

---

Net capital gains or losses resulting from in-kind redemptions are excluded for the Funds' taxable gains and are not distributed to shareholders.

5. CREATION AND REDEMPTION TRANSACTIONS

There are an unlimited number of shares of beneficial interest (without par value) authorized by the Trust. Individual shares of the Funds may only be purchased and sold at market prices on the applicable Exchange through a broker-dealer. Such transactions may be subject to customary commission rates imposed by the broker-dealer, and market prices for the Funds' shares may be at, above or below its NAV depending on the premium or discount at which the Funds' shares trade.

149<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

The Funds issue and redeem shares on a continuous basis at NAV only in blocks of shares, called "Creation Units." Creation Units are issued and redeemed for cash or in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Shares of the Funds may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. A transaction fee is applicable to each transaction regardless of the number of units purchased or sold in the transaction. Each Fund, subject to approval by the Board of Trustees, may adjust transaction fees from time to time based upon actual experience. Additional charges received by the Funds, if any, are disclosed as Transaction Fees on the Statements of Changes in Net Assets. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

6. SECURITIES LENDING

The Funds, excluding BSTP, PSTP, XUSP, ACEI and ACII, may lend up to 33<sup>1</sup>∕3% of the value of the securities in their respective portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the securities lending agent. The Trust has entered into a Securities Lending Agreement ("SLA") with U.S. Bank, N.A., the Funds' custodian (the "Agent"). Under the terms of the SLA, the Funds may lend securities to certain broker-dealers and banks in exchange for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked to market daily. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and letters of credit. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC ("Mount Vernon"), as noted in the Funds' Schedules of Investments. Mount Vernon seeks to maximize current income to the extent consistent with the preservation of capital and liquidity; and to maintain a stable NAV of $1.00. Mount Vernon has an overnight and continuous maturity. The market value of the loaned securities is determined daily at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds continue to benefit from interest or dividends on the securities loaned and may also earn a return from the collateral. The Funds pay various fees in connection with the investment of cash collateral. The Funds pay the Agent fees based on the investment income received from securities lending activities. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return them. In the event of a borrower's material default, the Agent shall take all actions the Agent deems appropriate to liquidate the collateral, purchase replacement securities at the Agents' expense, or pay the Funds an amount equal to the market value of the loaned securities, subject to certain limitations.

As of October 31, 2025, the values of the securities on loan, cash collateral received, and fees and interest were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Value of** <br>**Securities on** <br>**Loan** | **Cash** <br>**Collateral** <br>**Received** | **Fees and** <br>**Interest** <br>**Earned**  |
| **LOUP** | $13611333 | $13012242 | $15617  |
| **BFRZ** | 4824665 | 4873686 | 1137  |
| **SFLR** | 24270766 | 24421573 | 48280  |
| **SPUT** | 673842 | 689564 | 91  |
| **IGTR** | 4376754 | 4508026 | 6930  |
| **QHDG** | 277045 | 284226 | 538  |
| **FFTY** | 20591395 | 22377262 | 434720  |
| **BOUT** | 1117922 | 1137506 | 5771  |
| **BUFB** | 3048433 | 3104400 | 84473  |
| **BUFF** | 6633600 | 6800000 | 236353  |
| **QFLR** | 14197201 | 14478423 | 9154  |
| **EPRF** | 2781873 | 2867253 | 95615  |
| **RFLR** | 1946895 | 1979972 | 14812 |

---

150<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

Due to the absence of a master netting agreement related to the applicable Funds' participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.

7. FEDERAL INCOME TAX INFORMATION

At October 31, 2025, the cost of investments including options written and net unrealized appreciation/ (depreciation) for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of** <br>**Portfolio**  | **Gross** <br>**Unrealized** <br>**Appreciation**  | **Gross** <br>**Unrealized** <br>**Depreciation**  | **Net Unrealized** <br>**Appreciation/** <br>(Depreciation)  |
| **BSTP** | $56258570  | $1482022  | $(749904) | $732118  |
| **LOUP** | 131536057  | 53315946  | (4944377) | 48371569  |
| **ACEI** | 4331004  | 1039  | —  | 1039  |
| **BFRZ** | 72421412  | 6507694  | (1507169) | 5000525  |
| **SFLR** | 1055892620  | 210450649  | (30819447) | 179631202  |
| **SPUT** | 8173254  | 798213  | (141065) | 657148  |
| **IGTR** | 54887536  | 7893195  | (1541585) | 6351610  |
| **QHDG** | 3447562  | 800306  | (237663) | 562643  |
| **FFTY** | 121950542  | 16826222  | (2093943) | 14732279  |
| **BOUT** | 12115719  | 995180  | (742870) | 252310  |
| **ACII** | 3697305  | 902  | —  | 902  |
| **BUFB** | 197879864  | 38542812  | (125218) | 38417594  |
| **BUFF** | 648316429  | 93001609  | (228132) | 92773477  |
| **QFLR** | 316736677  | 100999157  | (9842327) | 91156830  |
| **PSTP** | 126559044  | —  | (15320) | (15320)  |
| **EPRF** | 96742211  | 551226  | (11437106) | (10885880)  |
| **RFLR** | 34736983  | 4653733  | (2029080) | 2624653  |
| **XUSP** | 41856246  | 9195010  | (3204318) | 5990692 |

---

The differences between book basis and tax basis cost on investments and net unrealized appreciation/(depreciation) are primarily attributable to wash sale loss deferrals, investments in PFICs, tax treatment of derivatives, and partnership investments.

As of October 31, 2025 the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Accumulated** <br>**Capital and** <br>**Other Losses**  | **Distributions** <br>**Payable**  | **Undistributed** <br>**Net Ordinary** <br>**Income**  | **Unrealized** <br>**Appreciation/** <br>(Depreciation) <br>**on Investments**  | **Total** <br>**Distributable** <br>**Earnings** <br>**(Accumulated** <br>**Deficit)**  |
| **BSTP** | $(4014097) | $—  | &nbsp;&nbsp; $—  | $732118  | $(3281979)  |
| **LOUP** | (24667658) | —  | &nbsp;&nbsp; —  | 48371569  | 23703911  |
| **ACEI** | (32533) | —  | &nbsp;&nbsp; —  | 1039  | (31494)  |
| **BFRZ** | (2169043) | —  | &nbsp;&nbsp; —  | 5000525  | 2831482  |
| **SFLR** | (56668110) | —  | &nbsp;&nbsp; —  | 179631202  | 122963092  |
| **SPUT** | (106978) | —  | &nbsp;&nbsp; —  | 657148  | 550170  |
| **IGTR** | (37213435) | —  | &nbsp;&nbsp; 220264  | 6351610  | (30641561)  |
| **QHDG** | (1133047) | —  | &nbsp;&nbsp; —  | 562643  | (570404)  |
| **FFTY** | (302588167) | —  | &nbsp;&nbsp; 933609  | 14732279  | (286922279)  |
| **BOUT** | (10436680) | —  | &nbsp;&nbsp; —  | 252310  | (10184370)  |
| **ACII** | (394) | —  | &nbsp;&nbsp; —  | 902  | 508  |

---

151<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Accumulated** <br>**Capital and** <br>**Other Losses**  | **Distributions** <br>**Payable**  | **Undistributed** <br>**Net Ordinary** <br>**Income**  | **Unrealized** <br>**Appreciation/** <br>(Depreciation) <br>**on Investments**  | **Total** <br>**Distributable** <br>**Earnings** <br>**(Accumulated** <br>**Deficit)**  |
| **BUFB** | $(194619) | $—  | &nbsp;&nbsp; $—  | $38417594  | $38222975  |
| **BUFF** | (39310744) | —  | &nbsp;&nbsp; —  | 92773477  | 53462733  |
| **QFLR** | (32328610) | —  | &nbsp;&nbsp; —  | 91156830  | 58828220  |
| **PSTP** | (4637942) | —  | &nbsp;&nbsp; —  | (15320) | (4653262)  |
| **EPRF** | (36173179) | (395250) | &nbsp;&nbsp; —  | (10885880) | (47454309)  |
| **RFLR** | (351421) | —  | &nbsp;&nbsp; —  | 2624653  | 2273232  |
| **XUSP** | (6739173) | —  | &nbsp;&nbsp; —  | 5990692  | (748481) |

---

Certain qualified late year ordinary losses incurred after December 31, and within the current taxable year, are deemed to arise on the first business day of the next taxable year.

At October 31, 2025, the Funds deferred the following qualified late year ordinary losses:

---

| | |
|:---|:---|
|  | **Late Year** <br>**Ordinary** <br>**Losses**  |
| **BSTP**  | $445444  |
| **LOUP**  | 783023  |
| **ACEI**  | 32533  |
| **BFRZ**  | —  |
| **SFLR**  | —  |
| **SPUT**  | —  |
| **IGTR**  | —  |
| **QHDG**  | 20666  |
| **FFTY**  | —  |
| **BOUT**  | 24506  |
| **ACII**  | 394  |
| **BUFB**  | 194619  |
| **BUFF**  | 727610  |
| **QFLR**  | 716443  |
| **PSTP**  | 832621  |
| **EPRF**  | —  |
| **RFLR**  | —  |
| **XUSP**  | 291055 |

---

At October 31, 2025, for federal income tax purposes, the Funds had capital loss carryforwards available to offset future capital gains for an unlimited period as indicated below:

---

| | | |
|:---|:---|:---|
|  | **Indefinite** <br>**Short-Term**  | **Indefinite** <br>**Long-Term**  |
| **BSTP** | $3568653  | $—  |
| **LOUP** | 13822723  | 10008554  |
| **ACEI** | —  | —  |
| **BFRZ** | 900503  | 1268540  |
| **SFLR** | 41441308  | 15226801  |
| **SPUT** | 103367  | 3610  |
| **IGTR** | 37218723  | —  |
| **QHDG** | 1110883  | 1498  |

---

152<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Indefinite** <br>**Short-Term**  | **Indefinite** <br>**Long-Term**  |
| **FFTY** | $301961303  | $—  |
| **BOUT** | 10393738  | —  |
| **ACII** | —  | —  |
| **BUFB** | —  | —  |
| **BUFF** | 38583134  | —  |
| **QFLR** | 25061548  | 6550619  |
| **PSTP** | 3805321  | —  |
| **EPRF** | 8893904  | 27279275  |
| **RFLR** | 351421  | —  |
| **XUSP** | 6448118  |  |

---

To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders. During the current tax year ended October 31, 2025, the following capital loss carryforwards available were utilized:

---

| | |
|:---|:---|
|  | **Capital Loss** <br>**Carryforwards** <br>**Utilized**  |
| **LOUP** | $7448672  |
| **FFTY** | 14930358  |
| **BOUT** | 394002  |
| **BUFF** | 4152 |

---

All other Funds did not utilize capital loss carryforwards during the current tax year ended October 31, 2025.

The tax character of the distributions paid by the Funds during the fiscal years or period ended October 31, 2025 and October 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025 Distributions paid from:**  | **2025 Distributions paid from:**  | **2025 Distributions paid from:**  | **2025 Distributions paid from:**  |
|  | **Net Ordinary** <br>**Income**  | **Net Long-Term** <br>**Capital Gains**  | **Return of** <br>**Capital**  | **Total** <br>**Distributions Paid**  |
| **BFRZ** | $41992  | $— | $— | &nbsp;&nbsp;&nbsp; $41992  |
| **SFLR** | 3281913  |  |  | &nbsp;&nbsp;&nbsp; 3281913  |
| **SPUT** | 261532  |  |  | &nbsp;&nbsp;&nbsp; 261532  |
| **IGTR** | 3057771  |  |  | &nbsp;&nbsp;&nbsp; 3057771  |
| **QHDG** | 1906  |  |  | &nbsp;&nbsp;&nbsp; 1906  |
| **FFTY** | 647701  |  |  | &nbsp;&nbsp;&nbsp; 647701  |
| **BOUT** | 79635  |  |  | &nbsp;&nbsp;&nbsp; 79635  |
| **QFLR** | 75430  |  |  | &nbsp;&nbsp;&nbsp; 75430  |
| **EPRF** | 5472234  |  |  | &nbsp;&nbsp;&nbsp; 5472234  |
| **RFLR** | 128540  |  |  | &nbsp;&nbsp;&nbsp; 128540 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024 Distributions paid from:**  | **2024 Distributions paid from:**  | **2024 Distributions paid from:**  | **2024 Distributions paid from:**  |
|  | **Net Ordinary** <br>**Income**  | **Net Long-Term** <br>**Capital Gains**  | **Return of** <br>**Capital**  | **Total** <br>**Distributions Paid**  |
| **SFLR** | $1280701  | $448389  | $— | &nbsp;&nbsp;&nbsp; $1729090  |
| **IGTR** | 1616420  |  |  | &nbsp;&nbsp;&nbsp; 1616420  |
| **FFTY** | 551275  |  |  | &nbsp;&nbsp;&nbsp; 551275  |
| **BOUT** | 176880  |  |  | &nbsp;&nbsp;&nbsp; 176880  |
| **QFLR** |  |  | 28037  | &nbsp;&nbsp;&nbsp; 28037  |
| **EPRF** | 6351047  |  |  | &nbsp;&nbsp;&nbsp; 6351047 |

---

All other Funds did not pay any distributions during the fiscal years ended October 31, 2025 and October 31, 2024.

153<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

8. TRANSACTIONS WITH AFFILITATES

BUFF and BUFB had the following transactions during the year ended October 31, 2025 with affiliated companies:

**BUFF** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Year Ended October 31, 2025**  | **Year Ended October 31, 2025**  | **Year Ended October 31, 2025**  | **Year Ended October 31, 2025**  |
| <br>**Security Name** | <br>**Value as of** <br>**November 1,** <br>**2024** | <br>**Purchases** | <br>**Sales** | <br>**Value as of** <br>**October 31,** <br>**2025** | **Share** <br>**Balance** | **Dividend** <br>**Income** | **Net** <br>**Realized** <br>**Gain (Loss)** <br>**on Sale** <br>**of Shares** | **Net** <br>**Change** <br>**in Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Innovator U.S. Equity Power Buffer ETF - January | $40342291 | $27855122 | $13103292 | $61126480 | 1325379 | $— | $3413239 | &nbsp;&nbsp; $2619120 |
|  Innovator U.S. Equity Power Buffer ETF - February | 40276143 | 28053252 | 12956337 | 61259751 | 1531111 |  | 3171903 | &nbsp;&nbsp; 2714790  |
|  Innovator U.S. Equity Power Buffer ETF - March | 40111318 | 28187648 | 13612158 | 61169349 | 1383296 |  | 3223943 | &nbsp;&nbsp; 3258598 |
|  Innovator U.S. Equity Power Buffer ETF - April | 39997046 | 29761996 | 12748771 | 61026637 | 1582641 |  | 2877013 | &nbsp;&nbsp; 1139353 |
|  Innovator U.S. Equity Power Buffer ETF - May | 40222127 | 28827035 | 13472757 | 60980433 | 1562399 |  | 2854762 | &nbsp;&nbsp; 2549266 |
|  Innovator U.S. Equity Power Buffer ETF - June | 40109672 | 28004464 | 13376173 | 61117453 | 1477084 |  | 2811321 | &nbsp;&nbsp; 3568169 |
|  Innovator U.S. Equity Power Buffer ETF - July | 39931091 | 28247182 | 14299247 | 61203151 | 1334565 |  | 3899522 | &nbsp;&nbsp; 3424603 |
|  Innovator U.S. Equity Power Buffer ETF - August | 39953058 | 27925265 | 13662095 | 61209706 | 1432141 |  | 3564053 | &nbsp;&nbsp; 3429425 |
|  Innovator U.S. Equity Power Buffer ETF - September | 39959973 | 27832189 | 13271904 | 61201008 | 1416690 |  | 3563497 | &nbsp;&nbsp; 3117253 |
|  Innovator U.S. Equity Power Buffer ETF - October | 39841715 | 28059047 | 12917305 | 61411544 | 1413059 |  | 3504119 | &nbsp;&nbsp; 2923968 |
|  Innovator U.S. Equity Power Buffer ETF - November | 40485708 | 27969190 | 13441623 | 61089900 | 1473466 |  | 2854946 | &nbsp;&nbsp; 3221679 |
|  Innovator U.S. Equity Power Buffer ETF - December | 40513758 | 28388660 | 13363303 | 61494494 | 1445229 |  | 3046900 | &nbsp;&nbsp; 2908479 |
| **Total** |  |  |  | $734289906 |  | $— | $38785218 | &nbsp;&nbsp; $34874703 |

---

154<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**BUFB** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Year Ended October 31, 2025**  | **Year Ended October 31, 2025**  | **Year Ended October 31, 2025**  | **Year Ended October 31, 2025**  |
| <br>**Security Name**  | <br>**Value as of** <br>**November 1,** <br>**2024**  | <br>**Purchases** | <br>**Sales** | <br>**Value as of** <br>**October 31,** <br>**2025**  | **Share** <br>**Balance**  | **Dividend** <br>**Income**  | **Net** <br>**Realized** <br>**Gain (Loss)** <br>**on Sale** <br>**of Shares**  | **Net** <br>**Change** <br>**in Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Innovator U.S. Equity Buffer ETF - January | $13724292 | $6208832 | $2808182 | $19467862 | 362876 | $— | $743550 | &nbsp;&nbsp; $1599370 |
|  Innovator U.S. Equity Buffer ETF - February | 13714929 | 6237246 | 2679751 | 19488164 | 407277 |  | 741754 | &nbsp;&nbsp; 1473986 |
|  Innovator U.S. Equity Buffer ETF - March | 13638121 | 6215915 | 2958148 | 19397792 | 372005 |  | 742491 | &nbsp;&nbsp; 1759413 |
|  Innovator U.S. Equity Buffer ETF - April | 13618427 | 6848352 | 2637454 | 19279879 | 408032 |  | 698193 | &nbsp;&nbsp; 752361 |
|  Innovator U.S. Equity Buffer ETF - May | 13675997 | 6567456 | 2830982 | 19283405 | 436884 |  | 666291 | &nbsp;&nbsp; 1204643 |
|  Innovator U.S. Equity Buffer ETF - June | 13642207 | 6293869 | 2724015 | 19354115 | 419849 |  | 632178 | &nbsp;&nbsp; 1509876 |
|  Innovator U.S. Equity Buffer ETF - July | 13592854 | 6247522 | 2818918 | 19454533 | 387848 |  | 780630 | &nbsp;&nbsp; 1652445  |
|  Innovator U.S. Equity Buffer ETF - August | 13619704 | 6195412 | 2918197 | 19468211 | 393132 |  | 782522 | &nbsp;&nbsp; 1788770  |
|  Innovator U.S. Equity Buffer ETF - September | 13616760 | 6184479 | 2925741 | 19434158 | 398813 |  | 739261 | &nbsp;&nbsp; 1819399  |
|  Innovator U.S. Equity Buffer ETF - October | 13601877 | 6203038 | 2841043 | 19469720 | 397991 |  | 660564 | &nbsp;&nbsp; 1845284  |
|  Innovator U.S. Equity Buffer ETF - November | 13797068 | 6232558 | 2965313 | 19438002 | 440222 |  | 564121 | &nbsp;&nbsp; 1809568  |
|  Innovator U.S. Equity Buffer ETF - December | 13772432 | 6448090 | 2732820 | 19657217 | 402374 |  | 639848 | &nbsp;&nbsp; 1529667  |
| **Total** |  |  |  | $233193058 |  | $— | $8391403 | &nbsp;&nbsp; $18744782 |

---

9. SUBSEQUENT EVENT

On December 1, 2025, Goldman Sachs announced an agreement to acquire 100% of Innovator Capital Management LLC, advisor to the Funds, subject to regulatory approval and other customary closing conditions. Once the transaction is complete, the business will be wholly owned under Goldman Sachs Asset Management and the investment management and service providers will remain the same. It is expected that Innovator's more than 70 employees will join Goldman Sachs Asset Management, with minimal disruption to operations. The transaction is expected to close in the second quarter of 2026.

On September 4, 2025, Deepwater Asset Management, LLC ("Deepwater") was approved as a sub-adviser to the Innovator Deepwater Frontier Tech ETF. Deepwater's appointment was effective December 1, 2025.

Management has evaluated the impact of all subsequent events of the Funds through the date the financial statements were issued and has determined there were no other subsequent events requiring recognition or disclosure in the financial statements.

155<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**October 31, 2025** 

To the Shareholders and Board of Trustees of Innovator ETFs Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, options written, and interest rate swap contracts, of Innovator Buffer Step-Up Strategy ETF, Innovator Deepwater Frontier Tech ETF, Innovator Equity Autocallable Income Strategy ETF, Innovator Equity Managed 100 Buffer ETF, Innovator Equity Managed Floor ETF, Innovator Equity Premium Income - Daily PutWrite ETF, Innovator Gradient Tactical Rotation Strategy ETF, Innovator Hedged Nasdaq-100 ETF, Innovator IBD<sup>®</sup> 50 ETF, Innovator IBD<sup>®</sup> Breakout Opportunities ETF, Innovator Index Autocallable Income Strategy ETF, Innovator Laddered Allocation Buffer ETF, Innovator Laddered Allocation Power Buffer ETF, Innovator Nasdaq-100 Managed Floor ETF, Innovator Power Buffer Step-Up Strategy ETF, Innovator S&P Investment Grade Preferred ETF, Innovator U.S. Small Cap Managed Floor ETF and Innovator Uncapped Accelerated U.S. Equity ETF (the "Funds"), each a series of Innovator ETFs Trust, as of October 31, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of Operations**  | **Statement(s) of Changes in Net Assets** | **Financial Highlights**  |
| Innovator Deepwater Frontier Tech ETF, Innovator IBD<sup>®</sup> 50 ETF, Innovator IBD<sup>®</sup> Breakout Opportunities ETF, Innovator Laddered Allocation Power Buffer ETF and Innovator S&P Investment Grade Preferred ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, 2022, and 2021  |
| Innovator Laddered Allocation Buffer ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, and 2023, and for the period from February 8, 2022 (commencement of operations) through October 31, 2022  |
| Innovator Buffer Step-Up Strategy ETF and Innovator Power Buffer Step-Up Strategy ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, and 2023, and for the period from March 7, 2022 (commencement of operations) through October 31, 2022  |
| Innovator Uncapped Accelerated U.S. Equity ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, and 2023, and for the period from August 10, 2022 (commencement of operations) through October 31, 2022  |

---

156<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**October 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of Operations**  | **Statement(s) of Changes in Net Assets** | **Financial Highlights**  |
| Innovator Equity Managed Floor ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025 and 2024, and for the period from November 8, 2022 (commencement of operations) through October 31, 2023  |
| Innovator Gradient Tactical Rotation Strategy ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025 and 2024, and for the period from November 16, 2022 (commencement of operations) through October 31, 2023  |
| Innovator Nasdaq-100 Managed Floor ETF | For the year ended October 31, 2025 | For the year ended October 31, 2025, and for the period from January 24, 2024 (commencement of operations) through October 31, 2024  | For the year ended October 31, 2025, and for the period from January 24, 2024 (commencement of operations) through October 31, 2024  |
| Innovator Hedged Nasdaq-100 ETF  | For the year ended October 31, 2025 | For the year ended October 31, 2025, and for the period from August 19, 2024, (commencement of operations) through October 31, 2024  | For the year ended October 31, 2025, and for the period from August 19, 2024, (commencement of operations) through October 31, 2024  |
| Innovator U.S. Small Cap Managed Floor ETF | For the year ended October 31, 2025 | For the year ended October 31, 2025, and for the period from September 16, 2024 (commencement of operations) through October 31, 2024  | For the year ended October 31, 2025, and for the period from September 16, 2024 (commencement of operations) through October 31, 2024  |
| Innovator Equity Premium Income - Daily PutWrite ETF | For the period from March 13, 2025 (commencement of operations) through October 31, 2025  | For the period from March 13, 2025 (commencement of operations) through October 31, 2025  | For the period from March 13, 2025 (commencement of operations) through October 31, 2025  |
| Innovator Equity Managed 100 Buffer ETF | For the period from May 12, 2025 (commencement of operations) through October 31, 2025  | For the period from May 12, 2025 (commencement of operations) through October 31, 2025  | For the period from May 12, 2025 (commencement of operations) through October 31, 2025  |
| Innovator Equity Autocallable Income Strategy ETF and Innovator Index Autocallable Income Strategy ETF | For the period from September 24, 2025 (commencement of operations) through October 31, 2025 | For the period from September 24, 2025 (commencement of operations) through October 31, 2025 | For the period from September 24, 2025 (commencement of operations) through October 31, 2025 |

---

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures

157<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**October 31, 2025(Continued)** 

included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of Innovator Capital Management, LLC's investment companies since 2017.

![](sign.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

December 29, 2025

158<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND INVESTMENT SUB-ADVISORY AGREEMENT FOR THE FOLLOWING INNOVATOR FUNDS:**

**Innovator IBD<sup>®</sup> 50 ETF** 

**Innovator IBD<sup>®</sup> Breakout Opportunities ETF** 

**Innovator Deepwater Frontier Tech ETF** 

**Innovator S&P Investment Grade Preferred ETF** 

**Innovator Gradient Tactical Rotation Strategy ETF** 

**Innovator Nasdaq-100 Managed Floor ETF** 

**Innovator Buffer Step-Up Strategy ETF** 

**Innovator Power Buffer Step-Up Strategy ETF** 

**Innovator Uncapped Accelerated U.S. Equity ETF** 

**Innovator Equity Premium Income - Daily PutWrite ETF** 

**Innovator Laddered Allocation Buffer ETF** 

**Innovator Laddered Allocation Power Buffer ETF** 

**Innovator Equity Managed Floor ETF** 

At a quarterly Board meeting held on June 25, 2025, the Trust's Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the "Adviser"), on behalf of the Innovator IBD<sup>®</sup> 50 ETF, Innovator IBD<sup>®</sup> Breakout Opportunities ETF, Innovator Deepwater Frontier Tech ETF, Innovator S&P Investment Grade Preferred ETF, Innovator Gradient Tactical Rotation Strategy ETF, Innovator Nasdaq-100 Managed Floor ETF, Innovator Buffer Step-Up Strategy ETF, Innovator Power Buffer Step-Up Strategy ETF, Innovator Uncapped Accelerated U.S. Equity ETF, Innovator Equity Premium Income - Daily PutWrite ETF, Innovator Laddered Allocation Buffer ETF, Innovator Laddered Allocation Power Buffer ETF and Innovator Equity Managed Floor ETF (the "Funds"), and the Sub-Advisory Agreements among the Trust, on behalf of the Funds, the Adviser, Penserra Capital Management LLC ("Penserra"), Milliman Financial Risk Management LLC ("Milliman"), Gradient Investments, LLC ("Gradient"), and Parametric Portfolio Associates ("Parametric") (collectively the "Sub–Advisers"), for an additional year term. The Board determined that the agreements were in the best interests of the Funds in light of the extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisers with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the agreements, the Independent Trustees received a separate report from each of the Adviser and the Sub-Advisers in advance of the meeting responding to a request for information provided on behalf of the Independent Trustees that, among other things, outlined the services provided by the Adviser and the Sub-Advisers to the Funds (including the relevant personnel responsible for these services and their experience); the unitary fee rate or management fee rate payable by each Fund as compared to fees charged to peer groups of the Funds and as compared to fees charged to other clients of the Adviser and the Sub-Advisers, including other ETFs managed by the Adviser and the Sub-Advisers; the expenses of the Funds as compared to expense ratios of the funds in the respective Fund's peer group; the nature of the expenses incurred in providing services to the Funds and the potential for economies of scale, if any; financial data on the Adviser and the Sub- Advisers; any fall-out benefits accruing to the Adviser or the Sub-Advisers; and information on the Adviser's and the Sub-Advisers' compliance programs. The Independent Trustees also met separately with their Independent Counsel to discuss the information provided by the Adviser and the Sub-Advisers. The Board applied its business judgment to determine whether the arrangements between the Trust and the Adviser and among the Trust, the Adviser and the Sub-Advisers are reasonable business arrangements from each Fund's perspective as well as from the perspective of each Fund's shareholders.

159<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)(Continued)** 

In evaluating whether to approve the agreements, the Board applied its business judgment and considered the nature, extent and quality of the services provided by the Adviser and Sub–Advisers pursuant to the agreements. With respect to the investment management agreement, the Board considered that the Adviser is responsible for the overall management and administration of the Funds and reviewed all of the services provided by the Adviser to the Funds, including oversight of Penserra, Milliman, Gradient, and Parametric, as well as the background and experience of the persons responsible for such services. The Board noted that the Adviser oversees Penserra's, Milliman's, Gradient's, and Parametric's day-to-day management of each of the Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services provided, the Board noted the compliance program that had been developed by the Adviser included an adequate program for monitoring the Adviser's, Penserra's, Milliman's, Gradient's, Parametric's, and each Fund's compliance with the 1940 Act, as well as each Fund's compliance with its investment objective and policies. With respect to the sub-advisory agreements, the Board reviewed the materials provided by the Sub–Advisers and noted the background and experience of Penserra's, Milliman's, Gradient's, and Parametric's portfolio management teams and each Sub–Adviser's investment style. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Funds by the Adviser, Penserra, Milliman, Gradient, and Parametric under the agreements were satisfactory.

The Board considered the historical investment performance of each of the Funds for the respective one-, three and five-year periods ended March 31, 2025 including NAV, market and respective index returns.

The Board reviewed the annual tracking error (NAV return to index return) for each of the applicable Funds that track an index.

The Adviser noted that index tracking error may be most impacted by index methodologies which rebalance frequently, and many indexes rebalance their constituents annually or quarterly, whereas, notably, Innovator IBD 50<sup>®</sup> ETF rebalances weekly. The Adviser further explained that more frequent rebalancing activity may generally result in greater tracking error of the ETF to an index, as portfolio turnover may take greater time for managing execution and price sensitivity. It was further noted that frequent rebalances also increase trading costs, including in connection with custom baskets, and cash drag may be amplified as compared to the index performance.

The Adviser explained that these factors which may contribute to higher tracking errors may also apply to LOUP and IGTR which include international holdings. The Adviser noted that in those instances where selecting an ADR over direct listed exposures from harder-to-access markets may demonstrate divergence in performance, and as an optimized portfolio LOUP and IGTR may also be more sensitive to diverge from the underlying index when excluding one position in favor of another. In addition, it was noted that ETFs which hold preferred securities, such as EPRF, tend to have slightly larger tracking errors.

The Board considered the unitary fee rate or management fee rate, as applicable, paid by each Fund under the investment management agreement for the services provided.

The Board noted that except for Innovator IBD 50<sup>®</sup> ETF, the Adviser is responsible for the Funds' expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees (if any), but excluding the fee payment under the investment management agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, and extraordinary expenses. The Board received and reviewed information for the Funds showing the advisory fee rates and expense ratios of the funds comprising of each Fund's peer group, as well as advisory fee rates charged by the Adviser, Penserra, Milliman, Gradient, and Parametric to other funds (including ETFs) and non-fund clients, as applicable.

In light of the information considered and the nature, extent and quality of the services provided to the Funds under the agreements, the Board determined that the unitary fee or management fee for each of the Funds, including the fee rate to be paid by the Adviser to the Sub–Advisers from the unitary fee or management fee, was fair.

The Board noted that the respective unitary fee or management fee for each of the Funds were structured to pass the benefits of any economies of scale on to shareholders as the respective Fund's assets grow. The Board noted that any reduction in fixed costs associated with the management of the respective Funds with a unitary fee would benefit the Adviser, Penserra, Milliman, Gradient, and Parametric, but that the unitary fee structure provides a level of certainty in expenses for each of the Funds. The Board noted that the Adviser is continuing to invest in personnel and infrastructure for the Innovator fund complex. The Board noted that the costs associated with higher-than-industry average index

160<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)(Continued)** 

license fees, the construction and execution of index methodology, and the necessary cost for an experienced sub-adviser also impact the costs of offering the respective Funds.

The Board reviewed profitability information in connection with the Funds.

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by the Adviser and Milliman. The Board concluded that the character and amount of potential fall-out benefits to the Adviser and Milliman were consistent with the types of benefits generally derived by investment managers and sub-advisers to funds.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the agreements are fair and that the approval of the agreements is in the best interests of the Fund. No single factor was determinative in the Board's analysis, and individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

161<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND INVESTMENT SUB-ADVISORY AGREEMENT FOR THE FOLLOWING INNOVATOR FUNDS:**

**Innovator Equity Autocallable Income Strategy ETF** 

**Innovator Index Autocallable Income Strategy ETF** 

At a quarterly Board meeting held on June 25, 2025, the Trust's Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the "Adviser"), on behalf of the Innovator Equity Autocallable Income Strategy ETF and Innovator Index Autocallable Income Strategy ETF (the "Funds"), and the Sub-Advisory Agreement among the Trust, on behalf of the Fund, the Adviser, Milliman Financial Risk Management LLC ("Milliman" or the "Sub-Adviser"), for an initial two-year term. The Board determined that the agreements were in the best interests of the Funds in light of the extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisers with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the agreements, the Independent Trustees received a separate report from each of the Adviser and the Sub-Adviser in advance of the Meeting responding to a request for information provided on behalf of the Independent Trustees that, among other things, outlined the services to be provided by the Adviser and the Sub-Adviser to the Funds (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate payable by each Fund as compared to fees charged to peer groups of the Funds and as compared to fees charged to other clients of the Adviser and the Sub-Adviser, including other ETFs managed by the Adviser and the Sub-Adviser; the estimated expenses of the Funds as compared to expense ratios of the funds in the respective Fund's peer group; the nature of the expenses to be incurred in providing services to the Funds and the potential for economies of scale, if any; financial data on the Adviser and the Sub-Adviser; any fall-out benefits accruing to the Adviser or the Sub-Adviser; and information on the Adviser's and the Sub-Adviser's compliance programs. The Independent Trustees also met separately with their Independent Counsel to discuss the information provided by the Adviser and the Sub-Adviser. The Board applied its business judgment to determine whether the arrangements between the Trust and the Adviser and among the Trust, the Adviser and the Sub-Adviser are reasonable business arrangements from each Fund's perspective as well as from the perspective of each Fund's shareholders.

In evaluating whether to approve the agreements, the Board applied its business judgment and considered the nature, extent and quality of the services to be provided by the Adviser and Milliman pursuant to the agreements. With respect to the investment management agreement, the Board considered that the Adviser will be responsible for the overall management and administration of the Funds and reviewed all of the services to be provided by the Adviser to the Funds, including oversight of Milliman, as well as the background and experience of the persons responsible for such services. The Board noted that the Adviser will oversee Milliman's day-to-day management of each of the Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services to be provided, the Board noted the compliance program that had been developed by the Adviser included an adequate program for monitoring the Adviser's, Milliman's and each Fund's compliance with the 1940 Act, as well as each Fund's compliance with its investment objective and policies. With respect to the sub-advisory agreement, the Board reviewed the materials provided by Milliman and noted the background and experience of Milliman's portfolio management team and Milliman's investment style. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to the Funds by the Adviser and Milliman under the agreements were expected to be satisfactory.

Since the Funds had yet to commence investment operations, the Board could not consider the historical investment performance of the Funds.

The Board considered the proposed unitary fee rate payable by the Fund under the investment management agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, the Fund would pay

162<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)(Continued)** 

the Adviser a unitary fee equal to an annual rate of 0.79% of its average daily net assets. The Board considered that, from the unitary fee of the Fund, the Adviser would pay Milliman an annual sub-advisory fee based on the Fund's assets under management at a maximum rate of 0.12%.

The Board noted that the Adviser would be responsible for the Funds' expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees (if any), but excluding the fee payment under the investment management agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, and extraordinary expenses. The Board received and reviewed information for the Funds showing the advisory fee rates and expense ratios of the funds comprising of each Fund's peer group, as well as advisory fee rates charged by the Adviser and Milliman to other funds (including ETFs) and non-fund clients, as applicable. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Funds under the agreements, the Board determined that the proposed unitary fee for each of the Funds, including the fee rate to be paid by the Adviser to Milliman from the unitary fee, was fair.

The Board noted that the proposed unitary fee for each of the Funds was structured to pass the benefits of any economies of scale on to shareholders as the respective Fund's assets grow. The Board noted that any reduction in fixed costs associated with the management of the respective Fund would benefit the Adviser and Milliman, but that the unitary fee structure provides a level of certainty in expenses for each of the Funds. The Board noted that the Adviser is continuing to invest in personnel and infrastructure for the Innovator fund complex.

Because the Funds have not yet commenced operations and the actual asset base of the Funds has not yet been determined, the Board noted that there was no historical profitability information with respect to the Funds to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals of the agreements.

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by the Adviser and Milliman. The Board concluded that the character and amount of potential fall-out benefits to the Adviser and Milliman were consistent with the types of benefits generally derived by investment managers and sub-advisers to funds.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the agreements are fair and that the approval of the agreements is in the best interests of the Funds. No single factor was determinative in the Board's analysis, and individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

163<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND INVESTMENT SUB-ADVISORY AGREEMENT FOR THE FOLLOWING INNOVATOR FUND:**

**Innovator Equity Managed 100 Buffer ETF** 

At a quarterly Board meeting held on March 27, 2025, the Trust's Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the "Adviser"), on behalf of the Innovator Equity Managed 100 Buffer ETF (the "Fund"), and the Sub-Advisory Agreement among the Trust, on behalf of the Fund, the Adviser, Parametric Portfolio Associates ("Parametric" or the "Sub-Adviser"), for an initial two-year term. The Board determined that the agreements were in the best interests of the Fund in light of the extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisers with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the agreements, the Independent Trustees received a separate report from each of the Adviser and the Sub-Adviser in advance of the Meeting responding to a request for information provided on behalf of the Independent Trustees that, among other things, outlined the services to be provided by the Adviser and the Sub-Adviser to the Fund (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate payable by the Fund as compared to fees charged to peer groups of the Fund and as compared to fees charged to other clients of the Adviser and the Sub-Adviser, including other ETFs managed by the Adviser and the Sub-Adviser; the estimated expenses of the Fund as compared to the expense ratios of the funds in the Fund's peer group; the nature of the expenses to be incurred in providing services to the Fund and the potential for economies of scale, if any; financial data on the Adviser and the Sub-Adviser; any fall-out benefits accruing to the Adviser or the Sub-Adviser; and information on the Adviser's and the Sub-Adviser's compliance programs. The Independent Trustees also met separately with their Independent Counsel to discuss the information provided by the Adviser and the Sub-Adviser. The Board applied its business judgment to determine whether the arrangements between the Trust and the Adviser and among the Trust, the Adviser and the Sub-Adviser are reasonable business arrangements from the Fund's perspective as well as from the perspective of the Fund's shareholders.

In evaluating whether to approve the agreements, the Board applied its business judgment and considered the nature, extent and quality of the services to be provided by the Adviser and Parametric pursuant to the agreements. With respect to the investment management agreement, the Board considered that the Adviser will be responsible for the overall management and administration of the Fund and reviewed all of the services to be provided by the Adviser to the Fund, including oversight of the Sub-Adviser, as well as the background and experience of the persons responsible for such services. The Board noted that the Adviser will oversee the Sub-Adviser's day-to-day management of the Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services to be provided, the Board noted the compliance program that had been developed by the Adviser included an adequate program for monitoring the Adviser's, Sub-Adviser's and the Fund's compliance with the 1940 Act, as well as the Fund's compliance with its investment objective and policies. With respect to the sub-advisory agreement, the Board reviewed the materials provided by the Sub-Adviser and noted the background and experience of the Sub-Adviser's portfolio management team and the Sub-Adviser's investment style. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to the Fund by the Adviser and Sub-Adviser under the agreements were expected to be satisfactory.

Since the Fund had yet to commence investment operations, the Board could not consider the historical investment performance of the Fund.

The Board considered the proposed unitary fee rate payable by the Fund under the investment management agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, the Fund would pay

164<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)(Continued)** 

the Adviser a unitary fee equal to an annual rate of 0.89% of its average daily net assets. The Board considered that, from the unitary fee of the Fund, the Adviser would pay Parametric an annual sub-advisory fee based on the Fund's assets under management at a maximum rate of 0.18%.

The Board noted that the Adviser would be responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees (if any), but excluding the fee payment under the investment management agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, and extraordinary expenses. The Board received and reviewed information for the Fund showing the advisory fee rates and expense ratios of the funds comprising of the Fund's peer group, as well as advisory fee rates charged by the Adviser and Parametric to other funds (including ETFs) and non-fund clients, as applicable. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Fund under the agreements, the Board determined that the proposed unitary fee for the Fund, including the fee rate to be paid by the Adviser to Parametric from the unitary fee, was fair.

The Board noted that the proposed unitary fee for the Fund was structured to pass the benefits of any economies of scale on to shareholders as the Fund's assets grow. The Board noted that any reduction in fixed costs associated with the management of the Fund would benefit the Adviser and Parametric, but that the unitary fee structure provides a level of certainty in expenses for the Fund. The Board noted that the Adviser is continuing to invest in personnel and infrastructure for the Innovator fund complex.

Because the Fund has not yet commenced operations and the actual asset base of the Fund has not yet been determined, the Board noted that there was no historical profitability information with respect to the Fund to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals of the agreements.

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by the Adviser and Parametric. The Board concluded that the character and amount of potential fall-out benefits to the Adviser and Parametric were consistent with the types of benefits generally derived by investment managers and sub-advisers to funds.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the agreements are fair and that the approval of the agreements is in the best interests of the Fund. No single factor was determinative in the Board's analysis, and individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

165<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Additional Information (Unaudited)** 

1. INFORMATION ABOUT PROSPECTUS

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus. Investors should consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. The prospectus contains this and other information relevant to an investment in the respective Fund. Please read the Prospectus carefully before investing. A copy of the Prospectus may be obtained without charge by writing to the Trust's Distributor, or by calling toll free at 1-800-208-5212 or visiting www.innovatoretfs.com.

2. PROXY VOTING POLICIES AND PROCEDURES

The Trust's Proxy Voting Policies and Procedures are available without charge, upon request, by calling 1-877-386-3890 and on the SEC's website at <u>www.sec.gov</u>. Information relating to how each Fund voted proxies relating to portfolio securities held during each year ended June 30 is also available on the SEC'S website at <u>www.sec.gov</u>.

3. INFORMATION ABOUT PORTFOLIO SECURITIES

Each Funds' complete schedule of portfolio holdings for the first and third quarters is filed with the SEC on Form N-Q or Part F of Form N-PORT (beginning with filings after March 31, 2020). The Trust's Form N-Q or Part F of Form N-PORT is available without charge, upon request, by calling 1-877-386-3890, or on the SEC's website at www.sec.gov. The Trust's Form N-Q or Part F of Form N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

4. HOUSEHOLD DELIVERY OF SHAREHOLDER DOCUMENTS

In order to reduce expenses, the Trust delivers one copy of an annual/semi-annual report, prospectus and/or proxy statement on behalf of two or more shareholders at a shared address (householding). If you do not wish to participate in householding, please indicate this preference on your new account application (if you are opening a new account) or call 1-877-FUND890 (877-386-3890) to change the status of your existing account. You may change your status at any time.

5. ELECTRONIC DELIVERY OF SHAREHOLDER DOCUMENTS

You may choose to receive a Fund's prospectus and annual and semi–annual reports electronically. To sign up for electronic delivery, visit www.icsdelivery.com and select the first letter of your brokerage firm's name. Then, select your brokerage institution from the list that follows, fill out the appropriate information and provide an e-mail address where you would like your information sent. If your brokerage firm is not listed, electronic delivery may not be available. Please contact your brokerage firm or financial adviser.

6. TAX NOTICE

For the fiscal year or period ended October 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The following table lists the percentages of dividend income distributed for the year or period ended October 31, 2025, that were designated as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003 and qualify for the corporate dividends received deduction, respectively:

---

| | | |
|:---|:---|:---|
|  | **% of Dividend Income Distributed**  | **% of Dividend Income Distributed**  |
| **Fund** | **Qualified** <br>**Dividend Income** | **Corporate Dividends** <br>**Received Deduction**  |
| **BSTP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **LOUP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00  |
| **ACEI** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00  |
| **BFRZ** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00  |
| **SFLR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00  |
| **SPUT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00  |
| **IGTR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00  |

---

166<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Additional Information (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **% of Dividend Income Distributed**  | **% of Dividend Income Distributed**  |
| **Fund** | **Qualified** <br>**Dividend Income** | **Corporate Dividends** <br>**Received Deduction**  |
| **QHDG** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **FFTY** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00  |
| **BOUT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00  |
| **ACII** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00  |
| **BUFB** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00  |
| **BUFF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00  |
| **QFLR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00  |
| **PSTP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00  |
| **EPRF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00  |
| **RFLR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00  |
| **XUSP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |

---

For the taxable year ended October 31, 2025, the Funds didn't pay any ordinary income distributions that were designated as short-term capital gain distributions under Internal Revenue Section 871(k)2(c).

167<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The below information is required disclosure from Form N-CSR** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Refer to information provided within financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Refer to information provided within financial statements.

168<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INVESTMENT ADVISOR** 

**Innovator Capital Management, LLC** 

**200 West Front Street** 

**Wheaton, IL 60187** 

**INVESTMENT SUB-ADVISORS** 

---

| | |
|:---|:---|
| Penserra Capital Management, LLC<br>4 Orinda Way, Suite 100-A<br>Orinda, CA 94563  | Milliman Financial Risk Management, LLC <br>71 South Wacker Drive, 31<sup>st</sup> Floor <br>Chicago, IL 60606 |
| Gradient Investments, LLC<br>4105 Lexington Avenue North<br>Arden Hills, MN 55126  | Parametric Portfolio Associates <br>3600 Minnesota Drive, Unit 325 <br>Minneapolis, MN 55435 |

---

**ADMINISTRATOR, FUND ACCOUNTANT & TRANSFER AGENT** 

**U.S. Bancorp Fund Services, LLC** 

**615 East Michigan Street** 

**Milwaukee, WI 53202** 

**DISTRIBUTOR** 

**Foreside Fund Services, LLC** 

**Three Canal Plaza, Suite 100** 

**Portland, ME 04101** 

**CUSTODIAN** 

**U.S. Bank, N.A.** 

**1555 North RiverCenter Drive, Suite 302** 

**Milwaukee, WI 53212** 

**LEGAL COUNSEL** 

**Chapman and Cutler LLP** 

**320 South Canal Street, 27<sup>th</sup> Floor** 

**Chicago, IL 60606** 

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**Cohen & Company, Ltd.** 

**342 North Water Street, Suite 830** 

**Milwaukee, WI 53202** 

------

![](cover_v23.jpg)

------

**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments](#soi) | [1](#soi) |
| [Statements of Assets and Liabilities](#sal) | [285](#sal) |
| [Statements of Operations](#sop) | [314](#sop) |
| [Statements of Changes in Net Assets](#scna) | [343](#scna) |
| [Financial Highlights](#fihi) | [408](#fihi) |
| [Notes to Financial Statements](#notes) | [441](#notes) |
| [Report of Independent Registered Public Accounting Firm](#report1) | [532](#report1) |
| [Board Considerations Regarding Approval of Investment Management Agreement](#board1) | [539](#board1) |
| [Additional Information](#add1) | [548](#add1) |
| [Directory of Funds' Service Providers](#bac001) | [Back Cover](#bac001) |

---

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR 20+ YEAR TREASURY BOND 5 FLOOR ETF - QUARTERLY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.0%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.0%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.0%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.0%<sup>(a)</sup>** |
| **Call Options - 99.7%**<br>|  |  |  |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 12/31/2025; Exercise Price: $0.22<sup>(b)(c)(d)</sup> | $31863341 | 3529 | $31434815  |
| **Put Options - 0.3%**<br>|  |  |  |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 12/31/2025; Exercise Price: $84.90<sup>(b)(c)(d)</sup> | 31863341 | 3529 | 102764  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $31,851,776)** |  |  | 31537579  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $31,851,776)** |  |  | $31537579  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 34159  |
| Liabilities in Excess of Other Assets - (0.1)% |  |  | (20349)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $31551389 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR 20+ YEAR TREASURY BOND 5 FLOOR ETF - QUARTERLY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.0)%**  | **WRITTEN OPTIONS - (0.0)%**  | **WRITTEN OPTIONS - (0.0)%**  | **WRITTEN OPTIONS - (0.0)%**  |
| **Call Options - (0.0)%<sup>(a)</sup>**  | **Call Options - (0.0)%<sup>(a)</sup>**  | **Call Options - (0.0)%<sup>(a)</sup>**  | **Call Options - (0.0)%<sup>(a)</sup>**  |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 12/31/2025; Exercise Price: $126.91<sup>(b)(c)</sup> | $(31863341) | (3529) | $(5752)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $10,591)** |  |  | $(5752) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $31537579 | 100.0%  |
| Written Options | (5752) | 0.0  |
| Money Market Deposit Account | 34159 | 0.1  |
| Liabilities in Excess of Other Assets  | (14597) | (0.1)<sup>(a)</sup>  |
|  | $31551389 | 100.0% |

---

<sup>(a)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR 20+ YEAR TREASURY BOND 9 BUFFER ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.9%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 100.9%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 100.9%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 100.9%<sup>(a)</sup>**  |
| **Call Options - 97.9%**<br>|  |  |  |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 06/30/2026; Exercise Price: $0.88<sup>(b)(c)(d)</sup> | $28811539 | 3191 | $27784803  |
| **Put Options - 3.0%**<br>|  |  |  |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 06/30/2026; Exercise Price: $88.28<sup>(b)(c)(d)</sup> | 28811539 | 3191 | 853688  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $28,525,014)** |  |  | 28638491  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.9%**<br>**(Cost $28,525,014)** |  |  | $28638491  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 62762  |
| Liabilities in Excess of Other Assets - (1.1)% |  |  | (318326)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $28382927 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR 20+ YEAR TREASURY BOND 9 BUFFER ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.1)%**<br>|  |  |  |
| **Call Options - (0.2)%**<br>|  |  |  |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 06/30/2026; Exercise Price: $131.23<sup>(a)(b)</sup> | $(28811539) | (3191) | $(62671)  |
| **Put Options - (0.9)%**<br>|  |  |  |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 06/30/2026; Exercise Price: $80.33<sup>(a)(b)</sup> | (28811539) | (3191) | (236740)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $717,808)** |  |  | $(299411) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $28638491 | 100.9%  |
| Written Options | (299411) | (1.1)  |
| Money Market Deposit Account | 62762 | 0.2  |
| Liabilities in Excess of Other Assets | (18915) | 0.0  |
|  | $28382927 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR DEFINED WEALTH SHIELD ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.9%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 101.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $1.67<sup>(b)(c)(d)</sup> | $1919521458 | 28143 | $1909731634  |
| **Put Options - 1.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $666.18<sup>(b)(c)(d)</sup> | 1919521458 | 28143 | 30636751  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,912,234,874)** |  |  | 1940368385  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.9%** <br>**(Cost $1,912,234,874)** |  |  | $1940368385  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 2472147  |
| Liabilities in Excess of Other Assets - (3.0)% |  |  | (57066317)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $1885774215 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR DEFINED WEALTH SHIELD ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.0)%**<br>|  |  |  |
| **Call Options - (2.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $681.90<sup>(a)(b)</sup> | $(1919521458) | (28143) | $(53142990)  |
| **Put Options - (0.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $532.94<sup>(a)(b)</sup> | (1919521458) | (28143) | (2857921)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $41,678,005)** |  |  | $(56000911) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $1940368385 | 102.9%  |
| Written Options | (56000911) | (3.0)  |
| Money Market Deposit Account | 2472147 | 0.1  |
| Liabilities in Excess of Other Assets | (1065406) | 0.0  |
|  | $1885774215 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EMERGING MARKETS 10 BUFFER ETF - QUARTERLY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.8%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 101.0%**<br>|  |  |  |
|  iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $0.13<sup>(b)(c)(d)</sup> | $16014880 | 2896 | $15792265  |
| **Put Options - 1.8%**<br>|  |  |  |
|  iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $53.40<sup>(b)(c)(d)</sup> | 16014880 | 2896 | 276278  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $15,751,099)** |  |  | 16068543  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.8%** <br>**(Cost $15,751,099)** |  |  | $16068543  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 18825  |
| Liabilities in Excess of Other Assets - (2.9)% |  |  | (453628)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $15633740 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EMERGING MARKETS 10 BUFFER ETF - QUARTERLY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.8)%**<br>|  |  |  |
| **Call Options - (2.4)%**<br>|  |  |  |
|  iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $55.54<sup>(a)(b)</sup> | $(16014880) | (2896) | $(381027)  |
| **Put Options - (0.4)%**<br>|  |  |  |
|  iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $48.06<sup>(a)(b)</sup> | (16014880) | (2896) | (61627)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $319,660)** |  |  | $(442654) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $16068543 | 102.8%  |
| Written Options | (442654) | (2.8)  |
| Money Market Deposit Account | 18825 | 0.1  |
| Liabilities in Excess of Other Assets | (10974) | (0.1)  |
|  | $15633740 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EMERGING MARKETS POWER BUFFER ETF - APRIL** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 112.9%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 112.3%**<br>|  |  |  |
|  iShares MSCI Emerging Markets ETF, Expiration: 03/31/2026; Exercise Price: $0.44<sup>(b)(c)(d)</sup> | $88474470 | 15999 | $86496834  |
| **Put Options - 0.6%**<br>|  |  |  |
|  iShares MSCI Emerging Markets ETF, Expiration: 03/31/2026; Exercise Price: $43.70<sup>(b)(c)(d)</sup> | 88474470 | 15999 | 487809  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $72,153,709)** |  |  | 86984643  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 112.9%** <br>**(Cost $72,153,709)** |  |  | $86984643  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 137597  |
| Liabilities in Excess of Other Assets - (13.1)% |  |  | (10073682)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $77048558 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EMERGING MARKETS POWER BUFFER ETF - APRIL** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (13.0)%**<br>|  |  |  |
| **Call Options - (12.7)%**<br>|  |  |  |
|  iShares MSCI Emerging Markets ETF, Expiration: 03/31/2026; Exercise Price: $50.12<sup>(a)(b)</sup> | $(88474470) | (15999) | $(9795868)  |
| **Put Options - (0.3)%**<br>|  |  |  |
|  iShares MSCI Emerging Markets ETF, Expiration: 03/31/2026; Exercise Price: $37.15<sup>(a)(b)</sup> | (88474470) | (15999) | (218706)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,911,785)** |  |  | $(10014574) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $86984643 | 112.9%  |
| Written Options | (10014574) | (13.0)  |
| Money Market Deposit Account | 137597 | 0.2  |
| Liabilities in Excess of Other Assets | (59108) | (0.1)  |
|  | $77048558 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EMERGING MARKETS POWER BUFFER ETF - JANUARY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 114.7%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 114.6%**<br>|  |  |  |
|  iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $0.42<sup>(b)(c)(d)</sup> | $117108810 | 21177 | $114877178  |
| **Put Options - 0.1%**<br>|  |  |  |
|  iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $41.82<sup>(b)(c)(d)</sup> | 117108810 | 21177 | 123038  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $91,545,795)** |  |  | 115000216  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 114.7%** <br>**(Cost $91,545,795)** |  |  | $115000216  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 195903  |
| Liabilities in Excess of Other Assets - (14.9)% |  |  | (14973031)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $100223088 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EMERGING MARKETS POWER BUFFER ETF - JANUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (14.9)%**<br>|  |  |  |
| **Call Options - (14.8)%**<br>|  |  |  |
|  iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $48.22<sup>(a)(b)</sup> | $(117108810) | (21177) | $(14845077)  |
| **Put Options - (0.1)%**<br>|  |  |  |
|  iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $35.55<sup>(a)(b)</sup> | (117108810) | (21177) | (51884)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,716,605)** |  |  | $(14896961) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $115000216 | 114.7%  |
| Written Options | (14896961) | (14.9)  |
| Money Market Deposit Account | 195903 | 0.2  |
| Liabilities in Excess of Other Assets | (76070) | 0.0  |
|  | $100223088 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EMERGING MARKETS POWER BUFFER ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 107.8%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 105.8%**<br>|  |  |  |
|  iShares MSCI Emerging Markets ETF, Expiration: 06/30/2026; Exercise Price: $0.48<sup>(b)(c)(d)</sup> | $161581070 | 29219 | $156876811  |
| **Put Options - 2.0%**<br>|  |  |  |
|  iShares MSCI Emerging Markets ETF, Expiration: 06/30/2026; Exercise Price: $48.24<sup>(b)(c)(d)</sup> | 161581070 | 29219 | 2951119  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $145,383,588)** |  |  | 159827930  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.8%** <br>**(Cost $145,383,588)** |  |  | $159827930  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 279324  |
| Liabilities in Excess of Other Assets - (8.0)% |  |  | (11812470)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $148294784 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EMERGING MARKETS POWER BUFFER ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (7.9)%**<br>|  |  |  |
| **Call Options - (7.1)%**<br>|  |  |  |
|  iShares MSCI Emerging Markets ETF, Expiration: 06/30/2026; Exercise Price: $54.93<sup>(a)(b)</sup> | $(161581070) | (29219) | $(10577278)  |
| **Put Options - (0.8)%**<br>|  |  |  |
|  iShares MSCI Emerging Markets ETF, Expiration: 06/30/2026; Exercise Price: $41.00<sup>(a)(b)</sup> | (161581070) | (29219) | (1139541)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $5,566,964)** |  |  | $(11716819) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $159827930 | 107.8%  |
| Written Options | (11716819) | (7.9)  |
| Money Market Deposit Account | 279324 | 0.2  |
| Liabilities in Excess of Other Assets | (95651) | (0.1)  |
|  | $148294784 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EMERGING MARKETS POWER BUFFER ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 99.8%**<br>|  |  |  |
|  iShares MSCI Emerging Markets ETF, Expiration: 09/30/2026; Exercise Price: $0.53<sup>(b)(c)(d)</sup> | $108902290 | 19693 | $105678743  |
| **Put Options - 4.8%**<br>|  |  |  |
|  iShares MSCI Emerging Markets ETF, Expiration: 09/30/2026; Exercise Price: $53.40<sup>(b)(c)(d)</sup> | 108902290 | 19693 | 5079612  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $108,458,617)** |  |  | 110758355  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.6%** <br>**(Cost $108,458,617)** |  |  | $110758355  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 194282  |
| Liabilities in Excess of Other Assets - (4.8)% |  |  | (5031621)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $105921016 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EMERGING MARKETS POWER BUFFER ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.7)%**<br>|  |  |  |
| **Call Options - (3.0)%**<br>|  |  |  |
|  iShares MSCI Emerging Markets ETF, Expiration: 09/30/2026; Exercise Price: $61.52<sup>(a)(b)</sup> | $(108902290) | (19693) | $(3157773)  |
| **Put Options - (1.7)%**<br>|  |  |  |
|  iShares MSCI Emerging Markets ETF, Expiration: 09/30/2026; Exercise Price: $45.39<sup>(a)(b)</sup> | (108902290) | (19693) | (1799743)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $4,250,089)** |  |  | $(4957516) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $110758355 | 104.6%  |
| Written Options | (4957516) | (4.7)  |
| Money Market Deposit Account | 194282 | 0.2  |
| Liabilities in Excess of Other Assets | (74105) | (0.1)  |
|  | $105921016 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR APRIL** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 116.5%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 115.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $5.63<sup>(b)(c)(d)</sup> | $45561608 | 668 | $45019272  |
| **Put Options - 0.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $559.42<sup>(b)(c)(d)</sup> | 45561608 | 668 | 377928  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $38,184,701)** |  |  | 45397200  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 116.5%** <br>**(Cost $38,184,701)** |  |  | $45397200  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 110516  |
| Liabilities in Excess of Other Assets - (16.8)% |  |  | (6556550)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $38951166 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR APRIL** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (16.8)%**<br>|  |  |  |
| **Call Options - (16.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $601.51<sup>(a)(b)</sup> | $(45561608) | &nbsp;&nbsp;&nbsp;&nbsp;(668) | $(6531009)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $957,233)** |  |  | $(6531009) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $45397200 | 116.5%  |
| Written Options | (6531009) | (16.8)  |
| Money Market Deposit Account | 110516 | 0.3  |
| Liabilities in Excess of Other Assets | (25541) | 0.0  |
|  | $38951166 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR AUGUST** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional**<br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 108.2%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 104.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise <br>Price: $6.35<sup>(b)(c)(d)</sup> | $125567246 | 1841 | $123791510  |
| **Put Options - 3.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise <br>Price: $632.11<sup>(b)(c)(d)</sup> | 125567246 | 1841 | 3907964  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $120,260,978)** |  |  | 127699474  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.2%** <br>**(Cost $120,260,978)** |  |  | $127699474  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 260539  |
| Liabilities in Excess of Other Assets - (8.4)% |  |  | (9900663)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $118059350 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR AUGUST** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (8.3)%**<br>|  |  |  |
| **Call Options - (8.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise <br>Price: $678.16<sup>(a)(b)</sup> | $(125567246) | (1841) | $(9822195)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $4,862,213)** |  |  | $(9822195) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $127699474 | 108.2%  |
| Written Options | (9822195) | (8.3)  |
| Money Market Deposit Account | 260539 | 0.2  |
| Liabilities in Excess of Other Assets | (78468) | (0.1)  |
|  | $118059350 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR DECEMBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 105.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $6.05<sup>(b)(c)(d)</sup> | $106333154 | 1559 | $105415823  |
| **Put Options - 0.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $602.57<sup>(b)(c)(d)</sup> | 106333154 | 1559 | 123519  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $99,212,423)** |  |  | 105539342  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.6%** <br>**(Cost $99,212,423)** |  |  | $105539342  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 397321  |
| Liabilities in Excess of Other Assets - (6.0)% |  |  | (5992790)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $99943873 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR DECEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.9)%** <br>|  |  |  |
| **Call Options - (5.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $649.49<sup>(a)(b)</sup> | $(106333154) | (1559) | $(5926102)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,094,642)** |  |  | $(5926102) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $105539342 | 105.6%  |
| Written Options | (5926102) | (5.9)  |
| Money Market Deposit Account | 397321 | 0.4  |
| Liabilities in Excess of Other Assets | (66688) | (0.1)  |
|  | $99943873 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

22<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR FEBRUARY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 107.8%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 107.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $6.04<sup>(b)(c)(d)</sup> | $126794954 | 1859 | $125453648  |
| **Put Options - 0.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $601.84<sup>(b)(c)(d)</sup> | 126794954 | 1859 | 954838  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $115,260,649)** |  |  | 126408486  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.8%** <br>**(Cost $115,260,649)** |  |  | $126408486  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 368556  |
| Liabilities in Excess of Other Assets - (8.1)% |  |  | (9473972)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $117303070 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR FEBRUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (8.0)%**<br>|  |  |  |
| **Call Options - (8.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $647.86<sup>(a)(b)</sup> | $(126794954) | (1859) | $(9395664)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,771,435)** |  |  | $(9395664) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $126408486 | 107.8%  |
| Written Options | (9395664) | (8.0)  |
| Money Market Deposit Account | 368556 | 0.3  |
| Liabilities in Excess of Other Assets | (78308) | (0.1)  |
|  | $117303070 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR JANUARY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 109.4%<sup>(a)</sup>** <br>|  |  |  |
| **Call Options - 109.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $5.90<sup>(b)(c)(d)</sup> | $60362310 | 885 | $59683303  |
| **Put Options - 0.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $586.12<sup>(b)(c)(d)</sup> | 60362310 | 885 | 198160  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $53,732,702)** |  |  | 59881463  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 109.4%** <br>**(Cost $53,732,702)** |  |  | $59881463  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 194679  |
| Liabilities in Excess of Other Assets - (9.8)% |  |  | (5320386)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $54755756 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR JANUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (9.7)%**<br>|  |  |  |
| **Call Options - (9.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $630.27<sup>(a)(b)</sup> | $(60362310) | (885) | $(5284840)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,025,606)** |  |  | $(5284840) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $59881463 | 109.4%  |
| Written Options | (5284840) | (9.7)  |
| Money Market Deposit Account | 194679 | 0.4  |
| Liabilities in Excess of Other Assets | (35546) | (0.1)  |
|  | $54755756 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr July** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 109.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 106.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $6.22<sup>(b)(c)(d)</sup> | $167377524 | 2454 | $164975132  |
| **Put Options - 2.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $617.89<sup>(b)(c)(d)</sup> | 167377524 | 2454 | 4194426  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $156,953,594)** |  |  | 169169558  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 109.6%** <br>**(Cost $156,953,594)** |  |  | $169169558  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 317363  |
| Liabilities in Excess of Other Assets - (9.8)% |  |  | (15078580)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $154408341 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (9.7)%**<br>|  |  |  |
| **Call Options - (9.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $661.10<sup>(a)(b)</sup> | $(167377524) | (2454) | $(14974750)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $6,628,630)** |  |  | $(14974750) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $169169558 | 109.6%  |
| Written Options | (14974750) | (9.7)  |
| Money Market Deposit Account | 317363 | 0.2  |
| Liabilities in Excess of Other Assets | (103830) | (0.1)  |
|  | $154408341 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

28<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR JUNE** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 113.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 113.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 113.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 113.0%<sup>(a)</sup>**  |
| **Call Options - 111.2%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise Price: $5.92<sup>(b)(c)(d)</sup> | $60566928 | 888 | $59870461  |
| **Put Options - 1.8%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise Price: $589.41<sup>(b)(c)(d)</sup> | 60566928 | 888 | 990271  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $54,871,223)** |  |  | 60860732  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 113.0%** <br>**(Cost $54,871,223)** |  |  | $60860732  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 155500  |
| Liabilities in Excess of Other Assets - (13.3)% |  |  | (7149818)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $53866414 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR JUNE** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (13.2)%**<br>|  |  |  |
| **Call Options - (13.2)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise Price: $632.42<sup>(a)(b)</sup> | $(60566928) | (888) | $(7114345)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,762,743)** |  |  | $(7114345) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $60860732 | 113.0%  |
| Written Options | (7114345) | (13.2)  |
| Money Market Deposit Account | 155500 | 0.3  |
| Liabilities in Excess of Other Assets | (35473) | (0.1)  |
|  | $53866414 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

30<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR MARCH** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 109.7%<sup>(a)</sup>** | **PURCHASED OPTIONS - 109.7%<sup>(a)</sup>** | **PURCHASED OPTIONS - 109.7%<sup>(a)</sup>** | **PURCHASED OPTIONS - 109.7%<sup>(a)</sup>** |
| **Call Options - 108.7%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $5.97<sup>(b)(c)(d)</sup> | $105241858 | 1543 | $104155216  |
| **Put Options - 1.0%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $594.20<sup>(b)(c)(d)</sup> | 105241858 | 1543 | 978956  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $93,176,484)** |  |  | 105134172  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 109.7%** <br>**(Cost $93,176,484)** |  |  | $105134172  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 268044  |
| Liabilities in Excess of Other Assets - (10.0)% |  |  | (9527080)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $95875136 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

31<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR MARCH** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (9.9)%**<br>|  |  |  |
| **Call Options - (9.9)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $640.41<sup>(a)(b)</sup> | $(105241858) | (1543) | $(9463064)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,106,607)** |  |  | $(9463064) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $105134172 | 109.7%  |
| Written Options | (9463064) | (9.9)  |
| Money Market Deposit Account | 268044 | 0.3  |
| Liabilities in Excess of Other Assets | (64016) | (0.1)  |
|  | $95875136 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

32<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR MAY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 118.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 117.5%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $5.57<sup>(b)(c)(d)</sup> | $43379016 | 636 | $42879508  |
| **Put Options - 1.1%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $554.56<sup>(b)(c)(d)</sup> | 43379016 | 636 | 421865  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $37,646,879)** |  |  | 43301373  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 118.6%**<br>**(Cost $37,646,879)** |  |  | $43301373  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 70350  |
| Liabilities in Excess of Other Assets - (18.8)% |  |  | (6876464)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $36495259 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

33<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR MAY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (18.8)%**<br>|  |  |  |
| **Call Options - (18.8)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $594.58<sup>(a)(b)</sup> | $(43379016) | &nbsp;&nbsp;&nbsp;&nbsp;(636) | $(6852137)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,286,654)** |  |  | $(6852137) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $43301373 | 118.6%  |
| Written Options | (6852137) | (18.8)  |
| Money Market Deposit Account | 70350 | 0.2  |
| Liabilities in Excess of Other Assets | (24327) | 0.0  |
|  | $36495259 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

34<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR NOVEMBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.7%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 104.7%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 104.7%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 104.7%<sup>(a)</sup>**  |
| **Call Options - 98.9%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $6.85<sup>(b)(c)(d)</sup> | $46039050 | 675 | $45264150  |
| **Put Options - 5.8%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $682.09<sup>(b)(c)(d)</sup> | 46039050 | 675 | 2642625  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $47,909,197)** |  |  | 47906775  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.7%** <br>**(Cost $47,909,197)** |  |  | $47906775  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 174894  |
| Liabilities in Excess of Other Assets - (5.1)% |  |  | (2343373)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $45738296 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR NOVEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.0)%**<br>|  |  |  |
| **Call Options - (5.0)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise Price: $728.78<sup>(a)(b)</sup> | $(46039050) | &nbsp;&nbsp;&nbsp;&nbsp;(675) | $(2308500)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,307,289)** |  |  | $(2308500) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $47906775 | 104.7%  |
| Written Options | (2308500) | (5.0)  |
| Money Market Deposit Account | 174894 | 0.4  |
| Liabilities in Excess of Other Assets | (34873) | (0.1)  |
|  | $45738296 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

36<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.9%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 101.0%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $6.70<sup>(b)(c)(d)</sup> | $134229408 | 1968 | $132013873  |
| **Put Options - 4.9%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $666.22<sup>(b)(c)(d)</sup> | 134229408 | 1968 | 6436285  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $136,165,740)** |  |  | 138450158  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.9%**<br>**(Cost $136,165,740)** |  |  | $138450158  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 300584  |
| Liabilities in Excess of Other Assets - (6.1)% |  |  | (8012334)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $130738408 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (6.1)%**<br>|  |  |  |
| **Call Options - (6.1)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $709.68<sup>(a)(b)</sup> | $(134229408) | (1968) | $(7934504)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $6,203,611)** |  |  | $(7934504) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $138450158 | 105.9% |
| Written Options | (7934504) | (6.1) |
| Money Market Deposit Account | 300584 | 0.2 |
| Liabilities in Excess of Other Assets | (77830) | 0.0  |
|  | $130738408 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR SEPTEMBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 107.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 103.7%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $6.48<sup>(b)(c)(d)</sup> | $155918916 | 2286 | $153762121  |
| **Put Options - 3.9%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $645.08<sup>(b)(c)(d)</sup> | 155918916 | 2286 | 5851474  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $152,898,196)** |  |  | 159613595  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.6%** <br>**(Cost $152,898,196)** |  |  | $159613595  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 366607  |
| Liabilities in Excess of Other Assets - (7.8)% |  |  | (11662042)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $148318160 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 1 YR SEPTEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (7.8)%**<br>|  |  |  |
| **Call Options - (7.8)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise Price: $688.46<sup>(a)(b)</sup> | $(155918916) | (2286) | $(11563068)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $6,502,840)** |  |  | $(11563068) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $159613595 | 107.6%  |
| Written Options | (11563068) | (7.8)  |
| Money Market Deposit Account | 366607 | 0.2  |
| Liabilities in Excess of Other Assets | (98974) | 0.0  |
|  | $148318160 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

40<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 2 YR TO APRIL 2026** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 113.9%<sup>(a)</sup>** <br>|  |  |  |
| **Call Options - 113.3%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $9.42<sup>(b)(c)(d)</sup> | $66296232 | 972 | $65145161  |
| **Put Options - 0.6%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $523.07<sup>(b)(c)(d)</sup> | 66296232 | 972 | 367785  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $53,358,231)** |  |  | 65512946  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 113.9%** <br>**(Cost $53,358,231)** |  |  | $65512946  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 227431  |
| Liabilities in Excess of Other Assets - (14.3)% |  |  | (8212867)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $57527510 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

41<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 2 YR TO APRIL 2026** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (14.2)%**<br>|  |  |  |
| **Call Options - (14.2)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $617.22<sup>(a)(b)</sup> | $(66296232) | &nbsp;&nbsp;&nbsp;&nbsp;(972) | $(8187166)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,973,547)** |  |  | $(8187166) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $65512946 | 113.9%  |
| Written Options | (8187166) | (14.2)  |
| Money Market Deposit Account | 227431 | 0.4  |
| Liabilities in Excess of Other Assets | (25701) | (0.1)<sup>(a)</sup>  |
|  | $57527510 | 100.0% |

---

<sup>(a)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

42<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 2 YR TO APRIL 2027** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 116.7%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 113.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2027; Exercise <br>Price: $10.07<sup>(b)(c)(d)</sup> | $11936050 | 175 | $11646031  |
| **Put Options - 3.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2027; Exercise <br>Price: $559.39<sup>(b)(c)(d)</sup> | 11936050 | 175 | 339574  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $10,161,707)** |  |  | 11985605  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 116.7%**<br>**(Cost $10,161,707)** |  |  | $11985605  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 42367  |
| Liabilities in Excess of Other Assets - (17.1)% |  |  | (1755417)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $10272555 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

43<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 2 YR TO APRIL 2027** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (17.0)%**<br>|  |  |  |
| **Call Options - (17.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2027; Exercise <br>Price: $645.09<sup>(a)(b)</sup> | $(11936050) | &nbsp;&nbsp;&nbsp;&nbsp;(175) | $(1748971)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $530,655)** |  |  | $(1748971) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $11985605 | 116.7%  |
| Written Options | (1748971) | (17.0)  |
| Money Market Deposit Account | 42367 | 0.4  |
| Liabilities in Excess of Other Assets | (6446) | (0.1)  |
|  | $10272555 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

44<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 2 YR TO JANUARY 2026** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 124.7%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 124.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $8.56<sup>(b)(c)(d)</sup> | $54155564 | &nbsp;&nbsp;&nbsp; 794 | $53336863  |
| **Put Options - 0.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $475.31<sup>(b)(c)(d)</sup> | 54155564 | &nbsp;&nbsp;&nbsp; 794 | 41677  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $41,116,329)** |  |  | 53378540  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 124.7%** <br>**(Cost $41,116,329)** |  |  | $53378540  |
| Money Market Deposit Account - 0.5%<sup>(e)</sup> |  |  | 196462  |
| Liabilities in Excess of Other Assets - (25.2)% |  |  | (10753136)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $42821866 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

45<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 2 YR TO JANUARY 2026** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (25.0)%**<br>|  |  |  |
| **Call Options - (25.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $550.46<sup>(a)(b)</sup> | $(54155564) | &nbsp;&nbsp;&nbsp;&nbsp;(794) | $(10724725)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,572,149)** |  |  | $(10724725) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $53378540 | 124.7%  |
| Written Options | (10724725) | (25.0)  |
| Money Market Deposit Account | 196462 | 0.5  |
| Liabilities in Excess of Other Assets | (28411) | (0.2)  |
|  | $42821866 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

46<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 2 YR TO JANUARY 2027** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 110.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 107.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2026; Exercise <br>Price: $10.55<sup>(b)(c)(d)</sup> | $40991806 | &nbsp;&nbsp;&nbsp; 601 | $40006605  |
| **Put Options - 3.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2026; Exercise <br>Price: $586.08<sup>(b)(c)(d)</sup> | 40991806 | &nbsp;&nbsp;&nbsp; 601 | 1234862  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $37,059,584)** |  |  | 41241467  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 110.6%** <br>**(Cost $37,059,584)** |  |  | $41241467  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 164957  |
| Liabilities in Excess of Other Assets - (11.0)% |  |  | (4118635)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $37287789 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

47<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 2 YR TO JANUARY 2027** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (11.0)%**<br>|  |  |  |
| **Call Options - (11.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2026; Exercise <br>Price: $679.50<sup>(a)(b)</sup> | $(40991806) | &nbsp;&nbsp;&nbsp;&nbsp;(601) | $(4094691)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,546,394)** |  |  | $(4094691) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $41241467 | 110.6%  |
| Written Options | (4094691) | (11.0)  |
| Money Market Deposit Account | 164957 | 0.4  |
| Liabilities in Excess of Other Assets | (23944) | 0.0  |
|  | $37287789 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

48<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 2 YR TO JULY 2026** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 112.0%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 110.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $9.80<sup>(b)(c)(d)</sup> | $68888060 | &nbsp;&nbsp; 1010 | $67547588  |
| **Put Options - 1.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $544.22<sup>(b)(c)(d)</sup> | 68888060 | &nbsp;&nbsp; 1010 | 846956  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $57,264,932)** |  |  | 68394544  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 112.0%** <br>**(Cost $57,264,932)** |  |  | $68394544  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 242529  |
| Liabilities in Excess of Other Assets - (12.4)% |  |  | (7547560)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $61089513 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

49<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 2 YR TO JULY 2026** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (12.3)%**<br>|  |  |  |
| **Call Options - (12.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $643.27<sup>(a)(b)</sup> | $(68888060) | (1010) | $(7507583)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,051,794)** |  |  | $(7507583) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $68394544 | 112.0%  |
| Written Options | (7507583) | (12.3)  |
| Money Market Deposit Account | 242529 | 0.4  |
| Liabilities in Excess of Other Assets  | (39977) | (0.1)  |
|  | $61089513 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

50<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 2 YR TO JULY 2027** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 111.1%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 105.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2027; Exercise <br>Price: $11.12<sup>(b)(c)(d)</sup> | $182723874 | &nbsp;&nbsp; 2679 | $177663029  |
| **Put Options - 5.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2027; Exercise <br>Price: $617.85<sup>(b)(c)(d)</sup> | 182723874 | &nbsp;&nbsp; 2679 | 8727298  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $172,522,081)** |  |  | 186390327  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 111.1%** <br>**(Cost $172,522,081)** |  |  | $186390327  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 284112  |
| Liabilities in Excess of Other Assets - (11.3)% |  |  | (18886215)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $167788224 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

51<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 2 YR TO JULY 2027** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (11.2)%**<br>|  |  |  |
| **Call Options - (11.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2027; Exercise <br>Price: $701.94<sup>(a)(b)</sup> | $(182723874) | (2679) | $(18774244)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $9,199,845)** |  |  | $(18774244) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $186390327 | 111.1%  |
| Written Options | (18774244) | (11.2)  |
| Money Market Deposit Account | 284112 | 0.2  |
| Liabilities in Excess of Other Assets | (111971) | (0.1)  |
|  | $167788224 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

52<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 2 YR TO OCTOBER 2026** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 113.1%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 110.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $10.33<sup>(b)(c)(d)</sup> | $81847200 | &nbsp;&nbsp; 1200 | $80076528  |
| **Put Options - 2.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $573.76<sup>(b)(c)(d)</sup> | 81847200 | &nbsp;&nbsp; 1200 | 1829172  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $71,845,437)** |  |  | 81905700  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 113.1%** <br>**(Cost $71,845,437)** |  |  | $81905700  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 281109  |
| Liabilities in Excess of Other Assets - (13.5)% |  |  | (9775001)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $72411808 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

53<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 2 YR TO OCTOBER 2026** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (13.4)%**<br>|  |  |  |
| **Call Options - (13.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $648.12<sup>(a)(b)</sup> | $(81847200) | (1200) | $(9725532)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,819,075)** |  |  | $(9725532) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $81905700 | 113.1%  |
| Written Options | (9725532) | (13.4)  |
| Money Market Deposit Account | 281109 | 0.4  |
| Liabilities in Excess of Other Assets  | (49469) | (0.1)  |
|  | $72411808 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

54<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 2 YR TO OCTOBER 2027** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 107.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 100.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2027; Exercise <br>Price: $11.99<sup>(b)(c)(d)</sup> | $10912960 | &nbsp;&nbsp;&nbsp; 160 | $10594233  |
| **Put Options - 7.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2027; Exercise <br>Price: $666.18<sup>(b)(c)(d)</sup> | 10912960 | &nbsp;&nbsp;&nbsp; 160 | 754842  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $11,155,937)** |  |  | 11349075  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.6%**<br>**(Cost $11,155,937)** |  |  | $11349075  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 29093  |
| Liabilities in Excess of Other Assets - (7.9)% |  |  | (828908)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $10549260 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

55<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 2 YR TO OCTOBER 2027** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (7.8)%**<br>|  |  |  |
| **Call Options - (7.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2027; Exercise <br>Price: $751.32<sup>(a)(b)</sup> | $(10912960) | &nbsp;&nbsp;&nbsp;&nbsp;(160) | $(823963)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $671,911)** |  |  | $(823963) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $11349075 | 107.6%  |
| Written Options | (823963) | (7.8)  |
| Money Market Deposit Account | 29093 | 0.3  |
| Liabilities in Excess of Other Assets | (4945) | (0.1)<sup>(a)</sup>  |
|  | $10549260 | 100.0% |

---

<sup>(a)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

56<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 6 MO APR/OCT** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.5%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 101.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $3.33<sup>(b)(c)(d)</sup> | $103127472 | &nbsp;&nbsp; 1512 | $102241576  |
| **Put Options - 3.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $666.18<sup>(b)(c)(d)</sup> | 103127472 | &nbsp;&nbsp; 1512 | 3069904  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $103,592,699)** |  |  | 105311480  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.5%**<br>**(Cost $103,592,699)** |  |  | $105311480  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 154502  |
| Liabilities in Excess of Other Assets - (4.7)% |  |  | (4641577)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $100824405 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

57<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 6 MO APR/OCT** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.5)%**<br>|  |  |  |
| **Call Options - (4.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $688.56<sup>(a)(b)</sup> | $(103127472) | (1512) | $(4579561)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,305,988)** |  |  | $(4579561) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $105311480 | 104.5%  |
| Written Options | (4579561) | (4.5)  |
| Money Market Deposit Account | 154502 | 0.2  |
| Liabilities in Excess of Other Assets | (62016) | (0.2)  |
|  | $100824405 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

58<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 6 MO JAN/JUL** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 108.0%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 107.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $3.09<sup>(b)(c)(d)</sup> | $260751538 | &nbsp;&nbsp; 3823 | $258883659  |
| **Put Options - 0.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $617.85<sup>(b)(c)(d)</sup> | 260751538 | &nbsp;&nbsp; 3823 | 1542236  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $242,764,500)** |  |  | 260425895  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.0%**<br>**(Cost $242,764,500)** |  |  | $260425895  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 328655  |
| Liabilities in Excess of Other Assets - (8.1)% |  |  | (19610419)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $241144131 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

59<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DEFINED PROTECTION ETF - 6 MO JAN/JUL** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (8.1)%**<br>|  |  |  |
| **Call Options - (8.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $640.34<sup>(a)(b)</sup> | $(260751538) | (3823) | $(19449780)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $7,585,606)** |  |  | $(19449780) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $260425895 | 108.0%  |
| Written Options | (19449780) | (8.1)  |
| Money Market Deposit Account | 328655 | 0.1  |
| Liabilities in Excess of Other Assets | (160639) | 0.0  |
|  | $241144131 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

60<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DUAL DIRECTIONAL 10 BUFFER ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 123.0%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 104.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $6.23<sup>(b)(c)(d)</sup> | $108311128 | 1588 | $106754983  |
| **Put Options - 19.0%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2026; Exercise Price: $549.89 | 1083111280 | 15880 | 14069045  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2026; Exercise Price: $617.90 | 216622256 | 3176 | 5428991  |
| **Total Put Options** |  |  | 19498036  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $131,435,314)** |  |  | 126253019  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 123.0%**<br>**(Cost $131,435,314)** |  |  | $126253019  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 443843  |
| Liabilities in Excess of Other Assets - (23.4)% |  |  | (24026928)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $102669934 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

61<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DUAL DIRECTIONAL 10 BUFFER ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (23.3)%**<br>|  |  |  |
| **Call Options - (5.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $695.71<sup>(a)(b)</sup> | $(108311128) | (1588) | $(6030398)  |
| **Put Options - (17.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $556.07<sup>(a)(b)</sup> | (1299733536) | (19056) | (17929028)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $31,156,064)** |  |  | $(23959426) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $126253019 | 123.0%  |
| Written Options | (23959426) | (23.3)  |
| Money Market Deposit Account | 443843 | 0.4  |
| Liabilities in Excess of Other Assets | (67502) | (0.1)  |
|  | $102669934 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

62<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DUAL DIRECTIONAL 10 BUFFER ETF - NOVEMBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 143.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 99.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise <br>Price: $6.86<sup>(b)(c)(d)</sup> | $954884 | &nbsp;&nbsp;&nbsp; 14 | $939162  |
| **Put Options - 44.5%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 10/30/2026; Exercise Price: $607.03 | 9548840 | &nbsp;&nbsp;&nbsp; 140 | 311640  |
| &nbsp;&nbsp;&nbsp; Expiration: 10/30/2026; Exercise Price: $682.10 | 1909768 | &nbsp;&nbsp;&nbsp; 28 | 110152  |
| **Total Put Options** |  |  | 421792  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,361,189)** |  |  | 1360954  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 143.6%**<br>**(Cost $1,361,189)** |  |  | $1360954  |
| Liabilities in Excess of Other Assets - (43.6)% |  |  | (412977)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $947977 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

63<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DUAL DIRECTIONAL 10 BUFFER ETF - NOVEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (43.8)%**<br>|  |  |  |
| **Call Options - (2.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise <br>Price: $776.53<sup>(a)(b)</sup> | $(954884) | &nbsp;&nbsp;&nbsp;&nbsp;(14) | $(21714)  |
| **Put Options - (41.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise <br>Price: $613.85<sup>(a)(b)</sup> | (11458608) | &nbsp;&nbsp;&nbsp;&nbsp;(168) | (393960)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $415,439)** |  |  | $(415674) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $1360954 | 143.6%  |
| Written Options | (415674) | (43.8)  |
| Other Assets in Excess of Other Assets | 2697 | 0.2  |
|  | $947977 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

64<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DUAL DIRECTIONAL 10 BUFFER ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 137.0%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 100.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $6.72<sup>(b)(c)(d)</sup> | $48017024 | &nbsp;&nbsp; 704 | $47223116  |
| **Put Options - 36.6%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2026; Exercise Price: $592.90 | 480170240 | &nbsp;&nbsp; 7040 | 12628423  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2026; Exercise Price: $666.23 | 96034048 | &nbsp;&nbsp; 1408 | 4605188  |
| **Total Put Options** |  |  | 17233611  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $64,955,058)** |  |  | 64456727  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 137.0%**<br>**(Cost $64,955,058)** |  |  | $64456727  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 186613  |
| Liabilities in Excess of Other Assets - (37.4)% |  |  | (17581936)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $47061404 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

65<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DUAL DIRECTIONAL 10 BUFFER ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (37.3)%**<br>|  |  |  |
| **Call Options - (3.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $749.72<sup>(a)(b)</sup> | $(48017024) | (704) | $(1523386)  |
| **Put Options - (34.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $599.56<sup>(a)(b)</sup> | (576204288) | (8448) | (16032192)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $18,404,981)** |  |  | $(17555578) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $64456727 | 137.0%  |
| Written Options | (17555578) | (37.3)  |
| Money Market Deposit Account | 186613 | 0.4  |
| Liabilities in Excess of Other Assets | (26358) | (0.1)  |
|  | $47061404 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

66<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DUAL DIRECTIONAL 10 BUFFER ETF - SEPTEMBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 130.9%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 102.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise<br>Price: $6.49<sup>(b)(c)(d)</sup> | $22371568 | &nbsp;&nbsp; 328 | $22061791  |
| **Put Options - 28.8%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 08/31/2026; Exercise Price: $574.09 | 223715680 | &nbsp;&nbsp; 3280 | 4538339  |
| &nbsp;&nbsp;&nbsp; Expiration: 08/31/2026; Exercise Price: $645.09 | 44743136 | &nbsp;&nbsp; 656 | 1679308  |
| **Total Put Options** |  |  | 6217647  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $28,457,286)** |  |  | 28279438  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 130.9%**<br>**(Cost $28,457,286)** |  |  | $28279438  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 63642  |
| Liabilities in Excess of Other Assets - (31.2)% |  |  | (6738991)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $21604089 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

67<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DUAL DIRECTIONAL 10 BUFFER ETF - SEPTEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (31.1)%**<br>|  |  |  |
| **Call Options - (4.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise <br>Price: $726.71<sup>(a)(b)</sup> | $(22371568) | (328) | $(955441)  |
| **Put Options - (26.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise <br>Price: $580.55<sup>(a)(b)</sup> | (268458816) | (3936) | (5769624)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $7,357,743)** |  |  | $(6725065) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $28279438 | 130.9%  |
| Written Options | (6725065) | (31.1)  |
| Money Market Deposit Account | 63642 | 0.3  |
| Liabilities in Excess of Other Assets | (13926) | (0.1)  |
|  | $21604089 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

68<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DUAL DIRECTIONAL 15 BUFFER ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 126.8%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 105.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $6.24<sup>(b)(c)(d)</sup> | $89281654 | 1309 | $87997630  |
| **Put Options - 20.9%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2026; Exercise Price: $518.99 | 1339224810 | 19635 | 12932985  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2026; Exercise Price: $617.87 | 178563308 | 2618 | 4473874  |
| **Total Put Options** |  |  | 17406859  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $111,981,426)** |  |  | 105404489  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 126.8%**<br>**(Cost $111,981,426)** |  |  | $105404489  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 287220  |
| Liabilities in Excess of Other Assets - (27.1)% |  |  | (22562678)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $83129031 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

69<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DUAL DIRECTIONAL 15 BUFFER ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (27.1)%**<br>|  |  |  |
| **Call Options - (8.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $672.22<sup>(a)(b)</sup> | $(89281654) | (1309) | $(6957518)  |
| **Put Options - (18.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $525.20<sup>(a)(b)</sup> | (1517788118) | (22253) | (15544388)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $29,978,514)** |  |  | $(22501906) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $105404489 | 126.8%  |
| Written Options | (22501906) | (27.1)  |
| Money Market Deposit Account | 287220 | 0.3  |
| Liabilities in Excess of Other Assets | (60772) | 0.0  |
|  | $83129031 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

70<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DUAL DIRECTIONAL 15 BUFFER ETF - NOVEMBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 148.5%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 99.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise <br>Price: $6.88<sup>(b)(c)(d)</sup> | $954884 | &nbsp;&nbsp;&nbsp; 14 | $939148  |
| **Put Options - 49.4%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 10/30/2026; Exercise Price: $572.93 | 14323260 | &nbsp;&nbsp;&nbsp; 210 | 358470  |
| &nbsp;&nbsp;&nbsp; Expiration: 10/30/2026; Exercise Price: $682.11 | 1909768 | &nbsp;&nbsp;&nbsp; 28 | 110180  |
| **Total Put Options** |  |  | 468650  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,408,124)** |  |  | 1407798  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 148.5%**<br>**(Cost $1,408,124)** |  |  | $1407798  |
| Liabilities in Excess of Other Assets - (48.5)% |  |  | (459813)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $947985 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

71<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DUAL DIRECTIONAL 15 BUFFER ETF - NOVEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (48.8)%**<br>|  |  |  |
| **Call Options - (3.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise <br>Price: $750.27<sup>(a)(b)</sup> | $(954884) | &nbsp;&nbsp;&nbsp;&nbsp;(14) | $(33656)  |
| **Put Options - (45.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise <br>Price: $579.76<sup>(a)(b)</sup> | (16233028) | &nbsp;&nbsp;&nbsp;&nbsp;(238) | (428876)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $462,206)** |  |  | $(462532) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $1407798 | 148.5%  |
| Written Options | (462532) | (48.8)  |
| Other Assets in Excess of Other Assets | 2719 | 0.3  |
|  | $947985 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

72<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DUAL DIRECTIONAL 15 BUFFER ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 141.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 100.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $6.73<sup>(b)(c)(d)</sup> | $123862096 | 1816 | $121895368  |
| **Put Options - 40.9%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2026; Exercise Price: $559.59 | 1857931440 | 27240 | 37455000  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2026; Exercise Price: $666.21 | 247724192 | 3632 | 12061872  |
| **Total Put Options** |  |  | 49516872  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $172,875,750)** |  |  | 171412240  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 141.6%**<br>**(Cost $172,875,750)** |  |  | $171412240  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 488230  |
| Liabilities in Excess of Other Assets - (42.0)% |  |  | (50831190)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $121069280 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

73<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DUAL DIRECTIONAL 15 BUFFER ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (41.9)%**<br>|  |  |  |
| **Call Options - (4.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $726.34<sup>(a)(b)</sup> | $(123862096) | (1816) | $(5809384)  |
| **Put Options - (37.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $566.28<sup>(a)(b)</sup> | (2105655632) | (30872) | (44949632)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $52,952,066)** |  |  | $(50759016) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $171412240 | 141.6%  |
| Written Options | (50759016) | (41.9)  |
| Money Market Deposit Account | 488230 | 0.4  |
| Liabilities in Excess of Other Assets | (72174) | (0.1)  |
|  | $121069280 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

74<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DUAL DIRECTIONAL 15 BUFFER ETF - SEPTEMBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 134.4%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 102.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise <br>Price: $6.50<sup>(b)(c)(d)</sup> | $57770482 | 847 | $56969720  |
| **Put Options - 31.6%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 08/31/2026; Exercise Price: $541.84 | 866557230 | 12705 | 13184360  |
| &nbsp;&nbsp;&nbsp; Expiration: 08/31/2026; Exercise Price: $645.10 | 115540964 | 1694 | 4336877  |
| **Total Put Options** |  |  | 17521237  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $75,123,492)** |  |  | 74490957  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 134.4%**<br>**(Cost $75,123,492)** |  |  | $74490957  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 234299  |
| Liabilities in Excess of Other Assets - (34.8)% |  |  | (19293784)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $55431472 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

75<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR EQUITY DUAL DIRECTIONAL 15 BUFFER ETF - SEPTEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (34.7)%**<br>|  |  |  |
| **Call Options - (6.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise <br>Price: $705.10<sup>(a)(b)</sup> | $(57770482) | (847) | $(3425751)  |
| **Put Options - (28.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise <br>Price: $548.31<sup>(a)(b)</sup> | (982098194) | (14399) | (15832996)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $21,068,303)** |  |  | $(19258747) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $74490957 | 134.4%  |
| Written Options | (19258747) | (34.7)  |
| Money Market Deposit Account | 234299 | 0.4  |
| Liabilities in Excess of Other Assets | (35037) | (0.1)  |
|  | $55431472 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

76<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH ACCELERATED ETF - QUARTERLY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 107.9%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 107.9%**<br>|  |  |  |
| Invesco QQQ Trust Series 1<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $1.50 | $62466651 | &nbsp;&nbsp;&nbsp; 993 | $62247019  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $600.37 | 62466651 | &nbsp;&nbsp;&nbsp; 993 | 4247647  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $62,099,337)** |  |  | 66494666  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.9%**<br>**(Cost $62,099,337)** |  |  | $66494666  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 98894  |
| Liabilities in Excess of Other Assets - (8.1)% |  |  | (4990811)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $61602749 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

77<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH ACCELERATED ETF - QUARTERLY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (8.0)%**<br>|  |  |  |
| **Call Options - (8.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise <br>Price: $625.59<sup>(a)(b)</sup> | $(124933302) | (1986) | $(4949847)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,538,753)** |  |  | $(4949847) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $66494666 | 107.9%  |
| Written Options | (4949847) | (8.0)  |
| Money Market Deposit Account | 98894 | 0.2  |
| Liabilities in Excess of Other Assets | (40964) | (0.1)  |
|  | $61602749 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

78<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH ACCELERATED PLUS ETF - APRIL** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 177.4%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 177.4%**<br>|  |  |  |
| Invesco QQQ Trust Series 1<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $4.70 | $35668269 | &nbsp;&nbsp; 567 | $35349445  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $468.92 | 71336538 | &nbsp;&nbsp; 1134 | 19455800  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $36,017,001)** |  |  | 54805245  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 177.4%**<br>**(Cost $36,017,001)** |  |  | $54805245  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 105926  |
| Liabilities in Excess of Other Assets - (77.7)% |  |  | (24022961)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $30888210 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

79<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH ACCELERATED PLUS ETF - APRIL** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (77.7)%**<br>|  |  |  |
| **Call Options - (77.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise <br>Price: $501.98<sup>(a)(b)</sup> | $(107004807) | (1701) | $(24002131)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $7,770,392)** |  |  | $(24002131) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $54805245 | 177.4%  |
| Written Options | (24002131) | (77.7)  |
| Money Market Deposit Account | 105926 | 0.3  |
| Liabilities in Excess of Other Assets | (20830) | 0.0  |
|  | $30888210 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

80<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH ACCELERATED PLUS ETF - JANUARY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 145.7%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 145.7%**<br>|  |  |  |
| Invesco QQQ Trust Series 1<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $5.13 | $26295126 | &nbsp;&nbsp;&nbsp; 418 | $26052047  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $511.23 | 52590252 | &nbsp;&nbsp;&nbsp; 836 | 10261933  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $28,095,746)** |  |  | 36313980  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 145.7%**<br>**(Cost $28,095,746)** |  |  | $36313980  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 84229  |
| Liabilities in Excess of Other Assets - (46.0)% |  |  | (11474500)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $24923709 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

81<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH ACCELERATED PLUS ETF - JANUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (46.0)%**<br>|  |  |  |
| **Call Options - (46.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise <br>Price: $544.36<sup>(a)(b)</sup> | $(78885378) | (1254) | $(11455879)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $4,712,572)** |  |  | $(11455879) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $36313980 | 145.7%  |
| Written Options | (11455879) | (46.0)  |
| Money Market Deposit Account | 84229 | 0.3  |
| Liabilities in Excess of Other Assets | (18621) | 0.0  |
|  | $24923709 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

82<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH ACCELERATED PLUS ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 140.7%<sup>(a)</sup>** | **PURCHASED OPTIONS - 140.7%<sup>(a)</sup>** | **PURCHASED OPTIONS - 140.7%<sup>(a)</sup>** | **PURCHASED OPTIONS - 140.7%<sup>(a)</sup>** |
| **Call Options - 140.7%**<br>|  |  |  |
| Invesco QQQ Trust Series 1<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2026; Exercise Price: $5.53 | $25603149 | 407 | $25313296  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2026; Exercise Price: $551.64 | 51206298 | 814 | 8805209  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $27,183,310)** |  |  | 34118505  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 140.7%** <br>**(Cost $27,183,310)** |  |  | $34118505  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 91921  |
| Liabilities in Excess of Other Assets - (41.1)% |  |  | (9963801)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $24246625 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

83<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH ACCELERATED PLUS ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (41.0)%** | **WRITTEN OPTIONS - (41.0)%** | **WRITTEN OPTIONS - (41.0)%** | **WRITTEN OPTIONS - (41.0)%** |
| **Call Options - (41.0)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2026; Exercise Price: $586.61<sup>(a)(b)</sup> | $(76809447) | (1221) | $(9948195)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $4,759,793)** |  |  | $(9948195) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $34118505 | 140.7%  |
| Written Options | (9948195) | (41.0)  |
| Money Market Deposit Account | 91921 | 0.4  |
| Liabilities in Excess of Other Assets | (15606) | (0.1)  |
|  | $24246625 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

84<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH ACCELERATED PLUS ETF - OCTOBER** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 128.9%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 128.9%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 128.9%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 128.9%<sup>(a)</sup>**  |
| **Call Options - 128.9%**<br>|  |  |  |
| Invesco QQQ Trust Series 1<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2026; Exercise Price: $6.02 | $14908959 | 237 | $14724786  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2026; Exercise Price: $600.37 | 29817918 | 474 | 3928489  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $17,070,212)** |  |  | 18653275  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 128.9%** <br>**(Cost $17,070,212)** |  |  | $18653275  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 46202  |
| Liabilities in Excess of Other Assets - (29.2)% |  |  | (4224443)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $14475034 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

85<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH ACCELERATED PLUS ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (29.1)%**<br>|  |  |  |
| **Call Options - (29.1)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 09/30/2026; Exercise Price: $638.13<sup>(a)(b)</sup> | $(44726877) | (711) | $(4215946)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,966,527)** |  |  | $(4215946) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $18653275 | 128.9%  |
| Written Options | (4215946) | (29.1)  |
| Money Market Deposit Account | 46202 | 0.3  |
| Liabilities in Excess of Other Assets | (8497) | (0.1)  |
|  | $14475034 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

86<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH-100 POWER BUFFER ETF - APRIL** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 120.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 119.8%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise Price: $4.69<sup>(b)(c)(d)</sup> | $250118232 | 3976 | $247886424  |
| **Put Options - 0.8%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise Price: $468.92<sup>(b)(c)(d)</sup> | 250118232 | 3976 | 1669721  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $199,486,746)** |  |  | 249556145  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 120.6%** <br>**(Cost $199,486,746)** |  |  | $249556145  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 621227  |
| Liabilities in Excess of Other Assets - (20.9)% |  |  | (43227275)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $206950097 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

87<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH-100 POWER BUFFER ETF - APRIL** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (20.8)%**<br>|  |  |  |
| **Call Options - (20.4)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise Price: $541.18<sup>(a)(b)</sup> | $(250118232) | (3976) | $(42322850)  |
| **Put Options - (0.4)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise Price: $398.58<sup>(a)(b)</sup> | (250118232) | (3976) | (764784)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $12,056,700)** |  |  | $(43087634) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $249556145 | 120.6%  |
| Written Options | (43087634) | (20.8)  |
| Money Market Deposit Account | 621227 | 0.3  |
| Liabilities in Excess of Other Assets | (139641) | (0.1)  |
|  | $206950097 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

88<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH-100 POWER BUFFER ETF - AUGUST** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 109.2%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 105.5%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 07/31/2026; Exercise Price: $5.65<sup>(b)(c)(d)</sup> | $89265033 | 1419 | $88258380  |
| **Put Options - 3.7%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 07/31/2026; Exercise Price: $565.01<sup>(b)(c)(d)</sup> | 89265033 | 1419 | 3085048  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $84,733,841)** |  |  | 91343428  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 109.2%** <br>**(Cost $84,733,841)** |  |  | $91343428  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 295326  |
| Liabilities in Excess of Other Assets - (9.6)% |  |  | (7987433)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $83651321 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

89<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH-100 POWER BUFFER ETF - AUGUST** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (9.5)%**<br>|  |  |  |
| **Call Options - (7.9)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 07/31/2026; Exercise Price: $648.35<sup>(a)(b)</sup> | $(89265033) | (1419) | $(6579534)  |
| **Put Options - (1.6)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 07/31/2026; Exercise Price: $480.26<sup>(a)(b)</sup> | (89265033) | (1419) | (1352449)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $4,596,362)** |  |  | $(7931983) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $91343428 | 109.2%  |
| Written Options | (7931983) | (9.5)  |
| Money Market Deposit Account | 295326 | 0.4  |
| Liabilities in Excess of Other Assets | (55450) | (0.1)  |
|  | $83651321 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

90<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Growth-100 Power Buffer ETF - December** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 108.5%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 108.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 11/28/2025; Exercise <br>Price: $5.10<sup>(b)(c)(d)</sup> | $46488273 | 739 | $46128225  |
| **Put Options - 0.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 11/28/2025; Exercise <br>Price: $509.74<sup>(b)(c)(d)</sup> | 46488273 | 739 | 35708  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $41,101,847)** |  |  | 46163933  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.5%** <br>**(Cost $41,101,847)** |  |  | $46163933  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 169523  |
| Liabilities in Excess of Other Assets - (8.9)% |  |  | (3771562)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $42561894 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

91<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Growth-100 Power Buffer ETF - December** 

**Schedule of Written Options** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (8.8)%**<br>|  |  |  |
| **Call Options - (8.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 11/28/2025; Exercise <br>Price: $583.91<sup>(a)(b)</sup> | $(46488273) | &nbsp;&nbsp;&nbsp;&nbsp;(739) | $(3714620)  |
| **Put Options - (0.0)%<sup>(c)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 11/28/2025; Exercise <br>Price: $433.28<sup>(a)(b)</sup> | (46488273) | &nbsp;&nbsp;&nbsp;&nbsp;(739) | (10716)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,982,800)** |  |  | $(3725336) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $46163933 | 108.5%  |
| Written Options | (3725336) | (8.8)  |
| Money Market Deposit Account | 169523 | 0.4  |
| Liabilities in Excess of Other Assets | (46226) | (0.1)  |
|  | $42561894 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

92<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH-100 POWER BUFFER ETF - FEBRUARY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 108.5%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 107.8%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 01/30/2026; Exercise Price: $5.22<sup>(b)(c)(d)</sup> | $50262693 | 799 | $49775303  |
| **Put Options - 0.7%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 01/30/2026; Exercise Price: $522.29<sup>(b)(c)(d)</sup> | 50262693 | 799 | 325992  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $44,094,248)** |  |  | 50101295  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.5%** <br>**(Cost $44,094,248)** |  |  | $50101295  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 137910  |
| Liabilities in Excess of Other Assets - (8.8)% |  |  | (4049539)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $46189666 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

93<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH-100 POWER BUFFER ETF - FEBRUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (8.8)%**<br>|  |  |  |
| **Call Options - (8.6)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 01/30/2026; Exercise Price: $599.54<sup>(a)(b)</sup> | $(50262693) | (799) | $(3960643)  |
| **Put Options - (0.2)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 01/30/2026; Exercise Price: $443.95<sup>(a)(b)</sup> | (50262693) | (799) | (115855)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,128,315)** |  |  | $(4076498) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $50101295 | 108.5%  |
| Written Options | (4076498) | (8.8)  |
| Money Market Deposit Account | 137910 | 0.3  |
| Other Assets in Excess of Other Assets | 26959 | 0.0  |
|  | $46189666 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

94<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH-100 POWER BUFFER ETF - JANUARY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 109.1%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 108.8%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $5.11<sup>(b)(c)(d)</sup> | $318057792 | 5056 | $315009024  |
| **Put Options - 0.3%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $511.23<sup>(b)(c)(d)</sup> | 318057792 | 5056 | 940416  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $273,380,629)** |  |  | 315949440  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 109.1%** <br>**(Cost $273,380,629)** |  |  | $315949440  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 920980  |
| Liabilities in Excess of Other Assets - (9.4)% |  |  | (27158508)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $289711912 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

95<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH-100 POWER BUFFER ETF - JANUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (9.3)%**<br>|  |  |  |
| **Call Options - (9.2)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $587.91<sup>(a)(b)</sup> | $(318057792) | (5056) | $(26584448)  |
| **Put Options - (0.1)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $434.55<sup>(a)(b)</sup> | (318057792) | (5056) | (338752)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $15,169,927)** |  |  | $(26923200) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $315949440 | 109.1%  |
| Written Options | (26923200) | (9.3)  |
| Money Market Deposit Account | 920980 | 0.3  |
| Liabilities in Excess of Other Assets | (235308) | (0.1)  |
|  | $289711912 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

96<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH-100 POWER BUFFER ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 109.8%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 106.8%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2026; Exercise Price: $5.52<sup>(b)(c)(d)</sup> | $266788587 | 4241 | $263772388  |
| **Put Options - 3.0%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2026; Exercise Price: $551.64<sup>(b)(c)(d)</sup> | 266788587 | 4241 | 7394735  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $247,067,358)** |  |  | 271167123  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 109.8%** <br>**(Cost $247,067,358)** |  |  | $271167123  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 785286  |
| Liabilities in Excess of Other Assets - (10.1)% |  |  | (25068803)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $246883606 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

97<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH-100 POWER BUFFER ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (10.1)%**<br>|  |  |  |
| **Call Options - (8.8)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2026; Exercise Price: $632.23<sup>(a)(b)</sup> | $(266788587) | (4241) | $(21727746)  |
| **Put Options - (1.3)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2026; Exercise Price: $468.89<sup>(a)(b)</sup> | (266788587) | (4241) | (3172056)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $14,643,708)** |  |  | $(24899802) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $271167123 | 109.8%  |
| Written Options | (24899802) | (10.1)  |
| Money Market Deposit Account | 785286 | 0.3  |
| Liabilities in Excess of Other Assets | (169001) | 0.0  |
|  | $246883606 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

98<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH-100 POWER BUFFER ETF - JUNE** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 112.9%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 111.0%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 05/29/2026; Exercise Price: $5.19<sup>(b)(c)(d)</sup> | $78570843 | 1249 | $77816497  |
| **Put Options - 1.9%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 05/29/2026; Exercise Price: $519.11<sup>(b)(c)(d)</sup> | 78570843 | 1249 | 1360848  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $69,079,446)** |  |  | 79177345  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 112.9%** <br>**(Cost $69,079,446)** |  |  | $79177345  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 211290  |
| Liabilities in Excess of Other Assets - (13.2)% |  |  | (9289119)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $70099516 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

99<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH-100 POWER BUFFER ETF - JUNE** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (13.2)%**<br>|  |  |  |
| **Call Options - (12.3)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 05/29/2026; Exercise Price: $598.95<sup>(a)(b)</sup> | $(78570843) | (1249) | $(8648663)  |
| **Put Options - (0.9)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 05/29/2026; Exercise Price: $441.24<sup>(a)(b)</sup> | (78570843) | (1249) | (593063)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $4,438,249)** |  |  | $(9241726) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $79177345 | 112.9% |
| Written Options | (9241726) | (13.2) |
| Money Market Deposit Account | 211290 | 0.3  |
| Liabilities in Excess of Other Assets | (47393) | 0.0  |
|  | $70099516 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

100<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH-100 POWER BUFFER ETF - MARCH** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 111.7%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 111.7%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 111.7%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 111.7%<sup>(a)</sup>**  |
| **Call Options - 110.8%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 02/27/2026; Exercise Price: $5.08<sup>(b)(c)(d)</sup> | $32522919 | 517 | $32244184  |
| **Put Options - 0.9%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 02/27/2026; Exercise Price: $508.17<sup>(b)(c)(d)</sup> | 32522919 | 517 | 250393  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $27,585,827)** |  |  | 32494577  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 111.7%** <br>**(Cost $27,585,827)** |  |  | $32494577  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 120589  |
| Liabilities in Excess of Other Assets - (12.1)% |  |  | (3526198)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $29088968 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

101<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH-100 POWER BUFFER ETF - MARCH** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (12.1)%**<br>|  |  |  |
| **Call Options - (11.7)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 02/27/2026; Exercise Price: $585.21<sup>(a)(b)</sup> | $(32522919) | (517) | $(3408493)  |
| **Put Options - (0.4)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 02/27/2026; Exercise Price: $431.94<sup>(a)(b)</sup> | (32522919) | (517) | (98633)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,352,500)** |  |  | $(3507126) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $32494577 | 111.7%  |
| Written Options | (3507126) | (12.1)  |
| Money Market Deposit Account | 120589 | 0.4  |
| Liabilities in Excess of Other Assets | (19072) | 0.0  |
|  | $29088968 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

102<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH-100 POWER BUFFER ETF - MAY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 118.7%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 117.6%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 04/30/2026; Exercise Price: $4.75<sup>(b)(c)(d)</sup> | $20381868 | 324 | $20197700  |
| **Put Options - 1.1%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 04/30/2026; Exercise Price: $475.47<sup>(b)(c)(d)</sup> | 20381868 | 324 | 184680  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $17,361,686)** |  |  | 20382380  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 118.7%** <br>**(Cost $17,361,686)** |  |  | $20382380  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 45811  |
| Liabilities in Excess of Other Assets - (19.0)% |  |  | (3260373)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $17167818 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

103<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH-100 POWER BUFFER ETF - MAY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (18.9)%**<br>|  |  |  |
| **Call Options - (18.4)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 04/30/2026; Exercise Price: $556.30<sup>(a)(b)</sup> | $(20381868) | (324) | $(3164035)  |
| **Put Options - (0.5)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 04/30/2026; Exercise Price: $404.15<sup>(a)(b)</sup> | (20381868) | (324) | (85555)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,154,970)** |  |  | $(3249590) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $20382380 | 118.7%  |
| Written Options | (3249590) | (18.9)  |
| Money Market Deposit Account | 45811 | 0.3  |
| Liabilities in Excess of Other Assets | (10783) | (0.1)  |
|  | $17167818 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

104<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH-100 POWER BUFFER ETF - NOVEMBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 106.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 99.3%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 10/30/2026; Exercise Price: $6.29<sup>(b)(c)(d)</sup> | $21702915 | 345 | $21409665  |
| **Put Options - 7.3%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 10/30/2026; Exercise Price: $629.07<sup>(b)(c)(d)</sup> | 21702915 | 345 | 1582860  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $22,993,763)** |  |  | 22992525  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.6%** <br>**(Cost $22,993,763)** |  |  | $22992525  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 81744  |
| Liabilities in Excess of Other Assets - (7.0)% |  |  | (1506108)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $21568161 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

105<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH-100 POWER BUFFER ETF - NOVEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (7.0)%**<br>|  |  |  |
| **Call Options - (3.7)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 10/30/2026; Exercise Price: $729.22<sup>(a)(b)</sup> | $(21702915) | (345) | $(802815)  |
| **Put Options - (3.3)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 10/30/2026; Exercise Price: $534.71<sup>(a)(b)</sup> | (21702915) | (345) | (712425)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,514,002)** |  |  | $(1515240) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $22992525 | 106.6%  |
| Written Options | (1515240) | (7.0)  |
| Money Market Deposit Account | 81744 | 0.4  |
| Other Assets in Excess of Other Assets | 9132 | 0.0<sup>(a)</sup>  |
|  | $21568161 | 100.0% |

---

<sup>(a)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

106<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH-100 POWER BUFFER ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 108.2%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 108.2%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 108.2%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 108.2%<sup>(a)</sup>**  |
| **Call Options - 102.5%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 09/30/2026; Exercise Price: $6.00<sup>(b)(c)(d)</sup> | $263202888 | 4184 | $259843136  |
| **Put Options - 5.7%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 09/30/2026; Exercise Price: $600.37<sup>(b)(c)(d)</sup> | 263202888 | 4184 | 14468272  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $266,421,959)** |  |  | 274311408  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.2%** <br>**(Cost $266,421,959)** |  |  | $274311408  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 746332  |
| Liabilities in Excess of Other Assets - (8.5)% |  |  | (21447168)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $253610572 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

107<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH-100 POWER BUFFER ETF - OCTOBER** 

**Schedule of Written Options** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (8.4)%**<br>|  |  |  |
| **Call Options - (5.8)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 09/30/2026; Exercise Price: $685.98<sup>(a)(b)</sup> | $(263202888) | (4184) | $(14828096)  |
| **Put Options - (2.6)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 09/30/2026; Exercise Price: $510.31<sup>(a)(b)</sup> | (263202888) | (4184) | (6543776)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $17,127,676)** |  |  | $(21371872) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $274311408 | 108.2%  |
| Written Options | (21371872) | (8.4)  |
| Money Market Deposit Account | 746332 | 0.3  |
| Liabilities in Excess of Other Assets | (75296) | (0.1)<sup>(a)</sup>  |
|  | $253610572 | 100.0% |

---

<sup>(a)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

108<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH-100 POWER BUFFER ETF - SEPTEMBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 110.1%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 105.9%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 08/31/2026; Exercise Price: $5.70<sup>(b)(c)(d)</sup> | $67687932 | 1076 | $66933430  |
| **Put Options - 4.2%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 08/31/2026; Exercise Price: $570.40<sup>(b)(c)(d)</sup> | 67687932 | 1076 | 2658075  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $65,133,398)** |  |  | 69591505  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 110.1%** <br>**(Cost $65,133,398)** |  |  | $69591505  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 204870  |
| Liabilities in Excess of Other Assets - (10.4)% |  |  | (6565405)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $63230970 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

109<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR GROWTH-100 POWER BUFFER ETF - SEPTEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (10.3)%**<br>|  |  |  |
| **Call Options - (8.4)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 08/31/2026; Exercise Price: $649.80<sup>(a)(b)</sup> | $(67687932) | (1076) | $(5324145)  |
| **Put Options - (1.9)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 08/31/2026; Exercise Price: $484.84<sup>(a)(b)</sup> | (67687932) | (1076) | (1198653)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,764,582)** |  |  | $(6522798) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $69591505 | 110.1%  |
| Written Options | (6522798) | (10.3)  |
| Money Market Deposit Account | 204870 | 0.3  |
| Liabilities in Excess of Other Assets | (42607) | (0.1)  |
|  | $63230970 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

110<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED 10 BUFFER ETF - QUARTERLY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 101.3%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 99.3%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise Price: $0.23<sup>(b)(c)(d)</sup> | $74250242 | &nbsp;&nbsp; 7858 | $73150672  |
| **Put Options - 2.0%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise Price: $93.37<sup>(b)(c)(d)</sup> | 74250242 | &nbsp;&nbsp; 7858 | 1483276  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $74,568,821)** |  |  | 74633948  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.3%** <br>**(Cost $74,568,821)** |  |  | $74633948  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 92861  |
| Liabilities in Excess of Other Assets - (1.4)% |  |  | (1018104)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $73708705 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

111<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED 10 BUFFER ETF - QUARTERLY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.3)%**<br>|  |  |  |
| **Call Options - (0.9)%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise Price: $96.83<sup>(a)(b)</sup> | $(74250242) | (7858) | $(681839)  |
| **Put Options - (0.4)%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise Price: $84.03<sup>(a)(b)</sup> | (74250242) | (7858) | (276680)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,158,258)** |  |  | $(958519) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $74633948 | 101.3%  |
| Written Options | (958519) | (1.3)  |
| Money Market Deposit Account | 92861 | 0.1  |
| Liabilities in Excess of Other Assets | (59585) | (0.1)  |
|  | $73708705 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

112<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - APRIL** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.2%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 103.3%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 03/31/2026; Exercise Price: $0.82<sup>(b)(c)(d)</sup> | $243444036 | 25764 | $237698149  |
| **Put Options - 0.9%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 03/31/2026; Exercise Price: $81.73<sup>(b)(c)(d)</sup> | 243444036 | 25764 | 2140215  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $216,144,579)** |  |  | 239838364  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.2%** <br>**(Cost $216,144,579)** |  |  | $239838364  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 500587  |
| Liabilities in Excess of Other Assets - (4.4)% |  |  | (10129303)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $230209648 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

113<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - APRIL** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.3)%**<br>|  |  |  |
| **Call Options - (4.0)%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 03/31/2026; Exercise Price: $94.64<sup>(a)(b)</sup> | $(243444036) | (25764) | $(9151115)  |
| **Put Options - (0.3)%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 03/31/2026; Exercise Price: $69.47<sup>(a)(b)</sup> | (243444036) | (25764) | (810278)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $6,415,733)** |  |  | $(9961393) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $239838364 | 104.2%  |
| Written Options | (9961393) | (4.3)  |
| Money Market Deposit Account | 500587 | 0.2  |
| Liabilities in Excess of Other Assets | (167910) | (0.1)  |
|  | $230209648 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

114<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - AUGUST** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 100.6%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 07/31/2026; Exercise Price: $0.88<sup>(b)(c)(d)</sup> | $78162128 | &nbsp;&nbsp; 8272 | $74996185  |
| **Put Options - 3.0%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 07/31/2026; Exercise Price: $87.52<sup>(b)(c)(d)</sup> | 78162128 | &nbsp;&nbsp; 8272 | 2198615  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $75,557,443)** |  |  | 77194800  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.6%** <br>**(Cost $75,557,443)** |  |  | $77194800  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 193899  |
| Liabilities in Excess of Other Assets - (3.9)% |  |  | (2848020)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $74540679 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

115<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - AUGUST** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.8)%**<br>|  |  |  |
| **Call Options - (2.7)%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 07/31/2026; Exercise Price: $99.79<sup>(a)(b)</sup> | $(78162128) | (8272) | $(2008111)  |
| **Put Options - (1.1)%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 07/31/2026; Exercise Price: $74.39<sup>(a)(b)</sup> | (78162128) | (8272) | (788156)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,447,942)** |  |  | $(2796267) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $77194800 | 103.6%  |
| Written Options | (2796267) | (3.8)  |
| Money Market Deposit Account | 193899 | 0.3  |
| Liabilities in Excess of Other Assets | (51753) | (0.1)  |
|  | $74540679 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

116<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - DECEMBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.2%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 102.1%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 11/28/2025; Exercise Price: $0.79<sup>(b)(c)(d)</sup> | $21864986 | &nbsp;&nbsp; 2314 | $21684633  |
| **Put Options - 0.1%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 11/28/2025; Exercise Price: $78.97<sup>(b)(c)(d)</sup> | 21864986 | &nbsp;&nbsp; 2314 | 9372  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $18,512,752)** |  |  | 21694005  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.2%** <br>**(Cost $18,512,752)** |  |  | $21694005  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 53079  |
| Liabilities in Excess of Other Assets - (2.5)% |  |  | (517453)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $21229631 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

117<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - DECEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.4)%**<br>|  |  |  |
| **Call Options - (2.4)%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 11/28/2025; Exercise Price: $93.45<sup>(a)(b)</sup> | $(21864986) | (2314) | $(497626)  |
| **Put Options - (0.0)%<sup>(c)</sup>**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 11/28/2025; Exercise Price: $67.12<sup>(a)(b)</sup> | (21864986) | (2314) | (3587)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $478,301)** |  |  | $(501213) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $21694005 | 102.2%  |
| Written Options | (501213) | (2.4)  |
| Money Market Deposit Account | 53079 | 0.3  |
| Liabilities in Excess of Other Assets | (16240) | (0.1)  |
|  | $21229631 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

118<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - FEBRUARY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.8%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 103.4%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 01/30/2026; Exercise Price: $0.79<sup>(b)(c)(d)</sup> | $28195816 | &nbsp;&nbsp; 2984 | $27530712  |
| **Put Options - 0.4%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 01/30/2026; Exercise Price: $79.24<sup>(b)(c)(d)</sup> | 28195816 | &nbsp;&nbsp; 2984 | 103605  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $24,456,977)** |  |  | 27634317  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.8%** <br>**(Cost $24,456,977)** |  |  | $27634317  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 69804  |
| Liabilities in Excess of Other Assets - (4.1)% |  |  | (1087557)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $26616564 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

119<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - FEBRUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.0)%**<br>|  |  |  |
| **Call Options - (3.9)%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 01/30/2026; Exercise Price: $92.69<sup>(a)(b)</sup> | $(28195816) | (2984) | $(1029241)  |
| **Put Options - (0.1)%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 01/30/2026; Exercise Price: $67.35<sup>(a)(b)</sup> | (28195816) | (2984) | (39538)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $588,822)** |  |  | $(1068779) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $27634317 | 103.8%  |
| Written Options | (1068779) | (4.0)  |
| Money Market Deposit Account | 69804 | 0.3  |
| Liabilities in Excess of Other Assets | (18778) | (0.1)  |
|  | $26616564 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

120<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 104.5%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise Price: $0.76<sup>(b)(c)(d)</sup> | $168315037 | 17813 | $164920770  |
| **Put Options - 0.1%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise Price: $75.61<sup>(b)(c)(d)</sup> | 168315037 | 17813 | 220525  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $137,900,926)** |  |  | 165141295  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.6%** <br>**(Cost $137,900,926)** |  |  | $165141295  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 358166  |
| Liabilities in Excess of Other Assets - (4.8)% |  |  | (7692668)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $157806793 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

121<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.8)%**<br>|  |  |  |
| **Call Options - (4.7)%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise Price: $90.92<sup>(a)(b)</sup> | $(168315037) | (17813) | $(7481638)  |
| **Put Options - (0.1)%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise Price: $64.27<sup>(a)(b)</sup> | (168315037) | (17813) | (93696)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,906,577)** |  |  | $(7575334) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $165141295 | 104.6%  |
| Written Options | (7575334) | (4.8)  |
| Money Market Deposit Account | 358166 | 0.2  |
| Liabilities in Excess of Other Assets | (117334) | 0.0  |
|  | $157806793 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

122<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.4%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 99.3%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 06/30/2026; Exercise Price: $0.89<sup>(b)(c)(d)</sup> | $236206102 | 24998 | $226831852  |
| **Put Options - 3.1%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 06/30/2026; Exercise Price: $89.39<sup>(b)(c)(d)</sup> | 236206102 | 24998 | 7024438  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $227,858,640)** |  |  | 233856290  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.4%** <br>**(Cost $227,858,640)** |  |  | $233856290  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 554827  |
| Liabilities in Excess of Other Assets - (2.6)% |  |  | (6137754)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $228273363 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

123<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.6)%**<br>|  |  |  |
| **Call Options - (1.6)%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 06/30/2026; Exercise Price: $101.55<sup>(a)(b)</sup> | $(236206102) | (24998) | $(3699704)  |
| **Put Options - (1.0)%**<br>|  |  |  |
|  iShares MSCI EAFE ETF, Expiration: 06/30/2026; Exercise Price: $75.98<sup>(a)(b)</sup> | (236206102) | (24998) | (2299816)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $6,224,904)** |  |  | $(5999520) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $233856290 | 102.4%  |
| Written Options | (5999520) | (2.6)  |
| Money Market Deposit Account | 554827 | 0.2  |
| Liabilities in Excess of Other Assets | (138234) | 0.0  |
|  | $228273363 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

124<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JUNE** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.2%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 99.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 05/29/2026; Exercise <br>Price: $0.89<sup>(b)(c)(d)</sup> | $60558641 | &nbsp;&nbsp; 6409 | $59038426  |
| **Put Options - 2.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 05/29/2026; Exercise <br>Price: $88.81<sup>(b)(c)(d)</sup> | 60558641 | &nbsp;&nbsp; 6409 | 1398508  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $58,410,488)** |  |  | 60436934  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.2%**<br>**(Cost $58,410,488)** |  |  | $60436934  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 148841  |
| Liabilities in Excess of Other Assets - (2.5)% |  |  | (1476550)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $59109225 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

125<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JUNE** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.4)%**<br>|  |  |  |
| **Call Options - (1.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 05/29/2026; Exercise <br>Price: $101.74<sup>(a)(b)</sup> | $(60558641) | (6409) | $(994484)  |
| **Put Options - (0.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 05/29/2026; Exercise <br>Price: $75.49<sup>(a)(b)</sup> | (60558641) | (6409) | (435620)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,638,295)** |  |  | $(1430104) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $60436934 | 102.2%  |
| Written Options | (1430104) | (2.4)  |
| Money Market Deposit Account | 148841 | 0.3  |
| Liabilities in Excess of Other Assets | (46446) | (0.1)  |
|  | $59109225 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

126<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - MARCH** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.2%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 102.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 02/27/2026; Exercise <br>Price: $0.82<sup>(b)(c)(d)</sup> | $35953445 | &nbsp;&nbsp; 3805 | $35088797  |
| **Put Options - 0.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 02/27/2026; Exercise <br>Price: $81.58<sup>(b)(c)(d)</sup> | 35953445 | &nbsp;&nbsp; 3805 | 236861  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $32,543,870)** |  |  | 35325658  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.2%**<br>**(Cost $32,543,870)** |  |  | $35325658  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 89274  |
| Liabilities in Excess of Other Assets - (3.5)% |  |  | (1195362)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $34219570 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

127<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - MARCH** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.4)%**<br>|  |  |  |
| **Call Options - (3.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 02/27/2026; Exercise <br>Price: $94.73<sup>(a)(b)</sup> | $(35953445) | (3805) | $(1086746)  |
| **Put Options - (0.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 02/27/2026; Exercise <br>Price: $69.34<sup>(a)(b)</sup> | (35953445) | (3805) | (84357)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $854,540)** |  |  | $(1171103) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $35325658 | 103.2%  |
| Written Options | (1171103) | (3.4)  |
| Money Market Deposit Account | 89274 | 0.3  |
| Liabilities in Excess of Other Assets | (24259) | (0.1)  |
|  | $34219570 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

128<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - MAY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.9%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 101.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 04/30/2026; Exercise <br>Price: $0.85<sup>(b)(c)(d)</sup> | $35584934 | &nbsp;&nbsp; 3766 | $34714423  |
| **Put Options - 1.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 04/30/2026; Exercise <br>Price: $84.75<sup>(b)(c)(d)</sup> | 35584934 | &nbsp;&nbsp; 3766 | 494062  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $33,121,332)** |  |  | 35208485  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.9%**<br>**(Cost $33,121,332)** |  |  | $35208485  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 80975  |
| Liabilities in Excess of Other Assets - (3.1)% |  |  | (1062403)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $34227057 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

129<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - MAY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.0)%**<br>|  |  |  |
| **Call Options - (2.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 04/30/2026; Exercise <br>Price: $98.29<sup>(a)(b)</sup> | $(35584934) | (3766) | $(865691)  |
| **Put Options - (0.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 04/30/2026; Exercise <br>Price: $72.04<sup>(a)(b)</sup> | (35584934) | (3766) | (171880)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,080,170)** |  |  | $(1037571) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $35208485 | 102.9%  |
| Written Options | (1037571) | (3.0)  |
| Money Market Deposit Account | 80975 | 0.2  |
| Liabilities in Excess of Other Assets | (24832) | (0.1)  |
|  | $34227057 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

130<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - NOVEMBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.4%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 96.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 10/30/2026; Exercise <br>Price: $0.94<sup>(b)(c)(d)</sup> | $11877393 | &nbsp;&nbsp; 1257 | $11394705  |
| **Put Options - 5.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 10/30/2026; Exercise <br>Price: $94.49<sup>(b)(c)(d)</sup> | 11877393 | &nbsp;&nbsp; 1257 | 666210  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $12,062,106)** |  |  | 12060915  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.4%**<br>**(Cost $12,062,106)** |  |  | $12060915  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 16157  |
| Liabilities in Excess of Other Assets - (2.5)% |  |  | (301246)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $11775826 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

131<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - NOVEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.6)%**<br>|  |  |  |
| **Call Options - (0.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 10/30/2026; Exercise <br>Price: $112.32<sup>(a)(b)</sup> | $(11877393) | (1257) | $(82962)  |
| **Put Options - (1.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 10/30/2026; Exercise <br>Price: $80.32<sup>(a)(b)</sup> | (11877393) | (1257) | (225003)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $306,774)** |  |  | $(307965) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $12060915 | 102.4%  |
| Written Options | (307965) | (2.6)  |
| Money Market Deposit Account | 16157 | 0.1  |
| Other Assets in Excess of Other Assets | 6719 | 0.1  |
|  | $11775826 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

132<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.0%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 97.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 09/30/2026; Exercise <br>Price: $0.93<sup>(b)(c)(d)</sup> | $198334510 | 20990 | $189955302  |
| **Put Options - 5.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 09/30/2026; Exercise <br>Price: $93.37<sup>(b)(c)(d)</sup> | 198334510 | 20990 | 10087374  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $200,006,291)** |  |  | 200042676  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.0%**<br>**(Cost $200,006,291)** |  |  | $200042676  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 483927  |
| Liabilities in Excess of Other Assets - (3.2)% |  |  | (6293466)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $194233137 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

133<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.2)%**<br>|  |  |  |
| **Call Options - (1.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 09/30/2026; Exercise <br>Price: $106.34<sup>(a)(b)</sup> | $(198334510) | (20990) | $(2729750)  |
| **Put Options - (1.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 09/30/2026; Exercise <br>Price: $79.36<sup>(a)(b)</sup> | (198334510) | (20990) | (3435853)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $5,850,545)** |  |  | $(6165603) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $200042676 | 103.0%  |
| Written Options | (6165603) | (3.2)  |
| Money Market Deposit Account | 483927 | 0.2  |
| Liabilities in Excess of Other Assets | (127863) | 0.0  |
|  | $194233137 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

134<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - SEPTEMBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.9%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 98.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 08/31/2026; Exercise <br>Price: $0.91<sup>(b)(c)(d)</sup> | $103986245 | 11005 | $99603284  |
| **Put Options - 4.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 08/31/2026; Exercise <br>Price: $91.48<sup>(b)(c)(d)</sup> | 103986245 | 11005 | 4382851  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $102,793,574)** |  |  | 103986135  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.9%**<br>**(Cost $102,793,574)** |  |  | $103986135  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 269664  |
| Liabilities in Excess of Other Assets - (3.2)% |  |  | (3236886)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $101018913 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

135<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - SEPTEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.1)%**<br>|  |  |  |
| **Call Options - (1.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 08/31/2026; Exercise <br>Price: $104.10<sup>(a)(b)</sup> | $(103986245) | (11005) | $(1659444)  |
| **Put Options - (1.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 08/31/2026; Exercise <br>Price: $77.76<sup>(a)(b)</sup> | (103986245) | (11005) | (1494699)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,839,245)** |  |  | $(3154143) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $103986135 | 102.9%  |
| Written Options | (3154143) | (3.1)  |
| Money Market Deposit Account | 269664 | 0.3  |
| Liabilities in Excess of Other Assets | (82743) | (0.1)  |
|  | $101018913 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

136<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR NASDAQ-100 10 BUFFER ETF - QUARTERLY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.5%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 102.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise <br>Price: $1.51<sup>(b)(c)(d)</sup> | $218916360 | &nbsp;&nbsp; 3480 | $218143209  |
| **Put Options - 1.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise <br>Price: $600.37<sup>(b)(c)(d)</sup> | 218916360 | &nbsp;&nbsp; 3480 | 3624037  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $215,193,281)** |  |  | 221767246  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.5%**<br>**(Cost $215,193,281)** |  |  | $221767246  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 296568  |
| Liabilities in Excess of Other Assets - (4.6)% |  |  | (9903623)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $212160191 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

137<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR NASDAQ-100 10 BUFFER ETF - QUARTERLY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.6)%**<br>|  |  |  |
| **Call Options - (4.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise <br>Price: $625.53<sup>(a)(b)</sup> | $(218916360) | (3480) | $(8686498)  |
| **Put Options - (0.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise <br>Price: $540.33<sup>(a)(b)</sup> | (218916360) | (3480) | (1095051)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $6,749,102)** |  |  | $(9781549) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $221767246 | 104.5%  |
| Written Options | (9781549) | (4.6)  |
| Money Market Deposit Account | 296568 | 0.1  |
| Liabilities in Excess of Other Assets | (122074) | 0.0  |
|  | $212160191 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

138<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR PREMIUM INCOME 15 BUFFER ETF - APRIL** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY BILLS - 100.5%**<br>|  |  |
| 4.02%, 11/28/2025<sup>(a)</sup> | $33200 | $33111  |
| 4.00%, 12/26/2025<sup>(a)</sup> | 33300 | 33109  |
| 4.00%, 01/22/2026<sup>(a)</sup> | 33300 | 33022  |
| 4.01%, 02/19/2026<sup>(a)</sup> | 33300 | 32928  |
| 3.99%, 03/19/2026<sup>(a)(b)</sup> | 7553600 | 7447613  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $7,574,234)** |  | 7579783  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.5%**<br>**(Cost $7,574,234)** |  | $7579783  |
| Money Market Deposit Account - 0.5%<sup>(c)</sup> |  | 34650  |
| Liabilities in Excess of Other Assets - (1.0)% |  | (70557)  |
| **TOTAL NET ASSETS - 100.0%** |  | $7543876 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of October 31, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

139<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR PREMIUM INCOME 15 BUFFER ETF - APRIL** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.4)%**<br>|  |  |  |
| **Put Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $475.49<sup>(a)(b)(c)</sup> | $(9139604) | &nbsp;&nbsp;&nbsp;&nbsp;(134) | $(31983)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $167,380)** |  |  | $(31983) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $(31983) or -0.4% of net assets as of October 31, 2025. 

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Written Options | $(31983) | (0.4)%  |
| U.S. Treasury Bills | 7579783 | 100.5  |
| Money Market Deposit Account | 34650 | 0.5  |
| Liabilities in Excess of Other Assets | (38574) | (0.6)  |
|  | $7543876 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

140<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR PREMIUM INCOME 15 BUFFER ETF - JANUARY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY BILLS - 100.1%**<br>|  |  |
| 4.11%, 11/28/2025<sup>(a)</sup> | $49500 | $49368  |
| 4.14%, 12/26/2025<sup>(a)(b)</sup> | 11749100 | 11681552  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $11,727,131)** |  | 11730920  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%**<br>**(Cost $11,727,131)** |  | $11730920  |
| Money Market Deposit Account - 0.5%<sup>(c)</sup> |  | 56420  |
| Liabilities in Excess of Other Assets - (0.6)% |  | (70685)  |
| **TOTAL NET ASSETS - 100.0%** |  | $11716655 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of October 31, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

141<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR PREMIUM INCOME 15 BUFFER ETF - JANUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.1)%**<br>|  |  |  |
| **Put Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $499.43<sup>(a)(b)</sup> | $(13572994) | &nbsp;&nbsp;&nbsp;&nbsp;(199) | $(13661)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $214,661)** |  |  | $(13661) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Written Options | $(13661) | (0.1)%  |
| U.S. Treasury Bills | 11730920 | 100.1  |
| Money Market Deposit Account | 56420 | 0.5  |
| Liabilities in Excess of Other Assets | (57024) | (0.5)  |
|  | $11716655 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

142<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR PREMIUM INCOME 15 BUFFER ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY BILLS - 101.1%**<br>|  |  |
| 4.18%, 11/28/2025<sup>(a)</sup> | $33600 | $33510  |
| 4.16%, 12/26/2025<sup>(a)</sup> | 33700 | 33506  |
| 4.07%, 01/22/2026<sup>(a)</sup> | 33700 | 33419  |
| 3.99%, 02/19/2026<sup>(a)</sup> | 33700 | 33323  |
| 3.99%, 03/19/2026<sup>(a)</sup> | 33700 | 33227  |
| 3.96%, 04/16/2026<sup>(a)</sup> | 33700 | 33132  |
| 3.96%, 05/14/2026<sup>(a)</sup> | 33800 | 33149  |
| 3.95%, 06/11/2026<sup>(a)(b)</sup> | 7808900 | 7636842  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $7,858,519)** |  | 7870108  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.1%** <br>**(Cost $7,858,519)** |  | $7870108  |
| Money Market Deposit Account - 0.5%<sup>(c)</sup> |  | 37609  |
| Liabilities in Excess of Other Assets - (1.6)% |  | (126535)  |
| **TOTAL NET ASSETS - 100.0%** |  | $7781182 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of October 31, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

143<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR PREMIUM INCOME 15 BUFFER ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.1)%**<br>|  |  |  |
| **Put Options - (1.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $525.18<sup>(a)(b)</sup> | $(8593956) | &nbsp;&nbsp;&nbsp;&nbsp;(126) | $(87998)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $161,390)** |  |  | $(87998) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Written Options | $(87998) | (1.1)%  |
| U.S. Treasury Bills | 7870108 | 101.1  |
| Money Market Deposit Account | 37609 | 0.5  |
| Liabilities in Excess of Other Assets | (38537) | (0.5)  |
|  | $7781182 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

144<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR PREMIUM INCOME 15 BUFFER ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY BILLS - 102.2%**<br>|  |  |
| 4.01%, 11/28/2025<sup>(a)</sup> | $59100 | $58942  |
| 3.86%, 12/30/2025<sup>(a)</sup> | 59200 | 58839  |
| 3.84%, 01/29/2026<sup>(a)</sup> | 59200 | 58667  |
| 3.78%, 02/26/2026<sup>(a)</sup> | 59200 | 58494  |
| 3.78%, 03/26/2026<sup>(a)</sup> | 59300 | 58425  |
| 3.68%, 04/16/2026<sup>(a)</sup> | 59300 | 58300  |
| 3.68%, 05/14/2026<sup>(a)</sup> | 59300 | 58158  |
| 3.63%, 06/11/2026<sup>(a)</sup> | 59400 | 58091  |
| 3.65%, 07/09/2026<sup>(a)</sup> | 59400 | 57941  |
| 3.65%, 08/06/2026<sup>(a)</sup> | 59500 | 57863  |
| 3.65%, 10/01/2026<sup>(a)(b)</sup> | 13849600 | 13392396  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $13,980,969)** |  | 13976116  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.2%** <br>**(Cost $13,980,969)** |  | $13976116  |
| Money Market Deposit Account - 0.5%<sup>(c)</sup> |  | 67677  |
| Liabilities in Excess of Other Assets - (2.7)% |  | (363385)  |
| **TOTAL NET ASSETS - 100.0%** |  | $13680408 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of October 31, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

145<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR PREMIUM INCOME 15 BUFFER ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.2)%**<br>|  |  |  |
| **Put Options - (2.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $566.27<sup>(a)(b)</sup> | $(14118642) | &nbsp;&nbsp;&nbsp;&nbsp;(207) | $(295658)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $315,651)** |  |  | $(295658) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Written Options | $(295658) | (2.2)%  |
| U.S. Treasury Bills | 13976116 | 102.2  |
| Money Market Deposit Account | 67677 | 0.5  |
| Liabilities in Excess of Other Assets | (67727) | (0.5)  |
|  | $13680408 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

146<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR PREMIUM INCOME 20 BARRIER ETF - APRIL** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 6.4%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - 6.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 03/31/2026; Exercise <br>Price: $4,433.42<sup>(b)(c)</sup> | $629298400 | 920 | $1663387  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $8,215,930)** |  |  | 1663387 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **U.S. TREASURY BILLS - 100.6%**<br>|  |  |
| 3.99%, 12/26/2025<sup>(d)</sup> | $423500 | 421065 |
| 4.00%, 03/19/2026<sup>(d)(e)</sup> | 26250700 | 25882369  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $26,284,433)** |  | 26303434  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.0%**<br>**(Cost $34,500,363)** |  | $27966821  |
| Money Market Deposit Account - 0.0%<sup>(f)</sup> |  | 12026  |
| Liabilities in Excess of Other Assets - (7.0)% |  | (1845113)  |
| **TOTAL NET ASSETS - 100.0%** |  | $26133734 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> The rate shown is the annualized yield as of October 31, 2025.

<sup>(e)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(f)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

147<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR PREMIUM INCOME 20 BARRIER ETF - APRIL** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (7.0)%**<br>|  |  |  |
| **Put Options - (7.0)%<sup>(a)(b)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 03/31/2026; Exercise <br>Price: $4,489.54 | $(658027240) | &nbsp;&nbsp;&nbsp;&nbsp;(962) | $(1819536)  |
| &nbsp;&nbsp;&nbsp; S&P 500 Mini Index, Expiration: 03/31/2026; Exercise <br>Price: $448.95 | (2736080) | &nbsp;&nbsp;&nbsp;&nbsp;(40) | (7498)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $8,693,671)** |  |  | $(1827034) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $1663387 | 6.4%  |
| Written Options | (1827034) | (7.0)  |
| U.S. Treasury Bills | 26303434 | 100.6  |
| Money Market Deposit Account | 12026 | 0.0  |
| Liabilities in Excess of Other Assets | (18079) | 0.0  |
|  | $26133734 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

148<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR PREMIUM INCOME 20 BARRIER ETF - JANUARY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 1.5%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - 1.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 12/31/2025; Exercise <br>Price: $4,657.38<sup>(b)(c)</sup> | $243511120 | 356 | $164454  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $3,889,903)** |  |  | 164454 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 100.2%**<br>|  |  |
| 4.06%, 12/26/2025<sup>(d)(e)</sup> | $10645500 | 10584297  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $10,581,848)** |  | 10584297  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.7%**<br>**(Cost $14,471,751)** |  | $10748751  |
| Money Market Deposit Account - 0.1%<sup>(f)</sup> |  | 9680  |
| Liabilities in Excess of Other Assets - (1.8)% |  | (192020)  |
| **TOTAL NET ASSETS - 100.0%** |  | $10566411 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> The rate shown is the annualized yield as of October 31, 2025.

<sup>(e)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(f)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

149<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR PREMIUM INCOME 20 BARRIER ETF - JANUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.7)%**<br>|  |  |  |
| **Put Options - (1.7)%<sup>(a)(b)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 12/31/2025; Exercise <br>Price: $4,716.34 | $(255139460) | &nbsp;&nbsp;&nbsp;&nbsp;(373) | $(184031)  |
| &nbsp;&nbsp;&nbsp; S&P 500 Mini Index, Expiration: 12/31/2025; Exercise <br>Price: $471.63 | (547216) | &nbsp;&nbsp;&nbsp;&nbsp;(8) | (386)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,954,521)** |  |  | $(184417) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $164454 | 1.5%  |
| Written Options | (184417) | (1.7)  |
| U.S. Treasury Bills | 10584297 | 100.2  |
| Money Market Deposit Account | 9680 | 0.1  |
| Liabilities in Excess of Other Assets | (7603) | (0.1)  |
|  | $10566411 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

150<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR PREMIUM INCOME 20 BARRIER ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 16.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 16.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 16.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 16.0%<sup>(a)</sup>**  |
| **Put Options - 16.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 06/30/2026; Exercise <br>Price: $4,901.91<sup>(b)(c)</sup> | $412464060 | 603 | $3016393  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $5,791,259)** |  |  | 3016393 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 101.8%**<br>|  |  |
| 4.19%, 12/26/2025<sup>(d)</sup> | $300300 | 298573  |
| 4.00%, 03/19/2026<sup>(d)</sup> | 300900 | 296678  |
| 3.94%, 06/11/2026<sup>(d)(e)</sup> | 19010700 | 18591826  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $19,159,933)** |  | 19187077  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 117.8%** <br>**(Cost $24,951,192)** |  | $22203470  |
| Money Market Deposit Account - 0.0%<sup>(f)</sup> |  | 7413  |
| Liabilities in Excess of Other Assets - (17.8)% |  | (3361967)  |
| **TOTAL NET ASSETS - 100.0%** |  | $18848916 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> The rate shown is the annualized yield as of October 31, 2025.

<sup>(e)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(f)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

151<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR PREMIUM INCOME 20 BARRIER ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (17.8)%**  | **WRITTEN OPTIONS - (17.8)%**  | **WRITTEN OPTIONS - (17.8)%**  | **WRITTEN OPTIONS - (17.8)%**  |
| **Put Options - (17.8)%<sup>(a)(b)</sup>**<br>|  |  |  |
| S&P 500 Index, Expiration: 06/30/2026; Exercise Price: $4,963.96 | $(432984660) | &nbsp;&nbsp;&nbsp;&nbsp;(633) | $(3348564)  |
| &nbsp;&nbsp;&nbsp; S&P 500 Mini Index, Expiration: 06/30/2026; Exercise <br>Price: $496.39 | (136804) | &nbsp;&nbsp;&nbsp;&nbsp;(2) | (1060)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $6,422,606)** |  |  | $(3349624) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $3016393 | 16.0%  |
| Written Options | (3349624) | (17.8)  |
| U.S. Treasury Bills | 19187077 | 101.8  |
| Money Market Deposit Account | 7413 | 0.0  |
| Liabilities in Excess of Other Assets | (12343) | 0.0  |
|  | $18848916 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

152<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR PREMIUM INCOME 20 BARRIER ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 30.5%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 30.5%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 30.5%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 30.5%<sup>(a)</sup>**  |
| **Put Options - 30.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 09/30/2026; Exercise <br>Price: $5,283.85<sup>(b)(c)</sup> | $417936220 | 611 | $6219766  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $6,554,045)** |  |  | 6219766 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 103.5%**<br>|  |  |
| 3.86%, 12/30/2025<sup>(d)</sup> | $330200 | 328189  |
| 3.78%, 03/26/2026<sup>(d)</sup> | 330800 | 325917  |
| 3.63%, 06/11/2026<sup>(d)</sup> | 331500 | 324196  |
| 3.65%, 10/01/2026<sup>(d)(e)</sup> | 20776600 | 20090721  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $21,076,896)** |  | 21069023  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 134.0%** <br>**(Cost $27,630,941)** |  | $27288789  |
| Money Market Deposit Account - 0.1%<sup>(f)</sup> |  | 16218  |
| Liabilities in Excess of Other Assets - (34.1)% |  | (6939526)  |
| **TOTAL NET ASSETS - 100.0%** |  | $20365481 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> The rate shown is the annualized yield as of October 31, 2025.

<sup>(e)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(f)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

153<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR PREMIUM INCOME 20 BARRIER ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (34.0)%**<br>|  |  |  |
| **Put Options - (34.0)%<sup>(a)(b)</sup>**<br>|  |  |  |
| S&P 500 Index, Expiration: 09/30/2026; Exercise Price: $5,350.74 | $(417936220) | &nbsp;&nbsp;&nbsp;&nbsp;(611) | $(6595580)  |
| &nbsp;&nbsp;&nbsp; S&P 500 Mini Index, Expiration: 09/30/2026; Exercise <br>Price: $535.07 | (20931012) | &nbsp;&nbsp;&nbsp;&nbsp;(306) | (330899)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $7,256,535)** |  |  | $(6926479) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $6219766 | 30.5%  |
| Written Options | (6926479) | (34.0)  |
| U.S. Treasury Bills | 21069023 | 103.5  |
| Money Market Deposit Account | 16218 | 0.1  |
| Liabilities in Excess of Other Assets | (13047) | (0.1)  |
|  | $20365481 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

154<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR PREMIUM INCOME 30 BARRIER ETF - APRIL** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 6.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 6.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 6.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 6.2%<sup>(a)</sup>** |
| **Put Options - 6.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 03/31/2026; Exercise <br>Price: $3,872.23<sup>(b)(c)</sup> | $1237392180 | 1809 | $2099127  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $10,300,635)** |  |  | 2099127 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 100.5%**<br>|  |  |
| 3.98%, 12/26/2025<sup>(d)</sup> | $444500 | 441945  |
| 3.99%, 03/19/2026<sup>(d)(e)</sup> | 34270000 | 33789147  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $34,207,244)** |  | 34231092  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.7%** <br>**(Cost $44,507,879)** |  | $36330219  |
| Money Market Deposit Account - 0.1%<sup>(f)</sup> |  | 24170  |
| Liabilities in Excess of Other Assets - (6.8)% |  | (2292173)  |
| **TOTAL NET ASSETS - 100.0%** |  | $34062216 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> The rate shown is the annualized yield as of October 31, 2025.

<sup>(e)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(f)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

155<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR PREMIUM INCOME 30 BARRIER ETF - APRIL** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (6.7)%**  | **WRITTEN OPTIONS - (6.7)%**  | **WRITTEN OPTIONS - (6.7)%**  | **WRITTEN OPTIONS - (6.7)%**  |
| **Put Options - (6.7)%<sup>(a)(b)</sup>**<br>|  |  |  |
| S&P 500 Index, Expiration: 03/31/2026; Exercise Price: $3,928.35 | $(1275013280) | (1864) | $(2262896)  |
| &nbsp;&nbsp;&nbsp; S&P 500 Mini Index, Expiration: 03/31/2026; Exercise <br>Price: $392.83 | (3625306) | (53) | (6316)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $9,743,804)** |  |  | $(2269212) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $2099127 | 6.2%  |
| Written Options | (2269212) | (6.7)  |
| U.S. Treasury Bills | 34231092 | 100.5  |
| Money Market Deposit Account | 24170 | 0.1  |
| Liabilities in Excess of Other Assets | (22961) | (0.1)  |
|  | $34062216 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

156<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Premium Income 30 Barrier ETF - January** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 1.1%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 1.1%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 1.1%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 1.1%<sup>(a)</sup>**  |
| **Put Options - 1.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 12/31/2025; Exercise <br>Price: $4,067.84<sup>(b)(c)</sup> | $558160320 | 816 | $183314  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $3,713,404)** |  |  | 183314 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 100.2%**<br>|  |  |
| 4.12%, 12/26/2025<sup>(d)(e)</sup> | $16250000 | 16156576  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $16,151,701)** |  | 16156576  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.3%** <br>**(Cost $19,865,105)** |  | $16339890  |
| Money Market Deposit Account - 0.1%<sup>(f)</sup> |  | 8764  |
| Liabilities in Excess of Other Assets - (1.4)% |  | (215396)  |
| **TOTAL NET ASSETS - 100.0%** |  | $16133258 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> The rate shown is the annualized yield as of October 31, 2025.

<sup>(e)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(f)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

157<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Premium Income 30 Barrier ETF - January** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.3)%** | **WRITTEN OPTIONS - (1.3)%** | **WRITTEN OPTIONS - (1.3)%** | **WRITTEN OPTIONS - (1.3)%** |
| **Put Options - (1.3)%<sup>(a)(b)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 12/31/2025; Exercise <br>Price: $4,126.79 | $(575944840) | &nbsp;&nbsp;&nbsp;&nbsp;(842) | $(204572)  |
| &nbsp;&nbsp;&nbsp; S&P 500 Mini Index, Expiration: 12/31/2025; Exercise <br>Price: $412.68 | (820824) | &nbsp;&nbsp;&nbsp;&nbsp;(12) | (288)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,774,864)** |  |  | $(204860) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $183314 | 1.1%  |
| Written Options | (204860) | (1.3)  |
| U.S. Treasury Bills | 16156576 | 100.2  |
| Money Market Deposit Account | 8764 | 0.1  |
| Liabilities in Excess of Other Assets | (10536) | (0.1)  |
|  | $16133258 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

158<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR PREMIUM INCOME 30 BARRIER ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 14.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 14.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 14.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 14.4%<sup>(a)</sup>** |
| **Put Options - 14.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 06/30/2026; Exercise <br>Price: $4,281.42<sup>(b)(c)</sup> | $577996900 | 845 | $2531147  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $4,631,111)** |  |  | 2531147 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 101.3%**<br>|  |  |
| 4.19%, 12/26/2025<sup>(d)</sup> | $230200 | 228877  |
| 4.00%, 03/19/2026<sup>(d)</sup> | 230600 | 227364  |
| 3.94%, 06/11/2026<sup>(d)(e)</sup> | 17706000 | 17315873  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $17,747,060)** |  | 17772114  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 115.7%** <br>**(Cost $22,378,171)** |  | $20303261  |
| Money Market Deposit Account - 0.0%<sup>(f)</sup> |  | 7810  |
| Liabilities in Excess of Other Assets - (15.7)% |  | (2755811)  |
| **TOTAL NET ASSETS - 100.0%** |  | $17555260 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> The rate shown is the annualized yield as of October 31, 2025.

<sup>(e)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(f)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

159<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR PREMIUM INCOME 30 BARRIER ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (15.6)%** | **WRITTEN OPTIONS - (15.6)%** | **WRITTEN OPTIONS - (15.6)%** | **WRITTEN OPTIONS - (15.6)%** |
| **Put Options - (15.6)%<sup>(a)(b)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 06/30/2026; Exercise <br>Price: $4,343.47 | $(597149460) | &nbsp;&nbsp;&nbsp;&nbsp;(873) | $(2743175)  |
| &nbsp;&nbsp;&nbsp; S&P 500 Mini Index, Expiration: 06/30/2026; Exercise <br>Price: $434.34 | (136804) | &nbsp;&nbsp;&nbsp;&nbsp;(2) | (628)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $5,010,812)** |  |  | $(2743803) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $2531147 | 14.4%  |
| Written Options | (2743803) | (15.6)  |
| U.S. Treasury Bills | 17772114 | 101.3  |
| Money Market Deposit Account | 7810 | 0.0  |
| Liabilities in Excess of Other Assets | (12008) | (0.1)  |
|  | $17555260 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

160<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR PREMIUM INCOME 30 BARRIER ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 25.9%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - 25.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 09/30/2026; Exercise <br>Price: $4,615.01<sup>(b)(c)</sup> | $553372180 | 809 | $4659508  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $4,881,391)** |  |  | 4659508 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 102.4%**<br>|  |  |
| 3.86%, 12/30/2025<sup>(d)</sup> | $238600 | 237147  |
| 3.78%, 03/26/2026<sup>(d)</sup> | 239100 | 235571  |
| 3.63%, 06/11/2026<sup>(d)</sup> | 239500 | 234223  |
| 3.65%, 10/01/2026<sup>(d)(e)</sup> | 18281900 | 17678376  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $18,391,571)** |  | 18385317  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 128.3%** <br>**(Cost $23,272,962)** |  | $23044825  |
| Money Market Deposit Account - 0.1%<sup>(f)</sup> |  | 12070  |
| Liabilities in Excess of Other Assets - (28.4)% |  | (5097432)  |
| **TOTAL NET ASSETS - 100.0%** |  | $17959463 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> The rate shown is the annualized yield as of October 31, 2025.

<sup>(e)</sup> All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of October 31, 2025 is $0.

<sup>(f)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

161<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR PREMIUM INCOME 30 BARRIER ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount**  | **Contracts**  | **Value**  |
| **WRITTEN OPTIONS - (28.3)%**<br>|  |  |  |
| **Put Options - (28.3)%<sup>(a)(b)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 09/30/2026; Exercise <br>Price: $4,681.89 | $(553372180) | &nbsp;&nbsp;&nbsp;&nbsp;(809) | $(4921155)  |
| &nbsp;&nbsp;&nbsp; S&P 500 Mini Index, Expiration: 09/30/2026; Exercise <br>Price: $468.19 | (18468540) | &nbsp;&nbsp;&nbsp;&nbsp;(270) | (164543)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $5,313,132)** |  |  | $(5085698) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $4659508 | 25.9%  |
| Written Options | (5085698) | (28.3)  |
| U.S. Treasury Bills | 18385317 | 102.4  |
| Money Market Deposit Account | 12070 | 0.1  |
| Liabilities in Excess of Other Assets | (11734) | (0.1)  |
|  | $17959463 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

162<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY 10 BUFFER ETF - QUARTERLY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 102.5%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 100.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $1.65<sup>(b)(c)(d)</sup> | $643250786 | &nbsp;&nbsp; 9431 | $639988792  |
| **Put Options - 1.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $666.17<sup>(b)(c)(d)</sup> | 643250786 | &nbsp;&nbsp; 9431 | 10264417  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $640,801,210)** |  |  | 650253209  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.5%** <br>**(Cost $640,801,210)** |  |  | $650253209  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 821049  |
| Liabilities in Excess of Other Assets - (2.6)% |  |  | (16780759)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $634293499 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

163<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY 10 BUFFER ETF - QUARTERLY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional**<br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (2.6)%**  | **WRITTEN OPTIONS - (2.6)%**  | **WRITTEN OPTIONS - (2.6)%**  | **WRITTEN OPTIONS - (2.6)%**  |
| **Call Options - (2.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $689.23<sup>(a)(b)</sup> | $(643250786) | (9431) | $(13740024)  |
| **Put Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $599.56<sup>(a)(b)</sup> | (643250786) | (9431) | (2688872)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $13,770,372)** |  |  | $(16428896) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $650253209 | 102.5%  |
| Written Options | (16428896) | (2.6)  |
| Money Market Deposit Account | 821049 | 0.1  |
| Liabilities in Excess of Other Assets | (351863) | 0.0  |
|  | $634293499 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

164<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY 5 TO 15 BUFFER ETF - QUARTERLY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 101.2%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 100.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $1.64<sup>(b)(c)(d)</sup> | $156805594 | &nbsp;&nbsp; 2299 | $155998645  |
| **Put Options - 0.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $632.87<sup>(b)(c)(d)</sup> | 156805594 | &nbsp;&nbsp; 2299 | 1248357  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $154,526,955)** |  |  | 157247002  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.2%** <br>**(Cost $154,526,955)** |  |  | $157247002  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 162969  |
| Liabilities in Excess of Other Assets - (1.3)% |  |  | (2000415)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $155409556 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

165<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY 5 TO 15 BUFFER ETF - QUARTERLY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.3)%** | **WRITTEN OPTIONS - (1.3)%** | **WRITTEN OPTIONS - (1.3)%** | **WRITTEN OPTIONS - (1.3)%** |
| **Call Options - (1.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $706.75<sup>(a)(b)</sup> | $(156805594) | (2299) | $(1609300)  |
| **Put Options - (0.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $566.25<sup>(a)(b)</sup> | (156805594) | (2299) | (372438)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,675,427)** |  |  | $(1981738) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $157247002 | 101.2%  |
| Written Options | (1981738) | (1.3)  |
| Money Market Deposit Account | 162969 | 0.1  |
| Liabilities in Excess of Other Assets | (18677) | 0.0<sup>(a)</sup>  |
|  | $155409556 | 100.0% |

---

<sup>(a)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

166<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - APRIL** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 134.3%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 133.4%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $5.57 | $172288356 | &nbsp;&nbsp; 2526 | $170252450  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $559.37 | 172288356 | &nbsp;&nbsp; 2526 | 34244275  |
| **Total Call Options** |  |  | 204496725 |
| **Put Options - 0.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $559.37<sup>(b)(c)(d)</sup> | 172288356 | &nbsp;&nbsp; 2526 | 1428276  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $167,476,170)** |  |  | 205925001  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 134.3%** <br>**(Cost $167,476,170)** |  |  | $205925001  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 501802  |
| Liabilities in Excess of Other Assets - (34.6)% |  |  | (53144226)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $153282577 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

167<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - APRIL** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (34.6)%** | **WRITTEN OPTIONS - (34.6)%** | **WRITTEN OPTIONS - (34.6)%** | **WRITTEN OPTIONS - (34.6)%** |
| **Call Options - (34.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $595.14<sup>(a)(b)</sup> | $(344576712) | (5052) | $(52216158)  |
| **Put Options - (0.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $509.02<sup>(a)(b)</sup> | (172288356) | (2526) | (827139)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $11,146,112)** |  |  | $(53043297) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $205925001 | 134.3%  |
| Written Options | (53043297) | (34.6)  |
| Money Market Deposit Account | 501802 | 0.3  |
| Liabilities in Excess of Other Assets | (100929) | 0.0  |
|  | $153282577 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

168<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - JANUARY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 121.3%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 121.0%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $5.84 | $98216640 | &nbsp;&nbsp; 1440 | $97120383  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $586.06 | 98216640 | &nbsp;&nbsp; 1440 | 14499302  |
| **Total Call Options** |  |  | 111619685 |
| **Put Options - 0.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $586.06<sup>(b)(c)(d)</sup> | 98216640 | &nbsp;&nbsp; 1440 | 322099  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $92,067,279)** |  |  | 111941784  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 121.3%** <br>**(Cost $92,067,279)** |  |  | $111941784  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 316575  |
| Liabilities in Excess of Other Assets - (21.6)% |  |  | (19972677)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $92285682 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

169<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - JANUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional**<br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (21.6)%** | **WRITTEN OPTIONS - (21.6)%** | **WRITTEN OPTIONS - (21.6)%** | **WRITTEN OPTIONS - (21.6)%** |
| **Call Options - (21.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $620.37<sup>(a)(b)</sup> | $(196433280) | (2880) | $(19765497)  |
| **Put Options - (0.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $533.31<sup>(a)(b)</sup> | (98216640) | (1440) | (146909)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $5,071,751)** |  |  | $(19912406) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $111941784 | 121.3%  |
| Written Options | (19912406) | (21.6)  |
| Money Market Deposit Account | 316575 | 0.3  |
| Liabilities in Excess of Other Assets | (60271) | 0.0  |
|  | $92285682 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

170<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 121.8%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 119.1%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2026; Exercise Price: $6.15 | $134775056 | &nbsp;&nbsp; 1976 | $132854068  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2026; Exercise Price: $617.83 | 134775056 | &nbsp;&nbsp; 1976 | 18658874  |
| **Total Call Options** |  |  | 151512942 |
| **Put Options - 2.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $617.83<sup>(b)(c)(d)</sup> | 134775056 | &nbsp;&nbsp; 1976 | 3375482  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $136,900,055)** |  |  | 154888424  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 121.8%** <br>**(Cost $136,900,055)** |  |  | $154888424  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 364208  |
| Liabilities in Excess of Other Assets - (22.1)% |  |  | (28073770)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $127178862 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

171<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (22.0)%**  | **WRITTEN OPTIONS - (22.0)%**  | **WRITTEN OPTIONS - (22.0)%**  | **WRITTEN OPTIONS - (22.0)%**  |
| **Call Options - (20.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $654.55<sup>(a)(b)</sup> | $(269550112) | (3952) | $(26013092)  |
| **Put Options - (1.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $562.22<sup>(a)(b)</sup> | (134775056) | (1976) | (1974024)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $15,751,421)** |  |  | $(27987116) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $154888424 | 121.8%  |
| Written Options | (27987116) | (22.0)  |
| Money Market Deposit Account | 364208 | 0.3  |
| Liabilities in Excess of Other Assets | (86654) | (0.1)  |
|  | $127178862 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

172<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 115.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 110.7%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2026; Exercise Price: $6.64 | $85462118 | &nbsp;&nbsp; 1253 | $84058758  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2026; Exercise Price: $666.15 | 85462118 | &nbsp;&nbsp; 1253 | 8527078  |
| **Total Call Options** |  |  | 92585836 |
| **Put Options - 4.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $666.15<sup>(b)(c)(d)</sup> | 85462118 | &nbsp;&nbsp; 1253 | 4095581  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $93,675,921)** |  |  | 96681417  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 115.6%** <br>**(Cost $93,675,921)** |  |  | $96681417  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 250838  |
| Liabilities in Excess of Other Assets - (15.9)% |  |  | (13326513)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $83605742 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

173<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (15.9)%** | **WRITTEN OPTIONS - (15.9)%** | **WRITTEN OPTIONS - (15.9)%** | **WRITTEN OPTIONS - (15.9)%** |
| **Call Options - (12.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $705.15<sup>(a)(b)</sup> | $(170924236) | (2506) | $(10756805)  |
| **Put Options - (3.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $606.20<sup>(a)(b)</sup> | (85462118) | (1253) | (2515798)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $11,003,494)** |  |  | $(13272603) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $96681417 | 115.6%  |
| Written Options | (13272603) | (15.9)  |
| Money Market Deposit Account | 250838 | 0.3  |
| Liabilities in Excess of Other Assets | (53910) | 0.0  |
|  | $83605742 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

174<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ACCELERATED ETF - QUARTERLY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 104.4%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 104.4%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $1.68 | $71479888 | &nbsp;&nbsp; 1048 | $71114293  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $666.18 | 71479888 | &nbsp;&nbsp; 1048 | 3123480  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $71,740,627)** |  |  | 74237773  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.4%** <br>**(Cost $71,740,627)** |  |  | $74237773  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 106495  |
| Liabilities in Excess of Other Assets - (4.5)% |  |  | (3255183)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $71089085 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

175<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ACCELERATED ETF - QUARTERLY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional**<br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (4.5)%**  | **WRITTEN OPTIONS - (4.5)%**  | **WRITTEN OPTIONS - (4.5)%**  | **WRITTEN OPTIONS - (4.5)%**  |
| **Call Options - (4.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $687.90<sup>(a)(b)</sup> | $(142959776) | (2096) | $(3208431)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,097,261)** |  |  | $(3208431) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $74237773 | 104.4%  |
| Written Options | (3208431) | (4.5)  |
| Money Market Deposit Account | 106495 | 0.1  |
| Liabilities in Excess of Other Assets | (46752) | 0.0  |
|  | $71089085 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

176<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - APRIL** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 151.5%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 151.5%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $5.56 | $26191104 | &nbsp;&nbsp;&nbsp; 384 | $25881984  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $559.36 | 52382208 | &nbsp;&nbsp;&nbsp; 768 | 10412260  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $24,522,006)** |  |  | 36294244  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 151.5%** <br>**(Cost $24,522,006)** |  |  | $36294244  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 62191  |
| Liabilities in Excess of Other Assets - (51.8)% |  |  | (12401720)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $23954715 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

177<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - APRIL** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount**  | **Contracts**  | **Value**  |
| **WRITTEN OPTIONS - (51.7)%**  | **WRITTEN OPTIONS - (51.7)%**  | **WRITTEN OPTIONS - (51.7)%**  | **WRITTEN OPTIONS - (51.7)%**  |
| **Call Options - (51.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $590.44<sup>(a)(b)</sup> | $(78573312) | (1152) | $(12385394)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,662,774)** |  |  | $(12385394) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $36294244 | 151.5%  |
| Written Options | (12385394) | (51.7)  |
| Money Market Deposit Account | 62191 | 0.3  |
| Liabilities in Excess of Other Assets | (16326) | (0.1)  |
|  | $23954715 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

178<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - JANUARY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 133.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 133.6%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $5.83 | $18620238 | &nbsp;&nbsp;&nbsp; 273 | $18412676  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $586.04 | 37240476 | &nbsp;&nbsp;&nbsp; 546 | 5498695  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $18,417,111)** |  |  | 23911371  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 133.6%** <br>**(Cost $18,417,111)** |  |  | $23911371  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 45193  |
| Liabilities in Excess of Other Assets - (33.9)% |  |  | (6059941)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $17896623 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

179<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - JANUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount**  | **Contracts**  | **Value**  |
| **WRITTEN OPTIONS - (33.8)%** | **WRITTEN OPTIONS - (33.8)%** | **WRITTEN OPTIONS - (33.8)%** | **WRITTEN OPTIONS - (33.8)%** |
| **Call Options - (33.8)%** | **Call Options - (33.8)%** | **Call Options - (33.8)%** | **Call Options - (33.8)%** |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $614.68<sup>(a)(b)</sup> | $(55860714) | &nbsp;&nbsp;&nbsp;&nbsp;(819) | $(6047176)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,127,998)** |  |  | $(6047176) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $23911371 | 133.6%  |
| Written Options | (6047176) | (33.8)  |
| Money Market Deposit Account | 45193 | 0.3  |
| Liabilities in Excess of Other Assets | (12765) | (0.1)  |
|  | $17896623 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

180<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 132.2%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 132.2%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2026; Exercise Price: $6.14 | $16983294 | &nbsp;&nbsp;&nbsp; 249 | $16741468  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2026; Exercise Price: $617.81 | 33966588 | &nbsp;&nbsp;&nbsp; 498 | 4703296  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $18,282,604)** |  |  | 21444764  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 132.2%** <br>**(Cost $18,282,604)** |  |  | $21444764  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 15790  |
| Liabilities in Excess of Other Assets - (32.3)% |  |  | (5235221)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $16225333 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

181<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount**  | **Contracts**  | **Value**  |
| **WRITTEN OPTIONS - (32.2)%**  | **WRITTEN OPTIONS - (32.2)%**  | **WRITTEN OPTIONS - (32.2)%**  | **WRITTEN OPTIONS - (32.2)%**  |
| **Call Options - (32.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $649.05<sup>(a)(b)</sup> | $(50949882) | &nbsp;&nbsp;&nbsp;&nbsp;(747) | $(5224264)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,726,600)** |  |  | $(5224264) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $21444764 | 132.2%  |
| Written Options | (5224264) | (32.2)  |
| Money Market Deposit Account | 15790 | 0.1  |
| Liabilities in Excess of Other Assets | (10957) | (0.1)  |
|  | $16225333 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

182<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 120.4%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 120.4%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2026; Exercise Price: $6.62 | $15960204 | &nbsp;&nbsp;&nbsp; 234 | $15698576  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2026; Exercise Price: $666.14 | 31920408 | &nbsp;&nbsp;&nbsp; 468 | 3185222  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $18,053,665)** |  |  | 18883798  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 120.4%** <br>**(Cost $18,053,665)** |  |  | $18883798  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 19591  |
| Liabilities in Excess of Other Assets - (20.5)% |  |  | (3217696)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $15685693 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

183<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional**<br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (20.8)%** | **WRITTEN OPTIONS - (20.8)%** | **WRITTEN OPTIONS - (20.8)%** | **WRITTEN OPTIONS - (20.8)%** |
| **Call Options - (20.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $699.29<sup>(a)(b)</sup> | $(47880612) | &nbsp;&nbsp;&nbsp;&nbsp;(702) | $(3257238)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,603,420)** |  |  | $(3257238) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $18883798 | 120.4%  |
| Written Options | (3257238) | (20.8)  |
| Money Market Deposit Account | 19591 | 0.1  |
| Other Assets in Excess of Other Assets | 39542 | 0.3  |
|  | $15685693 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

184<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY BUFFER ETF - APRIL** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 109.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 108.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $5.61<sup>(b)(c)(d)</sup> | $379361772 | &nbsp;&nbsp; 5562 | $374857053  |
| **Put Options - 0.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $559.40<sup>(b)(c)(d)</sup> | 379361772 | &nbsp;&nbsp; 5562 | 3146034  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $325,007,191)** |  |  | 378003087  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 109.6%** <br>**(Cost $325,007,191)** |  |  | $378003087  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 1107282  |
| Liabilities in Excess of Other Assets - (9.9)% |  |  | (34159422)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $344950947 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

185<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY BUFFER ETF - APRIL** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (9.8)%**<br>|  |  |  |
| **Call Options - (9.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $649.62<sup>(a)(b)</sup> | $(379361772) | (5562) | $(32111206)  |
| **Put Options - (0.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $509.06<sup>(a)(b)</sup> | (379361772) | (5562) | (1822000)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $16,111,797)** |  |  | $(33933206) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $378003087 | 109.6%  |
| Written Options | (33933206) | (9.8)  |
| Money Market Deposit Account | 1107282 | 0.3  |
| Liabilities in Excess of Other Assets  | (226216) | (0.1)  |
|  | $344950947 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

186<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY BUFFER ETF - AUGUST** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 105.2%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 102.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise <br>Price: $6.33<sup>(b)(c)(d)</sup> | $229035748 | &nbsp;&nbsp; 3358 | $225803304  |
| **Put Options - 3.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise <br>Price: $632.09<sup>(b)(c)(d)</sup> | 229035748 | &nbsp;&nbsp; 3358 | 7126885  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $219,909,325)** |  |  | 232930189  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.2%** <br>**(Cost $219,909,325)** |  |  | $232930189  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 724774  |
| Liabilities in Excess of Other Assets - (5.5)% |  |  | (12241048)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $221413915 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

187<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY BUFFER ETF - AUGUST** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (5.5)%**  | **WRITTEN OPTIONS - (5.5)%**  | **WRITTEN OPTIONS - (5.5)%**  | **WRITTEN OPTIONS - (5.5)%**  |
| **Call Options - (3.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise <br>Price: $732.01<sup>(a)(b)</sup> | $(229035748) | (3358) | $(7849123)  |
| **Put Options - (1.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise <br>Price: $575.19<sup>(a)(b)</sup> | (229035748) | (3358) | (4246863)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $9,023,542)** |  |  | $(12095986) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $232930189 | 105.2%  |
| Written Options | (12095986) | (5.5)  |
| Money Market Deposit Account | 724774 | 0.3  |
| Liabilities in Excess of Other Assets | (145062) | 0.0  |
|  | $221413915 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

188<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY BUFFER ETF - DECEMBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 100.7%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 100.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $6.04<sup>(b)(c)(d)</sup> | $198206636 | &nbsp;&nbsp; 2906 | $196474660  |
| **Put Options - 0.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $602.56<sup>(b)(c)(d)</sup> | 198206636 | &nbsp;&nbsp; 2906 | 232480  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $182,641,191)** |  |  | 196707140  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.7%** <br>**(Cost $182,641,191)** |  |  | $196707140  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 733727  |
| Liabilities in Excess of Other Assets - (1.1)% |  |  | (2114514)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $195326353 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

189<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY BUFFER ETF - DECEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (1.0)%**  | **WRITTEN OPTIONS - (1.0)%**  | **WRITTEN OPTIONS - (1.0)%**  | **WRITTEN OPTIONS - (1.0)%**  |
| **Call Options - (1.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $692.72<sup>(a)(b)</sup> | $(198206636) | (2906) | $(1909242)  |
| **Put Options - (0.0)%<sup>(c)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $548.32<sup>(a)(b)</sup> | (198206636) | (2906) | (84274)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $4,238,895)** |  |  | $(1993516) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $196707140 | 100.7%  |
| Written Options | (1993516) | (1.0)  |
| Money Market Deposit Account | 733727 | 0.4  |
| Liabilities in Excess of Other Assets | (120998) | (0.1)  |
|  | $195326353 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

190<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY BUFFER ETF - FEBRUARY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 102.9%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 102.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $6.03<sup>(b)(c)(d)</sup> | $197524576 | &nbsp;&nbsp; 2896 | $195437921  |
| **Put Options - 0.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $601.83<sup>(b)(c)(d)</sup> | 197524576 | &nbsp;&nbsp; 2896 | 1487241  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $182,613,875)** |  |  | 196925162  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.9%** <br>**(Cost $182,613,875)** |  |  | $196925162  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 655773  |
| Liabilities in Excess of Other Assets - (3.2)% |  |  | (6177738)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $191403197 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

191<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY BUFFER ETF - FEBRUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.2)%** | **WRITTEN OPTIONS - (3.2)%** | **WRITTEN OPTIONS - (3.2)%** | **WRITTEN OPTIONS - (3.2)%** |
| **Call Options - (2.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $693.30<sup>(a)(b)</sup> | $(197524576) | (2896) | $(5349723)  |
| **Put Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $547.66<sup>(a)(b)</sup> | (197524576) | (2896) | (700310)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $5,528,287)** |  |  | $(6050033) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $196925162 | 102.9%  |
| Written Options | (6050033) | (3.2)  |
| Money Market Deposit Account | 655773 | 0.3  |
| Liabilities in Excess of Other Assets | (127705) | 0.0  |
|  | $191403197 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

192<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY BUFFER ETF - JANUARY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 103.3%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 102.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $5.87<sup>(b)(c)(d)</sup> | $297378160 | &nbsp;&nbsp; 4360 | $294045943  |
| **Put Options - 0.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $586.09<sup>(b)(c)(d)</sup> | 297378160 | &nbsp;&nbsp; 4360 | 975724  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $265,097,997)** |  |  | 295021667  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.3%** <br>**(Cost $265,097,997)** |  |  | $295021667  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 874346  |
| Liabilities in Excess of Other Assets - (3.6)% |  |  | (10209853)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $285686160 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

193<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY BUFFER ETF - JANUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (3.5)%**  | **WRITTEN OPTIONS - (3.5)%**  | **WRITTEN OPTIONS - (3.5)%**  | **WRITTEN OPTIONS - (3.5)%**  |
| **Call Options - (3.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $677.16<sup>(a)(b)</sup> | $(297378160) | (4360) | $(9575867)  |
| **Put Options - (0.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $533.34<sup>(a)(b)</sup> | (297378160) | (4360) | (444982)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $9,182,519)** |  |  | $(10020849) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $295021667 | 103.3%  |
| Written Options | (10020849) | (3.5)  |
| Money Market Deposit Account | 874346 | 0.3  |
| Liabilities in Excess of Other Assets | (189004) | (0.1)  |
|  | $285686160 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

194<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator U.S. Equity Buffer ETF - July** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 105.3%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 102.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $6.19<sup>(b)(c)(d)</sup> | $309655240 | &nbsp;&nbsp; 4540 | $305223973  |
| **Put Options - 2.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $617.86<sup>(b)(c)(d)</sup> | 309655240 | &nbsp;&nbsp; 4540 | 7757634  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $290,413,691)** |  |  | 312981607  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.3%** <br>**(Cost $290,413,691)** |  |  | $312981607  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 894994  |
| Liabilities in Excess of Other Assets - (5.6)% |  |  | (16781176)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $297095425 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

195<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator U.S. Equity Buffer ETF - July** 

**Schedule of Written Options** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional**<br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (5.6)%**<br>|  |  |  |
| **Call Options - (4.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $716.77<sup>(a)(b)</sup> | $(309655240) | (4540) | $(12049251)  |
| **Put Options - (1.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $562.26<sup>(a)(b)</sup> | (309655240) | (4540) | (4537231)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $12,280,743)** |  |  | $(16586482) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $312981607 | 105.3%  |
| Written Options | (16586482) | (5.6)  |
| Money Market Deposit Account | 894994 | 0.3  |
| Liabilities in Excess of Other Assets | (194694) | 0.0  |
|  | $297095425 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

196<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY BUFFER ETF - JUNE** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 107.2%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 105.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise <br>Price: $5.91<sup>(b)(c)(d)</sup> | $174675566 | &nbsp;&nbsp; 2561 | $172669458  |
| **Put Options - 1.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise <br>Price: $589.40<sup>(b)(c)(d)</sup> | 174675566 | &nbsp;&nbsp; 2561 | 2855669  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $157,452,148)** |  |  | 175525127  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.2%** <br>**(Cost $157,452,148)** |  |  | $175525127  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 510212  |
| Liabilities in Excess of Other Assets - (7.5)% |  |  | (12361265)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $163674074 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

197<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY BUFFER ETF - JUNE** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional**<br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (7.5)%**  | **WRITTEN OPTIONS - (7.5)%**  | **WRITTEN OPTIONS - (7.5)%**  | **WRITTEN OPTIONS - (7.5)%**  |
| **Call Options - (6.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise <br>Price: $685.28<sup>(a)(b)</sup> | $(174675566) | (2561) | $(10584203)  |
| **Put Options - (1.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise <br>Price: $536.34<sup>(a)(b)</sup> | (174675566) | (2561) | (1662423)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $7,492,816)** |  |  | $(12246626) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $175525127 | 107.2%  |
| Written Options | (12246626) | (7.5)  |
| Money Market Deposit Account | 510212 | 0.3  |
| Liabilities in Excess of Other Assets | (114639) | 0.0  |
|  | $163674074 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

198<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY BUFFER ETF - MARCH** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 104.3%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 103.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $5.95<sup>(b)(c)(d)</sup> | $186475204 | &nbsp;&nbsp; 2734 | $184555198  |
| **Put Options - 1.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $594.19<sup>(b)(c)(d)</sup> | 186475204 | &nbsp;&nbsp; 2734 | 1734367  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $167,812,334)** |  |  | 186289565  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.3%** <br>**(Cost $167,812,334)** |  |  | $186289565  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 552870  |
| Liabilities in Excess of Other Assets - (4.6)% |  |  | (8149938)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $178692497 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

199<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY BUFFER ETF - MARCH** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (4.5)%** | **WRITTEN OPTIONS - (4.5)%** | **WRITTEN OPTIONS - (4.5)%** | **WRITTEN OPTIONS - (4.5)%** |
| **Call Options - (4.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $688.42<sup>(a)(b)</sup> | $(186475204) | (2734) | $(7141154)  |
| **Put Options - (0.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $540.70<sup>(a)(b)</sup> | (186475204) | (2734) | (890983)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $6,773,106)** |  |  | $(8032137) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $186289565 | 104.3%  |
| Written Options | (8032137) | (4.5)  |
| Money Market Deposit Account | 552870 | 0.3  |
| Liabilities in Excess of Other Assets | (117801) | (0.1)  |
|  | $178692497 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

200<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY BUFFER ETF - MAY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 109.8%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 108.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $5.56<sup>(b)(c)(d)</sup> | $172288356 | &nbsp;&nbsp; 2526 | $170306937  |
| **Put Options - 1.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $554.55<sup>(b)(c)(d)</sup> | 172288356 | &nbsp;&nbsp; 2526 | 1675344  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $147,112,666)** |  |  | 171982281  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 109.8%** <br>**(Cost $147,112,666)** |  |  | $171982281  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 476549  |
| Liabilities in Excess of Other Assets - (10.1)% |  |  | (15788505)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $156670325 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

201<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator U.S. Equity Buffer ETF - May** 

**Schedule of Written Options** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (10.0)%** | **WRITTEN OPTIONS - (10.0)%** | **WRITTEN OPTIONS - (10.0)%** | **WRITTEN OPTIONS - (10.0)%** |
| **Call Options - (9.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $655.13<sup>(a)(b)</sup> | $(172288356) | (2526) | $(14680759)  |
| **Put Options - (0.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $504.63<sup>(a)(b)</sup> | (172288356) | (2526) | (1005070)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $8,020,261)** |  |  | $(15685829) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $171982281 | 109.8%  |
| Written Options | (15685829) | (10.0)  |
| Money Market Deposit Account | 476549 | 0.3  |
| Liabilities in Excess of Other Assets | (102676) | (0.1)  |
|  | $156670325 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

202<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY BUFFER ETF - NOVEMBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 104.8%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 99.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise <br>Price: $6.83<sup>(b)(c)(d)</sup> | $147802402 | &nbsp;&nbsp; 2167 | $145197668  |
| **Put Options - 5.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise <br>Price: $682.07<sup>(b)(c)(d)</sup> | 147802402 | &nbsp;&nbsp; 2167 | 8509809  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $153,716,334)** |  |  | 153707477  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.8%** <br>**(Cost $153,716,334)** |  |  | $153707477  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 429227  |
| Liabilities in Excess of Other Assets - (5.1)% |  |  | (7482597)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $146654107 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

203<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY BUFFER ETF - NOVEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (5.1)%**  | **WRITTEN OPTIONS - (5.1)%**  | **WRITTEN OPTIONS - (5.1)%**  | **WRITTEN OPTIONS - (5.1)%**  |
| **Call Options - (1.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise <br>Price: $802.17<sup>(a)(b)</sup> | $(147802402) | (2167) | $(2156165)  |
| **Put Options - (3.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise <br>Price: $620.67<sup>(a)(b)</sup> | (147802402) | (2167) | (5261476)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $7,408,784)** |  |  | $(7417641) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $153707477 | 104.8%  |
| Written Options | (7417641) | (5.1)  |
| Money Market Deposit Account | 429227 | 0.3  |
| Liabilities in Excess of Other Assets | (64956) | 0.0<sup>(a)</sup>  |
|  | $146654107 | 100.0% |

---

<sup>(a)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

204<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY BUFFER ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 105.1%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 100.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $6.68<sup>(b)(c)(d)</sup> | $294377096 | &nbsp;&nbsp; 4316 | $289526516  |
| **Put Options - 4.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $666.19<sup>(b)(c)(d)</sup> | 294377096 | &nbsp;&nbsp; 4316 | 14111939  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $298,168,641)** |  |  | 303638455  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.1%** <br>**(Cost $298,168,641)** |  |  | $303638455  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 897541  |
| Liabilities in Excess of Other Assets - (5.4)% |  |  | (15586619)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $288949377 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

205<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY BUFFER ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (5.3)%**  | **WRITTEN OPTIONS - (5.3)%**  | **WRITTEN OPTIONS - (5.3)%**  | **WRITTEN OPTIONS - (5.3)%**  |
| **Call Options - (2.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $768.64<sup>(a)(b)</sup> | $(294377096) | (4316) | $(6734471)  |
| **Put Options - (3.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $606.24<sup>(a)(b)</sup> | (294377096) | (4316) | (8668729)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $13,535,012)** |  |  | $(15403200) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $303638455 | 105.1%  |
| Written Options | (15403200) | (5.3)  |
| Money Market Deposit Account | 897541 | 0.3  |
| Liabilities in Excess of Other Assets | (183419) | (0.1)  |
|  | $288949377 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

206<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY BUFFER ETF - SEPTEMBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.4%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 101.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise <br>Price: $6.46<sup>(b)(c)(d)</sup> | $249770372 | &nbsp;&nbsp; 3662 | $246322453  |
| **Put Options - 3.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise <br>Price: $645.06<sup>(b)(c)(d)</sup> | 249770372 | &nbsp;&nbsp; 3662 | 9372010  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $244,919,625)** |  |  | 255694463  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.4%** <br>**(Cost $244,919,625)** |  |  | $255694463  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 776544  |
| Liabilities in Excess of Other Assets - (5.7)% |  |  | (13765929)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $242705078 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

207<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY BUFFER ETF - SEPTEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (5.6)%**  | **WRITTEN OPTIONS - (5.6)%**  | **WRITTEN OPTIONS - (5.6)%**  | **WRITTEN OPTIONS - (5.6)%**  |
| **Call Options - (3.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise <br>Price: $744.13<sup>(a)(b)</sup> | $(249770372) | (3662) | $(7926253)  |
| **Put Options - (2.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise <br>Price: $587.00<sup>(a)(b)</sup> | (249770372) | (3662) | (5680897)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $10,527,225)** |  |  | $(13607150) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $255694463 | 105.4%  |
| Written Options | (13607150) | (5.6)  |
| Money Market Deposit Account | 776544 | 0.3  |
| Liabilities in Excess of Other Assets | (158779) | (0.1)  |
|  | $242705078 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

208<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - APRIL** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 112.5%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 111.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $5.59<sup>(b)(c)(d)</sup> | $900114582 | 13197 | $889213860  |
| **Put Options - 0.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $559.39<sup>(b)(c)(d)</sup> | 900114582 | 13197 | 7416714  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $768,699,914)** |  |  | 896630574  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 112.5%** <br>**(Cost $768,699,914)** |  |  | $896630574  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 2327450  |
| Liabilities in Excess of Other Assets - (12.8)% |  |  | (101835661)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $797122363 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

209<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - APRIL** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (12.7)%**  | **WRITTEN OPTIONS - (12.7)%**  | **WRITTEN OPTIONS - (12.7)%**  | **WRITTEN OPTIONS - (12.7)%**  |
| **Call Options - (12.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $628.70<sup>(a)(b)</sup> | $(900114582) | (13197) | $(98172483)  |
| **Put Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $475.48<sup>(a)(b)</sup> | (900114582) | (13197) | (3193674)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $34,231,972)** |  |  | $(101366157) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $896630574 | 112.5%  |
| Written Options | (101366157) | (12.7)  |
| Money Market Deposit Account | 2327450 | 0.3  |
| Liabilities in Excess of Other Assets | (469504) | (0.1)  |
|  | $797122363 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

210<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - AUGUST** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 106.4%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 103.1%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise Price: $6.32<sup>(b)(c)(d)</sup> | $1027318772 | 15062 | $1012558012  |
| **Put Options - 3.3%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise Price: $632.08<sup>(b)(c)(d)</sup> | 1027318772 | 15062 | 32353176  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $984,915,343)** |  |  | 1044911188  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.4%** <br>**(Cost $984,915,343)** |  |  | $1044911188  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 3000357  |
| Liabilities in Excess of Other Assets - (6.7)% |  |  | (65807679)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $982103866 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

211<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - AUGUST** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (6.6)%**<br>|  |  |  |
| **Call Options - (5.2)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise Price: $709.51<sup>(a)(b)</sup> | $(1027318772) | (15062) | $(51542164)  |
| **Put Options - (1.4)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise Price: $537.27<sup>(a)(b)</sup> | (1027318772) | (15062) | (13631110)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $40,703,281)** |  |  | $(65173274) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $1044911188 | 106.4%  |
| Written Options | (65173274) | (6.6)  |
| Money Market Deposit Account | 3000357 | 0.3  |
| Liabilities in Excess of Other Assets | (634405) | (0.1)  |
|  | $982103866 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

212<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - DECEMBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.5%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 102.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $6.03<sup>(b)(c)(d)</sup> | $951541906 | 13951 | $943227110  |
| **Put Options - 0.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $602.55<sup>(b)(c)(d)</sup> | 951541906 | 13951 | 1074227  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $865,258,680)** |  |  | 944301337  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.5%** <br>**(Cost $865,258,680)** |  |  | $944301337  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 2907082  |
| Liabilities in Excess of Other Assets - (2.8)% |  |  | (25505922)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $921702497 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

213<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - DECEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.7)%**<br>|  |  |  |
| **Call Options - (2.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $674.31<sup>(a)(b)</sup> | $(951541906) | (13951) | $(24567711)  |
| **Put Options - (0.0)%<sup>(c)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $512.17<sup>(a)(b)</sup> | (951541906) | (13951) | (292971)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $29,543,169)** |  |  | $(24860682) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $944301337 | 102.5%  |
| Written Options | (24860682) | (2.7)  |
| Money Market Deposit Account | 2907082 | 0.3  |
| Liabilities in Excess of Other Assets | (645240) | (0.1)  |
|  | $921702497 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

214<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - FEBRUARY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.8%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 104.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $6.02<sup>(b)(c)(d)</sup> | $830749080 | 12180 | $821760240  |
| **Put Options - 0.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $601.82<sup>(b)(c)(d)</sup> | 830749080 | 12180 | 6223980  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $756,006,136)** |  |  | 827984220  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.8%** <br>**(Cost $756,006,136)** |  |  | $827984220  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 2438429  |
| Liabilities in Excess of Other Assets - (5.1)% |  |  | (40632749)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $789789900 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

215<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - FEBRUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.1)%**<br>|  |  |  |
| **Call Options - (4.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $672.89<sup>(a)(b)</sup> | $(830749080) | (12180) | $(38159940)  |
| **Put Options - (0.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $511.55<sup>(a)(b)</sup> | (830749080) | (12180) | (2009700)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $28,102,949)** |  |  | $(40169640) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $827984220 | 104.8%  |
| Written Options | (40169640) | (5.1)  |
| Money Market Deposit Account | 2438429 | 0.3  |
| Liabilities in Excess of Other Assets | (463109) | 0.0  |
|  | $789789900 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

216<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - JANUARY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.7%<sup>(a)</sup>** <br>|  |  |  |
| **Call Options - 105.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $5.86<sup>(b)(c)(d)</sup> | $1266858244 | 18574 | $1252166210  |
| **Put Options - 0.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $586.08<sup>(b)(c)(d)</sup> | 1266858244 | 18574 | 4197724  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,125,351,475)** |  |  | 1256363934  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.7%** <br>**(Cost $1,125,351,475)** |  |  | $1256363934  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 3603371  |
| Liabilities in Excess of Other Assets - (6.0)% |  |  | (71011700)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $1188955605 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

217<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - JANUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.9)%**<br>|  |  |  |
| **Call Options - (5.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $656.64<sup>(a)(b)</sup> | $(1266858244) | (18574) | $(68965262)  |
| **Put Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $498.17<sup>(a)(b)</sup> | (1266858244) | (18574) | (1281606)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $43,098,645)** |  |  | $(70246868) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $1256363934 | 105.7%  |
| Written Options | (70246868) | (5.9)  |
| Money Market Deposit Account | 3603371 | 0.3  |
| Liabilities in Excess of Other Assets | (764832) | (0.1)  |
|  | $1188955605 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

218<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 107.0%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 104.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $6.18<sup>(b)(c)(d)</sup> | $1260242262 | 18477 | $1241802216  |
| **Put Options - 2.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $617.85<sup>(b)(c)(d)</sup> | 1260242262 | 18477 | 31688055  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,184,882,991)** |  |  | 1273490271  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.0%** <br>**(Cost $1,184,882,991)** |  |  | $1273490271  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 3687675  |
| Liabilities in Excess of Other Assets - (7.3)% |  |  | (87369364)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $1189808582 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

219<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (7.3)%**<br>|  |  |  |
| **Call Options - (6.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $692.55<sup>(a)(b)</sup> | $(1260242262) | (18477) | $(73464552)  |
| **Put Options - (1.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $525.17<sup>(a)(b)</sup> | (1260242262) | (18477) | (13081716)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $51,594,056)** |  |  | $(86546268) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $1273490271 | 107.0%  |
| Written Options | (86546268) | (7.3)  |
| Money Market Deposit Account | 3687675 | 0.3  |
| Liabilities in Excess of Other Assets | (823096) | 0.0  |
|  | $1189808582 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

220<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - JUNE** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 109.5%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 107.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise <br>Price: $5.89<sup>(b)(c)(d)</sup> | $823655656 | 12076 | $814219711  |
| **Put Options - 1.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise <br>Price: $589.39<sup>(b)(c)(d)</sup> | 823655656 | 12076 | 13464136  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $741,912,447)** |  |  | 827683847  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 109.5%** <br>**(Cost $741,912,447)** |  |  | $827683847  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 2311691  |
| Liabilities in Excess of Other Assets - (9.8)% |  |  | (73980088)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $756015450 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

221<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - JUNE** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (9.7)%**<br>|  |  |  |
| **Call Options - (9.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise <br>Price: $663.58<sup>(a)(b)</sup> | $(823655656) | (12076) | $(67926896)  |
| **Put Options - (0.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise <br>Price: $500.98<sup>(a)(b)</sup> | (823655656) | (12076) | (5551579)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $35,894,710)** |  |  | $(73478475) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $827683847 | 109.5%  |
| Written Options | (73478475) | (9.7)  |
| Money Market Deposit Account | 2311691 | 0.3  |
| Liabilities in Excess of Other Assets | (501613) | (0.1)  |
|  | $756015450 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

222<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - MARCH** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 106.5%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 105.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $5.94<sup>(b)(c)(d)</sup> | $667941358 | &nbsp;&nbsp; 9793 | $661073723  |
| **Put Options - 1.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $594.18<sup>(b)(c)(d)</sup> | 667941358 | &nbsp;&nbsp; 9793 | 6211602  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $601,450,690)** |  |  | 667285325  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.5%** <br>**(Cost $601,450,690)** |  |  | $667285325  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 1927657  |
| Liabilities in Excess of Other Assets - (6.8)% |  |  | (42788262)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $626424720 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

223<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - MARCH** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (6.8)%**<br>|  |  |  |
| **Call Options - (6.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $666.31<sup>(a)(b)</sup> | $(667941358) | (9793) | $(40195173)  |
| **Put Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $505.05<sup>(a)(b)</sup> | (667941358) | (9793) | (2177767)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $23,723,839)** |  |  | $(42372940) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $667285325 | 106.5%  |
| Written Options | (42372940) | (6.8)  |
| Money Market Deposit Account | 1927657 | 0.3  |
| Liabilities in Excess of Other Assets | (415322) | 0.0  |
|  | $626424720 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

224<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - MAY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 113.0%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 111.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $5.55<sup>(b)(c)(d)</sup> | $705318246 | 10341 | $697216796  |
| **Put Options - 1.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $554.54<sup>(b)(c)(d)</sup> | 705318246 | 10341 | 6857841  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $602,389,550)** |  |  | 704074637  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 113.0%** <br>**(Cost $602,389,550)** |  |  | $704074637  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 1848026  |
| Liabilities in Excess of Other Assets - (13.3)% |  |  | (82743002)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $623179661 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

225<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - MAY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (13.2)%**<br>|  |  |  |
| **Call Options - (12.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $631.51<sup>(a)(b)</sup> | $(705318246) | (10341) | $(79295305)  |
| **Put Options - (0.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $471.36<sup>(a)(b)</sup> | (705318246) | (10341) | (3034980)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $33,007,811)** |  |  | $(82330285) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $704074637 | 113.0%  |
| Written Options | (82330285) | (13.2)  |
| Money Market Deposit Account | 1848026 | 0.3  |
| Liabilities in Excess of Other Assets | (412717) | (0.1)  |
|  | $623179661 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

226<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - NOVEMBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.0%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 99.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise <br>Price: $6.82<sup>(b)(c)(d)</sup> | $620197158 | &nbsp;&nbsp; 9093 | $610012998  |
| **Put Options - 5.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise <br>Price: $682.06<sup>(b)(c)(d)</sup> | 620197158 | &nbsp;&nbsp; 9093 | 35762769  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $645,812,934)** |  |  | 645775767  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.0%** <br>**(Cost $645,812,934)** |  |  | $645775767  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 1776924  |
| Liabilities in Excess of Other Assets - (5.3)% |  |  | (32258928)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $615293763 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

227<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - NOVEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.2)%**<br>|  |  |  |
| **Call Options - (2.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise <br>Price: $772.50<sup>(a)(b)</sup> | $(620197158) | (9093) | $(15530844)  |
| **Put Options - (2.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise <br>Price: $579.75<sup>(a)(b)</sup> | (620197158) | (9093) | (16376493)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $31,870,170)** |  |  | $(31907337) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $645775767 | 105.0%  |
| Written Options | (31907337) | (5.2)  |
| Money Market Deposit Account | 1776924 | 0.3  |
| Liabilities in Excess of Other Assets | (351591) | (0.1)  |
|  | $615293763 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

228<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.5%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 100.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $6.66<sup>(b)(c)(d)</sup> | $1115986572 | 16362 | $1097317530  |
| **Put Options - 5.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $666.18<sup>(b)(c)(d)</sup> | 1115986572 | 16362 | 54338202  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,131,381,116)** |  |  | 1151655732  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.5%** <br>**(Cost $1,131,381,116)** |  |  | $1151655732  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 3363274  |
| Liabilities in Excess of Other Assets - (5.8)% |  |  | (63398509)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $1091620497 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

229<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.8)%**<br>|  |  |  |
| **Call Options - (3.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $744.86<sup>(a)(b)</sup> | $(1115986572) | (16362) | $(38990646)  |
| **Put Options - (2.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $566.25<sup>(a)(b)</sup> | (1115986572) | (16362) | (23806710)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $51,917,566)** |  |  | $(62797356) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $1151655732 | 105.5%  |
| Written Options | (62797356) | (5.8)  |
| Money Market Deposit Account | 3363274 | 0.3  |
| Liabilities in Excess of Other Assets  | (601153) | 0.0  |
|  | $1091620497 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

230<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator U.S. Equity Power Buffer ETF - September** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 106.3%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 102.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise <br>Price: $6.45<sup>(b)(c)(d)</sup> | $975686830 | 14305 | $961167255  |
| **Put Options - 4.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise <br>Price: $645.05<sup>(b)(c)(d)</sup> | 975686830 | 14305 | 36949815  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $955,029,886)** |  |  | 998117070  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.3%** <br>**(Cost $955,029,886)** |  |  | $998117070  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 3011525  |
| Liabilities in Excess of Other Assets - (6.6)% |  |  | (61757536)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $939371059 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

231<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator U.S. Equity Power Buffer ETF - September** 

**Schedule of Written Options** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (6.5)%** | **WRITTEN OPTIONS - (6.5)%** | **WRITTEN OPTIONS - (6.5)%** | **WRITTEN OPTIONS - (6.5)%** |
| **Call Options - (4.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise .<br>Price: $720.70<sup>(a)(b)</sup> | $(975686830) | (14305) | $(45590035)  |
| **Put Options - (1.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise .<br>Price: $548.29<sup>(a)(b)</sup> | (975686830) | (14305) | (15506620)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $40,734,035)** |  |  | $(61096655) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $998117070 | 106.3%  |
| Written Options | (61096655) | (6.5)  |
| Money Market Deposit Account | 3011525 | 0.3  |
| Liabilities in Excess of Other Assets | (660881) | (0.1)  |
|  | $939371059 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

232<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - APRIL** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 112.4%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 111.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $5.58<sup>(b)(c)(d)</sup> | $175425832 | &nbsp;&nbsp; 2572 | $173350305  |
| **Put Options - 0.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $531.42<sup>(b)(c)(d)</sup> | 175425832 | &nbsp;&nbsp; 2572 | 1064011  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $151,237,631)** |  |  | 174414316  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 112.4%** <br>**(Cost $151,237,631)** |  |  | $174414316  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 503708  |
| Liabilities in Excess of Other Assets - (12.7)% |  |  | (19687925)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $155230099 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

233<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - APRIL** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (12.6)%**<br>|  |  |  |
| **Call Options - (12.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $627.97<sup>(a)(b)</sup> | $(175425832) | (2572) | $(19339820)  |
| **Put Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $363.60<sup>(a)(b)</sup> | (175425832) | (2572) | (245343)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $4,372,517)** |  |  | $(19585163) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $174414316 | 112.4%  |
| Written Options | (19585163) | (12.6)  |
| Money Market Deposit Account | 503708 | 0.3  |
| Liabilities in Excess of Other Assets | (102762) | (0.1)  |
|  | $155230099 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

234<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator U.S. Equity Ultra Buffer ETF - August** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 105.8%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 103.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise <br>Price: $6.31<sup>(b)(c)(d)</sup> | $249906784 | &nbsp;&nbsp; 3664 | $246308736  |
| **Put Options - 2.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise <br>Price: $600.48<sup>(b)(c)(d)</sup> | 249906784 | &nbsp;&nbsp; 3664 | 6038272  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $237,179,249)** |  |  | 252347008  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.8%** <br>**(Cost $237,179,249)** |  |  | $252347008  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 734172  |
| Liabilities in Excess of Other Assets - (6.1)% |  |  | (14579388)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $238501792 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

235<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator U.S. Equity Ultra Buffer ETF - August** 

**Schedule of Written Options** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount**  | **Contracts**  | **Value**  |
| **WRITTEN OPTIONS - (6.1)%**<br>|  |  |  |
| **Call Options - (5.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise <br>Price: $705.53<sup>(a)(b)</sup> | $(249906784) | (3664) | $(13417568)  |
| **Put Options - (0.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2026; Exercise <br>Price: $410.85<sup>(a)(b)</sup> | (249906784) | (3664) | (1036912)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $7,259,131)** |  |  | $(14454480) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $252347008 | 105.8%  |
| Written Options | (14454480) | (6.1)  |
| Money Market Deposit Account | 734172 | 0.3  |
| Liabilities in Excess of Other Assets | (124908) | 0.0  |
|  | $238501792 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

236<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - DECEMBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.3%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 102.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $6.01<sup>(b)(c)(d)</sup> | $275074798 | &nbsp;&nbsp; 4033 | $272717792  |
| **Put Options - 0.0%<sup>(e)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $572.42<sup>(b)(c)(d)</sup> | 275074798 | &nbsp;&nbsp; 4033 | 178863  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $248,522,890)** |  |  | 272896655  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.3%** <br>**(Cost $248,522,890)** |  |  | $272896655  |
| Money Market Deposit Account - 0.4%<sup>(f)</sup> |  |  | 943447  |
| Liabilities in Excess of Other Assets - (2.7)% |  |  | (7192798)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $266647304 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> Represents less than 0.05% of net assets.

<sup>(f)</sup> The U.S. Bank Money Market Deposit Account (the " MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

237<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - DECEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.6)%**<br>|  |  |  |
| **Call Options - (2.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $674.55<sup>(a)(b)</sup> | $(275074798) | (4033) | $(6993666)  |
| **Put Options - (0.0)%<sup>(c)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $391.66<sup>(a)(b)</sup> | (275074798) | (4033) | (16616)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,219,654)** |  |  | $(7010282) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $272896655 | 102.3%  |
| Written Options | (7010282) | (2.6)  |
| Money Market Deposit Account | 943447 | 0.4  |
| Liabilities in Excess of Other Assets | (182516) | (0.1)  |
|  | $266647304 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

238<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - FEBRUARY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.7%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 104.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $6.01<sup>(b)(c)(d)</sup> | $178767926 | &nbsp;&nbsp; 2621 | $176836249  |
| **Put Options - 0.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $571.73<sup>(b)(c)(d)</sup> | 178767926 | &nbsp;&nbsp; 2621 | 864930  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $161,575,353)** |  |  | 177701179  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.7%** <br>**(Cost $161,575,353)** |  |  | $177701179  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 607606  |
| Liabilities in Excess of Other Assets - (5.1)% |  |  | (8561023)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $169747762 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

239<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - FEBRUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.0)%**<br>|  |  |  |
| **Call Options - (4.9)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $672.35<sup>(a)(b)</sup> | $(178767926) | (2621) | $(8311191)  |
| **Put Options - (0.1)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $391.18<sup>(a)(b)</sup> | (178767926) | (2621) | (138913)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,539,456)** |  |  | $(8450104) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $177701179 | 104.7%  |
| Written Options | (8450104) | (5.0)  |
| Money Market Deposit Account | 607606 | 0.4  |
| Liabilities in Excess of Other Assets | (110919) | (0.1)  |
|  | $169747762 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

240<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JANUARY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.8%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 105.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $5.85<sup>(b)(c)(d)</sup> | $216554050 | &nbsp;&nbsp; 3175 | $214133779  |
| **Put Options - 0.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $556.78<sup>(b)(c)(d)</sup> | 216554050 | &nbsp;&nbsp; 3175 | 444405  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $191,809,004)** |  |  | 214578184  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.8%** <br>**(Cost $191,809,004)** |  |  | $214578184  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 655752  |
| Liabilities in Excess of Other Assets - (6.1)% |  |  | (12343467)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $202890469 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

241<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JANUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (6.0)%**<br>|  |  |  |
| **Call Options - (6.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $655.35<sup>(a)(b)</sup> | $(216554050) | (3175) | $(12154186)  |
| **Put Options - (0.0)%<sup>(c)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $380.95<sup>(a)(b)</sup> | (216554050) | (3175) | (54832)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $4,798,837)** |  |  | $(12209018) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $214578184 | 105.8%  |
| Written Options | (12209018) | (6.0)  |
| Money Market Deposit Account | 655752 | 0.3  |
| Liabilities in Excess of Other Assets | (134449) | (0.1)  |
|  | $202890469 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

242<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 106.7%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 104.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $6.17<sup>(b)(c)(d)</sup> | $229172160 | &nbsp;&nbsp; 3360 | $225899151  |
| **Put Options - 2.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $586.96<sup>(b)(c)(d)</sup> | 229172160 | &nbsp;&nbsp; 3360 | 4269619  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $212,530,325)** |  |  | 230168770  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.7%** <br>**(Cost $212,530,325)** |  |  | $230168770  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 704252  |
| Liabilities in Excess of Other Assets - (7.0)% |  |  | (15090753)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $215782269 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

243<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (6.9)%**<br>|  |  |  |
| **Call Options - (6.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $688.96<sup>(a)(b)</sup> | $(229172160) | (3360) | $(14147179)  |
| **Put Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $401.60<sup>(a)(b)</sup> | (229172160) | (3360) | (800285)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $6,753,290)** |  |  | $(14947464) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $230168770 | 106.7%  |
| Written Options | (14947464) | (6.9)  |
| Money Market Deposit Account | 704252 | 0.3  |
| Liabilities in Excess of Other Assets  | (143289) | (0.1)  |
|  | $215782269 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

244<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JUNE** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 109.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 108.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise <br>Price: $5.88<sup>(b)(c)(d)</sup> | $157692272 | &nbsp;&nbsp; 2312 | $155887987  |
| **Put Options - 1.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise <br>Price: $559.92<sup>(b)(c)(d)</sup> | 157692272 | &nbsp;&nbsp; 2312 | 1906660  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $142,463,459)** |  |  | 157794647  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 109.6%** <br>**(Cost $142,463,459)** |  |  | $157794647  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 482737  |
| Liabilities in Excess of Other Assets - (9.9)% |  |  | (14304733)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $143972651 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

245<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JUNE** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (9.9)%**<br>|  |  |  |
| **Call Options - (9.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise <br>Price: $658.82<sup>(a)(b)</sup> | $(157692272) | (2312) | $(13811032)  |
| **Put Options - (0.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/29/2026; Exercise <br>Price: $383.10<sup>(a)(b)</sup> | (157692272) | (2312) | (398589)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $6,026,595)** |  |  | $(14209621) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $157794647 | 109.6%  |
| Written Options | (14209621) | (9.9)  |
| Money Market Deposit Account | 482737 | 0.3  |
| Liabilities in Excess of Other Assets | (95112) | 0.0  |
|  | $143972651 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

246<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - MARCH** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 106.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 105.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $5.93<sup>(b)(c)(d)</sup> | $193568628 | &nbsp;&nbsp; 2838 | $191581177  |
| **Put Options - 0.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $564.47<sup>(b)(c)(d)</sup> | 193568628 | &nbsp;&nbsp; 2838 | 1230727  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $170,845,714)** |  |  | 192811904  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.6%** <br>**(Cost $170,845,714)** |  |  | $192811904  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 576218  |
| Liabilities in Excess of Other Assets - (6.9)% |  |  | (12501387)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $180886735 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

247<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - MARCH** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (6.8)%**<br>|  |  |  |
| **Call Options - (6.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $663.88<sup>(a)(b)</sup> | $(193568628) | (2838) | $(12158503)  |
| **Put Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $386.22<sup>(a)(b)</sup> | (193568628) | (2838) | (218752)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $4,095,848)** |  |  | $(12377255) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $192811904 | 106.6%  |
| Written Options | (12377255) | (6.8)  |
| Money Market Deposit Account | 576218 | 0.3  |
| Liabilities in Excess of Other Assets | (124132) | (0.1)  |
|  | $180886735 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

248<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - MAY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 113.8%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 113.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $5.53<sup>(b)(c)(d)</sup> | $66978292 | &nbsp;&nbsp;&nbsp; 982 | $66210888  |
| **Put Options - 0.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $526.81<sup>(b)(c)(d)</sup> | 66978292 | &nbsp;&nbsp;&nbsp; 982 | 486660  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $56,516,679)** |  |  | 66697548  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 113.8%** <br>**(Cost $56,516,679)** |  |  | $66697548  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 155545  |
| Liabilities in Excess of Other Assets - (14.1)% |  |  | (8249077)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $58604016 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

249<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - MAY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (14.0)%**<br>|  |  |  |
| **Call Options - (13.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $624.36<sup>(a)(b)</sup> | $(66978292) | &nbsp;&nbsp;&nbsp;&nbsp;(982) | $(8104279)  |
| **Put Options - (0.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $360.45<sup>(a)(b)</sup> | (66978292) | &nbsp;&nbsp;&nbsp;&nbsp;(982) | (105123)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,309,291)** |  |  | $(8209402) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $66697548 | 113.8%  |
| Written Options | (8209402) | (14.0)  |
| Money Market Deposit Account | 155545 | 0.3  |
| Liabilities in Excess of Other Assets | (39675) | (0.1)  |
|  | $58604016 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

250<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - NOVEMBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.5%<sup>(a)</sup>** | **PURCHASED OPTIONS - 103.5%<sup>(a)</sup>** | **PURCHASED OPTIONS - 103.5%<sup>(a)</sup>** | **PURCHASED OPTIONS - 103.5%<sup>(a)</sup>** |
| **Call Options - 99.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise <br>Price: $6.81<sup>(b)(c)(d)</sup> | $66637262 | &nbsp;&nbsp;&nbsp; 977 | $65465839  |
| **Put Options - 4.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise <br>Price: $647.96<sup>(b)(c)(d)</sup> | 66637262 | &nbsp;&nbsp;&nbsp; 977 | 2942724  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $68,412,556)** |  |  | 68408563  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.5%** <br>**(Cost $68,412,556)** |  |  | $68408563  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 228999  |
| Liabilities in Excess of Other Assets - (3.8)% |  |  | (2515933)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $66121629 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

251<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - NOVEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.7)%** | **WRITTEN OPTIONS - (3.7)%** | **WRITTEN OPTIONS - (3.7)%** | **WRITTEN OPTIONS - (3.7)%** |
| **Call Options - (2.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise <br>Price: $763.91<sup>(a)(b)</sup> | $(66637262) | &nbsp;&nbsp;&nbsp;&nbsp;(977) | $(1910035)  |
| **Put Options - (0.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/30/2026; Exercise <br>Price: $443.34<sup>(a)(b)</sup> | (66637262) | &nbsp;&nbsp;&nbsp;&nbsp;(977) | (539304)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,445,346)** |  |  | $(2449339) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $68408563 | 103.5%  |
| Written Options | (2449339) | (3.7)  |
| Money Market Deposit Account | 228999 | 0.3  |
| Liabilities in Excess of Other Assets | (66594) | (0.1)  |
|  | $66121629 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

252<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 104.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 104.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 104.4%<sup>(a)</sup>** |
| **Call Options - 100.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $6.65<sup>(b)(c)(d)</sup> | $183133110 | &nbsp;&nbsp; 2685 | $180072210  |
| **Put Options - 3.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $632.87<sup>(b)(c)(d)</sup> | 183133110 | &nbsp;&nbsp; 2685 | 6830640  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $183,237,685)** |  |  | 186902850  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.4%** <br>**(Cost $183,237,685)** |  |  | $186902850  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 538949  |
| Liabilities in Excess of Other Assets - (4.7)% |  |  | (8363364)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $179078435 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

253<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator U.S. Equity Ultra Buffer ETF - October** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.6)%** | **WRITTEN OPTIONS - (4.6)%** | **WRITTEN OPTIONS - (4.6)%** | **WRITTEN OPTIONS - (4.6)%** |
| **Call Options - (3.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $739.66<sup>(a)(b)</sup> | $(183133110) | (2685) | $(6967575)  |
| **Put Options - (0.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $433.02<sup>(a)(b)</sup> | (183133110) | (2685) | (1278060)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $6,175,837)** |  |  | $(8245635) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $186902850 | 104.4%  |
| Written Options | (8245635) | (4.6)  |
| Money Market Deposit Account | 538949 | 0.3  |
| Liabilities in Excess of Other Assets | (117729) | (0.1)  |
|  | $179078435 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

254<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator U.S. Equity Ultra Buffer ETF - September** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.4%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 102.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise <br>Price: $6.44<sup>(b)(c)(d)</sup> | $237902528 | &nbsp;&nbsp; 3488 | $234625168  |
| **Put Options - 2.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise <br>Price: $612.80<sup>(b)(c)(d)</sup> | 237902528 | &nbsp;&nbsp; 3488 | 6785869  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $231,283,555)** |  |  | 241411037  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.4%** <br>**(Cost $231,283,555)** |  |  | $241411037  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 728074  |
| Liabilities in Excess of Other Assets - (5.7)% |  |  | (13168621)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $228970490 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

255<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator U.S. Equity Ultra Buffer ETF - September** 

**Schedule of Written Options** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (5.7)%**  | **WRITTEN OPTIONS - (5.7)%**  | **WRITTEN OPTIONS - (5.7)%**  | **WRITTEN OPTIONS - (5.7)%**  |
| **Call Options - (5.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise <br>Price: $717.17<sup>(a)(b)</sup> | $(237902528) | (3488) | $(11776535)  |
| **Put Options - (0.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/31/2026; Exercise <br>Price: $419.28<sup>(a)(b)</sup> | (237902528) | (3488) | (1240751)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $7,641,129)** |  |  | $(13017286) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $241411037 | 105.4%  |
| Written Options | (13017286) | (5.7)  |
| Money Market Deposit Account | 728074 | 0.3  |
| Liabilities in Excess of Other Assets | (151335) | 0.0  |
|  | $228970490 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

256<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. SMALL CAP 10 BUFFER ETF - QUARTERLY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.9%<sup>(a)</sup>** | **PURCHASED OPTIONS - 102.9%<sup>(a)</sup>** | **PURCHASED OPTIONS - 102.9%<sup>(a)</sup>** | **PURCHASED OPTIONS - 102.9%<sup>(a)</sup>** |
| **Call Options - 100.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise <br>Price: $0.60<sup>(b)(c)(d)</sup> | $70791125 | &nbsp;&nbsp; 2875 | $70293750  |
| **Put Options - 2.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise <br>Price: $241.96<sup>(b)(c)(d)</sup> | 70791125 | &nbsp;&nbsp; 2875 | 1923375  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $71,910,790)** |  |  | 72217125  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.9%** <br>**(Cost $71,910,790)** |  |  | $72217125  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 80276  |
| Liabilities in Excess of Other Assets - (3.0)% |  |  | (2108627)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $70188774 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

257<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. SMALL CAP 10 BUFFER ETF - QUARTERLY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.0)%** | **WRITTEN OPTIONS - (3.0)%** | **WRITTEN OPTIONS - (3.0)%** | **WRITTEN OPTIONS - (3.0)%** |
| **Call Options - (2.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise <br>Price: $254.01<sup>(a)(b)</sup> | $(70791125) | (2875) | $(1601375)  |
| **Put Options - (0.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise <br>Price: $217.76<sup>(a)(b)</sup> | (70791125) | (2875) | (485875)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,428,043)** |  |  | $(2087250) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $72217125 | 102.9%  |
| Written Options | (2087250) | (3.0)  |
| Money Market Deposit Account | 80276 | 0.1  |
| Liabilities in Excess of Other Assets | (21377) | 0.0<sup>(a)</sup>  |
|  | $70188774 | 100.0% |

---

<sup>(a)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

258<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - APRIL** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 110.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 110.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 110.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 110.3%<sup>(a)</sup>** |
| **Call Options - 109.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 03/31/2026; Exercise <br>Price: $1.99<sup>(b)(c)(d)</sup> | $179477047 | &nbsp;&nbsp; 7289 | $177505008  |
| **Put Options - 1.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 03/31/2026; Exercise <br>Price: $199.49<sup>(b)(c)(d)</sup> | 179477047 | &nbsp;&nbsp; 7289 | 1808765  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $153,061,630)** |  |  | 179313773  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 110.3%** <br>**(Cost $153,061,630)** |  |  | $179313773  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 462695  |
| Liabilities in Excess of Other Assets - (10.6)% |  |  | (17249412)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $162527056 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

259<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - APRIL** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (10.5)%** | **WRITTEN OPTIONS - (10.5)%** | **WRITTEN OPTIONS - (10.5)%** | **WRITTEN OPTIONS - (10.5)%** |
| **Call Options - (10.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 03/31/2026; Exercise <br>Price: $235.20<sup>(a)(b)</sup> | $(179477047) | (7289) | $(16430864)  |
| **Put Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 03/31/2026; Exercise <br>Price: $169.57<sup>(a)(b)</sup> | (179477047) | (7289) | (709948)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $8,875,934)** |  |  | $(17140812) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $179313773 | 110.3%  |
| Written Options | (17140812) | (10.5)  |
| Money Market Deposit Account | 462695 | 0.3  |
| Liabilities in Excess of Other Assets | (108600) | (0.1)  |
|  | $162527056 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

260<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - AUGUST** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 108.1%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 108.1%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 108.1%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 108.1%<sup>(a)</sup>**  |
| **Call Options - 104.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 07/31/2026; Exercise <br>Price: $2.19<sup>(b)(c)(d)</sup> | $138725982 | &nbsp;&nbsp; 5634 | $136878875  |
| **Put Options - 3.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 07/31/2026; Exercise <br>Price: $219.39<sup>(b)(c)(d)</sup> | 138725982 | &nbsp;&nbsp; 5634 | 4547934  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $130,490,764)** |  |  | 141426809  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.1%** <br>**(Cost $130,490,764)** |  |  | $141426809  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 381218  |
| Liabilities in Excess of Other Assets - (8.4)% |  |  | (11027740)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $130780287 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

261<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - AUGUST** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (8.4)%** | **WRITTEN OPTIONS - (8.4)%** | **WRITTEN OPTIONS - (8.4)%** | **WRITTEN OPTIONS - (8.4)%** |
| **Call Options - (7.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 07/31/2026; Exercise <br>Price: $257.30<sup>(a)(b)</sup> | $(138725982) | (5634) | $(9104938)  |
| **Put Options - (1.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 07/31/2026; Exercise <br>Price: $186.48<sup>(a)(b)</sup> | (138725982) | (5634) | (1836628)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $7,221,458)** |  |  | $(10941566) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $141426809 | 108.1%  |
| Written Options | (10941566) | (8.4)  |
| Money Market Deposit Account | 381218 | 0.3  |
| Liabilities in Excess of Other Assets | (86174) | 0.0  |
|  | $130780287 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

262<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - DECEMBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 99.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 99.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 99.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 99.8%<sup>(a)</sup>** |
| **Call Options - 98.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 11/28/2025; Exercise <br>Price: $2.42<sup>(b)(c)(d)</sup> | $74361460 | &nbsp;&nbsp; 3020 | $73582300  |
| **Put Options - 1.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 11/28/2025; Exercise <br>Price: $241.87<sup>(b)(c)(d)</sup> | 74361460 | &nbsp;&nbsp; 3020 | 1141560  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $75,925,184)** |  |  | 74723860  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $75,925,184)** |  |  | $74723860  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 273749  |
| Liabilities in Excess of Other Assets - (0.2)% |  |  | (104920)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $74892689 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

263<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - DECEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.1)%** | **WRITTEN OPTIONS - (0.1)%** | **WRITTEN OPTIONS - (0.1)%** | **WRITTEN OPTIONS - (0.1)%** |
| **Call Options - (0.0)%<sup>(a)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 11/28/2025; Exercise <br>Price: $283.88<sup>(b)(c)</sup> | $(74361460) | (3020) | $(21140)  |
| **Put Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 11/28/2025; Exercise <br>Price: $205.59<sup>(b)(c)</sup> | (74361460) | (3020) | (60400)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,367,476)** |  |  | $(81540) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $74723860 | 99.8%  |
| Written Options | (81540) | (0.1)  |
| Money Market Deposit Account | 273749 | 0.4  |
| Liabilities in Excess of Other Assets | (23380) | (0.1)<sup>(a)</sup>  |
|  | $74892689 | 100.0% |

---

<sup>(a)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

264<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator U.S. Small Cap Power Buffer ETF - February** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 101.7%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 100.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 01/30/2026; Exercise <br>Price: $2.26<sup>(b)(c)(d)</sup> | $42499298 | &nbsp;&nbsp; 1726 | $42010823  |
| **Put Options - 1.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 01/30/2026; Exercise <br>Price: $226.48<sup>(b)(c)(d)</sup> | 42499298 | &nbsp;&nbsp; 1726 | 722969  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $41,770,953)** |  |  | 42733792  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.7%** <br>**(Cost $41,770,953)** |  |  | $42733792  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 168801  |
| Liabilities in Excess of Other Assets - (2.1)% |  |  | (881608)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $42020985 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

265<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator U.S. Small Cap Power Buffer ETF - February** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.0)%**<br>|  |  |  |
| **Call Options - (1.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 01/30/2026; Exercise <br>Price: $266.34<sup>(a)(b)</sup> | $(42499298) | (1726) | $(686361)  |
| **Put Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 01/30/2026; Exercise <br>Price: $192.51<sup>(a)(b)</sup> | (42499298) | (1726) | (167267)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $899,933)** |  |  | $(853628) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $42733792 | 101.7% |
| Written Options | (853628) | (2.0) |
| Money Market Deposit Account | 168801 | 0.4  |
| Liabilities in Excess of Other Assets | (27980) | (0.1)  |
|  | $42020985 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

266<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - JANUARY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 101.5%<sup>(a)</sup>** | **PURCHASED OPTIONS - 101.5%<sup>(a)</sup>** | **PURCHASED OPTIONS - 101.5%<sup>(a)</sup>** | **PURCHASED OPTIONS - 101.5%<sup>(a)</sup>** |
| **Call Options - 100.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise <br>Price: $2.21<sup>(b)(c)(d)</sup> | $289172512 | 11744 | $285586247  |
| **Put Options - 0.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise <br>Price: $220.96<sup>(b)(c)(d)</sup> | 289172512 | 11744 | 2462247  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $272,191,931)** |  |  | 288048494  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.5%** <br>**(Cost $272,191,931)** |  |  | $288048494  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 818952  |
| Liabilities in Excess of Other Assets - (1.8)% |  |  | (5195758)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $283671688 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

267<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - JANUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.8)%**  | **WRITTEN OPTIONS - (1.8)%**  | **WRITTEN OPTIONS - (1.8)%**  | **WRITTEN OPTIONS - (1.8)%**  |
| **Call Options - (1.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise <br>Price: $259.52<sup>(a)(b)</sup> | $(289172512) | (11744) | $(4486913)  |
| **Put Options - (0.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise <br>Price: $187.82<sup>(a)(b)</sup> | (289172512) | (11744) | (520024)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $15,324,250)** |  |  | $(5006937) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $288048494 | 101.5%  |
| Written Options | (5006937) | (1.8)  |
| Money Market Deposit Account | 818952 | 0.3  |
| Liabilities in Excess of Other Assets | (188821) | 0.0  |
|  | $283671688 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

268<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 108.2%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 108.2%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 108.2%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 108.2%<sup>(a)</sup>**  |
| **Call Options - 105.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 06/30/2026; Exercise <br>Price: $2.16<sup>(b)(c)(d)</sup> | $169677093 | &nbsp;&nbsp; 6891 | $167338081  |
| **Put Options - 2.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 06/30/2026; Exercise <br>Price: $215.79<sup>(b)(c)(d)</sup> | 169677093 | &nbsp;&nbsp; 6891 | 4596297  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $156,497,606)** |  |  | 171934378  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.2%** <br>**(Cost $156,497,606)** |  |  | $171934378  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 452881  |
| Liabilities in Excess of Other Assets - (8.5)% |  |  | (13447407)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $158939852 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

269<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (8.4)%** | **WRITTEN OPTIONS - (8.4)%** | **WRITTEN OPTIONS - (8.4)%** | **WRITTEN OPTIONS - (8.4)%** |
| **Call Options - (7.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 06/30/2026; Exercise <br>Price: $252.79<sup>(a)(b)</sup> | $(169677093) | (6891) | $(11539324)  |
| **Put Options - (1.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 06/30/2026; Exercise <br>Price: $183.42<sup>(a)(b)</sup> | (169677093) | (6891) | (1803375)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $8,927,629)** |  |  | $(13342699) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $171934378 | 108.2%  |
| Written Options | (13342699) | (8.4)  |
| Money Market Deposit Account | 452881 | 0.3  |
| Liabilities in Excess of Other Assets | (104708) | (0.1)  |
|  | $158939852 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

270<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator U.S. Small Cap Power Buffer ETF - June** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 110.7%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 110.7%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 110.7%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 110.7%<sup>(a)</sup>**  |
| **Call Options - 108.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 05/29/2026; Exercise <br>Price: $2.05<sup>(b)(c)(d)</sup> | $21988339 | &nbsp;&nbsp;&nbsp; 893 | $21742951  |
| **Put Options - 1.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 05/29/2026; Exercise <br>Price: $205.07<sup>(b)(c)(d)</sup> | 21988339 | &nbsp;&nbsp;&nbsp; 893 | 378168  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $19,251,981)** |  |  | 22121119  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 110.7%** <br>**(Cost $19,251,981)** |  |  | $22121119  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 57338  |
| Liabilities in Excess of Other Assets - (11.0)% |  |  | (2199594)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $19978863 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

271<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - JUNE** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (10.9)%** | **WRITTEN OPTIONS - (10.9)%** | **WRITTEN OPTIONS - (10.9)%** | **WRITTEN OPTIONS - (10.9)%** |
| **Call Options - (10.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 05/29/2026; Exercise <br>Price: $239.85<sup>(a)(b)</sup> | $(21988339) | &nbsp;&nbsp;&nbsp;&nbsp;(893) | $(2033486)  |
| **Put Options - (0.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 05/29/2026; Exercise <br>Price: $174.31<sup>(a)(b)</sup> | (21988339) | &nbsp;&nbsp;&nbsp;&nbsp;(893) | (152185)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,119,600)** |  |  | $(2185671) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $22121119 | 110.7%  |
| Written Options | (2185671) | (10.9)  |
| Money Market Deposit Account | 57338 | 0.3  |
| Liabilities in Excess of Other Assets | (13923) | (0.1)  |
|  | $19978863 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

272<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - MARCH** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.7%<sup>(a)</sup>** | **PURCHASED OPTIONS - 104.7%<sup>(a)</sup>** | **PURCHASED OPTIONS - 104.7%<sup>(a)</sup>** | **PURCHASED OPTIONS - 104.7%<sup>(a)</sup>** |
| **Call Options - 103.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 02/27/2026; Exercise <br>Price: $2.15<sup>(b)(c)(d)</sup> | $12483861 | &nbsp;&nbsp;&nbsp; 507 | $12350991  |
| **Put Options - 1.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 02/27/2026; Exercise <br>Price: $214.65<sup>(b)(c)(d)</sup> | 12483861 | &nbsp;&nbsp;&nbsp; 507 | 165642  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $11,263,998)** |  |  | 12516633  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.7%** <br>**(Cost $11,263,998)** |  |  | $12516633  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 47604  |
| Liabilities in Excess of Other Assets - (5.1)% |  |  | (605339)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $11958898 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

273<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - MARCH** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.0)%** | **WRITTEN OPTIONS - (5.0)%** | **WRITTEN OPTIONS - (5.0)%** | **WRITTEN OPTIONS - (5.0)%** |
| **Call Options - (4.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 02/27/2026; Exercise <br>Price: $252.32<sup>(a)(b)</sup> | $(12483861) | &nbsp;&nbsp;&nbsp;&nbsp;(507) | $(545218)  |
| **Put Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 02/27/2026; Exercise <br>Price: $182.45<sup>(a)(b)</sup> | (12483861) | &nbsp;&nbsp;&nbsp;&nbsp;(507) | (51237)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $561,515)** |  |  | $(596455) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $12516633 | 104.7%  |
| Written Options | (596455) | (5.0)  |
| Money Market Deposit Account | 47604 | 0.4  |
| Liabilities in Excess of Other Assets | (8884) | (0.1)  |
|  | $11958898 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

274<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - MAY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 112.6%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 112.6%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 112.6%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 112.6%<sup>(a)</sup>**  |
| **Call Options - 111.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 04/30/2026; Exercise <br>Price: $1.95<sup>(b)(c)(d)</sup> | $22751652 | &nbsp;&nbsp;&nbsp; 924 | $22499187  |
| **Put Options - 1.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 04/30/2026; Exercise <br>Price: $194.86<sup>(b)(c)(d)</sup> | 22751652 | &nbsp;&nbsp;&nbsp; 924 | 243345  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $19,808,150)** |  |  | 22742532  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 112.6%** <br>**(Cost $19,808,150)** |  |  | $22742532  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 78890  |
| Liabilities in Excess of Other Assets - (13.0)% |  |  | (2620379)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $20201043 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

275<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - MAY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (12.9)%** | **WRITTEN OPTIONS - (12.9)%** | **WRITTEN OPTIONS - (12.9)%** | **WRITTEN OPTIONS - (12.9)%** |
| **Call Options - (12.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 04/30/2026; Exercise <br>Price: $230.95<sup>(a)(b)</sup> | $(22751652) | &nbsp;&nbsp;&nbsp;&nbsp;(924) | $(2503190)  |
| **Put Options - (0.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 04/30/2026; Exercise <br>Price: $165.63<sup>(a)(b)</sup> | (22751652) | &nbsp;&nbsp;&nbsp;&nbsp;(924) | (103895)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,206,936)** |  |  | $(2607085) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $22742532 | 112.6%  |
| Written Options | (2607085) | (12.9)  |
| Money Market Deposit Account | 78890 | 0.4  |
| Liabilities in Excess of Other Assets | (13294) | (0.1)  |
|  | $20201043 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

276<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - NOVEMBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 106.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 106.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 106.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 106.3%<sup>(a)</sup>** |
| **Call Options - 98.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 10/30/2026; Exercise <br>Price: $2.46<sup>(b)(c)(d)</sup> | $18442627 | &nbsp;&nbsp;&nbsp; 749 | $18057641  |
| **Put Options - 7.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 10/30/2026; Exercise <br>Price: $246.23<sup>(b)(c)(d)</sup> | 18442627 | &nbsp;&nbsp;&nbsp; 749 | 1404375  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $19,463,550)** |  |  | 19462016  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.3%** <br>**(Cost $19,463,550)** |  |  | $19462016  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 65871  |
| Liabilities in Excess of Other Assets - (6.7)% |  |  | (1223467)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $18304420 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

277<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - NOVEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (6.6)%**  | **WRITTEN OPTIONS - (6.6)%**  | **WRITTEN OPTIONS - (6.6)%**  | **WRITTEN OPTIONS - (6.6)%**  |
| **Call Options - (3.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 10/30/2026; Exercise <br>Price: $291.22<sup>(a)(b)</sup> | $(18442627) | &nbsp;&nbsp;&nbsp;&nbsp;(749) | $(615678)  |
| **Put Options - (3.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 10/30/2026; Exercise <br>Price: $209.30<sup>(a)(b)</sup> | (18442627) | &nbsp;&nbsp;&nbsp;&nbsp;(749) | (595455)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,209,599)** |  |  | $(1211133) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $19462016 | 106.3%  |
| Written Options | (1211133) | (6.6)  |
| Money Market Deposit Account | 65871 | 0.4  |
| Liabilities in Excess of Other Assets | (12334) | (0.1)  |
|  | $18304420 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

278<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator U.S. Small Cap Power Buffer ETF - October** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 106.3%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 99.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 09/30/2026; Exercise <br>Price: $2.42<sup>(b)(c)(d)</sup> | $138676736 | &nbsp;&nbsp; 5632 | $136591432  |
| **Put Options - 6.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 09/30/2026; Exercise <br>Price: $241.96<sup>(b)(c)(d)</sup> | 138676736 | &nbsp;&nbsp; 5632 | 9145523  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $143,545,825)** |  |  | 145736955  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.3%** <br>**(Cost $143,545,825)** |  |  | $145736955  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 401470  |
| Liabilities in Excess of Other Assets - (6.6)% |  |  | (9055737)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $137082688 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

279<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator U.S. Small Cap Power Buffer ETF - October** 

**Schedule of Written Options** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (6.5)%** | **WRITTEN OPTIONS - (6.5)%** | **WRITTEN OPTIONS - (6.5)%** | **WRITTEN OPTIONS - (6.5)%** |
| Call Options - (3.8)%<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 09/30/2026; Exercise <br>Price: $283.53<sup>(a)(b)</sup> | $(138676736) | (5632) | $(5169782)  |
| **Put Options - (2.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 09/30/2026; Exercise <br>Price: $205.67<sup>(a)(b)</sup> | (138676736) | (5632) | (3798784)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $8,485,782)** |  |  | $(8968566) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $145736955 | 106.3%  |
| Written Options | (8968566) | (6.5)  |
| Money Market Deposit Account | 401470 | 0.3  |
| Liabilities in Excess of Other Assets | (87171) | (0.1)  |
|  | $137082688 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

280<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - SEPTEMBER** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 106.3%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 106.3%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 106.3%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 106.3%<sup>(a)</sup>**  |
| **Call Options - 100.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 08/31/2026; Exercise <br>Price: $2.35<sup>(b)(c)(d)</sup> | $30458651 | 1237 | $30060844  |
| **Put Options - 5.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 08/31/2026; Exercise <br>Price: $235.17<sup>(b)(c)(d)</sup> | 30458651 | 1237 | 1610191  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $30,687,085)** |  |  | 31671035  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.3%** <br>**(Cost $30,687,085)** |  |  | $31671035  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 94274  |
| Liabilities in Excess of Other Assets - (6.6)% |  |  | (1971953)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $29793356 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

281<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - SEPTEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (6.5)%**  | **WRITTEN OPTIONS - (6.5)%**  | **WRITTEN OPTIONS - (6.5)%**  | **WRITTEN OPTIONS - (6.5)%**  |
| **Call Options - (4.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 08/31/2026; Exercise <br>Price: $275.62<sup>(a)(b)</sup> | $(30458651) | (1237) | $(1302944)  |
| **Put Options - (2.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 08/31/2026; Exercise <br>Price: $199.89<sup>(a)(b)</sup> | (30458651) | (1237) | (648387)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,672,578)** |  |  | $(1951331) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $31671035 | 106.3%  |
| Written Options | (1951331) | (6.5)  |
| Money Market Deposit Account | 94274 | 0.3  |
| Liabilities in Excess of Other Assets | (20622) | (0.1)  |
|  | $29793356 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

282<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR UNCAPPED BITCOIN 20 FLOOR ETF - QUARTERLY** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 19.2%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 19.2%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 19.2%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 19.2%<sup>(a)</sup>**  |
| **Call Options - 19.2%**<br>|  |  |  |
|  Cboe Mini Bitcoin U.S. ETF Index, Expiration: 12/31/2025; Exercise Price: $216.42<sup>(b)(c)(d)</sup> | $20914088 | 806 | $4031112  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $5,062,704)** |  |  | 4031112 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 82.5%**<br>|  |  |
| 3.86%, 12/30/2025<sup>(e)</sup> | $17396600 | 17290650  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $17,287,444)** |  | 17290650  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.7%** <br>**(Cost $22,350,148)** |  | $21321762  |
| Money Market Deposit Account - 0.0%<sup>(f)</sup> |  | 6967  |
| Liabilities in Excess of Other Assets - (1.7)% |  | (358583)  |
| **TOTAL NET ASSETS - 100.0%** |  | $20970146 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The rate shown is the annualized yield as of October 31, 2025.

<sup>(f)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%. 

The accompanying notes are an integral part of these financial statements.

283<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR UNCAPPED BITCOIN 20 FLOOR ETF - QUARTERLY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.7)%**  | **WRITTEN OPTIONS - (1.7)%**  | **WRITTEN OPTIONS - (1.7)%**  | **WRITTEN OPTIONS - (1.7)%**  |
| **Call Options - (1.7)%**<br>|  |  |  |
|  Cboe Mini Bitcoin U.S. ETF Index, Expiration: 12/31/2025; Exercise Price: $270.53<sup>(a)(b)</sup> | $(5993988) | (231) | $(346948)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $588,812)** |  |  | $(346948) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $4031112 | 19.2%  |
| Written Options | (346948) | (1.7)  |
| U.S. Treasury Bills | 17290650 | 82.5  |
| Money Market Deposit Account | 6967  | 0.0  |
| Liabilities in Excess of Other Assets | (11635) | 0.0  |
|  | $20970146 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

284<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**20+ Year** <br>**Treasury** <br>**Bond 5 Floor** <br>**ETF - Quarterly** | **Innovator** <br>**20+ Year** <br>**Treasury** <br>**Bond 9 Buffer** <br>**ETF - July** | **Innovator** <br>**Defined** <br>**Wealth** <br>**Shield ETF** | **Innovator** <br>**Emerging** <br>**Markets** <br>**10 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**Emerging** <br>**Markets** <br>**Power Buffer** <br>**ETF - April**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $31537579 | $28638491 | $1940368385 | $16068543 | $86984643  |
| Cash - interest bearing deposit account | 34159 | 62762 | 2472147 | 18825 | 137597  |
|  Deposit at broker for other investments | 199 | 177 | 473 | 194 | 199  |
| Interest receivable | 87 | 235 | 7906 | 44 | 447  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 31572024 | 28701665 | 1942848911 | 16087606 | 87122886  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 5752 | 299411 | 56000911 | 442654 | 10014574  |
| Payable to adviser | 13633 | 19327 | 1068313 | 11212 | 59621  |
|  Broker Commissions on in-kind transactions payable | 1250 |  | 5472 |  | 133  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 20635 | 318738 | 57074696 | 453866 | 10074328  |
| **NET ASSETS** | $31551389 | $28382927 | $1885774215 | $15633740 | $77048558  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $39219831 | $33241181  | $1970519207  | $16086191  | $77900691  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (7668442)  | (4858254)  | (84744992)  | (452451)  | (852133)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $31551389 | $28382927 | $1885774215 | $15633740 | $77048558  |
| Net assets | $31551389 | $28382927 | $1885774215 | $15633740 | $77048558  |
| Shares issued and outstanding<sup>(a)</sup> | 1550000 | 1400000 | 57125000 | 550000 | 2625000  |
| Net asset value per share | $20.36 | $20.27 | $33.01 | $28.42 | $29.35  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $31851776 | $28525014 | $1912234874 | $15751099 | $72153709  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $10591 | $717808 | $41678005 | $319660 | $2911785 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

285<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Emerging** <br>**Markets Power** <br>**Buffer** <br>**ETF - January** | **Innovator** <br>**Emerging** <br>**Markets Power** <br>**Buffer** <br>**ETF - July** | **Innovator** <br>**Emerging** <br>**Markets Power** <br>**Buffer** <br>**ETF - October** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**April** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**August**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $115000216 | $159827930 | $110758355 | $45397200 | $127699474  |
| Cash - interest bearing deposit account | 195903 | 279324 | 194282 | 110516 | 260539  |
| Deposit at broker for other investments | 197 | 118 | 198 | 501 | 205  |
| Interest receivable | 659 | 924 | 598 | 405 | 861  |
|  Broker Commissions on in-kind transactions receivable |  |  |  | 49 |  |
| Receivable for investments sold |  | 16408 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 115196975 | 160124704 | 110953433 | 45508671 | 127961079  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 14896961 | 11716819 | 4957516 | 6531009 | 9822195  |
| Payable to adviser | 76694 | 111770 | 74267 | 26496 | 79474  |
|  Broker Commissions on in-kind transactions payable | 232 | 126 | 634 | —  | 60  |
| Payable for investments purchased |  | 1205 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 14973887 | 11829920 | 5032417 | 6557505 | 9901729  |
| **NET ASSETS** | $100223088 | $148294784 | $105921016 | $38951166 | $118059350  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $99913133  | $143435933  | $105799933  | $37558374  | $122294546  |
| Total distributable earnings | 309955  | 4858851  | 121083  | 1392792  | (4235196) |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $100223088 | $148294784 | $105921016 | $38951166 | $118059350  |
| Net assets | $100223088 | $148294784 | $105921016 | $38951166 | $118059350  |
| Shares issued and outstanding<sup>(a)</sup> | 3000000 | 5075000 | 3375000 | 1525000 | 4450000  |
| Net asset value per share | $33.41 | $29.22 | $31.38 | $25.54 | $26.53  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $91545795 | $145383588 | $108458617 | $38184701 | $120260978  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $3716605 | $5566964 | $4250089 | $957233 | $4862213 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

286<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**December** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**February** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**January** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**July** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**June**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $105539342 | $126408486 | $59881463 | $169169558 | $60860732  |
| Cash - interest bearing deposit account | 397321 | 368556 | 194679 | 317363 | 155500  |
| Deposit at broker for other investments | 501 | 600 | 489 | 201 | 611  |
| Interest receivable | 1330 | 1015 | 571 | 1117 | 417  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 105938494 | 126778657 | 60077202 | 169488239 | 61017260  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 5926102 | 9395664 | 5284840 | 14974750 | 7114345  |
| Payable to adviser | 68272 | 79653 | 36606 | 104950 | 36451  |
|  Broker Commissions on in-kind transactions payable | 247 | 270 |  | 198 | 50  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 5994621 | 9475587 | 5321446 | 15079898 | 7150846  |
| **NET ASSETS** | $99943873 | $117303070 | $54755756 | $154408341 | $53866414  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $100582685  | $114099522  | $52210718  | $157744502  | $52395210  |
| Total distributable earnings | (638812)  | 3203548  | 2545038  | (3336161)  | 1471204  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $99943873 | $117303070 | $54755756 | $154408341 | $53866414  |
| Net assets | $99943873 | $117303070 | $54755756 | $154408341 | $53866414  |
| Shares issued and outstanding<sup>(a)</sup> | 3925000 | 4675000 | 2025000 | 5350000 | 2025000  |
| Net asset value per share | $25.46 | $25.09 | $27.04 | $28.86 | $26.60  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $99212423 | $115260649 | $53732702 | $156953594 | $54871223  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $1094642 | $2771435 | $2025606 | $6628630 | $2762743 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

287<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**March** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**May** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**November** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**October** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**September**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $105134172 | $43301373 | $47906775 | $138450158 | $159613595  |
| Cash - interest bearing deposit account | 268044 | 70350 | 174894 | 300584 | 366607  |
| Deposit at broker for other investments | 501 | 501 | 488 | 200 | 199  |
| Interest receivable | 951 | 267 | 560 | 912 | 1148  |
| Receivable for investments sold |  |  | 53235666 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 105403668 | 43372491 | 101318383 | 138751854 | 159981549  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 9463064 | 6852137 | 2308500 | 7934504 | 11563068  |
| Payable to adviser | 65245 | 25046 | 31566 | 77457 | 100081  |
|  Broker Commissions on in-kind transactions payable | 223 | 49 | 1818 | 1485 | 240  |
| Payable for investments purchased |  |  | 53238203 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 9528532 | 6877232 | 55580087 | 8013446 | 11663389  |
| **NET ASSETS** | $95875136 | $36495259 | $45738296 | $130738408 | $148318160  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $91944001  | $35554363  | $51232696  | $136963121  | $154429255  |
| Total distributable earnings | 3931135  | 940896  | (5494400)  | (6224713)  | (6111095)  |
| **Total net assets** | $95875136 | $36495259 | $45738296 | $130738408 | $148318160  |
| Net assets | $95875136 | $36495259 | $45738296 | $130738408 | $148318160  |
| Shares issued and outstanding<sup>(a)</sup> | 3525000 | 1450000 | 1725000 | 4900000 | 5575000  |
| Net asset value per share | $27.20 | $25.17 | $26.51 | $26.68 | $26.60  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $93176484 | $37646879 | $47909197 | $136165740 | $152898196  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $2106607 | $2286654 | $2307289 | $6203611 | $6502840 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

288<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**April 2026** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**April 2027** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**January 2026** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**January 2027** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**July 2026**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $65512946 | $11985605 | $53378540 | $41241467 | $68394544  |
| Cash - interest bearing deposit account | 227431 | 42367 | 196462 | 164957 | 242529  |
| Deposit at broker for other investments | 199 | 490 | 199 | 511 | 199  |
| Receivable for investments sold | 1617604 |  |  |  | —  |
| Interest receivable | 818 | 151 | 540 | 513 | 875  |
| Receivable for transaction fee | 421 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 67359419 | 12028613 | 53575741 | 41407448 | 68638147  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 8187166 | 1748971 | 10724725 | 4094691 | 7507583  |
| Payable for capital shares redeemed | 1403100 |  |  |  | —  |
| Payable for investments purchased | 202152 |  |  |  | —  |
| Payable to adviser | 39419 | 6889 | 29072 | 24968 | 40907  |
|  Broker Commissions on in-kind transactions payable | 72 | 198 | 78 |  | 144  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 9831909 | 1756058 | 10753875 | 4119659 | 7548634  |
| **NET ASSETS** | $57527510 | $10272555 | $42821866 | $37287789 | $61089513  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $52297268  | $9712964  | $40722790  | $35941947  | $56613944  |
| Total distributable earnings | 5230242  | 559591  | 2099076  | 1345842  | 4475569  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $57527510 | $10272555 | $42821866 | $37287789 | $61089513  |
| Net assets | $57527510 | $10272555 | $42821866 | $37287789 | $61089513  |
| Shares issued and outstanding<sup>(a)</sup> | 2050000 | 400000 | 1550000 | 1375000 | 2125000  |
| Net asset value per share | $28.06 | $25.68 | $27.63 | $27.12 | $28.75  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $53358231 | $10161707 | $41116329 | $37059584 | $57264932  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $1973547 | $530655 | $1572149 | $1546394 | $2051794 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

289<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**July 2027** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**October 2026** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**October 2027** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 6 Mo** <br>**Apr/Oct** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 6 Mo** <br>**Jan/Jul**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $186390327 | $81905700 | $11349075 | $105311480 | $260425895  |
| Cash - interest bearing deposit account | 284112 | 281109 | 29093 | 154502 | 328655  |
| Deposit at broker for other investments | 199 | 199 | 500 | 200 | 199  |
| Interest receivable | 968 | 973 | 79 | 455 | 1056  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 186675606 | 82187981 | 11378747 | 105466637 | 260755805  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 18774244 | 9725532 | 823963 | 4579561 | 19449780  |
| Payable to adviser | 113071 | 50344 | 5456 | 61282 | 161828  |
|  Broker Commissions on in-kind transactions payable | 67 | 297 | 68 | 1389 | 66  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 18887382 | 9776173 | 829487 | 4642232 | 19611674  |
| **NET ASSETS** | $167788224 | $72411808 | $10549260 | $100824405 | $241144131  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $194645964  | $69037693  | $10513552  | $102968821  | $249827658  |
| Total distributable earnings | (26857740)  | 3374115  | 35708  | (2144416)  | (8683527)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $167788224 | $72411808 | $10549260 | $100824405 | $241144131  |
| Net assets | $167788224 | $72411808 | $10549260 | $100824405 | $241144131  |
| Shares issued and outstanding<sup>(a)</sup> | 5700000 | 2750000 | 400000 | 3875000 | 8375000  |
| Net asset value per share | $29.44 | $26.33 | $26.37 | $26.02 | $28.79  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $172522081 | $71845437 | $11155937 | $103592699 | $242764500  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $9199845 | $3819075 | $671911 | $3305988 | $7585606 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

290<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Equity Dual** <br>**Directional** <br>**10 Buffer** <br>**ETF - July** | **Innovator** <br>**Equity Dual** <br>**Directional** <br>**10 Buffer** <br>**ETF - November** | **Innovator** <br>**Equity Dual** <br>**Directional** <br>**10 Buffer** <br>**ETF - October** | **Innovator** <br>**Equity Dual** <br>**Directional** <br>**10 Buffer** <br>**ETF - September** | **Innovator** <br>**Equity Dual** <br>**Directional** <br>**15 Buffer** <br>**ETF - July**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $126253019 | &nbsp;&nbsp; $1360954 | $64456727 | $28279438 | $105404489  |
| Cash - interest bearing deposit account | 443843 | &nbsp;&nbsp; — | 186613 | 63642 | 287220  |
| Deposit at broker for other investments | 488 | &nbsp;&nbsp; — | 500 | 501 | 501  |
| Interest receivable | 1429 | &nbsp;&nbsp; — | 432 | 233 | 1052  |
| Receivable for investments sold |  | &nbsp;&nbsp; 415439 |  |  | —  |
| Receivable for fund shares sold |  | &nbsp;&nbsp; 947500 |  |  | —  |
| Receivable for transaction fee |  | &nbsp;&nbsp; 947 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 126698779 | &nbsp;&nbsp; 2724840 | 64644272 | 28343814 | 105693262  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 23959426 | &nbsp;&nbsp; 415674 | 17555578 | 6725065 | 22501906  |
| Payable to adviser | 68327 | &nbsp;&nbsp; — | 19958 | 14348 | 58221  |
|  Broker Commissions on in-kind transactions payable | 1092 | &nbsp;&nbsp; — | 7332 | 312 | 4104  |
| Payable for investments purchased |  | &nbsp;&nbsp; 1361189 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 24028845 | &nbsp;&nbsp; 1776863 | 17582868 | 6739725 | 22564231  |
| **NET ASSETS** | $102669934 | &nbsp;&nbsp; $947977 | $47061404 | $21604089 | $83129031  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $101027205  | &nbsp;&nbsp; $948447  | $46729857  | $21171703  | $82448030  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | 1642729  | &nbsp;&nbsp; (470)  | 331547  | 432386  | 681001  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $102669934 | &nbsp;&nbsp; $947977 | $47061404 | $21604089 | $83129031  |
| Net assets | $102669934 | &nbsp;&nbsp; $947977 | $47061404 | $21604089 | $83129031  |
| Shares issued and outstanding<sup>(a)</sup> | 4975000 | &nbsp;&nbsp; 50000 | 2200000 | 1025000 | 4100000  |
| Net asset value per share | $20.64 | &nbsp;&nbsp; $18.96 | $21.39 | $21.08 | $20.28  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $131435314 | &nbsp;&nbsp; $1361189 | $64955058 | $28457286 | $111981426  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $31156064 | &nbsp;&nbsp; $415439 | $18404981 | $7357743 | $29978514 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

291<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Equity Dual** <br>**Directional** <br>**15 Buffer** <br>**ETF - November** | **Innovator** <br>**Equity Dual** <br>**Directional** <br>**15 Buffer** <br>**ETF - October** | **Innovator** <br>**Equity Dual** <br>**Directional** <br>**15 Buffer** <br>**ETF - September** | **Innovator** <br>**Growth** <br>**Accelerated** <br>**ETF - Quarterly** | **Innovator** <br>**Growth** <br>**Accelerated** <br>**Plus** <br>**ETF - April**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | &nbsp;&nbsp; $1407798 | $171412240 | $74490957 | $66494666 | $54805245  |
| Cash - interest bearing deposit account | &nbsp;&nbsp; — | 488230 | 234299 | 98894 | 105926  |
| Deposit at broker for other investments | &nbsp;&nbsp; — | 500 | 500 | 199 | 212  |
| Receivable for fund shares sold | &nbsp;&nbsp; 947500 | 533343 |  |  | —  |
| Receivable for investments sold | &nbsp;&nbsp; 462206 | 223422 |  |  | —  |
| Receivable for transaction fee | &nbsp;&nbsp; 1137 | 640 |  |  | —  |
| Interest receivable | &nbsp;&nbsp; — | 1176 | 813 | 198 | 357  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 2818641 | 172659551 | 74726569 | 66593957 | 54911740  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | &nbsp;&nbsp; 462532 | 50759016 | 19258747 | 4949847 | 24002131  |
| Payable for investments purchased | &nbsp;&nbsp; 1408124 | 755306 |  |  | —  |
| Payable to adviser | &nbsp;&nbsp; — | 55213 | 35270 | 40967 | 21202  |
|  Broker Commissions on in-kind transactions payable | &nbsp;&nbsp; — | 20736 | 1080 | 394 | 197  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 1870656 | 51590271 | 19295097 | 4991208 | 24023530  |
| **NET ASSETS** | &nbsp;&nbsp; $947985 | $121069280 | $55431472 | $61602749 | $30888210  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $948637  | $120393776  | $54658413  | $61692566  | $35395800  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | &nbsp;&nbsp; (652)  | 675504  | 773059  | (89817)  | (4507590)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp; $947985 | $121069280 | $55431472 | $61602749 | $30888210  |
| Net assets | &nbsp;&nbsp; $947985 | $121069280 | $55431472 | $61602749 | $30888210  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 50000 | 5675000 | 2650000 | 1575000 | 700000  |
| Net asset value per share | &nbsp;&nbsp; $18.96 | $21.33 | $20.92 | $39.11 | $44.13  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | &nbsp;&nbsp; $1408124 | $172875750 | $75123492 | $62099337 | $36017001  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | &nbsp;&nbsp; $462206 | $52952066 | $21068303 | $2538753 | $7770392 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

292<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Growth** <br>**Accelerated** <br>**Plus** <br>**ETF - January** | **Innovator** <br>**Growth** <br>**Accelerated** <br>**Plus** <br>**ETF - July** | **Innovator** <br>**Growth** <br>**Accelerated** <br>**Plus** <br>**ETF - October** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - April** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - August**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $36313980 | $34118505 | $18653275 | $249556145 | $91343428  |
| Cash - interest bearing deposit account | 84229 | 91921 | 46202 | 621227 | 295326  |
| Deposit at broker for other investments | 200 | 163 | 200 | 200 | 202  |
| Interest receivable | 233 | 298 | 182 | 2082 | 949  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 36398642 | 34210887 | 18699859 | 250179654 | 91639905  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 11455879 | 9948195 | 4215946 | 43087634 | 7931983  |
| Payable to adviser | 18759 | 16067 | 8879 | 141431 | 56522  |
|  Broker Commissions on in-kind transactions payable | 295 |  |  | 492 | 79  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 11474933 | 9964262 | 4224825 | 43229557 | 7988584  |
| **NET ASSETS** | $24923709 | $24246625 | $14475034 | $206950097 | $83651321  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $37697038  | $28061584  | $22611631  | $233601305  | $82456767  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (12773329)  | (3814959)  | (8136597)  | (26651208)  | 1194554  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $24923709 | $24246625 | $14475034 | $206950097 | $83651321  |
| Net assets | $24923709 | $24246625 | $14475034 | $206950097 | $83651321  |
| Shares issued and outstanding<sup>(a)</sup> | 850000 | 625000 | 425000 | 3900000 | 2850000  |
| Net asset value per share | $29.32 | $38.79 | $34.06 | $53.06 | $29.35  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $28095746 | $27183310 | $17070212 | $199486746 | $84733841  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $4712572 | $4759793 | $2966527 | $12056700 | $4596362 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

293<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - December** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - February** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - January** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - July** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - June**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $46163933 | $50101295 | $315949440 | $271167123 | $79177345  |
| Cash - interest bearing deposit account | 169523 | 137910 | 920980 | 785286 | 211290  |
| Deposit at broker for other investments | 478 | 489 | 197 | 189 | 199  |
| Interest receivable | 804 | 511 | 2976 | 2694 | 730  |
| Receivable for investments sold |  | 62701 | 4374296 |  | —  |
| Receivable for transaction fee |  |  | 1213 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 46334738 | 50302906 | 321249102 | 271955292 | 79389564  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 3725336 | 4076498 | 26923200 | 24899802 | 9241726  |
| Payable to adviser | 45960 | 31565 | 198079 | 171195 | 48152  |
|  Broker Commissions on in-kind transactions payable | 1548 | 72 | 679 | 689 | 170  |
| Payable for investments purchased |  | 5105 | 372754 |  | —  |
| Payable for capital shares redeemed |  |  | 4042478 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 3772844 | 4113240 | 31537190 | 25071686 | 9290048  |
| **NET ASSETS** | $42561894 | $46189666 | $289711912 | $246883606 | $70099516  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $39909399  | $42783694  | $321202338  | $275034777  | $66944993  |
| Total distributable earnings | 2652495  | 3405972  | (31490426)  | (28151171)  | 3154523  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $42561894 | $46189666 | $289711912 | $246883606 | $70099516  |
| Net assets | $42561894 | $46189666 | $289711912 | $246883606 | $70099516  |
| Shares issued and outstanding<sup>(a)</sup> | 1550000 | 1675000 | 5375000 | 3425000 | 2250000  |
| Net asset value per share | $27.46 | $27.58 | $53.90 | $72.08 | $31.16  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $41101847 | $44094248 | $273380629 | $247067358 | $69079446  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $1982800 | $2128315 | $15169927 | $14643708 | $4438249 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

294<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - March** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - May** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - November** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - October** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - September**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $32494577 | $20382380 | $22992525 | $274311408 | $69591505  |
| Cash - interest bearing deposit account | 120589 | 45811 | 81744 | 746332 | 204870  |
| Deposit at broker for other investments | 588 | 500 | 501 | 197 | 200  |
| Interest receivable | 253 | 171 | 323 | 2110 | 718  |
| Receivable for investments sold |  |  | 25671678 | 65558 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 32616007 | 20428862 | 48746771 | 275125605 | 69797293  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 3507126 | 3249590 | 1515240 | 21371872 | 6522798  |
| Payable to adviser | 19366 | 11454 | 14297 | 136967 | 43013  |
|  Broker Commissions on in-kind transactions payable | 547 |  | 1239 | 1082 | 512  |
| Payable for investments purchased |  |  | 25647834 | 5112 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 3527039 | 3261044 | 27178610 | 21515033 | 6566323  |
| **NET ASSETS** | $29088968 | $17167818 | $21568161 | $253610572 | $63230970  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $26528588  | $16309563  | $23981667  | $284661750  | $64148406  |
| Total distributable earnings | 2560380  | 858255  | (2413506)  | (31051178)  | (917436)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $29088968 | $17167818 | $21568161 | $253610572 | $63230970  |
| Net assets | $29088968 | $17167818 | $21568161 | $253610572 | $63230970  |
| Shares issued and outstanding<sup>(a)</sup> | 1000000 | 625000 | 750000 | 4395000 | 2175000  |
| Net asset value per share | $29.09 | $27.47 | $28.76 | $57.70 | $29.07  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $27585827 | $17361686 | $22993763 | $266421959 | $65133398  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $1352500 | $1154970 | $1514002 | $17127676 | $3764582 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

295<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**International** <br>**Developed** <br>**10 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - April** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - August** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - December** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - February**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $74633948 | $239838364 | $77194800 | $21694005 | $27634317  |
| Cash - interest bearing deposit account | 92861 | 500587 | 193899 | 53079 | 69804  |
| Deposit at broker for other investments | 194 | 198 | 203 | 199 | 199  |
| Interest receivable | 275 | 1662 | 585 | 161 | 198  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 74727278 | 240340811 | 77389487 | 21747444 | 27704518  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 958519 | 9961393 | 2796267 | 501213 | 1068779  |
| Payable to adviser | 57044 | 169165 | 52432 | 16600 | 19175  |
|  Broker Commissions on in-kind transactions payable | 3010 | 605 | 109 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1018573 | 10131163 | 2848808 | 517813 | 1087954  |
| **NET ASSETS** | $73708705 | $230209648 | $74540679 | $21229631 | $26616564  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $74376679  | $226258054  | $74599622  | $18354596  | $24294424  |
| Total distributable earnings | (667974)  | 3951594  | (58943)  | 2875035  | 2322140  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $73708705 | $230209648 | $74540679 | $21229631 | $26616564  |
| Net assets | $73708705 | $230209648 | $74540679 | $21229631 | $26616564  |
| Shares issued and outstanding<sup>(a)</sup> | 2575000 | 7625000 | 2675000 | 675000 | 900000  |
| Net asset value per share | $28.62 | $30.19 | $27.87 | $31.45 | $29.57  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $74568821 | $216144579 | $75557443 | $18512752 | $24456977  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $1158258 | $6415733 | $2447942 | $478301 | $588822 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

296<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - January** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - July** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - June** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - March** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - May**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $165141295 | $233856290 | $60436934 | $35325658 | $35208485  |
| Cash - interest bearing deposit account | 358166 | 554827 | 148841 | 89274 | 80975  |
| Deposit at broker for other investments | 197 | 168 | 195 | 122 | 200  |
| Interest receivable | 1241 | 1865 | 543 | 302 | 290  |
| Receivable for investments sold |  | 28062 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 165500899 | 234441212 | 60586513 | 35415356 | 35289950  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 7575334 | 5999520 | 1430104 | 1171103 | 1037571  |
| Payable to adviser | 117703 | 166837 | 46363 | 24683 | 25208  |
|  Broker Commissions on in-kind transactions payable | 1069 | 769 | 821 |  | 114  |
| Payable for investments purchased |  | 723 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 7694106 | 6167849 | 1477288 | 1195786 | 1062893  |
| **NET ASSETS** | $157806793 | $228273363 | $59109225 | $34219570 | $34227057  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $150436917  | $227987995  | $58178539  | $33334050  | $32151372  |
| Total distributable earnings | 7369876  | 285368  | 930686  | 885520  | 2075685  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $157806793 | $228273363 | $59109225 | $34219570 | $34227057  |
| Net assets | $157806793 | $228273363 | $59109225 | $34219570 | $34227057  |
| Shares issued and outstanding<sup>(a)</sup> | 4450000 | 6975000 | 2075000 | 1175000 | 1175000  |
| Net asset value per share | $35.46 | $32.73 | $28.49 | $29.12 | $29.13  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $137900926 | $227858640 | $58410488 | $32543870 | $33121332  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $3906577 | $6224904 | $1638295 | $854540 | $1080170 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

297<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - November** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - October** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - September** | **Innovator** <br>**Nasdaq-100** <br>**10 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**Premium** <br>**Income** <br>**15 Buffer** <br>**ETF - April**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $12060915 | $200042676 | $103986135 | $221767246 | $7579783  |
| Cash - interest bearing deposit account | 16157 | 483927 | 269664 | 296568 | 34650  |
| Deposit at broker for other investments | 202 | 193 | 201 | 187 | —  |
| Receivable for investments sold | 12459664 |  |  |  | —  |
| Interest receivable | 75 | 1454 | 932 | 779 | 18  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 24537013 | 200528250 | 104256932 | 222064780 | 7614451  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 307965 | 6165603 | 3154143 | 9781549 | 31983  |
| Payable for investments purchased | 12443424 |  |  |  | —  |
| Payable to adviser | 8732 | 128920 | 82080 | 122859 | 5071  |
|  Broker Commissions on in-kind transactions payable | 1066 | 590 | 1796 | 181 | —  |
| Distributions payable |  |  |  |  | 33521  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 12761187 | 6295113 | 3238019 | 9904589 | 70575  |
| **NET ASSETS** | $11775826 | $194233137 | $101018913 | $212160191 | $7543876  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $12903542  | $215960689  | $107542791  | $221794424  | $7402939  |
|  Total distributable earnings/(accumulated losses) | (1127716)  | (21727552)  | (6523878)  | (9634233)  | 140937  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $11775826 | $194233137 | $101018913 | $212160191 | $7543876  |
| Net assets | $11775826 | $194233137 | $101018913 | $212160191 | $7543876  |
| Shares issued and outstanding<sup>(a)</sup> | 350000 | 5700000 | 3175000 | 7275000 | 300000  |
| Net asset value per share | $33.65 | $34.08 | $31.82 | $29.16 | $25.15  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $12062106 | $200006291 | $102793574 | $215193281 | $7574234  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $306774 | $5850545 | $2839245 | $6749102 | $167380 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

298<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Premium** <br>**Income** <br>**15 Buffer** <br>**ETF - January** | **Innovator** <br>**Premium** <br>**Income** <br>**15 Buffer** <br>**ETF - July** | **Innovator** <br>**Premium** <br>**Income** <br>**15 Buffer** <br>**ETF - October** | **Innovator** <br>**Premium** <br>**Income** <br>**20 Barrier** <br>**ETF - April** | **Innovator** <br>**Premium** <br>**Income** <br>**20 Barrier** <br>**ETF - January**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $11730920 | $7870108 | $13976116 | $27966821 | $10748751  |
| Cash - interest bearing deposit account | 56420 | 37609 | 67677 | 12026 | 9680  |
| Deposit at broker for other investments | 200 | 193 | 200 | 204 | 343  |
| Interest receivable | 39 | 25 | 72 | 60 | 46  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 11787579 | 7907935 | 14044065 | 27979111 | 10758820  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 13661 | 87998 | 295658 | 1827034 | 184417  |
| Distributions payable | 49388 | 33629 | 59089 |  | —  |
| Payable to adviser | 7875 | 5126 | 8901 | 18259 | 7992  |
|  Broker Commissions on in-kind transactions payable |  |  | 9 | 84 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 70924 | 126753 | 363657 | 1845377 | 192409  |
| **NET ASSETS** | $11716655 | $7781182 | $13680408 | $26133734 | $10566411  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $11511874  | $7696201  | $13665268  | $25844538  | $10564144  |
| Total distributable earnings | 204781  | 84981  | 15140  | 289196  | 2267  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $11716655 | $7781182 | $13680408 | $26133734 | $10566411  |
| Net assets | $11716655 | $7781182 | $13680408 | $26133734 | $10566411  |
| Shares issued and outstanding<sup>(a)</sup> | 475000 | 325000 | 575000 | 1050000 | 425000  |
| Net asset value per share | $24.67 | $23.94 | $23.79 | $24.89 | $24.86  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $11727131 | $7858519 | $13980969 | $34500363 | $14471751  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $214661 | $161390 | $315651 | $8693671 | $2954521 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

299<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Premium** <br>**Income** <br>**20 Barrier** <br>**ETF - July** | **Innovator** <br>**Premium** <br>**Income** <br>**20 Barrier** <br>**ETF - October** | **Innovator** <br>**Premium** <br>**Income** <br>**30 Barrier** <br>**ETF - April** | **Innovator** <br>**Premium** <br>**Income** <br>**30 Barrier** <br>**ETF - January** | **Innovator** <br>**Premium** <br>**Income** <br>**30 Barrier** <br>**ETF - July**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $22203470 | $27288789 | $36330219 | $16339890 | $20303261  |
| Cash - interest bearing deposit account | 7413 | 16218 | 24170 | 8764 | 7810  |
| Deposit at broker for other investments | 203 | 205 | 202 | 206 | 200  |
| Interest receivable | 56 | 181 | 103 | 54 | 54  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 22211142 | 27305393 | 36354694 | 16348914 | 20311325  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 3349624 | 6926479 | 2269212 | 204860 | 2743803  |
| Payable to adviser | 12602 | 13346 | 23143 | 10796 | 12152  |
|  Broker Commissions on in-kind transactions payable |  | 87 | 123 |  | 110  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 3362226 | 6939912 | 2292478 | 215656 | 2756065  |
| **NET ASSETS** | $18848916 | $20365481 | $34062216 | $16133258 | $17555260  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $18516151  | $20327173  | $33742064  | $16128384  | $17322887  |
| Total distributable earnings | 332765  | 38308  | 320152  | 4874  | 232373  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $18848916 | $20365481 | $34062216 | $16133258 | $17555260  |
| Net assets | $18848916 | $20365481 | $34062216 | $16133258 | $17555260  |
| Shares issued and outstanding<sup>(a)</sup> | 750000 | 850000 | 1375000 | 650000 | 700000  |
| Net asset value per share | $25.13 | $23.96 | $24.77 | $24.82 | $25.08  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $24951192 | $27630941 | $44507879 | $19865105 | $22378171  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $6422606 | $7256535 | $9743804 | $3774864 | $5010812 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

300<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Premium** <br>**Income 30** <br>**Barrier** <br>**ETF - October** | **Innovator** <br>**U.S. Equity** <br>**10 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**U.S. Equity** <br>**5 to 15 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**9 Buffer** <br>**ETF - April** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**9 Buffer** <br>**ETF - January**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $23044825 | $650253209 | $157247002 | $205925001 | $111941784  |
| Cash - interest bearing deposit account | 12070 | 821049 | 162969 | 501802 | 316575  |
| Deposit at broker for other investments | 200 | 199 | 200 | 200 | 198  |
| Interest receivable | 40 | 2554 | 615 | 1730 | 1099  |
| Receivable for investments sold |  |  | 68394 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 23057135 | 651077011 | 157479180 | 206428733 | 112259656  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 5085698 | 16428896 | 1981738 | 53043297 | 19912406  |
| Payable to adviser | 11914 | 352892 | 86580 | 102769 | 61568  |
|  Broker Commissions on in-kind transactions payable | 60 | 1724 | 440 | 90 | —  |
| Payable for investments purchased |  |  | 866 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 5097672 | 16783512 | 2069624 | 53146156 | 19973974  |
| **NET ASSETS** | $17959463 | $634293499 | $155409556 | $153282577 | $92285682  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $17965787  | $647353065  | $159038226  | $162698342  | $121258274  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (6324)  | (13059566)  | (3628670)  | (9415765)  | (28972592)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $17959463 | $634293499 | $155409556 | $153282577 | $92285682  |
| Net assets | $17959463 | $634293499 | $155409556 | $153282577 | $92285682  |
| Shares issued and outstanding<sup>(a)</sup> | 750000 | 19700000 | 4425000 | 4025000 | 2925000  |
| Net asset value per share | $23.95 | $32.20 | $35.12 | $38.08 | $31.55  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $23272962 | $640801210 | $154526955 | $167476170 | $92067279  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $5313132 | $13770372 | $1675427 | $11146112 | $5071751 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

301<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**9 Buffer** <br>**ETF - July** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**9 Buffer** <br>**ETF - October** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**ETF - Quarterly** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**Plus** <br>**ETF - April** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**Plus** <br>**ETF - January**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $154888424 | $96681417 | $74237773 | $36294244 | $23911371  |
| Cash - interest bearing deposit account | 364208 | 250838 | 106495 | 62191 | 45193  |
| Deposit at broker for other investments | 200 | 480 | 200 | 208 | 200  |
| Interest receivable | 1274 | 841 | 246 | 238 | 122  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 155254106 | 96933576 | 74344714 | 36356881 | 23956886  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 27987116 | 13272603 | 3208431 | 12385394 | 6047176  |
| Payable to adviser | 86785 | 54511 | 47018 | 16592 | 12955  |
|  Broker Commissions on in-kind transactions payable | 1343 | 720 | 180 | 180 | 132  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 28075244 | 13327834 | 3255629 | 12402166 | 6060263  |
| **NET ASSETS** | $127178862 | $83605742 | $71089085 | $23954715 | $17896623  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $125816439  | $112008802  | $71705320  | $23784941  | $20823543  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | 1362423  | (28403060)  | (616235)  | 169774  | (2926920)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $127178862 | $83605742 | $71089085 | $23954715 | $17896623  |
| Net assets | $127178862 | $83605742 | $71089085 | $23954715 | $17896623  |
| Shares issued and outstanding<sup>(a)</sup> | 3375000 | 2525000 | 1750000 | 600000 | 575000  |
| Net asset value per share | $37.68 | $33.11 | $40.62 | $39.92 | $31.12  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $136900055 | $93675921 | $71740627 | $24522006 | $18417111  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $15751421 | $11003494 | $2097261 | $2662774 | $2127998 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

302<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**Plus** <br>**ETF - July** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**Plus** <br>**ETF - October** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - April** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - August** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - December**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $21444764 | $18883798 | $378003087 | $232930189 | $196707140  |
| Cash - interest bearing deposit account | 15790 | 19591 | 1107282 | 724774 | 733727  |
| Deposit at broker for other investments | 199 | 200 | 477 | 201 | 196  |
| Interest receivable | 155 | 117 | 3553 | 2351 | 2373  |
| Receivable for investments sold |  | 334076 |  |  | 62054  |
| Receivable for fund shares sold |  | 1651090 |  |  | 6103875  |
| Receivable for transaction fee |  | 495 |  |  | 3052  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 21460908 | 20889367 | 379114399 | 233657515 | 203612417  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 5224264 | 3257238 | 33933206 | 12095986 | 1993516  |
| Payable to adviser | 11227 | 9348 | 230246 | 147470 | 130946  |
|  Broker Commissions on in-kind transactions payable | 84 | 288 |  | 144 | 1440  |
| Payable for investments purchased |  | 1936800 |  |  | 6160162  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 5235575 | 5203674 | 34163452 | 12243600 | 8286064  |
| **NET ASSETS** | $16225333 | $15685693 | $344950947 | $221413915 | $195326353  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $17159138  | $20076292  | $348590117  | $238153049  | $200084715  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (933805)  | (4390599)  | (3639170)  | (16739134)  | (4758362)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $16225333 | $15685693 | $344950947 | $221413915 | $195326353  |
| Net assets | $16225333 | $15685693 | $344950947 | $221413915 | $195326353  |
| Shares issued and outstanding<sup>(a)</sup> | 425000 | 475000 | 7300000 | 4475000 | 4000000  |
| Net asset value per share | $38.18 | $33.02 | $47.25 | $49.48 | $48.83  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $18282604 | $18053665 | $325007191 | $219909325 | $182641191  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $2726600 | $2603420 | $16111797 | $9023542 | $4238895 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

303<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - February** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - January** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - July** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - June** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - March**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $196925162 | $295021667 | $312981607 | $175525127 | $186289565  |
| Cash - interest bearing deposit account | 655773 | 874346 | 894994 | 510212 | 552870  |
| Deposit at broker for other investments | 495 | 488 | 489 | 488 | 489  |
| Interest receivable | 2068 | 2970 | 2998 | 1741 | 1835  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 197583498 | 295899471 | 313880088 | 176037568 | 186844759  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 6050033 | 10020849 | 16586482 | 12246626 | 8032137  |
| Payable to adviser | 129944 | 191922 | 198067 | 116359 | 120011  |
|  Broker Commissions on in-kind transactions payable | 324 | 540 | 114 | 509 | 114  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 6180301 | 10213311 | 16784663 | 12363494 | 8152262  |
| **NET ASSETS** | $191403197 | $285686160 | $297095425 | $163674074 | $178692497  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $194042150  | $305725107  | $291162086  | $157139260  | $174450320  |
| Total distributable earnings | (2638953)  | (20038947)  | 5933339  | 6534814  | 4242177  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $191403197 | $285686160 | $297095425 | $163674074 | $178692497  |
| Net assets | $191403197 | $285686160 | $297095425 | $163674074 | $178692497  |
| Shares issued and outstanding<sup>(a)</sup> | 4000000 | 5325000 | 5925000 | 3550000 | 3425000  |
| Net asset value per share | $47.85 | $53.65 | $50.14 | $46.11 | $52.17  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $182613875 | $265097997 | $290413691 | $157452148 | $167812334  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $5528287 | $9182519 | $12280743 | $7492816 | $6773106 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

304<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - May** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - November** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - October** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - September** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - April**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $171982281 | $153707477 | $303638455 | $255694463 | $896630574  |
| Cash - interest bearing deposit account | 476549 | 429227 | 897541 | 776544 | 2327450  |
| Deposit at broker for other investments | 478 | 198 | 196 | 199 | 441  |
| Interest receivable | 1470 | 1311 | 2871 | 2513 | 7729  |
| Receivable for investments sold |  | 155463988 |  |  | 67938  |
| Receivable for fund shares sold |  | 3308348 |  |  | —  |
| Receivable for transaction fee |  | 1654 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 172460778 | 312912203 | 304539063 | 256473719 | 899034132  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 15685829 | 7417641 | 15403200 | 13607150 | 101366157  |
| Payable to adviser | 104624 | 91449 | 185334 | 161347 | 536622  |
| Payable for investments purchased |  | 158740090 |  |  | 7685  |
|  Broker Commissions on in-kind transactions payable |  | 8916 | 1152 | 144 | 1305  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 15790453 | 166258096 | 15589686 | 13768641 | 101911769  |
| **NET ASSETS** | $156670325 | $146654107 | $288949377 | $242705078 | $797122363  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $142517065  | $183371810  | $330385076  | $250072323  | $894933925  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | 14153260  | (36717703)  | (41435699)  | (7367245)  | (97811562)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $156670325 | $146654107 | $288949377 | $242705078 | $797122363  |
| Net assets | $156670325 | $146654107 | $288949377 | $242705078 | $797122363  |
| Shares issued and outstanding<sup>(a)</sup> | 3550000 | 3325000 | 5900000 | 4975000 | 20650000  |
| Net asset value per share | $44.13 | $44.11 | $48.97 | $48.78 | $38.60  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $147112666 | $153716334 | $298168641 | $244919625 | $768699914  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $8020261 | $7408784 | $13535012 | $10527225 | $34231972 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

305<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - August** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - December** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - February** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - January** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - July**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $1044911188 | $944301337 | $827984220 | $1256363934 | $1273490271  |
|  Cash - interest bearing deposit account | 3000357 | 2907082 | 2438429 | 3603371 | 3687675  |
|  Deposit at broker for other investments | 647 | 200 | 440 | 5606 | 392  |
| Receivable for investments sold | 6868014 | 16380245 | 67976 | 9807941 | 4893522  |
| Interest receivable | 9968 | 9712 | 8175 | 12059 | 12038  |
| Receivable for transaction fee | 1926 | 4789 |  | 2770 | 1377  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1054792100 | 963603365 | 830499240 | 1269795681 | 1282085275  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 65173274 | 24860682 | 40169640 | 70246868 | 86546268  |
|  Payable for capital shares redeemed | 6418965 | 15964762 |  | 9234580 | 4589420  |
| Payable to adviser | 666586 | 638156 | 534238 | 808345 | 807206  |
| Payable for investments purchased | 428385 | 431252 | 3302 | 548393 | 332575  |
|  Broker Commissions on in-kind transactions payable | 1024 | 6016 | 2160 | 1890 | 1224  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 72688234 | 41900868 | 40709340 | 80840076 | 92276693  |
| **NET ASSETS** | $982103866 | $921702497 | $789789900 | $1188955605 | $1189808582  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $1023290145  | $991975099  | $827593790  | $1286086378  | $1199086304  |
| Total distributable earnings | (41186279)  | (70272602)  | (37803890)  | (97130773)  | (9277722)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $982103866 | $921702497 | $789789900 | $1188955605 | $1189808582  |
| Net assets | $982103866 | $921702497 | $789789900 | $1188955605 | $1189808582  |
| Shares issued and outstanding<sup>(a)</sup> | 22950000 | 21650000 | 19725000 | 25750000 | 25925000  |
| Net asset value per share | $42.79 | $42.57 | $40.04 | $46.17 | $45.89  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $984915343 | $865258680 | $756006136 | $1125351475 | $1184882991  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $40703281 | $29543169 | $28102949 | $43098645 | $51594056 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

306<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - June** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - March** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - May** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - November** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - October**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $827683847 | $667285325 | $704074637 | $645775767 | $1151655732  |
|  Cash - interest bearing deposit account | 2311691 | 1927657 | 1848026 | 1776924 | 3363274  |
|  Deposit at broker for other investments | 453 | 452 | 464 | 328 | 835  |
| Interest receivable | 7447 | 6378 | 5896 | 6169 | 10463  |
| Receivable for investments sold |  |  |  | 683890850 | 70382  |
| Receivable for fund shares sold |  |  |  | 3107910 | —  |
| Receivable for transaction fee |  |  |  | 1554 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 830003438 | 669219812 | 705929023 | 1334559502 | 1155100686  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 73478475 | 42372940 | 82330285 | 31907337 | 62797356  |
| Payable to adviser | 508745 | 421438 | 418597 | 419884 | 674318  |
|  Broker Commissions on in-kind transactions payable | 768 | 714 | 480 | 39904 | 4673  |
| Payable for investments purchased |  |  |  | 686898614 | 3842  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 73987988 | 42795092 | 82749362 | 719265739 | 63480189  |
| **NET ASSETS** | $756015450 | $626424720 | $623179661 | $615293763 | $1091620497  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $738624193  | $645258071  | $586219447  | $893786838  | $1255227479  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | 17391257  | (18833351)  | 36960214  | (278493075)  | (163606982)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $756015450 | $626424720 | $623179661 | $615293763 | $1091620497  |
| Net assets | $756015450 | $626424720 | $623179661 | $615293763 | $1091620497  |
| Shares issued and outstanding<sup>(a)</sup> | 18275000 | 14150000 | 15950000 | 14850000 | 25125000  |
| Net asset value per share | $41.37 | $44.27 | $39.07 | $41.43 | $43.45  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $741912447 | $601450690 | $602389550 | $645812934 | $1131381116  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $35894710 | $23723839 | $33007811 | $31870170 | $51917566 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

307<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - September** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - April** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - August** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - December** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - February**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $998117070 | $174414316 | $252347008 | $272896655 | $177701179  |
|  Cash - interest bearing deposit account | 3011525 | 503708 | 734172 | 943447 | 607606  |
|  Deposit at broker for other investments | 325 | 476 | 199 | 197 | 476  |
| Receivable for investments sold | 3418922 |  | 2135028 |  | 1898365  |
| Interest receivable | 9909 | 1599 | 2460 | 3226 | 2038  |
| Receivable for transaction fee | 973 |  | 594 |  | 542  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1004558724 | 174920099 | 255219461 | 273843525 | 180210206  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 61096655 | 19585163 | 14454480 | 7010282 | 8450104  |
| Payable for capital shares redeemed | 3242933 |  | 1979265 |  | 1805825  |
| Payable to adviser | 635978 | 104760 | 161385 | 184763 | 115807  |
| Payable for investments purchased | 209283 |  | 122299 |  | 90279  |
|  Broker Commissions on in-kind transactions payable | 2816 | 77 | 240 | 1176 | 429  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 65187665 | 19690000 | 16717669 | 7196221 | 10462444  |
| **NET ASSETS** | $939371059 | $155230099 | $238501792 | $266647304 | $169747762  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $1020359350  | $170324443  | $257459079  | $265951271  | $172691385  |
| Total distributable earnings | (80988291)  | (15094344)  | (18957287)  | 696033  | (2943623)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $939371059 | $155230099 | $238501792 | $266647304 | $169747762  |
| Net assets | $939371059 | $155230099 | $238501792 | $266647304 | $169747762  |
| Shares issued and outstanding<sup>(a)</sup> | 21725000 | 4800000 | 6025000 | 6850000 | 4700000  |
| Net asset value per share | $43.24 | $32.34 | $39.59 | $38.93 | $36.12  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $955029886 | $151237631 | $237179249 | $248522890 | $161575353  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $40734035 | $4372517 | $7259131 | $2219654 | $2539456 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

308<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - January** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - July** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - June** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - March** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - May**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $214578184 | $230168770 | $157794647 | $192811904 | $66697548  |
| Cash - interest bearing deposit account | 655752 | 704252 | 482737 | 576218 | 155545  |
| Deposit at broker for other investments | 452 | 464 | 477 | 464 | 501  |
| Interest receivable | 2093 | 2271 | 1525 | 2030 | 553  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 215236481 | 230875757 | 158279386 | 193390616 | 66854147  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 12209018 | 14947464 | 14209621 | 12377255 | 8209402  |
| Payable to adviser | 136898 | 145940 | 97030 | 125861 | 40549  |
|  Broker Commissions on in-kind transactions payable | 96 | 84 | 84 | 765 | 180  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 12346012 | 15093488 | 14306735 | 12503881 | 8250131  |
| **NET ASSETS** | $202890469 | $215782269 | $143972651 | $180886735 | $58604016  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $242351344  | $211064320  | $140657665  | $177278275  | $54959311  |
| Total distributable earnings | (39460875)  | 4717949  | 3314986  | 3608460  | 3644705  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $202890469 | $215782269 | $143972651 | $180886735 | $58604016  |
| Net assets | $202890469 | $215782269 | $143972651 | $180886735 | $58604016  |
| Shares issued and outstanding<sup>(a)</sup> | 4775000 | 5625000 | 3900000 | 4600000 | 1625000  |
| Net asset value per share | $42.49 | $38.36 | $36.92 | $39.32 | $36.06  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $191809004 | $212530325 | $142463459 | $170845714 | $56516679  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $4798837 | $6753290 | $6026595 | $4095848 | $2309291 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

309<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - November** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - October** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - September** | **Innovator** <br>**U.S. Small** <br>**Cap 10 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - April**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $68408563 | $186902850 | $241411037 | $72217125 | $179313773  |
|  Cash - interest bearing deposit account | 228999 | 538949 | 728074 | 80276 | 462695  |
|  Deposit at broker for other investments | 479 | 318 | 224 | 198 | 193  |
| Receivable for investments sold | 73263378 | 2018572 |  | 25117 | —  |
| Interest receivable | 788 | 1730 | 2389 | 295 | 1559  |
| Receivable for transaction fee |  | 968 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 141902207 | 189463387 | 242141724 | 72323011 | 179778220  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 2449339 | 8245635 | 13017286 | 2087250 | 17140812  |
| Payable for investments purchased | 73280060 | 89178 |  | 728 | —  |
| Payable to adviser | 46767 | 113604 | 153836 | 45869 | 109914  |
|  Broker Commissions on in-kind transactions payable | 4412 | 560 | 112 | 390 | 438  |
| Payable for capital shares redeemed |  | 1935975 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 75780578 | 10384952 | 13171234 | 2134237 | 17251164  |
| **NET ASSETS** | $66121629 | $179078435 | $228970490 | $70188774 | $162527056  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $85546692  | $200506539  | $239695062  | $74105297  | $158127171  |
|  Total distributable earnings/(accumulated losses) | (19425063)  | (21428104)  | (10724572)  | (3916523)  | 4399885  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $66121629 | $179078435 | $228970490 | $70188774 | $162527056  |
| Net assets | $66121629 | $179078435 | $228970490 | $70188774 | $162527056  |
| Shares issued and outstanding<sup>(a)</sup> | 1750000 | 4625000 | 5875000 | 2425000 | 4700000  |
| Net asset value per share | $37.78 | $38.72 | $38.97 | $28.94 | $34.58  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $68412556 | $183237685 | $231283555 | $71910790 | $153061630  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $2445346 | $6175837 | $7641129 | $2428043 | $8875934 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

310<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - August** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - December** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - February** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - January** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - July**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $141426809 | $74723860 | $42733792 | $288048494 | $171934378  |
| Cash - interest bearing deposit account | 381218 | 273749 | 168801 | 818952 | 452881  |
| Deposit at broker for other investments | 201 | 200 |  | 195 | 181  |
| Interest receivable | 1235 | 905 | 541 | 2711 | 1503  |
| Receivable for investments sold |  | 24741 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 141809463 | 75023455 | 42903134 | 288870352 | 172388943  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 10941566 | 81540 | 853628 | 5006937 | 13342699  |
| Payable to adviser | 87556 | 49197 | 28360 | 191243 | 106392  |
|  Broker Commissions on in-kind transactions payable | 54 |  | 161 | 484 | —  |
| Payable for investments purchased |  | 29 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 11029176 | 130766 | 882149 | 5198664 | 13449091  |
| **NET ASSETS** | $130780287 | $74892689 | $42020985 | $283671688 | $158939852  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $137386661  | $74835300  | $41216715  | $302988644  | $158748330  |
| Total distributable earnings | (6606374)  | 57389  | 804270  | (19316956)  | 191522  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $130780287 | $74892689 | $42020985 | $283671688 | $158939852  |
| Net assets | $130780287 | $74892689 | $42020985 | $283671688 | $158939852  |
| Shares issued and outstanding<sup>(a)</sup> | 4975000 | 2925000 | 1550000 | 6925000 | 5075000  |
| Net asset value per share | $26.29 | $25.60 | $27.11 | $40.96 | $31.32  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $130490764 | $75925184 | $41770953 | $272191931 | $156497606  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $7221458 | $2367476 | $899933 | $15324250 | $8927629 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

311<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - June** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - March** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - May** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - November** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - October**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $22121119 | $12516633 | $22742532 | $19462016 | $145736955  |
| Cash - interest bearing deposit account | 57338 | 47604 | 78890 | 65871 | 401470  |
| Deposit at broker for other investments | 197 |  |  | 200 | 199  |
| Interest receivable | 198 | 148 | 232 | 185 | 1288  |
| Receivable for investments sold |  |  |  | 19464539 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 22178852 | 12564385 | 22821654 | 38992811 | 146139912  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 2185671 | 596455 | 2607085 | 1211133 | 8968566  |
| Payable to adviser | 14145 | 8859 | 13526 | 12215 | 87483  |
|  Broker Commissions on in-kind transactions payable | 173 | 173 |  | 1494 | 1175  |
| Payable for investments purchased |  |  |  | 19463549 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2199989 | 605487 | 2620611 | 20688391 | 9057224  |
| **NET ASSETS** | $19978863 | $11958898 | $20201043 | $18304420 | $137082688  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $19816870  | $10813373  | $18813421  | $19371041  | $151236971  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | 161993  | 1145525  | 1387622  | (1066621)  | (14154283)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $19978863 | $11958898 | $20201043 | $18304420 | $137082688  |
| Net assets | $19978863 | $11958898 | $20201043 | $18304420 | $137082688  |
| Shares issued and outstanding<sup>(a)</sup> | 725000 | 425000 | 725000 | 650000 | 4100000  |
| Net asset value per share | $27.56 | $28.14 | $27.86 | $28.16 | $33.43  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $19251981 | $11263998 | $19808150 | $19463550 | $143545825  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $1119600 | $561515 | $1206936 | $1209599 | $8485782 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

312<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - September** | **Innovator** <br>**Uncapped** <br>**Bitcoin 20** <br>**Floor** <br>**ETF - Quarterly**  |
| **ASSETS:**<br>|  |  |
| Investments, at value | $31671035 | $21321762  |
| Cash - interest bearing deposit account | 94274 | 6967  |
| Deposit at broker for other investments | 200 | —  |
| Interest receivable | 342 | 1488  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 31765851 | 21330217  |
| **LIABILITIES:**<br>|  |  |
| Written option contracts, at value | 1951331 | 346948  |
| Payable to adviser | 20573 | 12998  |
| Broker Commissions on in-kind transactions payable | 591 | 125  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1972495 | 360071  |
| **NET ASSETS** | $29793356 | $20970146  |
| **Net Assets Consists of:**<br>|  |  |
| Paid-in capital | $29597208  | $22523939  |
| Total distributable earnings | 196148  | (1553793)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $29793356 | $20970146  |
| Net assets | $29793356 | $20970146  |
| Shares issued and outstanding<sup>(a)</sup> | 1075000 | 800000  |
| Net asset value per share | $27.71 | $26.21  |
| **Cost:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $30687085 | $22350148  |
| **Proceeds:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $1672578 | $588812 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

313<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Year Ended October 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**20+ Year** <br>**Treasury** <br>**Bond 5 Floor** <br>**ETF - Quarterly** | **Innovator** <br>**20+ Year** <br>**Treasury** <br>**Bond 9 Buffer** <br>**ETF - July** | **Innovator** <br>**Defined** <br>**Wealth** <br>**Shield ETF** | **Innovator** <br>**Emerging** <br>**Markets** <br>**10 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**Emerging** <br>**Markets** <br>**Power Buffer** <br>**ETF - April**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $1302 | $2417 | $72870 | &nbsp;&nbsp; $370 | $5081  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1302 | 2417 | 72870 | &nbsp;&nbsp; 370 | 5081  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 224552 | 201422 | 9374101 | &nbsp;&nbsp; 81450 | 623301  |
| &nbsp;&nbsp;&nbsp; Total expenses | 224552 | 201422 | 9374101 | &nbsp;&nbsp; 81450 | 623301  |
| **NET INVESTMENT LOSS** | (223250) | (199005) | (9301231) | &nbsp;&nbsp; (81080) | (618220)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (2562159) | (676104) | 14479372 | &nbsp;&nbsp; 267349 | (8921)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | (1246164) | 304347 | 167058232 | &nbsp;&nbsp; 1164383 | 3388090  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 329352 | 170140 | (91001640) | &nbsp;&nbsp; (817474) | 1273480  |
| Net realized gain (loss) | (3478971) | (201617) | 90535964 | &nbsp;&nbsp; 614258 | 4652649  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 2148116 | 35072 | 33800813 | &nbsp;&nbsp; 650082 | 11729458  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (417184) | 421273 | (21671423) | &nbsp;&nbsp; (266938) | (7754325)  |
|  Net change in unrealized appreciation (depreciation) | 1730932 | 456345 | 12129390 | &nbsp;&nbsp; 383144 | 3975133  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | (1748039) | 254728 | 102665354 | &nbsp;&nbsp; 997402 | 8627782  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1971289) | $55723 | $93364123 | &nbsp;&nbsp; $916322 | $8009562 |

---

The accompanying notes are an integral part of these financial statements.

314<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Emerging** <br>**Markets Power** <br>**Buffer** <br>**ETF - January** | **Innovator** <br>**Emerging** <br>**Markets Power** <br>**Buffer** <br>**ETF - July** | **Innovator** <br>**Emerging** <br>**Markets Power** <br>**Buffer** <br>**ETF - October** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**April<sup>(a)</sup>** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**August**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $9208 | $7548 | $6072 | $2663 | $10291  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 9208 | 7548 | 6072 | 2663 | 10291  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 1007589 | 851891 | 642812 | 176548 | 642557  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1007589 | 851891 | 642812 | 176548 | 642557  |
| **NET INVESTMENT LOSS** | (998381) | (844343) | (636740) | (173885) | (632266)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (3280535) | 4370206 | (1444564) | (28428) | (3499737)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 7023513 | 3449139 | 12524262 | 760902 | 12019063  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 2739401 | 1589398 | 280104 | (43618) | (2470302)  |
| Net realized gain (loss) | 6482379 | 9408743 | 11359802 | 688856 | 6049024  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 16623031 | 11766772 | 3657603 | 7212499 | 4290680  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (13998011) | (5718805) | (894926) | (5573776) | (3663370)  |
|  Net change in unrealized appreciation (depreciation) | 2625020 | 6047967 | 2762677 | 1638723 | 627310  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 9107399 | 15456710 | 14122479 | 2327579 | 6676334  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $8109018 | $14612367 | $13485739 | $2153694 | $6044068 |

---

<sup>(a)</sup> Inception date of the Fund was March 31, 2025.

The accompanying notes are an integral part of these financial statements.

315<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**December<sup>(a)</sup>** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**February<sup>(b)</sup>** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**January<sup>(c)</sup>** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**July** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**June<sup>(d)</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $18280 | $9938 | $5517 | $14502 | $2277  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 18280 | 9938 | 5517 | 14502 | 2277  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 942778 | 697844 | 334204 | 970806 | 166047  |
| &nbsp;&nbsp;&nbsp; Total expenses | 942778 | 697844 | 334204 | 970806 | 166047  |
| **NET INVESTMENT LOSS** | (924498) | (687906) | (328687) | (956304) | (163770)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (1453811) | (524796) | (24229) | (1080241) | 4637  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 10651324 | 3600110 | 345672 | 13424497 | 83373  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (300979) | (135772) | (12622) | (2861611) | (7570)  |
| Net realized gain (loss) | 8896534 | 2939542 | 308821 | 9482645 | 80440  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 6326919 | 11147838 | 6148761 | 9065300 | 5989509  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (4831460) | (6624229) | (3259234) | (7548708) | (4351602)  |
|  Net change in unrealized appreciation (depreciation) | 1495459 | 4523609 | 2889527 | 1516592 | 1637907  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 10391993 | 7463151 | 3198348 | 10999237 | 1718347  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $9467495 | $6775245 | $2869661 | $10042933 | $1554577 |

---

<sup>(a)</sup> Inception date of the Fund was November 29, 2024.

<sup>(b)</sup> Inception date of the Fund was January 31, 2025.

<sup>(c)</sup> Inception date of the Fund was December 31, 2024.

<sup>(d)</sup> Inception date of the Fund was May 30, 2025.

The accompanying notes are an integral part of these financial statements.

316<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**March<sup>(a)</sup>** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**May<sup>(b)</sup>** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**November** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**October** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**September**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $7624 | $1775 | $7028 | $9553 | $11453  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 7624 | 1775 | 7028 | 9553 | 11453  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 526761 | 141458 | 365273 | 571516 | 745440  |
| &nbsp;&nbsp;&nbsp; Total expenses | 526761 | 141458 | 365273 | 571516 | 745440  |
| **NET INVESTMENT LOSS** | (519137) | (139683) | (358245) | (561963) | (733987)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 68348 | (1654) | (1594552) | (2963201) | (3148556)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 1540710 | 353726 | 8684762 | 11092220 | 13198456  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (226050) | (6778) | (3698194) | (3544314) | (3377553)  |
| Net realized gain (loss) | 1383008 | 345294 | 3392016 | 4584705 | 6672347  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 11957688 | 5654494 | (2316) | 2652196 | 4745952  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (7356457) | (4565483) | (1157) | (2026820) | (4091019)  |
|  Net change in unrealized appreciation (depreciation) | 4601231 | 1089011 | (3473) | 625376 | 654933  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 5984239 | 1434305 | 3388543 | 5210081 | 7327280  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $5465102 | $1294622 | $3030298 | $4648118 | $6593293 |

---

<sup>(a)</sup> Inception date of the Fund was February 28, 2025.

<sup>(b)</sup> Inception date of the Fund was April 30, 2025.

The accompanying notes are an integral part of these financial statements.

317<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**April 2026** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**April 2027<sup>(a)</sup>** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**January 2026** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**January 2027<sup>(b)</sup>** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**July 2026**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $11111 | $616 | $8286 | $5693 | $12351  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 11111 | 616 | 8286 | 5693 | 12351  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 500580 | 41527 | 398015 | 274689 | 528718  |
| &nbsp;&nbsp;&nbsp; Total expenses | 500580 | 41527 | 398015 | 274689 | 528718  |
| **NET INVESTMENT LOSS** | (489469) | (40911) | (389729) | (268996) | (516367)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (24376) | (123) | (59434) | (11671) | (70973)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 2491893 |  | 2234516 | 1335161 | 2755894  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (60076) | (4957) | (395381) | (9116) | (91823)  |
| Net realized gain (loss) | 2407441 | (5080) | 1779701 | 1314374 | 2593098  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 7157194 | 1823898 | 5267019 | 4181883 | 8208792  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (4648198) | (1218316) | (3605339) | (2548297) | (4982758)  |
|  Net change in unrealized appreciation (depreciation) | 2508996 | 605582 | 1661680 | 1633586 | 3226034  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 4916437 | 600502 | 3441381 | 2947960 | 5819132  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $4426968 | $559591 | $3051652 | $2678964 | $5302765 |

---

<sup>(a)</sup> Inception date of the Fund was March 31, 2025.

<sup>(b)</sup> Inception date of the Fund was December 31, 2024.

The accompanying notes are an integral part of these financial statements.

318<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**July 2027** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**October 2026** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**October 2027<sup>(a)</sup>** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 6 Mo** <br>**Apr/Oct** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 6 Mo** <br>**Jan/Jul**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $28966 | $13397 | &nbsp;&nbsp; $79 | $5892 | $15826  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 28966 | 13397 | &nbsp;&nbsp; 79 | 5892 | 15826  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 1429355 | 625000 | &nbsp;&nbsp; 5456 | 583735 | 1698476  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1429355 | 625000 | &nbsp;&nbsp; 5456 | 583735 | 1698476  |
| **NET INVESTMENT LOSS** | (1400389) | (611603) | &nbsp;&nbsp; (5377) | (577843) | (1682650)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (7228866) | (10368) | (1) | 4517535 | (8419921)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 48050539 | 1618737 | &nbsp;&nbsp; — | 5469754 | 25928133  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (23635957) | (176166) | &nbsp;&nbsp; — | (6559439) | (3869436)  |
| Net realized gain (loss) | 17185716 | 1432203 | &nbsp;&nbsp; (1) | 3427850 | 13638776  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (16980873) | 10398210 | &nbsp;&nbsp; 193138 | 1978477 | 14121545  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 13381706 | (6001415) | &nbsp;&nbsp; (152052) | (1641100) | (10979088)  |
|  Net change in unrealized appreciation (depreciation) | (3599167) | 4396795 | &nbsp;&nbsp; 41086 | 337377 | 3142457  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 13586549 | 5828998 | &nbsp;&nbsp; 41085 | 3765227 | 16781233  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $12186160 | $5217395 | &nbsp;&nbsp; $35708 | $3187384 | $15098583 |

---

<sup>(a)</sup> Inception date of the Fund was September 30, 2025.

The accompanying notes are an integral part of these financial statements.

319<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Equity Dual** <br>**Directional** <br>**10 Buffer** <br>**ETF - July<sup>(a)</sup>** | **Innovator** <br>**Equity Dual** <br>**Directional** <br>**10 Buffer** <br>**ETF - November<sup>(b)</sup>** | **Innovator** <br>**Equity Dual** <br>**Directional** <br>**10 Buffer** <br>**ETF - October<sup>(c)</sup>** | **Innovator** <br>**Equity Dual** <br>**Directional** <br>**10 Buffer** <br>**ETF - September<sup>(d)</sup>** | **Innovator** <br>**Equity Dual** <br>**Directional** <br>**15 Buffer** <br>**ETF - July<sup>(a)</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $4907 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $434 | &nbsp;&nbsp;&nbsp;&nbsp; $399 | $2624  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 4907 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 434 | &nbsp;&nbsp;&nbsp;&nbsp; 399 | 2624  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 247218 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19959 | &nbsp;&nbsp;&nbsp;&nbsp; 22843 | 197788  |
| &nbsp;&nbsp;&nbsp; Total expenses | 247218 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19959 | &nbsp;&nbsp;&nbsp;&nbsp; 22843 | 197788  |
| **NET INVESTMENT LOSS** | (242311) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (19525) | &nbsp;&nbsp;&nbsp;&nbsp; (22444) | (195164)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (113251) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | (19316)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 2080476 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 1766497  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (16052) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | (4190)  |
| Net realized gain (loss) | 1951173 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 1742991  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (5182295) | &nbsp;&nbsp;&nbsp;&nbsp;(235) | &nbsp;&nbsp;&nbsp; (498331) | &nbsp;&nbsp;&nbsp;&nbsp; (177848) | (6576937)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 7196638 | &nbsp;&nbsp;&nbsp;&nbsp; (235) | &nbsp;&nbsp;&nbsp; 849403 | &nbsp;&nbsp;&nbsp;&nbsp; 632678 | 7476608  |
|  Net change in unrealized appreciation (depreciation) | 2014343 | &nbsp;&nbsp;&nbsp;&nbsp; (470) | &nbsp;&nbsp;&nbsp; 351072 | &nbsp;&nbsp;&nbsp;&nbsp; 454830 | 899671  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 3965516 | &nbsp;&nbsp;&nbsp;&nbsp; (470) | &nbsp;&nbsp;&nbsp; 351072 | &nbsp;&nbsp;&nbsp;&nbsp; 454830 | 2642662  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3723205 | &nbsp;&nbsp;&nbsp;&nbsp; $(470) | &nbsp;&nbsp;&nbsp; $331547 | &nbsp;&nbsp;&nbsp;&nbsp; $432386 | $2447498 |

---

<sup>(a)</sup> Inception date of the Fund was June 30, 2025.

<sup>(b)</sup> Inception date of the Fund was October 31, 2025.

<sup>(c)</sup> Inception date of the Fund was September 30, 2025.

<sup>(d)</sup> Inception date of the Fund was August 29, 2025.

The accompanying notes are an integral part of these financial statements.

320<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Equity Dual** <br>**Directional** <br>**15 Buffer** <br>**ETF - November<sup>(a)</sup>** | **Innovator** <br>**Equity Dual** <br>**Directional** <br>**15 Buffer** <br>**ETF - October<sup>(b)</sup>** | **Innovator** <br>**Equity Dual** <br>**Directional** <br>**15 Buffer** <br>**ETF - September<sup>(c)</sup>** | **Innovator** <br>**Growth** <br>**Accelerated** <br>**ETF - Quarterly** | **Innovator** <br>**Growth** <br>**Accelerated** <br>**Plus** <br>**ETF - April**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | &nbsp;&nbsp; $— | $1177 | &nbsp;&nbsp;&nbsp; $1272 | $2256 | $2722  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; — | 1177 | &nbsp;&nbsp;&nbsp; 1272 | 2256 | 2722  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; — | 55213 | &nbsp;&nbsp;&nbsp; 59404 | 340724 | 173174  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; — | 55213 | &nbsp;&nbsp;&nbsp; 59404 | 340724 | 173174  |
| **NET INVESTMENT LOSS** | &nbsp;&nbsp; — | (54036) | &nbsp;&nbsp;&nbsp; (58132) | (338468) | (170452)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (279898) | 5062855 | (2157720)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | 8859843 | 2967177  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (65932) | (6847663) | 2285941  |
| Net realized gain (loss) | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (345830) | 7075035 | 3095398  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp;(326) | (1463510) | &nbsp;&nbsp;&nbsp; (632535) | 5082224 | 17052825  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp; (326) | 2193050 | &nbsp;&nbsp;&nbsp; 1809556 | (2991088) | (15665408)  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (652) | 729540 | &nbsp;&nbsp;&nbsp; 1177021 | 2091136 | 1387417  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | &nbsp;&nbsp; (652) | 729540 | &nbsp;&nbsp;&nbsp; 831191 | 9166171 | 4482815  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $(652) | $675504 | &nbsp;&nbsp;&nbsp; $773059 | $8827703 | $4312363 |

---

<sup>(a)</sup> Inception date of the Fund was October 31, 2025.

<sup>(b)</sup> Inception date of the Fund was September 30, 2025.

<sup>(c)</sup> Inception date of the Fund was August 29, 2025.

The accompanying notes are an integral part of these financial statements.

321<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Growth** <br>**Accelerated** <br>**Plus** <br>**ETF - January** | **Innovator** <br>**Growth** <br>**Accelerated** <br>**Plus** <br>**ETF - July** | **Innovator** <br>**Growth** <br>**Accelerated** <br>**Plus** <br>**ETF - October** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - April** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - August**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $2447 | $2157 | $2000 | $27238 | $4500  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 2447 | 2157 | 2000 | 27238 | 4500  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 156392 | 135209 | 114982 | 1710243 | 252720  |
| &nbsp;&nbsp;&nbsp; Total expenses | 156392 | 135209 | 114982 | 1710243 | 252720  |
| **NET INVESTMENT LOSS** | (153945) | (133052) | (112982) | (1683005) | (248220)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 1440939 | 1982695 | 132616 | (13695295) | (1413879)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 9986899 | 1473651 | 5652047 | 32569082 | 5436916  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (5972420) | (1242613) | (3221394) | (470764) | (437068)  |
| Net realized gain (loss) | 5455418 | 2213733 | 2563269 | 18403023 | 3585969  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 146788 | 7074992 | 1745382 | 39197597 | 6097384  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (1825109) | (5585562) | (1384472) | (33153550) | (3418853)  |
|  Net change in unrealized appreciation (depreciation) | (1678321) | 1489430 | 360910 | 6044047 | 2678531  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 3777097 | 3703163 | 2924179 | 24447070 | 6264500  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3623152 | $3570111 | $2811197 | $22764065 | $6016280 |

---

The accompanying notes are an integral part of these financial statements.

322<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - December<sup>(a)</sup>** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - February<sup>(b)</sup>** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - January** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - July** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - June**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | &nbsp;&nbsp;&nbsp; $9816 | &nbsp;&nbsp; $5346 | $36205 | $31793 | $6605  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 9816 | &nbsp;&nbsp; 5346 | 36205 | 31793 | 6605  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 516123 | &nbsp;&nbsp; 288344 | 2201609 | 1866005 | 378491  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 516123 | &nbsp;&nbsp; 288344 | 2201609 | 1866005 | 378491  |
| **NET INVESTMENT LOSS** | &nbsp;&nbsp;&nbsp; (506307) | &nbsp;&nbsp; (282998) | (2165404) | (1834212) | (371886)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; (143825) | &nbsp;&nbsp; (290452) | (17633770) | (2238794) | (1878786)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp;&nbsp; 6367799 | &nbsp;&nbsp; 2121944 | 57848381 | 35503620 | 7804148  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp;&nbsp; (49240) | &nbsp;&nbsp; (79442) | (10894426) | (56573) | 98313  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 6174734 | &nbsp;&nbsp; 1752050 | 29320185 | 33208253 | 6023675  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 5062086 | &nbsp;&nbsp; 6007047  | 20203715 | 22263853 | 9586457  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp;&nbsp; (1742536) | &nbsp;&nbsp; (1948183) | (9457200) | (12685709) | (4711674)  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 3319550 | &nbsp;&nbsp; 4058864 | 10746515 | 9578144 | 4874783  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | &nbsp;&nbsp;&nbsp; 9494284 | &nbsp;&nbsp; 5810914 | 40066700 | 42786397 | 10898458  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $8987977 | &nbsp;&nbsp; $5527916 | $37901296 | $40952185 | $10526572 |

---

<sup>(a)</sup> Inception date of the Fund was November 29, 2024.

<sup>(b)</sup> Inception date of the Fund was January 31, 2025.

The accompanying notes are an integral part of these financial statements.

323<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - March<sup>(a)</sup>** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - May<sup>(b)</sup>** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - November** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - October** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - September**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $3217 | $1184 | &nbsp;&nbsp; $4218 | $21086 | &nbsp;&nbsp; $5736  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3217 | 1184 | &nbsp;&nbsp; 4218 | 21086 | &nbsp;&nbsp; 5736  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 177169 | 65719 | &nbsp;&nbsp; 187830 | 1299416 | &nbsp;&nbsp; 300073  |
| &nbsp;&nbsp;&nbsp; Total expenses | 177169 | 65719 | &nbsp;&nbsp; 187830 | 1299416 | &nbsp;&nbsp; 300073  |
| **NET INVESTMENT LOSS** | (173952) | (64535) | &nbsp;&nbsp; (183612) | (1278330) | &nbsp;&nbsp; (294337)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (10820) | (564) | &nbsp;&nbsp; (371873) | (6717117) | &nbsp;&nbsp; (1681948)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 1883599 | 823735 | &nbsp;&nbsp; 5522191 | 36464630 | &nbsp;&nbsp; 7364559  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (8972) | (2720) | &nbsp;&nbsp; (1885443) | (7311709) | &nbsp;&nbsp; (628670)  |
| Net realized gain (loss) | 1863807 | 820451 | &nbsp;&nbsp; 3264875 | 22435804 | &nbsp;&nbsp; 5053941  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 4908750 | 3020694 | &nbsp;&nbsp; (1123) | 8784416 | &nbsp;&nbsp; 3717322  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (2154626) | (2094620) | &nbsp;&nbsp; (1120) | (4752842) | &nbsp;&nbsp; (2725042)  |
|  Net change in unrealized appreciation (depreciation) | 2754124 | 926074 | &nbsp;&nbsp; (2243) | 4031574 | &nbsp;&nbsp; 992280  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 4617931 | 1746525 | &nbsp;&nbsp; 3262632 | 26467378 | &nbsp;&nbsp; 6046221  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $4443979 | $1681990 | &nbsp;&nbsp; $3079020 | $25189048 | &nbsp;&nbsp; $5751884 |

---

<sup>(a)</sup> Inception date of the Fund was February 28, 2025.

<sup>(b)</sup> Inception date of the Fund was April 30, 2025.

The accompanying notes are an integral part of these financial statements.

324<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**International** <br>**Developed** <br>**10 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - April** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - August** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - December** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - February**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $1283 | $20430 | $2476 | &nbsp;&nbsp; $1763 | &nbsp;&nbsp; $2260  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1283 | 20430 | 2476 | &nbsp;&nbsp; 1763 | &nbsp;&nbsp; 2260  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 282475 | 1841929 | 214870 | &nbsp;&nbsp; 173886 | &nbsp;&nbsp; 195060  |
| &nbsp;&nbsp;&nbsp; Total expenses | 282475 | 1841929 | 214870 | &nbsp;&nbsp; 173886 | &nbsp;&nbsp; 195060  |
| **NET INVESTMENT LOSS** | (281192) | (1821499) | (212394) | &nbsp;&nbsp; (172123) | &nbsp;&nbsp; (192800)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 630834 | (11527919) | (1171524) | &nbsp;&nbsp; (21719) | &nbsp;&nbsp; (275676)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 4421619 | 19841152 | 2850580 | &nbsp;&nbsp; 1108663 | &nbsp;&nbsp; 1292135  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (1231667) | 912696 | 15799 | &nbsp;&nbsp; (60015) | &nbsp;&nbsp; 77934  |
| Net realized gain (loss) | 3820786 | 9225929 | 1694855 | &nbsp;&nbsp; 1026929 | &nbsp;&nbsp; 1094393  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 173975 | 23003182 | 1732487 | &nbsp;&nbsp; 2585173 | &nbsp;&nbsp; 3024510  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 167877 | (5598113) | (392782) | &nbsp;&nbsp; (219421) | &nbsp;&nbsp; (659940)  |
|  Net change in unrealized appreciation (depreciation) | 341852 | 17405069 | 1339705 | &nbsp;&nbsp; 2365752 | &nbsp;&nbsp; 2364570  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 4162638 | 26630998 | 3034560 | &nbsp;&nbsp; 3392681 | &nbsp;&nbsp; 3458963  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3881446 | $24809499 | $2822166 | &nbsp;&nbsp; $3220558 | &nbsp;&nbsp; $3266163 |

---

The accompanying notes are an integral part of these financial statements.

325<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - January** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - July** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - June** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - March** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - May**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $17475 | $17166 | $4711 | $4301 | $2180  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 17475 | 17166 | 4711 | 4301 | 2180  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 1528273 | 1498266 | 364704 | 338807 | 184406  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1528273 | 1498266 | 364704 | 338807 | 184406  |
| **NET INVESTMENT LOSS** | (1510798) | (1481100) | (359993) | (334506) | (182226)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (13730028) | (4406724) | (996483) | (1152842) | 161972  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 22817929 | 23172090 | 4276608 | 4270579 | 1283408  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (108146) | 74684 | 25434 | (121911) | 7691  |
| Net realized gain (loss) | 8979755 | 18840050 | 3305559 | 2995826 | 1453071  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 22353486 | 5818969 | 2277217 | 2766493 | 2068068  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (7180740) | 493768 | 157918 | (464251) | (8097)  |
|  Net change in unrealized appreciation (depreciation) | 15172746 | 6312737 | 2435135 | 2302242 | 2059971  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 24152501 | 25152787 | 5740694 | 5298068 | 3513042  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $22641703 | $23671687 | $5380701 | $4963562 | $3330816 |

---

The accompanying notes are an integral part of these financial statements.

326<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - November** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - October** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - September** | **Innovator** <br>**Nasdaq-100** <br>**10 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**Premium** <br>**Income** <br>**15 Buffer** <br>**ETF - April**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | &nbsp;&nbsp; $1113 | $13992 | $8487 | $6886 | $235439  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 1113 | 13992 | 8487 | 6886 | 235439  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 107586 | 1103487 | 697570 | 954406 | 43288  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 107586 | 1103487 | 697570 | 954406 | 43288  |
| **NET INVESTMENT INCOME/(LOSS)** | &nbsp;&nbsp; (106473) | (1089495) | (689083) | (947520) | 192151  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (572742) | (6563128) | (5371919) | (4396556) | (6)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; 2609478 | 20508792 | 13791335 | 25591456 | —  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp; (282854) | 144505 | 62304 | (7713143) | 59071  |
| Net realized gain (loss) | &nbsp;&nbsp; 1753882 | 14090169 | 8481720 | 13481757 | 59065  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp;(601) | 4423749 | 3054580 | 7364171 | (1634)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp; (597) | 278457 | (626951) | (3740588) | 103173  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (1198) | 4702206 | 2427629 | 3623583 | 101539  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | &nbsp;&nbsp; 1752684 | 18792375 | 10909349 | 17105340 | 160604  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $1646211 | $17702880 | $10220266 | $16157820 | $352755 |

---

The accompanying notes are an integral part of these financial statements.

327<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Premium** <br>**Income** <br>**15 Buffer** <br>**ETF - January** | **Innovator** <br>**Premium** <br>**Income** <br>**15 Buffer** <br>**ETF - July** | **Innovator** <br>**Premium** <br>**Income** <br>**15 Buffer** <br>**ETF - October** | **Innovator** <br>**Premium** <br>**Income** <br>**20 Barrier** <br>**ETF - April** | **Innovator** <br>**Premium** <br>**Income** <br>**20 Barrier** <br>**ETF - January**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | &nbsp;&nbsp; $501881 | $167292 | &nbsp;&nbsp; $656697 | $1167617 | $485656  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 501881 | 167292 | &nbsp;&nbsp; 656697 | 1167617 | 485656  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 93496 | 30658 | &nbsp;&nbsp; 130359 | 215582 | 90230  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 93496 | 30658 | &nbsp;&nbsp; 130359 | 215582 | 90230  |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp; 408385 | 136634 | &nbsp;&nbsp; 526338 | 952035 | 395426  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (1721) | 6 | &nbsp;&nbsp; (9776) | (5961931) | (2192347)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; 54434 |  | &nbsp;&nbsp; 87600 | 523770 | 689151  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp; 135481 | 40704 | &nbsp;&nbsp; 249123 | 6376259 | 2885542  |
| Net realized gain (loss) | &nbsp;&nbsp; 188194 | 40710 | &nbsp;&nbsp; 326947 | 938098 | 1382346  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 2914 | 3608 | &nbsp;&nbsp; 45798 | (3117124) | (2052815)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp; 78677 | 63088 | &nbsp;&nbsp; 39678 | 3256786 | 1155249  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 81591 | 66696 | &nbsp;&nbsp; 85476 | 139662 | (897566)  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 269785 | 107406 | &nbsp;&nbsp; 412423 | 1077760 | 484780  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $678170 | $244040 | &nbsp;&nbsp; $938761 | $2029795 | $880206 |

---

The accompanying notes are an integral part of these financial statements.

328<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Premium** <br>**Income** <br>**20 Barrier** <br>**ETF - July** | **Innovator** <br>**Premium** <br>**Income** <br>**20 Barrier** <br>**ETF - October** | **Innovator** <br>**Premium** <br>**Income** <br>**30 Barrier** <br>**ETF - April** | **Innovator** <br>**Premium** <br>**Income** <br>**30 Barrier** <br>**ETF - January** | **Innovator** <br>**Premium** <br>**Income** <br>**30 Barrier** <br>**ETF - July**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $888183 | $774666 | $1550561 | $797666 | $945302  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 888183 | 774666 | 1550561 | 797666 | 945302  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 151157 | 153065 | 287488 | 147721 | 160808  |
| &nbsp;&nbsp;&nbsp; Total expenses | 151157 | 153065 | 287488 | 147721 | 160808  |
| **NET INVESTMENT INCOME** | 737026 | 621601 | 1263073 | 649945 | 784494  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (3648377) | (4728403) | (6393265) | (3545104) | (3216206)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 36646 | 181584 | 1336885 | 352243 | 54925  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 3955687 | 5127516 | 6924268 | 3235508 | 3488687  |
| Net realized gain (loss) | 343956 | 580697 | 1867888 | 42647 | 327406  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (2316139) | (519604) | (4360360) | (375125) | (1948779)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 2601207 | 615723 | 3509212 | 697798 | 2043611  |
|  Net change in unrealized appreciation (depreciation) | 285068 | 96119 | (851148) | 322673 | 94832  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 629024 | 676816 | 1016740 | 365320 | 422238  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1366050 | $1298417 | $2279813 | $1015265 | $1206732 |

---

The accompanying notes are an integral part of these financial statements.

329<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Premium** <br>**Income** <br>**30 Barrier** <br>**ETF - October** | **Innovator** <br>**U.S. Equity** <br>**10 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**U.S. Equity** <br>**5 to 15 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**9 Buffer** <br>**ETF - April** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**9 Buffer** <br>**ETF - January**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $837234 | $23625 | $6465 | $22304 | $13313  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 837234 | 23625 | 6465 | 22304 | 13313  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 166367 | 3066735 | 857151 | 1342441 | 752094  |
| &nbsp;&nbsp;&nbsp; Total expenses | 166367 | 3066735 | 857151 | 1342441 | 752094  |
| **NET INVESTMENT INCOME/(LOSS)** | 670867 | (3043110) | (850686) | (1320137) | (738781)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (4433694) | 8772636 | (1139910) | (5733546) | (5373778)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 125684 | 51786604 | 16355483 | 50547334 | 27168533  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 4661468 | (18917512) | (2690775) | 4259556 | (19934032)  |
| Net realized gain (loss) | 353458 | 41641728 | 12524798 | 49073344 | 1860723  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (420592) | 10952268 | 3774195 | 29823215 | (2498955)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 531807 | (4433246) | (742914) | (38520680) | (456742)  |
|  Net change in unrealized appreciation (depreciation) | 111215 | 6519022 | 3031281 | (8697465) | (2955697)  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 464673 | 48160750 | 15556079 | 40375879 | (1094974)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1135540 | $45117640 | $14705393 | $39055742 | $(1833755) |

---

The accompanying notes are an integral part of these financial statements.

330<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**9 Buffer** <br>**ETF - July** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**9 Buffer** <br>**ETF - October** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**ETF - Quarterly** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**Plus** <br>**ETF - April** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**Plus** <br>**ETF - January**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $17509 | $11972 | $2680 | $2540 | $1783  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 17509 | 11972 | 2680 | 2540 | 1783  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 1169389 | 713455 | 472497 | 158027 | 135019  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1169389 | 713455 | 472497 | 158027 | 135019  |
| **NET INVESTMENT LOSS** | (1151880) | (701483) | (469817) | (155487) | (133236)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 3098796 | (4800520) | 3933685 | (1224372) | 2503003  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 14214750 | 28753702 | 9251440 | 3998767 | 3515670  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (5101858) | (12426423) | (5539825) | 718261 | (5082237)  |
| Net realized gain (loss) | 12211688 | 11526759 | 7645300 | 3492656 | 936436  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 11937408 | 3769568 | 3403223 | 10217309 | 977391  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (10267057) | (2809890) | (1783305) | (8830292) | 775708  |
|  Net change in unrealized appreciation (depreciation) | 1670351 | 959678 | 1619918 | 1387017 | 1753099  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 13882039 | 12486437 | 9265218 | 4879673 | 2689535  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $12730159 | $11784954 | $8795401 | $4724186 | $2556299 |

---

The accompanying notes are an integral part of these financial statements.

331<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**Plus** <br>**ETF - July** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**Plus** <br>**ETF - October** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - April** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - August** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - December**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $1570 | $1801 | $39521 | $24055 | $34197  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1570 | 1801 | 39521 | 24055 | 34197  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 98798 | 106228 | 2477342 | 1437646 | 1819644  |
| &nbsp;&nbsp;&nbsp; Total expenses | 98798 | 106228 | 2477342 | 1437646 | 1819644  |
| **NET INVESTMENT LOSS** | (97228) | (104427) | (2437821) | (1413591) | (1785447)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 2054410 | 157506 | (11169739) | (9393933) | (2945064)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 1257859 | 4145442 | 44473406 | 32136116 | 41806375  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (1449136) | (2461233) | (439208) | 53896 | (13553534)  |
| Net realized gain (loss) | 1863133 | 1841715 | 32864459 | 22796079 | 25307777  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 2214107 | 1088095 | 36443052 | 8161709 | (8072175)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (1947663) | (835610) | (20573313) | (3146874) | 6855501  |
|  Net change in unrealized appreciation (depreciation) | 266444 | 252485 | 15869739 | 5014835 | (1216674)  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 2129577 | 2094200 | 48734198 | 27810914 | 24091103  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $2032349 | $1989773 | $46296377 | $26397323 | $22305656 |

---

The accompanying notes are an integral part of these financial statements.

332<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - February** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - January** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - July** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - June** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - March**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $22055 | $35870 | $32484 | $19419 | $23631  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 22055 | 35870 | 32484 | 19419 | 23631  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 1400027 | 2237710 | 2014395 | 1202409 | 1516533  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1400027 | 2237710 | 2014395 | 1202409 | 1516533  |
| **NET INVESTMENT LOSS** | (1377972) | (2201840) | (1981911) | (1182990) | (1492902)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (6101218) | (17117681) | (528263) | (3214329) | (10944729)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 35503199 | 71349342 | 33535878 | 21306313 | 39299182  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (7148117) | (10394290) | 93936 | (282179) | 1275649  |
| Net realized gain (loss) | 22253864 | 43837371 | 33101551 | 17809805 | 29630102  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 417222 | (5413894) | 12646592 | 9326496 | 4084644  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 2536944 | 3134710 | (4807042) | (4446275) | (2338046)  |
|  Net change in unrealized appreciation (depreciation) | 2954166 | (2279184) | 7839550 | 4880221 | 1746598  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 25208030 | 41558187 | 40941101 | 22690026 | 31376700  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $23830058 | $39356347 | $38959190 | $21507036 | $29883798 |

---

The accompanying notes are an integral part of these financial statements.

333<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - May** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - November** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - October** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - September** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - April**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $16264 | $19065 | $32902 | $23768 | $93273  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 16264 | 19065 | 32902 | 23768 | 93273  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 1115649 | 1155685 | 1918772 | 1470656 | 6127703  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1115649 | 1155685 | 1918772 | 1470656 | 6127703  |
| **NET INVESTMENT LOSS** | (1099385) | (1136620) | (1885870) | (1446888) | (6034430)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 3703985 | (3895358) | (8176038) | (5246898) | (45901137)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 11266645 | 26108595 | 35901380 | 28909230 | 109208757  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 134261 | (2989784) | (1144740) | 176938 | (971498)  |
| Net realized gain (loss) | 15104891 | 19223453 | 26580602 | 23839270 | 62336122  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 11637329 | 489 | 6723179 | 8394273 | 78954031  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (6406950) | 615 | (2044711) | (2974184) | (68645390)  |
|  Net change in unrealized appreciation (depreciation) | 5230379 | 1104 | 4678468 | 5420089 | 10308641  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 20335270 | 19224557 | 31259070 | 29259359 | 72644763  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $19235885 | $18087937 | $29373200 | $27812471 | $66610333 |

---

The accompanying notes are an integral part of these financial statements.

334<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - August** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - December** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - February** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - January** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - July**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $105274 | $126807 | $96902 | $142020 | $122921  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 105274 | 126807 | 96902 | 142020 | 122921  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 6666346 | 7751190 | 6064490 | 9317704 | 7835276  |
| &nbsp;&nbsp;&nbsp; Total expenses | 6666346 | 7751190 | 6064490 | 9317704 | 7835276  |
| **NET INVESTMENT LOSS** | (6561072) | (7624383) | (5967588) | (9175684) | (7712355)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (26819910) | (14288239) | (29145310) | (70564595) | (1530711)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 130601651 | 225198885 | 151071919 | 274590083 | 121372160  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (957329) | (104506514) | (47108984) | (65081579) | (206610)  |
| Net realized gain (loss) | 102824412 | 106404132 | 74817625 | 138943909 | 119634839  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 34323416 | (58229711) | (7179683) | (14901143) | 53076729  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (22142499) | 58491270 | 16641020 | 14509888 | (33077103)  |
|  Net change in unrealized appreciation (depreciation) | 12180917 | 261559 | 9461337 | (391255) | 19999626  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 115005329 | 106665691 | 84278962 | 138552654 | 139634465  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $108444257 | $99041308 | $78311374 | $129376970 | $131922110 |

---

The accompanying notes are an integral part of these financial statements.

335<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - June** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - March** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - May** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - November** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - October**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $81203 | $72998 | $67121 | $91191 | $109070  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 81203 | 72998 | 67121 | 91191 | 109070  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 5152211 | 4697611 | 4510258 | 5638425 | 6628466  |
| &nbsp;&nbsp;&nbsp; Total expenses | 5152211 | 4697611 | 4510258 | 5638425 | 6628466  |
| **NET INVESTMENT LOSS** | (5071008) | (4624613) | (4443137) | (5547234) | (6519396)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (30660661) | (33296323) | (2625260) | (32009847) | (27655692)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 97456675 | 114338601 | 57750580 | 133109205 | 135097606  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 3760895 | (5717204) | (677297) | (28876116) | (18872939)  |
| Net realized gain (loss) | 70556909 | 75325074 | 54448023 | 72223242 | 88568975  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 48656501 | 17567540 | 46244348 | 25345 | 25578629  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (30348954) | (13366160) | (33437418) | 26177 | (12506432)  |
|  Net change in unrealized appreciation (depreciation) | 18307547 | 4201380 | 12806930 | 51522 | 13072197  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 88864456 | 79526454 | 67254953 | 72274764 | 101641172  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $83793448 | $74901841 | $62811816 | $66727530 | $95121776 |

---

The accompanying notes are an integral part of these financial statements.

336<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - September** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - April** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - August** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - December** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - February**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $102831 | $20988 | $24133 | $39785 | $22898  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 102831 | 20988 | 24133 | 39785 | 22898  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 6390362 | 1229426 | 1526154 | 2179455 | 1351029  |
| &nbsp;&nbsp;&nbsp; Total expenses | 6390362 | 1229426 | 1526154 | 2179455 | 1351029  |
| **NET INVESTMENT LOSS** | (6287531) | (1208438) | (1502021) | (2139670) | (1328131)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (26376702) | (3640839) | (6151065) | (1891281) | (3223161)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 120783867 | 22107104 | 30847400 | 44560688 | 27449536  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (5139602) | (273283) | 227279 | (10040235) | (4990094)  |
| Net realized gain (loss) | 89267563 | 18192982 | 24923614 | 32629172 | 19236281  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 30717743 | 12792032 | 6575301 | 10959304 | 9668624  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (18130655) | (14505798) | (6055554) | 1151577 | (3001142)  |
|  Net change in unrealized appreciation (depreciation) | 12587088 | (1713766) | 519747 | 12110881 | 6667482  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 101854651 | 16479216 | 25443361 | 44740053 | 25903763  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $95567120 | $15270778 | $23941340 | $42600383 | $24575632 |

---

The accompanying notes are an integral part of these financial statements.

337<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - January** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - July** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - June** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - March** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - May**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $26141 | $20402 | $11911 | $17787 | $6553  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 26141 | 20402 | 11911 | 17787 | 6553  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 1653698 | 1263176 | 748069 | 1091791 | 433350  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1653698 | 1263176 | 748069 | 1091791 | 433350  |
| **NET INVESTMENT LOSS** | (1627557) | (1242774) | (736158) | (1074004) | (426797)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (10235744) | (244235) | (825125) | (4679822) | 1998705  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 46462979 | 20473611 | 9748734 | 18392912 | 4011714  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (11238464) | (131588) | (83499) | (746297) | (14626)  |
| Net realized gain (loss) | 24988771 | 20097788 | 8840110 | 12966793 | 5995793  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (1769926) | 12477555 | 9605831 | 14788177 | 5007981  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 1454672 | (7942981) | (7234361) | (7105302) | (4278464)  |
|  Net change in unrealized appreciation (depreciation) | (315254) | 4534574 | 2371470 | 7682875 | 729517  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 24673517 | 24632362 | 11211580 | 20649668 | 6725310  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $23045960 | $23389588 | $10475422 | $19575664 | $6298513 |

---

The accompanying notes are an integral part of these financial statements.

338<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - November** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - October** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - September** | **Innovator** <br>**U.S. Small** <br>**Cap 10 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - April**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $12724 | $23660 | $21360 | $3430 | $21333  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 12724 | 23660 | 21360 | 3430 | 21333  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 730530 | 1387415 | 1238769 | 480629 | 1358237  |
| &nbsp;&nbsp;&nbsp; Total expenses | 730530 | 1387415 | 1238769 | 480629 | 1358237  |
| **NET INVESTMENT LOSS** | (717806) | (1363755) | (1217409) | (477199) | (1336904)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (2488063) | (3735074) | (3159649) | (2862073) | (10535272)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 17196455 | 25357574 | 20535217 | 10654621 | 11347697  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (4003346) | (3916293) | (763527) | (1354526) | 16888  |
| Net realized gain (loss) | 10705046 | 17706207 | 16612041 | 6438022 | 829313  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (322) | 4809732 | 8113046 | 883609 | 25697569  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (288) | (2534798) | (5042243) | 291871 | (11767971)  |
|  Net change in unrealized appreciation (depreciation) | (610) | 2274934 | 3070803 | 1175480 | 13929598  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 10704436 | 19981141 | 19682844 | 7613502 | 14758911  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $9986630 | $18617386 | $18465435 | $7136303 | $13422007 |

---

The accompanying notes are an integral part of these financial statements.

339<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - August** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - December<sup>(a)</sup>** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - February<sup>(b)</sup>** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - January** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - July**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $15756 | &nbsp;&nbsp;&nbsp; $7921 | &nbsp;&nbsp;&nbsp; $2903 | $38476 | $17626  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 15756 | &nbsp;&nbsp;&nbsp; 7921 | &nbsp;&nbsp;&nbsp; 2903 | 38476 | 17626  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 874555 | &nbsp;&nbsp;&nbsp; 407401 | &nbsp;&nbsp;&nbsp; 158429 | 2479503 | 1169400  |
| &nbsp;&nbsp;&nbsp; Total expenses | 874555 | &nbsp;&nbsp;&nbsp; 407401 | &nbsp;&nbsp;&nbsp; 158429 | 2479503 | 1169400  |
| **NET INVESTMENT LOSS** | (858799) | &nbsp;&nbsp;&nbsp; (399480) | &nbsp;&nbsp;&nbsp; (155526) | (2441027) | (1151774)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (13188107) | &nbsp;&nbsp;&nbsp; (404601) | &nbsp;&nbsp;&nbsp; (43461) | (37044909) | (4654361)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 9807068 | &nbsp;&nbsp;&nbsp; 117139 | &nbsp;&nbsp;&nbsp; 1973734 | 59034389 | 9400987  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (532) | &nbsp;&nbsp;&nbsp; (246789) | &nbsp;&nbsp;&nbsp; (5887) | 1892769 | 1573398  |
| Net realized gain (loss) | (3381571) | &nbsp;&nbsp;&nbsp; (534251) | &nbsp;&nbsp;&nbsp; 1924386 | 23882249 | 6320024  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 11659270 | &nbsp;&nbsp;&nbsp; (1201324) | &nbsp;&nbsp;&nbsp; 962839 | 1108366 | 7690480  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (3962649) | &nbsp;&nbsp;&nbsp; 2285936 | &nbsp;&nbsp;&nbsp; 46305 | (1769491) | (3377830)  |
|  Net change in unrealized appreciation (depreciation) | 7696621 | &nbsp;&nbsp;&nbsp; 1084612 | &nbsp;&nbsp;&nbsp; 1009144 | (661125) | 4312650  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 4315050 | &nbsp;&nbsp;&nbsp; 550361 | &nbsp;&nbsp;&nbsp; 2933530 | 23221124 | 10632674  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3456251 | &nbsp;&nbsp;&nbsp; $150881 | &nbsp;&nbsp;&nbsp; $2778004 | $20780097 | $9480900 |

---

<sup>(a)</sup> Inception date of the Fund was November 29, 2024.

<sup>(b)</sup> Inception date of the Fund was January 31, 2025.

The accompanying notes are an integral part of these financial statements.

340<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - June** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - March<sup>(a)</sup>** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - May<sup>(b)</sup>** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - November** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - October**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $2399 | $1037 | $2380 | &nbsp;&nbsp; $2624 | $14744  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 2399 | 1037 | 2380 | &nbsp;&nbsp; 2624 | 14744  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 140411 | 62878 | 139033 | &nbsp;&nbsp; 146762 | 928495  |
| &nbsp;&nbsp;&nbsp; Total expenses | 140411 | 62878 | 139033 | &nbsp;&nbsp; 146762 | 928495  |
| **NET INVESTMENT LOSS** | (138012) | (61841) | (136653) | &nbsp;&nbsp; (144138) | (913751)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (1525174) | (7915) | (3641) | &nbsp;&nbsp; (994833) | (5618147)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 1398824 | 412258 | 2644369 | &nbsp;&nbsp; 2341940 | 13541042  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 7958 | (2414) | (6317) | &nbsp;&nbsp; 52398 | 1022571  |
| Net realized gain (loss) | (118392) | 401929 | 2634411 | &nbsp;&nbsp; 1399505 | 8945466  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 2351389 | 1252635 | 2934382 | &nbsp;&nbsp; (1351) | 3856961  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (1032131) | (34940) | (1400149) | &nbsp;&nbsp; (1349) | (1058542)  |
|  Net change in unrealized appreciation (depreciation) | 1319258 | 1217695 | 1534233 | &nbsp;&nbsp; (2700) | 2798419  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 1200866 | 1619624 | 4168644 | &nbsp;&nbsp; 1396805 | 11743885  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1062854 | $1557783 | $4031991 | &nbsp;&nbsp; $1252667 | $10830134 |

---

<sup>(a)</sup> Inception date of the Fund was February 28, 2025.

<sup>(b)</sup> Inception date of the Fund was April 30, 2025.

The accompanying notes are an integral part of these financial statements.

341<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - September** | **Innovator** <br>**Uncapped** <br>**Bitcoin 20 Floor** <br>**ETF - Quarterly<sup>(a)</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Interest income | &nbsp;&nbsp; $2525 | &nbsp;&nbsp; $262541  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 2525 | &nbsp;&nbsp; 262541  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee | &nbsp;&nbsp; 138858 | &nbsp;&nbsp; 71731  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 138858 | &nbsp;&nbsp; 71731  |
| **NET INVESTMENT INCOME/(LOSS)** | &nbsp;&nbsp; (136333) | &nbsp;&nbsp; 190810  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |
| Net realized gain (loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (396193) | &nbsp;&nbsp; (463369)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; 1978973 | &nbsp;&nbsp; 2658808  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp; (653) | &nbsp;&nbsp; (541817)  |
| Net realized gain (loss) | &nbsp;&nbsp; 1582127 | &nbsp;&nbsp; 1653622  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 937559 | &nbsp;&nbsp; (1028386)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp; (378521) | &nbsp;&nbsp; 241864  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 559038 | &nbsp;&nbsp; (786522)  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 2141165 | &nbsp;&nbsp; 867100  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $2004832 | &nbsp;&nbsp; $1057910 |

---

<sup>(a)</sup> Inception date of the Fund was February 5, 2025.

The accompanying notes are an integral part of these financial statements.

342<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator 20+ Year Treasury** <br>**Bond 5 Floor ETF - Quarterly** | **Innovator 20+ Year Treasury** <br>**Bond 5 Floor ETF - Quarterly** | **Innovator 20+ Year Treasury** <br>**Bond 9 Buffer ETF - July**  | **Innovator 20+ Year Treasury** <br>**Bond 9 Buffer ETF - July**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(223250) | $(388469) | $(199005) | $(458306)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3478971) | 5308811 | (201617) | (1167901)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1730932 | (1699556) | 456345 | 10891115  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (1971289) | 3220786 | 55723 | 9264908  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 79666077 | 167733255 | 37554097 | 11405590  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (122814565) | (104638955) | (24376753) | (83016730)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 47053 | 47514 | 25294 | 30589  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (43101435) | 63141814 | 13202638 | (71580551)  |
| **Net increase (decrease) in net assets** | (45072724) | 66362600 | 13258361 | (62315643)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 76624113 | 10261513 | 15124566 | 77440209  |
| &nbsp;&nbsp;&nbsp; End of the year | $31551389 | $76624113 | $28382927 | $15124566  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3900000 | 8200000 | 1875000 | 575000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (6125000) | (4975000) | (1225000) | (4175000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (2225000) | 3225000 | 650000 | (3600000) |

---

The accompanying notes are an integral part of these financial statements.

343<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Defined** <br>**Wealth Shield ETF** | **Innovator Defined** <br>**Wealth Shield ETF** | **Innovator Emerging Markets** <br>**10 Buffer ETF - Quarterly**  | **Innovator Emerging Markets** <br>**10 Buffer ETF - Quarterly**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  |
|  | **2025** | **2024**  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(9301231) | $(4477021) | $(81080) | &nbsp;&nbsp; $(12882)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 90535964 | 68639595 | 614258 | &nbsp;&nbsp; 140847  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 12129390 | 1944665 | 383144 | &nbsp;&nbsp; (188694)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 93364123 | 66107239 | 916322 | &nbsp;&nbsp; (60729)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1378005885 | 851983843 | 26800315 | &nbsp;&nbsp; 15417455  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (486534037) | (508171268) | (22305853) | &nbsp;&nbsp; (5145155)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 320621 | 306643 | 5581 | &nbsp;&nbsp; 5804  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 891792469 | 344119218 | 4500043 | &nbsp;&nbsp; 10278104  |
| **Net increase (decrease) in net assets** | 985156592 | 410226457 | 5416365 | &nbsp;&nbsp; 10217375  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 900617623 | 490391166 | 10217375 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $1885774215 | $900617623 | $15633740 | &nbsp;&nbsp; $10217375  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 43425000 | 29075000 | 1000000 | &nbsp;&nbsp; 600000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (15500000) | (17525000) | (850000) | &nbsp;&nbsp; (200000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 27925000 | 11550000 | 150000 | &nbsp;&nbsp; 400000 |

---

<sup>(a)</sup> Inception date of the Fund was June 28, 2024.

The accompanying notes are an integral part of these financial statements.

344<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Emerging Markets** <br>**Power Buffer ETF - April** | **Innovator Emerging Markets** <br>**Power Buffer ETF - April** | **Innovator Emerging Markets** <br>**Power Buffer ETF - January**  | **Innovator Emerging Markets** <br>**Power Buffer ETF - January**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(618220) | $(635285) | $(998381) | $(1637855)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4652649 | 3490112 | 6482379 | 15332277  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3975133 | 5481144 | 2625020 | 11949250  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 8009562 | 8335971 | 8109018 | 25643672  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 37315607 | 67743078 | 54468305 | 232936945  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (34785715) | (68085085) | (90522617) | (394942625)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 12370 | 17853 | 20765 | 102353  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 2542262 | (324154) | (36033547) | (161903327)  |
| **Net increase (decrease) in net assets** | 10551824 | 8011817 | (27924529) | (136259655)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 66496734 | 58484917 | 128147617 | 264407272  |
| &nbsp;&nbsp;&nbsp; End of the year | $77048558 | $66496734 | $100223088 | $128147617  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1400000 | 2700000 | 1800000 | 8325000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1275000) | (2675000) | (2950000) | (14000000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 125000 | 25000 | (1150000) | (5675000) |

---

The accompanying notes are an integral part of these financial statements.

345<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Emerging Markets** <br>**Power Buffer ETF - July** | **Innovator Emerging Markets** <br>**Power Buffer ETF - July** | **Innovator Emerging Markets** <br>**Power Buffer ETF - October**  | **Innovator Emerging Markets** <br>**Power Buffer ETF - October**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(844343) | $(836300) | $(636740) | $(360906)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 9408743 | 7300838 | 11359802 | 8386729  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 6047967 | 6115669 | 2762677 | (509819)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 14612367 | 12580207 | 13485739 | 7516004  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 90394610 | 29154263 | 128030615 | 47926125  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (43641885) | (55934818) | (88870508) | (45083065)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 33470 | 15472 | 32969 | 8156  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 46786195 | (26765083) | 39193076 | 2851216  |
| **Net increase (decrease) in net assets** | 61398562 | (14184876) | 52678815 | 10367220  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 86896222 | 101081098 | 53242201 | 42874981  |
| &nbsp;&nbsp;&nbsp; End of the year | $148294784 | $86896222 | $105921016 | $53242201  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3275000 | 1225000 | 4375000 | 1850000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1650000) | (2350000) | (3025000) | (1775000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1625000 | (1125000) | 1350000 | 75000 |

---

The accompanying notes are an integral part of these financial statements.

346<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Equity** <br>**Defined Protection** <br>**ETF – 1 Yr April** | **Innovator Equity Defined** <br>**Protection ETF - 1 Yr August** | **Innovator Equity Defined** <br>**Protection ETF - 1 Yr August** | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 1 Yr December**  |
|  | **Period Ended** <br>**October 31, 2025<sup>(a)</sup>** | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(b)</sup>** | **Period Ended** <br>**October 31, 2025<sup>(c)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(173885) | $(632266) | &nbsp;&nbsp;&nbsp; $(136119) | &nbsp;&nbsp;&nbsp; $(924498)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 688856 | 6049024 | &nbsp;&nbsp;&nbsp; 82933 | &nbsp;&nbsp;&nbsp; 8896534  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1638723 | 627310 | &nbsp;&nbsp;&nbsp; 1851203 | &nbsp;&nbsp;&nbsp; 1495459  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 2153694 | 6044068 | &nbsp;&nbsp;&nbsp; 1798017 | &nbsp;&nbsp;&nbsp; 9467495  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 43005663 | 128204950 | &nbsp;&nbsp;&nbsp; 82379685 | &nbsp;&nbsp;&nbsp; 201632625  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (6229853) | (97383043) | &nbsp;&nbsp;&nbsp; (3060560) | &nbsp;&nbsp;&nbsp; (111278215)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | &nbsp;&nbsp; 21662 | 34731 | &nbsp;&nbsp;&nbsp; 41502 | &nbsp;&nbsp;&nbsp; 121968  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 36797472 | 30856638 | &nbsp;&nbsp;&nbsp; 79360627 | &nbsp;&nbsp;&nbsp; 90476378  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 38951166 | 36900706 | &nbsp;&nbsp;&nbsp; 81158644 | &nbsp;&nbsp;&nbsp; 99943873  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; — | 81158644 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $38951166 | $118059350 | &nbsp;&nbsp;&nbsp; $81158644 | &nbsp;&nbsp;&nbsp; $99943873  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 1775000 | 4950000 | &nbsp;&nbsp;&nbsp; 3425000 | &nbsp;&nbsp;&nbsp; 8450000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (250000) | (3800000) | &nbsp;&nbsp;&nbsp; (125000) | &nbsp;&nbsp;&nbsp; (4525000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 1525000 | 1150000 | &nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp; 3925000 |

---

<sup>(a)</sup> Inception date of the Fund was March 31, 2025.

<sup>(b)</sup> Inception date of the Fund was July 31, 2024.

<sup>(c)</sup> Inception date of the Fund was November 29, 2024.

The accompanying notes are an integral part of these financial statements.

347<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 1 Yr** <br>**February** | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 1 Yr** <br>**January** | **Innovator Equity Defined** <br>**Protection ETF - 1 Yr July**  | **Innovator Equity Defined** <br>**Protection ETF - 1 Yr July**  |
|  | **Period Ended** <br>**October 31, 2025<sup>(a)</sup>** | **Period Ended** <br>**October 31, 2025<sup>(b)</sup>** | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(c)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(687906) | &nbsp;&nbsp;&nbsp; $(328687) | $(956304) | &nbsp;&nbsp; $(284633)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 2939542 | &nbsp;&nbsp;&nbsp; 308821 | 9482645 | &nbsp;&nbsp; 1014853  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 4523609 | &nbsp;&nbsp;&nbsp; 2889527 | 1516592 | &nbsp;&nbsp; 2353251  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 6775245 | &nbsp;&nbsp;&nbsp; 2869661 | 10042933 | &nbsp;&nbsp; 3083471  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 142865687 | &nbsp;&nbsp;&nbsp; 54518770 | 176014038 | &nbsp;&nbsp; 128414355  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (32401695) | &nbsp;&nbsp;&nbsp; (2651830) | (147249075) | &nbsp;&nbsp; (15995258)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | &nbsp;&nbsp; 63833 | &nbsp;&nbsp;&nbsp; 19155 | 33345 | &nbsp;&nbsp; 64532  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 110527825 | &nbsp;&nbsp;&nbsp; 51886095 | 28798308 | &nbsp;&nbsp; 112483629  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 117303070 | &nbsp;&nbsp;&nbsp; 54755756 | 38841241 | &nbsp;&nbsp; 115567100  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 115567100 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $117303070 | &nbsp;&nbsp;&nbsp; $54755756 | $154408341 | &nbsp;&nbsp; $115567100  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 2125000 | 6300000 | &nbsp;&nbsp; 4925000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (1325000) | &nbsp;&nbsp;&nbsp; (100000) | (5275000) | &nbsp;&nbsp; (600000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 4675000 | &nbsp;&nbsp;&nbsp; 2025000 | 1025000 | &nbsp;&nbsp; 4325000 |

---

<sup>(a)</sup> Inception date of the Fund was January 31, 2025.

<sup>(b)</sup> Inception date of the Fund was December 31, 2024.

<sup>(c)</sup> Inception date of the Fund was June 28, 2024.

The accompanying notes are an integral part of these financial statements.

348<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 1 Yr June** | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 1 Yr March** | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 1 Yr May**  |
|  | **Period Ended** <br>**October 31, 2025<sup>(a)</sup>** | **Period Ended** <br>**October 31, 2025<sup>(b)</sup>** | **Period Ended** <br>**October 31, 2025<sup>(c)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(163770) | &nbsp;&nbsp; $(519137) | &nbsp;&nbsp; $(139683)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 80440 | &nbsp;&nbsp; 1383008 | &nbsp;&nbsp; 345294  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1637907 | &nbsp;&nbsp; 4601231 | &nbsp;&nbsp; 1089011  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from** <br>**operations** | &nbsp;&nbsp; 1554577 | &nbsp;&nbsp; 5465102 | &nbsp;&nbsp; 1294622  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 53610702 | &nbsp;&nbsp; 111619685 | &nbsp;&nbsp; 38904918  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (1323320) | &nbsp;&nbsp; (21268623) | &nbsp;&nbsp; (3723530)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | &nbsp;&nbsp; 24455 | &nbsp;&nbsp; 58972 | &nbsp;&nbsp; 19249  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 52311837 | &nbsp;&nbsp; 90410034 | &nbsp;&nbsp; 35200637  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 53866414 | &nbsp;&nbsp; 95875136 | &nbsp;&nbsp; 36495259  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $53866414 | &nbsp;&nbsp; $95875136 | &nbsp;&nbsp; $36495259  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 2075000 | &nbsp;&nbsp; 4325000 | &nbsp;&nbsp; 1600000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (50000) | &nbsp;&nbsp; (800000) | &nbsp;&nbsp; (150000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 2025000 | &nbsp;&nbsp; 3525000 | &nbsp;&nbsp; 1450000 |

---

<sup>(a)</sup> Inception date of the Fund was May 30, 2025.

<sup>(b)</sup> Inception date of the Fund was February 28, 2025.

<sup>(c)</sup> Inception date of the Fund was April 30, 2025.

The accompanying notes are an integral part of these financial statements.

349<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Equity Defined** <br>**Protection ETF - 1 Yr November** | **Innovator Equity Defined** <br>**Protection ETF - 1 Yr November** | **Innovator Equity Defined** <br>**Protection ETF - 1 Yr October**  | **Innovator Equity Defined** <br>**Protection ETF - 1 Yr October**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(358245) | &nbsp;&nbsp;&nbsp; $— | $(561963) | &nbsp;&nbsp;&nbsp; $(32439)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3392016 | &nbsp;&nbsp;&nbsp; — | 4584705 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (3473) | &nbsp;&nbsp;&nbsp; (160) | 625376 | &nbsp;&nbsp;&nbsp; (71851)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 3030298 | &nbsp;&nbsp;&nbsp; (160) | 4648118 | &nbsp;&nbsp;&nbsp; (104290)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 134394638 | &nbsp;&nbsp;&nbsp; 1241500 | 147131792 | &nbsp;&nbsp;&nbsp; 69478798  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (92971563) | &nbsp;&nbsp;&nbsp; — | (90480875) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 42962 | &nbsp;&nbsp;&nbsp; 621 | 37952 | &nbsp;&nbsp;&nbsp; 26913  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 41466037 | &nbsp;&nbsp;&nbsp; 1242121 | 56688869 | &nbsp;&nbsp;&nbsp; 69505711  |
| **Net increase (decrease) in net assets** | 44496335 | &nbsp;&nbsp;&nbsp; 1241961 | 61336987 | &nbsp;&nbsp;&nbsp; 69401421  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 1241961 | &nbsp;&nbsp;&nbsp; — | 69401421 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $45738296 | &nbsp;&nbsp;&nbsp; $1241961 | $130738408 | &nbsp;&nbsp;&nbsp; $69401421  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 5275000 | &nbsp;&nbsp;&nbsp; 50000 | 5575000 | &nbsp;&nbsp;&nbsp; 2775000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (3600000) | &nbsp;&nbsp;&nbsp; — | (3450000) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1675000 | &nbsp;&nbsp;&nbsp; 50000 | 2125000 | &nbsp;&nbsp;&nbsp; 2775000 |

---

<sup>(a)</sup> Inception date of the Fund was October 31, 2024.

<sup>(b)</sup> Inception date of the Fund was September 30, 2024.

The accompanying notes are an integral part of these financial statements.

350<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Equity Defined Protection** <br>**ETF - 1 Yr September** | **Innovator Equity Defined Protection** <br>**ETF - 1 Yr September** | **Innovator Equity Defined Protection** <br>**ETF - 2 Yr to April 2026**  | **Innovator Equity Defined Protection** <br>**ETF - 2 Yr to April 2026**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(733987) | &nbsp;&nbsp; $(117538) | $(489469) | &nbsp;&nbsp; $(287824)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 6672347 | &nbsp;&nbsp; 67339 | 2407441 | &nbsp;&nbsp; 1004454  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 654933 | &nbsp;&nbsp; 1000238 | 2508996 | &nbsp;&nbsp; 3432100  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 6593293 | &nbsp;&nbsp; 950039 | 4426968 | &nbsp;&nbsp; 4148730  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 171686712 | &nbsp;&nbsp; 110065723 | 3988288 | &nbsp;&nbsp; 81709270  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (139842858) | &nbsp;&nbsp; (1245735) | (22616815) | &nbsp;&nbsp; (14177015)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 56880 | &nbsp;&nbsp; 54106 | 5615 | &nbsp;&nbsp; 42469  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 31900734 | &nbsp;&nbsp; 108874094 | (18622912) | &nbsp;&nbsp; 67574724  |
| **Net increase (decrease) in net assets** | 38494027 | &nbsp;&nbsp; 109824133 | (14195944) | &nbsp;&nbsp; 71723454  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 109824133 | &nbsp;&nbsp; — | 71723454 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $148318160 | &nbsp;&nbsp; $109824133 | $57527510 | &nbsp;&nbsp; $71723454  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 6575000 | &nbsp;&nbsp; 4475000 | 150000 | &nbsp;&nbsp; 3300000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (5425000) | &nbsp;&nbsp; (50000) | (850000) | &nbsp;&nbsp; (550000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1150000 | &nbsp;&nbsp; 4425000 | (700000) | &nbsp;&nbsp; 2750000 |

---

<sup>(a)</sup> Inception date of the Fund was August 30, 2024.

<sup>(b)</sup> Inception date of the Fund was March 28, 2024.

The accompanying notes are an integral part of these financial statements.

351<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 2 Yr to** <br>**April 2027** | **Innovator Equity Defined Protection** <br>**ETF - 2 Yr to January 2026** | **Innovator Equity Defined Protection** <br>**ETF - 2 Yr to January 2026** | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 2 Yr to** <br>**January 2027**  |
|  | **Period Ended** <br>**October 31, 2025<sup>(a)</sup>** | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(b)</sup>** | **Period Ended** <br>**October 31, 2025<sup>(c)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(40911) | $(389729) | &nbsp;&nbsp; $(424640) | &nbsp;&nbsp; $(268996)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (5080) | 1779701 | &nbsp;&nbsp; 3456456 | &nbsp;&nbsp; 1314374  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 605582 | 1661680 | &nbsp;&nbsp; 1447955 | &nbsp;&nbsp; 1633586  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 559591 | 3051652 | &nbsp;&nbsp; 4479771 | &nbsp;&nbsp; 2678964  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 9708308 | 1956832 | &nbsp;&nbsp; 88682423 | &nbsp;&nbsp; 56081350  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; — | (21954162) | &nbsp;&nbsp; (33443803) | &nbsp;&nbsp; (21503160)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | &nbsp;&nbsp; 4656 | 5090 | &nbsp;&nbsp; 44063 | &nbsp;&nbsp; 30635  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 9712964 | (19992240) | &nbsp;&nbsp; 55282683 | &nbsp;&nbsp; 34608825  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 10272555 | (16940588) | &nbsp;&nbsp; 59762454 | &nbsp;&nbsp; 37287789  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; — | 59762454 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $10272555 | $42821866 | &nbsp;&nbsp; $59762454 | &nbsp;&nbsp; $37287789  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 400000 | 75000 | &nbsp;&nbsp; 3625000 | &nbsp;&nbsp; 2200000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; — | (825000) | &nbsp;&nbsp; (1325000) | &nbsp;&nbsp; (825000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 400000 | (750000) | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp; 1375000 |

---

<sup>(a)</sup> Inception date of the Fund was March 31, 2025.

<sup>(b)</sup> Inception date of the Fund was December 29, 2023.

<sup>(c)</sup> Inception date of the Fund was December 31, 2024.

The accompanying notes are an integral part of these financial statements.

352<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Equity Defined Protection** <br>**ETF - 2 Yr to July 2026** | **Innovator Equity Defined Protection** <br>**ETF - 2 Yr to July 2026** | **Innovator Equity Defined Protection** <br>**ETF - 2 Yr to July 2027**  | **Innovator Equity Defined Protection** <br>**ETF - 2 Yr to July 2027**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(516367) | &nbsp;&nbsp; $(148213) | $(1400389) | $(1742373)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2593098 | &nbsp;&nbsp; (273280) | 17185716 | 17276366  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3226034 | &nbsp;&nbsp; 2447789 | (3599167) | 11361127  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 5302765 | &nbsp;&nbsp; 2026296 | 12186160 | 26895120  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 11898730 | &nbsp;&nbsp; 92218748 | 187634688 | 86192502  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (25471558) | &nbsp;&nbsp; (24951060) | (245651947) | (97351205)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 9957 | &nbsp;&nbsp; 55635 | 26087 | 48539  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (13562871) | &nbsp;&nbsp; 67323323 | (57991172) | (11110164)  |
| **Net increase (decrease) in net assets** | (8260106) | &nbsp;&nbsp; 69349619 | (45805012) | 15784956  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 69349619 | &nbsp;&nbsp; — | 213593236 | 197808280  |
| &nbsp;&nbsp;&nbsp; End of the period | $61089513 | &nbsp;&nbsp; $69349619 | $167788224 | $213593236  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 450000 | &nbsp;&nbsp; 3550000 | 6550000 | 3275000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (925000) | &nbsp;&nbsp; (950000) | (8625000) | (3650000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (475000) | &nbsp;&nbsp; 2600000 | (2075000) | (375000) |

---

<sup>(a)</sup> Inception date of the Fund was June 28, 2024.

The accompanying notes are an integral part of these financial statements.

353<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Innovator Equity Defined Protection** <br>**ETF - 2 Yr to October 2026** | **Innovator Equity Defined Protection** <br>**ETF - 2 Yr to October 2026** | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 2 Yr to** <br>**October 2027** |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Period Ended** <br>**October 31, 2025<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(611603) | &nbsp;&nbsp; $(25235) | &nbsp;&nbsp;&nbsp; $(5377)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1432203 | &nbsp;&nbsp; 35856 | &nbsp;&nbsp;&nbsp;&nbsp;(1)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4396795 | &nbsp;&nbsp; (242990) | &nbsp;&nbsp;&nbsp; 41086  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 5217395 | &nbsp;&nbsp; (232369) | &nbsp;&nbsp;&nbsp; 35708  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 30478050 | &nbsp;&nbsp; 56353645 | &nbsp;&nbsp;&nbsp; 10508758  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (18213110) | &nbsp;&nbsp; (1240255) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 20274 | &nbsp;&nbsp; 28178 | &nbsp;&nbsp;&nbsp; 4794  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 12285214 | &nbsp;&nbsp; 55141568 | &nbsp;&nbsp;&nbsp; 10513552  |
| **Net increase (decrease) in net assets** | 17502609 | &nbsp;&nbsp; 54909199 | &nbsp;&nbsp;&nbsp; 10549260  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 54909199 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $72411808 | &nbsp;&nbsp; $54909199 | &nbsp;&nbsp;&nbsp; $10549260  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1225000 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp; 400000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (700000) | &nbsp;&nbsp; (50000) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 525000 | &nbsp;&nbsp; 2225000 | &nbsp;&nbsp;&nbsp; 400000 |

---

<sup>(a)</sup> Inception date of the Fund was September 30, 2024.

<sup>(b)</sup> Inception date of the Fund was September 30, 2025.

The accompanying notes are an integral part of these financial statements.

354<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Equity Defined Protection** <br>**ETF - 6 Mo Apr/Oct** | **Innovator Equity Defined Protection** <br>**ETF - 6 Mo Apr/Oct** | **Innovator Equity Defined Protection** <br>**ETF - 6 Mo Jan/Jul**  | **Innovator Equity Defined Protection** <br>**ETF - 6 Mo Jan/Jul**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(577843) | &nbsp;&nbsp; $(35656) | $(1682650) | &nbsp;&nbsp; $(392768)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3427850 | &nbsp;&nbsp; — | 13638776 | &nbsp;&nbsp; 1502478  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 337377 | &nbsp;&nbsp; 107831 | 3142457 | &nbsp;&nbsp; 2654764  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 3187384 | &nbsp;&nbsp; 72175 | 15098583 | &nbsp;&nbsp; 3764474  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 162030842 | &nbsp;&nbsp; 75471343 | 170785350 | &nbsp;&nbsp; 175066773  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (140005788) | &nbsp;&nbsp; — | (98428105) | &nbsp;&nbsp; (25311600)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 45489 | &nbsp;&nbsp; 22960 | 80776 | &nbsp;&nbsp; 87880  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 22070543 | &nbsp;&nbsp; 75494303 | 72438021 | &nbsp;&nbsp; 149843053  |
| **Net increase (decrease) in net assets** | 25257927 | &nbsp;&nbsp; 75566478 | 87536604 | &nbsp;&nbsp; 153607527  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 75566478 | &nbsp;&nbsp; — | 153607527 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $100824405 | &nbsp;&nbsp; $75566478 | $241144131 | &nbsp;&nbsp; $153607527  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 6375000 | &nbsp;&nbsp; 3000000 | 6225000 | &nbsp;&nbsp; 6700000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (5500000) | &nbsp;&nbsp; — | (3600000) | &nbsp;&nbsp; (950000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 875000 | &nbsp;&nbsp; 3000000 | 2625000 | &nbsp;&nbsp; 5750000 |

---

<sup>(a)</sup> Inception date of the Fund was September 30, 2024.

<sup>(b)</sup> Inception date of the Fund was June 28, 2024.

The accompanying notes are an integral part of these financial statements.

355<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Equity** <br>**Dual Directional** <br>**10 Buffer ETF -** <br>**July** | **Innovator Equity** <br>**Dual Directional** <br>**10 Buffer ETF -** <br>**November** | **Innovator Equity** <br>**Dual Directional** <br>**10 Buffer ETF -** <br>**October** | **Innovator Equity** <br>**Dual Directional** <br>**10 Buffer ETF -** <br>**September**  |
|  | **Period Ended** <br>**October 31, 2025<sup>(a)</sup>** | **Period Ended** <br>**October 31, 2025<sup>(b)</sup>** | **Period Ended** <br>**October 31, 2025<sup>(c)</sup>** | **Period Ended** <br>**October 31, 2025<sup>(d)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(242311) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $(19525) | &nbsp;&nbsp;&nbsp; $(22444)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 1951173 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 2014343 | &nbsp;&nbsp;&nbsp;&nbsp; (470) | &nbsp;&nbsp; 351072 | &nbsp;&nbsp;&nbsp; 454830  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 3723205 | &nbsp;&nbsp;&nbsp;&nbsp; (470) | &nbsp;&nbsp; 331547 | &nbsp;&nbsp;&nbsp; 432386  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 198007190 | &nbsp;&nbsp;&nbsp;&nbsp; 947500 | &nbsp;&nbsp; 46702943 | &nbsp;&nbsp;&nbsp; 21158713  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (99225920) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | &nbsp;&nbsp; 165459 | &nbsp;&nbsp;&nbsp;&nbsp; 947 | &nbsp;&nbsp; 26914 | &nbsp;&nbsp;&nbsp; 12990  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 98946729 | &nbsp;&nbsp;&nbsp;&nbsp; 948447 | &nbsp;&nbsp; 46729857 | &nbsp;&nbsp;&nbsp; 21171703  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 102669934 | &nbsp;&nbsp;&nbsp;&nbsp; 947977 | &nbsp;&nbsp; 47061404 | &nbsp;&nbsp;&nbsp; 21604089  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $102669934 | &nbsp;&nbsp;&nbsp;&nbsp; $947977 | &nbsp;&nbsp; $47061404 | &nbsp;&nbsp;&nbsp; $21604089  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; 1025000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (5025000) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 4975000 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; 1025000 |

---

<sup>(a)</sup> Inception date of the Fund was June 30, 2025.

<sup>(b)</sup> Inception date of the Fund was October 31, 2025.

<sup>(c)</sup> Inception date of the Fund was September 30, 2025.

<sup>(d)</sup> Inception date of the Fund was August 29, 2025.

The accompanying notes are an integral part of these financial statements.

356<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Equity** <br>**Dual Directional** <br>**15 Buffer ETF -** <br>**July** | **Innovator Equity** <br>**Dual Directional** <br>**15 Buffer ETF -** <br>**November** | **Innovator Equity** <br>**Dual Directional** <br>**15 Buffer ETF -** <br>**October** | **Innovator Equity** <br>**Dual Directional** <br>**15 Buffer ETF -** <br>**September**  |
|  | **Period Ended** <br>**October 31, 2025<sup>(a)</sup>** | **Period Ended** <br>**October 31, 2025<sup>(b)</sup>** | **Period Ended** <br>**October 31, 2025<sup>(c)</sup>** | **Period Ended** <br>**October 31, 2025<sup>(d)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(195164) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $(54036) | &nbsp;&nbsp;&nbsp; $(58132)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 1742991 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (345830)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 899671 | &nbsp;&nbsp;&nbsp;&nbsp; (652) | &nbsp;&nbsp; 729540 | &nbsp;&nbsp;&nbsp; 1177021  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 2447498 | &nbsp;&nbsp;&nbsp;&nbsp; (652) | &nbsp;&nbsp; 675504 | &nbsp;&nbsp;&nbsp; 773059  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 89673818 | &nbsp;&nbsp;&nbsp;&nbsp; 947500 | &nbsp;&nbsp; 120300665 | &nbsp;&nbsp;&nbsp; 58757308  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (9071265) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4154800)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | &nbsp;&nbsp; 78980 | &nbsp;&nbsp;&nbsp;&nbsp; 1137 | &nbsp;&nbsp; 93111 | &nbsp;&nbsp;&nbsp; 55905  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 80681533 | &nbsp;&nbsp;&nbsp;&nbsp; 948637 | &nbsp;&nbsp; 120393776 | &nbsp;&nbsp;&nbsp; 54658413  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 83129031 | &nbsp;&nbsp;&nbsp;&nbsp; 947985 | &nbsp;&nbsp; 121069280 | &nbsp;&nbsp;&nbsp; 55431472  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $83129031 | &nbsp;&nbsp;&nbsp;&nbsp; $947985 | &nbsp;&nbsp; $121069280 | &nbsp;&nbsp;&nbsp; $55431472  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 4550000 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 5675000 | &nbsp;&nbsp;&nbsp; 2850000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (450000) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (200000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 5675000 | &nbsp;&nbsp;&nbsp; 2650000 |

---

<sup>(a)</sup> Inception date of the Fund was June 30, 2025.

<sup>(b)</sup> Inception date of the Fund was October 31, 2025.

<sup>(c)</sup> Inception date of the Fund was September 30, 2025.

<sup>(d)</sup> Inception date of the Fund was August 29, 2025.

The accompanying notes are an integral part of these financial statements.

357<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Growth Accelerated** <br>**ETF - Quarterly** | **Innovator Growth Accelerated** <br>**ETF - Quarterly** | **Innovator Growth Accelerated Plus** <br>**ETF - April**  | **Innovator Growth Accelerated Plus** <br>**ETF - April**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(338468) | $(263473) | $(170452) | $(102629)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 7075035 | 9838949 | 3095398 | 2845376  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2091136 | 423793 | 1387417 | (63312)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 8827703 | 9999269 | 4312363 | 2679435  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 111537320 | 54691473 | 28556747 | 7442483  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (93021777) | (63307443) | (16323029) | (14424330)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 18847 | 10836 | 12435 | 3721  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 18534390 | (8605134) | 12246153 | (6978126)  |
| **Net increase (decrease) in net assets** | 27362093 | 1394135 | 16558516 | (4298691)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 34240656 | 32846521 | 14329694 | 18628385  |
| &nbsp;&nbsp;&nbsp; End of the year | $61602749 | $34240656 | $30888210 | $14329694  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3100000 | 1825000 | 725000 | 225000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2600000) | (2125000) | (425000) | (450000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 500000 | (300000) | 300000 | (225000) |

---

The accompanying notes are an integral part of these financial statements.

358<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Growth Accelerated Plus** <br>**ETF - January** | **Innovator Growth Accelerated Plus** <br>**ETF - January** | **Innovator Growth Accelerated Plus** <br>**ETF - July**  | **Innovator Growth Accelerated Plus** <br>**ETF - July**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(153945) | $(211457) | $(133052) | $(112315)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5455418 | 1264751 | 2213733 | 3096769  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1678321) | 3173739 | 1489430 | 859551  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 3623152 | 4227033 | 3570111 | 3844005  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 29002685 | 17903602 | 17957780 | 11941748  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (36450720) | (21612533) | (14255745) | (16468998)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 10812 | 7063 | 6246 | 5971  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (7437223) | (3701868) | 3708281 | (4521279)  |
| **Net increase (decrease) in net assets** | (3814071) | 525165 | 7278392 | (677274)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 28737780 | 28212615 | 16968233 | 17645507  |
| &nbsp;&nbsp;&nbsp; End of the year | $24923709 | $28737780 | $24246625 | $16968233  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1100000 | 825000 | 500000 | 400000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1425000) | (1000000) | (425000) | (575000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (325000) | (175000) | 75000 | (175000) |

---

The accompanying notes are an integral part of these financial statements.

359<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Growth Accelerated Plus** <br>**ETF - October** | **Innovator Growth Accelerated Plus** <br>**ETF - October** | **Innovator Growth-100 Power Buffer** <br>**ETF - April**  | **Innovator Growth-100 Power Buffer** <br>**ETF - April**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(112982) | $(87140) | $(1683005) | $(1310522)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2563269 | 2383331 | 18403023 | 24478614  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 360910 | 115872 | 6044047 | 3153463  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 2811197 | 2412063 | 22764065 | 26321555  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 28770777 | 8142288 | 255869967 | 221142545  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (25471110) | (13593945) | (266380238) | (185329977)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 8319 | 1628 | 50741 | 65759  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 3307986 | (5450029) | (10459530) | 35878327  |
| **Net increase (decrease) in net assets** | 6119183 | (3037966) | 12304535 | 62199882  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 8355851 | 11393817 | 194645562 | 132445680  |
| &nbsp;&nbsp;&nbsp; End of the year | $14475034 | $8355851 | $206950097 | $194645562  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 900000 | 300000 | 5300000 | 4875000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (775000) | (500000) | (5400000) | (4050000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 125000 | (200000) | (100000) | 825000 |

---

The accompanying notes are an integral part of these financial statements.

360<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Growth-100 Power Buffer** <br>**ETF - August** | **Innovator Growth-100 Power Buffer** <br>**ETF - August** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - December** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - February**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Period Ended** <br>**October 31, 2025<sup>(b)</sup>** | **Period Ended** <br>**October 31, 2025<sup>(c)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(248220) | &nbsp;&nbsp; $(29038) | &nbsp;&nbsp; $(506307) | &nbsp;&nbsp; $(282998)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3585969 | &nbsp;&nbsp; 89848 | &nbsp;&nbsp; 6174734 | &nbsp;&nbsp; 1752050  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2678531 | &nbsp;&nbsp; 595435 | &nbsp;&nbsp; 3319550 | &nbsp;&nbsp; 4058864  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 6016280 | &nbsp;&nbsp; 656245 | &nbsp;&nbsp; 8987977 | &nbsp;&nbsp; 5527916  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 97804065 | &nbsp;&nbsp; 16773295 | &nbsp;&nbsp; 83381235 | &nbsp;&nbsp; 64766990  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (37003065) | &nbsp;&nbsp; (632190) | &nbsp;&nbsp; (49856240) | &nbsp;&nbsp; (24131658)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 28912 | &nbsp;&nbsp; 7779 | &nbsp;&nbsp; 48922 | &nbsp;&nbsp; 26418  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 60829912 | &nbsp;&nbsp; 16148884 | &nbsp;&nbsp; 33573917 | &nbsp;&nbsp; 40661750  |
| **Net increase (decrease) in net assets** | 66846192 | &nbsp;&nbsp; 16805129 | &nbsp;&nbsp; 42561894 | &nbsp;&nbsp; 46189666  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 16805129 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $83651321 | &nbsp;&nbsp; $16805129 | &nbsp;&nbsp; $42561894 | &nbsp;&nbsp; $46189666  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3500000 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 3425000 | &nbsp;&nbsp; 2600000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1325000) | &nbsp;&nbsp; (25000) | &nbsp;&nbsp; (1875000) | &nbsp;&nbsp; (925000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 2175000 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp; 1675000 |

---

<sup>(a)</sup> Inception date of the Fund was July 31, 2024.

<sup>(b)</sup> Inception date of the Fund was November 29, 2024.

<sup>(c)</sup> Inception date of the Fund was January 31, 2025.

The accompanying notes are an integral part of these financial statements.

361<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Growth-100 Power** <br>**Buffer ETF - January** | **Innovator Growth-100 Power** <br>**Buffer ETF - January** | **Innovator Growth-100 Power** <br>**Buffer ETF - July**  | **Innovator Growth-100 Power** <br>**Buffer ETF - July**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2165404) | $(1577424) | $(1834212) | $(1811099)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 29320185 | 22269086 | 33208253 | 37796432  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 10746515 | 7454318 | 9578144 | 9362767  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 37901296 | 28145980 | 40952185 | 45348100  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 157116643 | 201365505 | 143612400 | 297655528  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (106716763) | (105945888) | (204362092) | (342948200)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 82532 | 113719 | 91501 | 79712  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 50482412 | 95533336 | (60658191) | (45212960)  |
| **Net increase (decrease) in net assets** | 88383708 | 123679316 | (19706006) | 135140  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 201328204 | 77648888 | 266589612 | 266454472  |
| &nbsp;&nbsp;&nbsp; End of the year | $289711912 | $201328204 | $246883606 | $266589612  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3250000 | 4825000 | 2125000 | 5025000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2200000) | (2400000) | (3100000) | (5925000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1050000 | 2425000 | (975000) | (900000) |

---

The accompanying notes are an integral part of these financial statements.

362<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Growth-100 Power** <br>**Buffer ETF - June** | **Innovator Growth-100 Power** <br>**Buffer ETF - June** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - March** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - May**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Period Ended** <br>**October 31, 2025<sup>(b)</sup>** | **Period Ended** <br>**October 31, 2025<sup>(c)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(371886) | &nbsp;&nbsp; $(91356) | &nbsp;&nbsp; $(173952) | &nbsp;&nbsp; $(64535)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 6023675 | &nbsp;&nbsp; 961508 | &nbsp;&nbsp; 1863807 | &nbsp;&nbsp; 820451  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4874783 | &nbsp;&nbsp; 419639 | &nbsp;&nbsp; 2754124 | &nbsp;&nbsp; 926074  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 10526572 | &nbsp;&nbsp; 1289791 | &nbsp;&nbsp; 4443979 | &nbsp;&nbsp; 1681990  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 93921435 | &nbsp;&nbsp; 38094873 | &nbsp;&nbsp; 37406333 | &nbsp;&nbsp; 22038850  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (61424842) | &nbsp;&nbsp; (12351453) | &nbsp;&nbsp; (12780130) | &nbsp;&nbsp; (6564355)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 24392 | &nbsp;&nbsp; 18748 | &nbsp;&nbsp; 18786 | &nbsp;&nbsp; 11333  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 32520985 | &nbsp;&nbsp; 25762168 | &nbsp;&nbsp; 24644989 | &nbsp;&nbsp; 15485828  |
| **Net increase (decrease) in net assets** | 43047557 | &nbsp;&nbsp; 27051959 | &nbsp;&nbsp; 29088968 | &nbsp;&nbsp; 17167818  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 27051959 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $70099516 | &nbsp;&nbsp; $27051959 | &nbsp;&nbsp; $29088968 | &nbsp;&nbsp; $17167818  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3375000 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp; 875000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2150000) | &nbsp;&nbsp; (475000) | &nbsp;&nbsp; (450000) | &nbsp;&nbsp; (250000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1225000 | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 625000 |

---

<sup>(a)</sup> Inception date of the Fund was May 31, 2024.

<sup>(b)</sup> Inception date of the Fund was February 28, 2025.

<sup>(c)</sup> Inception date of the Fund was April 30, 2025.

The accompanying notes are an integral part of these financial statements.

363<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Growth-100 Power** <br>**Buffer ETF - November** | **Innovator Growth-100 Power** <br>**Buffer ETF - November** | **Innovator Growth-100 Power** <br>**Buffer ETF - October**  | **Innovator Growth-100 Power** <br>**Buffer ETF - October**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(183612) | &nbsp;&nbsp;&nbsp; $— | $(1278330) | $(1153844)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3264875 | &nbsp;&nbsp;&nbsp; — | 22435804 | 24948072  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2243) | &nbsp;&nbsp;&nbsp; (233) | 4031574 | 1657872  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 3079020 | &nbsp;&nbsp;&nbsp; (233) | 25189048 | 25452100  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 53910160 | &nbsp;&nbsp;&nbsp; 1248500 | 109886518 | 66255283  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (36684338) | &nbsp;&nbsp;&nbsp; — | (42533726) | (78995731)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 15052 | &nbsp;&nbsp;&nbsp; — | 43711 | 29433  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 17240874 | &nbsp;&nbsp;&nbsp; 1248500 | 67396503 | (12711015)  |
| **Net increase (decrease) in net assets** | 20319894 | &nbsp;&nbsp;&nbsp; 1248267 | 92585551 | 12741085  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 1248267 | &nbsp;&nbsp;&nbsp; — | 161025021 | 148283936  |
| &nbsp;&nbsp;&nbsp; End of the period | $21568161 | &nbsp;&nbsp;&nbsp; $1248267 | $253610572 | $161025021  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2025000 | &nbsp;&nbsp;&nbsp; 50000 | 1960000 | 1365000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1325000) | &nbsp;&nbsp;&nbsp; — | (805000) | (1645000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 700000 | &nbsp;&nbsp;&nbsp; 50000 | 1155000 | (280000) |

---

<sup>(a)</sup> Inception date of the Fund was October 31, 2024.

The accompanying notes are an integral part of these financial statements.

364<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Growth-100 Power** <br>**Buffer ETF - September** | **Innovator Growth-100 Power** <br>**Buffer ETF - September** | **Innovator International Developed 10** <br>**Buffer ETF - Quarterly**  | **Innovator International Developed 10** <br>**Buffer ETF - Quarterly**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(294337) | &nbsp;&nbsp; $(38069) | $(281192) | &nbsp;&nbsp;&nbsp; $(10697)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5053941 | &nbsp;&nbsp; 59379 | 3820786 | &nbsp;&nbsp;&nbsp; 104648  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 992280 | &nbsp;&nbsp; 707611 | 341852 | &nbsp;&nbsp;&nbsp; (76986)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 5751884 | &nbsp;&nbsp; 728921 | 3881446 | &nbsp;&nbsp;&nbsp; 16965  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 75508120 | &nbsp;&nbsp; 40243783 | 148455965 | &nbsp;&nbsp;&nbsp; 9555888  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (54138610) | &nbsp;&nbsp; (4909490) | (84388368) | &nbsp;&nbsp;&nbsp; (3865500)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 26236 | &nbsp;&nbsp; 20126 | 50089 | &nbsp;&nbsp;&nbsp; 2220  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 21395746 | &nbsp;&nbsp; 35354419 | 64117686 | &nbsp;&nbsp;&nbsp; 5692608  |
| **Net increase (decrease) in net assets** | 27147630 | &nbsp;&nbsp; 36083340 | 67999132 | &nbsp;&nbsp;&nbsp; 5709573  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 36083340 | &nbsp;&nbsp; — | 5709573 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $63230970 | &nbsp;&nbsp; $36083340 | $73708705 | &nbsp;&nbsp;&nbsp; $5709573  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2700000 | &nbsp;&nbsp; 1650000 | 5375000 | &nbsp;&nbsp;&nbsp; 375000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1975000) | &nbsp;&nbsp; (200000) | (3025000) | &nbsp;&nbsp;&nbsp; (150000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 725000 | &nbsp;&nbsp; 1450000 | 2350000 | &nbsp;&nbsp;&nbsp; 225000 |

---

<sup>(a)</sup> Inception date of the Fund was August 30, 2024.

<sup>(b)</sup> Inception date of the Fund was June 28, 2024.

The accompanying notes are an integral part of these financial statements.

365<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator International Developed** <br>**Power Buffer ETF - April** | **Innovator International Developed** <br>**Power Buffer ETF - April** | **Innovator International Developed** <br>**Power Buffer ETF - August**  | **Innovator International Developed** <br>**Power Buffer ETF - August**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  |
|  | **2025** | **2024**  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1821499) | $(1957495) | $(212394) | &nbsp;&nbsp; $(28321)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 9225929 | 24579687 | 1694855 | &nbsp;&nbsp; 56327  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 17405069 | 9961252 | 1339705 | &nbsp;&nbsp; (50672)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 24809499 | 32583444 | 2822166 | &nbsp;&nbsp; (22666)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 202531825 | 195632648 | 78681897 | &nbsp;&nbsp; 15303420  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (199137407) | (248556098) | (21657917) | &nbsp;&nbsp; (622903)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 26591 | 93645 | 29652 | &nbsp;&nbsp; 7030  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 3421009 | (52829805) | 57053632 | &nbsp;&nbsp; 14687547  |
| **Net increase (decrease) in net assets** | 28230508 | (20246361) | 59875798 | &nbsp;&nbsp; 14664881  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 201979140 | 222225501 | 14664881 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $230209648 | $201979140 | $74540679 | &nbsp;&nbsp; $14664881  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 7225000 | 7525000 | 2875000 | &nbsp;&nbsp; 625000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (6975000) | (9475000) | (800000) | &nbsp;&nbsp; (25000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 250000 | (1950000) | 2075000 | &nbsp;&nbsp; 600000 |

---

<sup>(a)</sup> Inception date of the Fund was July 31, 2024.

The accompanying notes are an integral part of these financial statements.

366<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator International Developed Power** <br>**Buffer ETF - December** | **Innovator International Developed Power** <br>**Buffer ETF - December** | **Innovator International Developed** <br>**Power Buffer ETF - February**  | **Innovator International Developed** <br>**Power Buffer ETF - February**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(172123) | &nbsp;&nbsp;&nbsp;&nbsp; $(98394) | $(192800) | &nbsp;&nbsp;&nbsp; $(77758)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 1026929 | &nbsp;&nbsp;&nbsp;&nbsp; 364131 | 1094393 | &nbsp;&nbsp;&nbsp; 322066  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 2365752 | &nbsp;&nbsp;&nbsp;&nbsp; 792589 | 2364570 | &nbsp;&nbsp;&nbsp; 332813  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 3220558 | &nbsp;&nbsp;&nbsp;&nbsp; 1058326 | 3266163 | &nbsp;&nbsp;&nbsp; 577121  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 22274345 | &nbsp;&nbsp;&nbsp;&nbsp; 13923118 | 28396883 | &nbsp;&nbsp;&nbsp; 15185775  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (15148245) | &nbsp;&nbsp;&nbsp;&nbsp; (4113208) | (16892962) | &nbsp;&nbsp;&nbsp; (3937238)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | &nbsp;&nbsp; 7707 | &nbsp;&nbsp;&nbsp;&nbsp; 7030 | 13853 | &nbsp;&nbsp;&nbsp; 6969  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 7133807 | &nbsp;&nbsp;&nbsp;&nbsp; 9816940 | 11517774 | &nbsp;&nbsp;&nbsp; 11255506  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 10354365 | &nbsp;&nbsp;&nbsp;&nbsp; 10875266 | 14783937 | &nbsp;&nbsp;&nbsp; 11832627  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 10875266 | &nbsp;&nbsp;&nbsp;&nbsp; — | 11832627 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $21229631 | &nbsp;&nbsp;&nbsp;&nbsp; $10875266 | $26616564 | &nbsp;&nbsp;&nbsp; $11832627  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | 1075000 | &nbsp;&nbsp;&nbsp; 600000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (550000) | &nbsp;&nbsp;&nbsp;&nbsp; (150000) | (625000) | &nbsp;&nbsp;&nbsp; (150000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | 450000 | &nbsp;&nbsp;&nbsp; 450000 |

---

<sup>(a)</sup> Inception date of the Fund was November 30, 2023.

<sup>(b)</sup> Inception date of the Fund was January 31, 2024.

The accompanying notes are an integral part of these financial statements.

367<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator International Developed** <br>**Power Buffer ETF - January** | **Innovator International Developed** <br>**Power Buffer ETF - January** | **Innovator International Developed** <br>**Power Buffer ETF - July**  | **Innovator International Developed** <br>**Power Buffer ETF - July**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1510798) | $(1571765) | $(1481100) | $(1437691)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8979755 | 14702738 | 18840050 | 16754757  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 15172746 | 11370065 | 6312737 | 6988103  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 22641703 | 24501038 | 23671687 | 22305169  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 218734980 | 97981660 | 253751498 | 106345222  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (264326133) | (62541222) | (208561173) | (165324085)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 38430 | 51937 | 42008 | 20106  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (45552723) | 35492375 | 45232333 | (58958757)  |
| **Net increase (decrease) in net assets** | (22911020) | 59993413 | 68904020 | (36653588)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 180717813 | 120724400 | 159369343 | 196022931  |
| &nbsp;&nbsp;&nbsp; End of the year | $157806793 | $180717813 | $228273363 | $159369343  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 6975000 | 3250000 | 8075000 | 3800000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (8225000) | (2000000) | (6775000) | (5950000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (1250000) | 1250000 | 1300000 | (2150000) |

---

The accompanying notes are an integral part of these financial statements.

368<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator International Developed** <br>**Power Buffer ETF - June** | **Innovator International Developed** <br>**Power Buffer ETF - June** | **Innovator International Developed** <br>**Power Buffer ETF - March**  | **Innovator International Developed** <br>**Power Buffer ETF - March**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(359993) | &nbsp;&nbsp; $(73312) | $(334506) | &nbsp;&nbsp; $(81845)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3305559 | &nbsp;&nbsp; 119016 | 2995826 | &nbsp;&nbsp; 331322  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2435135 | &nbsp;&nbsp; (200498) | 2302242 | &nbsp;&nbsp; 162983  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 5380701 | &nbsp;&nbsp; (154794) | 4963562 | &nbsp;&nbsp; 412460  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 90623048 | &nbsp;&nbsp; 25199070 | 87552265 | &nbsp;&nbsp; 25980183  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (60709922) | &nbsp;&nbsp; (1273058) | (71274025) | &nbsp;&nbsp; (13460498)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 32208 | &nbsp;&nbsp; 11972 | 33261 | &nbsp;&nbsp; 12362  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 29945334 | &nbsp;&nbsp; 23937984 | 16311501 | &nbsp;&nbsp; 12532047  |
| **Net increase (decrease) in net assets** | 35326035 | &nbsp;&nbsp; 23783190 | 21275063 | &nbsp;&nbsp; 12944507  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 23783190 | &nbsp;&nbsp; — | 12944507 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $59109225 | &nbsp;&nbsp; $23783190 | $34219570 | &nbsp;&nbsp; $12944507  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3350000 | &nbsp;&nbsp; 1000000 | 3300000 | &nbsp;&nbsp; 1025000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2225000) | &nbsp;&nbsp; (50000) | (2625000) | &nbsp;&nbsp; (525000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1125000 | &nbsp;&nbsp; 950000 | 675000 | &nbsp;&nbsp; 500000 |

---

<sup>(a)</sup> Inception date of the Fund was May 31, 2024.

<sup>(b)</sup> Inception date of the Fund was February 29, 2024.

The accompanying notes are an integral part of these financial statements.

369<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator International Developed** <br>**Power Buffer ETF - May** | **Innovator International Developed** <br>**Power Buffer ETF - May** | **Innovator International Developed** <br>**Power Buffer ETF - November**  | **Innovator International Developed** <br>**Power Buffer ETF - November**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(182226) | &nbsp;&nbsp; $(39958) | $(106473) | $(27309)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1453071 | &nbsp;&nbsp; 140355 | 1753882 | 490307  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2059971 | &nbsp;&nbsp; 69781 | (1198) | (831)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 3330816 | &nbsp;&nbsp; 170178 | 1646211 | 462167  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 40717323 | &nbsp;&nbsp; 10749505 | 25000840 | 8517280  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (18803248) | &nbsp;&nbsp; (1956835) | (19275185) | (5831155)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 14564 | &nbsp;&nbsp; 4754 | 6479 | 2042  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 21928639 | &nbsp;&nbsp; 8797424 | 5732134 | 2688167  |
| **Net increase (decrease) in net assets** | 25259455 | &nbsp;&nbsp; 8967602 | 7378345 | 3150334  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 8967602 | &nbsp;&nbsp; — | 4397481 | 1247147  |
| &nbsp;&nbsp;&nbsp; End of the period | $34227057 | &nbsp;&nbsp; $8967602 | $11775826 | $4397481  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1525000 | &nbsp;&nbsp; 425000 | 800000 | 300000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (700000) | &nbsp;&nbsp; (75000) | (600000) | (200000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 825000 | &nbsp;&nbsp; 350000 | 200000 | 100000 |

---

<sup>(a)</sup> Inception date of the Fund was April 30, 2024.

The accompanying notes are an integral part of these financial statements.

370<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator International Developed** <br>**Power Buffer ETF - October** | **Innovator International Developed** <br>**Power Buffer ETF - October** | **Innovator International Developed** <br>**Power Buffer ETF - September**  | **Innovator International Developed** <br>**Power Buffer ETF - September**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1089495) | $(953990) | $(689083) | $(398073)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 14090169 | 19234972 | 8481720 | 7210363  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4702206 | (3526531) | 2427629 | (552176)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 17702880 | 14754451 | 10220266 | 6260114  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 165050620 | 40037250 | 214891470 | 93410592  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (110315353) | (38755428) | (191845952) | (68064373)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 85040 | 20207 | 77524 | 22755  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 54820307 | 1302029 | 23123042 | 25368974  |
| **Net increase (decrease) in net assets** | 72523187 | 16056480 | 33343308 | 31629088  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 121709950 | 105653470 | 67675605 | 36046517  |
| &nbsp;&nbsp;&nbsp; End of the year | $194233137 | $121709950 | $101018913 | $67675605  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 5150000 | 1350000 | 7075000 | 3325000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (3575000) | (1325000) | (6325000) | (2400000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1575000 | 25000 | 750000 | 925000 |

---

The accompanying notes are an integral part of these financial statements.

371<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Nasdaq-100 10 Buffer** <br>**ETF - Quarterly** | **Innovator Nasdaq-100 10 Buffer** <br>**ETF - Quarterly** | **Innovator Premium Income 15 Buffer** <br>**ETF - April**  | **Innovator Premium Income 15 Buffer** <br>**ETF - April**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(947520) | &nbsp;&nbsp; $(53237) | &nbsp;&nbsp; $192151 | &nbsp;&nbsp;&nbsp;&nbsp; $87601  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 13481757 | &nbsp;&nbsp; 225934 | &nbsp;&nbsp; 59065 | &nbsp;&nbsp;&nbsp;&nbsp; 12  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3623583 | &nbsp;&nbsp; (82065) | &nbsp;&nbsp; 101539 | &nbsp;&nbsp;&nbsp;&nbsp; 39406  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 16157820 | &nbsp;&nbsp; 90632 | &nbsp;&nbsp; 352755 | &nbsp;&nbsp;&nbsp;&nbsp; 127019  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (251225) | &nbsp;&nbsp;&nbsp;&nbsp; (87613)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (54940) | &nbsp;&nbsp;&nbsp;&nbsp; (29719)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (306165) | &nbsp;&nbsp;&nbsp;&nbsp; (117332)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 349889730 | &nbsp;&nbsp; 92943270 | &nbsp;&nbsp; 3742984 | &nbsp;&nbsp;&nbsp;&nbsp; 3740906  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (234427183) | &nbsp;&nbsp; (12620895) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 86624 | &nbsp;&nbsp; 40193 | &nbsp;&nbsp; 1839 | &nbsp;&nbsp;&nbsp;&nbsp; 1870  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 115549171 | &nbsp;&nbsp; 80362568 | &nbsp;&nbsp; 3744823 | &nbsp;&nbsp;&nbsp;&nbsp; 3742776  |
| **Net increase (decrease) in net assets** | 131706991 | &nbsp;&nbsp; 80453200 | &nbsp;&nbsp; 3791413 | &nbsp;&nbsp;&nbsp;&nbsp; 3752463  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 80453200 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3752463 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $212160191 | &nbsp;&nbsp; $80453200 | &nbsp;&nbsp; $7543876 | &nbsp;&nbsp;&nbsp;&nbsp; $3752463  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 13000000 | &nbsp;&nbsp; 3675000 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (8900000) | &nbsp;&nbsp; (500000) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 4100000 | &nbsp;&nbsp; 3175000 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 |

---

<sup>(a)</sup> Inception date of the Fund was June 28, 2024.

<sup>(b)</sup> Inception date of the Fund was March 28, 2024.

The accompanying notes are an integral part of these financial statements.

372<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Premium Income 15 Buffer** <br>**ETF - January** | **Innovator Premium Income 15 Buffer** <br>**ETF - January** | **Innovator Premium Income 15 Buffer** <br>**ETF - July**  | **Innovator Premium Income 15 Buffer** <br>**ETF - July**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $408385 | &nbsp;&nbsp;&nbsp; $417456 | &nbsp;&nbsp; $136634 | &nbsp;&nbsp;&nbsp;&nbsp; $30560  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 188194 | &nbsp;&nbsp;&nbsp; 109528 | &nbsp;&nbsp; 40710 | &nbsp;&nbsp;&nbsp;&nbsp; 8  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 81591 | &nbsp;&nbsp;&nbsp; 123198 | &nbsp;&nbsp; 66696 | &nbsp;&nbsp;&nbsp;&nbsp; 18284  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 678170 | &nbsp;&nbsp;&nbsp; 650182 | &nbsp;&nbsp; 244040 | &nbsp;&nbsp;&nbsp;&nbsp; 48852  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (581548) | &nbsp;&nbsp;&nbsp; (417456) | &nbsp;&nbsp; (177344) | &nbsp;&nbsp;&nbsp;&nbsp; (30568)  |
| &nbsp;&nbsp;&nbsp; From return of capital | &nbsp;&nbsp; (34147) | &nbsp;&nbsp;&nbsp; (162312) | &nbsp;&nbsp; (35370) | &nbsp;&nbsp;&nbsp;&nbsp; (10938)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (615695) | &nbsp;&nbsp;&nbsp; (579768) | &nbsp;&nbsp; (212714) | &nbsp;&nbsp;&nbsp;&nbsp; (41506)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 5497552 | &nbsp;&nbsp;&nbsp; 17144753 | &nbsp;&nbsp; 5363225 | &nbsp;&nbsp;&nbsp;&nbsp; 2375435  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (2453783) | &nbsp;&nbsp;&nbsp; (8618785) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | &nbsp;&nbsp; 3726 | &nbsp;&nbsp;&nbsp; 10303 | &nbsp;&nbsp; 2661 | &nbsp;&nbsp;&nbsp;&nbsp; 1189  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 3047495 | &nbsp;&nbsp;&nbsp; 8536271 | &nbsp;&nbsp; 5365886 | &nbsp;&nbsp;&nbsp;&nbsp; 2376624  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 3109970 | &nbsp;&nbsp;&nbsp; 8606685 | &nbsp;&nbsp; 5397212 | &nbsp;&nbsp;&nbsp;&nbsp; 2383970  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 8606685 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 2383970 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $11716655 | &nbsp;&nbsp;&nbsp; $8606685 | &nbsp;&nbsp; $7781182 | &nbsp;&nbsp;&nbsp;&nbsp; $2383970  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (100000) | &nbsp;&nbsp;&nbsp; (350000) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 |

---

<sup>(a)</sup> Inception date of the Fund was December 29, 2023.

<sup>(b)</sup> Inception date of the Fund was June 28, 2024.

The accompanying notes are an integral part of these financial statements.

373<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Premium Income 15 Buffer** <br>**ETF - October** | **Innovator Premium Income 15 Buffer** <br>**ETF - October** | **Innovator Premium Income 20 Barrier** <br>**ETF - April**  | **Innovator Premium Income 20 Barrier** <br>**ETF - April**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $526338 | &nbsp;&nbsp; $735995 | &nbsp;&nbsp; $952035 | &nbsp;&nbsp; $1116621  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 326947 | &nbsp;&nbsp; 260585 | &nbsp;&nbsp; 938098 | &nbsp;&nbsp; (143587)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 85476 | &nbsp;&nbsp; (64046) | &nbsp;&nbsp; 139662 | &nbsp;&nbsp; 944473  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 938761 | &nbsp;&nbsp; 932534 | &nbsp;&nbsp; 2029795 | &nbsp;&nbsp; 1917507  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (826531) | &nbsp;&nbsp; (735995) | &nbsp;&nbsp; (1778999) | &nbsp;&nbsp; (1853369)  |
| &nbsp;&nbsp;&nbsp; From return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (384786) | &nbsp;&nbsp; — | &nbsp;&nbsp; (92364)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (826531) | &nbsp;&nbsp; (1120781) | &nbsp;&nbsp; (1778999) | &nbsp;&nbsp; (1945733)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 2376185 | &nbsp;&nbsp; 31731770 | &nbsp;&nbsp; 2410815 | &nbsp;&nbsp; 6180330  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (7144268) | &nbsp;&nbsp; (20321890) | &nbsp;&nbsp; (4332988) | &nbsp;&nbsp; (4917972)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | &nbsp;&nbsp; 4621 | &nbsp;&nbsp; 7387 | &nbsp;&nbsp; 2802 | &nbsp;&nbsp; 4954  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; (4763462) | &nbsp;&nbsp; 11417267 | &nbsp;&nbsp; (1919371) | &nbsp;&nbsp; 1267312  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (4651232) | &nbsp;&nbsp; 11229020 | &nbsp;&nbsp; (1668575) | &nbsp;&nbsp; 1239086  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | &nbsp;&nbsp; 18331640 | &nbsp;&nbsp; 7102620 | &nbsp;&nbsp; 27802309 | &nbsp;&nbsp; 26563223  |
| &nbsp;&nbsp;&nbsp; End of the year | &nbsp;&nbsp; $13680408 | &nbsp;&nbsp; $18331640 | &nbsp;&nbsp; $26133734 | &nbsp;&nbsp; $27802309  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 1325000 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 250000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (300000) | &nbsp;&nbsp; (850000) | &nbsp;&nbsp; (175000) | &nbsp;&nbsp; (200000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; (200000) | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; (75000) | &nbsp;&nbsp; 50000 |

---

The accompanying notes are an integral part of these financial statements.

374<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Premium Income 20** <br>**Barrier ETF - January** | **Innovator Premium Income 20** <br>**Barrier ETF - January** | **Innovator Premium Income 20** <br>**Barrier ETF - July**  | **Innovator Premium Income 20** <br>**Barrier ETF - July**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $395426 | &nbsp;&nbsp; $308162 | $737026 | $1042539  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1382346 | &nbsp;&nbsp; 254497 | 343956 | 681896  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (897566) | &nbsp;&nbsp; (55329) | 285068 | 332323  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 880206 | &nbsp;&nbsp; 507330 | 1366050 | 2056758  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (707121) | &nbsp;&nbsp; (475592) | (1208864) | (1648086)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (707121) | &nbsp;&nbsp; (475592) | (1208864) | (1648086)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 7875200 | &nbsp;&nbsp; 10513835 | 1247115 | 613607  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (6795785) | &nbsp;&nbsp; (1245325) | (3131032) | (5621863)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 6856 | &nbsp;&nbsp; 6807 | 1641 | 1761  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 1086271 | &nbsp;&nbsp; 9275317 | (1882276) | (5006495)  |
| **Net increase (decrease) in net assets** | 1259356 | &nbsp;&nbsp; 9307055 | (1725090) | (4597823)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 9307055 | &nbsp;&nbsp; — | 20574006 | 25171829  |
| &nbsp;&nbsp;&nbsp; End of the period | $10566411 | &nbsp;&nbsp; $9307055 | $18848916 | $20574006  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 325000 | &nbsp;&nbsp; 425000 | 50000 | 25000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (275000) | &nbsp;&nbsp; (50000) | (125000) | (225000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 50000 | &nbsp;&nbsp; 375000 | (75000) | (200000) |

---

<sup>(a)</sup> Inception date of the Fund was December 29, 2023.

The accompanying notes are an integral part of these financial statements.

375<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Premium Income 20** <br>**Barrier ETF - October** | **Innovator Premium Income 20** <br>**Barrier ETF - October** | **Innovator Premium Income 30** <br>**Barrier ETF - April**  | **Innovator Premium Income 30** <br>**Barrier ETF - April**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $621601 | $839864 | $1263073 | $1671309  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 580697 | 535491 | 1867888 | (258429)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 96119 | (77159) | (851148) | 1094253  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1298417 | 1298196 | 2279813 | 2507133  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (1195043) | (1349404) | (1937818) | (2449312)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  | (99745) |  | (30654)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1195043) | (1449149) | (1937818) | (2479966)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 5951295 | 11482487 | 5976215 | 3086138  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (5324682) | (2432818) | (10549612) | (13588153)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 5583 | 7619 | 6796 | 7795  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 632196 | 9057288 | (4566601) | (10494220)  |
| **Net increase (decrease) in net assets** | 735570 | 8906335 | (4224606) | (10467053)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 19629911 | 10723576 | 38286822 | 48753875  |
| &nbsp;&nbsp;&nbsp; End of the year | $20365481 | $19629911 | $34062216 | $38286822  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 250000 | 475000 | 250000 | 125000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (225000) | (100000) | (425000) | (550000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 25000 | 375000 | (175000) | (425000) |

---

The accompanying notes are an integral part of these financial statements.

376<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Premium Income 30** <br>**Barrier ETF - January** | **Innovator Premium Income 30** <br>**Barrier ETF - January** | **Innovator Premium Income 30** <br>**Barrier ETF - July**  | **Innovator Premium Income 30** <br>**Barrier ETF - July**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $649945 | &nbsp;&nbsp; $737555 | $784494 | $1127715  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 42647 | &nbsp;&nbsp; 561690 | 327406 | 304439  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 322673 | &nbsp;&nbsp; (277884) | 94832 | 339462  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1015265 | &nbsp;&nbsp; 1021361 | 1206732 | 1771616  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (947583) | &nbsp;&nbsp; (982493) | (1104875) | (1554560)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (947583) | &nbsp;&nbsp; (982493) | (1104875) | (1554560)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1202305 | &nbsp;&nbsp; 25959568 | 622107 | 621085  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (7442900) | &nbsp;&nbsp; (3718528) | (6866293) | (5632930)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 3264 | &nbsp;&nbsp; 22999 | 2560 | 2382  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (6237331) | &nbsp;&nbsp; 22264039 | (6241626) | (5009463)  |
| **Net increase (decrease) in net assets** | (6169649) | &nbsp;&nbsp; 22302907 | (6139769) | (4792407)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 22302907 | &nbsp;&nbsp; — | 23695029 | 28487436  |
| &nbsp;&nbsp;&nbsp; End of the period | $16133258 | &nbsp;&nbsp; $22302907 | $17555260 | $23695029  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 50000 | &nbsp;&nbsp; 1050000 | 25000 | 25000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (300000) | &nbsp;&nbsp; (150000) | (275000) | (225000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (250000) | &nbsp;&nbsp; 900000 | (250000) | (200000) |

---

<sup>(a)</sup> Inception date of the Fund was December 29, 2023.

The accompanying notes are an integral part of these financial statements.

377<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Premium Income 30** <br>**Barrier ETF - October** | **Innovator Premium Income 30** <br>**Barrier ETF - October** | **Innovator U.S. Equity 10** <br>**Buffer ETF - Quarterly**  | **Innovator U.S. Equity 10** <br>**Buffer ETF - Quarterly**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $670867 | $1001798 | $(3043110) | $(803482)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 353458 | 434868 | 41641728 | 14335032  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 111215 | (83773) | 6519022 | 313533  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1135540 | 1352893 | 45117640 | 13845083  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (1084480) | (1419090) |  | —  |
| &nbsp;&nbsp;&nbsp; From return of capital | (21232) | (24164) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1105712) | (1443254) |  | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2394172 | 13244325 | 482965600 | 413500690  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (5898453) | (5456780) | (150450300) | (195916748)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 4054 | 12418 | 202778 | 132681  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (3500227) | 7799963 | 332718078 | 217716623  |
| **Net increase (decrease) in net assets** | (3470399) | 7709602 | 377835718 | 231561706  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 21429862 | 13720260 | 256457781 | 24896075  |
| &nbsp;&nbsp;&nbsp; End of the year | $17959463 | $21429862 | $634293499 | $256457781  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 100000 | 550000 | 15900000 | 14875000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (250000) | (225000) | (4975000) | (7075000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (150000) | 325000 | 10925000 | 7800000 |

---

The accompanying notes are an integral part of these financial statements.

378<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity 5 to 15** <br>**Buffer ETF - Quarterly** | **Innovator U.S. Equity 5 to 15** <br>**Buffer ETF - Quarterly** | **Innovator U.S. Equity Accelerated 9** <br>**Buffer ETF - April**  | **Innovator U.S. Equity Accelerated 9** <br>**Buffer ETF - April**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(850686) | $(394565) | $(1320137) | $(633029)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 12524798 | 13177554 | 49073344 | 9794031  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3031281 | (345145) | (8697465) | 3278138  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 14705393 | 12437844 | 39055742 | 12439140  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 200746448 | 337160913 | 408167502 | 44214533  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (162406375) | (259951358) | (380846570) | (43795260)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 48155 | 53847 | 209764 | 13152  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 38388228 | 77263402 | 27530696 | 432425  |
| **Net increase (decrease) in net assets** | 53093621 | 89701246 | 66586438 | 12871565  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 102315935 | 12614689 | 86696139 | 73824574  |
| &nbsp;&nbsp;&nbsp; End of the year | $155409556 | $102315935 | $153282577 | $86696139  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 6125000 | 11325000 | 12200000 | 1425000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (4950000) | (8575000) | (10775000) | (1400000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1175000 | 2750000 | 1425000 | 25000 |

---

The accompanying notes are an integral part of these financial statements.

379<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity Accelerated 9** <br>**Buffer ETF - January** | **Innovator U.S. Equity Accelerated 9** <br>**Buffer ETF - January** | **Innovator U.S. Equity Accelerated 9** <br>**Buffer ETF - July**  | **Innovator U.S. Equity Accelerated 9** <br>**Buffer ETF - July**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(738781) | $(697874) | $(1151880) | $(781903)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1860723 | 9908977 | 12211688 | 10377930  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2955697) | 2999089 | 1670351 | 6030911  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (1833755) | 12210192 | 12730159 | 15626938  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 247957860 | 64435598 | 122602645 | 108804390  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (240566865) | (61653173) | (158572330) | (52765663)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 112923 | 13910 | 26827 | 45136  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 7503918 | 2796335 | (35942858) | 56083863  |
| **Net increase (decrease) in net assets** | 5670163 | 15006527 | (23212699) | 71710801  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 86615519 | 71608992 | 150391561 | 78680760  |
| &nbsp;&nbsp;&nbsp; End of the year | $92285682 | $86615519 | $127178862 | $150391561  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 8775000 | 2500000 | 3475000 | 3350000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (8900000) | (2350000) | (4600000) | (1650000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (125000) | 150000 | (1125000) | 1700000 |

---

The accompanying notes are an integral part of these financial statements.

380<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity Accelerated 9** <br>**Buffer ETF - October** | **Innovator U.S. Equity Accelerated 9** <br>**Buffer ETF - October** | **Innovator U.S. Equity Accelerated** <br>**ETF - Quarterly**  | **Innovator U.S. Equity Accelerated** <br>**ETF - Quarterly**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(701483) | $(541697) | $(469817) | $(462603)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 11526759 | 9128804 | 7645300 | 14852498  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 959678 | 294071 | 1619918 | 1113741  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 11784954 | 8881178 | 8795401 | 15503636  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 267225680 | 54093895 | 134912663 | 125791113  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (262075350) | (51530978) | (124103723) | (166359065)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 110756 | 9987 | 10745 | 10078  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 5261086 | 2572904 | 10819685 | (40557874)  |
| **Net increase (decrease) in net assets** | 17046040 | 11454082 | 19615086 | (25054238)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 66559702 | 55105620 | 51473999 | 76528237  |
| &nbsp;&nbsp;&nbsp; End of the year | $83605742 | $66559702 | $71089085 | $51473999  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 8725000 | 1875000 | 3575000 | 3825000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (8450000) | (1750000) | (3300000) | (5175000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 275000 | 125000 | 275000 | (1350000) |

---

The accompanying notes are an integral part of these financial statements.

381<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity Accelerated** <br>**Plus ETF - April** | **Innovator U.S. Equity Accelerated** <br>**Plus ETF - April** | **Innovator U.S. Equity Accelerated** <br>**Plus ETF - January**  | **Innovator U.S. Equity Accelerated** <br>**Plus ETF - January**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(155487) | $(74700) | $(133236) | $(141037)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3492656 | 1651725 | 936436 | 4753048  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1387017 | 411184 | 1753099 | (1558413)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 4724186 | 1988209 | 2556299 | 3053598  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 29301177 | 5516193 | 13164977 | 19466145  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (21005090) | (6987323) | (14903843) | (23852903)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 9296 | 2758 | 5337 | 7926  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 8305383 | (1468372) | (1733529) | (4378832)  |
| **Net increase (decrease) in net assets** | 13029569 | 519837 | 822770 | (1325234)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 10925146 | 10405309 | 17073853 | 18399087  |
| &nbsp;&nbsp;&nbsp; End of the year | $23954715 | $10925146 | $17896623 | $17073853  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 850000 | 175000 | 475000 | 775000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (575000) | (225000) | (525000) | (950000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 275000 | (50000) | (50000) | (175000) |

---

The accompanying notes are an integral part of these financial statements.

382<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity Accelerated** <br>**Plus ETF - July** | **Innovator U.S. Equity Accelerated** <br>**Plus ETF - July** | **Innovator U.S. Equity Accelerated** <br>**Plus ETF - October**  | **Innovator U.S. Equity Accelerated** <br>**Plus ETF - October**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(97228) | $(92490) | $(104427) | $(134067)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1863133 | 2147810 | 1841715 | 2910752  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 266444 | 1149829 | 252485 | 116206  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 2032349 | 3205149 | 1989773 | 2892891  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 11341232 | 4599528 | 21504748 | 9953730  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (8623895) | (12049255) | (22113192) | (11273453)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 5866 | 2299 | 2296 | 4619  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 2723203 | (7447428) | (606148) | (1315104)  |
| **Net increase (decrease) in net assets** | 4755552 | (4242279) | 1383625 | 1577787  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 11469781 | 15712060 | 14302068 | 12724281  |
| &nbsp;&nbsp;&nbsp; End of the year | $16225333 | $11469781 | $15685693 | $14302068  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 325000 | 150000 | 675000 | 375000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (250000) | (400000) | (700000) | (400000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 75000 | (250000) | (25000) | (25000) |

---

The accompanying notes are an integral part of these financial statements.

383<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity Buffer** <br>**ETF - April** | **Innovator U.S. Equity Buffer** <br>**ETF - April** | **Innovator U.S. Equity Buffer** <br>**ETF - August**  | **Innovator U.S. Equity Buffer** <br>**ETF - August**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2437821) | $(1728319) | $(1413591) | $(1455940)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 32864459 | 32709284 | 22796079 | 37881150  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 15869739 | 14762078 | 5014835 | 15344375  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 46296377 | 45743043 | 26397323 | 51769585  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 399362233 | 317571590 | 318218143 | 266431185  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (361889180) | (253776055) | (304081838) | (319499578)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 117036 | 93210 | 63563 | 78368  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 37590089 | 63888745 | 14199868 | (52990025)  |
| **Net increase (decrease) in net assets** | 83886466 | 109631788 | 40597191 | (1220440)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 261064481 | 151432693 | 180816724 | 182037164  |
| &nbsp;&nbsp;&nbsp; End of the year | $344950947 | $261064481 | $221413915 | $180816724  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 9575000 | 7950000 | 7100000 | 6900000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (8325000) | (6300000) | (6875000) | (8250000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1250000 | 1650000 | 225000 | (1350000) |

---

The accompanying notes are an integral part of these financial statements.

384<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity Buffer** <br>**ETF - December** | **Innovator U.S. Equity Buffer** <br>**ETF - December** | **Innovator U.S. Equity Buffer** <br>**ETF - February**  | **Innovator U.S. Equity Buffer** <br>**ETF - February**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1785447) | $(1058420) | $(1377972) | $(1306303)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 25307777 | 16358443 | 22253864 | 27836603  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1216674) | 13924979 | 2954166 | 7683465  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 22305656 | 29225002 | 23830058 | 34213765  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 482230888 | 78823845 | 290337153 | 193825920  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (434988055) | (78504228) | (254028637) | (196881068)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 274184 | 29312 | 96720 | 80297  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 47517017 | 348929 | 36405236 | (2974851)  |
| **Net increase (decrease) in net assets** | 69822673 | 29573931 | 60235294 | 31238914  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 125503680 | 95929749 | 131167903 | 99928989  |
| &nbsp;&nbsp;&nbsp; End of the year | $195326353 | $125503680 | $191403197 | $131167903  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 11050000 | 2100000 | 6675000 | 5100000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (9950000) | (2000000) | (5800000) | (5025000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1100000 | 100000 | 875000 | 75000 |

---

The accompanying notes are an integral part of these financial statements.

385<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity Buffer** <br>**ETF - January** | **Innovator U.S. Equity Buffer** <br>**ETF - January** | **Innovator U.S. Equity Buffer** <br>**ETF - July**  | **Innovator U.S. Equity Buffer** <br>**ETF - July**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2201840) | $(1867713) | $(1981911) | $(2098208)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 43837371 | 37606489 | 33101551 | 53610275  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2279184) | 19865310 | 7839550 | 23595893  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 39356347 | 55604086 | 38959190 | 75107960  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 156340285 | 115776730 | 106237830 | 310759265  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (163233580) | (66782125) | (107913737) | (467785285)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 101598 | 62492 | 45864 | 69088  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (6791697) | 49057097 | (1630043) | (156956932)  |
| **Net increase (decrease) in net assets** | 32564650 | 104661183 | 37329147 | (81848972)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 253121510 | 148460327 | 259766278 | 341615250  |
| &nbsp;&nbsp;&nbsp; End of the year | $285686160 | $253121510 | $297095425 | $259766278  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3225000 | 2825000 | 2325000 | 7475000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (3325000) | (1525000) | (2375000) | (11575000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (100000) | 1300000 | (50000) | (4100000) |

---

The accompanying notes are an integral part of these financial statements.

386<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity Buffer** <br>**ETF - June** | **Innovator U.S. Equity Buffer** <br>**ETF - June** | **Innovator U.S. Equity Buffer** <br>**ETF - March**  | **Innovator U.S. Equity Buffer** <br>**ETF - March**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1182990) | $(914625) | $(1492902) | $(1181413)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 17809805 | 18155149 | 29630102 | 20290038  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4880221 | 7720227 | 1746598 | 10441049  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 21507036 | 24960751 | 29883798 | 29549674  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 191287327 | 88533000 | 216208002 | 155801735  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (200086990) | (63623302) | (241390909) | (98987618)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 29250 | 36195 | 36828 | 55103  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (8770413) | 24945893 | (25146079) | 56869220  |
| **Net increase (decrease) in net assets** | 12736623 | 49906644 | 4737719 | 86418894  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 150937451 | 101030807 | 173954778 | 87535884  |
| &nbsp;&nbsp;&nbsp; End of the year | $163674074 | $150937451 | $178692497 | $173954778  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 4550000 | 2300000 | 4550000 | 3800000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (4725000) | (1700000) | (5000000) | (2375000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (175000) | 600000 | (450000) | 1425000 |

---

The accompanying notes are an integral part of these financial statements.

387<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity Buffer** <br>**ETF - May** | **Innovator U.S. Equity Buffer** <br>**ETF - May** | **Innovator U.S. Equity Buffer** <br>**ETF - November**  | **Innovator U.S. Equity Buffer** <br>**ETF - November**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1099385) | $(979262) | $(1136620) | $(831788)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 15104891 | 21425048 | 19223453 | 19704381  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 5230379 | 10126715 | 1104 | (1481)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 19235885 | 30572501 | 18087937 | 18871112  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 145858082 | 91072963 | 215512415 | 166713030  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (139318020) | (101731158) | (186552015) | (169963887)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 14997 | 25418 | 30315 | 31137  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 6555059 | (10632777) | 28990715 | (3219720)  |
| **Net increase (decrease) in net assets** | 25790944 | 19939724 | 47078652 | 15651392  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 130879381 | 110939657 | 99575455 | 83924063  |
| &nbsp;&nbsp;&nbsp; End of the year | $156670325 | $130879381 | $146654107 | $99575455  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3900000 | 2525000 | 5100000 | 4475000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (3675000) | (2825000) | (4375000) | (4500000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 225000 | (300000) | 725000 | (25000) |

---

The accompanying notes are an integral part of these financial statements.

388<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity Buffer** <br>**ETF - October** | **Innovator U.S. Equity Buffer** <br>**ETF - October** | **Innovator U.S. Equity Buffer** <br>**ETF - September**  | **Innovator U.S. Equity Buffer** <br>**ETF - September**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1885870) | $(1399085) | $(1446888) | $(1273329)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 26580602 | 33423560 | 23839270 | 30753415  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4678468 | 1341009 | 5420089 | 10656812  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 29373200 | 33365484 | 27812471 | 40136898  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 165243843 | 82389437 | 256202780 | 177678875  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (138791033) | (53975515) | (243549853) | (193763215)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 71691 | 42237 | 41652 | 36808  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 26524501 | 28456159 | 12694579 | (16047532)  |
| **Net increase (decrease) in net assets** | 55897701 | 61821643 | 40507050 | 24089366  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 233051676 | 171230033 | 202198028 | 178108662  |
| &nbsp;&nbsp;&nbsp; End of the year | $288949377 | $233051676 | $242705078 | $202198028  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3725000 | 1975000 | 5475000 | 4300000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (3350000) | (1350000) | (5325000) | (4850000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 375000 | 625000 | 150000 | (550000) |

---

The accompanying notes are an integral part of these financial statements.

389<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity Power Buffer** <br>**ETF - April** | **Innovator U.S. Equity Power Buffer** <br>**ETF - April** | **Innovator U.S. Equity Power Buffer** <br>**ETF - August**  | **Innovator U.S. Equity Power Buffer** <br>**ETF - August**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(6034430) | $(5919620) | $(6561072) | $(6417701)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 62336122 | 100344365 | 102824412 | 124891428  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 10308641 | 32421643 | 12180917 | 60964354  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 66610333 | 126846388 | 108444257 | 179438081  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 177568567 | 1061857410 | 332939798 | 778845285  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (233399315) | (982516452) | (311337208) | (992823910)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 51992 | 299395 | 110441 | 206025  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (55778756) | 79640353 | 21713031 | (213772600)  |
| **Net increase (decrease) in net assets** | 10831577 | 206486741 | 130157288 | (34334519)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 786290786 | 579804045 | 851946578 | 886281097  |
| &nbsp;&nbsp;&nbsp; End of the year | $797122363 | $786290786 | $982103866 | $851946578  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 5000000 | 31750000 | 8200000 | 21475000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (6275000) | (29000000) | (7825000) | (27775000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (1275000) | 2750000 | 375000 | (6300000) |

---

The accompanying notes are an integral part of these financial statements.

390<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity Power Buffer** <br>**ETF - December** | **Innovator U.S. Equity Power Buffer** <br>**ETF - December** | **Innovator U.S. Equity Power Buffer** <br>**ETF - February**  | **Innovator U.S. Equity Power Buffer** <br>**ETF - February**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(7624383) | $(6065249) | $(5967588) | $(5050512)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 106404132 | 81107406 | 74817625 | 75630172  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 261559 | 64372407 | 9461337 | 36268953  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 99041308 | 139414564 | 78311374 | 106848613  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 446372545 | 705086003 | 373223447 | 651569928  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (361723688) | (670079668) | (306447982) | (556883817)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 226054 | 154540 | 138189 | 228595  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 84874911 | 35160875 | 66913654 | 94914706  |
| **Net increase (decrease) in net assets** | 183916219 | 174575439 | 145225028 | 201763319  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 737786278 | 563210839 | 644564872 | 442801553  |
| &nbsp;&nbsp;&nbsp; End of the year | $921702497 | $737786278 | $789789900 | $644564872  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 11500000 | 20550000 | 10075000 | 19625000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (9000000) | (19200000) | (8200000) | (16525000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 2500000 | 1350000 | 1875000 | 3100000 |

---

The accompanying notes are an integral part of these financial statements.

391<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity Power** <br>**Buffer ETF - January** | **Innovator U.S. Equity Power** <br>**Buffer ETF - January** | **Innovator U.S. Equity Power** <br>**Buffer ETF - July**  | **Innovator U.S. Equity Power** <br>**Buffer ETF - July**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(9175684) | $(7918303) | $(7712355) | $(7140660)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 138943909 | 122012265 | 119634839 | 128851458  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (391255) | 57398575 | 19999626 | 60280662  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 129376970 | 171492537 | 131922110 | 181991460  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 361894418 | 798596213 | 381352500 | 873921443  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (289392155) | (553046820) | (294762965) | (1084317178)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 194272 | 374854 | 132969 | 194525  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 72696535 | 245924247 | 86722504 | (210201210)  |
| **Net increase (decrease) in net assets** | 202073505 | 417416784 | 218644614 | (28209750)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 986882100 | 569465316 | 971163968 | 999373718  |
| &nbsp;&nbsp;&nbsp; End of the year | $1188955605 | $986882100 | $1189808582 | $971163968  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 8550000 | 21450000 | 8725000 | 22600000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (6625000) | (14250000) | (6925000) | (28475000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1925000 | 7200000 | 1800000 | (5875000) |

---

The accompanying notes are an integral part of these financial statements.

392<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity Power Buffer** <br>**ETF - June** | **Innovator U.S. Equity Power Buffer** <br>**ETF - June** | **Innovator U.S. Equity Power Buffer** <br>**ETF - March**  | **Innovator U.S. Equity Power Buffer** <br>**ETF - March**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(5071008) | $(4337477) | $(4624613) | $(4242195)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 70556909 | 73085974 | 75325074 | 66929271  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 18307547 | 24677740 | 4201380 | 21684378  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 83793448 | 93426237 | 74901841 | 84371454  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 878841833 | 400251342 | 156334916 | 580930233  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (820982222) | (400990445) | (162091062) | (485770238)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 116624 | 160663 | 97509 | 222954  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 57976235 | (578440) | (5658637) | 95382949  |
| **Net increase (decrease) in net assets** | 141769683 | 92847797 | 69243204 | 179754403  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 614245767 | 521397970 | 557181516 | 377427113  |
| &nbsp;&nbsp;&nbsp; End of the year | $756015450 | $614245767 | $626424720 | $557181516  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 22950000 | 11450000 | 3850000 | 16000000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (21375000) | (11550000) | (3900000) | (13175000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1575000 | (100000) | (50000) | 2825000 |

---

The accompanying notes are an integral part of these financial statements.

393<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity Power Buffer** <br>**ETF - May** | **Innovator U.S. Equity Power Buffer** <br>**ETF - May** | **Innovator U.S. Equity Power Buffer** <br>**ETF - November**  | **Innovator U.S. Equity Power Buffer** <br>**ETF - November**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(4443137) | $(3986182) | $(5547234) | $(5742063)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 54448023 | 67788753 | 72223242 | 109320411  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 12806930 | 30590734 | 51522 | 1955  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 62811816 | 94393305 | 66727530 | 103580303  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 135255195 | 275554055 | 771243455 | 240845755  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (137497625) | (266538275) | (892322200) | (298381665)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 46259 | 92263 | 87812 | 130628  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (2196171) | 9108043 | (120990933) | (57405282)  |
| **Net increase (decrease) in net assets** | 60615645 | 103501348 | (54263403) | 46175021  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 562564016 | 459062668 | 669557166 | 623382145  |
| &nbsp;&nbsp;&nbsp; End of the year | $623179661 | $562564016 | $615293763 | $669557166  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3750000 | 8400000 | 19000000 | 7000000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (3775000) | (8150000) | (22200000) | (8275000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (25000) | 250000 | (3200000) | (1275000) |

---

The accompanying notes are an integral part of these financial statements.

394<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity Power Buffer** <br>**ETF - October** | **Innovator U.S. Equity Power Buffer** <br>**ETF - October** | **Innovator U.S. Equity Power Buffer** <br>**ETF - September**  | **Innovator U.S. Equity Power Buffer** <br>**ETF - September**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(6519396) | $(5308952) | $(6287531) | $(5776890)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 88568975 | 103921950 | 89267563 | 104845189  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 13072197 | 2175660 | 12587088 | 34757656  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 95121776 | 100788658 | 95567120 | 133825955  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 408440433 | 342823845 | 358647527 | 776809583  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (259482883) | (322149203) | (406238338) | (710801160)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 169998 | 154160 | 166638 | 151471  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 149127548 | 20828802 | (47424173) | 66159894  |
| **Net increase (decrease) in net assets** | 244249324 | 121617460 | 48142947 | 199985849  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 847371173 | 725753713 | 891228112 | 691242263  |
| &nbsp;&nbsp;&nbsp; End of the year | $1091620497 | $847371173 | $939371059 | $891228112  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 9650000 | 8900000 | 8550000 | 20600000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (6400000) | (8625000) | (10075000) | (18925000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 3250000 | 275000 | (1525000) | 1675000 |

---

The accompanying notes are an integral part of these financial statements.

395<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - April** | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - April** | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - August**  | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - August**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1208438) | $(1071833) | $(1502021) | $(2091054)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 18192982 | 16656956 | 24923614 | 51296689  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1713766) | 7470938 | 519747 | 16669946  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 15270778 | 23056061 | 23941340 | 65875581  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 215364490 | 203985603 | 258591785 | 346550260  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (222357725) | (175750133) | (276779255) | (523726115)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 56509 | 71403 | 40447 | 116386  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (6936726) | 28306873 | (18147023) | (177059469)  |
| **Net increase (decrease) in net assets** | 8334052 | 51362934 | 5794317 | (111183888)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 146896047 | 95533113 | 232707475 | 343891363  |
| &nbsp;&nbsp;&nbsp; End of the year | $155230099 | $146896047 | $238501792 | $232707475  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 7175000 | 7275000 | 6800000 | 10725000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (7250000) | (6150000) | (7450000) | (16200000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (75000) | 1125000 | (650000) | (5475000) |

---

The accompanying notes are an integral part of these financial statements.

396<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - December** | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - December** | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - February**  | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - February**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2139670) | $(627432) | $(1328131) | $(555128)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 32629172 | 9047858 | 19236281 | 10579393  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 12110881 | 7275919 | 6667482 | 2105963  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 42600383 | 15696345 | 24575632 | 12130228  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 429464413 | 84006338 | 256976620 | 66794875  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (276921758) | (98073543) | (168210793) | (72106215)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 200909 | 16425 | 102583 | 26739  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 152743564 | (14050780) | 88868410 | (5284601)  |
| **Net increase (decrease) in net assets** | 195343947 | 1645565 | 113444042 | 6845627  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 71303357 | 69657792 | 56303720 | 49458093  |
| &nbsp;&nbsp;&nbsp; End of the year | $266647304 | $71303357 | $169747762 | $56303720  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 12425000 | 2675000 | 7825000 | 2225000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (7600000) | (3075000) | (4850000) | (2325000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 4825000 | (400000) | 2975000 | (100000) |

---

The accompanying notes are an integral part of these financial statements.

397<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - January** | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - January** | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - July**  | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - July**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1627557) | $(1296002) | $(1242774) | $(864599)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 24988771 | 21909610 | 20097788 | 13993450  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (315254) | 6227954 | 4534574 | 10121351  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 23045960 | 26841562 | 23389588 | 23250202  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 100416215 | 89900205 | 246688700 | 123246663  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (81052005) | (72223125) | (198745135) | (163771833)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 52024 | 45450 | 44283 | 55880  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 19416234 | 17722530 | 47987848 | (40469290)  |
| **Net increase (decrease) in net assets** | 42462194 | 44564092 | 71377436 | (17219088)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 160428275 | 115864183 | 144404833 | 161623921  |
| &nbsp;&nbsp;&nbsp; End of the year | $202890469 | $160428275 | $215782269 | $144404833  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2575000 | 2600000 | 6900000 | 3775000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2000000) | (2000000) | (5550000) | (5300000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 575000 | 600000 | 1350000 | (1525000) |

---

The accompanying notes are an integral part of these financial statements.

398<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - June** | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - June** | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - March**  | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - March**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(736158) | $(571323) | $(1074004) | $(783753)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8840110 | 8739978 | 12966793 | 11448113  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2371470 | 4264531 | 7682875 | 4467664  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 10475422 | 12433186 | 19575664 | 15132024  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 140918085 | 58381675 | 195531020 | 131336658  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (98543440) | (53867508) | (116190995) | (109593045)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 37688 | 25707 | 60103 | 68204  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 42412333 | 4539874 | 79400128 | 21811817  |
| **Net increase (decrease) in net assets** | 52887755 | 16973060 | 98975792 | 36943841  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 91084896 | 74111836 | 81910943 | 44967102  |
| &nbsp;&nbsp;&nbsp; End of the year | $143972651 | $91084896 | $180886735 | $81910943  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 4025000 | 1850000 | 5400000 | 4075000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2875000) | (1750000) | (3150000) | (3250000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1150000 | 100000 | 2250000 | 825000 |

---

The accompanying notes are an integral part of these financial statements.

399<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - May** | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - May** | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - November**  | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - November**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(426797) | $(461340) | $(717806) | $(373991)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5995793 | 8729156 | 10705046 | 6989006  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 729517 | 2853483 | (610) | (1096)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 6298513 | 11121299 | 9986630 | 6613919  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 56178612 | 27887467 | 171764332 | 68120205  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (56619455) | (47791576) | (154812225) | (66035753)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 6435 | 15535 | 61259 | 15702  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (434408) | (19888574) | 17013366 | 2100154  |
| **Net increase (decrease) in net assets** | 5864105 | (8767275) | 26999996 | 8714073  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 52739911 | 61507186 | 39121633 | 30407560  |
| &nbsp;&nbsp;&nbsp; End of the year | $58604016 | $52739911 | $66121629 | $39121633  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1775000 | 900000 | 4850000 | 2100000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1750000) | (1550000) | (4250000) | (1975000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 25000 | (650000) | 600000 | 125000 |

---

The accompanying notes are an integral part of these financial statements.

400<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - October** | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - October** | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - September**  | **Innovator U.S. Equity Ultra Buffer** <br>**ETF - September**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1363755) | $(777621) | $(1217409) | $(655837)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 17706207 | 14064054 | 16612041 | 11385942  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2274934 | 402600 | 3070803 | 4859236  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 18617386 | 13689033 | 18465435 | 15589341  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 99359912 | 74464900 | 251185025 | 151832570  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (101014533) | (29422120) | (204017395) | (93753956)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 57857 | 30590 | 50929 | 62067  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (1596764) | 45073370 | 47218559 | 58140681  |
| **Net increase (decrease) in net assets** | 17020622 | 58762403 | 65683994 | 73730022  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 162057813 | 103295410 | 163286496 | 89556474  |
| &nbsp;&nbsp;&nbsp; End of the year | $179078435 | $162057813 | $228970490 | $163286496  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2725000 | 2150000 | 6650000 | 4450000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2775000) | (900000) | (5500000) | (2825000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (50000) | 1250000 | 1150000 | 1625000 |

---

The accompanying notes are an integral part of these financial statements.

401<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Small Cap 10** <br>**Buffer ETF - Quarterly** | **Innovator U.S. Small Cap 10** <br>**Buffer ETF - Quarterly** | **Innovator U.S. Small Cap Power** <br>**Buffer ETF - April**  | **Innovator U.S. Small Cap Power** <br>**Buffer ETF - April**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(477199) | &nbsp;&nbsp; $(19942) | $(1336904) | $(1278974)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 6438022 | &nbsp;&nbsp; 211289 | 829313 | 26458169  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1175480 | &nbsp;&nbsp; (528351) | 13929598 | 9264057  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 7136303 | &nbsp;&nbsp; (337004) | 13422007 | 34443252  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 281018660 | &nbsp;&nbsp; 122399425 | 222043475 | 166184638  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (333618610) | &nbsp;&nbsp; (6521355) | (252950428) | (173329973)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 54707 | &nbsp;&nbsp; 56648 | 43483 | 64354  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (52545243) | &nbsp;&nbsp; 115934718 | (30863470) | (7080981)  |
| **Net increase (decrease) in net assets** | (45408940) | &nbsp;&nbsp; 115597714 | (17441463) | 27362271  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 115597714 | &nbsp;&nbsp; — | 179968519 | 152606248  |
| &nbsp;&nbsp;&nbsp; End of the period | $70188774 | &nbsp;&nbsp; $115597714 | $162527056 | $179968519  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 10300000 | &nbsp;&nbsp; 4675000 | 7175000 | 5400000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (12300000) | &nbsp;&nbsp; (250000) | (8050000) | (5750000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (2000000) | &nbsp;&nbsp; 4425000 | (875000) | (350000) |

---

<sup>(a)</sup> Inception date of the Fund was June 28, 2024.

The accompanying notes are an integral part of these financial statements.

402<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Small Cap** <br>**Power Buffer ETF - August** | **Innovator U.S. Small Cap** <br>**Power Buffer ETF - August** | **Innovator U.S.** <br>**Small Cap Power** <br>**Buffer ETF -** <br>**December** | **Innovator U.S.** <br>**Small Cap Power** <br>**Buffer ETF -** <br>**February**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Period Ended**<br>**October 31, 2025<sup>(b)</sup>**  | **Period Ended** <br>**October 31, 2025<sup>(c)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(858799) | &nbsp;&nbsp; $(79252) | &nbsp;&nbsp; $(399480) | &nbsp;&nbsp; $(155526)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3381571) | &nbsp;&nbsp; (948867) | &nbsp;&nbsp; (534251) | &nbsp;&nbsp; 1924386  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 7696621 | &nbsp;&nbsp; (480684) | &nbsp;&nbsp; 1084612 | &nbsp;&nbsp; 1009144  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 3456251 | &nbsp;&nbsp; (1508803) | &nbsp;&nbsp; 150881 | &nbsp;&nbsp; 2778004  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 224363163 | &nbsp;&nbsp; 142918575 | &nbsp;&nbsp; 100319215 | &nbsp;&nbsp; 93929190  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (165873362) | &nbsp;&nbsp; (72690103) | &nbsp;&nbsp; (25624563) | &nbsp;&nbsp; (54734005)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 43728 | &nbsp;&nbsp; 70838 | &nbsp;&nbsp; 47156 | &nbsp;&nbsp; 47796  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 58533529 | &nbsp;&nbsp; 70299310 | &nbsp;&nbsp; 74741808 | &nbsp;&nbsp; 39242981  |
| **Net increase (decrease) in net assets** | 61989780 | &nbsp;&nbsp; 68790507 | &nbsp;&nbsp; 74892689 | &nbsp;&nbsp; 42020985  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 68790507 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $130780287 | &nbsp;&nbsp; $68790507 | &nbsp;&nbsp; $74892689 | &nbsp;&nbsp; $42020985  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 8850000 | &nbsp;&nbsp; 5825000 | &nbsp;&nbsp; 4050000 | &nbsp;&nbsp; 3650000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (6650000) | &nbsp;&nbsp; (3050000) | &nbsp;&nbsp; (1125000) | &nbsp;&nbsp; (2100000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 2200000 | &nbsp;&nbsp; 2775000 | &nbsp;&nbsp; 2925000 | &nbsp;&nbsp; 1550000 |

---

<sup>(a)</sup> Inception date of the Fund was July 31, 2024.

<sup>(b)</sup> Inception date of the Fund was November 29, 2024.

<sup>(c)</sup> Inception date of the Fund was January 31, 2025.

The accompanying notes are an integral part of these financial statements.

403<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Small Cap Power Buffer** <br>**ETF - January** | **Innovator U.S. Small Cap Power Buffer** <br>**ETF - January** | **Innovator U.S. Small Cap Power Buffer** <br>**ETF - July**  | **Innovator U.S. Small Cap Power Buffer** <br>**ETF - July**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2441027) | $(2795281) | $(1151774) | $(1220104)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 23882249 | 29615020 | 6320024 | 13518514  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (661125) | 28586578 | 4312650 | 19335926  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 20780097 | 55406317 | 9480900 | 31634336  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 380007835 | 319712498 | 140657120 | 50370910  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (518432328) | (114577645) | (146051460) | (110570810)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 44011 | 166299 | 45560 | 28291  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (138380482) | 205301152 | (5348780) | (60171609)  |
| **Net increase (decrease) in net assets** | (117600385) | 260707469 | 4132120 | (28537273)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 401272073 | 140564604 | 154807732 | 183345005  |
| &nbsp;&nbsp;&nbsp; End of the year | $283671688 | $401272073 | $158939852 | $154807732  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 9800000 | 9450000 | 4850000 | 1850000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (13775000) | (3300000) | (5125000) | (4100000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (3975000) | 6150000 | (275000) | (2250000) |

---

The accompanying notes are an integral part of these financial statements.

404<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Small Cap Power** <br>**Buffer ETF - June** | **Innovator U.S. Small Cap Power** <br>**Buffer ETF - June** | **Innovator U.S.** <br>**Small Cap Power** <br>**Buffer ETF -** <br>**March** | **Innovator U.S.** <br>**Small Cap Power** <br>**Buffer ETF -** <br>**May**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Period Ended** <br>**October 31, 2025<sup>(b)</sup>** | **Period Ended** <br>**October 31, 2025<sup>(c)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(138012) | &nbsp;&nbsp; $(33304) | &nbsp;&nbsp;&nbsp; $(61841) | &nbsp;&nbsp; $(136653)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (118392) | &nbsp;&nbsp; 150984 | &nbsp;&nbsp;&nbsp; 401929 | &nbsp;&nbsp; 2634411  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1319258 | &nbsp;&nbsp; 483810 | &nbsp;&nbsp;&nbsp; 1217695 | &nbsp;&nbsp; 1534233  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1062854 | &nbsp;&nbsp; 601490 | &nbsp;&nbsp;&nbsp; 1557783 | &nbsp;&nbsp; 4031991  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 59236518 | &nbsp;&nbsp; 11947520 | &nbsp;&nbsp;&nbsp; 12489943 | &nbsp;&nbsp; 40784513  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (50917788) | &nbsp;&nbsp; (1971345) | &nbsp;&nbsp;&nbsp; (2094533) | &nbsp;&nbsp; (24637230)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 14274 | &nbsp;&nbsp; 5340 | &nbsp;&nbsp;&nbsp; 5705 | &nbsp;&nbsp; 21769  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 8333004 | &nbsp;&nbsp; 9981515 | &nbsp;&nbsp;&nbsp; 10401115 | &nbsp;&nbsp; 16169052  |
| **Net increase (decrease) in net assets** | 9395858 | &nbsp;&nbsp; 10583005 | &nbsp;&nbsp;&nbsp; 11958898 | &nbsp;&nbsp; 20201043  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 10583005 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $19978863 | &nbsp;&nbsp; $10583005 | &nbsp;&nbsp;&nbsp; $11958898 | &nbsp;&nbsp; $20201043  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2325000 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 1625000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2000000) | &nbsp;&nbsp; (75000) | &nbsp;&nbsp;&nbsp; (75000) | &nbsp;&nbsp; (900000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 325000 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 725000 |

---

<sup>(a)</sup> Inception date of the Fund was May 31, 2024.

<sup>(b)</sup> Inception date of the Fund was February 28, 2025.

<sup>(c)</sup> Inception date of the Fund was April 30, 2025.

The accompanying notes are an integral part of these financial statements.

405<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Small Cap Power** <br>**Buffer ETF - November** | **Innovator U.S. Small Cap Power** <br>**Buffer ETF - November** | **Innovator U.S. Small Cap Power** <br>**Buffer ETF - October**  | **Innovator U.S. Small Cap Power** <br>**Buffer ETF - October**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(144138) | &nbsp;&nbsp;&nbsp; $— | $(913751) | $(680218)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1399505 | &nbsp;&nbsp;&nbsp; — | 8945466 | 15176305  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2700) | &nbsp;&nbsp;&nbsp; (368) | 2798419 | 1182572  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1252667 | &nbsp;&nbsp;&nbsp; (368) | 10830134 | 15678659  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 42900608 | &nbsp;&nbsp;&nbsp; 1253500 | 124657835 | 83665480  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (27111628) | &nbsp;&nbsp;&nbsp; — | (146631688) | (17139555)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 9641 | &nbsp;&nbsp;&nbsp; — | 17321 | 25863  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 15798621 | &nbsp;&nbsp;&nbsp; 1253500 | (21956532) | 66551788  |
| **Net increase (decrease) in net assets** | 17051288 | &nbsp;&nbsp;&nbsp; 1253132 | (11126398) | 82230447  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 1253132 | &nbsp;&nbsp;&nbsp; — | 148209086 | 65978639  |
| &nbsp;&nbsp;&nbsp; End of the period | $18304420 | &nbsp;&nbsp;&nbsp; $1253132 | $137082688 | $148209086  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1600000 | &nbsp;&nbsp;&nbsp; 50000 | 3775000 | 2850000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1000000) | &nbsp;&nbsp;&nbsp; — | (4600000) | (600000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 600000 | &nbsp;&nbsp;&nbsp; 50000 | (825000) | 2250000 |

---

<sup>(a)</sup> Inception date of the Fund was October 31, 2024.

The accompanying notes are an integral part of these financial statements.

406<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Innovator U.S. Small Cap Power** <br>**Buffer ETF - September** | **Innovator U.S. Small Cap Power** <br>**Buffer ETF - September** | **Innovator** <br>**Uncapped Bitcoin** <br>**20 Floor ETF -** <br>**Quarterly**  |
|  | **Year Ended** <br>**October 31, 2025** | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>** | **Period Ended** <br>**October 31, 2025<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(136333) | &nbsp;&nbsp; $(19259) | &nbsp;&nbsp; $190810  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1582127 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1653622  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 559038 | &nbsp;&nbsp; 146158 | &nbsp;&nbsp; (786522)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 2004832 | &nbsp;&nbsp; 126899 | &nbsp;&nbsp; 1057910  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 42348998 | &nbsp;&nbsp; 18852020 | &nbsp;&nbsp; 49043470  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (33560038) | &nbsp;&nbsp; — | &nbsp;&nbsp; (29141300)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 11852 | &nbsp;&nbsp; 8793 | &nbsp;&nbsp; 10066  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 8800812 | &nbsp;&nbsp; 18860813 | &nbsp;&nbsp; 19912236  |
| **Net increase (decrease) in net assets** | 10805644 | &nbsp;&nbsp; 18987712 | &nbsp;&nbsp; 20970146  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 18987712 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $29793356 | &nbsp;&nbsp; $18987712 | &nbsp;&nbsp; $20970146  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1600000 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 1900000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1275000) | &nbsp;&nbsp; — | &nbsp;&nbsp; (1100000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 325000 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 800000 |

---

<sup>(a)</sup> Inception date of the Fund was August 30, 2024.

<sup>(b)</sup> Inception date of the Fund was February 5, 2025.

The accompanying notes are an integral part of these financial statements.

407<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  |
| <br>**For the Year Ended** | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup> | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>** | **Total from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Return of** <br>**Capital** | **Total** <br>**Distributions**  |
| Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  | Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  | Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  | Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  | Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  | Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  | Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  | Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  | Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  |
| 10/31/2025 | $20.30 | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $18.66 | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $19.85 | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp; (1.08) | &nbsp;&nbsp;&nbsp; (1.24) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $23.72 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; (3.74) | &nbsp;&nbsp;&nbsp; (3.91) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $24.43 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp; (0.75) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator 20+ Year Treasury Bond 9 Buffer ETF - July  | Innovator 20+ Year Treasury Bond 9 Buffer ETF - July  | Innovator 20+ Year Treasury Bond 9 Buffer ETF - July  | Innovator 20+ Year Treasury Bond 9 Buffer ETF - July  | Innovator 20+ Year Treasury Bond 9 Buffer ETF - July  | Innovator 20+ Year Treasury Bond 9 Buffer ETF - July  | Innovator 20+ Year Treasury Bond 9 Buffer ETF - July  | Innovator 20+ Year Treasury Bond 9 Buffer ETF - July  | Innovator 20+ Year Treasury Bond 9 Buffer ETF - July  |
| 10/31/2025 | $20.17 | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $17.80 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $18.67 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp; (0.88) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $24.46 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; (5.67) | &nbsp;&nbsp;&nbsp; (5.84) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $24.32 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Defined Wealth Shield ETF  | Innovator Defined Wealth Shield ETF  | Innovator Defined Wealth Shield ETF  | Innovator Defined Wealth Shield ETF  | Innovator Defined Wealth Shield ETF  | Innovator Defined Wealth Shield ETF  | Innovator Defined Wealth Shield ETF  | Innovator Defined Wealth Shield ETF  | Innovator Defined Wealth Shield ETF  |
| 10/31/2025 | $30.84 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $27.78 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $26.17 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $25.86 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(g)</sup> | $25.69 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Emerging Markets 10 Buffer ETF - Quarterly  | Innovator Emerging Markets 10 Buffer ETF - Quarterly  | Innovator Emerging Markets 10 Buffer ETF - Quarterly  | Innovator Emerging Markets 10 Buffer ETF - Quarterly  | Innovator Emerging Markets 10 Buffer ETF - Quarterly  | Innovator Emerging Markets 10 Buffer ETF - Quarterly  | Innovator Emerging Markets 10 Buffer ETF - Quarterly  | Innovator Emerging Markets 10 Buffer ETF - Quarterly  | Innovator Emerging Markets 10 Buffer ETF - Quarterly  |
| 10/31/2025 | $25.54 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(h)</sup> | $24.99 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Emerging Markets Power Buffer ETF - April  | Innovator Emerging Markets Power Buffer ETF - April  | Innovator Emerging Markets Power Buffer ETF - April  | Innovator Emerging Markets Power Buffer ETF - April  | Innovator Emerging Markets Power Buffer ETF - April  | Innovator Emerging Markets Power Buffer ETF - April  | Innovator Emerging Markets Power Buffer ETF - April  | Innovator Emerging Markets Power Buffer ETF - April  | Innovator Emerging Markets Power Buffer ETF - April  |
| 10/31/2025 | $26.60 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $23.63 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $21.51 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $24.75 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (3.04) | &nbsp;&nbsp;&nbsp; (3.25) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(j)</sup> | $24.96 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Emerging Markets Power Buffer ETF - January  | Innovator Emerging Markets Power Buffer ETF - January  | Innovator Emerging Markets Power Buffer ETF - January  | Innovator Emerging Markets Power Buffer ETF - January  | Innovator Emerging Markets Power Buffer ETF - January  | Innovator Emerging Markets Power Buffer ETF - January  | Innovator Emerging Markets Power Buffer ETF - January  | Innovator Emerging Markets Power Buffer ETF - January  | Innovator Emerging Markets Power Buffer ETF - January  |
| 10/31/2025 | $30.88 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $26.91 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $24.58 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $29.95 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; (5.13) | &nbsp;&nbsp;&nbsp; (5.38) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.26 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Emerging Markets Power Buffer ETF - July  | Innovator Emerging Markets Power Buffer ETF - July  | Innovator Emerging Markets Power Buffer ETF - July  | Innovator Emerging Markets Power Buffer ETF - July  | Innovator Emerging Markets Power Buffer ETF - July  | Innovator Emerging Markets Power Buffer ETF - July  | Innovator Emerging Markets Power Buffer ETF - July  | Innovator Emerging Markets Power Buffer ETF - July  | Innovator Emerging Markets Power Buffer ETF - July  |
| 10/31/2025 | $25.19 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $22.09 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $21.22 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $25.77 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (4.36) | &nbsp;&nbsp;&nbsp; (4.57) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $25.60 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on pages 438–440.

The accompanying notes are an integral part of these financial statements.

408<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Year**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Year** <br>**(in Thousands)**  | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.03  | &nbsp;&nbsp; $20.36  | &nbsp;&nbsp;&nbsp;&nbsp; 0.29%  | $31551  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $20.30  | &nbsp;&nbsp;&nbsp;&nbsp; 8.79%  | $76624  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.05  | &nbsp;&nbsp; $18.66  | &nbsp;&nbsp;&nbsp;&nbsp; -6.01%  | $10262  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04  | &nbsp;&nbsp; $19.85  | &nbsp;&nbsp;&nbsp;&nbsp; -16.32%  | $20347  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04  | &nbsp;&nbsp; $23.72  | &nbsp;&nbsp;&nbsp;&nbsp; -2.87%  | $9489  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $20.27  | &nbsp;&nbsp;&nbsp;&nbsp; 0.53%  | $28383  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $20.17  | &nbsp;&nbsp;&nbsp;&nbsp; 13.28%  | $15125  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $17.80  | &nbsp;&nbsp;&nbsp;&nbsp; -4.64%  | $77440  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.05  | &nbsp;&nbsp; $18.67  | &nbsp;&nbsp;&nbsp;&nbsp; -23.67%  | $32204  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $24.46  | &nbsp;&nbsp;&nbsp;&nbsp; 0.55%  | $4892  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.72)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $33.01  | &nbsp;&nbsp;&nbsp;&nbsp; 7.03%  | $1885774  | &nbsp;&nbsp;&nbsp;&nbsp; 0.69%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.68)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $30.84  | &nbsp;&nbsp;&nbsp;&nbsp; 11.01%  | $900618  | &nbsp;&nbsp;&nbsp;&nbsp; 0.69%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.68)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $27.78  | &nbsp;&nbsp;&nbsp;&nbsp; 6.17%  | $490391  | &nbsp;&nbsp;&nbsp;&nbsp; 0.69%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.69)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $26.17  | &nbsp;&nbsp;&nbsp;&nbsp; 1.21%  | $256462  | &nbsp;&nbsp;&nbsp;&nbsp; 0.69%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.69)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $25.86  | &nbsp;&nbsp;&nbsp;&nbsp; 0.65%  | $29088  | &nbsp;&nbsp;&nbsp;&nbsp; 0.69%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.69)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $28.42  | &nbsp;&nbsp;&nbsp;&nbsp; 11.28%  | $15634  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $25.54  | &nbsp;&nbsp;&nbsp;&nbsp; 2.25%  | $10217  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $29.35  | &nbsp;&nbsp;&nbsp;&nbsp; 10.35%  | $77049  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $26.60  | &nbsp;&nbsp;&nbsp;&nbsp; 12.56%  | $66497  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $23.63  | &nbsp;&nbsp;&nbsp;&nbsp; 9.84%  | $58485  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $21.51  | &nbsp;&nbsp;&nbsp;&nbsp; -13.08%  | $30656  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $24.75  | &nbsp;&nbsp;&nbsp;&nbsp; -0.84%  | $34031  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $33.41  | &nbsp;&nbsp;&nbsp;&nbsp; 8.19%  | $100223  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $30.88  | &nbsp;&nbsp;&nbsp;&nbsp; 14.74%  | $128148  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04  | &nbsp;&nbsp; $26.91  | &nbsp;&nbsp;&nbsp;&nbsp; 9.50%  | $264407  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.87)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $24.58  | &nbsp;&nbsp;&nbsp;&nbsp; -17.93%  | $55915  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $29.95  | &nbsp;&nbsp;&nbsp;&nbsp; 9.87%  | $106320  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $29.22  | &nbsp;&nbsp;&nbsp;&nbsp; 16.01%  | $148295  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $25.19  | &nbsp;&nbsp;&nbsp;&nbsp; 14.00%  | $86896  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $22.09  | &nbsp;&nbsp;&nbsp;&nbsp; 4.12%  | $101081  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $21.22  | &nbsp;&nbsp;&nbsp;&nbsp; -17.66%  | $54643  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $25.77  | &nbsp;&nbsp;&nbsp;&nbsp; 0.68%  | $41237  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

409<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  |
| <br>**For the Year Ended** | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup> | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>** | **Total from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Return of** <br>**Capital** | **Total** <br>**Distributions**  |
| Innovator Emerging Markets Power Buffer ETF - October  | Innovator Emerging Markets Power Buffer ETF - October  | Innovator Emerging Markets Power Buffer ETF - October  | Innovator Emerging Markets Power Buffer ETF - October  | Innovator Emerging Markets Power Buffer ETF - October  | Innovator Emerging Markets Power Buffer ETF - October  | Innovator Emerging Markets Power Buffer ETF - October  | Innovator Emerging Markets Power Buffer ETF - October  | Innovator Emerging Markets Power Buffer ETF - October  |
| 10/31/2025  | $26.29  | &nbsp;&nbsp;&nbsp; (0.24)  | &nbsp;&nbsp;&nbsp;&nbsp;5.32  | &nbsp;&nbsp;&nbsp;&nbsp;5.08  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024  | $21.99  | &nbsp;&nbsp;&nbsp; (0.21)  | &nbsp;&nbsp;&nbsp;&nbsp;4.51  | &nbsp;&nbsp;&nbsp;&nbsp;4.30  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023  | $20.50  | &nbsp;&nbsp;&nbsp; (0.20)  | &nbsp;&nbsp;&nbsp;&nbsp;1.68  | &nbsp;&nbsp;&nbsp;&nbsp;1.48  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022  | $25.23  | &nbsp;&nbsp;&nbsp; (0.20)  | &nbsp;&nbsp;&nbsp;&nbsp; (4.56)  | &nbsp;&nbsp;&nbsp; (4.76)  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(k)</sup>  | $24.99  | &nbsp;&nbsp;&nbsp; (0.02)  | &nbsp;&nbsp;&nbsp;&nbsp;0.26  | &nbsp;&nbsp;&nbsp;&nbsp;0.24  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Innovator Equity Defined Protection ETF – 1 Yr April  | Innovator Equity Defined Protection ETF – 1 Yr April  | Innovator Equity Defined Protection ETF – 1 Yr April  | Innovator Equity Defined Protection ETF – 1 Yr April  | Innovator Equity Defined Protection ETF – 1 Yr April  | Innovator Equity Defined Protection ETF – 1 Yr April  | Innovator Equity Defined Protection ETF – 1 Yr April  | Innovator Equity Defined Protection ETF – 1 Yr April  | Innovator Equity Defined Protection ETF – 1 Yr April  |
| 10/31/2025<sup>(l)</sup> | $24.42 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 1 Yr August  | Innovator Equity Defined Protection ETF - 1 Yr August  | Innovator Equity Defined Protection ETF - 1 Yr August  | Innovator Equity Defined Protection ETF - 1 Yr August  | Innovator Equity Defined Protection ETF - 1 Yr August  | Innovator Equity Defined Protection ETF - 1 Yr August  | Innovator Equity Defined Protection ETF - 1 Yr August  | Innovator Equity Defined Protection ETF - 1 Yr August  | Innovator Equity Defined Protection ETF - 1 Yr August  |
| 10/31/2025 | $24.59 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(m)</sup> | $24.05 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 1 Yr December  | Innovator Equity Defined Protection ETF - 1 Yr December  | Innovator Equity Defined Protection ETF - 1 Yr December  | Innovator Equity Defined Protection ETF - 1 Yr December  | Innovator Equity Defined Protection ETF - 1 Yr December  | Innovator Equity Defined Protection ETF - 1 Yr December  | Innovator Equity Defined Protection ETF - 1 Yr December  | Innovator Equity Defined Protection ETF - 1 Yr December  | Innovator Equity Defined Protection ETF - 1 Yr December  |
| 10/31/2025<sup>(n)</sup> | $23.92 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 1 Yr February  | Innovator Equity Defined Protection ETF - 1 Yr February  | Innovator Equity Defined Protection ETF - 1 Yr February  | Innovator Equity Defined Protection ETF - 1 Yr February  | Innovator Equity Defined Protection ETF - 1 Yr February  | Innovator Equity Defined Protection ETF - 1 Yr February  | Innovator Equity Defined Protection ETF - 1 Yr February  | Innovator Equity Defined Protection ETF - 1 Yr February  | Innovator Equity Defined Protection ETF - 1 Yr February  |
| 10/31/2025<sup>(o)</sup> | $23.89 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 1 Yr January  | Innovator Equity Defined Protection ETF - 1 Yr January  | Innovator Equity Defined Protection ETF - 1 Yr January  | Innovator Equity Defined Protection ETF - 1 Yr January  | Innovator Equity Defined Protection ETF - 1 Yr January  | Innovator Equity Defined Protection ETF - 1 Yr January  | Innovator Equity Defined Protection ETF - 1 Yr January  | Innovator Equity Defined Protection ETF - 1 Yr January  | Innovator Equity Defined Protection ETF - 1 Yr January  |
| 10/31/2025<sup>(p)</sup> | $25.59 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 1 Yr July  | Innovator Equity Defined Protection ETF - 1 Yr July  | Innovator Equity Defined Protection ETF - 1 Yr July  | Innovator Equity Defined Protection ETF - 1 Yr July  | Innovator Equity Defined Protection ETF - 1 Yr July  | Innovator Equity Defined Protection ETF - 1 Yr July  | Innovator Equity Defined Protection ETF - 1 Yr July  | Innovator Equity Defined Protection ETF - 1 Yr July  | Innovator Equity Defined Protection ETF - 1 Yr July  |
| 10/31/2025 | $26.72 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(h)</sup> | $25.92 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 1 Yr June  | Innovator Equity Defined Protection ETF - 1 Yr June  | Innovator Equity Defined Protection ETF - 1 Yr June  | Innovator Equity Defined Protection ETF - 1 Yr June  | Innovator Equity Defined Protection ETF - 1 Yr June  | Innovator Equity Defined Protection ETF - 1 Yr June  | Innovator Equity Defined Protection ETF - 1 Yr June  | Innovator Equity Defined Protection ETF - 1 Yr June  | Innovator Equity Defined Protection ETF - 1 Yr June  |
| 10/31/2025<sup>(q)</sup> | $25.73 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 1 Yr March  | Innovator Equity Defined Protection ETF - 1 Yr March  | Innovator Equity Defined Protection ETF - 1 Yr March  | Innovator Equity Defined Protection ETF - 1 Yr March  | Innovator Equity Defined Protection ETF - 1 Yr March  | Innovator Equity Defined Protection ETF - 1 Yr March  | Innovator Equity Defined Protection ETF - 1 Yr March  | Innovator Equity Defined Protection ETF - 1 Yr March  | Innovator Equity Defined Protection ETF - 1 Yr March  |
| 10/31/2025<sup>(r)</sup> | $25.94 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 1 Yr May  | Innovator Equity Defined Protection ETF - 1 Yr May  | Innovator Equity Defined Protection ETF - 1 Yr May  | Innovator Equity Defined Protection ETF - 1 Yr May  | Innovator Equity Defined Protection ETF - 1 Yr May  | Innovator Equity Defined Protection ETF - 1 Yr May  | Innovator Equity Defined Protection ETF - 1 Yr May  | Innovator Equity Defined Protection ETF - 1 Yr May  | Innovator Equity Defined Protection ETF - 1 Yr May  |
| 10/31/2025<sup>(s)</sup> | $24.21 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; 1.05 | &nbsp;&nbsp;&nbsp; 0.95 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 1 Yr November  | Innovator Equity Defined Protection ETF - 1 Yr November  | Innovator Equity Defined Protection ETF - 1 Yr November  | Innovator Equity Defined Protection ETF - 1 Yr November  | Innovator Equity Defined Protection ETF - 1 Yr November  | Innovator Equity Defined Protection ETF - 1 Yr November  | Innovator Equity Defined Protection ETF - 1 Yr November  | Innovator Equity Defined Protection ETF - 1 Yr November  | Innovator Equity Defined Protection ETF - 1 Yr November  |
| 10/31/2025 | $24.84 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(t)</sup> | $24.83 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 1 Yr October  | Innovator Equity Defined Protection ETF - 1 Yr October  | Innovator Equity Defined Protection ETF - 1 Yr October  | Innovator Equity Defined Protection ETF - 1 Yr October  | Innovator Equity Defined Protection ETF - 1 Yr October  | Innovator Equity Defined Protection ETF - 1 Yr October  | Innovator Equity Defined Protection ETF - 1 Yr October  | Innovator Equity Defined Protection ETF - 1 Yr October  | Innovator Equity Defined Protection ETF - 1 Yr October  |
| 10/31/2025 | $25.01 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(u)</sup> | $25.05 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 1 Yr September  | Innovator Equity Defined Protection ETF - 1 Yr September  | Innovator Equity Defined Protection ETF - 1 Yr September  | Innovator Equity Defined Protection ETF - 1 Yr September  | Innovator Equity Defined Protection ETF - 1 Yr September  | Innovator Equity Defined Protection ETF - 1 Yr September  | Innovator Equity Defined Protection ETF - 1 Yr September  | Innovator Equity Defined Protection ETF - 1 Yr September  | Innovator Equity Defined Protection ETF - 1 Yr September  |
| 10/31/2025 | $24.82 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(v)</sup> | $24.61 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 2 Yr to April 2026  | Innovator Equity Defined Protection ETF - 2 Yr to April 2026  | Innovator Equity Defined Protection ETF - 2 Yr to April 2026  | Innovator Equity Defined Protection ETF - 2 Yr to April 2026  | Innovator Equity Defined Protection ETF - 2 Yr to April 2026  | Innovator Equity Defined Protection ETF - 2 Yr to April 2026  | Innovator Equity Defined Protection ETF - 2 Yr to April 2026  | Innovator Equity Defined Protection ETF - 2 Yr to April 2026  | Innovator Equity Defined Protection ETF - 2 Yr to April 2026  |
| 10/31/2025 | $26.08 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(w)</sup> | $24.72 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on pages 438–440.

The accompanying notes are an integral part of these financial statements.

410<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Year**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Year** <br>**(in Thousands)**  | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.01  | &nbsp;&nbsp; $31.38  | &nbsp;&nbsp;&nbsp;&nbsp; 19.37%  | &nbsp;&nbsp; $105921  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $26.29  | &nbsp;&nbsp;&nbsp;&nbsp; 19.58%  | &nbsp;&nbsp; $53242  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $21.99  | &nbsp;&nbsp;&nbsp;&nbsp; 7.24%  | &nbsp;&nbsp; $42875  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $20.50  | &nbsp;&nbsp;&nbsp;&nbsp; -18.75%  | &nbsp;&nbsp; $25628  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $25.23  | &nbsp;&nbsp;&nbsp;&nbsp; 0.98%  | &nbsp;&nbsp; $5047  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $25.54  | &nbsp;&nbsp;&nbsp;&nbsp; 4.59%  | &nbsp;&nbsp; $38951  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $26.53  | &nbsp;&nbsp;&nbsp;&nbsp; 7.87%  | &nbsp;&nbsp; $118059  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $24.59  | &nbsp;&nbsp;&nbsp;&nbsp; 2.27%  | &nbsp;&nbsp; $81159  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $25.46  | &nbsp;&nbsp;&nbsp;&nbsp; 6.41%  | &nbsp;&nbsp; $99944  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $25.09  | &nbsp;&nbsp;&nbsp;&nbsp; 4.99%  | &nbsp;&nbsp; $117303  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $27.04  | &nbsp;&nbsp;&nbsp;&nbsp; 5.63%  | &nbsp;&nbsp; $54756  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $28.86  | &nbsp;&nbsp;&nbsp;&nbsp; 8.01%  | &nbsp;&nbsp; $154408  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $26.72  | &nbsp;&nbsp;&nbsp;&nbsp; 3.10%  | &nbsp;&nbsp; $115567  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $26.60  | &nbsp;&nbsp;&nbsp;&nbsp; 3.34%  | &nbsp;&nbsp; $53866  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $27.20  | &nbsp;&nbsp;&nbsp;&nbsp; 4.81%  | &nbsp;&nbsp; $95875  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $25.17  | &nbsp;&nbsp;&nbsp;&nbsp; 3.97%  | &nbsp;&nbsp; $36495  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $26.51  | &nbsp;&nbsp;&nbsp;&nbsp; 6.75%  | &nbsp;&nbsp; $45738  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $24.84  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(f)</sup>  | &nbsp;&nbsp; $1242  | &nbsp;&nbsp;&nbsp;&nbsp; —%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $26.68  | &nbsp;&nbsp;&nbsp;&nbsp; 6.68%  | &nbsp;&nbsp; $130738  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $25.01  | &nbsp;&nbsp;&nbsp;&nbsp; -0.20%  | &nbsp;&nbsp; $69401  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.80)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $26.60  | &nbsp;&nbsp;&nbsp;&nbsp; 7.19%  | &nbsp;&nbsp; $148318  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $24.82  | &nbsp;&nbsp;&nbsp;&nbsp; 0.86%  | &nbsp;&nbsp; $109824  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.75)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $28.06  | &nbsp;&nbsp;&nbsp;&nbsp; 7.59%  | &nbsp;&nbsp; $57528  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; 2%  |
| 0.02  | &nbsp;&nbsp; $26.08  | &nbsp;&nbsp;&nbsp;&nbsp; 5.51%  | &nbsp;&nbsp; $71723  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.76)%  | &nbsp;&nbsp;&nbsp;&nbsp; 14% |

---

The accompanying notes are an integral part of these financial statements.

411<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS:**  | **INVESTMENT OPERATIONS:**  | **INVESTMENT OPERATIONS:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  |
| <br>**For the Year Ended**  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**  | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup>  | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>**  | **Total from** <br>**Investment** <br>**Operations**  | **Net** <br>**Investment** <br>**Income**  | **Net** <br>**Realized** <br>**Gains**  | **Return of** <br>**Capital**  | **Total** <br>**Distributions**  |
| Innovator Equity Defined Protection ETF – 2 Yr to April 2027  | Innovator Equity Defined Protection ETF – 2 Yr to April 2027  | Innovator Equity Defined Protection ETF – 2 Yr to April 2027  | Innovator Equity Defined Protection ETF – 2 Yr to April 2027  | Innovator Equity Defined Protection ETF – 2 Yr to April 2027  | Innovator Equity Defined Protection ETF – 2 Yr to April 2027  | Innovator Equity Defined Protection ETF – 2 Yr to April 2027  | Innovator Equity Defined Protection ETF – 2 Yr to April 2027  | Innovator Equity Defined Protection ETF – 2 Yr to April 2027  |
| 10/31/2025<sup>(l)</sup> | $24.23 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 2 Yr to January 2026  | Innovator Equity Defined Protection ETF - 2 Yr to January 2026  | Innovator Equity Defined Protection ETF - 2 Yr to January 2026  | Innovator Equity Defined Protection ETF - 2 Yr to January 2026  | Innovator Equity Defined Protection ETF - 2 Yr to January 2026  | Innovator Equity Defined Protection ETF - 2 Yr to January 2026  | Innovator Equity Defined Protection ETF - 2 Yr to January 2026  | Innovator Equity Defined Protection ETF - 2 Yr to January 2026  | Innovator Equity Defined Protection ETF - 2 Yr to January 2026  |
| 10/31/2025 | $25.98 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(x)</sup> | $24.33 | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 2 Yr to January 2027  | Innovator Equity Defined Protection ETF - 2 Yr to January 2027  | Innovator Equity Defined Protection ETF - 2 Yr to January 2027  | Innovator Equity Defined Protection ETF - 2 Yr to January 2027  | Innovator Equity Defined Protection ETF - 2 Yr to January 2027  | Innovator Equity Defined Protection ETF - 2 Yr to January 2027  | Innovator Equity Defined Protection ETF - 2 Yr to January 2027  | Innovator Equity Defined Protection ETF - 2 Yr to January 2027  | Innovator Equity Defined Protection ETF - 2 Yr to January 2027  |
| 10/31/2025<sup>(p)</sup> | $25.39 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 2 Yr to July 2026  | Innovator Equity Defined Protection ETF - 2 Yr to July 2026  | Innovator Equity Defined Protection ETF - 2 Yr to July 2026  | Innovator Equity Defined Protection ETF - 2 Yr to July 2026  | Innovator Equity Defined Protection ETF - 2 Yr to July 2026  | Innovator Equity Defined Protection ETF - 2 Yr to July 2026  | Innovator Equity Defined Protection ETF - 2 Yr to July 2026  | Innovator Equity Defined Protection ETF - 2 Yr to July 2026  | Innovator Equity Defined Protection ETF - 2 Yr to July 2026  |
| 10/31/2025 | $26.67 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(h)</sup> | $25.72 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 2 Yr to July 2027  | Innovator Equity Defined Protection ETF - 2 Yr to July 2027  | Innovator Equity Defined Protection ETF - 2 Yr to July 2027  | Innovator Equity Defined Protection ETF - 2 Yr to July 2027  | Innovator Equity Defined Protection ETF - 2 Yr to July 2027  | Innovator Equity Defined Protection ETF - 2 Yr to July 2027  | Innovator Equity Defined Protection ETF - 2 Yr to July 2027  | Innovator Equity Defined Protection ETF - 2 Yr to July 2027  | Innovator Equity Defined Protection ETF - 2 Yr to July 2027  |
| 10/31/2025 | $27.47 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $24.27 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023<sup>(y)</sup> | $24.86 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp; (0.61) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 2 Yr to October 2026  | Innovator Equity Defined Protection ETF - 2 Yr to October 2026  | Innovator Equity Defined Protection ETF - 2 Yr to October 2026  | Innovator Equity Defined Protection ETF - 2 Yr to October 2026  | Innovator Equity Defined Protection ETF - 2 Yr to October 2026  | Innovator Equity Defined Protection ETF - 2 Yr to October 2026  | Innovator Equity Defined Protection ETF - 2 Yr to October 2026  | Innovator Equity Defined Protection ETF - 2 Yr to October 2026  | Innovator Equity Defined Protection ETF - 2 Yr to October 2026  |
| 10/31/2025 | $24.68 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(u)</sup> | $24.85 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 2 Yr to October 2027  | Innovator Equity Defined Protection ETF - 2 Yr to October 2027  | Innovator Equity Defined Protection ETF - 2 Yr to October 2027  | Innovator Equity Defined Protection ETF - 2 Yr to October 2027  | Innovator Equity Defined Protection ETF - 2 Yr to October 2027  | Innovator Equity Defined Protection ETF - 2 Yr to October 2027  | Innovator Equity Defined Protection ETF - 2 Yr to October 2027  | Innovator Equity Defined Protection ETF - 2 Yr to October 2027  | Innovator Equity Defined Protection ETF - 2 Yr to October 2027  |
| 10/31/2025<sup>(z)</sup> | $26.23 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct  | Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct  | Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct  | Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct  | Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct  | Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct  | Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct  | Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct  | Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct  |
| 10/31/2025 | $25.19 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(u)</sup> | $25.15 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul  | Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul  | Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul  | Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul  | Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul  | Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul  | Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul  | Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul  | Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul  |
| 10/31/2025 | $26.71 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(h)</sup> | $26.02 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Dual Directional 10 Buffer ETF - July  | Innovator Equity Dual Directional 10 Buffer ETF - July  | Innovator Equity Dual Directional 10 Buffer ETF - July  | Innovator Equity Dual Directional 10 Buffer ETF - July  | Innovator Equity Dual Directional 10 Buffer ETF - July  | Innovator Equity Dual Directional 10 Buffer ETF - July  | Innovator Equity Dual Directional 10 Buffer ETF - July  | Innovator Equity Dual Directional 10 Buffer ETF - July  | Innovator Equity Dual Directional 10 Buffer ETF - July  |
| 10/31/2025<sup>(ll)</sup> | $19.62 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Dual Directional 10 Buffer ETF - November  |  |  |  |  |  |  |  |  |
| 10/31/2025<sup>(mm)</sup> | $18.95 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Dual Directional 10 Buffer ETF - October  | Innovator Equity Dual Directional 10 Buffer ETF - October  | Innovator Equity Dual Directional 10 Buffer ETF - October  | Innovator Equity Dual Directional 10 Buffer ETF - October  | Innovator Equity Dual Directional 10 Buffer ETF - October  | Innovator Equity Dual Directional 10 Buffer ETF - October  | Innovator Equity Dual Directional 10 Buffer ETF - October  | Innovator Equity Dual Directional 10 Buffer ETF - October  | Innovator Equity Dual Directional 10 Buffer ETF - October  |
| 10/31/2025<sup>(z)</sup> | $21.16 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Dual Directional 10 Buffer ETF - September  | Innovator Equity Dual Directional 10 Buffer ETF - September  | Innovator Equity Dual Directional 10 Buffer ETF - September  | Innovator Equity Dual Directional 10 Buffer ETF - September  | Innovator Equity Dual Directional 10 Buffer ETF - September  | Innovator Equity Dual Directional 10 Buffer ETF - September  | Innovator Equity Dual Directional 10 Buffer ETF - September  | Innovator Equity Dual Directional 10 Buffer ETF - September  | Innovator Equity Dual Directional 10 Buffer ETF - September  |
| 10/31/2025<sup>(nn)</sup> | $20.48 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Dual Directional 15 Buffer ETF - July  | Innovator Equity Dual Directional 15 Buffer ETF - July  | Innovator Equity Dual Directional 15 Buffer ETF - July  | Innovator Equity Dual Directional 15 Buffer ETF - July  | Innovator Equity Dual Directional 15 Buffer ETF - July  | Innovator Equity Dual Directional 15 Buffer ETF - July  | Innovator Equity Dual Directional 15 Buffer ETF - July  | Innovator Equity Dual Directional 15 Buffer ETF - July  | Innovator Equity Dual Directional 15 Buffer ETF - July  |
| 10/31/2025<sup>(ll)</sup> | $19.62 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Dual Directional 15 Buffer ETF - November  | Innovator Equity Dual Directional 15 Buffer ETF - November  | Innovator Equity Dual Directional 15 Buffer ETF - November  | Innovator Equity Dual Directional 15 Buffer ETF - November  | Innovator Equity Dual Directional 15 Buffer ETF - November  | Innovator Equity Dual Directional 15 Buffer ETF - November  | Innovator Equity Dual Directional 15 Buffer ETF - November  | Innovator Equity Dual Directional 15 Buffer ETF - November  | Innovator Equity Dual Directional 15 Buffer ETF - November  |
| 10/31/2025<sup>(mm)</sup> | $18.95 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on pages 438–440.

The accompanying notes are an integral part of these financial statements.

412<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Year**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Year** <br>**(in Thousands)**  | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.01  | &nbsp;&nbsp; $25.68  | &nbsp;&nbsp;&nbsp;&nbsp; 5.99%  | &nbsp;&nbsp; $10273  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; 7%  |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $27.63  | &nbsp;&nbsp;&nbsp;&nbsp; 6.32%  | &nbsp;&nbsp; $42822  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| 0.02  | &nbsp;&nbsp; $25.98  | &nbsp;&nbsp;&nbsp;&nbsp; 6.80%  | &nbsp;&nbsp; $59762  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; 10%  |
| 0.02  | &nbsp;&nbsp; $27.12  | &nbsp;&nbsp;&nbsp;&nbsp; 6.77%  | &nbsp;&nbsp; $37288  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; 7%  |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $28.75  | &nbsp;&nbsp;&nbsp;&nbsp; 7.78%  | &nbsp;&nbsp; $61090  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| 0.03  | &nbsp;&nbsp; $26.67  | &nbsp;&nbsp;&nbsp;&nbsp; 3.72%  | &nbsp;&nbsp; $69350  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.76)%  | &nbsp;&nbsp;&nbsp;&nbsp; 47%  |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $29.44  | &nbsp;&nbsp;&nbsp;&nbsp; 7.15%  | &nbsp;&nbsp; $167788  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; 8%  |
| 0.01  | &nbsp;&nbsp; $27.47  | &nbsp;&nbsp;&nbsp;&nbsp; 13.19%  | &nbsp;&nbsp; $213593  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| 0.02  | &nbsp;&nbsp; $24.27  | &nbsp;&nbsp;&nbsp;&nbsp; -2.37%  | &nbsp;&nbsp; $197808  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; 7%  |
| 0.01  | &nbsp;&nbsp; $26.33  | &nbsp;&nbsp;&nbsp;&nbsp; 6.70%  | &nbsp;&nbsp; $72412  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; 8%  |
| 0.02  | &nbsp;&nbsp; $24.68  | &nbsp;&nbsp;&nbsp;&nbsp; -0.73%  | &nbsp;&nbsp; $54909  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.80)%  | &nbsp;&nbsp;&nbsp;&nbsp; 11%  |
| 0.02  | &nbsp;&nbsp; $26.37  | &nbsp;&nbsp;&nbsp;&nbsp; 0.51%  | &nbsp;&nbsp; $10549  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; 9%  |
| 0.02  | &nbsp;&nbsp; $26.02  | &nbsp;&nbsp;&nbsp;&nbsp; 3.30%  | &nbsp;&nbsp; $100824  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $25.19  | &nbsp;&nbsp;&nbsp;&nbsp; 0.12%  | &nbsp;&nbsp; $75566  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.81)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $28.79  | &nbsp;&nbsp;&nbsp;&nbsp; 7.78%  | &nbsp;&nbsp; $241144  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $26.71  | &nbsp;&nbsp;&nbsp;&nbsp; 2.68%  | &nbsp;&nbsp; $153608  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |
| 0.04  | &nbsp;&nbsp; $20.64  | &nbsp;&nbsp;&nbsp;&nbsp; 5.18%  | &nbsp;&nbsp; $102670  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $18.96  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(f)</sup>  | &nbsp;&nbsp; $948  | &nbsp;&nbsp;&nbsp;&nbsp; —%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $21.39  | &nbsp;&nbsp;&nbsp;&nbsp; 1.04%  | &nbsp;&nbsp; $47061  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $21.08  | &nbsp;&nbsp;&nbsp;&nbsp; 2.87%  | &nbsp;&nbsp; $21604  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $20.28  | &nbsp;&nbsp;&nbsp;&nbsp; 3.35%  | &nbsp;&nbsp; $83129  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $18.96  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(f)</sup>  | &nbsp;&nbsp; $948  | &nbsp;&nbsp;&nbsp;&nbsp; —%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

413<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS:**  | **INVESTMENT OPERATIONS:**  | **INVESTMENT OPERATIONS:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  |
| <br>**For the Year Ended**  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**  | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup>  | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>**  | **Total from** <br>**Investment** <br>**Operations**  | **Net** <br>**Investment** <br>**Income**  | **Net** <br>**Realized** <br>**Gains**  | **Return of** <br>**Capital**  | **Total** <br>**Distributions**  |
| Innovator Equity Dual Directional 15 Buffer ETF - October  | Innovator Equity Dual Directional 15 Buffer ETF - October  | Innovator Equity Dual Directional 15 Buffer ETF - October  | Innovator Equity Dual Directional 15 Buffer ETF - October  | Innovator Equity Dual Directional 15 Buffer ETF - October  | Innovator Equity Dual Directional 15 Buffer ETF - October  | Innovator Equity Dual Directional 15 Buffer ETF - October  | Innovator Equity Dual Directional 15 Buffer ETF - October  | Innovator Equity Dual Directional 15 Buffer ETF - October  |
| 10/31/2025<sup>(z)</sup>  | $21.16  | &nbsp;&nbsp;&nbsp; (0.01)  | &nbsp;&nbsp;&nbsp;&nbsp;0.16  | &nbsp;&nbsp;&nbsp;&nbsp;0.15  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Dual Directional 15 Buffer ETF - September  | Innovator Equity Dual Directional 15 Buffer ETF - September  | Innovator Equity Dual Directional 15 Buffer ETF - September  | Innovator Equity Dual Directional 15 Buffer ETF - September  | Innovator Equity Dual Directional 15 Buffer ETF - September  | Innovator Equity Dual Directional 15 Buffer ETF - September  | Innovator Equity Dual Directional 15 Buffer ETF - September  | Innovator Equity Dual Directional 15 Buffer ETF - September  | Innovator Equity Dual Directional 15 Buffer ETF - September  |
| 10/31/2025<sup>(nn)</sup>  | $20.48  | &nbsp;&nbsp;&nbsp; (0.03)  | &nbsp;&nbsp;&nbsp;&nbsp;0.44  | &nbsp;&nbsp;&nbsp;&nbsp;0.41  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth Accelerated ETF - Quarterly  | Innovator Growth Accelerated ETF - Quarterly  | Innovator Growth Accelerated ETF - Quarterly  | Innovator Growth Accelerated ETF - Quarterly  | Innovator Growth Accelerated ETF - Quarterly  | Innovator Growth Accelerated ETF - Quarterly  | Innovator Growth Accelerated ETF - Quarterly  | Innovator Growth Accelerated ETF - Quarterly  | Innovator Growth Accelerated ETF - Quarterly  |
| 10/31/2025  | $31.85  | &nbsp;&nbsp;&nbsp; (0.28)  | &nbsp;&nbsp;&nbsp;&nbsp;7.52  | &nbsp;&nbsp;&nbsp;&nbsp;7.24  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024  | $23.89  | &nbsp;&nbsp;&nbsp; (0.22)  | &nbsp;&nbsp;&nbsp;&nbsp;8.17  | &nbsp;&nbsp;&nbsp;&nbsp;7.95  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023  | $21.26  | &nbsp;&nbsp;&nbsp; (0.18)  | &nbsp;&nbsp;&nbsp;&nbsp;2.79  | &nbsp;&nbsp;&nbsp;&nbsp;2.61  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022  | $29.88  | &nbsp;&nbsp;&nbsp; (0.20)  | &nbsp;&nbsp;&nbsp;&nbsp; (8.43)  | &nbsp;&nbsp;&nbsp; (8.63)  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(j)</sup>  | $25.53  | &nbsp;&nbsp;&nbsp; (0.13)  | &nbsp;&nbsp;&nbsp;&nbsp;4.47  | &nbsp;&nbsp;&nbsp;&nbsp;4.34  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth Accelerated Plus ETF - April  | Innovator Growth Accelerated Plus ETF - April  | Innovator Growth Accelerated Plus ETF - April  | Innovator Growth Accelerated Plus ETF - April  | Innovator Growth Accelerated Plus ETF - April  | Innovator Growth Accelerated Plus ETF - April  | Innovator Growth Accelerated Plus ETF - April  | Innovator Growth Accelerated Plus ETF - April  | Innovator Growth Accelerated Plus ETF - April  |
| 10/31/2025  | $35.82  | &nbsp;&nbsp;&nbsp; (0.32)  | &nbsp;&nbsp;&nbsp;&nbsp;8.61  | &nbsp;&nbsp;&nbsp;&nbsp;8.29  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024  | $29.81  | &nbsp;&nbsp;&nbsp; (0.26)  | &nbsp;&nbsp;&nbsp;&nbsp;6.26  | &nbsp;&nbsp;&nbsp;&nbsp;6.00  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023  | $23.41  | &nbsp;&nbsp;&nbsp; (0.22)  | &nbsp;&nbsp;&nbsp;&nbsp;6.60  | &nbsp;&nbsp;&nbsp;&nbsp;6.38  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022  | $29.53  | &nbsp;&nbsp;&nbsp; (0.22)  | &nbsp;&nbsp;&nbsp;&nbsp; (5.90)  | &nbsp;&nbsp;&nbsp; (6.12)  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(j)</sup>  | $25.53  | &nbsp;&nbsp;&nbsp; (0.13)  | &nbsp;&nbsp;&nbsp;&nbsp;4.11  | &nbsp;&nbsp;&nbsp;&nbsp;3.98  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Innovator Growth Accelerated Plus ETF - January  | Innovator Growth Accelerated Plus ETF - January  | Innovator Growth Accelerated Plus ETF - January  | Innovator Growth Accelerated Plus ETF - January  | Innovator Growth Accelerated Plus ETF - January  | Innovator Growth Accelerated Plus ETF - January  | Innovator Growth Accelerated Plus ETF - January  | Innovator Growth Accelerated Plus ETF - January  | Innovator Growth Accelerated Plus ETF - January  |
| 10/31/2025  | $24.46  | &nbsp;&nbsp;&nbsp; (0.20)  | &nbsp;&nbsp;&nbsp;&nbsp;5.05  | &nbsp;&nbsp;&nbsp;&nbsp;4.85  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024  | $20.90  | &nbsp;&nbsp;&nbsp; (0.18)  | &nbsp;&nbsp;&nbsp;&nbsp;3.73  | &nbsp;&nbsp;&nbsp;&nbsp;3.55  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023  | $17.61  | &nbsp;&nbsp;&nbsp; (0.15)  | &nbsp;&nbsp;&nbsp;&nbsp;3.43  | &nbsp;&nbsp;&nbsp;&nbsp;3.28  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022<sup>(aa)</sup>  | $25.46  | &nbsp;&nbsp;&nbsp; (0.13)  | &nbsp;&nbsp;&nbsp;&nbsp; (7.74)  | &nbsp;&nbsp;&nbsp; (7.87)  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth Accelerated Plus ETF - July  | Innovator Growth Accelerated Plus ETF - July  | Innovator Growth Accelerated Plus ETF - July  | Innovator Growth Accelerated Plus ETF - July  | Innovator Growth Accelerated Plus ETF - July  | Innovator Growth Accelerated Plus ETF - July  | Innovator Growth Accelerated Plus ETF - July  | Innovator Growth Accelerated Plus ETF - July  | Innovator Growth Accelerated Plus ETF - July  |
| 10/31/2025  | $30.85  | &nbsp;&nbsp;&nbsp; (0.27)  | &nbsp;&nbsp;&nbsp;&nbsp;8.20  | &nbsp;&nbsp;&nbsp;&nbsp;7.93  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024  | $24.34  | &nbsp;&nbsp;&nbsp; (0.23)  | &nbsp;&nbsp;&nbsp;&nbsp;6.73  | &nbsp;&nbsp;&nbsp;&nbsp;6.50  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023  | $19.99  | &nbsp;&nbsp;&nbsp; (0.18)  | &nbsp;&nbsp;&nbsp;&nbsp;4.52  | &nbsp;&nbsp;&nbsp;&nbsp;4.34  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022  | $27.50  | &nbsp;&nbsp;&nbsp; (0.18)  | &nbsp;&nbsp;&nbsp;&nbsp; (7.35)  | &nbsp;&nbsp;&nbsp; (7.53)  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(g)</sup>  | $25.52  | &nbsp;&nbsp;&nbsp; (0.07)  | &nbsp;&nbsp;&nbsp;&nbsp;2.05  | &nbsp;&nbsp;&nbsp;&nbsp;1.98  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth Accelerated Plus ETF - October  | Innovator Growth Accelerated Plus ETF - October  | Innovator Growth Accelerated Plus ETF - October  | Innovator Growth Accelerated Plus ETF - October  | Innovator Growth Accelerated Plus ETF - October  | Innovator Growth Accelerated Plus ETF - October  | Innovator Growth Accelerated Plus ETF - October  | Innovator Growth Accelerated Plus ETF - October  | Innovator Growth Accelerated Plus ETF - October  |
| 10/31/2025  | $27.85  | &nbsp;&nbsp;&nbsp; (0.24)  | &nbsp;&nbsp;&nbsp;&nbsp;6.43  | &nbsp;&nbsp;&nbsp;&nbsp;6.19  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024  | $22.79  | &nbsp;&nbsp;&nbsp; (0.21)  | &nbsp;&nbsp;&nbsp;&nbsp;5.27  | &nbsp;&nbsp;&nbsp;&nbsp;5.06  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023  | $18.52  | &nbsp;&nbsp;&nbsp; (0.17)  | &nbsp;&nbsp;&nbsp;&nbsp;4.43  | &nbsp;&nbsp;&nbsp;&nbsp;4.26  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022  | $25.70  | &nbsp;&nbsp;&nbsp; (0.18)  | &nbsp;&nbsp;&nbsp;&nbsp; (7.01)  | &nbsp;&nbsp;&nbsp; (7.19)  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(k)</sup>  | $24.32  | &nbsp;&nbsp;&nbsp; (0.02)  | &nbsp;&nbsp;&nbsp;&nbsp;1.40  | &nbsp;&nbsp;&nbsp;&nbsp;1.38  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Innovator Growth-100 Power Buffer ETF - April  | Innovator Growth-100 Power Buffer ETF - April  | Innovator Growth-100 Power Buffer ETF - April  | Innovator Growth-100 Power Buffer ETF - April  | Innovator Growth-100 Power Buffer ETF - April  | Innovator Growth-100 Power Buffer ETF - April  | Innovator Growth-100 Power Buffer ETF - April  | Innovator Growth-100 Power Buffer ETF - April  | Innovator Growth-100 Power Buffer ETF - April  |
| 10/31/2025  | $48.66  | &nbsp;&nbsp;&nbsp; (0.39)  | &nbsp;&nbsp;&nbsp;&nbsp;4.78  | &nbsp;&nbsp;&nbsp;&nbsp;4.39  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024  | $41.72  | &nbsp;&nbsp;&nbsp; (0.36)  | &nbsp;&nbsp;&nbsp;&nbsp;7.28  | &nbsp;&nbsp;&nbsp;&nbsp;6.92  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023  | $34.67  | &nbsp;&nbsp;&nbsp; (0.31)  | &nbsp;&nbsp;&nbsp;&nbsp;7.33  | &nbsp;&nbsp;&nbsp;&nbsp;7.02  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022  | $38.38  | &nbsp;&nbsp;&nbsp; (0.29)  | &nbsp;&nbsp;&nbsp;&nbsp; (3.45)  | &nbsp;&nbsp;&nbsp; (3.74)  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021  | $34.93  | &nbsp;&nbsp;&nbsp; (0.29)  | &nbsp;&nbsp;&nbsp;&nbsp;3.71  | &nbsp;&nbsp;&nbsp;&nbsp;3.42  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on pages 438–440.

The accompanying notes are an integral part of these financial statements.

414<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Year**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Year** <br>**(in Thousands)**  | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.02  | &nbsp;&nbsp; $21.33  | &nbsp;&nbsp;&nbsp;&nbsp; 0.77%  | &nbsp;&nbsp; $121069  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $20.92  | &nbsp;&nbsp;&nbsp;&nbsp; 2.09%  | &nbsp;&nbsp; $55431  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $39.11  | &nbsp;&nbsp;&nbsp;&nbsp; 22.80%  | &nbsp;&nbsp; $61603  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $31.85  | &nbsp;&nbsp;&nbsp;&nbsp; 33.34%  | &nbsp;&nbsp; $34241  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $23.89  | &nbsp;&nbsp;&nbsp;&nbsp; 12.39%  | &nbsp;&nbsp; $32847  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $21.26  | &nbsp;&nbsp;&nbsp;&nbsp; -28.85%  | &nbsp;&nbsp; $18067  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $29.88  | &nbsp;&nbsp;&nbsp;&nbsp; 17.02%  | &nbsp;&nbsp; $15685  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $44.13  | &nbsp;&nbsp;&nbsp;&nbsp; 23.17%  | &nbsp;&nbsp; $30888  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $35.82  | &nbsp;&nbsp;&nbsp;&nbsp; 20.19%  | &nbsp;&nbsp; $14330  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $29.81  | &nbsp;&nbsp;&nbsp;&nbsp; 27.32%  | &nbsp;&nbsp; $18628  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.76)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $23.41  | &nbsp;&nbsp;&nbsp;&nbsp; -20.72%  | &nbsp;&nbsp; $7023  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $29.53  | &nbsp;&nbsp;&nbsp;&nbsp; 15.66%  | &nbsp;&nbsp; $18454  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |
| 0.01  | &nbsp;&nbsp; $29.32  | &nbsp;&nbsp;&nbsp;&nbsp; 19.89%  | &nbsp;&nbsp; $24924  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $24.46  | &nbsp;&nbsp;&nbsp;&nbsp; 17.03%  | &nbsp;&nbsp; $28738  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $20.90  | &nbsp;&nbsp;&nbsp;&nbsp; 18.70%  | &nbsp;&nbsp; $28213  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $17.61  | &nbsp;&nbsp;&nbsp;&nbsp; -30.85%  | &nbsp;&nbsp; $4401  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $38.79  | &nbsp;&nbsp;&nbsp;&nbsp; 25.75%  | &nbsp;&nbsp; $24247  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $30.85  | &nbsp;&nbsp;&nbsp;&nbsp; 26.76%  | &nbsp;&nbsp; $16968  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $24.34  | &nbsp;&nbsp;&nbsp;&nbsp; 21.75%  | &nbsp;&nbsp; $17646  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $19.99  | &nbsp;&nbsp;&nbsp;&nbsp; -27.30%  | &nbsp;&nbsp; $17992  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $27.50  | &nbsp;&nbsp;&nbsp;&nbsp; 7.75%  | &nbsp;&nbsp; $8250  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $34.06  | &nbsp;&nbsp;&nbsp;&nbsp; 22.28%  | &nbsp;&nbsp; $14475  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $27.85  | &nbsp;&nbsp;&nbsp;&nbsp; 22.23%  | &nbsp;&nbsp; $8356  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $22.79  | &nbsp;&nbsp;&nbsp;&nbsp; 23.04%  | &nbsp;&nbsp; $11394  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $18.52  | &nbsp;&nbsp;&nbsp;&nbsp; -27.95%  | &nbsp;&nbsp; $6019  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $25.70  | &nbsp;&nbsp;&nbsp;&nbsp; 5.69%  | &nbsp;&nbsp; $2570  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.82)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $53.06  | &nbsp;&nbsp;&nbsp;&nbsp; 9.05%  | &nbsp;&nbsp; $206950  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $48.66  | &nbsp;&nbsp;&nbsp;&nbsp; 16.65%  | &nbsp;&nbsp; $194646  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $41.72  | &nbsp;&nbsp;&nbsp;&nbsp; 20.33%  | &nbsp;&nbsp; $132446  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $34.67  | &nbsp;&nbsp;&nbsp;&nbsp; -9.67%  | &nbsp;&nbsp; $52866  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $38.38  | &nbsp;&nbsp;&nbsp;&nbsp; 9.87%  | &nbsp;&nbsp; $41254  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

415<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS:**  | **INVESTMENT OPERATIONS:**  | **INVESTMENT OPERATIONS:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  |
| <br>**For the Year Ended**  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**  | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup>  | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>**  | **Total from** <br>**Investment** <br>**Operations**  | **Net** <br>**Investment** <br>**Income**  | **Net** <br>**Realized** <br>**Gains**  | **Return of** <br>**Capital**  | **Total** <br>**Distributions**  |
| Innovator Growth-100 Power Buffer ETF - August  | Innovator Growth-100 Power Buffer ETF - August  | Innovator Growth-100 Power Buffer ETF - August  | Innovator Growth-100 Power Buffer ETF - August  | Innovator Growth-100 Power Buffer ETF - August  | Innovator Growth-100 Power Buffer ETF - August  | Innovator Growth-100 Power Buffer ETF - August  | Innovator Growth-100 Power Buffer ETF - August  | Innovator Growth-100 Power Buffer ETF - August  |
| 10/31/2025 | $24.90 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(m)</sup> | $24.31 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth-100 Power Buffer ETF - December  | Innovator Growth-100 Power Buffer ETF - December  | Innovator Growth-100 Power Buffer ETF - December  | Innovator Growth-100 Power Buffer ETF - December  | Innovator Growth-100 Power Buffer ETF - December  | Innovator Growth-100 Power Buffer ETF - December  | Innovator Growth-100 Power Buffer ETF - December  | Innovator Growth-100 Power Buffer ETF - December  | Innovator Growth-100 Power Buffer ETF - December  |
| 10/31/2025<sup>(n)</sup> | $24.28 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth-100 Power Buffer ETF - February  | Innovator Growth-100 Power Buffer ETF - February  | Innovator Growth-100 Power Buffer ETF - February  | Innovator Growth-100 Power Buffer ETF - February  | Innovator Growth-100 Power Buffer ETF - February  | Innovator Growth-100 Power Buffer ETF - February  | Innovator Growth-100 Power Buffer ETF - February  | Innovator Growth-100 Power Buffer ETF - February  | Innovator Growth-100 Power Buffer ETF - February  |
| 10/31/2025<sup>(o)</sup> | $24.88 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth-100 Power Buffer ETF - January  | Innovator Growth-100 Power Buffer ETF - January  | Innovator Growth-100 Power Buffer ETF - January  | Innovator Growth-100 Power Buffer ETF - January  | Innovator Growth-100 Power Buffer ETF - January  | Innovator Growth-100 Power Buffer ETF - January  | Innovator Growth-100 Power Buffer ETF - January  | Innovator Growth-100 Power Buffer ETF - January  | Innovator Growth-100 Power Buffer ETF - January  |
| 10/31/2025 | $46.55 | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;7.72 | &nbsp;&nbsp;&nbsp;&nbsp;7.34 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $40.87 | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.66 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $35.60 | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $42.07 | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp; (6.19) | &nbsp;&nbsp;&nbsp; (6.49) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $37.44 | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;4.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Innovator Growth-100 Power Buffer ETF - July  | Innovator Growth-100 Power Buffer ETF - July  | Innovator Growth-100 Power Buffer ETF - July  | Innovator Growth-100 Power Buffer ETF - July  | Innovator Growth-100 Power Buffer ETF - July  | Innovator Growth-100 Power Buffer ETF - July  | Innovator Growth-100 Power Buffer ETF - July  | Innovator Growth-100 Power Buffer ETF - July  | Innovator Growth-100 Power Buffer ETF - July  |
| 10/31/2025  | $60.59  | &nbsp;&nbsp;&nbsp; (0.51)  | &nbsp;&nbsp;&nbsp;&nbsp;11.97  | &nbsp;&nbsp;&nbsp;&nbsp;11.46  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024  | $50.27  | &nbsp;&nbsp;&nbsp; (0.44)  | &nbsp;&nbsp;&nbsp;&nbsp;10.74  | &nbsp;&nbsp;&nbsp;&nbsp;10.30  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023  | $43.06  | &nbsp;&nbsp;&nbsp; (0.38)  | &nbsp;&nbsp;&nbsp;&nbsp;7.54  | &nbsp;&nbsp;&nbsp;&nbsp;7.16  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022  | $47.65  | &nbsp;&nbsp;&nbsp; (0.35)  | &nbsp;&nbsp;&nbsp;&nbsp; (4.28)  | &nbsp;&nbsp;&nbsp; (4.63)  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021  | $42.23  | &nbsp;&nbsp;&nbsp; (0.36)  | &nbsp;&nbsp;&nbsp;&nbsp;5.74  | &nbsp;&nbsp;&nbsp;&nbsp;5.38  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth-100 Power Buffer ETF - June  | Innovator Growth-100 Power Buffer ETF - June  | Innovator Growth-100 Power Buffer ETF - June  | Innovator Growth-100 Power Buffer ETF - June  | Innovator Growth-100 Power Buffer ETF - June  | Innovator Growth-100 Power Buffer ETF - June  | Innovator Growth-100 Power Buffer ETF - June  | Innovator Growth-100 Power Buffer ETF - June  | Innovator Growth-100 Power Buffer ETF - June  |
| 10/31/2025  | $26.39  | &nbsp;&nbsp;&nbsp; (0.22)  | &nbsp;&nbsp;&nbsp;&nbsp;4.98  | &nbsp;&nbsp;&nbsp;&nbsp;4.76  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(bb)</sup>  | $25.05  | &nbsp;&nbsp;&nbsp; (0.08)  | &nbsp;&nbsp;&nbsp;&nbsp;1.40  | &nbsp;&nbsp;&nbsp;&nbsp;1.32  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth-100 Power Buffer ETF - March  | Innovator Growth-100 Power Buffer ETF - March  | Innovator Growth-100 Power Buffer ETF - March  | Innovator Growth-100 Power Buffer ETF - March  | Innovator Growth-100 Power Buffer ETF - March  | Innovator Growth-100 Power Buffer ETF - March  | Innovator Growth-100 Power Buffer ETF - March  | Innovator Growth-100 Power Buffer ETF - March  | Innovator Growth-100 Power Buffer ETF - March  |
| 10/31/2025<sup>(r)</sup>  | $26.22  | &nbsp;&nbsp;&nbsp; (0.14)  | &nbsp;&nbsp;&nbsp;&nbsp;2.99  | &nbsp;&nbsp;&nbsp;&nbsp;2.85  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth-100 Power Buffer ETF - May  | Innovator Growth-100 Power Buffer ETF - May  | Innovator Growth-100 Power Buffer ETF - May  | Innovator Growth-100 Power Buffer ETF - May  | Innovator Growth-100 Power Buffer ETF - May  | Innovator Growth-100 Power Buffer ETF - May  | Innovator Growth-100 Power Buffer ETF - May  | Innovator Growth-100 Power Buffer ETF - May  | Innovator Growth-100 Power Buffer ETF - May  |
| 10/31/2025<sup>(s)</sup>  | $24.53  | &nbsp;&nbsp;&nbsp; (0.10)  | &nbsp;&nbsp;&nbsp;&nbsp;3.02  | &nbsp;&nbsp;&nbsp;&nbsp;2.92  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth-100 Power Buffer ETF - November  | Innovator Growth-100 Power Buffer ETF - November  | Innovator Growth-100 Power Buffer ETF - November  | Innovator Growth-100 Power Buffer ETF - November  | Innovator Growth-100 Power Buffer ETF - November  | Innovator Growth-100 Power Buffer ETF - November  | Innovator Growth-100 Power Buffer ETF - November  | Innovator Growth-100 Power Buffer ETF - November  | Innovator Growth-100 Power Buffer ETF - November  |
| 10/31/2025  | $24.97  | &nbsp;&nbsp;&nbsp; (0.20)  | &nbsp;&nbsp;&nbsp;&nbsp;3.97  | &nbsp;&nbsp;&nbsp;&nbsp;3.77  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(t)</sup>  | $24.97  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Innovator Growth-100 Power Buffer ETF - October  | Innovator Growth-100 Power Buffer ETF - October  | Innovator Growth-100 Power Buffer ETF - October  | Innovator Growth-100 Power Buffer ETF - October  | Innovator Growth-100 Power Buffer ETF - October  | Innovator Growth-100 Power Buffer ETF - October  | Innovator Growth-100 Power Buffer ETF - October  | Innovator Growth-100 Power Buffer ETF - October  | Innovator Growth-100 Power Buffer ETF - October  |
| 10/31/2025  | $49.70  | &nbsp;&nbsp;&nbsp; (0.41)  | &nbsp;&nbsp;&nbsp;&nbsp;8.40  | &nbsp;&nbsp;&nbsp;&nbsp;7.99  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024  | $42.13  | &nbsp;&nbsp;&nbsp; (0.37)  | &nbsp;&nbsp;&nbsp;&nbsp;7.93  | &nbsp;&nbsp;&nbsp;&nbsp;7.56  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023  | $35.28  | &nbsp;&nbsp;&nbsp; (0.30)  | &nbsp;&nbsp;&nbsp;&nbsp;7.12  | &nbsp;&nbsp;&nbsp;&nbsp;6.82  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022  | $40.07  | &nbsp;&nbsp;&nbsp; (0.30)  | &nbsp;&nbsp;&nbsp;&nbsp; (4.51)  | &nbsp;&nbsp;&nbsp; (4.81)  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021  | $33.53  | &nbsp;&nbsp;&nbsp; (0.30)  | &nbsp;&nbsp;&nbsp;&nbsp;6.82  | &nbsp;&nbsp;&nbsp;&nbsp;6.52  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on pages 438–440.

The accompanying notes are an integral part of these financial statements.

416<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Year**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Year** <br>**(in Thousands)**  | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.02  | &nbsp;&nbsp; $29.35  | &nbsp;&nbsp;&nbsp;&nbsp; 17.89%  | &nbsp;&nbsp; $83651  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $24.90  | &nbsp;&nbsp;&nbsp;&nbsp; 2.43%  | &nbsp;&nbsp; $16805  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $27.46  | &nbsp;&nbsp;&nbsp;&nbsp; 13.11%  | &nbsp;&nbsp; $42562  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $27.58  | &nbsp;&nbsp;&nbsp;&nbsp; 10.85%  | &nbsp;&nbsp; $46190  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $53.90  | &nbsp;&nbsp;&nbsp;&nbsp; 15.79%  | &nbsp;&nbsp; $289712  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $46.55  | &nbsp;&nbsp;&nbsp;&nbsp; 13.90%  | &nbsp;&nbsp; $201328  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $40.87  | &nbsp;&nbsp;&nbsp;&nbsp; 14.79%  | &nbsp;&nbsp; $77649  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $35.60  | &nbsp;&nbsp;&nbsp;&nbsp; -15.37%  | &nbsp;&nbsp; $82777  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $42.07  | &nbsp;&nbsp;&nbsp;&nbsp; 12.36%  | &nbsp;&nbsp; $87297  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |
| 0.03  | &nbsp;&nbsp; $72.08  | &nbsp;&nbsp;&nbsp;&nbsp; 18.97%  | &nbsp;&nbsp; $246884  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $60.59  | &nbsp;&nbsp;&nbsp;&nbsp; 20.52%  | &nbsp;&nbsp; $266590  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.05  | &nbsp;&nbsp; $50.27  | &nbsp;&nbsp;&nbsp;&nbsp; 16.77%  | &nbsp;&nbsp; $266454  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04  | &nbsp;&nbsp; $43.06  | &nbsp;&nbsp;&nbsp;&nbsp; -9.64%  | &nbsp;&nbsp; $118404  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04  | &nbsp;&nbsp; $47.65  | &nbsp;&nbsp;&nbsp;&nbsp; 12.83%  | &nbsp;&nbsp; $55986  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $31.16  | &nbsp;&nbsp;&nbsp;&nbsp; 18.05%  | &nbsp;&nbsp; $70100  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $26.39  | &nbsp;&nbsp;&nbsp;&nbsp; 5.38%  | &nbsp;&nbsp; $27052  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $29.09  | &nbsp;&nbsp;&nbsp;&nbsp; 10.96%  | &nbsp;&nbsp; $29089  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $27.47  | &nbsp;&nbsp;&nbsp;&nbsp; 12.00%  | &nbsp;&nbsp; $17168  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $28.76  | &nbsp;&nbsp;&nbsp;&nbsp; 15.19%  | &nbsp;&nbsp; $21568  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| —  | &nbsp;&nbsp; $24.97  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(f)</sup>  | &nbsp;&nbsp; $1248  | &nbsp;&nbsp;&nbsp;&nbsp; —%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $57.70  | &nbsp;&nbsp;&nbsp;&nbsp; 16.11%  | &nbsp;&nbsp; $253611  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $49.70  | &nbsp;&nbsp;&nbsp;&nbsp; 17.98%  | &nbsp;&nbsp; $161025  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $42.13  | &nbsp;&nbsp;&nbsp;&nbsp; 19.41%  | &nbsp;&nbsp; $148284  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $35.28  | &nbsp;&nbsp;&nbsp;&nbsp; -11.95%  | &nbsp;&nbsp; $80965  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $40.07  | &nbsp;&nbsp;&nbsp;&nbsp; 19.51%  | &nbsp;&nbsp; $77928  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

417<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS:**  | **INVESTMENT OPERATIONS:**  | **INVESTMENT OPERATIONS:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  |
| <br>**For the Year Ended**  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**  | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup>  | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>**  | **Total from** <br>**Investment** <br>**Operations**  | **Net** <br>**Investment** <br>**Income**  | **Net** <br>**Realized** <br>**Gains**  | **Return of** <br>**Capital**  | **Total** <br>**Distributions**  |
| Innovator Growth-100 Power Buffer ETF - September  | Innovator Growth-100 Power Buffer ETF - September  | Innovator Growth-100 Power Buffer ETF - September  | Innovator Growth-100 Power Buffer ETF - September  | Innovator Growth-100 Power Buffer ETF - September  | Innovator Growth-100 Power Buffer ETF - September  | Innovator Growth-100 Power Buffer ETF - September  | Innovator Growth-100 Power Buffer ETF - September  | Innovator Growth-100 Power Buffer ETF - September  |
| 10/31/2025  | $24.89  | &nbsp;&nbsp;&nbsp; (0.21)  | &nbsp;&nbsp;&nbsp;&nbsp;4.37  | &nbsp;&nbsp;&nbsp;&nbsp;4.16  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(v)</sup>  | $24.58  | &nbsp;&nbsp;&nbsp; (0.03)  | &nbsp;&nbsp;&nbsp;&nbsp;0.32  | &nbsp;&nbsp;&nbsp;&nbsp;0.29  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Innovator International Developed 10 Buffer ETF - Quarterly  | Innovator International Developed 10 Buffer ETF - Quarterly  | Innovator International Developed 10 Buffer ETF - Quarterly  | Innovator International Developed 10 Buffer ETF - Quarterly  | Innovator International Developed 10 Buffer ETF - Quarterly  | Innovator International Developed 10 Buffer ETF - Quarterly  | Innovator International Developed 10 Buffer ETF - Quarterly  | Innovator International Developed 10 Buffer ETF - Quarterly  | Innovator International Developed 10 Buffer ETF - Quarterly  |
| 10/31/2025 | $25.38 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(h)</sup> | $25.02 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator International Developed Power Buffer ETF - April  | Innovator International Developed Power Buffer ETF - April  | Innovator International Developed Power Buffer ETF - April  | Innovator International Developed Power Buffer ETF - April  | Innovator International Developed Power Buffer ETF - April  | Innovator International Developed Power Buffer ETF - April  | Innovator International Developed Power Buffer ETF - April  | Innovator International Developed Power Buffer ETF - April  | Innovator International Developed Power Buffer ETF - April  |
| 10/31/2025 | $27.39 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; 3.04 | &nbsp;&nbsp;&nbsp; 2.80 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $23.83 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $22.46 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $25.87 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (3.25) | &nbsp;&nbsp;&nbsp; (3.45) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(j)</sup> | $24.90 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator International Developed Power Buffer ETF - August  | Innovator International Developed Power Buffer ETF - August  | Innovator International Developed Power Buffer ETF - August  | Innovator International Developed Power Buffer ETF - August  | Innovator International Developed Power Buffer ETF - August  | Innovator International Developed Power Buffer ETF - August  | Innovator International Developed Power Buffer ETF - August  | Innovator International Developed Power Buffer ETF - August  | Innovator International Developed Power Buffer ETF - August  |
| 10/31/2025 | $24.44 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(m)</sup> | $24.87 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Innovator International Developed Power Buffer ETF - December  | Innovator International Developed Power Buffer ETF - December  | Innovator International Developed Power Buffer ETF - December  | Innovator International Developed Power Buffer ETF - December  | Innovator International Developed Power Buffer ETF - December  | Innovator International Developed Power Buffer ETF - December  | Innovator International Developed Power Buffer ETF - December  | Innovator International Developed Power Buffer ETF - December  | Innovator International Developed Power Buffer ETF - December  |
| 10/31/2025  | $27.19  | &nbsp;&nbsp;&nbsp; (0.24)  | &nbsp;&nbsp;&nbsp;&nbsp;4.49  | &nbsp;&nbsp;&nbsp;&nbsp;4.25  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(cc)</sup>  | $24.99  | &nbsp;&nbsp;&nbsp; (0.21)  | &nbsp;&nbsp;&nbsp;&nbsp;2.40  | &nbsp;&nbsp;&nbsp;&nbsp;2.19  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator International Developed Power Buffer ETF - February  | Innovator International Developed Power Buffer ETF - February  | Innovator International Developed Power Buffer ETF - February  | Innovator International Developed Power Buffer ETF - February  | Innovator International Developed Power Buffer ETF - February  | Innovator International Developed Power Buffer ETF - February  | Innovator International Developed Power Buffer ETF - February  | Innovator International Developed Power Buffer ETF - February  | Innovator International Developed Power Buffer ETF - February  |
| 10/31/2025  | $26.29  | &nbsp;&nbsp;&nbsp; (0.23)  | &nbsp;&nbsp;&nbsp;&nbsp;3.49  | &nbsp;&nbsp;&nbsp;&nbsp;3.26  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(dd)</sup>  | $25.00  | &nbsp;&nbsp;&nbsp; (0.16)  | &nbsp;&nbsp;&nbsp;&nbsp;1.44  | &nbsp;&nbsp;&nbsp;&nbsp;1.28  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator International Developed Power Buffer ETF - January  | Innovator International Developed Power Buffer ETF - January  | Innovator International Developed Power Buffer ETF - January  | Innovator International Developed Power Buffer ETF - January  | Innovator International Developed Power Buffer ETF - January  | Innovator International Developed Power Buffer ETF - January  | Innovator International Developed Power Buffer ETF - January  | Innovator International Developed Power Buffer ETF - January  | Innovator International Developed Power Buffer ETF - January  |
| 10/31/2025  | $31.70  | &nbsp;&nbsp;&nbsp; (0.28)  | &nbsp;&nbsp;&nbsp;&nbsp;4.03  | &nbsp;&nbsp;&nbsp;&nbsp;3.75  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024  | $27.13  | &nbsp;&nbsp;&nbsp; (0.26)  | &nbsp;&nbsp;&nbsp;&nbsp;4.82  | &nbsp;&nbsp;&nbsp;&nbsp;4.56  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023  | $24.11  | &nbsp;&nbsp;&nbsp; (0.24)  | &nbsp;&nbsp;&nbsp;&nbsp;3.24  | &nbsp;&nbsp;&nbsp;&nbsp;3.00  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022  | $27.04  | &nbsp;&nbsp;&nbsp; (0.22)  | &nbsp;&nbsp;&nbsp;&nbsp; (2.72)  | &nbsp;&nbsp;&nbsp; (2.94)  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021  | $23.82  | &nbsp;&nbsp;&nbsp; (0.22)  | &nbsp;&nbsp;&nbsp;&nbsp;3.43  | &nbsp;&nbsp;&nbsp;&nbsp;3.21  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator International Developed Power Buffer ETF - July  | Innovator International Developed Power Buffer ETF - July  | Innovator International Developed Power Buffer ETF - July  | Innovator International Developed Power Buffer ETF - July  | Innovator International Developed Power Buffer ETF - July  | Innovator International Developed Power Buffer ETF - July  | Innovator International Developed Power Buffer ETF - July  | Innovator International Developed Power Buffer ETF - July  | Innovator International Developed Power Buffer ETF - July  |
| 10/31/2025  | $28.08  | &nbsp;&nbsp;&nbsp; (0.26)  | &nbsp;&nbsp;&nbsp;&nbsp;4.90  | &nbsp;&nbsp;&nbsp;&nbsp;4.64  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024  | $25.05  | &nbsp;&nbsp;&nbsp; (0.23)  | &nbsp;&nbsp;&nbsp;&nbsp;3.26  | &nbsp;&nbsp;&nbsp;&nbsp;3.03  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023  | $22.08  | &nbsp;&nbsp;&nbsp; (0.21)  | &nbsp;&nbsp;&nbsp;&nbsp;3.16  | &nbsp;&nbsp;&nbsp;&nbsp;2.95  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022  | $24.68  | &nbsp;&nbsp;&nbsp; (0.20)  | &nbsp;&nbsp;&nbsp;&nbsp; (2.42)  | &nbsp;&nbsp;&nbsp; (2.62)  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021  | $22.73  | &nbsp;&nbsp;&nbsp; (0.21)  | &nbsp;&nbsp;&nbsp;&nbsp;2.15  | &nbsp;&nbsp;&nbsp;&nbsp;1.94  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator International Developed Power Buffer ETF - June  | Innovator International Developed Power Buffer ETF - June  | Innovator International Developed Power Buffer ETF - June  | Innovator International Developed Power Buffer ETF - June  | Innovator International Developed Power Buffer ETF - June  | Innovator International Developed Power Buffer ETF - June  | Innovator International Developed Power Buffer ETF - June  | Innovator International Developed Power Buffer ETF - June  | Innovator International Developed Power Buffer ETF - June  |
| 10/31/2025  | $25.03  | &nbsp;&nbsp;&nbsp; (0.23)  | &nbsp;&nbsp;&nbsp;&nbsp;3.67  | &nbsp;&nbsp;&nbsp;&nbsp;3.44  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(bb)</sup>  | $25.12  | &nbsp;&nbsp;&nbsp; (0.09)  | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)  | &nbsp;&nbsp;&nbsp; (0.10)  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on pages 438–440.

The accompanying notes are an integral part of these financial statements.

418<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Year**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Year** <br>**(in Thousands)**  | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.02  | &nbsp;&nbsp; $29.07  | &nbsp;&nbsp;&nbsp;&nbsp; 16.82%  | &nbsp;&nbsp; $63231  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $24.89  | &nbsp;&nbsp;&nbsp;&nbsp; 1.26%  | &nbsp;&nbsp; $36083  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.75)%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |
| 0.04  | &nbsp;&nbsp; $28.62  | &nbsp;&nbsp;&nbsp;&nbsp; 12.80%  | &nbsp;&nbsp; $73709  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $25.38  | &nbsp;&nbsp;&nbsp;&nbsp; 1.45%  | &nbsp;&nbsp; $5710  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $30.19  | &nbsp;&nbsp;&nbsp;&nbsp; 10.24%  | &nbsp;&nbsp; $230210  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $27.39  | &nbsp;&nbsp;&nbsp;&nbsp; 14.92%  | &nbsp;&nbsp; $201979  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $23.83  | &nbsp;&nbsp;&nbsp;&nbsp; 6.10%  | &nbsp;&nbsp; $222226  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04  | &nbsp;&nbsp; $22.46  | &nbsp;&nbsp;&nbsp;&nbsp; -13.17%  | &nbsp;&nbsp; $43236  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $25.87  | &nbsp;&nbsp;&nbsp;&nbsp; 3.88%  | &nbsp;&nbsp; $20047  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $27.87  | &nbsp;&nbsp;&nbsp;&nbsp; 14.01%  | &nbsp;&nbsp; $74541  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $24.44  | &nbsp;&nbsp;&nbsp;&nbsp; -1.70%  | &nbsp;&nbsp; $14665  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |
| 0.01  | &nbsp;&nbsp; $31.45  | &nbsp;&nbsp;&nbsp;&nbsp; 15.68%  | &nbsp;&nbsp; $21230  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $27.19  | &nbsp;&nbsp;&nbsp;&nbsp; 8.80%  | &nbsp;&nbsp; $10875  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $29.57  | &nbsp;&nbsp;&nbsp;&nbsp; 12.47%  | &nbsp;&nbsp; $26617  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $26.29  | &nbsp;&nbsp;&nbsp;&nbsp; 5.18%  | &nbsp;&nbsp; $11833  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $35.46  | &nbsp;&nbsp;&nbsp;&nbsp; 11.85%  | &nbsp;&nbsp; $157807  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $31.70  | &nbsp;&nbsp;&nbsp;&nbsp; 16.87%  | &nbsp;&nbsp; $180718  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $27.13  | &nbsp;&nbsp;&nbsp;&nbsp; 12.54%  | &nbsp;&nbsp; $120724  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $24.11  | &nbsp;&nbsp;&nbsp;&nbsp; -10.84%  | &nbsp;&nbsp; $65688  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $27.04  | &nbsp;&nbsp;&nbsp;&nbsp; 13.47%  | &nbsp;&nbsp; $57450  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $32.73  | &nbsp;&nbsp;&nbsp;&nbsp; 16.54%  | &nbsp;&nbsp; $228273  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $28.08  | &nbsp;&nbsp;&nbsp;&nbsp; 12.10%  | &nbsp;&nbsp; $159369  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $25.05  | &nbsp;&nbsp;&nbsp;&nbsp; 13.47%  | &nbsp;&nbsp; $196023  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $22.08  | &nbsp;&nbsp;&nbsp;&nbsp; -10.54%  | &nbsp;&nbsp; $188757  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $24.68  | &nbsp;&nbsp;&nbsp;&nbsp; 8.58%  | &nbsp;&nbsp; $56141  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $28.49  | &nbsp;&nbsp;&nbsp;&nbsp; 13.79%  | &nbsp;&nbsp; $59109  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $25.03  | &nbsp;&nbsp;&nbsp;&nbsp; -0.31%  | &nbsp;&nbsp; $23783  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.83)%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

419<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS:**  | **INVESTMENT OPERATIONS:**  | **INVESTMENT OPERATIONS:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  |
| <br>**For the Year Ended**  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**  | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup>  | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>**  | **Total from** <br>**Investment** <br>**Operations**  | **Net** <br>**Investment** <br>**Income**  | **Net** <br>**Realized** <br>**Gains**  | **Return of** <br>**Capital**  | **Total** <br>**Distributions**  |
| Innovator International Developed Power Buffer ETF - March  | Innovator International Developed Power Buffer ETF - March  | Innovator International Developed Power Buffer ETF - March  | Innovator International Developed Power Buffer ETF - March  | Innovator International Developed Power Buffer ETF - March  | Innovator International Developed Power Buffer ETF - March  | Innovator International Developed Power Buffer ETF - March  | Innovator International Developed Power Buffer ETF - March  | Innovator International Developed Power Buffer ETF - March  |
| 10/31/2025  | $25.89  | &nbsp;&nbsp;&nbsp; (0.23)  | &nbsp;&nbsp;&nbsp;&nbsp;3.44  | &nbsp;&nbsp;&nbsp;&nbsp;3.21  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(ee)</sup>  | $25.13  | &nbsp;&nbsp;&nbsp; (0.15)  | &nbsp;&nbsp;&nbsp;&nbsp;0.89  | &nbsp;&nbsp;&nbsp;&nbsp;0.74  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Innovator International Developed Power Buffer ETF - May  | Innovator International Developed Power Buffer ETF - May  | Innovator International Developed Power Buffer ETF - May  | Innovator International Developed Power Buffer ETF - May  | Innovator International Developed Power Buffer ETF - May  | Innovator International Developed Power Buffer ETF - May  | Innovator International Developed Power Buffer ETF - May  | Innovator International Developed Power Buffer ETF - May  | Innovator International Developed Power Buffer ETF - May  |
| 10/31/2025  | $25.62  | &nbsp;&nbsp;&nbsp; (0.23)  | &nbsp;&nbsp;&nbsp;&nbsp;3.72  | &nbsp;&nbsp;&nbsp;&nbsp;3.49  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(ff)</sup>  | $24.83  | &nbsp;&nbsp;&nbsp; (0.11)  | &nbsp;&nbsp;&nbsp;&nbsp;0.89  | &nbsp;&nbsp;&nbsp;&nbsp;0.78  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Innovator International Developed Power Buffer ETF - November  | Innovator International Developed Power Buffer ETF - November  | Innovator International Developed Power Buffer ETF - November  | Innovator International Developed Power Buffer ETF - November  | Innovator International Developed Power Buffer ETF - November  | Innovator International Developed Power Buffer ETF - November  | Innovator International Developed Power Buffer ETF - November  | Innovator International Developed Power Buffer ETF - November  | Innovator International Developed Power Buffer ETF - November  |
| 10/31/2025 | $29.32 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $24.94 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; 4.60 | &nbsp;&nbsp;&nbsp; 4.36 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023<sup>(gg)</sup> | $24.95 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator International Developed Power Buffer ETF - October  | Innovator International Developed Power Buffer ETF - October  | Innovator International Developed Power Buffer ETF - October  | Innovator International Developed Power Buffer ETF - October  | Innovator International Developed Power Buffer ETF - October  | Innovator International Developed Power Buffer ETF - October  | Innovator International Developed Power Buffer ETF - October  | Innovator International Developed Power Buffer ETF - October  | Innovator International Developed Power Buffer ETF - October  |
| 10/31/2025 | $29.51 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $25.77 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $22.20 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $25.40 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (3.05) | &nbsp;&nbsp;&nbsp; (3.25) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(k)</sup> | $24.97 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Innovator International Developed Power Buffer ETF - September  | Innovator International Developed Power Buffer ETF - September  | Innovator International Developed Power Buffer ETF - September  | Innovator International Developed Power Buffer ETF - September  | Innovator International Developed Power Buffer ETF - September  | Innovator International Developed Power Buffer ETF - September  | Innovator International Developed Power Buffer ETF - September  | Innovator International Developed Power Buffer ETF - September  | Innovator International Developed Power Buffer ETF - September  |
| 10/31/2025  | $27.91  | &nbsp;&nbsp;&nbsp; (0.24)  | &nbsp;&nbsp;&nbsp;&nbsp; 4.12  | &nbsp;&nbsp;&nbsp; 3.88  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024  | $24.03  | &nbsp;&nbsp;&nbsp; (0.23)  | &nbsp;&nbsp;&nbsp;&nbsp;4.10  | &nbsp;&nbsp;&nbsp;&nbsp;3.87  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023<sup>(hh)</sup>  | $24.97  | &nbsp;&nbsp;&nbsp; (0.03)  | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)  | &nbsp;&nbsp;&nbsp; (0.96)  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Nasdaq-100 10 Buffer ETF - Quarterly  | Innovator Nasdaq-100 10 Buffer ETF - Quarterly  | Innovator Nasdaq-100 10 Buffer ETF - Quarterly  | Innovator Nasdaq-100 10 Buffer ETF - Quarterly  | Innovator Nasdaq-100 10 Buffer ETF - Quarterly  | Innovator Nasdaq-100 10 Buffer ETF - Quarterly  | Innovator Nasdaq-100 10 Buffer ETF - Quarterly  | Innovator Nasdaq-100 10 Buffer ETF - Quarterly  | Innovator Nasdaq-100 10 Buffer ETF - Quarterly  |
| 10/31/2025  | $25.34  | &nbsp;&nbsp;&nbsp; (0.21)  | &nbsp;&nbsp;&nbsp;&nbsp;4.01  | &nbsp;&nbsp;&nbsp;&nbsp;3.80  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(h)</sup>  | $24.87  | &nbsp;&nbsp;&nbsp; (0.07)  | &nbsp;&nbsp;&nbsp;&nbsp;0.49  | &nbsp;&nbsp;&nbsp;&nbsp;0.42  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Premium Income 15 Buffer ETF - April  | Innovator Premium Income 15 Buffer ETF - April  | Innovator Premium Income 15 Buffer ETF - April  | Innovator Premium Income 15 Buffer ETF - April  | Innovator Premium Income 15 Buffer ETF - April  | Innovator Premium Income 15 Buffer ETF - April  | Innovator Premium Income 15 Buffer ETF - April  | Innovator Premium Income 15 Buffer ETF - April  | Innovator Premium Income 15 Buffer ETF - April  |
| 10/31/2025  | $25.02  | &nbsp;&nbsp;&nbsp;&nbsp;0.88  | &nbsp;&nbsp;&nbsp;&nbsp;0.61  | &nbsp;&nbsp;&nbsp;&nbsp;1.49  | &nbsp;&nbsp;&nbsp; (1.12)  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; (0.25)  | &nbsp;&nbsp;&nbsp;&nbsp; (1.37)  |
| 10/31/2024<sup>(w)</sup>  | $24.92  | &nbsp;&nbsp;&nbsp;&nbsp;0.64  | &nbsp;&nbsp;&nbsp;&nbsp;0.27  | &nbsp;&nbsp;&nbsp;&nbsp;0.91  | &nbsp;&nbsp;&nbsp; (0.69)  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; (0.21)  | &nbsp;&nbsp;&nbsp;&nbsp; (0.82)  |
| Innovator Premium Income 15 Buffer ETF - January  | Innovator Premium Income 15 Buffer ETF - January  | Innovator Premium Income 15 Buffer ETF - January  | Innovator Premium Income 15 Buffer ETF - January  | Innovator Premium Income 15 Buffer ETF - January  | Innovator Premium Income 15 Buffer ETF - January  | Innovator Premium Income 15 Buffer ETF - January  | Innovator Premium Income 15 Buffer ETF - January  | Innovator Premium Income 15 Buffer ETF - January  |
| 10/31/2025  | $24.59  | &nbsp;&nbsp;&nbsp;&nbsp;0.85  | &nbsp;&nbsp;&nbsp;&nbsp;0.49  | &nbsp;&nbsp;&nbsp;&nbsp;1.34  | &nbsp;&nbsp;&nbsp; (1.20)  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; (0.07)  | &nbsp;&nbsp;&nbsp;&nbsp; (1.27)  |
| 10/31/2024<sup>(x)</sup>  | $24.48  | &nbsp;&nbsp;&nbsp;&nbsp;0.84  | &nbsp;&nbsp;&nbsp;&nbsp;0.39  | &nbsp;&nbsp;&nbsp;&nbsp;1.23  | &nbsp;&nbsp;&nbsp; (0.82)  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; (0.32)  | &nbsp;&nbsp;&nbsp;&nbsp; (1.14)  |
| Innovator Premium Income 15 Buffer ETF - July  | Innovator Premium Income 15 Buffer ETF - July  | Innovator Premium Income 15 Buffer ETF - July  | Innovator Premium Income 15 Buffer ETF - July  | Innovator Premium Income 15 Buffer ETF - July  | Innovator Premium Income 15 Buffer ETF - July  | Innovator Premium Income 15 Buffer ETF - July  | Innovator Premium Income 15 Buffer ETF - July  | Innovator Premium Income 15 Buffer ETF - July  |
| 10/31/2025  | $23.84  | &nbsp;&nbsp;&nbsp;&nbsp;0.84  | &nbsp;&nbsp;&nbsp;&nbsp;0.54  | &nbsp;&nbsp;&nbsp;&nbsp;1.38  | &nbsp;&nbsp;&nbsp; (1.08)  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; (0.22)  | &nbsp;&nbsp;&nbsp;&nbsp; (1.30)  |
| 10/31/2024<sup>(h)</sup>  | $23.76  | &nbsp;&nbsp;&nbsp;&nbsp;0.34  | &nbsp;&nbsp;&nbsp;&nbsp;0.17  | &nbsp;&nbsp;&nbsp;&nbsp;0.51  | &nbsp;&nbsp;&nbsp; (0.32)  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; (0.12)  | &nbsp;&nbsp;&nbsp;&nbsp; (0.44)  |
| Innovator Premium Income 15 Buffer ETF - October  | Innovator Premium Income 15 Buffer ETF - October  | Innovator Premium Income 15 Buffer ETF - October  | Innovator Premium Income 15 Buffer ETF - October  | Innovator Premium Income 15 Buffer ETF - October  | Innovator Premium Income 15 Buffer ETF - October  | Innovator Premium Income 15 Buffer ETF - October  | Innovator Premium Income 15 Buffer ETF - October  | Innovator Premium Income 15 Buffer ETF - October  |
| 10/31/2025  | $23.65  | &nbsp;&nbsp;&nbsp;&nbsp;0.76  | &nbsp;&nbsp;&nbsp;&nbsp;0.59  | &nbsp;&nbsp;&nbsp;&nbsp;1.35  | &nbsp;&nbsp;&nbsp; (1.22)  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (1.22)  |
| 10/31/2024  | $23.68  | &nbsp;&nbsp;&nbsp;&nbsp;1.04  | &nbsp;&nbsp;&nbsp;&nbsp;0.47  | &nbsp;&nbsp;&nbsp;&nbsp;1.51  | &nbsp;&nbsp;&nbsp; (1.02)  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; (0.53)  | &nbsp;&nbsp;&nbsp;&nbsp; (1.55)  |
| 10/31/2023<sup>(ii)</sup>  | $23.73  | &nbsp;&nbsp;&nbsp;&nbsp;0.09  | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)  | &nbsp;&nbsp;&nbsp;&nbsp;0.06  | &nbsp;&nbsp;&nbsp; (0.06)  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; (0.07)  | &nbsp;&nbsp;&nbsp;&nbsp; (0.13) |

---

See footnote definitions on pages 438–440.

The accompanying notes are an integral part of these financial statements.

420<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Year**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Year** <br>**(in Thousands)**  | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.02  | &nbsp;&nbsp; $29.12  | &nbsp;&nbsp;&nbsp;&nbsp; 12.49%  | &nbsp;&nbsp; $34220  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $25.89  | &nbsp;&nbsp;&nbsp;&nbsp; 3.02%  | &nbsp;&nbsp; $12945  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |
| 0.02  | &nbsp;&nbsp; $29.13  | &nbsp;&nbsp;&nbsp;&nbsp; 13.69%  | &nbsp;&nbsp; $34227  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $25.62  | &nbsp;&nbsp;&nbsp;&nbsp; 3.19%  | &nbsp;&nbsp; $8968  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |
| 0.02  | &nbsp;&nbsp; $33.65  | &nbsp;&nbsp;&nbsp;&nbsp; 14.77%  | &nbsp;&nbsp; $11776  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $29.32  | &nbsp;&nbsp;&nbsp;&nbsp; 17.50%  | &nbsp;&nbsp; $4397  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| —  | &nbsp;&nbsp; $24.94  | &nbsp;&nbsp;&nbsp;&nbsp; —%  | &nbsp;&nbsp; $1247  | &nbsp;&nbsp;&nbsp;&nbsp; —%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $34.08  | &nbsp;&nbsp;&nbsp;&nbsp; 15.49%  | &nbsp;&nbsp; $194233  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $29.51  | &nbsp;&nbsp;&nbsp;&nbsp; 14.50%  | &nbsp;&nbsp; $121710  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $25.77  | &nbsp;&nbsp;&nbsp;&nbsp; 16.07%  | &nbsp;&nbsp; $105653  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.05  | &nbsp;&nbsp; $22.20  | &nbsp;&nbsp;&nbsp;&nbsp; -12.60%  | &nbsp;&nbsp; $94355  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $25.40  | &nbsp;&nbsp;&nbsp;&nbsp; 1.72%  | &nbsp;&nbsp; $9525  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |
| 0.03  | &nbsp;&nbsp; $31.82  | &nbsp;&nbsp;&nbsp;&nbsp; 14.01%  | &nbsp;&nbsp; $101019  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $27.91  | &nbsp;&nbsp;&nbsp;&nbsp; 16.13%  | &nbsp;&nbsp; $67676  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $24.03  | &nbsp;&nbsp;&nbsp;&nbsp; -3.76%  | &nbsp;&nbsp; $36047  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $29.16  | &nbsp;&nbsp;&nbsp;&nbsp; 15.09%  | &nbsp;&nbsp; $212160  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.05  | &nbsp;&nbsp; $25.34  | &nbsp;&nbsp;&nbsp;&nbsp; 1.91%  | &nbsp;&nbsp; $80453  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $25.15  | &nbsp;&nbsp;&nbsp;&nbsp; 6.15%  | &nbsp;&nbsp; $7544  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 3.51%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $25.02  | &nbsp;&nbsp;&nbsp;&nbsp; 3.73%  | &nbsp;&nbsp; $3752  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 4.36%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $24.67  | &nbsp;&nbsp;&nbsp;&nbsp; 5.62%  | &nbsp;&nbsp; $11717  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 3.45%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $24.59  | &nbsp;&nbsp;&nbsp;&nbsp; 5.21%  | &nbsp;&nbsp; $8607  | &nbsp;&nbsp;&nbsp;&nbsp; 0.78%  | &nbsp;&nbsp;&nbsp;&nbsp; 4.06%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $23.94  | &nbsp;&nbsp;&nbsp;&nbsp; 6.03%  | &nbsp;&nbsp; $7781  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 3.52%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $23.84  | &nbsp;&nbsp;&nbsp;&nbsp; 2.16%  | &nbsp;&nbsp; $2384  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 4.26%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $23.79  | &nbsp;&nbsp;&nbsp;&nbsp; 5.87%  | &nbsp;&nbsp; $13680  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 3.19%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $23.65  | &nbsp;&nbsp;&nbsp;&nbsp; 6.60%  | &nbsp;&nbsp; $18332  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 4.35%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $23.68  | &nbsp;&nbsp;&nbsp;&nbsp; 0.32%  | &nbsp;&nbsp; $7103  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 4.97%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

421<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS:**  | **INVESTMENT OPERATIONS:**  | **INVESTMENT OPERATIONS:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  |
| <br>**For the Year Ended**  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**  | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup>  | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>**  | **Total from** <br>**Investment** <br>**Operations**  | **Net** <br>**Investment** <br>**Income**  | **Net** <br>**Realized** <br>**Gains**  | **Return of** <br>**Capital**  | **Total** <br>**Distributions**  |
| Innovator Premium Income 20 Barrier ETF - April  | Innovator Premium Income 20 Barrier ETF - April  | Innovator Premium Income 20 Barrier ETF - April  | Innovator Premium Income 20 Barrier ETF - April  | Innovator Premium Income 20 Barrier ETF - April  | Innovator Premium Income 20 Barrier ETF - April  | Innovator Premium Income 20 Barrier ETF - April  | Innovator Premium Income 20 Barrier ETF - April  | Innovator Premium Income 20 Barrier ETF - April  |
| 10/31/2025  | $24.71  | &nbsp;&nbsp;&nbsp;&nbsp;0.87  | &nbsp;&nbsp;&nbsp;&nbsp;0.93  | &nbsp;&nbsp;&nbsp;&nbsp;1.80  | &nbsp;&nbsp;&nbsp; (1.27)  | (0.35)  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (1.62)  |
| 10/31/2024  | $24.71  | &nbsp;&nbsp;&nbsp;&nbsp;1.02  | &nbsp;&nbsp;&nbsp;&nbsp;0.76  | &nbsp;&nbsp;&nbsp;&nbsp;1.78  | &nbsp;&nbsp;&nbsp; (1.28)  | (0.42)  | &nbsp;&nbsp; (0.08)  | &nbsp;&nbsp;&nbsp;&nbsp; (1.78)  |
| 10/31/2023<sup>(jj)</sup>  | $24.46  | &nbsp;&nbsp;&nbsp;&nbsp;0.59  | &nbsp;&nbsp;&nbsp;&nbsp;0.61  | &nbsp;&nbsp;&nbsp;&nbsp;1.20  | &nbsp;&nbsp;&nbsp; (0.79)  | (0.18)  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (0.97) |
| Innovator Premium Income 20 Barrier ETF - January  | Innovator Premium Income 20 Barrier ETF - January  | Innovator Premium Income 20 Barrier ETF - January  | Innovator Premium Income 20 Barrier ETF - January  | Innovator Premium Income 20 Barrier ETF - January  | Innovator Premium Income 20 Barrier ETF - January  | Innovator Premium Income 20 Barrier ETF - January  | Innovator Premium Income 20 Barrier ETF - January  | Innovator Premium Income 20 Barrier ETF - January  |
| 10/31/2025  | $24.82  | &nbsp;&nbsp;&nbsp;&nbsp;0.86  | &nbsp;&nbsp;&nbsp;&nbsp;0.73  | &nbsp;&nbsp;&nbsp;&nbsp;1.59  | &nbsp;&nbsp;&nbsp; (1.30)  | (0.26)  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (1.56)  |
| 10/31/2024<sup>(x)</sup>  | $24.58  | &nbsp;&nbsp;&nbsp;&nbsp;0.86  | &nbsp;&nbsp;&nbsp;&nbsp;0.60  | &nbsp;&nbsp;&nbsp;&nbsp;1.46  | &nbsp;&nbsp;&nbsp; (1.01)  | (0.23)  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (1.24) |
| Innovator Premium Income 20 Barrier ETF - July  | Innovator Premium Income 20 Barrier ETF - July  | Innovator Premium Income 20 Barrier ETF - July  | Innovator Premium Income 20 Barrier ETF - July  | Innovator Premium Income 20 Barrier ETF - July  | Innovator Premium Income 20 Barrier ETF - July  | Innovator Premium Income 20 Barrier ETF - July  | Innovator Premium Income 20 Barrier ETF - July  | Innovator Premium Income 20 Barrier ETF - July  |
| 10/31/2025 | $24.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp; (1.35) | (0.25) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.60)  |
| 10/31/2024 | $24.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp; (1.45) | (0.33) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.78)  |
| 10/31/2023<sup>(kk)</sup> | $24.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp; (0.30) |  | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp; (0.46)  |
| Innovator Premium Income 20 Barrier ETF - October  | Innovator Premium Income 20 Barrier ETF - October  | Innovator Premium Income 20 Barrier ETF - October  | Innovator Premium Income 20 Barrier ETF - October  | Innovator Premium Income 20 Barrier ETF - October  | Innovator Premium Income 20 Barrier ETF - October  | Innovator Premium Income 20 Barrier ETF - October  | Innovator Premium Income 20 Barrier ETF - October  | Innovator Premium Income 20 Barrier ETF - October  |
| 10/31/2025 | $23.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp; (1.11) | (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.51)  |
| 10/31/2024 | $23.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp; (1.37) | (0.37) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; (1.87)  |
| 10/31/2023<sup>(ii)</sup> | $23.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Innovator Premium Income 30 Barrier ETF - April  | Innovator Premium Income 30 Barrier ETF - April  | Innovator Premium Income 30 Barrier ETF - April  | Innovator Premium Income 30 Barrier ETF - April  | Innovator Premium Income 30 Barrier ETF - April  | Innovator Premium Income 30 Barrier ETF - April  | Innovator Premium Income 30 Barrier ETF - April  | Innovator Premium Income 30 Barrier ETF - April  | Innovator Premium Income 30 Barrier ETF - April  |
| 10/31/2025  | $24.70  | &nbsp;&nbsp;&nbsp;&nbsp;0.86  | &nbsp;&nbsp;&nbsp;&nbsp;0.56  | &nbsp;&nbsp;&nbsp;&nbsp;1.42  | &nbsp;&nbsp;&nbsp; (1.18)  | (0.17)  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (1.35)  |
| 10/31/2024  | $24.69  | &nbsp;&nbsp;&nbsp;&nbsp;1.01  | &nbsp;&nbsp;&nbsp;&nbsp;0.50  | &nbsp;&nbsp;&nbsp;&nbsp;1.51  | &nbsp;&nbsp;&nbsp; (1.16)  | (0.32)  | &nbsp;&nbsp; (0.02)  | &nbsp;&nbsp;&nbsp;&nbsp; (1.50)  |
| 10/31/2023<sup>(jj)</sup>  | $24.46  | &nbsp;&nbsp;&nbsp;&nbsp;0.58  | &nbsp;&nbsp;&nbsp;&nbsp;0.43  | &nbsp;&nbsp;&nbsp;&nbsp;1.01  | &nbsp;&nbsp;&nbsp; (0.66)  | (0.14)  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (0.80)  |
| Innovator Premium Income 30 Barrier ETF - January  | Innovator Premium Income 30 Barrier ETF - January  | Innovator Premium Income 30 Barrier ETF - January  | Innovator Premium Income 30 Barrier ETF - January  | Innovator Premium Income 30 Barrier ETF - January  | Innovator Premium Income 30 Barrier ETF - January  | Innovator Premium Income 30 Barrier ETF - January  | Innovator Premium Income 30 Barrier ETF - January  | Innovator Premium Income 30 Barrier ETF - January  |
| 10/31/2025  | $24.78  | &nbsp;&nbsp;&nbsp;&nbsp;0.86  | &nbsp;&nbsp;&nbsp;&nbsp;0.46  | &nbsp;&nbsp;&nbsp;&nbsp;1.32  | &nbsp;&nbsp;&nbsp; (1.07)  | (0.21)  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (1.28)  |
| 10/31/2024<sup>(x)</sup>  | $24.58  | &nbsp;&nbsp;&nbsp;&nbsp;0.85  | &nbsp;&nbsp;&nbsp;&nbsp;0.35  | &nbsp;&nbsp;&nbsp;&nbsp;1.20  | &nbsp;&nbsp;&nbsp; (0.89)  | (0.14)  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (1.03)  |
| Innovator Premium Income 30 Barrier ETF - July  | Innovator Premium Income 30 Barrier ETF - July  | Innovator Premium Income 30 Barrier ETF - July  | Innovator Premium Income 30 Barrier ETF - July  | Innovator Premium Income 30 Barrier ETF - July  | Innovator Premium Income 30 Barrier ETF - July  | Innovator Premium Income 30 Barrier ETF - July  | Innovator Premium Income 30 Barrier ETF - July  | Innovator Premium Income 30 Barrier ETF - July  |
| 10/31/2025  | $24.94  | &nbsp;&nbsp;&nbsp;&nbsp;0.97  | &nbsp;&nbsp;&nbsp;&nbsp;0.53  | &nbsp;&nbsp;&nbsp;&nbsp;1.50  | &nbsp;&nbsp;&nbsp; (1.22)  | (0.14)  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (1.36)  |
| 10/31/2024  | $24.77  | &nbsp;&nbsp;&nbsp;&nbsp;1.11  | &nbsp;&nbsp;&nbsp;&nbsp;0.60  | &nbsp;&nbsp;&nbsp;&nbsp;1.71  | &nbsp;&nbsp;&nbsp; (1.32)  | (0.22)  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (1.54)  |
| 10/31/2023<sup>(kk)</sup>  | $24.73  | &nbsp;&nbsp;&nbsp;&nbsp;0.39  | &nbsp;&nbsp;&nbsp;&nbsp;0.02  | &nbsp;&nbsp;&nbsp;&nbsp;0.41  | &nbsp;&nbsp;&nbsp; (0.34)  | —  | &nbsp;&nbsp; (0.06)  | &nbsp;&nbsp;&nbsp;&nbsp; (0.40)  |
| Innovator Premium Income 30 Barrier ETF - October  | Innovator Premium Income 30 Barrier ETF - October  | Innovator Premium Income 30 Barrier ETF - October  | Innovator Premium Income 30 Barrier ETF - October  | Innovator Premium Income 30 Barrier ETF - October  | Innovator Premium Income 30 Barrier ETF - October  | Innovator Premium Income 30 Barrier ETF - October  | Innovator Premium Income 30 Barrier ETF - October  | Innovator Premium Income 30 Barrier ETF - October  |
| 10/31/2025  | $23.81  | &nbsp;&nbsp;&nbsp;&nbsp;0.76  | &nbsp;&nbsp;&nbsp;&nbsp;0.63  | &nbsp;&nbsp;&nbsp;&nbsp;1.39  | &nbsp;&nbsp;&nbsp; (0.95)  | (0.28)  | &nbsp;&nbsp; (0.02)  | &nbsp;&nbsp;&nbsp;&nbsp; (1.25)  |
| 10/31/2024  | $23.86  | &nbsp;&nbsp;&nbsp;&nbsp;1.08  | &nbsp;&nbsp;&nbsp;&nbsp;0.44  | &nbsp;&nbsp;&nbsp;&nbsp;1.52  | &nbsp;&nbsp;&nbsp; (1.30)  | (0.25)  | &nbsp;&nbsp; (0.03)  | &nbsp;&nbsp;&nbsp;&nbsp; (1.58)  |
| 10/31/2023<sup>(ii)</sup>  | $23.82  | &nbsp;&nbsp;&nbsp;&nbsp;0.09  | &nbsp;&nbsp;&nbsp;&nbsp; (0.08)  | &nbsp;&nbsp;&nbsp;&nbsp;0.01  | &nbsp;&nbsp;&nbsp; —  | —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity 10 Buffer ETF - Quarterly  | Innovator U.S. Equity 10 Buffer ETF - Quarterly  | Innovator U.S. Equity 10 Buffer ETF - Quarterly  | Innovator U.S. Equity 10 Buffer ETF - Quarterly  | Innovator U.S. Equity 10 Buffer ETF - Quarterly  | Innovator U.S. Equity 10 Buffer ETF - Quarterly  | Innovator U.S. Equity 10 Buffer ETF - Quarterly  | Innovator U.S. Equity 10 Buffer ETF - Quarterly  | Innovator U.S. Equity 10 Buffer ETF - Quarterly  |
| 10/31/2025  | $29.23  | &nbsp;&nbsp;&nbsp; (0.21)  | &nbsp;&nbsp;&nbsp;&nbsp;3.17  | &nbsp;&nbsp;&nbsp;&nbsp;2.96  | &nbsp;&nbsp;&nbsp; —  | —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024  | $25.53  | &nbsp;&nbsp;&nbsp; (0.19)  | &nbsp;&nbsp;&nbsp;&nbsp;3.86  | &nbsp;&nbsp;&nbsp;&nbsp;3.67  | &nbsp;&nbsp;&nbsp; —  | —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023<sup>(ii)</sup>  | $25.61  | &nbsp;&nbsp;&nbsp; (0.01)  | &nbsp;&nbsp;&nbsp;&nbsp; (0.09)  | &nbsp;&nbsp;&nbsp; (0.10)  | &nbsp;&nbsp;&nbsp; —  | —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on pages 438–440.

The accompanying notes are an integral part of these financial statements.

422<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Year**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Year** <br>**(in Thousands)**  | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $24.89  | &nbsp;&nbsp;&nbsp;&nbsp; 7.48%  | &nbsp;&nbsp; $26134  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 3.49%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $24.71  | &nbsp;&nbsp;&nbsp;&nbsp; 7.43%  | &nbsp;&nbsp; $27802  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 4.12%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $24.71  | &nbsp;&nbsp;&nbsp;&nbsp; 5.04%  | &nbsp;&nbsp; $26563  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 4.10%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |
| 0.01  | &nbsp;&nbsp; $24.86  | &nbsp;&nbsp;&nbsp;&nbsp; 6.68%  | &nbsp;&nbsp; $10566  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 3.46%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $24.82  | &nbsp;&nbsp;&nbsp;&nbsp; 6.11%  | &nbsp;&nbsp; $9307  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 4.13%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $25.13  | &nbsp;&nbsp;&nbsp;&nbsp; 7.41%  | &nbsp;&nbsp; $18849  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 3.85%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $24.94  | &nbsp;&nbsp;&nbsp;&nbsp; 8.99%  | &nbsp;&nbsp; $20574  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 4.46%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $24.56  | &nbsp;&nbsp;&nbsp;&nbsp; 1.20%  | &nbsp;&nbsp; $25172  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 4.86%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $23.96  | &nbsp;&nbsp;&nbsp;&nbsp; 7.21%  | &nbsp;&nbsp; $20365  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 3.21%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $23.79  | &nbsp;&nbsp;&nbsp;&nbsp; 7.83%  | &nbsp;&nbsp; $19630  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 4.44%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $23.83  | &nbsp;&nbsp;&nbsp;&nbsp; 0.04%  | &nbsp;&nbsp; $10724  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 5.08%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |
| 0.00<sup>(i)</sup>  | $24.77  | &nbsp;&nbsp;&nbsp;&nbsp; 5.90%  | &nbsp;&nbsp; $34062  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 3.47%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup>  | $24.70  | &nbsp;&nbsp;&nbsp;&nbsp; 6.30%  | &nbsp;&nbsp; $38287  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 4.08%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | $24.69  | &nbsp;&nbsp;&nbsp;&nbsp; 4.23%  | &nbsp;&nbsp; $48754  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 4.08%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup>  | $24.82  | &nbsp;&nbsp;&nbsp;&nbsp; 5.48%  | &nbsp;&nbsp; $16133  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 3.48%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | $24.78  | &nbsp;&nbsp;&nbsp;&nbsp; 5.10%  | &nbsp;&nbsp; $22303  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 4.10%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup>  | $25.08  | &nbsp;&nbsp;&nbsp;&nbsp; 6.15%  | &nbsp;&nbsp; $17555  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 3.85%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup>  | $24.94  | &nbsp;&nbsp;&nbsp;&nbsp; 7.07%  | &nbsp;&nbsp; $23695  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 4.44%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | $24.77  | &nbsp;&nbsp;&nbsp;&nbsp; 1.79%  | &nbsp;&nbsp; $28487  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 4.77%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup>  | $23.95  | &nbsp;&nbsp;&nbsp;&nbsp; 5.92%  | &nbsp;&nbsp; $17959  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 3.19%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | $23.81  | &nbsp;&nbsp;&nbsp;&nbsp; 6.53%  | &nbsp;&nbsp; $21430  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 4.46%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | $23.86  | &nbsp;&nbsp;&nbsp;&nbsp; 0.17%  | &nbsp;&nbsp; $13720  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 5.06%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | $32.20  | &nbsp;&nbsp;&nbsp;&nbsp; 10.17%  | &nbsp;&nbsp; $634293  | &nbsp;&nbsp;&nbsp;&nbsp; 0.69%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.68)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | $29.23  | &nbsp;&nbsp;&nbsp;&nbsp; 14.46%  | &nbsp;&nbsp; $256458  | &nbsp;&nbsp;&nbsp;&nbsp; 0.69%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.68)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | $25.53  | &nbsp;&nbsp;&nbsp;&nbsp; -0.30%  | &nbsp;&nbsp; $24896  | &nbsp;&nbsp;&nbsp;&nbsp; 0.69%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.68)%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

423<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS (Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the Year Ended** | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup> | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>** | **Total from** <br>**Investment** <br>**Operations** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Return of**<br>**Capital** | **Total**<br>**Distributions**  |
| Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly  | Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly  | Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly  | Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly  | Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly  | Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly  | Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly  | Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly  | Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly  |
| 10/31/2025 | $31.48 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $25.23 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;6.42 | &nbsp;&nbsp;&nbsp;&nbsp;6.22 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023<sup>(ii)</sup> | $25.61 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - April  | Innovator U.S. Equity Accelerated 9 Buffer ETF - April  | Innovator U.S. Equity Accelerated 9 Buffer ETF - April  | Innovator U.S. Equity Accelerated 9 Buffer ETF - April  | Innovator U.S. Equity Accelerated 9 Buffer ETF - April  | Innovator U.S. Equity Accelerated 9 Buffer ETF - April  | Innovator U.S. Equity Accelerated 9 Buffer ETF - April  | Innovator U.S. Equity Accelerated 9 Buffer ETF - April  | Innovator U.S. Equity Accelerated 9 Buffer ETF - April  |
| 10/31/2025 | $33.34 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;4.98 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $28.67 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;4.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $25.30 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $27.09 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (1.59) | &nbsp;&nbsp;&nbsp; (1.80) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(j)</sup> | $25.37 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - January  | Innovator U.S. Equity Accelerated 9 Buffer ETF - January  | Innovator U.S. Equity Accelerated 9 Buffer ETF - January  | Innovator U.S. Equity Accelerated 9 Buffer ETF - January  | Innovator U.S. Equity Accelerated 9 Buffer ETF - January  | Innovator U.S. Equity Accelerated 9 Buffer ETF - January  | Innovator U.S. Equity Accelerated 9 Buffer ETF - January  | Innovator U.S. Equity Accelerated 9 Buffer ETF - January  | Innovator U.S. Equity Accelerated 9 Buffer ETF - January  |
| 10/31/2025 | $28.40 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $24.69 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $22.00 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022<sup>(aa)</sup> | $24.70 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp; (2.57) | &nbsp;&nbsp;&nbsp; (2.72) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - July  | Innovator U.S. Equity Accelerated 9 Buffer ETF - July  | Innovator U.S. Equity Accelerated 9 Buffer ETF - July  | Innovator U.S. Equity Accelerated 9 Buffer ETF - July  | Innovator U.S. Equity Accelerated 9 Buffer ETF - July  | Innovator U.S. Equity Accelerated 9 Buffer ETF - July  | Innovator U.S. Equity Accelerated 9 Buffer ETF - July  | Innovator U.S. Equity Accelerated 9 Buffer ETF - July  | Innovator U.S. Equity Accelerated 9 Buffer ETF - July  |
| 10/31/2025 | $33.42 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $28.10 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;&nbsp;5.31 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $25.28 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $26.49 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (1.04) | &nbsp;&nbsp;&nbsp; (1.24) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(g)</sup> | $25.68 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - October  | Innovator U.S. Equity Accelerated 9 Buffer ETF - October  | Innovator U.S. Equity Accelerated 9 Buffer ETF - October  | Innovator U.S. Equity Accelerated 9 Buffer ETF - October  | Innovator U.S. Equity Accelerated 9 Buffer ETF - October  | Innovator U.S. Equity Accelerated 9 Buffer ETF - October  | Innovator U.S. Equity Accelerated 9 Buffer ETF - October  | Innovator U.S. Equity Accelerated 9 Buffer ETF - October  | Innovator U.S. Equity Accelerated 9 Buffer ETF - October  |
| 10/31/2025 | $29.58 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $25.93 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $22.82 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $24.77 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; (1.80) | &nbsp;&nbsp;&nbsp; (1.99) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(k)</sup> | $24.04 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Accelerated ETF - Quarterly  | Innovator U.S. Equity Accelerated ETF - Quarterly  | Innovator U.S. Equity Accelerated ETF - Quarterly  | Innovator U.S. Equity Accelerated ETF - Quarterly  | Innovator U.S. Equity Accelerated ETF - Quarterly  | Innovator U.S. Equity Accelerated ETF - Quarterly  | Innovator U.S. Equity Accelerated ETF - Quarterly  | Innovator U.S. Equity Accelerated ETF - Quarterly  | Innovator U.S. Equity Accelerated ETF - Quarterly  |
| 10/31/2025 | $34.90 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.71 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $27.09 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;8.05 | &nbsp;&nbsp;&nbsp;&nbsp;7.80 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $22.88 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $28.25 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (5.19) | &nbsp;&nbsp;&nbsp; (5.39) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(j)</sup> | $25.37 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Accelerated Plus ETF - April  | Innovator U.S. Equity Accelerated Plus ETF - April  | Innovator U.S. Equity Accelerated Plus ETF - April  | Innovator U.S. Equity Accelerated Plus ETF - April  | Innovator U.S. Equity Accelerated Plus ETF - April  | Innovator U.S. Equity Accelerated Plus ETF - April  | Innovator U.S. Equity Accelerated Plus ETF - April  | Innovator U.S. Equity Accelerated Plus ETF - April  | Innovator U.S. Equity Accelerated Plus ETF - April  |
| 10/31/2025 | $33.62 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;&nbsp;6.28 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $27.75 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;6.10 | &nbsp;&nbsp;&nbsp;&nbsp;5.86 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $24.90 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $28.19 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (3.10) | &nbsp;&nbsp;&nbsp; (3.32) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(j)</sup> | $25.37 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on pages 438–440.

The accompanying notes are an integral part of these financial statements.

424<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share** | <br>**Net** <br>**Asset Value,** <br>**End of Year** | <br>**Total Return<sup>(c)</sup>** | **Net Assets,** <br>**End of Year** <br>**(in Thousands)** | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>** | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.01  | &nbsp;&nbsp; $35.12  | &nbsp;&nbsp;&nbsp;&nbsp; 11.56%  | $155410  | &nbsp;&nbsp;&nbsp;&nbsp; 0.69%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.68)%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |
| 0.03  | &nbsp;&nbsp; $31.48  | &nbsp;&nbsp;&nbsp;&nbsp; 24.78%  | $102316  | &nbsp;&nbsp;&nbsp;&nbsp; 0.69%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.68)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $25.23  | &nbsp;&nbsp;&nbsp;&nbsp; -1.49%  | $12615  | &nbsp;&nbsp;&nbsp;&nbsp; 0.69%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.68)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp; $38.08 | &nbsp;&nbsp;&nbsp;&nbsp; 14.21% | $153283 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $33.34 | &nbsp;&nbsp;&nbsp;&nbsp; 16.31% | $86696 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $28.67 | &nbsp;&nbsp;&nbsp;&nbsp; 13.33% | $73825 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $25.30 | &nbsp;&nbsp;&nbsp;&nbsp; -6.61% | $19606 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $27.09 | &nbsp;&nbsp;&nbsp;&nbsp; 6.77% | $19639 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp; $31.55 | &nbsp;&nbsp;&nbsp;&nbsp; 11.10% | $92286 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup> | &nbsp;&nbsp; $28.40 | &nbsp;&nbsp;&nbsp;&nbsp; 15.01% | $86616 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $24.69 | &nbsp;&nbsp;&nbsp;&nbsp; 12.24% | $71609 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $22.00 | &nbsp;&nbsp;&nbsp;&nbsp; -10.93% | $14300 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $37.68 | &nbsp;&nbsp;&nbsp;&nbsp; 12.75% | $127179 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $33.42 | &nbsp;&nbsp;&nbsp;&nbsp; 18.93% | $150392 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $28.10 | &nbsp;&nbsp;&nbsp;&nbsp; 11.14% | $78681 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp; $25.28 | &nbsp;&nbsp;&nbsp;&nbsp; -4.56% | $32237 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $26.49 | &nbsp;&nbsp;&nbsp;&nbsp; 3.16% | $10597 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp; $33.11 | &nbsp;&nbsp;&nbsp;&nbsp; 11.93% | $83606 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup> | &nbsp;&nbsp; $29.58 | &nbsp;&nbsp;&nbsp;&nbsp; 14.08% | $66560 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $25.93 | &nbsp;&nbsp;&nbsp;&nbsp; 13.62% | $55106 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp; $22.82 | &nbsp;&nbsp;&nbsp;&nbsp; -7.85% | $35948 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $24.77 | &nbsp;&nbsp;&nbsp;&nbsp; 3.03% | $4334 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.82)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $40.62 | &nbsp;&nbsp;&nbsp;&nbsp; 16.40% | $71089 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $34.90 | &nbsp;&nbsp;&nbsp;&nbsp; 28.82% | $51474 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp; $27.09 | &nbsp;&nbsp;&nbsp;&nbsp; 18.40% | $76528 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $22.88 | &nbsp;&nbsp;&nbsp;&nbsp; -19.02% | $11440 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $28.25 | &nbsp;&nbsp;&nbsp;&nbsp; 11.37% | $13421 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $39.92 | &nbsp;&nbsp;&nbsp;&nbsp; 18.77% | $23955 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $33.62 | &nbsp;&nbsp;&nbsp;&nbsp; 21.15% | $10925 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $27.75 | &nbsp;&nbsp;&nbsp;&nbsp; 11.44% | $10405 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp; $24.90 | &nbsp;&nbsp;&nbsp;&nbsp; -11.67% | $3735 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $28.19 | &nbsp;&nbsp;&nbsp;&nbsp;11.11% | $8457 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

425<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS (Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:**  | **Investment Operations:**  | **Investment Operations:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the Year Ended**  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**  | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup>  | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>**  | **Total from** <br>**Investment** <br>**Operations**  | **Net** <br>**Investment** <br>**Income**  | **Net** <br>**Realized** <br>**Gains**  | **Return of** <br>**Capital**  | **Total** <br>**Distributions**  |
| Innovator U.S. Equity Accelerated Plus ETF - January  | Innovator U.S. Equity Accelerated Plus ETF - January  | Innovator U.S. Equity Accelerated Plus ETF - January  | Innovator U.S. Equity Accelerated Plus ETF - January  | Innovator U.S. Equity Accelerated Plus ETF - January  | Innovator U.S. Equity Accelerated Plus ETF - January  | Innovator U.S. Equity Accelerated Plus ETF - January  | Innovator U.S. Equity Accelerated Plus ETF - January  | Innovator U.S. Equity Accelerated Plus ETF - January  |
| 10/31/2025 | $27.32 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $23.00 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $19.87 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022<sup>(aa)</sup> | $24.71 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; (4.72) | &nbsp;&nbsp;&nbsp; (4.86) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Accelerated Plus ETF - July  | Innovator U.S. Equity Accelerated Plus ETF - July  | Innovator U.S. Equity Accelerated Plus ETF - July  | Innovator U.S. Equity Accelerated Plus ETF - July  | Innovator U.S. Equity Accelerated Plus ETF - July  | Innovator U.S. Equity Accelerated Plus ETF - July  | Innovator U.S. Equity Accelerated Plus ETF - July  | Innovator U.S. Equity Accelerated Plus ETF - July  | Innovator U.S. Equity Accelerated Plus ETF - July  |
| 10/31/2025 | $32.77 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;5.66 | &nbsp;&nbsp;&nbsp;&nbsp;5.39 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $26.19 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;6.81 | &nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $23.10 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $27.11 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; (3.84) | &nbsp;&nbsp;&nbsp; (4.03) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(g)</sup> | $25.68 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Accelerated Plus ETF - October  | Innovator U.S. Equity Accelerated Plus ETF - October  | Innovator U.S. Equity Accelerated Plus ETF - October  | Innovator U.S. Equity Accelerated Plus ETF - October  | Innovator U.S. Equity Accelerated Plus ETF - October  | Innovator U.S. Equity Accelerated Plus ETF - October  | Innovator U.S. Equity Accelerated Plus ETF - October  | Innovator U.S. Equity Accelerated Plus ETF - October  | Innovator U.S. Equity Accelerated Plus ETF - October  |
| 10/31/2025 | $28.60 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $24.24 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;4.35 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $20.84 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $25.30 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; (4.31) | &nbsp;&nbsp;&nbsp; (4.49) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(k)</sup> | $24.50 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Buffer ETF - April  | Innovator U.S. Equity Buffer ETF - April  | Innovator U.S. Equity Buffer ETF - April  | Innovator U.S. Equity Buffer ETF - April  | Innovator U.S. Equity Buffer ETF - April  | Innovator U.S. Equity Buffer ETF - April  | Innovator U.S. Equity Buffer ETF - April  | Innovator U.S. Equity Buffer ETF - April  | Innovator U.S. Equity Buffer ETF - April  |
| 10/31/2025 | $43.15 | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;4.08 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $34.42 | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;9.02 | &nbsp;&nbsp;&nbsp;&nbsp;8.71 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $30.83 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $32.79 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; (1.73) | &nbsp;&nbsp;&nbsp; (1.98) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $28.41 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Buffer ETF - August  | Innovator U.S. Equity Buffer ETF - August  | Innovator U.S. Equity Buffer ETF - August  | Innovator U.S. Equity Buffer ETF - August  | Innovator U.S. Equity Buffer ETF - August  | Innovator U.S. Equity Buffer ETF - August  | Innovator U.S. Equity Buffer ETF - August  | Innovator U.S. Equity Buffer ETF - August  | Innovator U.S. Equity Buffer ETF - August  |
| 10/31/2025 | $42.55 | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;7.26 | &nbsp;&nbsp;&nbsp;&nbsp;6.91 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $32.51 | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;10.32 | &nbsp;&nbsp;&nbsp;&nbsp;10.02 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $30.00 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $32.65 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; (2.43) | &nbsp;&nbsp;&nbsp; (2.68) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.49 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Buffer ETF - December  | Innovator U.S. Equity Buffer ETF - December  | Innovator U.S. Equity Buffer ETF - December  | Innovator U.S. Equity Buffer ETF - December  | Innovator U.S. Equity Buffer ETF - December  | Innovator U.S. Equity Buffer ETF - December  | Innovator U.S. Equity Buffer ETF - December  | Innovator U.S. Equity Buffer ETF - December  | Innovator U.S. Equity Buffer ETF - December  |
| 10/31/2025 | $43.28 | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp;&nbsp;&nbsp;5.50 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $34.26 | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;9.32 | &nbsp;&nbsp;&nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $31.67 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $34.04 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp; (2.14) | &nbsp;&nbsp;&nbsp; (2.40) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.73 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; 6.53 | &nbsp;&nbsp;&nbsp;&nbsp;6.28 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Buffer ETF - February  | Innovator U.S. Equity Buffer ETF - February  | Innovator U.S. Equity Buffer ETF - February  | Innovator U.S. Equity Buffer ETF - February  | Innovator U.S. Equity Buffer ETF - February  | Innovator U.S. Equity Buffer ETF - February  | Innovator U.S. Equity Buffer ETF - February  | Innovator U.S. Equity Buffer ETF - February  | Innovator U.S. Equity Buffer ETF - February  |
| 10/31/2025 | $41.97 | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;6.20 | &nbsp;&nbsp;&nbsp;&nbsp;5.86 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $32.76 | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;9.49 | &nbsp;&nbsp;&nbsp;&nbsp;9.19 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $29.62 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $31.63 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (1.79) | &nbsp;&nbsp;&nbsp; (2.03) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $25.09 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp;&nbsp;6.52 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on pages 438–440.

The accompanying notes are an integral part of these financial statements.

426<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Year**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Year** <br>**(in Thousands)**  | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.01  | &nbsp;&nbsp; $31.12  | &nbsp;&nbsp;&nbsp;&nbsp; 13.93%  | $17897  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $27.32  | &nbsp;&nbsp;&nbsp;&nbsp; 18.78%  | $17074  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $23.00  | &nbsp;&nbsp;&nbsp;&nbsp; 15.75%  | $18399  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $19.87  | &nbsp;&nbsp;&nbsp;&nbsp; -19.59%  | $4967  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $38.18  | &nbsp;&nbsp;&nbsp;&nbsp; 16.50%  | $16225  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $32.77  | &nbsp;&nbsp;&nbsp;&nbsp; 25.14%  | $11470  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $26.19  | &nbsp;&nbsp;&nbsp;&nbsp; 13.38%  | $15712  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $23.10  | &nbsp;&nbsp;&nbsp;&nbsp; -14.80%  | $12703  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $27.11  | &nbsp;&nbsp;&nbsp;&nbsp; 5.56%  | $9488  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $33.02  | &nbsp;&nbsp;&nbsp;&nbsp; 15.45%  | $15686  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $28.60  | &nbsp;&nbsp;&nbsp;&nbsp; 18.02%  | $14302  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $24.24  | &nbsp;&nbsp;&nbsp;&nbsp; 16.31%  | $12724  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $20.84  | &nbsp;&nbsp;&nbsp;&nbsp; -17.63%  | $15108  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| —  | &nbsp;&nbsp; $25.30  | &nbsp;&nbsp;&nbsp;&nbsp; 5.20%  | $2530  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.83)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $47.25  | &nbsp;&nbsp;&nbsp;&nbsp; 9.51%  | $344951  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $43.15  | &nbsp;&nbsp;&nbsp;&nbsp; 25.38%  | $261064  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $34.42  | &nbsp;&nbsp;&nbsp;&nbsp; 11.65%  | $151433  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $30.83  | &nbsp;&nbsp;&nbsp;&nbsp; -5.99%  | $115595  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $32.79  | &nbsp;&nbsp;&nbsp;&nbsp; 15.40%  | $122956  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $49.48  | &nbsp;&nbsp;&nbsp;&nbsp; 16.30%  | $221414  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $42.55  | &nbsp;&nbsp;&nbsp;&nbsp; 30.88%  | $180817  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $32.51  | &nbsp;&nbsp;&nbsp;&nbsp; 8.35%  | $182037  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $30.00  | &nbsp;&nbsp;&nbsp;&nbsp; -8.13%  | $102754  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $32.65  | &nbsp;&nbsp;&nbsp;&nbsp; 18.81%  | $86535  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.05  | &nbsp;&nbsp; $48.83  | &nbsp;&nbsp;&nbsp;&nbsp; 12.83%  | $195326  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $43.28  | &nbsp;&nbsp;&nbsp;&nbsp; 26.32%  | $125504  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $34.26  | &nbsp;&nbsp;&nbsp;&nbsp; 8.18%  | $95930  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $31.67  | &nbsp;&nbsp;&nbsp;&nbsp; -6.97%  | $103722  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $34.04  | &nbsp;&nbsp;&nbsp;&nbsp; 22.76%  | $57874  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $47.85  | &nbsp;&nbsp;&nbsp;&nbsp; 14.00%  | $191403  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $41.97  | &nbsp;&nbsp;&nbsp;&nbsp;28.11%  | $131168  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $32.76  | &nbsp;&nbsp;&nbsp;&nbsp; 10.62%  | $99929  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $29.62  | &nbsp;&nbsp;&nbsp;&nbsp; -6.37%  | $68860  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $31.63  | &nbsp;&nbsp;&nbsp;&nbsp; 26.08%  | $86203  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

427<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS (Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:**  | **Investment Operations:**  | **Investment Operations:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the Year Ended**  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**  | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup>  | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>**  | **Total from** <br>**Investment** <br>**Operations**  | **Net** <br>**Investment** <br>**Income**  | **Net** <br>**Realized** <br>**Gains**  | **Return of** <br>**Capital**  | **Total** <br>**Distributions**  |
| Innovator U.S. Equity Buffer ETF - January  | Innovator U.S. Equity Buffer ETF - January  | Innovator U.S. Equity Buffer ETF - January  | Innovator U.S. Equity Buffer ETF - January  | Innovator U.S. Equity Buffer ETF - January  | Innovator U.S. Equity Buffer ETF - January  | Innovator U.S. Equity Buffer ETF - January  | Innovator U.S. Equity Buffer ETF - January  | Innovator U.S. Equity Buffer ETF - January  |
| 10/31/2025 | $46.66 | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;7.35 | &nbsp;&nbsp;&nbsp;&nbsp;6.97 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $35.99 | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;11.00 | &nbsp;&nbsp;&nbsp;&nbsp;10.66 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $33.17 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $36.87 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp; (3.45) | &nbsp;&nbsp;&nbsp; (3.72) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $29.77 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;7.35 | &nbsp;&nbsp;&nbsp;&nbsp;7.08 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Buffer ETF - July  | Innovator U.S. Equity Buffer ETF - July  | Innovator U.S. Equity Buffer ETF - July  | Innovator U.S. Equity Buffer ETF - July  | Innovator U.S. Equity Buffer ETF - July  | Innovator U.S. Equity Buffer ETF - July  | Innovator U.S. Equity Buffer ETF - July  | Innovator U.S. Equity Buffer ETF - July  | Innovator U.S. Equity Buffer ETF - July  |
| 10/31/2025 | $43.48 | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;7.01 | &nbsp;&nbsp;&nbsp;&nbsp;6.65 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $33.91 | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp;&nbsp;9.56 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $30.83 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $32.69 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; (1.65) | &nbsp;&nbsp;&nbsp; (1.90) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.94 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;4.72 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Buffer ETF - June  | Innovator U.S. Equity Buffer ETF - June  | Innovator U.S. Equity Buffer ETF - June  | Innovator U.S. Equity Buffer ETF - June  | Innovator U.S. Equity Buffer ETF - June  | Innovator U.S. Equity Buffer ETF - June  | Innovator U.S. Equity Buffer ETF - June  | Innovator U.S. Equity Buffer ETF - June  | Innovator U.S. Equity Buffer ETF - June  |
| 10/31/2025 | $40.52 | &nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;5.91 | &nbsp;&nbsp;&nbsp;&nbsp;5.58 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $32.33 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;8.47 | &nbsp;&nbsp;&nbsp;&nbsp;8.18 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $30.59 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $33.96 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; (3.14) | &nbsp;&nbsp;&nbsp; (3.39) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $29.25 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Buffer ETF - March  | Innovator U.S. Equity Buffer ETF - March  | Innovator U.S. Equity Buffer ETF - March  | Innovator U.S. Equity Buffer ETF - March  | Innovator U.S. Equity Buffer ETF - March  | Innovator U.S. Equity Buffer ETF - March  | Innovator U.S. Equity Buffer ETF - March  | Innovator U.S. Equity Buffer ETF - March  | Innovator U.S. Equity Buffer ETF - March  |
| 10/31/2025 | $44.89 | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;7.64 | &nbsp;&nbsp;&nbsp;&nbsp;7.27 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $35.73 | &nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;9.47 | &nbsp;&nbsp;&nbsp;&nbsp;9.14 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $31.93 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $34.06 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp; (1.88) | &nbsp;&nbsp;&nbsp; (2.14) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.92 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp;&nbsp;&nbsp;6.12 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Buffer ETF - May  | Innovator U.S. Equity Buffer ETF - May  | Innovator U.S. Equity Buffer ETF - May  | Innovator U.S. Equity Buffer ETF - May  | Innovator U.S. Equity Buffer ETF - May  | Innovator U.S. Equity Buffer ETF - May  | Innovator U.S. Equity Buffer ETF - May  | Innovator U.S. Equity Buffer ETF - May  | Innovator U.S. Equity Buffer ETF - May  |
| 10/31/2025 | $39.36 | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $30.60 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;9.03 | &nbsp;&nbsp;&nbsp;&nbsp;8.75 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $29.07 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $32.55 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (3.26) | &nbsp;&nbsp;&nbsp; (3.50) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.92 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Buffer ETF - November  | Innovator U.S. Equity Buffer ETF - November  | Innovator U.S. Equity Buffer ETF - November  | Innovator U.S. Equity Buffer ETF - November  | Innovator U.S. Equity Buffer ETF - November  | Innovator U.S. Equity Buffer ETF - November  | Innovator U.S. Equity Buffer ETF - November  | Innovator U.S. Equity Buffer ETF - November  | Innovator U.S. Equity Buffer ETF - November  |
| 10/31/2025 | $38.30 | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;6.11 | &nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $31.97 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;&nbsp;&nbsp;6.32 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $29.74 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $32.71 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (2.25) | &nbsp;&nbsp;&nbsp; (2.49) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.31 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Buffer ETF - October  | Innovator U.S. Equity Buffer ETF - October  | Innovator U.S. Equity Buffer ETF - October  | Innovator U.S. Equity Buffer ETF - October  | Innovator U.S. Equity Buffer ETF - October  | Innovator U.S. Equity Buffer ETF - October  | Innovator U.S. Equity Buffer ETF - October  | Innovator U.S. Equity Buffer ETF - October  | Innovator U.S. Equity Buffer ETF - October  |
| 10/31/2025 | $42.18 | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp;&nbsp;&nbsp;6.78 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $34.94 | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;7.54 | &nbsp;&nbsp;&nbsp;&nbsp;7.23 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $31.43 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $33.90 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp; (2.24) | &nbsp;&nbsp;&nbsp; (2.50) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.26 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;6.88 | &nbsp;&nbsp;&nbsp;&nbsp;6.63 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on pages 438–440.

The accompanying notes are an integral part of these financial statements.

428<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Year**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Year** <br>**(in Thousands)**  | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.02 | &nbsp;&nbsp; $53.65 | &nbsp;&nbsp;&nbsp;&nbsp; 14.98% | $285686 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $46.66 | &nbsp;&nbsp;&nbsp;&nbsp; 29.64% | $253122 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $35.99 | &nbsp;&nbsp;&nbsp;&nbsp; 8.50% | $148460 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $33.17 | &nbsp;&nbsp;&nbsp;&nbsp; -10.03% | $142636 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $36.87 | &nbsp;&nbsp;&nbsp;&nbsp; 23.85% | $150240 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $50.14 | &nbsp;&nbsp;&nbsp;&nbsp; 15.34% | $297095 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $43.48 | &nbsp;&nbsp;&nbsp;&nbsp; 28.22% | $259766 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $33.91 | &nbsp;&nbsp;&nbsp;&nbsp; 9.98% | $341615 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp; $30.83 | &nbsp;&nbsp;&nbsp;&nbsp; -5.69% | $170341 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp; $32.69 | &nbsp;&nbsp;&nbsp;&nbsp; 17.53% | $183066 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $46.11 | &nbsp;&nbsp;&nbsp;&nbsp; 13.78% | $163674 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $40.52 | &nbsp;&nbsp;&nbsp;&nbsp; 25.33% | $150937 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp; $32.33 | &nbsp;&nbsp;&nbsp;&nbsp; 5.69% | $101031 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $30.59 | &nbsp;&nbsp;&nbsp;&nbsp; -9.93% | $76474 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $33.96 | &nbsp;&nbsp;&nbsp;&nbsp; 16.12% | $81509 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $52.17 | &nbsp;&nbsp;&nbsp;&nbsp; 16.22% | $178692 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $44.89 | &nbsp;&nbsp;&nbsp;&nbsp; 25.64% | $173955 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $35.73 | &nbsp;&nbsp;&nbsp;&nbsp; 11.89% | $87536 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $31.93 | &nbsp;&nbsp;&nbsp;&nbsp; -6.26% | $76635 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $34.06 | &nbsp;&nbsp;&nbsp;&nbsp; 21.98% | $62164 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup> | &nbsp;&nbsp; $44.13 | &nbsp;&nbsp;&nbsp;&nbsp; 12.12% | $156670 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $39.36 | &nbsp;&nbsp;&nbsp;&nbsp; 28.62% | $130879 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $30.60 | &nbsp;&nbsp;&nbsp;&nbsp; 5.29% | $110940 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $29.07 | &nbsp;&nbsp;&nbsp;&nbsp; -10.70% | $175858 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $32.55 | &nbsp;&nbsp;&nbsp;&nbsp; 16.58% | $82190 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $44.11 | &nbsp;&nbsp;&nbsp;&nbsp; 15.17% | $146654 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $38.30 | &nbsp;&nbsp;&nbsp;&nbsp; 19.76% | $99575 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $31.97 | &nbsp;&nbsp;&nbsp;&nbsp; 7.49% | $83924 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $29.74 | &nbsp;&nbsp;&nbsp;&nbsp; -7.65% | $61710 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $32.21 | &nbsp;&nbsp;&nbsp;&nbsp; 17.93% | $30599 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $48.97 | &nbsp;&nbsp;&nbsp;&nbsp; 16.10% | $288949 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $42.18 | &nbsp;&nbsp;&nbsp;&nbsp; 20.71% | $233052 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $34.94 | &nbsp;&nbsp;&nbsp;&nbsp; 11.18% | $171230 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp; $31.43 | &nbsp;&nbsp;&nbsp;&nbsp; -7.29% | $226302 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $33.90 | &nbsp;&nbsp;&nbsp;&nbsp; 24.34% | $111875 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

429<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS (Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:**  | **Investment Operations:**  | **Investment Operations:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the Year Ended**  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**  | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup>  | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>**  | **Total from** <br>**Investment** <br>**Operations**  | **Net** <br>**Investment** <br>**Income**  | **Net** <br>**Realized** <br>**Gains**  | **Return of** <br>**Capital**  | **Total** <br>**Distributions**  |
| Innovator U.S. Equity Buffer ETF - September  | Innovator U.S. Equity Buffer ETF - September  | Innovator U.S. Equity Buffer ETF - September  | Innovator U.S. Equity Buffer ETF - September  | Innovator U.S. Equity Buffer ETF - September  | Innovator U.S. Equity Buffer ETF - September  | Innovator U.S. Equity Buffer ETF - September  | Innovator U.S. Equity Buffer ETF - September  | Innovator U.S. Equity Buffer ETF - September  |
| 10/31/2025 | $41.91 | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;7.20 | &nbsp;&nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $33.14 | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;9.06 | &nbsp;&nbsp;&nbsp;&nbsp;8.76 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $30.33 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $32.66 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; (2.10) | &nbsp;&nbsp;&nbsp; (2.35) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $26.40 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;6.47 | &nbsp;&nbsp;&nbsp;&nbsp;6.23 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Power Buffer ETF - April  | Innovator U.S. Equity Power Buffer ETF - April  | Innovator U.S. Equity Power Buffer ETF - April  | Innovator U.S. Equity Power Buffer ETF - April  | Innovator U.S. Equity Power Buffer ETF - April  | Innovator U.S. Equity Power Buffer ETF - April  | Innovator U.S. Equity Power Buffer ETF - April  | Innovator U.S. Equity Power Buffer ETF - April  | Innovator U.S. Equity Power Buffer ETF - April  |
| 10/31/2025 | $35.86 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $30.24 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;5.87 | &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $27.80 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $29.04 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (1.04) | &nbsp;&nbsp;&nbsp; (1.26) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $26.54 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Power Buffer ETF - August  | Innovator U.S. Equity Power Buffer ETF - August  | Innovator U.S. Equity Power Buffer ETF - August  | Innovator U.S. Equity Power Buffer ETF - August  | Innovator U.S. Equity Power Buffer ETF - August  | Innovator U.S. Equity Power Buffer ETF - August  | Innovator U.S. Equity Power Buffer ETF - August  | Innovator U.S. Equity Power Buffer ETF - August  | Innovator U.S. Equity Power Buffer ETF - August  |
| 10/31/2025 | $37.74 | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $30.69 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;7.31 | &nbsp;&nbsp;&nbsp;&nbsp;7.04 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $28.21 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $30.00 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (1.58) | &nbsp;&nbsp;&nbsp; (1.81) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $26.86 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Power Buffer ETF - December  | Innovator U.S. Equity Power Buffer ETF - December  | Innovator U.S. Equity Power Buffer ETF - December  | Innovator U.S. Equity Power Buffer ETF - December  | Innovator U.S. Equity Power Buffer ETF - December  | Innovator U.S. Equity Power Buffer ETF - December  | Innovator U.S. Equity Power Buffer ETF - December  | Innovator U.S. Equity Power Buffer ETF - December  | Innovator U.S. Equity Power Buffer ETF - December  |
| 10/31/2025 | $38.53 | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $31.64 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;7.16 | &nbsp;&nbsp;&nbsp;&nbsp;6.88 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $30.03 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $31.01 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.75) | &nbsp;&nbsp;&nbsp; (0.99) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.42 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;3.80 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Power Buffer ETF - February  | Innovator U.S. Equity Power Buffer ETF - February  | Innovator U.S. Equity Power Buffer ETF - February  | Innovator U.S. Equity Power Buffer ETF - February  | Innovator U.S. Equity Power Buffer ETF - February  | Innovator U.S. Equity Power Buffer ETF - February  | Innovator U.S. Equity Power Buffer ETF - February  | Innovator U.S. Equity Power Buffer ETF - February  | Innovator U.S. Equity Power Buffer ETF - February  |
| 10/31/2025 | $36.11 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $30.02 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;6.35 | &nbsp;&nbsp;&nbsp;&nbsp;6.08 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $27.84 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $29.01 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (0.97) | &nbsp;&nbsp;&nbsp; (1.19) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $25.03 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Power Buffer ETF - January  | Innovator U.S. Equity Power Buffer ETF - January  | Innovator U.S. Equity Power Buffer ETF - January  | Innovator U.S. Equity Power Buffer ETF - January  | Innovator U.S. Equity Power Buffer ETF - January  | Innovator U.S. Equity Power Buffer ETF - January  | Innovator U.S. Equity Power Buffer ETF - January  | Innovator U.S. Equity Power Buffer ETF - January  | Innovator U.S. Equity Power Buffer ETF - January  |
| 10/31/2025 | $41.42 | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;5.08 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $34.25 | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;7.46 | &nbsp;&nbsp;&nbsp;&nbsp;7.16 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $31.17 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $33.10 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; (1.70) | &nbsp;&nbsp;&nbsp; (1.95) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $29.08 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Power Buffer ETF - July  | Innovator U.S. Equity Power Buffer ETF - July  | Innovator U.S. Equity Power Buffer ETF - July  | Innovator U.S. Equity Power Buffer ETF - July  | Innovator U.S. Equity Power Buffer ETF - July  | Innovator U.S. Equity Power Buffer ETF - July  | Innovator U.S. Equity Power Buffer ETF - July  | Innovator U.S. Equity Power Buffer ETF - July  | Innovator U.S. Equity Power Buffer ETF - July  |
| 10/31/2025 | $40.26 | &nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;5.95 | &nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $33.31 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;7.23 | &nbsp;&nbsp;&nbsp;&nbsp;6.94 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $29.90 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $30.38 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.43 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on pages 438–440.

The accompanying notes are an integral part of these financial statements.

430<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Year**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Year** <br>**(in Thousands)**  | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.01 | &nbsp;&nbsp; $48.78 | &nbsp;&nbsp;&nbsp;&nbsp; 16.41% | $242705 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $41.91 | &nbsp;&nbsp;&nbsp;&nbsp; 26.47% | $202198 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $33.14 | &nbsp;&nbsp;&nbsp;&nbsp; 9.26% | $178109 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $30.33 | &nbsp;&nbsp;&nbsp;&nbsp; -7.13% | $166049 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp; $32.66 | &nbsp;&nbsp;&nbsp;&nbsp; 23.68% | $156749 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup> | &nbsp;&nbsp; $38.60 | &nbsp;&nbsp;&nbsp;&nbsp; 7.64% | $797122 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $35.86 | &nbsp;&nbsp;&nbsp;&nbsp; 18.60% | $786291 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $30.24 | &nbsp;&nbsp;&nbsp;&nbsp; 8.78% | $579804 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $27.80 | &nbsp;&nbsp;&nbsp;&nbsp; -4.29% | $308534 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $29.04 | &nbsp;&nbsp;&nbsp;&nbsp; 9.45% | $242503 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $42.79 | &nbsp;&nbsp;&nbsp;&nbsp; 13.39% | $982104 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $37.74 | &nbsp;&nbsp;&nbsp;&nbsp; 22.95% | $851947 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $30.69 | &nbsp;&nbsp;&nbsp;&nbsp; 8.82% | $886281 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $28.21 | &nbsp;&nbsp;&nbsp;&nbsp; -5.98% | $435772 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $30.00 | &nbsp;&nbsp;&nbsp;&nbsp; 11.68% | $185991 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $42.57 | &nbsp;&nbsp;&nbsp;&nbsp; 10.50% | $921702 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $38.53 | &nbsp;&nbsp;&nbsp;&nbsp; 21.76% | $737786 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $31.64 | &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | $563211 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $30.03 | &nbsp;&nbsp;&nbsp;&nbsp; -3.16% | $207929 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp; $31.01 | &nbsp;&nbsp;&nbsp;&nbsp; 13.10% | $108520 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $40.04 | &nbsp;&nbsp;&nbsp;&nbsp; 10.88% | $789790 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $36.11 | &nbsp;&nbsp;&nbsp;&nbsp; 20.29% | $644565 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $30.02 | &nbsp;&nbsp;&nbsp;&nbsp; 7.84% | $442802 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $27.84 | &nbsp;&nbsp;&nbsp;&nbsp; -4.02% | $239416 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $29.01 | &nbsp;&nbsp;&nbsp;&nbsp; 15.90% | $170407 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $46.17 | &nbsp;&nbsp;&nbsp;&nbsp; 11.47% | $1188956 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $41.42 | &nbsp;&nbsp;&nbsp;&nbsp; 20.93% | $986882 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $34.25 | &nbsp;&nbsp;&nbsp;&nbsp; 9.91% | $569465 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $31.17 | &nbsp;&nbsp;&nbsp;&nbsp; -5.83% | $448795 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $33.10 | &nbsp;&nbsp;&nbsp;&nbsp; 13.82% | $294561 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $45.89 | &nbsp;&nbsp;&nbsp;&nbsp; 14.01% | $1189809 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $40.26 | &nbsp;&nbsp;&nbsp;&nbsp; 20.84% | $971164 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $33.31 | &nbsp;&nbsp;&nbsp;&nbsp; 11.41% | $999374 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp; $29.90 | &nbsp;&nbsp;&nbsp;&nbsp; -1.59% | $503828 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $30.38 | &nbsp;&nbsp;&nbsp;&nbsp; 10.78% | $218755 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

431<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS (Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:**  | **Investment Operations:**  | **Investment Operations:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the Year Ended**  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**  | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup>  | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>**  | **Total from** <br>**Investment** <br>**Operations**  | **Net** <br>**Investment** <br>**Income**  | **Net** <br>**Realized** <br>**Gains**  | **Return of** <br>**Capital**  | **Total** <br>**Distributions**  |
| Innovator U.S. Equity Power Buffer ETF - June  | Innovator U.S. Equity Power Buffer ETF - June  | Innovator U.S. Equity Power Buffer ETF - June  | Innovator U.S. Equity Power Buffer ETF - June  | Innovator U.S. Equity Power Buffer ETF - June  | Innovator U.S. Equity Power Buffer ETF - June  | Innovator U.S. Equity Power Buffer ETF - June  | Innovator U.S. Equity Power Buffer ETF - June  | Innovator U.S. Equity Power Buffer ETF - June  |
| 10/31/2025 | $36.78 | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $31.04 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.73 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $29.69 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $31.87 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (1.96) | &nbsp;&nbsp;&nbsp; (2.20) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $28.88 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Power Buffer ETF - March  | Innovator U.S. Equity Power Buffer ETF - March  | Innovator U.S. Equity Power Buffer ETF - March  | Innovator U.S. Equity Power Buffer ETF - March  | Innovator U.S. Equity Power Buffer ETF - March  | Innovator U.S. Equity Power Buffer ETF - March  | Innovator U.S. Equity Power Buffer ETF - March  | Innovator U.S. Equity Power Buffer ETF - March  | Innovator U.S. Equity Power Buffer ETF - March  |
| 10/31/2025 | $39.24 | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;5.34 | &nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $33.18 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp;&nbsp;&nbsp;6.04 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $30.38 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $31.23 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.63) | &nbsp;&nbsp;&nbsp; (0.87) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.39 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Power Buffer ETF - May  | Innovator U.S. Equity Power Buffer ETF - May  | Innovator U.S. Equity Power Buffer ETF - May  | Innovator U.S. Equity Power Buffer ETF - May  | Innovator U.S. Equity Power Buffer ETF - May  | Innovator U.S. Equity Power Buffer ETF - May  | Innovator U.S. Equity Power Buffer ETF - May  | Innovator U.S. Equity Power Buffer ETF - May  | Innovator U.S. Equity Power Buffer ETF - May  |
| 10/31/2025 | $35.22 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $29.19 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;6.28 | &nbsp;&nbsp;&nbsp;&nbsp;6.02 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $28.02 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $30.23 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (2.00) | &nbsp;&nbsp;&nbsp; (2.23) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.34 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Power Buffer ETF - November  | Innovator U.S. Equity Power Buffer ETF - November  | Innovator U.S. Equity Power Buffer ETF - November  | Innovator U.S. Equity Power Buffer ETF - November  | Innovator U.S. Equity Power Buffer ETF - November  | Innovator U.S. Equity Power Buffer ETF - November  | Innovator U.S. Equity Power Buffer ETF - November  | Innovator U.S. Equity Power Buffer ETF - November  | Innovator U.S. Equity Power Buffer ETF - November  |
| 10/31/2025 | $37.09 | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $32.26 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $30.01 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $30.52 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.30 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Power Buffer ETF - October  | Innovator U.S. Equity Power Buffer ETF - October  | Innovator U.S. Equity Power Buffer ETF - October  | Innovator U.S. Equity Power Buffer ETF - October  | Innovator U.S. Equity Power Buffer ETF - October  | Innovator U.S. Equity Power Buffer ETF - October  | Innovator U.S. Equity Power Buffer ETF - October  | Innovator U.S. Equity Power Buffer ETF - October  | Innovator U.S. Equity Power Buffer ETF - October  |
| 10/31/2025 | $38.74 | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $33.60 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;5.42 | &nbsp;&nbsp;&nbsp;&nbsp;5.13 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $29.72 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $30.04 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $26.02 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;4.23 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Power Buffer ETF - September  | Innovator U.S. Equity Power Buffer ETF - September  | Innovator U.S. Equity Power Buffer ETF - September  | Innovator U.S. Equity Power Buffer ETF - September  | Innovator U.S. Equity Power Buffer ETF - September  | Innovator U.S. Equity Power Buffer ETF - September  | Innovator U.S. Equity Power Buffer ETF - September  | Innovator U.S. Equity Power Buffer ETF - September  | Innovator U.S. Equity Power Buffer ETF - September  |
| 10/31/2025 | $38.33 | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $32.04 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;6.56 | &nbsp;&nbsp;&nbsp;&nbsp;6.28 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $29.10 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $29.97 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (0.67) | &nbsp;&nbsp;&nbsp; (0.90) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $26.01 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Ultra Buffer ETF - April  | Innovator U.S. Equity Ultra Buffer ETF - April  | Innovator U.S. Equity Ultra Buffer ETF - April  | Innovator U.S. Equity Ultra Buffer ETF - April  | Innovator U.S. Equity Ultra Buffer ETF - April  | Innovator U.S. Equity Ultra Buffer ETF - April  | Innovator U.S. Equity Ultra Buffer ETF - April  | Innovator U.S. Equity Ultra Buffer ETF - April  | Innovator U.S. Equity Ultra Buffer ETF - April  |
| 10/31/2025 | $30.13 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $25.48 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $24.83 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $26.02 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (1.01) | &nbsp;&nbsp;&nbsp; (1.21) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $24.47 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on pages 438–440.

The accompanying notes are an integral part of these financial statements.

432<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Year**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Year** <br>**(in Thousands)**  | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.01  | &nbsp;&nbsp; $41.37  | &nbsp;&nbsp;&nbsp;&nbsp; 12.47%  | $756015  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $36.78  | &nbsp;&nbsp;&nbsp;&nbsp; 18.51%  | $614246  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $31.04  | &nbsp;&nbsp;&nbsp;&nbsp; 4.54%  | $521398  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $29.69  | &nbsp;&nbsp;&nbsp;&nbsp; -6.84%  | $344365  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $31.87  | &nbsp;&nbsp;&nbsp;&nbsp; 10.34%  | $152966  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $44.27  | &nbsp;&nbsp;&nbsp;&nbsp; 12.82%  | $626425  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $39.24  | &nbsp;&nbsp;&nbsp;&nbsp; 18.26%  | $557182  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $33.18  | &nbsp;&nbsp;&nbsp;&nbsp; 9.24%  | $377427  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $30.38  | &nbsp;&nbsp;&nbsp;&nbsp; -2.72%  | $226295  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $31.23  | &nbsp;&nbsp;&nbsp;&nbsp; 14.01%  | $117875  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $39.07  | &nbsp;&nbsp;&nbsp;&nbsp; 10.95%  | $623180  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $35.22  | &nbsp;&nbsp;&nbsp;&nbsp; 20.63%  | $562564  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $29.19  | &nbsp;&nbsp;&nbsp;&nbsp; 4.19%  | $459063  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $28.02  | &nbsp;&nbsp;&nbsp;&nbsp; -7.30%  | $392967  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $30.23  | &nbsp;&nbsp;&nbsp;&nbsp; 10.54%  | $238780  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $41.43  | &nbsp;&nbsp;&nbsp;&nbsp; 11.70%  | $615294  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $37.09  | &nbsp;&nbsp;&nbsp;&nbsp; 14.97%  | $669557  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $32.26  | &nbsp;&nbsp;&nbsp;&nbsp; 7.50%  | $623382  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $30.01  | &nbsp;&nbsp;&nbsp;&nbsp; -1.67%  | $317389  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $30.52  | &nbsp;&nbsp;&nbsp;&nbsp; 11.80%  | $79343  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $43.45  | &nbsp;&nbsp;&nbsp;&nbsp; 12.16%  | $1091620  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $38.74  | &nbsp;&nbsp;&nbsp;&nbsp; 15.29%  | $847371  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $33.60  | &nbsp;&nbsp;&nbsp;&nbsp; 13.04%  | $725754  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04  | &nbsp;&nbsp; $29.72  | &nbsp;&nbsp;&nbsp;&nbsp; -1.05%  | $649488  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $30.04  | &nbsp;&nbsp;&nbsp;&nbsp; 15.44%  | $209533  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $43.24  | &nbsp;&nbsp;&nbsp;&nbsp; 12.80%  | $939371  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $38.33  | &nbsp;&nbsp;&nbsp;&nbsp; 19.64%  | $891228  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $32.04  | &nbsp;&nbsp;&nbsp;&nbsp; 10.09%  | $691242  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $29.10  | &nbsp;&nbsp;&nbsp;&nbsp; -2.90%  | $547143  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $29.97  | &nbsp;&nbsp;&nbsp;&nbsp; 15.24%  | $303473  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $32.34  | &nbsp;&nbsp;&nbsp;&nbsp; 7.32%  | $155230  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $30.13  | &nbsp;&nbsp;&nbsp;&nbsp; 18.28%  | $146896  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $25.48  | &nbsp;&nbsp;&nbsp;&nbsp; 2.62%  | $95533  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $24.83  | &nbsp;&nbsp;&nbsp;&nbsp; -4.59%  | $122886  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $26.02  | &nbsp;&nbsp;&nbsp;&nbsp; 6.31%  | $57242  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

433<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS (Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:**  | **Investment Operations:**  | **Investment Operations:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the Year Ended**  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**  | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup>  | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>**  | **Total from** <br>**Investment** <br>**Operations**  | **Net** <br>**Investment** <br>**Income**  | **Net** <br>**Realized** <br>**Gains**  | **Return of** <br>**Capital**  | **Total** <br>**Distributions**  |
| Innovator U.S. Equity Ultra Buffer ETF - August  | Innovator U.S. Equity Ultra Buffer ETF - August  | Innovator U.S. Equity Ultra Buffer ETF - August  | Innovator U.S. Equity Ultra Buffer ETF - August  | Innovator U.S. Equity Ultra Buffer ETF - August  | Innovator U.S. Equity Ultra Buffer ETF - August  | Innovator U.S. Equity Ultra Buffer ETF - August  | Innovator U.S. Equity Ultra Buffer ETF - August  | Innovator U.S. Equity Ultra Buffer ETF - August  |
| 10/31/2025 | $34.86 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.72 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $28.30 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;6.80 | &nbsp;&nbsp;&nbsp;&nbsp;6.55 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $26.13 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $28.99 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (2.68) | &nbsp;&nbsp;&nbsp; (2.90) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $26.87 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Ultra Buffer ETF - December  | Innovator U.S. Equity Ultra Buffer ETF - December  | Innovator U.S. Equity Ultra Buffer ETF - December  | Innovator U.S. Equity Ultra Buffer ETF - December  | Innovator U.S. Equity Ultra Buffer ETF - December  | Innovator U.S. Equity Ultra Buffer ETF - December  | Innovator U.S. Equity Ultra Buffer ETF - December  | Innovator U.S. Equity Ultra Buffer ETF - December  | Innovator U.S. Equity Ultra Buffer ETF - December  |
| 10/31/2025 | $35.21 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $28.72 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;6.74 | &nbsp;&nbsp;&nbsp;&nbsp;6.48 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $28.07 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $29.82 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (1.53) | &nbsp;&nbsp;&nbsp; (1.76) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.15 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Ultra Buffer ETF - February  | Innovator U.S. Equity Ultra Buffer ETF - February  | Innovator U.S. Equity Ultra Buffer ETF - February  | Innovator U.S. Equity Ultra Buffer ETF - February  | Innovator U.S. Equity Ultra Buffer ETF - February  | Innovator U.S. Equity Ultra Buffer ETF - February  | Innovator U.S. Equity Ultra Buffer ETF - February  | Innovator U.S. Equity Ultra Buffer ETF - February  | Innovator U.S. Equity Ultra Buffer ETF - February  |
| 10/31/2025 | $32.64 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $27.10 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;5.77 | &nbsp;&nbsp;&nbsp;&nbsp;5.53 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $26.35 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $27.80 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (1.25) | &nbsp;&nbsp;&nbsp; (1.46) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $24.91 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Ultra Buffer ETF - January  | Innovator U.S. Equity Ultra Buffer ETF - January  | Innovator U.S. Equity Ultra Buffer ETF - January  | Innovator U.S. Equity Ultra Buffer ETF - January  | Innovator U.S. Equity Ultra Buffer ETF - January  | Innovator U.S. Equity Ultra Buffer ETF - January  | Innovator U.S. Equity Ultra Buffer ETF - January  | Innovator U.S. Equity Ultra Buffer ETF - January  | Innovator U.S. Equity Ultra Buffer ETF - January  |
| 10/31/2025 | $38.20 | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;4.59 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $32.18 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;6.29 | &nbsp;&nbsp;&nbsp;&nbsp;6.01 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $29.55 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $31.37 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (1.62) | &nbsp;&nbsp;&nbsp; (1.85) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $28.36 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Ultra Buffer ETF - July  | Innovator U.S. Equity Ultra Buffer ETF - July  | Innovator U.S. Equity Ultra Buffer ETF - July  | Innovator U.S. Equity Ultra Buffer ETF - July  | Innovator U.S. Equity Ultra Buffer ETF - July  | Innovator U.S. Equity Ultra Buffer ETF - July  | Innovator U.S. Equity Ultra Buffer ETF - July  | Innovator U.S. Equity Ultra Buffer ETF - July  | Innovator U.S. Equity Ultra Buffer ETF - July  |
| 10/31/2025 | $33.78 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $27.87 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;6.13 | &nbsp;&nbsp;&nbsp;&nbsp;5.89 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $25.62 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $27.37 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (1.56) | &nbsp;&nbsp;&nbsp; (1.77) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $25.54 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Ultra Buffer ETF - June  | Innovator U.S. Equity Ultra Buffer ETF - June  | Innovator U.S. Equity Ultra Buffer ETF - June  | Innovator U.S. Equity Ultra Buffer ETF - June  | Innovator U.S. Equity Ultra Buffer ETF - June  | Innovator U.S. Equity Ultra Buffer ETF - June  | Innovator U.S. Equity Ultra Buffer ETF - June  | Innovator U.S. Equity Ultra Buffer ETF - June  | Innovator U.S. Equity Ultra Buffer ETF - June  |
| 10/31/2025 | $33.12 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $27.97 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $26.87 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $29.18 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (2.13) | &nbsp;&nbsp;&nbsp; (2.34) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.24 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Ultra Buffer ETF - March  | Innovator U.S. Equity Ultra Buffer ETF - March  | Innovator U.S. Equity Ultra Buffer ETF - March  | Innovator U.S. Equity Ultra Buffer ETF - March  | Innovator U.S. Equity Ultra Buffer ETF - March  | Innovator U.S. Equity Ultra Buffer ETF - March  | Innovator U.S. Equity Ultra Buffer ETF - March  | Innovator U.S. Equity Ultra Buffer ETF - March  | Innovator U.S. Equity Ultra Buffer ETF - March  |
| 10/31/2025 | $34.86 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $29.49 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $28.33 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $29.56 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (1.02) | &nbsp;&nbsp;&nbsp; (1.25) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $26.93 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on pages 438–440.

The accompanying notes are an integral part of these financial statements.

434<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Year**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Year** <br>**(in Thousands)**  | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.01  | &nbsp;&nbsp; $39.59  | &nbsp;&nbsp;&nbsp;&nbsp; 13.55%  | $238502  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $34.86  | &nbsp;&nbsp;&nbsp;&nbsp; 23.17%  | $232707  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04  | &nbsp;&nbsp; $28.30  | &nbsp;&nbsp;&nbsp;&nbsp; 8.32%  | $343891  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04  | &nbsp;&nbsp; $26.13  | &nbsp;&nbsp;&nbsp;&nbsp; -9.87%  | $82308  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $28.99  | &nbsp;&nbsp;&nbsp;&nbsp; 7.89%  | $46383  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $38.93  | &nbsp;&nbsp;&nbsp;&nbsp; 10.55%  | $266647  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $35.21  | &nbsp;&nbsp;&nbsp;&nbsp; 22.58%  | $71303  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $28.72  | &nbsp;&nbsp;&nbsp;&nbsp; 2.34%  | $69658  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $28.07  | &nbsp;&nbsp;&nbsp;&nbsp; -5.88%  | $46311  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $29.82  | &nbsp;&nbsp;&nbsp;&nbsp; 9.85%  | $32059  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $36.12  | &nbsp;&nbsp;&nbsp;&nbsp; 10.65%  | $169748  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $32.64  | &nbsp;&nbsp;&nbsp;&nbsp; 20.44%  | $56304  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $27.10  | &nbsp;&nbsp;&nbsp;&nbsp; 2.85%  | $49458  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $26.35  | &nbsp;&nbsp;&nbsp;&nbsp; -5.21%  | $53358  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $27.80  | &nbsp;&nbsp;&nbsp;&nbsp; 11.61%  | $26409  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $42.49  | &nbsp;&nbsp;&nbsp;&nbsp; 11.24%  | $202890  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $38.20  | &nbsp;&nbsp;&nbsp;&nbsp; 18.68%  | $160428  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $32.18  | &nbsp;&nbsp;&nbsp;&nbsp; 8.93%  | $115864  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $29.55  | &nbsp;&nbsp;&nbsp;&nbsp; -5.82%  | $283638  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $31.37  | &nbsp;&nbsp;&nbsp;&nbsp; 10.62%  | $86274  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $38.36  | &nbsp;&nbsp;&nbsp;&nbsp; 13.57%  | $215782  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $33.78  | &nbsp;&nbsp;&nbsp;&nbsp; 21.22%  | $144405  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $27.87  | &nbsp;&nbsp;&nbsp;&nbsp; 8.78%  | $161624  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $25.62  | &nbsp;&nbsp;&nbsp;&nbsp; -6.41%  | $73650  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $27.37  | &nbsp;&nbsp;&nbsp;&nbsp; 7.18%  | $52689  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $36.92  | &nbsp;&nbsp;&nbsp;&nbsp; 11.46%  | $143973  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $33.12  | &nbsp;&nbsp;&nbsp;&nbsp; 18.43%  | $91085  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $27.97  | &nbsp;&nbsp;&nbsp;&nbsp; 4.09%  | $74112  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $26.87  | &nbsp;&nbsp;&nbsp;&nbsp; -7.92%  | $114860  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $29.18  | &nbsp;&nbsp;&nbsp;&nbsp; 7.10%  | $21155  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $39.32  | &nbsp;&nbsp;&nbsp;&nbsp; 12.82%  | $180887  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $34.86  | &nbsp;&nbsp;&nbsp;&nbsp; 18.21%  | $81911  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $29.49  | &nbsp;&nbsp;&nbsp;&nbsp; 4.09%  | $44967  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $28.33  | &nbsp;&nbsp;&nbsp;&nbsp; -4.15%  | $69406  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $29.56  | &nbsp;&nbsp;&nbsp;&nbsp; 9.76%  | $33251  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

435<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS (Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:**  | **Investment Operations:**  | **Investment Operations:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the Year Ended**  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**  | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup>  | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>**  | **Total from** <br>**Investment** <br>**Operations**  | **Net** <br>**Investment** <br>**Income**  | **Net** <br>**Realized** <br>**Gains**  | **Return of** <br>**Capital**  | **Total** <br>**Distributions**  |
| Innovator U.S. Equity Ultra Buffer ETF - May  | Innovator U.S. Equity Ultra Buffer ETF - May  | Innovator U.S. Equity Ultra Buffer ETF - May  | Innovator U.S. Equity Ultra Buffer ETF - May  | Innovator U.S. Equity Ultra Buffer ETF - May  | Innovator U.S. Equity Ultra Buffer ETF - May  | Innovator U.S. Equity Ultra Buffer ETF - May  | Innovator U.S. Equity Ultra Buffer ETF - May  | Innovator U.S. Equity Ultra Buffer ETF - May  |
| 10/31/2025 | $32.96 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $27.34 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;5.85 | &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $26.33 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $28.52 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (2.01) | &nbsp;&nbsp;&nbsp; (2.22) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $26.67 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Ultra Buffer ETF - November  | Innovator U.S. Equity Ultra Buffer ETF - November  | Innovator U.S. Equity Ultra Buffer ETF - November  | Innovator U.S. Equity Ultra Buffer ETF - November  | Innovator U.S. Equity Ultra Buffer ETF - November  | Innovator U.S. Equity Ultra Buffer ETF - November  | Innovator U.S. Equity Ultra Buffer ETF - November  | Innovator U.S. Equity Ultra Buffer ETF - November  | Innovator U.S. Equity Ultra Buffer ETF - November  |
| 10/31/2025 | $34.02 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.74 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $29.67 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;4.59 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $27.60 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $29.29 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (1.49) | &nbsp;&nbsp;&nbsp; (1.71) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.28 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Ultra Buffer ETF - October  | Innovator U.S. Equity Ultra Buffer ETF - October  | Innovator U.S. Equity Ultra Buffer ETF - October  | Innovator U.S. Equity Ultra Buffer ETF - October  | Innovator U.S. Equity Ultra Buffer ETF - October  | Innovator U.S. Equity Ultra Buffer ETF - October  | Innovator U.S. Equity Ultra Buffer ETF - October  | Innovator U.S. Equity Ultra Buffer ETF - October  | Innovator U.S. Equity Ultra Buffer ETF - October  |
| 10/31/2025 | $34.66 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;4.33 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $30.16 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $26.96 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $28.23 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (1.07) | &nbsp;&nbsp;&nbsp; (1.29) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $25.70 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Ultra Buffer ETF - September  | Innovator U.S. Equity Ultra Buffer ETF - September  | Innovator U.S. Equity Ultra Buffer ETF - September  | Innovator U.S. Equity Ultra Buffer ETF - September  | Innovator U.S. Equity Ultra Buffer ETF - September  | Innovator U.S. Equity Ultra Buffer ETF - September  | Innovator U.S. Equity Ultra Buffer ETF - September  | Innovator U.S. Equity Ultra Buffer ETF - September  | Innovator U.S. Equity Ultra Buffer ETF - September  |
| 10/31/2025 | $34.56 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;4.40 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $28.89 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;5.90 | &nbsp;&nbsp;&nbsp;&nbsp;5.65 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $26.28 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $28.42 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (1.96) | &nbsp;&nbsp;&nbsp; (2.17) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $25.83 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Small Cap 10 Buffer ETF - Quarterly  | Innovator U.S. Small Cap 10 Buffer ETF - Quarterly  | Innovator U.S. Small Cap 10 Buffer ETF - Quarterly  | Innovator U.S. Small Cap 10 Buffer ETF - Quarterly  | Innovator U.S. Small Cap 10 Buffer ETF - Quarterly  | Innovator U.S. Small Cap 10 Buffer ETF - Quarterly  | Innovator U.S. Small Cap 10 Buffer ETF - Quarterly  | Innovator U.S. Small Cap 10 Buffer ETF - Quarterly  | Innovator U.S. Small Cap 10 Buffer ETF - Quarterly  |
| 10/31/2025 | $26.12 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(h)</sup> | $25.11 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Small Cap Power Buffer ETF - April  | Innovator U.S. Small Cap Power Buffer ETF - April  | Innovator U.S. Small Cap Power Buffer ETF - April  | Innovator U.S. Small Cap Power Buffer ETF - April  | Innovator U.S. Small Cap Power Buffer ETF - April  | Innovator U.S. Small Cap Power Buffer ETF - April  | Innovator U.S. Small Cap Power Buffer ETF - April  | Innovator U.S. Small Cap Power Buffer ETF - April  | Innovator U.S. Small Cap Power Buffer ETF - April  |
| 10/31/2025 | $32.28 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $25.76 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;6.74 | &nbsp;&nbsp;&nbsp;&nbsp;6.51 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $25.52 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $27.83 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (2.12) | &nbsp;&nbsp;&nbsp; (2.32) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $26.00 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Small Cap Power Buffer ETF - August  | Innovator U.S. Small Cap Power Buffer ETF - August  | Innovator U.S. Small Cap Power Buffer ETF - August  | Innovator U.S. Small Cap Power Buffer ETF - August  | Innovator U.S. Small Cap Power Buffer ETF - August  | Innovator U.S. Small Cap Power Buffer ETF - August  | Innovator U.S. Small Cap Power Buffer ETF - August  | Innovator U.S. Small Cap Power Buffer ETF - August  | Innovator U.S. Small Cap Power Buffer ETF - August  |
| 10/31/2025 | $24.79 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(m)</sup> | $24.88 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Small Cap Power Buffer ETF - December  | Innovator U.S. Small Cap Power Buffer ETF - December  | Innovator U.S. Small Cap Power Buffer ETF - December  | Innovator U.S. Small Cap Power Buffer ETF - December  | Innovator U.S. Small Cap Power Buffer ETF - December  | Innovator U.S. Small Cap Power Buffer ETF - December  | Innovator U.S. Small Cap Power Buffer ETF - December  | Innovator U.S. Small Cap Power Buffer ETF - December  | Innovator U.S. Small Cap Power Buffer ETF - December  |
| 10/31/2025<sup>(n)</sup> | $24.96 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Small Cap Power Buffer ETF - February  | Innovator U.S. Small Cap Power Buffer ETF - February  | Innovator U.S. Small Cap Power Buffer ETF - February  | Innovator U.S. Small Cap Power Buffer ETF - February  | Innovator U.S. Small Cap Power Buffer ETF - February  | Innovator U.S. Small Cap Power Buffer ETF - February  | Innovator U.S. Small Cap Power Buffer ETF - February  | Innovator U.S. Small Cap Power Buffer ETF - February  | Innovator U.S. Small Cap Power Buffer ETF - February  |
| 10/31/2025<sup>(o)</sup> | $25.17 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on pages 438–440.

The accompanying notes are an integral part of these financial statements.

436<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Year**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Year** <br>**(in Thousands)**  | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.00<sup>(i)</sup>  | &nbsp;&nbsp; $36.06  | &nbsp;&nbsp;&nbsp;&nbsp; 9.41%  | $58604  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $32.96  | &nbsp;&nbsp;&nbsp;&nbsp; 20.58%  | $52740  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $27.34  | &nbsp;&nbsp;&nbsp;&nbsp; 3.83%  | $61507  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $26.33  | &nbsp;&nbsp;&nbsp;&nbsp; -7.67%  | $99394  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $28.52  | &nbsp;&nbsp;&nbsp;&nbsp; 6.91%  | $40634  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $37.78  | &nbsp;&nbsp;&nbsp;&nbsp; 11.07%  | $66122  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $34.02  | &nbsp;&nbsp;&nbsp;&nbsp; 14.64%  | $39122  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $29.67  | &nbsp;&nbsp;&nbsp;&nbsp; 7.48%  | $30408  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $27.60  | &nbsp;&nbsp;&nbsp;&nbsp; -5.76%  | $53126  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $29.29  | &nbsp;&nbsp;&nbsp;&nbsp; 7.36%  | $10982  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $38.72  | &nbsp;&nbsp;&nbsp;&nbsp; 11.70%  | $179078  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $34.66  | &nbsp;&nbsp;&nbsp;&nbsp; 14.94%  | $162058  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $30.16  | &nbsp;&nbsp;&nbsp;&nbsp; 11.88%  | $103295  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $26.96  | &nbsp;&nbsp;&nbsp;&nbsp; -4.52%  | $113221  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $28.23  | &nbsp;&nbsp;&nbsp;&nbsp; 9.85%  | $62818  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $38.97  | &nbsp;&nbsp;&nbsp;&nbsp; 12.78%  | $228970  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $34.56  | &nbsp;&nbsp;&nbsp;&nbsp; 19.62%  | $163286  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $28.89  | &nbsp;&nbsp;&nbsp;&nbsp; 9.93%  | $89556  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $26.28  | &nbsp;&nbsp;&nbsp;&nbsp; -7.54%  | $158986  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp; $28.42  | &nbsp;&nbsp;&nbsp;&nbsp; 10.03%  | $67502  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $28.94  | &nbsp;&nbsp;&nbsp;&nbsp; 10.79%  | $70189  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.19  | &nbsp;&nbsp; $26.12  | &nbsp;&nbsp;&nbsp;&nbsp; 4.07%  | $115598  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $34.58  | &nbsp;&nbsp;&nbsp;&nbsp; 7.12%  | $162527  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $32.28  | &nbsp;&nbsp;&nbsp;&nbsp; 25.33%  | $179969  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $25.76  | &nbsp;&nbsp;&nbsp;&nbsp; 0.93%  | $152606  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $25.52  | &nbsp;&nbsp;&nbsp;&nbsp; -8.29%  | $84855  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $27.83  | &nbsp;&nbsp;&nbsp;&nbsp; 7.04%  | $84876  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp; $26.29  | &nbsp;&nbsp;&nbsp;&nbsp; 6.04%  | $130780  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04  | &nbsp;&nbsp; $24.79  | &nbsp;&nbsp;&nbsp;&nbsp; -0.34%  | $68791  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp; $25.60  | &nbsp;&nbsp;&nbsp;&nbsp; 2.61%  | $74893  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04  | &nbsp;&nbsp; $27.11  | &nbsp;&nbsp;&nbsp;&nbsp; 7.74%  | $42021  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

437<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS (Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:**  | **Investment Operations:**  | **Investment Operations:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the Year Ended**  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Year**  | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup>  | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>**  | **Total from** <br>**Investment** <br>**Operations**  | **Net** <br>**Investment** <br>**Income**  | **Net** <br>**Realized** <br>**Gains**  | **Return of** <br>**Capital**  | **Total** <br>**Distributions**  |
| Innovator U.S. Small Cap Power Buffer ETF - January  | Innovator U.S. Small Cap Power Buffer ETF - January  | Innovator U.S. Small Cap Power Buffer ETF - January  | Innovator U.S. Small Cap Power Buffer ETF - January  | Innovator U.S. Small Cap Power Buffer ETF - January  | Innovator U.S. Small Cap Power Buffer ETF - January  | Innovator U.S. Small Cap Power Buffer ETF - January  | Innovator U.S. Small Cap Power Buffer ETF - January  | Innovator U.S. Small Cap Power Buffer ETF - January  |
| 10/31/2025 | $36.81 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $29.59 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;7.47 | &nbsp;&nbsp;&nbsp;&nbsp;7.20 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $30.28 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp; (0.71) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $31.76 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (1.26) | &nbsp;&nbsp;&nbsp; (1.50) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $26.18 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;5.78 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Small Cap Power Buffer ETF - July  | Innovator U.S. Small Cap Power Buffer ETF - July  | Innovator U.S. Small Cap Power Buffer ETF - July  | Innovator U.S. Small Cap Power Buffer ETF - July  | Innovator U.S. Small Cap Power Buffer ETF - July  | Innovator U.S. Small Cap Power Buffer ETF - July  | Innovator U.S. Small Cap Power Buffer ETF - July  | Innovator U.S. Small Cap Power Buffer ETF - July  | Innovator U.S. Small Cap Power Buffer ETF - July  |
| 10/31/2025 | $28.94 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $24.12 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $24.48 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $26.70 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (2.03) | &nbsp;&nbsp;&nbsp; (2.23) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $23.91 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Small Cap Power Buffer ETF - June  | Innovator U.S. Small Cap Power Buffer ETF - June  | Innovator U.S. Small Cap Power Buffer ETF - June  | Innovator U.S. Small Cap Power Buffer ETF - June  | Innovator U.S. Small Cap Power Buffer ETF - June  | Innovator U.S. Small Cap Power Buffer ETF - June  | Innovator U.S. Small Cap Power Buffer ETF - June  | Innovator U.S. Small Cap Power Buffer ETF - June  | Innovator U.S. Small Cap Power Buffer ETF - June  |
| 10/31/2025 | $26.46 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(bb)</sup> | $25.32 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Small Cap Power Buffer ETF - March  | Innovator U.S. Small Cap Power Buffer ETF - March  | Innovator U.S. Small Cap Power Buffer ETF - March  | Innovator U.S. Small Cap Power Buffer ETF - March  | Innovator U.S. Small Cap Power Buffer ETF - March  | Innovator U.S. Small Cap Power Buffer ETF - March  | Innovator U.S. Small Cap Power Buffer ETF - March  | Innovator U.S. Small Cap Power Buffer ETF - March  | Innovator U.S. Small Cap Power Buffer ETF - March  |
| 10/31/2025<sup>(r)</sup> | $25.56 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Small Cap Power Buffer ETF - May  | Innovator U.S. Small Cap Power Buffer ETF - May  | Innovator U.S. Small Cap Power Buffer ETF - May  | Innovator U.S. Small Cap Power Buffer ETF - May  | Innovator U.S. Small Cap Power Buffer ETF - May  | Innovator U.S. Small Cap Power Buffer ETF - May  | Innovator U.S. Small Cap Power Buffer ETF - May  | Innovator U.S. Small Cap Power Buffer ETF - May  | Innovator U.S. Small Cap Power Buffer ETF - May  |
| 10/31/2025<sup>(s)</sup> | $24.75 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp; 3.09 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Small Cap Power Buffer ETF - November  | Innovator U.S. Small Cap Power Buffer ETF - November  | Innovator U.S. Small Cap Power Buffer ETF - November  | Innovator U.S. Small Cap Power Buffer ETF - November  | Innovator U.S. Small Cap Power Buffer ETF - November  | Innovator U.S. Small Cap Power Buffer ETF - November  | Innovator U.S. Small Cap Power Buffer ETF - November  | Innovator U.S. Small Cap Power Buffer ETF - November  | Innovator U.S. Small Cap Power Buffer ETF - November  |
| 10/31/2025 | $25.06 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(t)</sup> | $25.07 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Small Cap Power Buffer ETF - October  | Innovator U.S. Small Cap Power Buffer ETF - October  | Innovator U.S. Small Cap Power Buffer ETF - October  | Innovator U.S. Small Cap Power Buffer ETF - October  | Innovator U.S. Small Cap Power Buffer ETF - October  | Innovator U.S. Small Cap Power Buffer ETF - October  | Innovator U.S. Small Cap Power Buffer ETF - October  | Innovator U.S. Small Cap Power Buffer ETF - October  | Innovator U.S. Small Cap Power Buffer ETF - October  |
| 10/31/2025 | $30.09 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $24.66 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;5.64 | &nbsp;&nbsp;&nbsp;&nbsp;5.42 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $25.37 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp; (0.72) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $27.65 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (2.10) | &nbsp;&nbsp;&nbsp; (2.30) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $24.08 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Small Cap Power Buffer ETF - September  | Innovator U.S. Small Cap Power Buffer ETF - September  | Innovator U.S. Small Cap Power Buffer ETF - September  | Innovator U.S. Small Cap Power Buffer ETF - September  | Innovator U.S. Small Cap Power Buffer ETF - September  | Innovator U.S. Small Cap Power Buffer ETF - September  | Innovator U.S. Small Cap Power Buffer ETF - September  | Innovator U.S. Small Cap Power Buffer ETF - September  | Innovator U.S. Small Cap Power Buffer ETF - September  |
| 10/31/2025 | $25.32 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(v)</sup> | $25.33 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly  | Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly  | Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly  | Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly  | Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly  | Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly  | Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly  | Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly  | Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly  |
| 10/31/2025<sup>(oo)</sup> | $25.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. 

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(f)</sup> Amount represents less than 0.005%. 

<sup>(g)</sup> Inception date of the Fund was June 30, 2021.

The accompanying notes are an integral part of these financial statements.

438<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Year**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Year** <br>**(in Thousands)**  | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.01 | &nbsp;&nbsp; $40.96 | &nbsp;&nbsp;&nbsp;&nbsp; 11.27% | $283672 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $36.81 | &nbsp;&nbsp;&nbsp;&nbsp; 24.40% | $401272 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $29.59 | &nbsp;&nbsp;&nbsp;&nbsp; -2.28% | $140565 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $30.28 | &nbsp;&nbsp;&nbsp;&nbsp; -4.65% | $79491 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp; $31.76 | &nbsp;&nbsp;&nbsp;&nbsp; 21.31% | $84958 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $31.32 | &nbsp;&nbsp;&nbsp;&nbsp; 8.23% | $158940 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup> | &nbsp;&nbsp; $28.94 | &nbsp;&nbsp;&nbsp;&nbsp; 19.95% | $154808 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $24.12 | &nbsp;&nbsp;&nbsp;&nbsp; -1.45% | $183345 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $24.48 | &nbsp;&nbsp;&nbsp;&nbsp; -8.30% | $78335 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $26.70 | &nbsp;&nbsp;&nbsp;&nbsp; 11.64% | $74083 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $27.56 | &nbsp;&nbsp;&nbsp;&nbsp; 4.16% | $19979 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $26.46 | &nbsp;&nbsp;&nbsp;&nbsp; 4.53% | $10583 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $28.14 | &nbsp;&nbsp;&nbsp;&nbsp; 10.12% | $11959 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $27.86 | &nbsp;&nbsp;&nbsp;&nbsp; 12.57% | $20201 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $28.16 | &nbsp;&nbsp;&nbsp;&nbsp; 12.36% | $18304 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
|  | &nbsp;&nbsp; $25.06 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(f)</sup> | $1253 | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(i)</sup> | &nbsp;&nbsp; $33.43 | &nbsp;&nbsp;&nbsp;&nbsp; 11.10% | $137083 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $30.09 | &nbsp;&nbsp;&nbsp;&nbsp; 22.01% | $148209 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $24.66 | &nbsp;&nbsp;&nbsp;&nbsp; -2.77% | $65979 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $25.37 | &nbsp;&nbsp;&nbsp;&nbsp; -8.24% | $72937 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $27.65 | &nbsp;&nbsp;&nbsp;&nbsp; 14.79% | $36632 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $27.71 | &nbsp;&nbsp;&nbsp;&nbsp; 9.47% | $29793 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp; $25.32 | &nbsp;&nbsp;&nbsp;&nbsp; -0.02% | $18988 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; (0.75)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp; $26.21 | &nbsp;&nbsp;&nbsp;&nbsp; 3.40% | $20970 | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; 2.10% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

<sup>(h)</sup> Inception date of the Fund was June 28, 2024.

<sup>(i)</sup> Amount represents less than $0.005 per share.

<sup>(j)</sup> Inception date of the Fund was March 31, 2021.

<sup>(k)</sup> Inception date of the Fund was September 30, 2021.

<sup>(l)</sup> Inception date of the Fund was March 31, 2025.

<sup>(m)</sup> Inception date of the Fund was July 31, 2024.

<sup>(n)</sup> Inception date of the Fund was November 29, 2024.

<sup>(o)</sup> Inception date of the Fund was January 31, 2025.

The accompanying notes are an integral part of these financial statements.

439<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS (Continued)** 

<sup>(p)</sup> Inception date of the Fund was December 31, 2024.

<sup>(q)</sup> Inception date of the Fund was May 30, 2025.

<sup>(r)</sup> Inception date of the Fund was February 28, 2025.

<sup>(s)</sup> Inception date of the Fund was April 30, 2025.

<sup>(t)</sup> Inception date of the Fund was October 31, 2024.

<sup>(u)</sup> Inception date of the Fund was September 30, 2024.

<sup>(v)</sup> Inception date of the Fund was August 30, 2024.

<sup>(w)</sup> Inception date of the Fund was March 28, 2024.

<sup>(x)</sup> Inception date of the Fund was December 29, 2023.

<sup>(y)</sup> Inception date of the Fund was July 17, 2023.

<sup>(z)</sup> Inception date of the Fund was September 30, 2025.

<sup>(aa)</sup> Inception date of the Fund was December 31, 2021.

<sup>(bb)</sup> Inception date of the Fund was May 31, 2024.

<sup>(cc)</sup> Inception date of the Fund was November 30, 2023.

<sup>(dd)</sup> Inception date of the Fund was January 31, 2024.

<sup>(ee)</sup> Inception date of the Fund was February 29, 2024.

<sup>(ff)</sup> Inception date of the Fund was April 30, 2024.

<sup>(gg)</sup> Inception date of the Fund was October 31, 2023.

<sup>(hh)</sup> Inception date of the Fund was August 31, 2023.

<sup>(ii)</sup> Inception date of the Fund was September 29, 2023.

<sup>(jj)</sup> Inception date of the Fund was March 31, 2023.

<sup>(kk)</sup> Inception date of the Fund was June 30, 2023.

<sup>(ll)</sup> Inception date of the Fund was June 30, 2025.

<sup>(mm)</sup> Inception date of the Fund was October 31, 2025.

<sup>(nn)</sup> Inception date of the Fund was August 29, 2025.

<sup>(oo)</sup> Inception date of the Fund was February 5, 2025.

The accompanying notes are an integral part of these financial statements.

440<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025** 

1. ORGANIZATION

Innovator ETFs Trust (the "Trust") was organized under Delaware law as a Delaware statutory trust on October 17, 2007, and is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. The Trust currently consists of multiple operational series, of which one hundred forty-two are covered in this report, collectively the ("Funds"):

---

| | | | |
|:---|:---|:---|:---|
| **Name**  | **Ticker**  | **Commencement of** <br>**Operations**  | **Tracking Fund**  |
| Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly | TFJL | August 17, 2020 | iShares 20+ Year Treasury Bond ETF |
| Innovator 20+ Year Treasury Bond 9 Buffer ETF - July | TBJL | August 17, 2020 | iShares 20+ Year Treasury Bond ETF |
| Innovator Defined Wealth Shield ETF | BALT | June 30, 2021 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Emerging Markets 10 Buffer ETF - Quarterly | EBUF | June 28, 2024 | iShares MSCI Emerging Markets ETF |
| Innovator Emerging Markets Power Buffer ETF - April | EAPR | March 31, 2021 | iShares MSCI Emerging Markets ETF |
| Innovator Emerging Markets Power Buffer ETF - January | EJAN | December 31, 2019 | iShares MSCI Emerging Markets ETF |
| Innovator Emerging Markets Power Buffer ETF - July | EJUL | June 28, 2019 | iShares MSCI Emerging Markets ETF |
| Innovator Emerging Markets Power Buffer ETF - October | EOCT | September 30, 2021 | iShares MSCI Emerging Markets ETF |
| Innovator Equity Defined Protection ETF - 1 Yr April | ZAPR | March 31, 2025 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Defined Protection ETF - 1 Yr August | ZAUG | July 31, 2024 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Defined Protection ETF - 1 Yr December | ZDEK | November 29, 2024 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Defined Protection ETF - 1 Yr February | ZFEB | January 31, 2025 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Defined Protection ETF - 1 Yr January | ZJAN | December 31, 2024 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Defined Protection ETF - 1 Yr July | ZJUL | June 28, 2024 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Defined Protection ETF - 1 Yr June | ZJUN | May 30, 2025 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Defined Protection ETF - 1 Yr March | ZMAR | February 28, 2025 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Defined Protection ETF - 1 Yr May | ZMAY | April 30, 2025 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Defined Protection ETF - 1 Yr November | ZNOV | October 31, 2024 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Defined Protection ETF - 1 Yr October | ZOCT | September 30, 2024 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Defined Protection ETF - 1 Yr September | ZSEP | August 30, 2024 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Defined Protection ETF - 2 Yr to April 2026 | AAPR | March 28, 2024 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Defined Protection ETF - 2 Yr to April 2027 | TAPR | March 31, 2025 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Defined Protection ETF - 2 Yr to January 2026 | AJAN | December 29, 2023 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Defined Protection ETF - 2 Yr to January 2027 | TJAN | December 31, 2024 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Defined Protection ETF - 2 Yr to July 2027 | TJUL | July 17, 2023 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Defined Protection ETF - 2 Yr to July 2026 | AJUL | June 28, 2024 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Defined Protection ETF - 2 Yr to October 2026 | AOCT | September 30, 2024 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Defined Protection ETF - 2 Yr to October 2027 | TOCT | September 30, 2025 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct | APOC | September 30, 2024 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul | JAJL | June 28, 2024 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Dual Directional 10 Buffer ETF - July | DDTL | June 30, 2025 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Dual Directional 10 Buffer ETF - November | DDTN | October 31, 2025 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Dual Directional 10 Buffer ETF - October | DDTO | September 30, 2025 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Dual Directional 10 Buffer ETF - September | DDTS | August 29, 2025 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Dual Directional 15 Buffer ETF - July | DDFL | June 30, 2025 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Dual Directional 15 Buffer ETF - November | DDFN | October 31, 2025 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Dual Directional 15 Buffer ETF - October | DDFO | September 30, 2025 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Dual Directional 15 Buffer ETF - September | DDFS | August 29, 2025 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Growth Accelerated ETF - Quarterly | XDQQ | March 31, 2021 | Invesco QQQ Trust |
| Innovator Growth Accelerated Plus ETF - April | QTAP | March 31, 2021 | Invesco QQQ Trust |
| Innovator Growth Accelerated Plus ETF - January | QTJA | December 31, 2021 | Invesco QQQ Trust |
| Innovator Growth Accelerated Plus ETF - July | QTJL | June 30, 2021 | Invesco QQQ Trust |
| Innovator Growth Accelerated Plus ETF - October | QTOC | September 30, 2021 | Invesco QQQ Trust |
| Innovator Growth-100 Power Buffer ETF - April | NAPR | March 31, 2020 | Invesco QQQ Trust |
| Innovator Growth-100 Power Buffer ETF - August | NAUG | July 31, 2024 | Invesco QQQ Trust |

---

441<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Name**  | **Ticker**  | **Commencement of** <br>**Operations**  | **Tracking Fund**  |
| Innovator Growth-100 Power Buffer ETF - December | NDEC | November 29, 2024 | Invesco QQQ Trust |
| Innovator Growth-100 Power Buffer ETF - February | NFEB | January 31, 2025 | Invesco QQQ Trust |
| Innovator Growth-100 Power Buffer ETF - January | NJAN | December 31, 2019 | Invesco QQQ Trust |
| Innovator Growth-100 Power Buffer ETF - July | NJUL | June 30, 2020 | Invesco QQQ Trust |
| Innovator Growth-100 Power Buffer ETF - June | NJUN | May 31, 2024 | Invesco QQQ Trust |
| Innovator Growth-100 Power Buffer ETF - March | NMAR | February 28, 2025 | Invesco QQQ Trust |
| Innovator Growth-100 Power Buffer ETF - May | NMAY | April 30, 2025 | Invesco QQQ Trust |
| Innovator Growth-100 Power Buffer ETF - November | NNOV | October 31, 2024 | Invesco QQQ Trust |
| Innovator Growth-100 Power Buffer ETF - October | NOCT | September 30, 2019 | Invesco QQQ Trust |
| Innovator Growth-100 Power Buffer ETF - September | NSEP | August 30, 2024 | Invesco QQQ Trust |
| Innovator International Developed 10 Buffer ETF - Quarterly | IBUF | June 28, 2024 | iShares MSCI EAFE ETF |
| Innovator International Developed Power Buffer ETF - April | IAPR | March 31, 2021 | iShares MSCI EAFE ETF |
| Innovator International Developed Power Buffer ETF - August | IAUG | July 31, 2024 | iShares MSCI EAFE ETF |
| Innovator International Developed Power Buffer ETF - December | IDEC | November 30, 2023 | iShares MSCI EAFE ETF |
| Innovator International Developed Power Buffer ETF - February | IFEB | January 31, 2024 | iShares MSCI EAFE ETF |
| Innovator International Developed Power Buffer ETF - January | IJAN | December 31, 2019 | iShares MSCI EAFE ETF |
| Innovator International Developed Power Buffer ETF - July | IJUL | June 28, 2019 | iShares MSCI EAFE ETF |
| Innovator International Developed Power Buffer ETF - June | IJUN | May 31, 2024 | iShares MSCI EAFE ETF |
| Innovator International Developed Power Buffer ETF - March | IMAR | February 29, 2024 | iShares MSCI EAFE ETF |
| Innovator International Developed Power Buffer ETF - May | IMAY | April 30, 2024 | iShares MSCI EAFE ETF |
| Innovator International Developed Power Buffer ETF - November | INOV | October 31, 2023 | iShares MSCI EAFE ETF |
| Innovator International Developed Power Buffer ETF - October | IOCT | September 30, 2021 | iShares MSCI EAFE ETF |
| Innovator International Developed Power Buffer ETF - September | ISEP | August 31, 2023 | iShares MSCI EAFE ETF |
| Innovator Nasdaq-100 10 Buffer ETF - Quarterly | QBUF | June 28, 2024 | Invesco QQQ Trust |
| Innovator Premium Income 15 Buffer ETF - April | LAPR | March 28, 2024 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Premium Income 15 Buffer ETF - January | LJAN | December 29, 2023 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Premium Income 15 Buffer ETF - July | LJUL | June 28, 2024 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Premium Income 15 Buffer ETF - October | LOCT | September 29, 2023 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Premium Income 20 Barrier ETF - April | APRH | March 31, 2023 | S&P 500<sup>®</sup> Index |
| Innovator Premium Income 20 Barrier ETF - January | JANH | December 29, 2023 | S&P 500<sup>®</sup> Index |
| Innovator Premium Income 20 Barrier ETF - July | JULH | June 30, 2023 | S&P 500<sup>®</sup> Index |
| Innovator Premium Income 20 Barrier ETF - October | OCTH | September 29, 2023 | S&P 500<sup>®</sup> Index |
| Innovator Premium Income 30 Barrier ETF - April | APRJ | March 31, 2023 | S&P 500<sup>®</sup> Index |
| Innovator Premium Income 30 Barrier ETF - January | JANJ | December 29, 2023 | S&P 500<sup>®</sup> Index |
| Innovator Premium Income 30 Barrier ETF - July | JULJ | June 30, 2023 | S&P 500<sup>®</sup> Index |
| Innovator Premium Income 30 Barrier ETF - October | OCTJ | September 29, 2023 | S&P 500<sup>®</sup> Index |
| Innovator U.S. Equity 10 Buffer ETF - Quarterly | ZALT | September 29, 2023 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly | EALT | September 29, 2023 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - April | XBAP | March 31, 2021 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - January | XBJA | December 31, 2021 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - July | XBJL | June 30, 2021 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - October | XBOC | September 30, 2021 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Accelerated ETF - Quarterly | XDSQ | March 31, 2021 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Accelerated Plus ETF - April | XTAP | March 31, 2021 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Accelerated Plus ETF - January | XTJA | December 31, 2021 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Accelerated Plus ETF - July | XTJL | June 30, 2021 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Accelerated Plus ETF - October | XTOC | September 30, 2021 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Buffer ETF - April | BAPR | March 29, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Buffer ETF - August | BAUG | July 31, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Buffer ETF - December | BDEC | November 29, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Buffer ETF - February | BFEB | January 31, 2020 | SPDR S&P 500<sup>®</sup> ETF Trust |

---

442<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Name**  | **Ticker**  | **Commencement of** <br>**Operations**  | **Tracking Fund**  |
| Innovator U.S. Equity Buffer ETF - January | BJAN | December 31, 2018 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Buffer ETF - July | BJUL | August 28, 2018 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Buffer ETF - June | BJUN | May 31, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Buffer ETF - March | BMAR | February 28, 2020 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Buffer ETF - May | BMAY | April 30, 2020 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Buffer ETF - November | BNOV | October 31, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Buffer ETF - October | BOCT | September 28, 2018 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Buffer ETF - September | BSEP | August 30, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Power Buffer ETF - April | PAPR | March 29, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Power Buffer ETF - August | PAUG | July 31, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Power Buffer ETF - December | PDEC | November 29, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Power Buffer ETF - February | PFEB | January 31, 2020 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Power Buffer ETF - January | PJAN | December 31, 2018 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Power Buffer ETF - July | PJUL | August 7, 2018 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Power Buffer ETF - June | PJUN | May 31, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Power Buffer ETF - March | PMAR | February 28, 2020 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Power Buffer ETF - May | PMAY | April 30, 2020 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Power Buffer ETF - November | PNOV | October 31, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Power Buffer ETF - October | POCT | September 28, 2018 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Power Buffer ETF - September | PSEP | August 30, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF - April | UAPR | March 29, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF - August | UAUG | July 31, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF - December | UDEC | November 29, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF - February | UFEB | January 31, 2020 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF - January | UJAN | December 31, 2018 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF - July | UJUL | August 7, 2018 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF - June | UJUN | May 31, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF - March | UMAR | February 28, 2020 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF - May | UMAY | April 30, 2020 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF - November | UNOV | October 31, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF - October | UOCT | September 28, 2018 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF - September | USEP | August 30, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator U.S. Small Cap 10 Buffer ETF - Quarterly | RBUF | June 28, 2024 | iShares Russell 2000 ETF |
| Innovator U.S. Small Cap Power Buffer ETF - April | KAPR | March 31, 2020 | iShares Russell 2000 ETF |
| Innovator U.S. Small Cap Power Buffer ETF - August | KAUG | July 31, 2024 | iShares Russell 2000 ETF |
| Innovator U.S. Small Cap Power Buffer ETF - December | KDEC | November 29, 2024 | iShares Russell 2000 ETF |
| Innovator U.S. Small Cap Power Buffer ETF - February | KFEB | January 31, 2025 | iShares Russell 2000 ETF |
| Innovator U.S. Small Cap Power Buffer ETF - January | KJAN | December 31, 2019 | iShares Russell 2000 ETF |
| Innovator U.S. Small Cap Power Buffer ETF - July | KJUL | June 30, 2020 | iShares Russell 2000 ETF |
| Innovator U.S. Small Cap Power Buffer ETF - June | KJUN | May 31, 2024 | iShares Russell 2000 ETF |
| Innovator U.S. Small Cap Power Buffer ETF - March | KMAR | February 28, 2025 | iShares Russell 2000 ETF |
| Innovator U.S. Small Cap Power Buffer ETF - May | KMAY | April 30, 2025 | iShares Russell 2000 ETF |
| Innovator U.S. Small Cap Power Buffer ETF - November | KNOV | October 31, 2024 | iShares Russell 2000 ETF |
| Innovator U.S. Small Cap Power Buffer ETF - October | KOCT | September 30, 2019 | iShares Russell 2000 ETF |
| Innovator U.S. Small Cap Power Buffer ETF - September | KSEP | August 30, 2024 | iShares Russell 2000 ETF |
| Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly<sup>(d)</sup>  | QBF | February 5, 2025 | CBOE Bitcoin U.S. ETF Index |

---

443<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

The operational series of the Trust covered outside of this report consist of:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Ticker** | **Commencement of** <br>**Operations** | **Tracking Index/Fund<sup>(a)</sup>**  |
| Innovator Buffer Step-Up Strategy ETF | BSTP | March 7, 2022 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Deepwater Frontier Tech ETF | LOUP | July 24, 2018 | Loup Frontier Tech Index |
| Innovator Equity Autocallable Income Strategy ETF | ACEI | September 24, 2025 | S&P 500<sup>®</sup> Index, Russell 2000 Index, Nasdaq-100 Index |
| Innovator Equity Managed 100 Buffer ETF | BFRZ | May 12, 2025 | S&P 500<sup>®</sup> Index |
| Innovator Equity Managed Floor ETF | SFLR | November 8, 2022 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator Equity Premium Income - Daily PutWrite ETF | SPUT | March 13, 2025 | S&P 500<sup>®</sup> Index |
| Innovator Gradient Tactical Rotation Strategy ETF | IGTR | November 16, 2022 | S&P Global Broad Market Index |
| Innovator Hedged Nasdaq-100 ETF | QHDG | August 19, 2024 | Nasdaq-100 Index |
| Innovator IBD<sup>®</sup> 50 ETF  | FFTY | April 8, 2015 | IBD<sup>®</sup> 50 Index |
| Innovator IBD<sup>®</sup> Breakout Opportunities ETF | BOUT | September 12, 2018 | IBD<sup>®</sup> Breakout Stocks Index |
| Innovator Index Autocallable Income Strategy ETF | ACII | September 24, 2025 | S&P 500<sup>®</sup> Index, Russell 2000 Index, Nasdaq-100 Index |
| Innovator Laddered Allocation Buffer ETF<sup>(b)</sup> | BUFB | February 8, 2022 | MerQube U.S. Large Cap Equity Buffer Laddered Index |
| Innovator Laddered Allocation Power Buffer ETF<sup>(c)</sup> | BUFF | October 19, 2016 | Refinitiv Laddered Power Buffer Strategy Index |
| Innovator Nasdaq-100 Managed Floor ETF  | QFLR | January 24, 2024 | Nasdaq-100 Index |
| Innovator Power Buffer Step-Up Strategy ETF | PSTP | March 7, 2022 | SPDR S&P 500<sup>®</sup> ETF Trust |
| Innovator S&P Investment Grade Preferred ETF | EPRF | May 23, 2016 | S&P U.S. High Quality Preferred Stock Index |
| Innovator U.S. Small Cap Managed Floor ETF | RFLR | September 16, 2024 | Russell 2000 Index |
| Innovator Uncapped Accelerated U.S. Equity ETF | XUSP | August 10, 2022 | SPDR S&P 500<sup>®</sup> ETF Trust |

---

<sup>(a)</sup> Each Fund individually seeks to track their respective index or Fund, before fees and expenses.

<sup>(b)</sup> BUFF seeks to achieve its investment objective by investing primarily in other Innovator ETFs (Affiliated Fund of Fund structure) that themselves seek investment results corresponding to their own respective underlying indexes. In addition to its own fees and expenses, BUFF will pay indirectly a proportional share of the fees and expenses of the underlying Innovator ETFs in which it invests, including advisory and administration fees (Acquired Fund Fees and Expenses). Prior to August 11, 2020, BUFF sought investment results that generally corresponded, before fees and expenses, to the Lunt Capital U.S. Large Cap Equity Rotation Index. 

<sup>(c)</sup> BUFB seeks to achieve its investment objective by investing primarily in other Innovator ETFs (Affiliated Fund of Fund structure) that themselves seek investment results corresponding to their own respective underlying indexes. In addition to its own fees and expenses, BUFB will pay indirectly a proportional share of the fees and expenses of the underlying Innovator ETFs in which it invests, including advisory and administration fees (Acquired Fund Fees and Expenses).

<sup>(d)</sup> In order to achieve its investment objectives, QBF may invest in its wholly owned subsidiary, Innovator Bitcoin 20 Floor ETF - Quarterly (Cayman); a company incorporated under the laws of the Cayman Islands. Innovator Bitcoin 20 Floor ETF - Quarterly (Cayman) acts as an investment vehicle in order to enter into certain investments for QBF, consistent with its investment objectives and policies. 

The Funds are exchange traded funds that offer one class of shares, do not charge a sales load, do not have a redemption fee and currently do not charge a 12b-1 fee to their shareholders. The Innovator International Developed and Emerging Markets ETFs list and principally trade their shares on NYSE Arca ("NYSE"). QBUF lists and principally trades its shares on Nasdaq Global Market ("Nasdaq"). All other Innovator ETFs included in this report each, respectively, list and principally trade their shares on Cboe BZX Exchange, Inc. ("Cboe BZX").

Each Fund employs a specific "defined outcome strategy." Defined outcome strategies generally seek to produce pre-determined investment outcomes based upon the performance of an index or one or more underlying securities. The Funds' pre-determined outcomes ("*Outcomes*") are based upon the price performance of a benchmark index or one or more underlying exchange-traded fund (the "*Benchmark*") over a period of approximately one year or another predetermined period ("*Outcome Period*"). The Funds' investment strategy provides shareholders with participation in any gains experienced by the applicable Benchmark over the course of the Outcome Period, subject to a cap on upside returns (a "*Cap*"), and, if applicable, a predetermined buffer (a "*Buffer*") against Benchmark losses for the Outcome Period. These defined outcomes are managed by purchasing and selling call and put FLexible EXchange Options ("*FLEX Options*") to create layers within a Fund's portfolio. Each Fund's FLEX Option has the same reference asset and expiration date, with uniquely selected strike prices for the Fund's Outcome Period. Due to the customizable nature

444<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

of FLEX Options that allows for specific strike prices to be selected for the same reference asset and expiration date, when each of the FLEX Options expire on the last day of the Outcome Period, the Funds are expected to achieve a Benchmark investment return with the applicable Buffer and Cap investment parameters.

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 "Financial Services – Investment Companies".

Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by Graham Day (Chief Investment Officer of the Adviser), who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

**Valuation: The net asset values ("NAV") of the Funds are determined as of the close of regular trading on the NYSE (normally 4:00 p.m. ET). If the NYSE closes early on a valuation day, the Funds shall determine NAV as of that time.** 

Portfolio securities generally shall be valued utilizing prices provided by independent pricing services. The Adviser, as the Trust's Valuation Designee ("Valuation Designee") is responsible for establishing valuation of portfolio securities and other instruments held by the Funds in accordance with the Trust's valuation procedures.

Common stocks, preferred stocks and other equity securities listed on any national or foreign exchange (excluding the NASDAQ National Market ("NASDAQ") and the London Stock Exchange Alternative Investment Market ("AIM")) are generally valued at the last sale price on the exchange on which they are principally traded or, for NASDAQ and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the exchange representing the principal market for such securities. Securities traded in the over-the-counter market are valued at the mean of the bid and the asked price, if available, and otherwise at their closing bid price. Redeemable securities issued by open-end investment companies shall be valued at the investment company's applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities. Fixed income securities, swaps, currency-, credit- and commodity-linked notes, and other similar instruments will be valued using a pricing service. Fixed income securities having a remaining maturity of 60 days or less when purchased will be valued at cost adjusted for amortization of premiums and accretion of discounts, provided the Valuation Designee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer specific conditions existing at the time of the determination. Deposit accounts are valued at acquisition cost. Foreign securities and other assets denominated in foreign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar as provided by the pricing service. All assets denominated in foreign currencies will be converted into U.S. dollars at the exchange rates in effect at the time of valuation. Restricted securities (with the exception of Rule 144A Securities for which market quotations are available) will normally be valued at fair value as determined by the Valuation Designee.

Exchange-traded option contracts (other than FLEX Option contracts) will be valued at the closing price in the market where such contracts are principally traded. If no closing price is available, they will be fair valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid price. OTC options are fair valued at the mean of the most recent bid and asked price, if available, and otherwise at their closing bid price. FLEX Options will be valued at a model-based price provided by the exchange on which the option is traded at the official close of that exchange's trading date. Otherwise, the value of a FLEX Option will be determined by the Valuation Designee in accordance with the Trust's valuation procedures.

If no quotation can be obtained from a pricing service, then the Valuation Designee will then attempt to obtain one or more broker quotes for the security. If no quotation is available from either a pricing service or one or more brokers or if the Valuation Designee has reason to question the reliability or accuracy of a quotation supplied or the use of amortized cost, the value of any portfolio security held by the Funds for which reliable market quotations are not readily

445<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

available will be determined by the Valuation Designee in a manner that most appropriately reflects fair market value of the security on the valuation date. The use of a fair valuation method may be appropriate if, for example: (i) market quotations do not accurately reflect fair value of an investment; (ii) an investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (for example, a foreign exchange or market); (iii) a trading halt closes an exchange or market early; or (iv) other events result in an exchange or market delaying its normal close.

**Fair Valuation Measurement: FASB established a framework for measuring fair value in accordance with U.S. GAAP. Under ASC Topic 820, "Fair Value Measurement" ("ASC 820"), various inputs are used in determining the value of the Funds' investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:** 

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.  |

---

---

| | |
|:---|:---|
| Level 3 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following table summarizes valuation of the Funds' investments under the fair value hierarchy levels as of October 31, 2025:

**Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $—  | $31537579  | $—  | $31537579  |
| **Total Investments**  | $—  | $31537579  | $—  | $31537579  |
| **Liabilities:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options  | $—  | $(5752)  | $—  | $(5752)  |
| **Total Investments**  | $—  | $(5752)  | $—  | $(5752) |

---

446<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator 20+ Year Treasury Bond 9 Buffer ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $—  | $28638491  | $—  | $28638491  |
| **Total Investments**  | $—  | $28638491  | $—  | $28638491  |
| **Liabilities:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options  | $—  | $(299411)  | $—  | $(299411)  |
| **Total Investments**  | $—  | $(299411)  | $—  | $(299411) |

---

**Innovator Defined Wealth Shield ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $—  | $1940368385  | $—  | $1940368385  |
| **Total Investments**  | $—  | $1940368385  | $—  | $1940368385  |
| **Liabilities:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options  | $—  | $(56000911)  | $—  | $(56000911)  |
| **Total Investments**  | $—  | $(56000911)  | $—  | $(56000911) |

---

**Innovator Emerging Markets 10 Buffer ETF - Quarterly** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $—  | $16068543  | $—  | $16068543  |
| **Total Investments**  | $—  | $16068543  | $—  | $16068543  |
| **Liabilities:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options  | $—  | $(442654)  | $—  | $(442654)  |
| **Total Investments**  | $—  | $(442654)  | $—  | $(442654) |

---

447<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Emerging Markets Power Buffer ETF - April** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $86984643 | $— | $86984643  |
| **Total Investments** | $— | $86984643 | $— | $86984643  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(10014574) | $— | $(10014574)  |
| **Total Investments** | $— | $(10014574) | $— | $(10014574) |

---

**Innovator Emerging Markets Power Buffer ETF - January** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $115000216 | $— | $115000216  |
| **Total Investments** | $— | $115000216 | $— | $115000216  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(14896961) | $— | $(14896961)  |
| **Total Investments** | $— | $(14896961) | $— | $(14896961) |

---

**Innovator Emerging Markets Power Buffer ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $159827930 | $— | $159827930  |
| **Total Investments** | $— | $159827930 | $— | $159827930  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(11716819) | $— | $(11716819)  |
| **Total Investments** | $— | $(11716819) | $— | $(11716819) |

---

448<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Emerging Markets Power Buffer ETF - October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $110758355 | $— | $110758355  |
| **Total Investments** | $— | $110758355 | $— | $110758355  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(4957516) | $— | $(4957516)  |
| **Total Investments** | $— | $(4957516) | $— | $(4957516) |

---

**Innovator Equity Defined Protection ETF - 1 Yr April** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $45397200 | $— | $45397200  |
| **Total Investments** | $— | $45397200 | $— | $45397200  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(6531009) | $— | $(6531009)  |
| **Total Investments** | $— | $(6531009) | $— | $(6531009) |

---

**Innovator Equity Defined Protection ETF - 1 Yr August** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $127699474 | $— | $127699474  |
| **Total Investments** | $— | $127699474 | $— | $127699474  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(9822195) | $— | $(9822195)  |
| **Total Investments** | $— | $(9822195) | $— | $(9822195) |

---

449<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Equity Defined Protection ETF - 1 Yr December** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $105539342 | $— | $105539342  |
| **Total Investments** | $— | $105539342 | $— | $105539342  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(5926102) | $— | $(5926102)  |
| **Total Investments** | $— | $(5926102) | $— | $(5926102) |

---

**Innovator Equity Defined Protection ETF - 1 Yr February** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $126408486 | $— | $126408486  |
| **Total Investments** | $— | $126408486 | $— | $126408486  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(9395664) | $— | $(9395664)  |
| **Total Investments** | $— | $(9395664) | $— | $(9395664) |

---

**Innovator Equity Defined Protection ETF - 1 Yr January** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $59881463 | $— | $59881463  |
| **Total Investments** | $— | $59881463 | $— | $59881463  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(5284840) | $— | $(5284840)  |
| **Total Investments** | $— | $(5284840) | $— | $(5284840) |

---

450<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Equity Defined Protection ETF - 1 Yr July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $169169558 | $— | $169169558  |
| **Total Investments** | $— | $169169558 | $— | $169169558  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(14974750) | $— | $(14974750)  |
| **Total Investments** | $— | $(14974750) | $— | $(14974750) |

---

**Innovator Equity Defined Protection ETF - 1 Yr June** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $60860732 | $— | $60860732  |
| **Total Investments** | $— | $60860732 | $— | $60860732  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(7114345) | $— | $(7114345)  |
| **Total Investments** | $— | $(7114345) | $— | $(7114345) |

---

**Innovator Equity Defined Protection ETF - 1 Yr March** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $105134172 | $— | $105134172  |
| **Total Investments** | $— | $105134172 | $— | $105134172  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(9463064) | $— | $(9463064)  |
| **Total Investments** | $— | $(9463064) | $— | $(9463064) |

---

451<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Equity Defined Protection ETF - 1 Yr May** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $43301373 | $— | $43301373  |
| **Total Investments** | $— | $43301373 | $— | $43301373  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(6852137) | $— | $(6852137)  |
| **Total Investments** | $— | $(6852137) | $— | $(6852137) |

---

**Innovator Equity Defined Protection ETF - 1 Yr November** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $47906775 | $— | $47906775  |
| **Total Investments** | $— | $47906775 | $— | $47906775  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2308500) | $— | $(2308500)  |
| **Total Investments** | $— | $(2308500) | $— | $(2308500) |

---

**Innovator Equity Defined Protection ETF - 1 Yr October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $138450158 | $— | $138450158  |
| **Total Investments** | $— | $138450158 | $— | $138450158  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(7934504) | $— | $(7934504)  |
| **Total Investments** | $— | $(7934504) | $— | $(7934504) |

---

452<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Equity Defined Protection ETF - 1 Yr September** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $159613595 | $— | $159613595  |
| **Total Investments** | $— | $159613595 | $— | $159613595  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(11563068) | $— | $(11563068)  |
| **Total Investments** | $— | $(11563068) | $— | $(11563068) |

---

**Innovator Equity Defined Protection ETF - 2 Yr to April 2026** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $65512946 | $— | $65512946  |
| **Total Investments** | $— | $65512946 | $— | $65512946  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(8187166) | $— | $(8187166)  |
| **Total Investments** | $— | $(8187166) | $— | $(8187166) |

---

**Innovator Equity Defined Protection ETF - 2 Yr to April 2027** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $11985605 | $— | $11985605  |
| **Total Investments** | $— | $11985605 | $— | $11985605  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1748971) | $— | $(1748971)  |
| **Total Investments** | $— | $(1748971) | $— | $(1748971) |

---

453<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Equity Defined Protection ETF - 2 Yr to January 2026** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $53378540 | $— | $53378540  |
| **Total Investments** | $— | $53378540 | $— | $53378540  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(10724725) | $— | $(10724725)  |
| **Total Investments** | $— | $(10724725) | $— | $(10724725) |

---

**Innovator Equity Defined Protection ETF - 2 Yr to January 2027** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $41241467 | $— | $41241467  |
| **Total Investments** | $— | $41241467 | $— | $41241467  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(4094691) | $— | $(4094691)  |
| **Total Investments** | $— | $(4094691) | $— | $(4094691) |

---

**Innovator Equity Defined Protection ETF - 2 Yr to July 2026** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $68394544 | $— | $68394544  |
| **Total Investments** | $— | $68394544 | $— | $68394544  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(7507583) | $— | $(7507583)  |
| **Total Investments** | $— | $(7507583) | $— | $(7507583) |

---

454<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Equity Defined Protection ETF - 2 Yr to July 2027** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $186390327 | $— | $186390327  |
| **Total Investments** | $— | $186390327 | $— | $186390327  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(18774244) | $— | $(18774244)  |
| **Total Investments** | $— | $(18774244) | $— | $(18774244) |

---

**Innovator Equity Defined Protection ETF - 2 Yr to October 2026** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $81905700 | $— | $81905700  |
| **Total Investments** | $— | $81905700 | $— | $81905700  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(9725532) | $— | $(9725532)  |
| **Total Investments** | $— | $(9725532) | $— | $(9725532) |

---

**Innovator Equity Defined Protection ETF - 2 Yr to October 2027** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $11349075 | $— | $11349075  |
| **Total Investments** | $— | $11349075 | $— | $11349075  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(823963) | $— | $(823963)  |
| **Total Investments** | $— | $(823963) | $— | $(823963) |

---

455<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $105311480 | $— | $105311480  |
| **Total Investments** | $— | $105311480 | $— | $105311480  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(4579561) | $— | $(4579561)  |
| **Total Investments** | $— | $(4579561) | $— | $(4579561) |

---

**Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $260425895 | $— | $260425895  |
| **Total Investments** | $— | $260425895 | $— | $260425895  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(19449780) | $— | $(19449780)  |
| **Total Investments** | $— | $(19449780) | $— | $(19449780) |

---

**Innovator Equity Dual Directional 10 Buffer ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $126253019 | $— | $126253019  |
| **Total Investments** | $— | $126253019 | $— | $126253019  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(23959426) | $— | $(23959426)  |
| **Total Investments** | $— | $(23959426) | $— | $(23959426) |

---

456<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Equity Dual Directional 10 Buffer ETF - November** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $1360954 | $— | $1360954  |
| **Total Investments** | $— | $1360954 | $— | $1360954  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(415674) | $— | $(415674)  |
| **Total Investments** | $— | $(415674) | $— | $(415674) |

---

**Innovator Equity Dual Directional 10 Buffer ETF - October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $64456727 | $— | $64456727  |
| **Total Investments** | $— | $64456727 | $— | $64456727  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(17555578) | $— | $(17555578)  |
| **Total Investments** | $— | $(17555578) | $— | $(17555578) |

---

**Innovator Equity Dual Directional 10 Buffer ETF - September** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $28279438 | $— | $28279438  |
| **Total Investments** | $— | $28279438 | $— | $28279438  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(6725065) | $— | $(6725065)  |
| **Total Investments** | $— | $(6725065) | $— | $(6725065) |

---

457<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Equity Dual Directional 15 Buffer ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $105404489 | $— | $105404489  |
| **Total Investments** | $— | $105404489 | $— | $105404489  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(22501906) | $— | $(22501906)  |
| **Total Investments** | $— | $(22501906) | $— | $(22501906) |

---

**Innovator Equity Dual Directional 15 Buffer ETF - November** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $1407798 | $— | $1407798  |
| **Total Investments** | $— | $1407798 | $— | $1407798  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(462532) | $— | $(462532)  |
| **Total Investments** | $— | $(462532) | $— | $(462532) |

---

**Innovator Equity Dual Directional 15 Buffer ETF - October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $171412240 | $— | $171412240  |
| **Total Investments** | $— | $171412240 | $— | $171412240  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(50759016) | $— | $(50759016)  |
| **Total Investments** | $— | $(50759016) | $— | $(50759016) |

---

458<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Equity Dual Directional 15 Buffer ETF - September** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $74490957 | $— | $74490957  |
| **Total Investments** | $— | $74490957 | $— | $74490957  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(19258747) | $— | $(19258747)  |
| **Total Investments** | $— | $(19258747) | $— | $(19258747) |

---

**Innovator Growth Accelerated ETF - Quarterly** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $66494666 | $— | $66494666  |
| **Total Investments** | $— | $66494666 | $— | $66494666  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(4949847) | $— | $(4949847)  |
| **Total Investments** | $— | $(4949847) | $— | $(4949847) |

---

**Innovator Growth Accelerated Plus ETF - April** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $54805245 | $— | $54805245  |
| **Total Investments** | $— | $54805245 | $— | $54805245  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(24002131) | $— | $(24002131)  |
| **Total Investments** | $— | $(24002131) | $— | $(24002131) |

---

459<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Growth Accelerated Plus ETF - January** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $36313980 | $— | $36313980  |
| **Total Investments** | $— | $36313980 | $— | $36313980  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(11455879) | $— | $(11455879)  |
| **Total Investments** | $— | $(11455879) | $— | $(11455879) |

---

**Innovator Growth Accelerated Plus ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $34118505 | $— | $34118505  |
| **Total Investments** | $— | $34118505 | $— | $34118505  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(9948195) | $— | $(9948195)  |
| **Total Investments** | $— | $(9948195) | $— | $(9948195) |

---

**Innovator Growth Accelerated Plus ETF - October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $18653275 | $— | $18653275  |
| **Total Investments** | $— | $18653275 | $— | $18653275  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(4215946) | $— | $(4215946)  |
| **Total Investments** | $— | $(4215946) | $— | $(4215946) |

---

460<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Growth-100 Power Buffer ETF - April** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $249556145 | $— | $249556145  |
| **Total Investments** | $— | $249556145 | $— | $249556145  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(43087634) | $— | $(43087634)  |
| **Total Investments** | $— | $(43087634) | $— | $(43087634) |

---

**Innovator Growth-100 Power Buffer ETF - August** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $91343428 | $— | $91343428  |
| **Total Investments** | $— | $91343428 | $— | $91343428  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(7931983) | $— | $(7931983)  |
| **Total Investments** | $— | $(7931983) | $— | $(7931983) |

---

**Innovator Growth-100 Power Buffer ETF - December** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $46163933 | $— | $46163933  |
| **Total Investments** | $— | $46163933 | $— | $46163933  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(3725336) | $— | $(3725336)  |
| **Total Investments** | $— | $(3725336) | $— | $(3725336) |

---

461<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Growth-100 Power Buffer ETF - February** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $50101295 | $— | $50101295  |
| **Total Investments** | $— | $50101295 | $— | $50101295  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(4076498) | $— | $(4076498)  |
| **Total Investments** | $— | $(4076498) | $— | $(4076498) |

---

**Innovator Growth-100 Power Buffer ETF - January**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $315949440 | $— | $315949440  |
| **Total Investments** | $— | $315949440 | $— | $315949440  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(26923200) | $— | $(26923200)  |
| **Total Investments** | $— | $(26923200) | $— | $(26923200) |

---

**Innovator Growth-100 Power Buffer ETF - July**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $271167123 | $— | $271167123  |
| **Total Investments** | $— | $271167123 | $— | $271167123  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(24899802) | $— | $(24899802)  |
| **Total Investments** | $— | $(24899802) | $— | $(24899802) |

---

462<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Growth-100 Power Buffer ETF - June**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $79177345 | $— | $79177345  |
| **Total Investments** | $— | $79177345 | $— | $79177345  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(9241726) | $— | $(9241726)  |
| **Total Investments** | $— | $(9241726) | $— | $(9241726) |

---

**Innovator Growth-100 Power Buffer ETF - March**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $32494577 | $— | $32494577  |
| **Total Investments** | $— | $32494577 | $— | $32494577  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(3507126) | $— | $(3507126)  |
| **Total Investments** | $— | $(3507126) | $— | $(3507126) |

---

**Innovator Growth-100 Power Buffer ETF - May**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $20382380 | $— | $20382380  |
| **Total Investments** | $— | $20382380 | $— | $20382380  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(3249590) | $— | $(3249590)  |
| **Total Investments** | $— | $(3249590) | $— | $(3249590) |

---

463<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Growth-100 Power Buffer ETF - November**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $22992525 | $— | $22992525  |
| **Total Investments** | $— | $22992525 | $— | $22992525  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1515240) | $— | $(1515240)  |
| **Total Investments** | $— | $(1515240) | $— | $(1515240) |

---

**Innovator Growth-100 Power Buffer ETF - October**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $274311408 | $— | $274311408  |
| **Total Investments** | $— | $274311408 | $— | $274311408  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(21371872) | $— | $(21371872)  |
| **Total Investments** | $— | $(21371872) | $— | $(21371872) |

---

**Innovator Growth-100 Power Buffer ETF - September**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $69591505 | $— | $69591505  |
| **Total Investments** | $— | $69591505 | $— | $69591505  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(6522798) | $— | $(6522798)  |
| **Total Investments** | $— | $(6522798) | $— | $(6522798) |

---

464<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator International Developed 10 Buffer ETF - Quarterly**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $74633948 | $— | $74633948  |
| **Total Investments** | $— | $74633948 | $— | $74633948  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(958519) | $— | $(958519)  |
| **Total Investments** | $— | $(958519) | $— | $(958519) |

---

**Innovator International Developed Power Buffer ETF - April**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $239838364 | $— | $239838364  |
| **Total Investments** | $— | $239838364 | $— | $239838364  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(9961393) | $— | $(9961393)  |
| **Total Investments** | $— | $(9961393) | $— | $(9961393) |

---

**Innovator International Developed Power Buffer ETF - August**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $77194800 | $— | $77194800  |
| **Total Investments** | $— | $77194800 | $— | $77194800  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2796267) | $— | $(2796267)  |
| **Total Investments** | $— | $(2796267) | $— | $(2796267) |

---

465<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator International Developed Power Buffer ETF - December**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $21694005 | $— | $21694005  |
| **Total Investments** | $— | $21694005 | $— | $21694005  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(501213) | $— | $(501213)  |
| **Total Investments** | $— | $(501213) | $— | $(501213) |

---

**Innovator International Developed Power Buffer ETF - February**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $27634317 | $— | $27634317  |
| **Total Investments** | $— | $27634317 | $— | $27634317  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1068779) | $— | $(1068779)  |
| **Total Investments** | $— | $(1068779) | $— | $(1068779) |

---

**Innovator International Developed Power Buffer ETF - January**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $165141295 | $— | $165141295  |
| **Total Investments** | $— | $165141295 | $— | $165141295  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(7575334) | $— | $(7575334)  |
| **Total Investments** | $— | $(7575334) | $— | $(7575334) |

---

466<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator International Developed Power Buffer ETF - July**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $233856290 | $— | $233856290  |
| **Total Investments** | $— | $233856290 | $— | $233856290  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(5999520) | $— | $(5999520)  |
| **Total Investments** | $— | $(5999520) | $— | $(5999520) |

---

**Innovator International Developed Power Buffer ETF - June**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $60436934 | $— | $60436934  |
| **Total Investments** | $— | $60436934 | $— | $60436934  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1430104) | $— | $(1430104)  |
| **Total Investments** | $— | $(1430104) | $— | $(1430104) |

---

**Innovator International Developed Power Buffer ETF - March**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $35325658 | $— | $35325658  |
| **Total Investments** | $— | $35325658 | $— | $35325658  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1171103) | $— | $(1171103)  |
| **Total Investments** | $— | $(1171103) | $— | $(1171103) |

---

467<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator International Developed Power Buffer ETF - May**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $35208485 | $— | $35208485  |
| **Total Investments** | $— | $35208485 | $— | $35208485  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1037571) | $— | $(1037571)  |
| **Total Investments** | $— | $(1037571) | $— | $(1037571) |

---

**Innovator International Developed Power Buffer ETF - November**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $12060915 | $— | $12060915  |
| **Total Investments** | $— | $12060915 | $— | $12060915  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(307965) | $— | $(307965)  |
| **Total Investments** | $— | $(307965) | $— | $(307965) |

---

**Innovator International Developed Power Buffer ETF - October**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $200042676 | $— | $200042676  |
| **Total Investments** | $— | $200042676 | $— | $200042676  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(6165603) | $— | $(6165603)  |
| **Total Investments** | $— | $(6165603) | $— | $(6165603) |

---

468<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator International Developed Power Buffer ETF - September**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $103986135 | $— | $103986135  |
| **Total Investments** | $— | $103986135 | $— | $103986135  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(3154143) | $— | $(3154143)  |
| **Total Investments** | $— | $(3154143) | $— | $(3154143) |

---

**Innovator Nasdaq-100 10 Buffer ETF - Quarterly**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $221767246 | $— | $221767246  |
| **Total Investments** | $— | $221767246 | $— | $221767246  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(9781549) | $— | $(9781549)  |
| **Total Investments** | $— | $(9781549) | $— | $(9781549) |

---

**Innovator Premium Income 15 Buffer ETF - April**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $7579783 | $— | $7579783  |
| **Total Investments** | $— | $7579783 | $— | $7579783  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(31983) | $— | $(31983)  |
| **Total Investments** | $— | $(31983) | $— | $(31983) |

---

469<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Premium Income 15 Buffer ETF - January**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $11730920 | $— | $11730920  |
| **Total Investments** | $— | $11730920 | $— | $11730920  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(13661) | $— | $(13661)  |
| **Total Investments** | $— | $(13661) | $— | $(13661) |

---

**Innovator Premium Income 15 Buffer ETF - July**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $7870108 | $— | $7870108  |
| **Total Investments** | $— | $7870108 | $— | $7870108  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(87998) | $— | $(87998)  |
| **Total Investments** | $— | $(87998) | $— | $(87998) |

---

**Innovator Premium Income 15 Buffer ETF - October**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $13976116 | $— | $13976116  |
| **Total Investments** | $— | $13976116 | $— | $13976116  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(295658) | $— | $(295658)  |
| **Total Investments** | $— | $(295658) | $— | $(295658) |

---

470<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Premium Income 20 Barrier ETF - April**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $1663387 | $— | $1663387  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 26303434 |  | 26303434  |
| **Total Investments** | $— | $27966821 | $— | $27966821  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1827034) | $— | $(1827034)  |
| **Total Investments** | $— | $(1827034) | $— | $(1827034) |

---

**Innovator Premium Income 20 Barrier ETF - January**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $164454 | $— | $164454  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 10584297 |  | 10584297  |
| **Total Investments** | $— | $10748751 | $— | $10748751  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(184417) | $— | $(184417)  |
| **Total Investments** | $— | $(184417) | $— | $(184417) |

---

**Innovator Premium Income 20 Barrier ETF - July**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $3016393 | $— | $3016393  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 19187077 |  | 19187077  |
| **Total Investments** | $— | $22203470 | $— | $22203470  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(3349624) | $— | $(3349624)  |
| **Total Investments** | $— | $(3349624) | $— | $(3349624) |

---

471<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Premium Income 20 Barrier ETF - October**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $6219766 | $— | $6219766  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 21069023 |  | 21069023  |
| **Total Investments** | $— | $27288789 | $— | $27288789  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(6926479) | $— | $(6926479)  |
| **Total Investments** | $— | $(6926479) | $— | $(6926479) |

---

**Innovator Premium Income 30 Barrier ETF - April**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $2099127 | $— | $2099127  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 34231092 |  | 34231092  |
| **Total Investments** | $— | $36330219 | $— | $36330219  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2269212) | $— | $(2269212)  |
| **Total Investments** | $— | $(2269212) | $— | $(2269212) |

---

**Innovator Premium Income 30 Barrier ETF - January**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $183314 | $— | $183314  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 16156576 |  | 16156576  |
| **Total Investments** | $— | $16339890 | $— | $16339890  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(204860) | $— | $(204860)  |
| **Total Investments** | $— | $(204860) | $— | $(204860) |

---

472<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator Premium Income 30 Barrier ETF - July**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $2531147 | $— | $2531147  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 17772114 |  | 17772114  |
| **Total Investments** | $— | $20303261 | $— | $20303261  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2743803) | $— | $(2743803)  |
| **Total Investments** | $— | $(2743803) | $— | $(2743803) |

---

**Innovator Premium Income 30 Barrier ETF - October**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $4659508 | $— | $4659508  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 18385317 |  | 18385317  |
| **Total Investments** | $— | $23044825 | $— | $23044825  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(5085698) | $— | $(5085698)  |
| **Total Investments** | $— | $(5085698) | $— | $(5085698) |

---

**Innovator U.S. Equity 10 Buffer ETF - Quarterly**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $650253209 | $— | $650253209  |
| **Total Investments** | $— | $650253209 | $— | $650253209  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(16428896) | $— | $(16428896)  |
| **Total Investments** | $— | $(16428896) | $— | $(16428896) |

---

473<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $157247002 | $— | $157247002  |
| **Total Investments** | $— | $157247002 | $— | $157247002  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1981738) | $— | $(1981738)  |
| **Total Investments** | $— | $(1981738) | $— | $(1981738) |

---

**Innovator U.S. Equity Accelerated 9 Buffer ETF - April**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $205925001 | $— | $205925001  |
| **Total Investments** | $— | $205925001 | $— | $205925001  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(53043297) | $— | $(53043297)  |
| **Total Investments** | $— | $(53043297) | $— | $(53043297) |

---

**Innovator U.S. Equity Accelerated 9 Buffer ETF - January**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $111941784 | $— | $111941784  |
| **Total Investments** | $— | $111941784 | $— | $111941784  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(19912406) | $— | $(19912406)  |
| **Total Investments** | $— | $(19912406) | $— | $(19912406) |

---

474<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator U.S. Equity Accelerated 9 Buffer ETF - July**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $154888424 | $— | $154888424  |
| **Total Investments** | $— | $154888424 | $— | $154888424  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(27987116) | $— | $(27987116)  |
| **Total Investments** | $— | $(27987116) | $— | $(27987116) |

---

**Innovator U.S. Equity Accelerated 9 Buffer ETF - October**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $96681417 | $— | $96681417  |
| **Total Investments** | $— | $96681417 | $— | $96681417  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(13272603) | $— | $(13272603)  |
| **Total Investments** | $— | $(13272603) | $— | $(13272603) |

---

**Innovator U.S. Equity Accelerated ETF - Quarterly**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $74237773 | $— | $74237773  |
| **Total Investments** | $— | $74237773 | $— | $74237773  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(3208431) | $— | $(3208431)  |
| **Total Investments** | $— | $(3208431) | $— | $(3208431) |

---

475<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator U.S. Equity Accelerated Plus ETF - April**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $36294244 | $— | $36294244  |
| **Total Investments** | $— | $36294244 | $— | $36294244  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(12385394) | $— | $(12385394)  |
| **Total Investments** | $— | $(12385394) | $— | $(12385394) |

---

**Innovator U.S. Equity Accelerated Plus ETF - January**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $23911371 | $— | $23911371  |
| **Total Investments** | $— | $23911371 | $— | $23911371  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(6047176) | $— | $(6047176)  |
| **Total Investments** | $— | $(6047176) | $— | $(6047176) |

---

**Innovator U.S. Equity Accelerated Plus ETF - July**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $21444764 | $— | $21444764  |
| **Total Investments** | $— | $21444764 | $— | $21444764  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(5224264) | $— | $(5224264)  |
| **Total Investments** | $— | $(5224264) | $— | $(5224264) |

---

476<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator U.S. Equity Accelerated Plus ETF - October**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $18883798 | $— | $18883798  |
| **Total Investments** | $— | $18883798 | $— | $18883798  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(3257238) | $— | $(3257238)  |
| **Total Investments** | $— | $(3257238) | $— | $(3257238) |

---

**Innovator U.S. Equity Buffer ETF - April**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $378003087 | $— | $378003087  |
| **Total Investments** | $— | $378003087 | $— | $378003087  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(33933206) | $— | $(33933206)  |
| **Total Investments** | $— | $(33933206) | $— | $(33933206) |

---

**Innovator U.S. Equity Buffer ETF - August**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $232930189 | $— | $232930189  |
| **Total Investments** | $— | $232930189 | $— | $232930189  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(12095986) | $— | $(12095986)  |
| **Total Investments** | $— | $(12095986) | $— | $(12095986) |

---

477<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator U.S. Equity Buffer ETF - December**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $196707140 | $— | $196707140  |
| **Total Investments** | $— | $196707140 | $— | $196707140  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1993516) | $— | $(1993516)  |
| **Total Investments** | $— | $(1993516) | $— | $(1993516) |

---

**Innovator U.S. Equity Buffer ETF - February**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $196925162 | $— | $196925162  |
| **Total Investments** | $— | $196925162 | $— | $196925162  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(6050033) | $— | $(6050033)  |
| **Total Investments** | $— | $(6050033) | $— | $(6050033) |

---

**Innovator U.S. Equity Buffer ETF - January**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $295021667 | $— | $295021667  |
| **Total Investments** | $— | $295021667 | $— | $295021667  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(10020849) | $— | $(10020849)  |
| **Total Investments** | $— | $(10020849) | $— | $(10020849) |

---

478<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator U.S. Equity Buffer ETF - July**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $312981607 | $— | $312981607  |
| **Total Investments** | $— | $312981607 | $— | $312981607  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(16586482) | $— | $(16586482)  |
| **Total Investments** | $— | $(16586482) | $— | $(16586482) |

---

**Innovator U.S. Equity Buffer ETF - June**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $175525127 | $— | $175525127  |
| **Total Investments** | $— | $175525127 | $— | $175525127  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(12246626) | $— | $(12246626)  |
| **Total Investments** | $— | $(12246626) | $— | $(12246626) |

---

**Innovator U.S. Equity Buffer ETF - March**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $186289565 | $— | $186289565  |
| **Total Investments** | $— | $186289565 | $— | $186289565  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(8032137) | $— | $(8032137)  |
| **Total Investments** | $— | $(8032137) | $— | $(8032137) |

---

479<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator U.S. Equity Buffer ETF - May**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $171982281 | $— | $171982281  |
| **Total Investments** | $— | $171982281 | $— | $171982281  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(15685829) | $— | $(15685829)  |
| **Total Investments** | $— | $(15685829) | $— | $(15685829) |

---

**Innovator U.S. Equity Buffer ETF - November**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $153707477 | $— | $153707477  |
| **Total Investments** | $— | $153707477 | $— | $153707477  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(7417641) | $— | $(7417641)  |
| **Total Investments** | $— | $(7417641) | $— | $(7417641) |

---

**Innovator U.S. Equity Buffer ETF - October**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $303638455 | $— | $303638455  |
| **Total Investments** | $— | $303638455 | $— | $303638455  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(15403200) | $— | $(15403200)  |
| **Total Investments** | $— | $(15403200) | $— | $(15403200) |

---

480<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator U.S. Equity Buffer ETF - September**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $255694463 | $— | $255694463  |
| **Total Investments** | $— | $255694463 | $— | $255694463  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(13607150) | $— | $(13607150)  |
| **Total Investments** | $— | $(13607150) | $— | $(13607150) |

---

**Innovator U.S. Equity Power Buffer ETF - April**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $896630574 | $— | $896630574  |
| **Total Investments** | $— | $896630574 | $— | $896630574  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(101366157) | $— | $(101366157)  |
| **Total Investments** | $— | $(101366157) | $— | $(101366157) |

---

**Innovator U.S. Equity Power Buffer ETF - August**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $1044911188 | $— | $1044911188  |
| **Total Investments** | $— | $1044911188 | $— | $1044911188  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(65173274) | $— | $(65173274)  |
| **Total Investments** | $— | $(65173274) | $— | $(65173274) |

---

481<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator U.S. Equity Power Buffer ETF - December**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $944301337 | $— | $944301337  |
| **Total Investments** | $— | $944301337 | $— | $944301337  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(24860682) | $— | $(24860682)  |
| **Total Investments** | $— | $(24860682) | $— | $(24860682) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $827984220 | $— | $827984220  |
| **Total Investments** | $— | $827984220 | $— | $827984220  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(40169640) | $— | $(40169640)  |
| **Total Investments** | $— | $(40169640) | $— | $(40169640) |

---

**Innovator U.S. Equity Power Buffer ETF - January**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $1256363934 | $— | $1256363934  |
| **Total Investments** | $— | $1256363934 | $— | $1256363934  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(70246868) | $— | $(70246868)  |
| **Total Investments** | $— | $(70246868) | $— | $(70246868) |

---

482<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator U.S. Equity Power Buffer ETF - July**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $1273490271 | $— | $1273490271  |
| **Total Investments** | $— | $1273490271 | $— | $1273490271  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(86546268) | $— | $(86546268)  |
| **Total Investments** | $— | $(86546268) | $— | $(86546268) |

---

**Innovator U.S. Equity Power Buffer ETF - June**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $827683847 | $— | $827683847  |
| **Total Investments** | $— | $827683847 | $— | $827683847  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(73478475) | $— | $(73478475)  |
| **Total Investments** | $— | $(73478475) | $— | $(73478475) |

---

**Innovator U.S. Equity Power Buffer ETF - March**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $667285325 | $— | $667285325  |
| **Total Investments** | $— | $667285325 | $— | $667285325  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(42372940) | $— | $(42372940)  |
| **Total Investments** | $— | $(42372940) | $— | $(42372940) |

---

483<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator U.S. Equity Power Buffer ETF - May**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $704074637 | $— | $704074637  |
| **Total Investments** | $— | $704074637 | $— | $704074637  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(82330285) | $— | $(82330285)  |
| **Total Investments** | $— | $(82330285) | $— | $(82330285) |

---

**Innovator U.S. Equity Power Buffer ETF - November**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $645775767 | $— | $645775767  |
| **Total Investments** | $— | $645775767 | $— | $645775767  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(31907337) | $— | $(31907337)  |
| **Total Investments** | $— | $(31907337) | $— | $(31907337) |

---

**Innovator U.S. Equity Power Buffer ETF - October**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $1151655732 | $— | $1151655732  |
| **Total Investments** | $— | $1151655732 | $— | $1151655732  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(62797356) | $— | $(62797356)  |
| **Total Investments** | $— | $(62797356) | $— | $(62797356) |

---

484<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator U.S. Equity Power Buffer ETF - September**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $998117070 | $— | $998117070  |
| **Total Investments** | $— | $998117070 | $— | $998117070  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(61096655) | $— | $(61096655)  |
| **Total Investments** | $— | $(61096655) | $— | $(61096655) |

---

**Innovator U.S. Equity Ultra Buffer ETF - April**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $174414316 | $— | $174414316  |
| **Total Investments** | $— | $174414316 | $— | $174414316  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(19585163) | $— | $(19585163)  |
| **Total Investments** | $— | $(19585163) | $— | $(19585163) |

---

**Innovator U.S. Equity Ultra Buffer ETF - August**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $252347008 | $— | $252347008  |
| **Total Investments** | $— | $252347008 | $— | $252347008  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(14454480) | $— | $(14454480)  |
| **Total Investments** | $— | $(14454480) | $— | $(14454480) |

---

485<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator U.S. Equity Ultra Buffer ETF - December**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $272896655 | $— | $272896655  |
| **Total Investments** | $— | $272896655 | $— | $272896655  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(7010282) | $— | $(7010282)  |
| **Total Investments** | $— | $(7010282) | $— | $(7010282) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $177701179 | $— | $177701179  |
| **Total Investments** | $— | $177701179 | $— | $177701179  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(8450104) | $— | $(8450104)  |
| **Total Investments** | $— | $(8450104) | $— | $(8450104) |

---

**Innovator U.S. Equity Ultra Buffer ETF - January**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $214578184 | $— | $214578184  |
| **Total Investments** | $— | $214578184 | $— | $214578184  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(12209018) | $— | $(12209018)  |
| **Total Investments** | $— | $(12209018) | $— | $(12209018) |

---

486<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator U.S. Equity Ultra Buffer ETF - July**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $230168770 | $— | $230168770  |
| **Total Investments** | $— | $230168770 | $— | $230168770  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(14947464) | $— | $(14947464)  |
| **Total Investments** | $— | $(14947464) | $— | $(14947464) |

---

**Innovator U.S. Equity Ultra Buffer ETF - June**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $157794647 | $— | $157794647  |
| **Total Investments** | $— | $157794647 | $— | $157794647  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(14209621) | $— | $(14209621)  |
| **Total Investments** | $— | $(14209621) | $— | $(14209621) |

---

**Innovator U.S. Equity Ultra Buffer ETF - March**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $192811904 | $— | $192811904  |
| **Total Investments** | $— | $192811904 | $— | $192811904  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(12377255) | $— | $(12377255)  |
| **Total Investments** | $— | $(12377255) | $— | $(12377255) |

---

487<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator U.S. Equity Ultra Buffer ETF - May**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $66697548 | $— | $66697548  |
| **Total Investments** | $— | $66697548 | $— | $66697548  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(8209402) | $— | $(8209402)  |
| **Total Investments** | $— | $(8209402) | $— | $(8209402) |

---

**Innovator U.S. Equity Ultra Buffer ETF - November**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $68408563 | $— | $68408563  |
| **Total Investments** | $— | $68408563 | $— | $68408563  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2449339) | $— | $(2449339)  |
| **Total Investments** | $— | $(2449339) | $— | $(2449339) |

---

**Innovator U.S. Equity Ultra Buffer ETF - October**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $186902850 | $— | $186902850  |
| **Total Investments** | $— | $186902850 | $— | $186902850  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(8245635) | $— | $(8245635)  |
| **Total Investments** | $— | $(8245635) | $— | $(8245635) |

---

488<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator U.S. Equity Ultra Buffer ETF - September**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $241411037 | $— | $241411037  |
| **Total Investments** | $— | $241411037 | $— | $241411037  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(13017286) | $— | $(13017286)  |
| **Total Investments** | $— | $(13017286) | $— | $(13017286) |

---

**Innovator U.S. Small Cap 10 Buffer ETF - Quarterly**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $72217125 | $— | $72217125  |
| **Total Investments** | $— | $72217125 | $— | $72217125  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2087250) | $— | $(2087250)  |
| **Total Investments** | $— | $(2087250) | $— | $(2087250) |

---

**Innovator U.S. Small Cap Power Buffer ETF - April**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $179313773 | $— | $179313773  |
| **Total Investments** | $— | $179313773 | $— | $179313773  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(17140812) | $— | $(17140812)  |
| **Total Investments** | $— | $(17140812) | $— | $(17140812) |

---

489<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator U.S. Small Cap Power Buffer ETF - August**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $141426809 | $— | $141426809  |
| **Total Investments** | $— | $141426809 | $— | $141426809  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(10941566) | $— | $(10941566)  |
| **Total Investments** | $— | $(10941566) | $— | $(10941566) |

---

**Innovator U.S. Small Cap Power Buffer ETF - December**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $74723860 | $— | $74723860  |
| **Total Investments** | $— | $74723860 | $— | $74723860  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(81540) | $— | $(81540)  |
| **Total Investments** | $— | $(81540) | $— | $(81540) |

---

**Innovator U.S. Small Cap Power Buffer ETF - February**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $42733792 | $— | $42733792  |
| **Total Investments** | $— | $42733792 | $— | $42733792  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(853628) | $— | $(853628)  |
| **Total Investments** | $— | $(853628) | $— | $(853628) |

---

490<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator U.S. Small Cap Power Buffer ETF - January**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $288048494 | $— | $288048494  |
| **Total Investments** | $— | $288048494 | $— | $288048494  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(5006937) | $— | $(5006937)  |
| **Total Investments** | $— | $(5006937) | $— | $(5006937) |

---

**Innovator U.S. Small Cap Power Buffer ETF - July**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $171934378 | $— | $171934378  |
| **Total Investments** | $— | $171934378 | $— | $171934378  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(13342699) | $— | $(13342699)  |
| **Total Investments** | $— | $(13342699) | $— | $(13342699) |

---

**Innovator U.S. Small Cap Power Buffer ETF - June**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $22121119 | $— | $22121119  |
| **Total Investments** | $— | $22121119 | $— | $22121119  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2185671) | $— | $(2185671)  |
| **Total Investments** | $— | $(2185671) | $— | $(2185671) |

---

491<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator U.S. Small Cap Power Buffer ETF - March**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $12516633 | $— | $12516633  |
| **Total Investments** | $— | $12516633 | $— | $12516633  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(596455) | $— | $(596455)  |
| **Total Investments** | $— | $(596455) | $— | $(596455) |

---

**Innovator U.S. Small Cap Power Buffer ETF - May**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $22742532 | $— | $22742532  |
| **Total Investments** | $— | $22742532 | $— | $22742532  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2607085) | $— | $(2607085)  |
| **Total Investments** | $— | $(2607085) | $— | $(2607085) |

---

**Innovator U.S. Small Cap Power Buffer ETF - November**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $19462016 | $— | $19462016  |
| **Total Investments** | $— | $19462016 | $— | $19462016  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1211133) | $— | $(1211133)  |
| **Total Investments** | $— | $(1211133) | $— | $(1211133) |

---

492<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

**Innovator U.S. Small Cap Power Buffer ETF - October**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $145736955 | $— | $145736955  |
| **Total Investments** | $— | $145736955 | $— | $145736955  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(8968566) | $— | $(8968566)  |
| **Total Investments** | $— | $(8968566) | $— | $(8968566) |

---

**Innovator U.S. Small Cap Power Buffer ETF - September**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $31671035 | $— | $31671035  |
| **Total Investments** | $— | $31671035 | $— | $31671035  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1951331) | $— | $(1951331)  |
| **Total Investments** | $— | $(1951331) | $— | $(1951331) |

---

**Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $— | $4031112 | $— | $4031112  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 17290650 |  | 17290650  |
| **Total Investments** | $— | $21321762 | $— | $21321762  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(346948) | $— | $(346948)  |
| **Total Investments** | $— | $(346948) | $— | $(346948) |

---

There were no Level 3 investments for the Funds during the year or period ended October 31, 2025.

**Option Contracts: In general, an option contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price (commonly known as the "strike price").** 

The Funds invest primarily in FLEX Option contracts. FLEX Options are customized option contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to

493<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

certain derivatives contracts. The FLEX Options in which the Funds will invest are all European style options (options that are exercisable only on the expiration date). The FLEX Options are listed on the Chicago Board Options Exchange.

The Funds will purchase and sell call and put FLEX Options. In general, put options give the holder (i.e., the buyer) the right to sell an asset (or deliver the cash value of the index, in case of an index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of an index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of an index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of an index call option) at a certain defined price.

When the Funds purchase an option, an amount equal to the premium paid by the Funds are recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Funds enter into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities.

When the Funds write an option, an amount equal to the premium received by the Funds are recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Funds have realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Funds. The Funds, as writers of an option, bear the market risk of an unfavorable change in the price of the security underlying the written option.

All of the FLEX Option contracts held by the Funds are fully funded and cash settled, therefore balance sheet offsetting under U.S. GAAP does not apply.

The Funds bear the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Funds could suffer significant losses. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid market for the FLEX Options, the Funds may have difficulty closing out certain FLEX Options positions at desired times and prices. The Funds may experience substantial downside from specific FLEX Option positions and certain FLEX Option positions may expire worthless. The value of the underlying FLEX Options will be affected by, among others, changes in the value of the exchange, changes in interest rates, changes in the actual and implied volatility of the Index and the remaining time to until the FLEX Options expire. The value of the FLEX Options does not increase or decrease at the same rate as the level of the Index (although they generally move in the same direction). However, as a FLEX Option approaches its expiration date, its value typically increasingly moves with the value of the Index.

494<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

The value of derivative instruments on the Statements of Assets and Liabilities for the Funds as of October 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Asset** <br>**Derivatives** | **Liability** <br>**Derivatives**  |
|  | **Investments,** <br>**at Value** | **Options** <br>**Written,** <br>**at Value**  |
| **BALT** | $1940368385 | $56000911  |
| **EBUF** | 16068543 | 442654  |
| **EAPR** | 86984643 | 10014574  |
| **EJAN** | 115000216 | 14896961  |
| **EJUL** | 159827930 | 11716819  |
| **EOCT** | 110758355 | 4957516  |
| **ZAPR** | 45397200 | 6531009  |
| **ZAUG** | 127699474 | 9822195  |
| **ZDEK** | 105539342 | 5926102  |
| **ZFEB** | 126408486 | 9395664  |
| **ZJAN** | 59881463 | 5284840  |
| **ZJUL** | 169169558 | 14974750  |
| **ZJUN** | 60860732 | 7114345  |
| **ZMAR** | 105134172 | 9463064  |
| **ZMAY** | 43301373 | 6852137  |
| **ZNOV** | 47906775 | 2308500  |
| **ZOCT** | 138450158 | 7934504  |
| **ZSEP** | 159613595 | 11563068  |
| **AAPR** | 65512946 | 8187166  |
| **TAPR** | 11985605 | 1748971  |
| **AJAN** | 53378540 | 10724725  |
| **TJAN** | 41241467 | 4094691  |
| **AJUL** | 68394544 | 7507583  |
| **TJUL** | 186390327 | 18774244  |
| **AOCT** | 81905700 | 9725532  |
| **TOCT** | 11349075 | 823963  |
| **APOC** | 105311480 | 4579561  |
| **JAJL** | 260425895 | 19449780  |
| **DDTL** | 126253019 | 23959426  |
| **DDTN** | 1360954 | 415674  |
| **DDTO** | 64456727 | 17555578  |
| **DDTS** | 28279438 | 6725065  |
| **DDFL** | 105404489 | 22501906  |
| **DDFN** | 1407798 | 462532  |
| **DDFO** | 171412240 | 50759016  |
| **DDFS** | 74490957 | 19258747  |
| **XDQQ** | 66494666 | 4949847  |
| **QTAP** | 54805245 | 24002131  |
| **QTJA** | 36313980 | 11455879  |

---

495<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Asset** <br>**Derivatives** | **Liability** <br>**Derivatives**  |
|  | **Investments,** <br>**at Value** | **Options** <br>**Written,** <br>**at Value**  |
| **QTJL** | $34118505 | $9948195  |
| **QTOC** | 18653275 | 4215946  |
| **NAPR** | 249556145 | 43087634  |
| **NAUG** | 91343428 | 7931983  |
| **NDEC** | 46163933 | 3725336  |
| **NFEB** | 50101295 | 4076498  |
| **NJAN** | 315949440 | 26923200  |
| **NJUL** | 271167123 | 24899802  |
| **NJUN** | 79177345 | 9241726  |
| **NMAR** | 32494577 | 3507126  |
| **NMAY** | 20382380 | 3249590  |
| **NNOV** | 22992525 | 1515240  |
| **NOCT** | 274311408 | 21371872  |
| **NSEP** | 69591505 | 6522798  |
| **IBUF** | 74633948 | 958519  |
| **IAPR** | 239838364 | 9961393  |
| **IAUG** | 77194800 | 2796267  |
| **IDEC** | 21694005 | 501213  |
| **IFEB** | 27634317 | 1068779  |
| **IJAN** | 165141295 | 7575334  |
| **IJUL** | 233856290 | 5999520  |
| **IJUN** | 60436934 | 1430104  |
| **IMAR** | 35325658 | 1171103  |
| **IMAY** | 35208485 | 1037571  |
| **INOV** | 12060915 | 307965  |
| **IOCT** | 200042676 | 6165603  |
| **ISEP** | 103986135 | 3154143  |
| **QBUF** | 221767246 | 9781549  |
| **LAPR** |  | 31983  |
| **LJAN** |  | 13661  |
| **LJUL** |  | 87998  |
| **LOCT** |  | 295658  |
| **APRH** | 1663387 | 1827034  |
| **JANH** | 164454 | 184417  |
| **JULH** | 3016393 | 3349624  |
| **OCTH** | 6219766 | 6926479  |
| **APRJ** | 2099127 | 2269212  |
| **JANJ** | 183314 | 204860  |
| **JULJ** | 2531147 | 2743803  |
| **OCTJ** | 4659508 | 5085698  |
| **ZALT** | 650253209 | 16428896  |

---

496<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Asset** <br>**Derivatives** | **Liability** <br>**Derivatives**  |
|  | **Investments,** <br>**at Value** | **Options** <br>**Written,** <br>**at Value**  |
| **EALT** | $157247002 | $1981738  |
| **XBAP** | 205925001 | 53043297  |
| **XBJA** | 111941784 | 19912406  |
| **XBJL** | 154888424 | 27987116  |
| **XBOC** | 96681417 | 13272603  |
| **XDSQ** | 74237773 | 3208431  |
| **XTAP** | 36294244 | 12385394  |
| **XTJA** | 23911371 | 6047176  |
| **XTJL** | 21444764 | 5224264  |
| **XTOC** | 18883798 | 3257238  |
| **BAPR** | 378003087 | 33933206  |
| **BAUG** | 232930189 | 12095986  |
| **BDEC** | 196707140 | 1993516  |
| **BFEB** | 196925162 | 6050033  |
| **BJAN** | 295021667 | 10020849  |
| **BJUL** | 312981607 | 16586482  |
| **BJUN** | 175525127 | 12246626  |
| **BMAR** | 186289565 | 8032137  |
| **BMAY** | 171982281 | 15685829  |
| **BNOV** | 153707477 | 7417641  |
| **BOCT** | 303638455 | 15403200  |
| **BSEP** | 255694463 | 13607150  |
| **PAPR** | 896630574 | 101366157  |
| **PAUG** | 1044911188 | 65173274  |
| **PDEC** | 944301337 | 24860682  |
| **PFEB** | 827984220 | 40169640  |
| **PJAN** | 1256363934 | 70246868  |
| **PJUL** | 1273490271 | 86546268  |
| **PJUN** | 827683847 | 73478475  |
| **PMAR** | 667285325 | 42372940  |
| **PMAY** | 704074637 | 82330285  |
| **PNOV** | 645775767 | 31907337  |
| **POCT** | 1151655732 | 62797356  |
| **PSEP** | 998117070 | 61096655  |
| **UAPR** | 174414316 | 19585163  |
| **UAUG** | 252347008 | 14454480  |
| **UDEC** | 272896655 | 7010282  |
| **UFEB** | 177701179 | 8450104  |
| **UJAN** | 214578184 | 12209018  |
| **UJUL** | 230168770 | 14947464  |
| **UJUN** | 157794647 | 14209621  |

---

497<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Asset** <br>**Derivatives** | **Liability** <br>**Derivatives**  |
|  | **Investments,** <br>**at Value** | **Options** <br>**Written,** <br>**at Value**  |
| **UMAR** | $192811904 | $12377255  |
| **UMAY** | 66697548 | 8209402  |
| **UNOV** | 68408563 | 2449339  |
| **UOCT** | 186902850 | 8245635  |
| **USEP** | 241411037 | 13017286  |
| **RBUF** | 72217125 | 2087250  |
| **KAPR** | 179313773 | 17140812  |
| **KAUG** | 141426809 | 10941566  |
| **KDEC** | 74723860 | 81540  |
| **KFEB** | 42733792 | 853628  |
| **KJAN** | 288048494 | 5006937  |
| **KJUL** | 171934378 | 13342699  |
| **KJUN** | 22121119 | 2185671  |
| **KMAR** | 12516633 | 596455  |
| **KMAY** | 22742532 | 2607085  |
| **KNOV** | 19462016 | 1211133  |
| **KOCT** | 145736955 | 8968566  |
| **KSEP** | 31671035 | 1951331  |
| **QBF** | 4031112 | 346948 |

---

---

| | | |
|:---|:---|:---|
|  | **Interest Rate Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  | **Interest Rate Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Asset** <br>**Derivatives** | **Liability** <br>**Derivatives**  |
|  | **Investments,** <br>**at Value** | **Options** <br>**Written,** <br>**at Value**  |
| **TFJL** | &nbsp;&nbsp; $31537579 | &nbsp;&nbsp; $5752  |
| **TBJL** | &nbsp;&nbsp; 28638491 | &nbsp;&nbsp; 299411 |

---

The effect of derivative instruments on the Statements of Operations for the year or period ended October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  |
|  | **Purchased** <br>**Options<sup>(a)</sup>** | **Purchased Options** <br>**in-kind<sup>(b)</sup>** | **Options** <br>**Written** | **Options** <br>**Written in-kind<sup>(b)</sup>**  |
| **BALT** | $14479372 | &nbsp;&nbsp;&nbsp; $157282302 | $(91001640) | &nbsp;&nbsp;&nbsp;&nbsp; $9775930  |
| **EBUF** | 267349 | &nbsp;&nbsp;&nbsp; 803395 | (817474) | &nbsp;&nbsp;&nbsp;&nbsp; 360988  |
| **EAPR** | (8921) | &nbsp;&nbsp;&nbsp; 2657073 | 1273480 | &nbsp;&nbsp;&nbsp;&nbsp; 731017  |
| **EJAN** | (3280535) | &nbsp;&nbsp;&nbsp; 6218252 | 2739401 | &nbsp;&nbsp;&nbsp;&nbsp; 805261  |
| **EJUL** | 4370206 | &nbsp;&nbsp;&nbsp; 2679355 | 1589398 | &nbsp;&nbsp;&nbsp;&nbsp; 769784  |
| **EOCT** | (1444564) | &nbsp;&nbsp;&nbsp; 10280085 | 280104 | &nbsp;&nbsp;&nbsp;&nbsp; 2244177  |
| **ZAPR** | (28428) | &nbsp;&nbsp;&nbsp; 989998 | (43618) | &nbsp;&nbsp;&nbsp;&nbsp; (229096)  |

---

498<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  |
|  | **Purchased** <br>**Options<sup>(a)</sup>** | **Purchased Options** <br>**in-kind<sup>(b)</sup>** | **Options** <br>**Written** | **Options** <br>**Written in-kind<sup>(b)</sup>**  |
| **ZAUG** | $(3499737) | &nbsp;&nbsp;&nbsp; $11845168 | $(2470302) | &nbsp;&nbsp;&nbsp;&nbsp; $173895  |
| **ZDEK** | (1453811) | &nbsp;&nbsp;&nbsp; 9646330 | (300979) | &nbsp;&nbsp;&nbsp;&nbsp; 1004994  |
| **ZFEB** | (524796) | &nbsp;&nbsp;&nbsp; 3577362 | (135772) | &nbsp;&nbsp;&nbsp;&nbsp; 22748  |
| **ZJAN** | (24229) | &nbsp;&nbsp;&nbsp; 334835 | (12622) | &nbsp;&nbsp;&nbsp;&nbsp; 10837  |
| **ZJUL** | (1080241) | &nbsp;&nbsp;&nbsp; 12738896 | (2861611) | &nbsp;&nbsp;&nbsp;&nbsp; 685601  |
| **ZJUN** | 4637 | &nbsp;&nbsp;&nbsp; 130317 | (7570) | &nbsp;&nbsp;&nbsp;&nbsp; (46944)  |
| **ZMAR** | 68348 | &nbsp;&nbsp;&nbsp; 1846364 | (226050) | &nbsp;&nbsp;&nbsp;&nbsp; (305654)  |
| **ZMAY** | (1654) | &nbsp;&nbsp;&nbsp; 474261 | (6778) | &nbsp;&nbsp;&nbsp;&nbsp; (120535)  |
| **ZNOV** | (1594552) | &nbsp;&nbsp;&nbsp; 8317804 | (3698194) | &nbsp;&nbsp;&nbsp;&nbsp; 366958  |
| **ZOCT** | (2963201) | &nbsp;&nbsp;&nbsp; 10536653 | (3544314) | &nbsp;&nbsp;&nbsp;&nbsp; 555567  |
| **ZSEP** | (3148556) | &nbsp;&nbsp;&nbsp; 12822054 | (3377553) | &nbsp;&nbsp;&nbsp;&nbsp; 376402  |
| **AAPR** | (24376) | &nbsp;&nbsp;&nbsp; 2988890 | (60076) | &nbsp;&nbsp;&nbsp;&nbsp; (496997)  |
| **TAPR** | (123) | &nbsp;&nbsp;&nbsp; — | (4957) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **AJAN** | (59434) | &nbsp;&nbsp;&nbsp; 4331902 | (395381) | &nbsp;&nbsp;&nbsp;&nbsp; (2097386)  |
| **TJAN** | (11671) | &nbsp;&nbsp;&nbsp; 1082259 | (9116) | &nbsp;&nbsp;&nbsp;&nbsp; 252902  |
| **AJUL** | (70973) | &nbsp;&nbsp;&nbsp; 3156713 | (91823) | &nbsp;&nbsp;&nbsp;&nbsp; (400819)  |
| **TJUL** | (7228866) | &nbsp;&nbsp;&nbsp; 52560534 | (23635957) | &nbsp;&nbsp;&nbsp;&nbsp; (4509995)  |
| **AOCT** | (10368) | &nbsp;&nbsp;&nbsp; 1969284 | (176166) | &nbsp;&nbsp;&nbsp;&nbsp; (350547)  |
| **TOCT** | (1) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **APOC** | 4517535 | &nbsp;&nbsp;&nbsp; 6053823 | (6559439) | &nbsp;&nbsp;&nbsp;&nbsp; (584069)  |
| **JAJL** | (8419921) | &nbsp;&nbsp;&nbsp; 18014310 | (3869436) | &nbsp;&nbsp;&nbsp;&nbsp; 7913823  |
| **DDTL** | (113251) | &nbsp;&nbsp;&nbsp; 1652016 | (16052) | &nbsp;&nbsp;&nbsp;&nbsp; 428460  |
| **DDTN** |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **DDTO** |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **DDTS** |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **DDFL** | (19316) | &nbsp;&nbsp;&nbsp; 603856 | (4190) | &nbsp;&nbsp;&nbsp;&nbsp; 1162641  |
| **DDFN** |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **DDFO** |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **DDFS** | (279898) | &nbsp;&nbsp;&nbsp; — | (65932) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **XDQQ** | 5062855 | &nbsp;&nbsp;&nbsp; 8042567 | (6847663) | &nbsp;&nbsp;&nbsp;&nbsp; 817276  |
| **QTAP** | (2157720) | &nbsp;&nbsp;&nbsp; 2666551 | 2285941 | &nbsp;&nbsp;&nbsp;&nbsp; 300626  |
| **QTJA** | 1440939 | &nbsp;&nbsp;&nbsp; 12998342 | (5972420) | &nbsp;&nbsp;&nbsp;&nbsp; (3011443)  |
| **QTJL** | 1982695 | &nbsp;&nbsp;&nbsp; 716578 | (1242613) | &nbsp;&nbsp;&nbsp;&nbsp; 757073  |
| **QTOC** | 132616 | &nbsp;&nbsp;&nbsp; 6432054 | (3221394) | &nbsp;&nbsp;&nbsp;&nbsp; (780007)  |
| **NAPR** | (13695295) | &nbsp;&nbsp;&nbsp; 26806804 | (470764) | &nbsp;&nbsp;&nbsp;&nbsp; 5762278  |
| **NAUG** | (1413879) | &nbsp;&nbsp;&nbsp; 4607491 | (437068) | &nbsp;&nbsp;&nbsp;&nbsp; 829425  |
| **NDEC** | (143825) | &nbsp;&nbsp;&nbsp; 6345609 | (49240) | &nbsp;&nbsp;&nbsp;&nbsp; 22190  |
| **NFEB** | (290452) | &nbsp;&nbsp;&nbsp; 1754177 | (79442) | &nbsp;&nbsp;&nbsp;&nbsp; 367767  |
| **NJAN** | (17633770) | &nbsp;&nbsp;&nbsp; 55118522 | (10894426) | &nbsp;&nbsp;&nbsp;&nbsp; 2729859  |
| **NJUL** | (2238794) | &nbsp;&nbsp;&nbsp; 24298171 | (56573) | &nbsp;&nbsp;&nbsp;&nbsp; 11205449  |
| **NJUN** | (1878786) | &nbsp;&nbsp;&nbsp; 6662333 | 98313 | &nbsp;&nbsp;&nbsp;&nbsp; 1141815  |
| **NMAR** | (10820) | &nbsp;&nbsp;&nbsp; 2005574 | (8972) | &nbsp;&nbsp;&nbsp;&nbsp; (121975)  |
| **NMAY** | (564) | &nbsp;&nbsp;&nbsp; 759704 | (2720) | &nbsp;&nbsp;&nbsp;&nbsp; 64031  |
| **NNOV** | (371873) | &nbsp;&nbsp;&nbsp; 4709408 | (1885443) | &nbsp;&nbsp;&nbsp;&nbsp; 812783  |
| **NOCT** | (6717117) | &nbsp;&nbsp;&nbsp; 33463042 | (7311709) | &nbsp;&nbsp;&nbsp;&nbsp; 3001588  |

---

499<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  |
|  | **Purchased** <br>**Options<sup>(a)</sup>** | **Purchased Options** <br>**in-kind<sup>(b)</sup>** | **Options** <br>**Written** | **Options** <br>**Written in-kind<sup>(b)</sup>**  |
| **NSEP** | $(1681948) | &nbsp;&nbsp;&nbsp; $6116372 | $(628670) | &nbsp;&nbsp;&nbsp;&nbsp; $1248187  |
| **IBUF** | 630834 | &nbsp;&nbsp;&nbsp; 4020378 | (1231667) | &nbsp;&nbsp;&nbsp;&nbsp; 401241  |
| **IAPR** | (11527919) | &nbsp;&nbsp;&nbsp; 16069845 | 912696 | &nbsp;&nbsp;&nbsp;&nbsp; 3771307  |
| **IAUG** | (1171524) | &nbsp;&nbsp;&nbsp; 2380060 | 15799 | &nbsp;&nbsp;&nbsp;&nbsp; 470520  |
| **IDEC** | (21719) | &nbsp;&nbsp;&nbsp; 871413 | (60015) | &nbsp;&nbsp;&nbsp;&nbsp; 237250  |
| **IFEB** | (275676) | &nbsp;&nbsp;&nbsp; 1109315 | 77934 | &nbsp;&nbsp;&nbsp;&nbsp; 182820  |
| **IJAN** | (13730028) | &nbsp;&nbsp;&nbsp; 19489287 | (108146) | &nbsp;&nbsp;&nbsp;&nbsp; 3328642  |
| **IJUL** | (4406724) | &nbsp;&nbsp;&nbsp; 19531839 | 74684 | &nbsp;&nbsp;&nbsp;&nbsp; 3640251  |
| **IJUN** | (996483) | &nbsp;&nbsp;&nbsp; 3685481 | 25434 | &nbsp;&nbsp;&nbsp;&nbsp; 591127  |
| **IMAR** | (1152842) | &nbsp;&nbsp;&nbsp; 3857026 | (121911) | &nbsp;&nbsp;&nbsp;&nbsp; 413553  |
| **IMAY** | 161972 | &nbsp;&nbsp;&nbsp; 1078158 | 7691 | &nbsp;&nbsp;&nbsp;&nbsp; 205250  |
| **INOV** | (572742) | &nbsp;&nbsp;&nbsp; 2369786 | (282854) | &nbsp;&nbsp;&nbsp;&nbsp; 239692  |
| **IOCT** | (6563128) | &nbsp;&nbsp;&nbsp; 16645162 | 144505 | &nbsp;&nbsp;&nbsp;&nbsp; 3863630  |
| **ISEP** | (5371919) | &nbsp;&nbsp;&nbsp; 11783970 | 62304 | &nbsp;&nbsp;&nbsp;&nbsp; 2007365  |
| **QBUF** | (4396556) | &nbsp;&nbsp;&nbsp; 22018341 | (7713143) | &nbsp;&nbsp;&nbsp;&nbsp; 3573115  |
| **LAPR** |  | &nbsp;&nbsp;&nbsp; — | 59071 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **LJAN** |  | &nbsp;&nbsp;&nbsp; — | 135481 | &nbsp;&nbsp;&nbsp;&nbsp; 54434  |
| **LJUL** |  | &nbsp;&nbsp;&nbsp; — | 40704 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **LOCT** |  | &nbsp;&nbsp;&nbsp; — | 249123 | &nbsp;&nbsp;&nbsp;&nbsp; 87600  |
| **APRH** | (5963718) | &nbsp;&nbsp;&nbsp; (565619) | 6376259 | &nbsp;&nbsp;&nbsp;&nbsp; 1089389  |
| **JANH** | (2193047) | &nbsp;&nbsp;&nbsp; (225853) | 2885542 | &nbsp;&nbsp;&nbsp;&nbsp; 915004  |
| **JULH** | (3653260) | &nbsp;&nbsp;&nbsp; (350471) | 3955687 | &nbsp;&nbsp;&nbsp;&nbsp; 387117  |
| **OCTH** | (4728391) | &nbsp;&nbsp;&nbsp; (331335) | 5127516 | &nbsp;&nbsp;&nbsp;&nbsp; 512919  |
| **APRJ** | (6399197) | &nbsp;&nbsp;&nbsp; (1474888) | 6924268 | &nbsp;&nbsp;&nbsp;&nbsp; 2811773  |
| **JANJ** | (3545987) | &nbsp;&nbsp;&nbsp; (598432) | 3235508 | &nbsp;&nbsp;&nbsp;&nbsp; 950675  |
| **JULJ** | (3231093) | &nbsp;&nbsp;&nbsp; (456845) | 3488687 | &nbsp;&nbsp;&nbsp;&nbsp; 511770  |
| **OCTJ** | (4434610) | &nbsp;&nbsp;&nbsp; 101897 | 4661468 | &nbsp;&nbsp;&nbsp;&nbsp; 23787  |
| **ZALT** | 8772636 | &nbsp;&nbsp;&nbsp; 46943872 | (18917512) | &nbsp;&nbsp;&nbsp;&nbsp; 4842732  |
| **EALT** | (1139910) | &nbsp;&nbsp;&nbsp; 15655963 | (2690775) | &nbsp;&nbsp;&nbsp;&nbsp; 699520  |
| **XBAP** | (5733546) | &nbsp;&nbsp;&nbsp; 59865307 | 4259556 | &nbsp;&nbsp;&nbsp;&nbsp; (9317973)  |
| **XBJA** | (5373778) | &nbsp;&nbsp;&nbsp; 22329445 | (19934032) | &nbsp;&nbsp;&nbsp;&nbsp; 4839088  |
| **XBJL** | 3098796 | &nbsp;&nbsp;&nbsp; 6268293 | (5101858) | &nbsp;&nbsp;&nbsp;&nbsp; 7946457  |
| **XBOC** | (4800520) | &nbsp;&nbsp;&nbsp; 21584529 | (12426423) | &nbsp;&nbsp;&nbsp;&nbsp; 7169173  |
| **XDSQ** | 3933685 | &nbsp;&nbsp;&nbsp; 8130740 | (5539825) | &nbsp;&nbsp;&nbsp;&nbsp; 1120700  |
| **XTAP** | (1224372) | &nbsp;&nbsp;&nbsp; 4575317 | 718261 | &nbsp;&nbsp;&nbsp;&nbsp; (576550)  |
| **XTJA** | 2503003 | &nbsp;&nbsp;&nbsp; 4754077 | (5082237) | &nbsp;&nbsp;&nbsp;&nbsp; (1238407)  |
| **XTJL** | 2054410 | &nbsp;&nbsp;&nbsp; 916096 | (1449136) | &nbsp;&nbsp;&nbsp;&nbsp; 341763  |
| **XTOC** | 157506 | &nbsp;&nbsp;&nbsp; 3850899 | (2461233) | &nbsp;&nbsp;&nbsp;&nbsp; 294543  |
| **BAPR** | (11169739) | &nbsp;&nbsp;&nbsp; 35073706 | (439208) | &nbsp;&nbsp;&nbsp;&nbsp; 9399700  |
| **BAUG** | (9393933) | &nbsp;&nbsp;&nbsp; 27070305 | 53896 | &nbsp;&nbsp;&nbsp;&nbsp; 5065811  |
| **BDEC** | (2945064) | &nbsp;&nbsp;&nbsp; 37109349 | (13553534) | &nbsp;&nbsp;&nbsp;&nbsp; 4697026  |
| **BFEB** | (6101218) | &nbsp;&nbsp;&nbsp; 32972019 | (7148117) | &nbsp;&nbsp;&nbsp;&nbsp; 2531180  |
| **BJAN** | (17117681) | &nbsp;&nbsp;&nbsp; 64629816 | (10394290) | &nbsp;&nbsp;&nbsp;&nbsp; 6719526  |
| **BJUL** | (528263) | &nbsp;&nbsp;&nbsp; 25650520 | 93936 | &nbsp;&nbsp;&nbsp;&nbsp; 7885358  |
| **BJUN** | (3214329) | &nbsp;&nbsp;&nbsp; 17529559 | (282179) | &nbsp;&nbsp;&nbsp;&nbsp; 3776754  |
| **BMAR** | (10944729) | &nbsp;&nbsp;&nbsp; 35983535 | 1275649 | &nbsp;&nbsp;&nbsp;&nbsp; 3315647  |

---

500<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  |
|  | **Purchased** <br>**Options<sup>(a)</sup>** | **Purchased Options** <br>**in-kind<sup>(b)</sup>** | **Options** <br>**Written** | **Options** <br>**Written in-kind<sup>(b)</sup>**  |
| **BMAY** | $3703985 | &nbsp;&nbsp;&nbsp; $7536198 | $134261 | &nbsp;&nbsp;&nbsp;&nbsp; $3730447  |
| **BNOV** | (3895358) | &nbsp;&nbsp;&nbsp; 21260738 | (2989784) | &nbsp;&nbsp;&nbsp;&nbsp; 4847857  |
| **BOCT** | (8176038) | &nbsp;&nbsp;&nbsp; 32102266 | (1144740) | &nbsp;&nbsp;&nbsp;&nbsp; 3799114  |
| **BSEP** | (5246898) | &nbsp;&nbsp;&nbsp; 22923989 | 176938 | &nbsp;&nbsp;&nbsp;&nbsp; 5985241  |
| **PAPR** | (45901137) | &nbsp;&nbsp;&nbsp; 92441976 | (971498) | &nbsp;&nbsp;&nbsp;&nbsp; 16766781  |
| **PAUG** | (26819910) | &nbsp;&nbsp;&nbsp; 116124353 | (957329) | &nbsp;&nbsp;&nbsp;&nbsp; 14477298  |
| **PDEC** | (14288239) | &nbsp;&nbsp;&nbsp; 211310806 | (104506514) | &nbsp;&nbsp;&nbsp;&nbsp; 13888079  |
| **PFEB** | (29145310) | &nbsp;&nbsp;&nbsp; 148985467 | (47108984) | &nbsp;&nbsp;&nbsp;&nbsp; 2086452  |
| **PJAN** | (70564595) | &nbsp;&nbsp;&nbsp; 261234478 | (65081579) | &nbsp;&nbsp;&nbsp;&nbsp; 13355605  |
| **PJUL** | (1530711) | &nbsp;&nbsp;&nbsp; 93843837 | (206610) | &nbsp;&nbsp;&nbsp;&nbsp; 27528323  |
| **PJUN** | (30660661) | &nbsp;&nbsp;&nbsp; 84189159 | 3760895 | &nbsp;&nbsp;&nbsp;&nbsp; 13267516  |
| **PMAR** | (33296323) | &nbsp;&nbsp;&nbsp; 99597406 | (5717204) | &nbsp;&nbsp;&nbsp;&nbsp; 14741195  |
| **PMAY** | (2625260) | &nbsp;&nbsp;&nbsp; 56424508 | (677297) | &nbsp;&nbsp;&nbsp;&nbsp; 1326072  |
| **PNOV** | (32009847) | &nbsp;&nbsp;&nbsp; 122292478 | (28876116) | &nbsp;&nbsp;&nbsp;&nbsp; 10816727  |
| **POCT** | (27655692) | &nbsp;&nbsp;&nbsp; 119810999 | (18872939) | &nbsp;&nbsp;&nbsp;&nbsp; 15286607  |
| **PSEP** | (26376702) | &nbsp;&nbsp;&nbsp; 105221486 | (5139602) | &nbsp;&nbsp;&nbsp;&nbsp; 15562381  |
| **UAPR** | (3640839) | &nbsp;&nbsp;&nbsp; 21455419 | (273283) | &nbsp;&nbsp;&nbsp;&nbsp; 651685  |
| **UAUG** | (6151065) | &nbsp;&nbsp;&nbsp; 30554856 | 227279 | &nbsp;&nbsp;&nbsp;&nbsp; 292544  |
| **UDEC** | (1891281) | &nbsp;&nbsp;&nbsp; 42232884 | (10040235) | &nbsp;&nbsp;&nbsp;&nbsp; 2327804  |
| **UFEB** | (3223161) | &nbsp;&nbsp;&nbsp; 27625349 | (4990094) | &nbsp;&nbsp;&nbsp;&nbsp; (175813)  |
| **UJAN** | (10235744) | &nbsp;&nbsp;&nbsp; 45736155 | (11238464) | &nbsp;&nbsp;&nbsp;&nbsp; 726824  |
| **UJUL** | (244235) | &nbsp;&nbsp;&nbsp; 18147195 | (131588) | &nbsp;&nbsp;&nbsp;&nbsp; 2326416  |
| **UJUN** | (825125) | &nbsp;&nbsp;&nbsp; 8932224 | (83499) | &nbsp;&nbsp;&nbsp;&nbsp; 816510  |
| **UMAR** | (4679822) | &nbsp;&nbsp;&nbsp; 18676148 | (746297) | &nbsp;&nbsp;&nbsp;&nbsp; (283236)  |
| **UMAY** | 1998705 | &nbsp;&nbsp;&nbsp; 3666687 | (14626) | &nbsp;&nbsp;&nbsp;&nbsp; 345027  |
| **UNOV** | (2488063) | &nbsp;&nbsp;&nbsp; 15213416 | (4003346) | &nbsp;&nbsp;&nbsp;&nbsp; 1983039  |
| **UOCT** | (3735074) | &nbsp;&nbsp;&nbsp; 23831784 | (3916293) | &nbsp;&nbsp;&nbsp;&nbsp; 1525790  |
| **USEP** | (3159649) | &nbsp;&nbsp;&nbsp; 19554797 | (763527) | &nbsp;&nbsp;&nbsp;&nbsp; 980420  |
| **RBUF** | (2862073) | &nbsp;&nbsp;&nbsp; 6980577 | (1354526) | &nbsp;&nbsp;&nbsp;&nbsp; 3674044  |
| **KAPR** | (10535272) | &nbsp;&nbsp;&nbsp; 4153513 | 16888 | &nbsp;&nbsp;&nbsp;&nbsp; 7194184  |
| **KAUG** | (13188107) | &nbsp;&nbsp;&nbsp; 4580407 | (532) | &nbsp;&nbsp;&nbsp;&nbsp; 5226661  |
| **KDEC** | (404601) | &nbsp;&nbsp;&nbsp; 145443 | (246789) | &nbsp;&nbsp;&nbsp;&nbsp; (28304)  |
| **KFEB** | (43461) | &nbsp;&nbsp;&nbsp; 1304921 | (5887) | &nbsp;&nbsp;&nbsp;&nbsp; 668813  |
| **KJAN** | (37044909) | &nbsp;&nbsp;&nbsp; 44027430 | 1892769 | &nbsp;&nbsp;&nbsp;&nbsp; 15006959  |
| **KJUL** | (4654361) | &nbsp;&nbsp;&nbsp; 4440537 | 1573398 | &nbsp;&nbsp;&nbsp;&nbsp; 4960450  |
| **KJUN** | (1525174) | &nbsp;&nbsp;&nbsp; 1050541 | 7958 | &nbsp;&nbsp;&nbsp;&nbsp; 348283  |
| **KMAR** | (7915) | &nbsp;&nbsp;&nbsp; 369685 | (2414) | &nbsp;&nbsp;&nbsp;&nbsp; 42573  |
| **KMAY** | (3641) | &nbsp;&nbsp;&nbsp; 3491834 | (6317) | &nbsp;&nbsp;&nbsp;&nbsp; (847465)  |
| **KNOV** | (994833) | &nbsp;&nbsp;&nbsp; 959853 | 52398 | &nbsp;&nbsp;&nbsp;&nbsp; 1382087  |
| **KOCT** | (5618147) | &nbsp;&nbsp;&nbsp; 7893146 | 1022571 | &nbsp;&nbsp;&nbsp;&nbsp; 5647896  |
| **KSEP** | (396193) | &nbsp;&nbsp;&nbsp; 1166784 | (653) | &nbsp;&nbsp;&nbsp;&nbsp; 812189  |
| **QBF** | (416148) | &nbsp;&nbsp;&nbsp; 2585375 | (541817) | &nbsp;&nbsp;&nbsp;&nbsp; 73433 |

---

501<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest Rate Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Interest Rate Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Interest Rate Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Interest Rate Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  |
|  | **Purchased** <br>**Options<sup>(a)</sup>**  | **Purchased Options** <br>**in-kind<sup>(b)</sup>**  | **Options** <br>**Written**  | **Options** <br>**Written in-kind<sup>(b)</sup>** |
| **TFJL** | $(2562159) | &nbsp;&nbsp;&nbsp;&nbsp; $(1598242) | $329352  | &nbsp;&nbsp;&nbsp; $352078 |
| **TBJL**  | (676104) | &nbsp;&nbsp;&nbsp;&nbsp; (65855) | 170140  | &nbsp;&nbsp;&nbsp; 370202 |

---

---

| | |
|:---|:---|
| <sup>(</sup>a)<br>| Amount is included in realized gain/(loss) on investments on the Statements of Operations. |

---

<sup>(b)</sup> Amount is included in realized gain/(loss) in-kind on the Statements of Operations. 

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Change in Unrealized** <br>**Appreciation/(Depreciation)** <br>**on Derivatives Recognized** <br>**in Income**  | **Change in Unrealized** <br>**Appreciation/(Depreciation)** <br>**on Derivatives Recognized** <br>**in Income**  |
|  | **Purchased** <br>**Options<sup>(c)</sup>** | **Options** <br>**Written**  |
| **BALT** | $33800813 | $(21671423)  |
| **EBUF** | 650082 | (266938)  |
| **EAPR** | 11729458 | (7754325)  |
| **EJAN** | 16623031 | (13998011)  |
| **EJUL** | 11766772 | (5718805)  |
| **EOCT** | 3657603 | (894926)  |
| **ZAPR** | 7212499 | (5573776)  |
| **ZAUG** | 4290680 | (3663370)  |
| **ZDEK** | 6326919 | (4831460)  |
| **ZFEB** | 11147838 | (6624229)  |
| **ZJAN** | 6148761 | (3259234)  |
| **ZJUL** | 9065300 | (7548708)  |
| **ZJUN** | 5989509 | (4351602)  |
| **ZMAR** | 11957688 | (7356457)  |
| **ZMAY** | 5654494 | (4565483)  |
| **ZNOV** | (2316) | (1157)  |
| **ZOCT** | 2652196 | (2026820)  |
| **ZSEP** | 4745952 | (4091019)  |
| **AAPR** | 7157194 | (4648198)  |
| **TAPR** | 1823898 | (1218316)  |
| **AJAN** | 5267019 | (3605339)  |
| **TJAN** | 4181883 | (2548297)  |
| **AJUL** | 8208792 | (4982758)  |
| **TJUL** | (16980873) | 13381706  |
| **AOCT** | 10398210 | (6001415)  |
| **TOCT** | 193138 | (152052)  |
| **APOC** | 1978477 | (1641100)  |
| **JAJL** | 14121545 | (10979088)  |
| **DDTL** | (5182295) | 7196638  |
| **DDTN** | (235) | (235)  |
| **DDTO** | (498331) | 849403  |
| **DDTS** | (177848) | 632678  |
| **DDFL** | (6576937) | 7476608  |

---

502<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Change in Unrealized** <br>**Appreciation/(Depreciation)** <br>**on Derivatives Recognized** <br>**in Income**  | **Change in Unrealized** <br>**Appreciation/(Depreciation)** <br>**on Derivatives Recognized** <br>**in Income**  |
|  | **Purchased** <br>**Options<sup>(c)</sup>** | **Options** <br>**Written**  |
| **DDFN** | $(326) | $(326)  |
| **DDFO** | (1463510) | 2193050  |
| **DDFS** | (632535) | 1809556  |
| **XDQQ** | 5082224 | (2991088)  |
| **QTAP** | 17052825 | (15665408)  |
| **QTJA** | 146788 | (1825109)  |
| **QTJL** | 7074992 | (5585562)  |
| **QTOC** | 1745382 | (1384472)  |
| **NAPR** | 39197597 | (33153550)  |
| **NAUG** | 6097384 | (3418853)  |
| **NDEC** | 5062086 | (1742536)  |
| **NFEB** | 6007047 | (1948183)  |
| **NJAN** | 20203715 | (9457200)  |
| **NJUL** | 22263853 | (12685709)  |
| **NJUN** | 9586457 | (4711674)  |
| **NMAR** | 4908750 | (2154626)  |
| **NMAY** | 3020694 | (2094620)  |
| **NNOV** | (1123) | (1120)  |
| **NOCT** | 8784416 | (4752842)  |
| **NSEP** | 3717322 | (2725042)  |
| **IBUF** | 173975 | 167877  |
| **IAPR** | 23003182 | (5598113)  |
| **IAUG** | 1732487 | (392782)  |
| **IDEC** | 2585173 | (219421)  |
| **IFEB** | 3024510 | (659940)  |
| **IJAN** | 22353486 | (7180740)  |
| **IJUL** | 5818969 | 493768  |
| **IJUN** | 2277217 | 157918  |
| **IMAR** | 2766493 | (464251)  |
| **IMAY** | 2068068 | (8097)  |
| **INOV** | (601) | (597)  |
| **IOCT** | 4423749 | 278457  |
| **ISEP** | 3054580 | (626951)  |
| **QBUF** | 7364171 | (3740588)  |
| **LAPR** |  | 103173  |
| **LJAN** |  | 78677  |
| **LJUL** |  | 63088  |
| **LOCT** |  | 39678  |
| **APRH** | (3094066) | 3256786  |
| **JANH** | (2054035) | 1155249  |
| **JULH** | (2253542) | 2601207  |

---

503<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Change in Unrealized** <br>**Appreciation/(Depreciation)** <br>**on Derivatives Recognized** <br>**in Income**  | **Change in Unrealized** <br>**Appreciation/(Depreciation)** <br>**on Derivatives Recognized** <br>**in Income**  |
|  | **Purchased** <br>**Options<sup>(c)</sup>** | **Options** <br>**Written**  |
| **OCTH** | $(563280) | $615723  |
| **APRJ** | (4325110) | 3509212  |
| **JANJ** | (377519) | 697798  |
| **JULJ** | (1868686) | 2043611  |
| **OCTJ** | (471722) | 531807  |
| **ZALT** | 10952268 | (4433246)  |
| **EALT** | 3774195 | (742914)  |
| **XBAP** | 29823215 | (38520680)  |
| **XBJA** | (2498955) | (456742)  |
| **XBJL** | 11937408 | (10267057)  |
| **XBOC** | 3769568 | (2809890)  |
| **XDSQ** | 3403223 | (1783305)  |
| **XTAP** | 10217309 | (8830292)  |
| **XTJA** | 977391 | 775708  |
| **XTJL** | 2214107 | (1947663)  |
| **XTOC** | 1088095 | (835610)  |
| **BAPR** | 36443052 | (20573313)  |
| **BAUG** | 8161709 | (3146874)  |
| **BDEC** | (8072175) | 6855501  |
| **BFEB** | 417222 | 2536944  |
| **BJAN** | (5413894) | 3134710  |
| **BJUL** | 12646592 | (4807042)  |
| **BJUN** | 9326496 | (4446275)  |
| **BMAR** | 4084644 | (2338046)  |
| **BMAY** | 11637329 | (6406950)  |
| **BNOV** | 489 | 615  |
| **BOCT** | 6723179 | (2044711)  |
| **BSEP** | 8394273 | (2974184)  |
| **PAPR** | 78954031 | (68645390)  |
| **PAUG** | 34323416 | (22142499)  |
| **PDEC** | (58229711) | 58491270  |
| **PFEB** | (7179683) | 16641020  |
| **PJAN** | (14901143) | 14509888  |
| **PJUL** | 53076729 | (33077103)  |
| **PJUN** | 48656501 | (30348954)  |
| **PMAR** | 17567540 | (13366160)  |
| **PMAY** | 46244348 | (33437418)  |
| **PNOV** | 25345 | 26177  |
| **POCT** | 25578629 | (12506432)  |
| **PSEP** | 30717743 | (18130655)  |
| **UAPR** | 12792032 | (14505798)  |

---

504<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Change in Unrealized** <br>**Appreciation/(Depreciation)** <br>**on Derivatives Recognized** <br>**in Income**  | **Change in Unrealized** <br>**Appreciation/(Depreciation)** <br>**on Derivatives Recognized** <br>**in Income**  |
|  | **Purchased** <br>**Options<sup>(c)</sup>** | **Options** <br>**Written**  |
| **UAUG** | $6575301 | $(6055554)  |
| **UDEC** | 10959304 | 1151577  |
| **UFEB** | 9668624 | (3001142)  |
| **UJAN** | (1769926) | 1454672  |
| **UJUL** | 12477555 | (7942981)  |
| **UJUN** | 9605831 | (7234361)  |
| **UMAR** | 14788177 | (7105302)  |
| **UMAY** | 5007981 | (4278464)  |
| **UNOV** | (322) | (288)  |
| **UOCT** | 4809732 | (2534798)  |
| **USEP** | 8113046 | (5042243)  |
| **RBUF** | 883609 | 291871  |
| **KAPR** | 25697569 | (11767971)  |
| **KAUG** | 11659270 | (3962649)  |
| **KDEC** | (1201324) | 2285936  |
| **KFEB** | 962839 | 46305  |
| **KJAN** | 1108366 | (1769491)  |
| **KJUL** | 7690480 | (3377830)  |
| **KJUN** | 2351389 | (1032131)  |
| **KMAR** | 1252635 | (34940)  |
| **KMAY** | 2934585 | (1399944)  |
| **KNOV** | (1351) | (1349)  |
| **KOCT** | 3856961 | (1058542)  |
| **KSEP** | 937559 | (378521)  |
| **QBF** | (1031591) | 241864 |

---

---

| | | |
|:---|:---|:---|
|  | **Interest Rate Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  | **Interest Rate Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Change in Unrealized** <br>**Appreciation/(Depreciation)** <br>**on Derivatives Recognized** <br>**in Income**  | **Change in Unrealized** <br>**Appreciation/(Depreciation)** <br>**on Derivatives Recognized** <br>**in Income**  |
|  | **Purchased** <br>**Options<sup>(c)</sup>** | **Options** <br>**Written**  |
| **TBJL** | &nbsp;&nbsp; $2148116 | &nbsp;&nbsp; $(417184)  |
| **TFJL** | &nbsp;&nbsp; 35072 | &nbsp;&nbsp; 421273 |

---

<sup>(c)</sup> Amount is included in the change in unrealized appreciation/(depreciation) on investments on the Statements of Operations.

505<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

The average volume of derivative activity during the year or period ended October 31, 2025, is as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchased Options**  | **Options Written**  |
|  | **Average Monthly** <br>**Market Value**  | **Average Monthly** <br>**Market Value**  |
| **TFJL** | $25756107 | $(33932)  |
| **TBJL** | 25670969 | (372510)  |
| **BALT** | 1437798818 | (36856245)  |
| **EBUF** | 9206610 | (201418)  |
| **EAPR** | 73691206 | (3638607)  |
| **EJAN** | 117115919 | (6211993)  |
| **EJUL** | 99687343 | (3248171)  |
| **EOCT** | 74913361 | (1607924)  |
| **ZAPR** | 38897929 | (3759279)  |
| **ZAUG** | 85933465 | (3965206)  |
| **ZDEK** | 124195412 | (2731905)  |
| **ZFEB** | 113557454 | (3925614)  |
| **ZJAN** | 50713270 | (2279307)  |
| **ZJUL** | 129220415 | (6176131)  |
| **ZJUN** | 49813389 | (4368237)  |
| **ZMAR** | 95318587 | (4448033)  |
| **ZMAY** | 36048951 | (4311309)  |
| **ZNOV** | 49517060 | (2484516)  |
| **ZOCT** | 75774363 | (3140445)  |
| **ZSEP** | 98782892 | (4558408)  |
| **AAPR** | 67544832 | (4939792)  |
| **TAPR** | 9371486 | (968728)  |
| **AJAN** | 57560436 | (8020172)  |
| **TJAN** | 41784661 | (2151581)  |
| **AJUL** | 70277402 | (4292715)  |
| **TJUL** | 198743808 | (21114896)  |
| **AOCT** | 85174974 | (5803279)  |
| **TOCT** | 6369218 | (452152)  |
| **APOC** | 77021876 | (3783707)  |
| **JAJL** | 225349113 | (7554406)  |
| **DDTL** | 115518145 | (24637713)  |
| **DDTN** | 1360954 | (415674)  |
| **DDTO** | 32964299 | (8986213)  |
| **DDTS** | 19281906 | (4635942)  |
| **DDFL** | 85940674 | (19740793)  |
| **DDFN** | 1407798 | (462532)  |
| **DDFO** | 86460920 | (25606748)  |
| **DDFS** | 47442031 | (12290763)  |
| **XDQQ** | 45494793 | (2176214)  |
| **QTAP** | 32926973 | (10424887)  |
| **QTJA** | 24624888 | (5161895)  |
| **QTJL** | 20788428 | (3643340)  |
| **QTOC** | 18015163 | (3220529)  |
| **NAPR** | 235717871 | (21011230)  |

---

506<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Purchased Options**  | **Options Written**  |
|  | **Average Monthly** <br>**Market Value**  | **Average Monthly** <br>**Market Value**  |
| **NAUG** | $37261275 | $(2064736)  |
| **NDEC** | 67894614 | (3006494)  |
| **NFEB** | 48420255 | (2404486)  |
| **NJAN** | 297757930 | (15412382)  |
| **NJUL** | 240751254 | (10010723)  |
| **NJUN** | 51492771 | (3464657)  |
| **NMAR** | 32831390 | (2108117)  |
| **NMAY** | 17011696 | (1906892)  |
| **NNOV** | 25601344 | (1300750)  |
| **NOCT** | 176638406 | (8284397)  |
| **NSEP** | 41046144 | (2242876)  |
| **IBUF** | 35551028 | (685404)  |
| **IAPR** | 221734575 | (6302783)  |
| **IAUG** | 28453146 | (748412)  |
| **IDEC** | 21018724 | (461372)  |
| **IFEB** | 24429362 | (765364)  |
| **IJAN** | 183773193 | (5850369)  |
| **IJUL** | 180787872 | (3180163)  |
| **IJUN** | 44633763 | (863197)  |
| **IMAR** | 41486759 | (1072331)  |
| **IMAY** | 22883263 | (594565)  |
| **INOV** | 13146355 | (315204)  |
| **IOCT** | 130665731 | (2230691)  |
| **ISEP** | 86239048 | (1467551)  |
| **QBUF** | 129568997 | (4066395)  |
| **LAPR** |  | (54360)  |
| **LJAN** |  | (147441)  |
| **LJUL** |  | (44445)  |
| **LOCT** |  | (188460)  |
| **APRH** | 3522887 | (3912666)  |
| **JANH** | 1750422 | (1962016)  |
| **JULH** | 2365553 | (2634348)  |
| **OCTH** | 2938534 | (3292312)  |
| **APRJ** | 4222184 | (4583875)  |
| **JANJ** | 2379281 | (2602846)  |
| **JULJ** | 2146326 | (2333686)  |
| **OCTJ** | 2548554 | (2787083)  |
| **ZALT** | 469029802 | (10580795)  |
| **EALT** | 126062170 | (1283456)  |
| **XBAP** | 198051268 | (35114777)  |
| **XBJA** | 110414539 | (13764508)  |
| **XBJL** | 165872162 | (19938100)  |
| **XBOC** | 106074904 | (10245296)  |
| **XDSQ** | 61787794 | (2193447)  |
| **XTAP** | 26765821 | (6508799)  |
| **XTJA** | 20835763 | (3662548)  |

---

507<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Purchased Options**  | **Options Written**  |
|  | **Average Monthly** <br>**Market Value**  | **Average Monthly** <br>**Market Value**  |
| **XTJL** | $15522338 | $(2574583)  |
| **XTOC** | 15812468 | (2153134)  |
| **BAPR** | 329744363 | (16020030)  |
| **BAUG** | 187486223 | (5364230)  |
| **BDEC** | 243508673 | (6257390)  |
| **BFEB** | 186736792 | (6698406)  |
| **BJAN** | 294627345 | (10061151)  |
| **BJUL** | 261899991 | (7322288)  |
| **BJUN** | 155019456 | (5992145)  |
| **BMAR** | 197654791 | (6612554)  |
| **BMAY** | 149126725 | (7947851)  |
| **BNOV** | 151303860 | (4349250)  |
| **BOCT** | 253576948 | (6757794)  |
| **BSEP** | 192461635 | (5570371)  |
| **PAPR** | 823026443 | (49727855)  |
| **PAUG** | 877046861 | (29823937)  |
| **PDEC** | 1012210031 | (23727145)  |
| **PFEB** | 804095888 | (32540226)  |
| **PJAN** | 1236288417 | (49882047)  |
| **PJUL** | 1029759849 | (36644681)  |
| **PJUN** | 683435061 | (34375364)  |
| **PMAR** | 623216188 | (26754957)  |
| **PMAY** | 614961361 | (44519762)  |
| **PNOV** | 733869868 | (25701931)  |
| **POCT** | 868609035 | (26701176)  |
| **PSEP** | 840917949 | (28140584)  |
| **UAPR** | 165925752 | (9060117)  |
| **UAUG** | 196592816 | (5678006)  |
| **UDEC** | 285889783 | (3649217)  |
| **UFEB** | 179400543 | (4625560)  |
| **UJAN** | 219832348 | (7104566)  |
| **UJUL** | 164599505 | (5124146)  |
| **UJUN** | 98847526 | (5031450)  |
| **UMAR** | 146904704 | (5249702)  |
| **UMAY** | 58981336 | (4190394)  |
| **UNOV** | 95159356 | (2761513)  |
| **UOCT** | 178582267 | (4241273)  |
| **USEP** | 161722198 | (4612476)  |
| **RBUF** | 55545761 | (1878384)  |
| **KAPR** | 180252863 | (9289812)  |
| **KAUG** | 116282043 | (4807616)  |
| **KDEC** | 56585934 | (1993322)  |
| **KFEB** | 25333900 | (877639)  |
| **KJAN** | 319798573 | (11801235)  |
| **KJUL** | 153975587 | (7156443)  |
| **KJUN** | 18557646 | (1054492)  |

---

508<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Purchased Options**  | **Options Written**  |
|  | **Average Monthly** <br>**Market Value**  | **Average Monthly** <br>**Market Value**  |
| **KMAR** | $11576647 | $(502444)  |
| **KMAY** | 31781805 | (2572560)  |
| **KNOV** | 19928271 | (702691)  |
| **KOCT** | 119906777 | (4483973)  |
| **KSEP** | 18191734 | (755078)  |
| **QBF** | 3203577 | (365399) |

---

**Use of Estimates: In preparing financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.** 

**Guarantees and Indemnifications: In the normal course of business, the Trust may enter into a contract with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims against the Trust that have not yet occurred. Based on experience, the Trust expects the risk of loss to be remote.** 

**Tax Information: The Funds are treated as separate entities for federal income tax purposes. The Funds intend to qualify as regulated investment companies ("RICs") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). To qualify and remain eligible for the special tax treatment accorded to RICs, the Funds must meet certain annual income and quarterly asset diversification requirements and must distribute annually at least 90% of the sum of (i) its investment company taxable income (which includes dividends, interest and net short-term capital gains) and (ii) certain net tax-exempt income, if any. If so qualified, the Funds will not be subject to federal income tax to the extent the Funds distribute all of their net investment income and capital gains to shareholders.** 

Management evaluates the Funds' tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Tax benefits associated with an uncertain tax position can be recognized only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. Interest and penalties related to income taxes would be recorded as tax expense in the Statements of Operations. During the year or period ended October 31, 2025, the Funds did not incur any interest or penalties. The Funds' federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. As of October 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. As of October 31, 2025, the Funds have no examinations in progress and management is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

U.S. GAAP requires that certain components of net assets be reclassified between distributable earnings/(accumulated deficit) and additional paid-in capital. These reclassifications have no effect on net assets or net asset value per share. For the year or period ended October 31, 2025, the Funds made the following permanent book-to-tax reclassifications due to net operating losses and redemption in-kind transactions:

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings/**<br>**(Accumulated** <br>**Deficit)** | **Paid-In** <br>**Capital**  |
| **TFJL** | $1683839  | $(1683839)  |
| **TBJL** | 67417  | (67417)  |
| **BALT** | (162017154) | 162017154  |

---

509<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings/**<br>**(Accumulated** <br>**Deficit)** | **Paid-In** <br>**Capital**  |
| **EBUF** | $(1135043) | $1135043  |
| **EAPR** | (2750262) | 2750262  |
| **EJAN** | (5628653) | 5628653  |
| **EJUL** | (2602892) | 2602892  |
| **EOCT** | (11902206) | 11902206  |
| **ZAPR** | (760902) | 760902  |
| **ZAUG** | (11949495) | 11949495  |
| **ZDEK** | (10106307) | 10106307  |
| **ZFEB** | (3571696) | 3571696  |
| **ZJAN** | (324623) | 324623  |
| **ZJUL** | (15438001) | 15438001  |
| **ZJUN** | (83373) | 83373  |
| **ZMAR** | (1533967) | 1533967  |
| **ZMAY** | (353726) | 353726  |
| **ZNOV** | (8524538) | 8524538  |
| **ZOCT** | (10768541) | 10768541  |
| **ZSEP** | (13584609) | 13584609  |
| **AAPR** | (2213021) | 2213021  |
| **TAPR** | —  | —  |
| **AJAN** | (1870950) | 1870950  |
| **TJAN** | (1333122) | 1333122  |
| **AJUL** | (2421048) | 2421048  |
| **TJUL** | (44149797) | 44149797  |
| **AOCT** | (1575056) | 1575056  |
| **TOCT** | —  | —  |
| **APOC** | (5403975) | 5403975  |
| **JAJL** | (25962323) | 25962323  |
| **DDTL** | (2080476) | 2080476  |
| **DDTN** | —  | —  |
| **DDTO** | —  | —  |
| **DDTS** | —  | —  |
| **DDFL** | (1766497) | 1766497  |
| **DDFN** | —  | —  |
| **DDFO** | —  | —  |
| **DDFS** | —  | —  |
| **XDQQ** | (8810619) | 8810619  |
| **QTAP** | (2870254) | 2870254  |
| **QTJA** | (9776853) | 9776853  |
| **QTJL** | (1363152) | 1363152  |
| **QTOC** | (5568897) | 5568897  |
| **NAPR** | (31178145) | 31178145  |
| **NAUG** | (5385518) | 5385518  |
| **NDEC** | (6335482) | 6335482  |
| **NFEB** | (2121944) | 2121944  |
| **NJAN** | (55204301) | 55204301  |

---

510<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings/**<br>**(Accumulated** <br>**Deficit)** | **Paid-In** <br>**Capital**  |
| **NJUL** | $(33303744) | $33303744  |
| **NJUN** | (7676942) | 7676942  |
| **NMAR** | (1883599) | 1883599  |
| **NMAY** | (823735) | 823735  |
| **NNOV** | (5492293) | 5492293  |
| **NOCT** | (35298454) | 35298454  |
| **NSEP** | (7277999) | 7277999  |
| **IBUF** | (4400916) | 4400916  |
| **IAPR** | (17910989) | 17910989  |
| **IAUG** | (2802115) | 2802115  |
| **IDEC** | (1108663) | 1108663  |
| **IFEB** | (1198057) | 1198057  |
| **IJAN** | (20767730) | 20767730  |
| **IJUL** | (21649609) | 21649609  |
| **IJUN** | (4174455) | 4174455  |
| **IMAR** | (4159590) | 4159590  |
| **IMAY** | (1283408) | 1283408  |
| **INOV** | (2567127) | 2567127  |
| **IOCT** | (19410975) | 19410975  |
| **ISEP** | (13086472) | 13086472  |
| **QBUF** | (25404178) | 25404178  |
| **LAPR** | —  |  |
| **LJAN** | 8303  | (8303)  |
| **LJUL** | —  | —  |
| **LOCT** | (22288) | 22288  |
| **APRH** | (3646) | 3646  |
| **JANH** | (191649) | 191649  |
| **JULH** | (11270) | 11270  |
| **OCTH** | (13517)  | 13517  |
| **APRJ** | (80941) | 80941  |
| **JANJ** | (67028) | 67028  |
| **JULJ** | (10700) | 10700  |
| **OCTJ** | —  | —  |
| **ZALT** | (50599448) | 50599448  |
| **EALT** | (15650264) | 15650264  |
| **XBAP** | (48520416) | 48520416  |
| **XBJA** | (26459223) | 26459223  |
| **XBJL** | (13244764) | 13244764  |
| **XBOC** | (26447260) | 26447260  |
| **XDSQ** | (9177694) | 9177694  |
| **XTAP** | (3923781) | 3923781  |
| **XTJA** | (3372735) | 3372735  |
| **XTJL** | (1172100) | 1172100  |
| **XTOC** | (4018415) | 4018415  |
| **BAPR** | (42334930) | 42334930  |

---

511<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings/**<br>**(Accumulated** <br>**Deficit)** | **Paid-In** <br>**Capital**  |
| **BAUG** | $(30737848) | $30737848  |
| **BDEC** | (40218180) | 40218180  |
| **BFEB** | (34159896) | 34159896  |
| **BJAN** | (69010057) | 69010057  |
| **BJUL** | (31017835) | 31017835  |
| **BJUN** | (20343763) | 20343763  |
| **BMAR** | (38006140) | 38006140  |
| **BMAY** | (10263374) | 10263374  |
| **BNOV** | (25224540) | 25224540  |
| **BOCT** | (34210033) | 34210033  |
| **BSEP** | (27518301) | 27518301  |
| **PAPR** | (102289554) | 102289554  |
| **PAUG** | (123657086) | 123657086  |
| **PDEC** | (217774835) | 217774835  |
| **PFEB** | (144685525) | 144685525  |
| **PJAN** | (265326745) | 265326745  |
| **PJUL** | (113620743) | 113620743  |
| **PJUN** | (92826189) | 92826189  |
| **PMAR** | (109004526) | 109004526  |
| **PMAY** | (53165959) | 53165959  |
| **PNOV** | (126385119) | 126385119  |
| **POCT** | (127821334) | 127821334  |
| **PSEP** | (113824068) | 113824068  |
| **UAPR** | (20961555) | 20961555  |
| **UAUG** | (28811607) | 28811607  |
| **UDEC** | (42737555) | 42737555  |
| **UFEB** | (26892801) | 26892801  |
| **UJAN** | (45108514) | 45108514  |
| **UJUL** | (19395035) | 19395035  |
| **UJUN** | (9169339) | 9169339  |
| **UMAR** | (17560709) | 17560709  |
| **UMAY** | (3558263) | 3558263  |
| **UNOV** | (16787517) | 16787517  |
| **UOCT** | (24044089) | 24044089  |
| **USEP** | (19779823) | 19779823  |
| **RBUF** | (10287675) | 10287675  |
| **KAPR** | (10047240) | 10047240  |
| **KAUG** | (9494186) | 9494186  |
| **KDEC** | (93492) | 93492  |
| **KFEB** | (1973734) | 1973734  |
| **KJAN** | (55909818) | 55909818  |
| **KJUL** | (7756660) | 7756660  |
| **KJUN** | (1351495) | 1351495  |
| **KMAR** | (412258) | 412258  |
| **KMAY** | (2644369) | 2644369  |

---

512<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings/**<br>**(Accumulated** <br>**Deficit)** | **Paid-In** <br>**Capital**  |
| **KNOV** | $(2318920) | $2318920  |
| **KOCT** | (12710376) | 12710376  |
| **KSEP** | (1935584) | 1935584  |
| **QBF** | (2611703) | 2611703 |

---

**Distributions to Shareholders: Distributions to shareholders are recorded on the ex-dividend date. The Funds intend to pay out dividends from their net investment income, if any, annually. Distributions of net realized capital gains, if any, will be declared and paid at least annually by the Funds. The Funds may periodically make reclassifications among certain of its capital accounts as a result of the recognition and characterization of certain income and capital gain distributions determined annually in accordance with federal tax regulations which may differ from U.S. GAAP. Distributions that exceed earnings and profits for tax purposes are reported as return of capital.** 

**Investment Transactions and Investment Income: Investment transactions are recorded on the trade date. The Trust determines the gain or loss realized from investment transactions on the basis of identified cost. Dividend income, if any, is recognized on the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums is recognized on an accrual basis using the effective yield method.** 

3. INVESTMENT ADVISOR AND OTHER AFFILIATES

Innovator Capital Management, LLC (the "Adviser") acts as investment adviser to the Funds pursuant to an investment advisory agreement between the Trust and the Adviser with respect to the Funds ("Advisory Agreement") and, pursuant to the Advisory Agreement, is responsible for the day-to-day management of the Funds.

Pursuant to the Advisory Agreement, IJAN, IFEB, IMAR, IAPR, IMAY, IJUN, IJUL, IAUG, ISEP, IOCT, INOV, IDEC, and IBUF each pay monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund at the annual rate of 0.85%. EJAN, EAPR, EJUL, EOCT, and EBUF each pay monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund at the annual rate of 0.89%. BALT, EALT, and ZALT each pay monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund at the annual rate of 0.69%. All other Innovator ETFs included in this report each, respectively, pay monthly the Adviser a unitary fee calculated daily based on the average daily net assets of each Fund at the annual rate of 0.79%. During the term of the Advisory Agreement, the Adviser pays all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit, and other services and license fees, except for the fees paid under the Advisory Agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses.

Milliman Financial Risk Management LLC (the "Sub-Adviser") acts as sub-adviser to the Funds pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser with respect to the Funds ("Sub-Advisory Agreement") and, pursuant to the Sub-Advisory Agreement, is responsible for execution of the Sub-Adviser's strategy for each of the Funds. The Sub-Adviser is responsible for the day-to-day management of the Funds' portfolios. Pursuant to the Sub-Advisory Agreement between the Adviser and the Sub-Adviser, the Adviser pays the Sub-Adviser a fee, based on the Funds' average daily net assets, for the services and facilities it provides payable on a monthly basis.

Certain trustees and officers of the Trust are affiliated with the Adviser. Trustee compensation is paid for by the Adviser.

513<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

4. INVESTMENT TRANSACTIONS

For the year or period ended October 31, 2025, the cost of purchases and proceeds from sales of investment securities, other than in-kind purchases and sales and short-term investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases**  | **Purchases**  | **Sales**  | **Sales**  |
|  | **U.S. Government**  | **Other**  | **U.S. Government**  | **Other**  |
| **AAPR** | $—  | $2966621  | $— | $1218477  |
| **TAPR** | —  | 10231746  | —  | 595614  |
| **AJAN** | —  | 2053407  | —  | 4231559  |
| **TJAN** | —  | 51995618  | —  | 2682241  |
| **AJUL** | —  | 12491737  | —  | 2359602  |
| **TJUL** | —  | 205203330  | —  | 11886654  |
| **AOCT** | —  | 31880262  | —  | 5811607  |
| **TOCT** | —  | 9061997  | —  | 544052 |

---

All other Funds had no purchases or proceeds from long-term sales of investment securities.

For the year or period ended October 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Creations**  | **In-Kind** <br>**Redemptions**  |
| **TFJL** | $23243579  | $116102537  |
| **TBJL** | 505174  | 16278810  |
| **BALT** | 344793517  | 5356811098  |
| **EBUF** | 694422  | 22129578  |
| **EAPR** | 2963022  | 32218432  |
| **EJAN** |  | 92358288  |
| **EJUL** | 17029772  | 38814403  |
| **EOCT** | 8296416  | 85658116  |
| **ZAPR** | 7170850  | 6630516  |
| **ZAUG** | 21753054  | 94247883  |
| **ZDEK** | 26444295  | 104458149  |
| **ZFEB** | 41122405  | 29073159  |
| **ZJAN** | 19292800  | 2921348  |
| **ZJUL** | 19195812  | 147613116  |
| **ZJUN** | 7125258  | 1587655  |
| **ZMAR** | 14051340  | 19680221  |
| **ZMAY** | 5563389  | 4683855  |
| **ZNOV** | 11034912  | 104212736  |
| **ZOCT** | 42871887  | 92678277  |
| **ZSEP** | 23477897  | 130461389  |
| **AAPR** |  | 25092842  |
| **TAPR** |  | —  |
| **AJAN** |  | 25014426  |
| **TJAN** | 7107571  | 23477094  |
| **AJUL** |  | 27370031  |
| **TJUL** | 18782428  | 297231099  |
| **AOCT** | 724823  | 17995252  |
| **TOCT** | 2221800  | —  |
| **APOC** | 55434203  | 140452998  |
| **JAJL** | 28156066  | 812027153  |

---

514<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Creations**  | **In-Kind** <br>**Redemptions**  |
| **DDTL** | $100312615  | $171314023  |
| **DDTN** |  | —  |
| **DDTO** | 44887630  | —  |
| **DDTS** | 16643373  | —  |
| **DDFL** | 51084701  | 14477621  |
| **DDFN** |  | —  |
| **DDFO** | 95419496  | —  |
| **DDFS** | 32277674  | —  |
| **XDQQ** | 9985106  | 100906393  |
| **QTAP** | 7514848  | 24216806  |
| **QTJA** | 2913388  | 65254500  |
| **QTJL** | 1002585  | 15160784  |
| **QTOC** | 7943455  | 43206660  |
| **NAPR** | 4046275  | 276970404  |
| **NAUG** | 54185323  | 37230068  |
| **NDEC** | 9631218  | 55504815  |
| **NFEB** | 31832940  | 20915886  |
| **NJAN** | 39324066  | 555169186  |
| **NJUL** | 13046266  | 576636634  |
| **NJUN** | 11252479  | 62004046  |
| **NMAR** | 7939370  | 14763113  |
| **NMAY** | 4377431  | 6433063  |
| **NNOV** | 10965021  | 40305752  |
| **NOCT** | 26106557  | 385818844  |
| **NSEP** | 6230434  | 56903047  |
| **IBUF** | 15746530  | 88874954  |
| **IAPR** |  | 197533353  |
| **IAUG** | 3508256  | 21157146  |
| **IDEC** |  | 12098254  |
| **IFEB** |  | 16676817  |
| **IJAN** | 4705668  | 260397264  |
| **IJUL** | 39514321  | 196089855  |
| **IJUN** | 2111221  | 60272514  |
| **IMAR** | 15639748  | 65160298  |
| **IMAY** | 715740  | 19063835  |
| **INOV** |  | 19559245  |
| **IOCT** | 8096581  | 374768471  |
| **ISEP** | 749662  | 189716172  |
| **QBUF** | 36503799  | 565575095  |
| **LAPR** | 57156  | —  |
| **LJAN** | 72413  | 33441  |
| **LJUL** | 23828  | —  |
| **LOCT** | 28203  | 54398  |
| **APRH** | 346455  | 466530  |
| **JANH** | 238246  | 773915  |
| **JULH** | 379750  | 312440  |
| **OCTH** | 1607571  | 280769  |
| **APRJ** | 1398613  | 864654  |
| **JANJ** | 1016548  | 1341057  |

---

515<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Creations**  | **In-Kind** <br>**Redemptions**  |
| **JULJ** | $309012  | $1301511  |
| **OCTJ** | 535677  | 1122751  |
| **ZALT** | 129710496  | 1480992854  |
| **EALT** | 21111785  | 419758469  |
| **XBAP** | 123792918  | 488959843  |
| **XBJA** | 210410832  | 198506006  |
| **XBJL** | 60640833  | 176131166  |
| **XBOC** | 43654368  | 299810568  |
| **XDSQ** | 12055903  | 135252489  |
| **XTAP** | 6713445  | 28716161  |
| **XTJA** | 1499905  | 24723471  |
| **XTJL** | 4721987  | 10742871  |
| **XTOC** | 5579402  | 31773689  |
| **BAPR** | 7611732  | 352171920  |
| **BAUG** | 124244244  | 306331848  |
| **BDEC** | 129286242  | 712522032  |
| **BFEB** | 43754145  | 275999097  |
| **BJAN** | 51127300  | 676757761  |
| **BJUL** | 58718942  | 533434125  |
| **BJUN** | 4196118  | 187941191  |
| **BMAR** | 2390770  | 243306160  |
| **BMAY** | 1079076  | 138500051  |
| **BNOV** | 33613824  | 191286360  |
| **BOCT** | 99523307  | 600798232  |
| **BSEP** | 21228943  | 232224885  |
| **PAPR** | 63493367  | 1567905204  |
| **PAUG** | 151468896  | 1869534847  |
| **PDEC** | 170695028  | 1989759658  |
| **PFEB** | 206272822  | 1534332958  |
| **PJAN** | 121778865  | 2445405253  |
| **PJUL** | 192326882  | 1982220254  |
| **PJUN** | 66379302  | 813003595  |
| **PMAR** | 22288003  | 1207514579  |
| **PMAY** | 6134199  | 1096818290  |
| **PNOV** | 36240192  | 981336470  |
| **POCT** | 107633118  | 1836200631  |
| **PSEP** | 138159888  | 1772093645  |
| **UAPR** | 10604087  | 227833782  |
| **UAUG** | 54000630  | 271983890  |
| **UDEC** | 107576744  | 259954764  |
| **UFEB** | 90127531  | 161689998  |
| **UJAN** | 38684077  | 433671792  |
| **UJUL** | 53637500  | 186131980  |
| **UJUN** | 2747024  | 96237377  |
| **UMAR** | 40708525  | 115169333  |
| **UMAY** | 1878077  | 58399207  |
| **UNOV** | 24509296  | 150875042  |
| **UOCT** | 25264824  | 376074924  |
| **USEP** | 22232560  | 203990114  |

---

516<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Creations**  | **In-Kind** <br>**Redemptions**  |
| **RBUF** | $20142345  | $342829361  |
| **KAPR** | 40648086  | 233443752  |
| **KAUG** | 43698425  | 169103048  |
| **KDEC** | 20199678  | 26295318  |
| **KFEB** | 30488122  | 56853042  |
| **KJAN** | 11310474  | 506227020  |
| **KJUL** | 27070338  | 132709697  |
| **KJUN** | 5264259  | 44423967  |
| **KMAR** | 1379543  | 2337570  |
| **KMAY** | 12950518  | 29986992  |
| **KNOV** | 6645617  | 27243062  |
| **KOCT** | 12789099  | 148267450  |
| **KSEP** | 14382607  | 32179197  |
| **QBF** |  | 10028421 |

---

5. CREATION AND REDEMPTION TRANSACTIONS

There are an unlimited number of shares of beneficial interest (without par value) authorized by the Trust. Individual shares of the Funds may only be purchased and sold at market prices on the applicable Exchange through a broker-dealer. Such transactions may be subject to customary commission rates imposed by the broker-dealer, and market prices for the Funds' shares may be at, above or below its NAV depending on the premium or discount at which the Funds' shares trade.

The Funds issue and redeem shares on a continuous basis at NAV only in blocks of shares called "Creation Units." Creation Units are issued and redeemed principally for cash. Once created, shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Shares of the Funds may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. A transaction fee is applicable to each transaction regardless of the number of units purchased or sold in the transaction. Each Fund, subject to approval by the Board of Trustees, may adjust transaction fees from time to time based upon actual experience. Additional charges received by the Funds, if any, are disclosed as Transaction Fees on the Statements of Changes in Net Assets. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

6. FEDERAL INCOME TAX INFORMATION

At October 31, 2025, the cost of investments including options written and net unrealized appreciation/ (depreciation) for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of** <br>**Portfolio**  | **Gross** <br>**Unrealized** <br>**Appreciation** | **Gross** <br>**Unrealized** <br>**Depreciation** | **Net Unrealized** <br>**Appreciation/**<br>(Depreciation)  |
| **TFJL** | $31843400  | $4839  | $(316412) | $(311573)  |
| **TBJL** | 27865924  | 1278620  | (805464) | 473156  |
| **BALT** | 1870567070  | 46917285  | (33116881) | 13800404  |
| **EBUF** | 15431681  | 549772  | (355564) | 194208  |
| **EAPR** | 69243641  | 19833180  | (12106752) | 7726428  |
| **EJAN** | 87867464  | 30181251  | (17945460) | 12235791  |

---

517<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of** <br>**Portfolio**  | **Gross** <br>**Unrealized** <br>**Appreciation** | **Gross** <br>**Unrealized** <br>**Depreciation** | **Net Unrealized** <br>**Appreciation/**<br>(Depreciation)  |
| **EJUL** | $140034480  | $19678626  | $(11601995) | $8076631  |
| **EOCT** | 104210013  | 3497493  | (1906667) | 1590826  |
| **ZAPR** | 37227468  | 10716369  | (9077646) | 1638723  |
| **ZAUG** | 115435874  | 9401572  | (6960167) | 2441405  |
| **ZDEK** | 98495024  | 13429235  | (12311019) | 1118216  |
| **ZFEB** | 112605820  | 17234648  | (12827646) | 4407002  |
| **ZJAN** | 51714684  | 8463988  | (5582049) | 2881939  |
| **ZJUL** | 150327552  | 16015341  | (12148085) | 3867256  |
| **ZJUN** | 52109874  | 7640543  | (6004031) | 1636512  |
| **ZMAR** | 91078267  | 17422428  | (12829587) | 4592841  |
| **ZMAY** | 35364059  | 7307599  | (6222422) | 1085177  |
| **ZNOV** | 45601908  | —  | (3633) | (3633)  |
| **ZOCT** | 129962129  | 2837218  | (2283693) | 553525  |
| **ZSEP** | 146399641  | 8357812  | (6706926) | 1650886  |
| **AAPR** | 51429195  | 15145842  | (9249257) | 5896585  |
| **TAPR** | 9631052  | 2312581  | (1706999) | 605582  |
| **AJAN** | 39586112  | 14961147  | (11893443) | 3067704  |
| **TJAN** | 35525834  | 5381635  | (3760693) | 1620942  |
| **AJUL** | 55257404  | 13820947  | (8191390) | 5629557  |
| **TJUL** | 163343962  | 17290731  | (13018610) | 4272121  |
| **AOCT** | 68116043  | 12945580  | (8881455) | 4064125  |
| **TOCT** | 10484026  | 230845  | (189759) | 41086  |
| **APOC** | 100298533  | 2443316  | (2009929) | 433387  |
| **JAJL** | 235188895  | 25219156  | (19431936) | 5787220  |
| **DDTL** | 100397535  | 18399993  | (16503935) | 1896058  |
| **DDTN** | 945750  | —  | (470) | (470)  |
| **DDTO** | 46550077  | 2277146  | (1926074) | 351072  |
| **DDTS** | 21099543  | 2161488  | (1706658) | 454830  |
| **DDFL** | 82013627  | 18451178  | (17562222) | 888956  |
| **DDFN** | 945918  | —  | (652) | (652)  |
| **DDFO** | 119923684  | 6489045  | (5759505) | 729540  |
| **DDFS** | 54430016  | 6121361  | (5319167) | 802194  |
| **XDQQ** | 59562578  | 4395329  | (2413088) | 1982241  |
| **QTAP** | 28246609  | 18788243  | (16231738) | 2556505  |
| **QTJA** | 23423522  | 8218234  | (6783655) | 1434579  |
| **QTJL** | 22431594  | 6935195  | (5196479) | 1738716  |
| **QTOC** | 14103685  | 1583063  | (1249419) | 333644  |
| **NAPR** | 187445703  | 68477479  | (49454671) | 19022808  |
| **NAUG** | 80221661  | 9183583  | (5993799) | 3189784  |
| **NDEC** | 39172711  | 8461681  | (5195795) | 3265886  |
| **NFEB** | 42215650  | 9272913  | (5463766) | 3809147  |
| **NJAN** | 258347640  | 64628107  | (33949507) | 30678600  |
| **NJUL** | 232430438  | 35633110  | (21796227) | 13836883  |
| **NJUN** | 64673340  | 14543224  | (9280945) | 5262279  |
| **NMAR** | 26242664  | 7724647  | (4979860) | 2744787  |
| **NMAY** | 16206716  | 4213831  | (3287757) | 926074  |

---

518<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of** <br>**Portfolio**  | **Gross** <br>**Unrealized** <br>**Appreciation** | **Gross** <br>**Unrealized** <br>**Depreciation** | **Net Unrealized** <br>**Appreciation/**<br>(Depreciation)  |
| **NNOV** | $21479761  | $—  | $(2476) | $(2476)  |
| **NOCT** | 249294377  | 10810238  | (7165079) | 3645159  |
| **NSEP** | 61379148  | 6063785  | (4374226) | 1689559  |
| **IBUF** | 73410563  | 791918  | (527052) | 264866  |
| **IAPR** | 209745852  | 37770162  | (17639043) | 20131119  |
| **IAUG** | 73112313  | 2567306  | (1281086) | 1286220  |
| **IDEC** | 18090157  | 4303558  | (1200923) | 3102635  |
| **IFEB** | 23870367  | 4466692  | (1771521) | 2695171  |
| **IJAN** | 134153599  | 36345273  | (12932911) | 23412362  |
| **IJUL** | 221637012  | 11871706  | (5651948) | 6219758  |
| **IJUN** | 56774614  | 3830235  | (1598019) | 2232216  |
| **IMAR** | 31782561  | 4457538  | (2085544) | 2371994  |
| **IMAY** | 32041960  | 3830120  | (1701166) | 2128954  |
| **INOV** | 11755332  | —  | (2382) | (2382)  |
| **IOCT** | 194155746  | 76882  | (355555) | (278673)  |
| **ISEP** | 99956631  | 2000012  | (1124651) | 875361  |
| **QBUF** | 208446230  | 11230851  | (7691384) | 3539467  |
| **LAPR** | 7406863  | 140946  | (9) | 140937  |
| **LJAN** | 11512478  | 204789  | (8) | 204781  |
| **LJUL** | 7697129  | 84981  | —  | 84981  |
| **LOCT** | 13665318  | 20081  | (4941) | 15140  |
| **APRH** | 26120808  | 19001  | (22) | 18979  |
| **JANH** | 10562067  | 2449  | (182) | 2267  |
| **JULH** | 18826702  | 27144  | —  | 27144  |
| **OCTH** | 20370183  | 124  | (7997) | (7873)  |
| **APRJ** | 34037182  | 23848  | (23) | 23825  |
| **JANJ** | 16130156  | 4874  | —  | 4874  |
| **JULJ** | 17534404  | 25054  | —  | 25054  |
| **OCTJ** | 17965451  | 92  | (6416) | (6324)  |
| **ZALT** | 627069830  | 17394738  | (10640255) | 6754483  |
| **EALT** | 152851695  | 3918384  | (1504815) | 2413569  |
| **XBAP** | 156967425  | 57022498  | (61108219) | (4085721)  |
| **XBJA** | 87308952  | 29775609  | (25055183) | 4720426  |
| **XBJL** | 121183517  | 22854656  | (17136865) | 5717791  |
| **XBOC** | 82674495  | 3570600  | (2836281) | 734319  |
| **XDSQ** | 69643366  | 2497146  | (1111170) | 1385976  |
| **XTAP** | 21859232  | 11772237  | (9722619) | 2049618  |
| **XTJA** | 16295928  | 5494260  | (3925993) | 1568267  |
| **XTJL** | 15556004  | 3162160  | (2497664) | 664496  |
| **XTOC** | 15451516  | 830133  | (655089) | 175044  |
| **BAPR** | 309327423  | 86336415  | (51593957) | 34742458  |
| **BAUG** | 210911541  | 18653825  | (8731163) | 9922662  |
| **BDEC** | 178472788  | 26201474  | (9960638) | 16240836  |
| **BFEB** | 177159670  | 25229687  | (11514228) | 13715459  |
| **BJAN** | 256140774  | 47562480  | (18702437) | 28860043  |
| **BJUL** | 278159735  | 33864793  | (15629403) | 18235390  |

---

519<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of** <br>**Portfolio**  | **Gross** <br>**Unrealized** <br>**Appreciation** | **Gross** <br>**Unrealized** <br>**Depreciation** | **Net Unrealized** <br>**Appreciation/**<br>(Depreciation)  |
| **BJUN** | $149965002  | $27007699  | $(13694200) | $13313499  |
| **BMAR** | 161039789  | 29325779  | (12108140) | 17217639  |
| **BMAY** | 139096918  | 37293786  | (20094252) | 17199534  |
| **BNOV** | 146307550  | —  | (17714) | (17714)  |
| **BOCT** | 284682791  | 7343420  | (3790956) | 3552464  |
| **BSEP** | 234540439  | 14588899  | (7042025) | 7546874  |
| **PAPR** | 734523999  | 176327951  | (115587533) | 60740418  |
| **PAUG** | 944251385  | 82697891  | (47211362) | 35486529  |
| **PDEC** | 836430657  | 128159299  | (45149301) | 83009998  |
| **PFEB** | 728088776  | 111788272  | (52062468) | 59725804  |
| **PJAN** | 1082687467  | 199677301  | (96247702) | 103429599  |
| **PJUL** | 1134085295  | 127693333  | (74834625) | 52858708  |
| **PJUN** | 706206079  | 123122890  | (75123596) | 47999294  |
| **PMAR** | 577793693  | 101147462  | (54028770) | 47118692  |
| **PMAY** | 569428446  | 146772500  | (94456594) | 52315906  |
| **PNOV** | 613942764  | —  | (74334) | (74334)  |
| **POCT** | 1079469235  | 25403450  | (16014309) | 9389141  |
| **PSEP** | 914315917  | 56805780  | (34101282) | 22704498  |
| **UAPR** | 146875130  | 29427679  | (21473656) | 7954023  |
| **UAUG** | 229923479  | 18049033  | (10079984) | 7969049  |
| **UDEC** | 246578024  | 40188477  | (20880128) | 19308349  |
| **UFEB** | 159186783  | 24556826  | (14492535) | 10064291  |
| **UJAN** | 187107109  | 30579759  | (15317703) | 15262056  |
| **UJUL** | 205792794  | 22154940  | (12726428) | 9428512  |
| **UJUN** | 136477817  | 18816224  | (11709015) | 7107209  |
| **UMAR** | 167154551  | 29109495  | (15829397) | 13280098  |
| **UMAY** | 54207388  | 12879167  | (8598409) | 4280758  |
| **UNOV** | 65967210  | —  | (7986) | (7986)  |
| **UOCT** | 177113870  | 4121539  | (2578193) | 1543346  |
| **USEP** | 223645468  | 11862669  | (7114385) | 4748284  |
| **RBUF** | 69484713  | 1357540  | (712378) | 645162  |
| **KAPR** | 144189218  | 38572621  | (20588878) | 17983743  |
| **KAUG** | 123274405  | 16255856  | (9045018) | 7210838  |
| **KDEC** | 73568758  | 4849598  | (3776036) | 1073562  |
| **KFEB** | 40873494  | 2320821  | (1314150) | 1006671  |
| **KJAN** | 256870054  | 41533770  | (15362267) | 26171503  |
| **KJUL** | 147640129  | 23487037  | (12535487) | 10951550  |
| **KJUN** | 18132381  | 4203209  | (2400142) | 1803067  |
| **KMAR** | 10703046  | 2416525  | (1199393) | 1217132  |
| **KMAY** | 18601772  | 4436704  | (2903028) | 1533676  |
| **KNOV** | 18253951  | —  | (3068) | (3068)  |
| **KOCT** | 135060240  | 2950079  | (1241930) | 1708149  |
| **KSEP** | 29018051  | 1581926  | (880273) | 701653  |
| **QBF** | 21761335  | 245070  | (1031592) | (786522) |

---

520<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

At October 31, 2025, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Accumulated** <br>**Capital and** <br>**Other Losses**  | **Undistributed**<br>**Capital Gains**  | **Undistributed** <br>**Net Ordinary** <br>**Income**  | **Unrealized** <br>**Appreciation/**<br>(Depreciation) <br>**on Investments** | **Total** <br>**Distributable** <br>**Earnings/**<br>**(Accumulated** <br>**Deficit)**  |
| **TFJL** | $(7356869) | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | $(311573) | $(7668442)  |
| **TBJL** | (5331410) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 473156  | (4858254)  |
| **BALT** | (98545396) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 13800404  | (84744992)  |
| **EBUF** | (646659) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 194208  | (452451)  |
| **EAPR** | (8578561) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 7726428  | (852133)  |
| **EJAN** | (11925836) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 12235791  | 309955  |
| **EJUL** | (3217780) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 8076631  | 4858851  |
| **EOCT** | (1469743) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 1590826  | 121083  |
| **ZAPR** | (245931) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 1638723  | 1392792  |
| **ZAUG** | (6676601) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 2441405  | (4235196)  |
| **ZDEK** | (1757028) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 1118216  | (638812)  |
| **ZFEB** | (1203454) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 4407002  | 3203548  |
| **ZJAN** | (336901) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 2881939  | 2545038  |
| **ZJUL** | (7203417) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 3867256  | (3336161)  |
| **ZJUN** | (165308) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 1636512  | 1471204  |
| **ZMAR** | (661706) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 4592841  | 3931135  |
| **ZMAY** | (144281) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 1085177  | 940896  |
| **ZNOV** | (5490767) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | (3633) | (5494400)  |
| **ZOCT** | (6778238) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 553525  | (6224713)  |
| **ZSEP** | (7761981) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 1650886  | (6111095)  |
| **AAPR** | (666343) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 5896585  | 5230242  |
| **TAPR** | (45991) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 605582  | 559591  |
| **AJAN** | (968628) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 3067704  | 2099076  |
| **TJAN** | (275100) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 1620942  | 1345842  |
| **AJUL** | (1153988) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 5629557  | 4475569  |
| **TJUL** | (31129861) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 4272121  | (26857740)  |
| **AOCT** | (690010) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 4064125  | 3374115  |
| **TOCT** | (5378) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 41086  | 35708  |
| **APOC** | (2577803) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 433387  | (2144416)  |
| **JAJL** | (14470747) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 5787220  | (8683527)  |
| **DDTL** | (253329) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 1896058  | 1642729  |
| **DDTN** | —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | (470) | (470)  |
| **DDTO** | (19525) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 351072  | 331547  |
| **DDTS** | (22444) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 454830  | 432386  |
| **DDFL** | (207955) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 888956  | 681001  |
| **DDFN** | —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | (652) | (652)  |
| **DDFO** | (54036) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 729540  | 675504  |
| **DDFS** | (29135) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 802194  | 773059  |
| **XDQQ** | (2072058) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 1982241  | (89817)  |
| **QTAP** | (7064095) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 2556505  | (4507590)  |
| **QTJA** | (14207908) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 1434579  | (12773329)  |
| **QTJL** | (5553675) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 1738716  | (3814959)  |

---

521<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Accumulated** <br>**Capital and** <br>**Other Losses**  | **Undistributed**<br>**Capital Gains**  | **Undistributed** <br>**Net Ordinary** <br>**Income**  | **Unrealized** <br>**Appreciation/**<br>(Depreciation) <br>**on Investments** | **Total** <br>**Distributable** <br>**Earnings/**<br>**(Accumulated** <br>**Deficit)**  |
| **QTOC** | $(8470241) | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | $333644  | $(8136597)  |
| **NAPR** | (45674016) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 19022808  | (26651208)  |
| **NAUG** | (1995230) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 3189784  | 1194554  |
| **NDEC** | (613391) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 3265886  | 2652495  |
| **NFEB** | (403175) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 3809147  | 3405972  |
| **NJAN** | (62169026) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 30678600  | (31490426)  |
| **NJUL** | (41988054) | &nbsp;&nbsp; —  |  | 13836883  | (28151171)  |
| **NJUN** | (2107756) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 5262279  | 3154523  |
| **NMAR** | (184407) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 2744787  | 2560380  |
| **NMAY** | (67819) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 926074  | 858255  |
| **NNOV** | (2411030) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | (2476) | (2413506)  |
| **NOCT** | (34696337) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 3645159  | (31051178)  |
| **NSEP** | (2606995) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 1689559  | (917436)  |
| **IBUF** | (932840) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 264866  | (667974)  |
| **IAPR** | (16179525) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 20131119  | 3951594  |
| **IAUG** | (1345163) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 1286220  | (58943)  |
| **IDEC** | (227600) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 3102635  | 2875035  |
| **IFEB** | (373031) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 2695171  | 2322140  |
| **IJAN** | (16042486) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 23412362  | 7369876  |
| **IJUL** | (5934390) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 6219758  | 285368  |
| **IJUN** | (1301530) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 2232216  | 930686  |
| **IMAR** | (1486474) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 2371994  | 885520  |
| **IMAY** | (53269) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 2128954  | 2075685  |
| **INOV** | (1125334) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | (2382) | (1127716)  |
| **IOCT** | (21448879) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | (278673) | (21727552)  |
| **ISEP** | (7399239) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 875361  | (6523878)  |
| **QBUF** | (13173700) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 3539467  | (9634233)  |
| **LAPR** | —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 140937  | 140937  |
| **LJAN** | —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 204781  | 204781  |
| **LJUL** | —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 84981  | 84981  |
| **LOCT** | —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 15140  | 15140  |
| **APRH** | —  | &nbsp;&nbsp; 270217  |  | 18979  | 289196  |
| **JANH** | —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 2267  | 2267  |
| **JULH** | —  | &nbsp;&nbsp; 305621  | &nbsp;&nbsp; —  | 27144  | 332765  |
| **OCTH** | —  | &nbsp;&nbsp; 46181  | &nbsp;&nbsp; —  | (7873) | 38308  |
| **APRJ** | —  | &nbsp;&nbsp; 296327  | &nbsp;&nbsp; —  | 23825  | 320152  |
| **JANJ** | —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 4874  | 4874  |
| **JULJ** | —  | &nbsp;&nbsp; 207319  | &nbsp;&nbsp; —  | 25054  | 232373  |
| **OCTJ** | —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | (6324) | (6324)  |
| **ZALT** | (19814049) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 6754483  | (13059566)  |
| **EALT** | (6042239) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 2413569  | (3628670)  |
| **XBAP** | (5330044) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | (4085721) | (9415765)  |
| **XBJA** | (33693018) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 4720426  | (28972592)  |
| **XBJL** | (4355368) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 5717791  | 1362423  |
| **XBOC** | (29137379) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 734319  | (28403060)  |

---

522<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Accumulated** <br>**Capital and** <br>**Other Losses**  | **Undistributed**<br>**Capital Gains**  | **Undistributed** <br>**Net Ordinary** <br>**Income**  | **Unrealized** <br>**Appreciation/**<br>(Depreciation) <br>**on Investments** | **Total** <br>**Distributable** <br>**Earnings/**<br>**(Accumulated** <br>**Deficit)**  |
| **XDSQ** | $(2002211) | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | $1385976  | $(616235)  |
| **XTAP** | (1879844) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 2049618  | 169774  |
| **XTJA** | (4495187) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 1568267  | (2926920)  |
| **XTJL** | (1598301) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 664496  | (933805)  |
| **XTOC** | (4565643) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 175044  | (4390599)  |
| **BAPR** | (38381628) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 34742458  | (3639170)  |
| **BAUG** | (26661796) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 9922662  | (16739134)  |
| **BDEC** | (20999198) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 16240836  | (4758362)  |
| **BFEB** | (16354412) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 13715459  | (2638953)  |
| **BJAN** | (48898990) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 28860043  | (20038947)  |
| **BJUL** | (12302051) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 18235390  | 5933339  |
| **BJUN** | (6778685) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 13313499  | 6534814  |
| **BMAR** | (12975462) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 17217639  | 4242177  |
| **BMAY** | (3046274) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 17199534  | 14153260  |
| **BNOV** | (36699989) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | (17714) | (36717703)  |
| **BOCT** | (44988163) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 3552464  | (41435699)  |
| **BSEP** | (14914119) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 7546874  | (7367245)  |
| **PAPR** | (158551980) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 60740418  | (97811562)  |
| **PAUG** | (76672808) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 35486529  | (41186279)  |
| **PDEC** | (153282601) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 83009998  | (70272603)  |
| **PFEB** | (97529694) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 59725804  | (37803890)  |
| **PJAN** | (200560372) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 103429599  | (97130773)  |
| **PJUL** | (62136430) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 52858708  | (9277722)  |
| **PJUN** | (30608037) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 47999294  | 17391257  |
| **PMAR** | (65952043) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 47118692  | (18833351)  |
| **PMAY** | (15355692) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 52315906  | 36960214  |
| **PNOV** | (278418741) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | (74334) | (278493075)  |
| **POCT** | (172996123) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 9389141  | (163606982)  |
| **PSEP** | (103692789) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 22704498  | (80988291)  |
| **UAPR** | (23048367) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 7954023  | (15094344)  |
| **UAUG** | (26926336) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 7969049  | (18957287)  |
| **UDEC** | (18612316) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 19308349  | 696033  |
| **UFEB** | (13007914) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 10064291  | (2943623)  |
| **UJAN** | (54722931) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 15262056  | (39460875)  |
| **UJUL** | (4710563) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 9428512  | 4717949  |
| **UJUN** | (3792223) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 7107209  | 3314986  |
| **UMAR** | (9671638) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 13280098  | 3608460  |
| **UMAY** | (636053) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 4280758  | 3644705  |
| **UNOV** | (19417077) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | (7986) | (19425063)  |
| **UOCT** | (22971450) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 1543346  | (21428104)  |
| **USEP** | (15472856) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 4748284  | (10724572)  |
| **RBUF** | (4561685) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 645162  | (3916523)  |
| **KAPR** | (13583858) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 17983743  | 4399885  |
| **KAUG** | (13817212) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 7210838  | (6606374)  |
| **KDEC** | (1016173) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 1073562  | 57389  |

---

523<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Accumulated** <br>**Capital and** <br>**Other Losses**  | **Undistributed**<br>**Capital Gains**  | **Undistributed** <br>**Net Ordinary** <br>**Income**  | **Unrealized** <br>**Appreciation/**<br>(Depreciation) <br>**on Investments** | **Total** <br>**Distributable** <br>**Earnings/**<br>**(Accumulated** <br>**Deficit)**  |
| **KFEB** | $(202401) | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | $1006671  | $804270  |
| **KJAN** | (45488459) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 26171503  | (19316956)  |
| **KJUL** | (10760028) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 10951550  | 191522  |
| **KJUN** | (1641074) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 1803067  | 161993  |
| **KMAR** | (71607) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 1217132  | 1145525  |
| **KMAY** | (146054) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 1533676  | 1387622  |
| **KNOV** | (1063553) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | (3068) | (1066621)  |
| **KOCT** | (15862432) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 1708149  | (14154283)  |
| **KSEP** | (505505) | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | 701653  | 196148  |
| **QBF** | (958106) | &nbsp;&nbsp; —  | &nbsp;&nbsp; 190835  | (786522) | (1553793) |

---

Certain qualified late year ordinary losses incurred after December 31, and within the current taxable year, are deemed to arise on the first business day of the next taxable year. At October 31, 2025, the Funds deferred the following qualified late year ordinary losses:

---

| | |
|:---|:---|
|  | **Late Year** <br>**Ordinary** <br>**Losses**  |
| **TFJL** | $160874  |
| **TBJL** | 178684  |
| **BALT** | 8235783  |
| **EBUF** | 64622  |
| **EAPR** | 524640  |
| **EJAN** | 818480  |
| **EJUL** | 723515  |
| **EOCT** | 549987  |
| **ZAPR** | 138981  |
| **ZAUG** | 167231  |
| **ZDEK** | 888995  |
| **ZFEB** | 601690  |
| **ZJAN** | 323207  |
| **ZJUL** | —  |
| **ZJUN** | 154538  |
| **ZMAR** | 120305  |
| **ZMAY** | 136856  |
| **ZNOV** | 299553  |
| **ZOCT** | 463917  |
| **ZSEP** | —  |
| **AAPR** | 397475  |
| **TAPR** | 36548  |
| **AJAN** | 313891  |
| **TJAN** | 260603  |
| **AJUL** | 425378  |
| **TJUL** | 1131141  |
| **AOCT** | 446214  |
| **TOCT** | 5377  |

---

524<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | |
|:---|:---|
|  | **Late Year** <br>**Ordinary** <br>**Losses**  |
| **APOC** | $146308  |
| **JAJL** | —  |
| **DDTL** | 242311  |
| **DDTN** | —  |
| **DDTO** | 19525  |
| **DDTS** | 22444  |
| **DDFL** | 195164  |
| **DDFN** | —  |
| **DDFO** | 54036  |
| **DDFS** | 29135  |
| **XDQQ** | 289244  |
| **QTAP** | 149947  |
| **QTJA** | 121335  |
| **QTJL** | 110203  |
| **QTOC** | 100098  |
| **NAPR** | 1428564  |
| **NAUG** | 225860  |
| **NDEC** | 473990  |
| **NFEB** | 282998  |
| **NJAN** | 1903937  |
| **NJUL** | 1489162  |
| **NJUN** | 336036  |
| **NMAR** | 173952  |
| **NMAY** | 64535  |
| **NNOV** | 153714  |
| **NOCT** | 1060719  |
| **NSEP** | 245846  |
| **IBUF** | 271186  |
| **IAPR** | 1555654  |
| **IAUG** | 192250  |
| **IDEC** | 105289  |
| **IFEB** | 176480  |
| **IJAN** | 1268155  |
| **IJUL** | 1258595  |
| **IJUN** | 331152  |
| **IMAR** | 304952  |
| **IMAY** | 53269  |
| **INOV** | 88190  |
| **IOCT** | 927008  |
| **ISEP** | 611762  |
| **QBUF** | 828643  |
| **LAPR** | —  |
| **LJAN** | —  |
| **LJUL** | —  |
| **LOCT** | —  |
| **APRH** | —  |

---

525<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | |
|:---|:---|
|  | **Late Year** <br>**Ordinary** <br>**Losses**  |
| **JANH** | $—  |
| **JULH** | —  |
| **OCTH** | —  |
| **APRJ** | —  |
| **JANJ** | —  |
| **JULJ** | —  |
| **OCTJ** | —  |
| **ZALT** | 2709477  |
| **EALT** | 730036  |
| **XBAP** | 1201190  |
| **XBJA** | 631365  |
| **XBJL** | 928877  |
| **XBOC** | 590601  |
| **XDSQ** | 396071  |
| **XTAP** | 140712  |
| **XTJA** | 111433  |
| **XTJL** | 81793  |
| **XTOC** | 87298  |
| **BAPR** | 2105984  |
| **BAUG** | 1172425  |
| **BDEC** | 1597220  |
| **BFEB** | 1210397  |
| **BJAN** | 1879481  |
| **BJUL** | 1650080  |
| **BJUN** | 997806  |
| **BMAR** | 1261852  |
| **BMAY** | 926291  |
| **BNOV** | 945029  |
| **BOCT** | 1565567  |
| **BSEP** | 1182997  |
| **PAPR** | 5021538  |
| **PAUG** | 5449547  |
| **PDEC** | 6567150  |
| **PFEB** | 5200093  |
| **PJAN** | 7909449  |
| **PJUL** | 6451590  |
| **PJUN** | 4287622  |
| **PMAR** | 3917338  |
| **PMAY** | 3739803  |
| **PNOV** | 4513355  |
| **POCT** | 5367108  |
| **PSEP** | 5092862  |
| **UAPR** | 1014449  |
| **UAUG** | 1200651  |
| **UDEC** | 2021198  |
| **UFEB** | 1255939  |

---

526<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | |
|:---|:---|
|  | **Late Year** <br>**Ordinary** <br>**Losses**  |
| **UJAN** | $1419991  |
| **UJUL** | 1049033  |
| **UJUN** | 633884  |
| **UMAR** | 967245  |
| **UMAY** | 358684  |
| **UNOV** | 615393  |
| **UOCT** | 1138191  |
| **USEP** | 997215  |
| **RBUF** | 328928  |
| **KAPR** | 1104766  |
| **KAUG** | 709260  |
| **KDEC** | 375833  |
| **KFEB** | 155526  |
| **KJAN** | 1970133  |
| **KJUL** | 939851  |
| **KJUN** | 123858  |
| **KMAR** | 61841  |
| **KMAY** | 136653  |
| **KNOV** | 121118  |
| **KOCT** | 714061  |
| **KSEP** | 112203  |
| **QBF** |  |

---

At October 31, 2025, for federal income tax purposes, the Funds had capital loss carryforwards available to offset future capital gains for an unlimited period as indicated below:

---

| | | |
|:---|:---|:---|
|  | **Indefinite** <br>**Short-Term** | **Indefinite** <br>**Long-Term**  |
| **TFJL** | $7195995  | $—  |
| **TBJL** | 5152726  | —  |
| **BALT** | 90309613  | —  |
| **EBUF** | 582037  | —  |
| **EAPR** | 8053921  | —  |
| **EJAN** | 11107356  | —  |
| **EJUL** | 1416728  | 1077537  |
| **EOCT** | 919756  | —  |
| **ZAPR** | —  | —  |
| **ZAUG** | —  | —  |
| **ZDEK** | 222805  | —  |
| **ZFEB** | —  | —  |
| **ZJAN** | —  | —  |
| **ZJUL** | —  | —  |
| **ZJUN** | —  | —  |
| **ZMAR** | —  | —  |
| **ZMAY** | —  | —  |
| **ZNOV** | 5191214  | —  |
| **ZOCT** | 3468919  | —  |

---

527<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Indefinite** <br>**Short-Term** | **Indefinite** <br>**Long-Term**  |
| **ZSEP** | $—  | $—  |
| **AAPR** | —  | —  |
| **TAPR** | —  | —  |
| **AJAN** | —  | —  |
| **TJAN** | —  | —  |
| **AJUL** | 10452  | —  |
| **TJUL** | 12729714  | —  |
| **AOCT** | —  | —  |
| **TOCT** | 1  | —  |
| **APOC** | —  | —  |
| **JAJL** | —  | —  |
| **DDTL** | 11018  | —  |
| **DDTN** | —  | —  |
| **DDTO** | —  | —  |
| **DDTS** | —  | —  |
| **DDFL** | 12791  | —  |
| **DDFN** | —  | —  |
| **DDFO** | —  | —  |
| **DDFS** | —  | —  |
| **XDQQ** | 1782814  | —  |
| **QTAP** | 6914148  | —  |
| **QTJA** | 14086573  | —  |
| **QTJL** | 5443472  | —  |
| **QTOC** | 8370143  | —  |
| **NAPR** | 44245452  | —  |
| **NAUG** | 1769370  | —  |
| **NDEC** | 139401  | —  |
| **NFEB** | 111642  | —  |
| **NJAN** | 60265089  | —  |
| **NJUL** | 40498892  | —  |
| **NJUN** | 1771720  | —  |
| **NMAR** | 10455  | —  |
| **NMAY** | 3284  | —  |
| **NNOV** | 2257316  | —  |
| **NOCT** | 33635618  | —  |
| **NSEP** | 2361149  | —  |
| **IBUF** | 661252  | —  |
| **IAPR** | 14623871  | —  |
| **IAUG** | 1152913  | —  |
| **IDEC** | —  | —  |
| **IFEB** | 196551  | —  |
| **IJAN** | 14770949  | —  |
| **IJUL** | 4675795  | —  |
| **IJUN** | 970378  | —  |
| **IMAR** | 1181522  | —  |
| **IMAY** | —  | —  |
| **INOV** | 1037144  | —  |

---

528<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Indefinite** <br>**Short-Term** | **Indefinite** <br>**Long-Term**  |
| **IOCT** | $20521871  | $—  |
| **ISEP** | 6787477  | —  |
| **QBUF** | 12345057  | —  |
| **LAPR** | —  | —  |
| **LJAN** | —  | —  |
| **LJUL** | —  | —  |
| **LOCT** | —  | —  |
| **APRH** | —  | —  |
| **JANH** | —  | —  |
| **JULH** | —  | —  |
| **OCTH** | —  | —  |
| **APRJ** | —  | —  |
| **JANJ** | —  | —  |
| **JULJ** | —  | —  |
| **OCTJ** | —  | —  |
| **ZALT** | 17104572  | —  |
| **EALT** | 5312203  | —  |
| **XBAP** | 4128854  | —  |
| **XBJA** | 33061653  | —  |
| **XBJL** | 3426491  | —  |
| **XBOC** | 28546778  | —  |
| **XDSQ** | 1606140  | —  |
| **XTAP** | 1739132  | —  |
| **XTJA** | 4383754  | —  |
| **XTJL** | 1516508  | —  |
| **XTOC** | 4478345  | —  |
| **BAPR** | 36275644  | —  |
| **BAUG** | 25489371  | —  |
| **BDEC** | 19401978  | —  |
| **BFEB** | 15144015  | —  |
| **BJAN** | 47019509  | —  |
| **BJUL** | 10651971  | —  |
| **BJUN** | 5780879  | —  |
| **BMAR** | 11713580  | —  |
| **BMAY** | 2119983  | —  |
| **BNOV** | 35754960  | —  |
| **BOCT** | 43422596  | —  |
| **BSEP** | 13731122  | —  |
| **PAPR** | 153530442  | —  |
| **PAUG** | 71223261  | —  |
| **PDEC** | 146604236  | —  |
| **PFEB** | 92323467  | —  |
| **PJAN** | 192650923  | —  |
| **PJUL** | 55684840  | —  |
| **PJUN** | 26320415  | —  |
| **PMAR** | 62034705  | —  |
| **PMAY** | 11615889  | —  |

---

529<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Indefinite** <br>**Short-Term** | **Indefinite** <br>**Long-Term**  |
| **PNOV** | $273905386  | $—  |
| **POCT** | 167629015  | —  |
| **PSEP** | 98599927  | —  |
| **UAPR** | 22033918  | —  |
| **UAUG** | 25722433  | —  |
| **UDEC** | 16591118  | —  |
| **UFEB** | 11751975  | —  |
| **UJAN** | 53302940  | —  |
| **UJUL** | 3661530  | —  |
| **UJUN** | 3158339  | —  |
| **UMAR** | 8704393  | —  |
| **UMAY** | 277369  | —  |
| **UNOV** | 18801684  | —  |
| **UOCT** | 21833259  | —  |
| **USEP** | 14472045  | —  |
| **RBUF** | 4232757  | —  |
| **KAPR** | 12479092  | —  |
| **KAUG** | 13107952  | —  |
| **KDEC** | 640340  | —  |
| **KFEB** | 46874  | —  |
| **KJAN** | 43518326  | —  |
| **KJUL** | 9812351  | —  |
| **KJUN** | 1517216  | —  |
| **KMAR** | 9766  | —  |
| **KMAY** | 9401  | —  |
| **KNOV** | 942435  | —  |
| **KOCT** | 15148371  | —  |
| **KSEP** | 393302  | —  |
| **QBF** | 958106  |  |

---

To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders. During the current tax year ended October 31, 2025, the following capital loss carryforwards available were utilized:

---

| | |
|:---|:---|
|  | **Capital Loss** <br>**Carryforwards** <br>**Utilized**  |
| **EAPR** | $1266276  |
| **EJUL** | 6221598  |
| **ZAUG** | 15947  |
| **AJUL** | 92459  |
| **QTAP** | 128221  |
| **QTJL** | 748159  |
| **IMAY** | 1546  |
| **LJAN** | 23312  |
| **LOCT** | 4415  |
| **XBAP** | 537392  |
| **XTJL** | 605274  |
| **BJUL** | 145055  |
| **BMAY** | 3842759  |
| **UMAY** | 1984079 |

---

530<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**October 31, 2025(Continued)** 

All other Funds did not utilize any capital loss carryforwards during the fiscal year or period ended October 31, 2025.

The tax character of the distributions paid by the Funds during the fiscal years ended October 31, 2025 and October 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025 Distributions paid from:**  | **2025 Distributions paid from:**  | **2025 Distributions paid from:**  | **2025 Distributions paid from:**  |
|  | **Net Ordinary** <br>**Income** | **Net Long-Term** <br>**Capital Gains** | **Return of** <br>**Capital** | **Total** <br>**Distributions Paid**  |
| **LAPR** | $251225  | &nbsp;&nbsp;&nbsp; $—  | $54940  | &nbsp;&nbsp;&nbsp; $306165  |
| **LJAN** | 581548  | &nbsp;&nbsp;&nbsp; —  | 34147  | &nbsp;&nbsp;&nbsp; 615695  |
| **LJUL** | 177344  | &nbsp;&nbsp;&nbsp; —  | 35370  | &nbsp;&nbsp;&nbsp; 212714  |
| **LOCT** | 826531  | &nbsp;&nbsp;&nbsp; —  | —  | &nbsp;&nbsp;&nbsp; 826531  |
| **APRH** | 1393443  | &nbsp;&nbsp;&nbsp; 385556  | —  | &nbsp;&nbsp;&nbsp; 1778999  |
| **JANH** | 589452  | &nbsp;&nbsp;&nbsp; 117669  | —  | &nbsp;&nbsp;&nbsp; 707121  |
| **JULH** | 1016604  | &nbsp;&nbsp;&nbsp; 192260  | —  | &nbsp;&nbsp;&nbsp; 1208864  |
| **OCTH** | 874850  | &nbsp;&nbsp;&nbsp; 320193  | —  | &nbsp;&nbsp;&nbsp; 1195043  |
| **APRJ** | 1687450  | &nbsp;&nbsp;&nbsp; 250368  | —  | &nbsp;&nbsp;&nbsp; 1937818  |
| **JANJ** | 795646  | &nbsp;&nbsp;&nbsp; 151937  | —  | &nbsp;&nbsp;&nbsp; 947583  |
| **JULJ** | 994289  | &nbsp;&nbsp;&nbsp; 110586  | —  | &nbsp;&nbsp;&nbsp; 1104875  |
| **OCTJ** | 836904  | &nbsp;&nbsp;&nbsp; 247576  | 21232  | &nbsp;&nbsp;&nbsp; 1105712 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024 Distributions paid from:**  | **2024 Distributions paid from:**  | **2024 Distributions paid from:**  | **2024 Distributions paid from:**  |
|  | **Net Ordinary** <br>**Income** | **Net Long-Term** <br>**Capital Gains** | **Return of** <br>**Capital** | **Total** <br>**Distributions Paid**  |
| **LAPR** | $87613 | &nbsp;&nbsp;&nbsp; $— | $29719 | &nbsp;&nbsp;&nbsp; $117332  |
| **LJAN** | 417456 | &nbsp;&nbsp;&nbsp; — | 162312 | &nbsp;&nbsp;&nbsp; 579768  |
| **LJUL** | 30568 | &nbsp;&nbsp;&nbsp; — | 10938 | &nbsp;&nbsp;&nbsp; 41506  |
| **LOCT** | 735995 | &nbsp;&nbsp;&nbsp; — | 384786 | &nbsp;&nbsp;&nbsp; 1120781  |
| **APRH** | 1390861 | &nbsp;&nbsp;&nbsp; 462508 | 92364 | &nbsp;&nbsp;&nbsp; 1945733  |
| **JANH** | 387862 | &nbsp;&nbsp;&nbsp; 87730 |  | &nbsp;&nbsp;&nbsp; 475592  |
| **JULH** | 1346076 | &nbsp;&nbsp;&nbsp; 302010 |  | &nbsp;&nbsp;&nbsp; 1648086  |
| **OCTH** | 1062394 | &nbsp;&nbsp;&nbsp; 287010 | 99745 | &nbsp;&nbsp;&nbsp; 1449149  |
| **APRJ** | 1919828 | &nbsp;&nbsp;&nbsp; 529484 | 30654 | &nbsp;&nbsp;&nbsp; 2479966  |
| **JANJ** | 853128 | &nbsp;&nbsp;&nbsp; 129365 |  | &nbsp;&nbsp;&nbsp; 982493  |
| **JULJ** | 1334589 | &nbsp;&nbsp;&nbsp; 219971 |  | &nbsp;&nbsp;&nbsp; 1554560  |
| **OCTJ** | 1192241 | &nbsp;&nbsp;&nbsp; 226849 | 24164 | &nbsp;&nbsp;&nbsp; 1443254 |

---

All other Funds did not pay any distributions during the fiscal years ended October 31, 2025 and October 31, 2024.

7. SUBSEQUENT EVENT

On December 1, 2025, Goldman Sachs announced an agreement to acquire 100% of Innovator Capital Management LLC, advisor to the Funds, subject to regulatory approval and other customary closing conditions. Once the transaction is complete, the business will be wholly owned under Goldman Sachs Asset Management and the investment management and service providers will remain the same. It is expected that Innovator's more than 70 employees will join Goldman Sachs Asset Management, with minimal disruption to operations. The transaction is expected to close in the second quarter of 2026.

Management has evaluated the impact of all subsequent events of the Funds through the date the financial statements were issued and has determined there were no other subsequent events requiring recognition or disclosure in the financial statements.

531<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders and Board of Trustees of Innovator ETFs Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and options written, of Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly, Innovator 20+ Year Treasury Bond 9 Buffer ETF - July, Innovator Defined Wealth Shield ETF, Innovator Emerging Markets 10 Buffer ETF - Quarterly, Innovator Emerging Markets Power Buffer ETF - April, Innovator Emerging Markets Power Buffer ETF - January, Innovator Emerging Markets Power Buffer ETF - July, Innovator Emerging Markets Power Buffer ETF - October, Innovator Equity Defined Protection ETF - 1 Yr April, Innovator Equity Defined Protection ETF - 1 Yr August, Innovator Equity Defined Protection ETF - 1 Yr December, Innovator Equity Defined Protection ETF - 1 Yr February, Innovator Equity Defined Protection ETF - 1 Yr January, Innovator Equity Defined Protection ETF - 1 Yr July, Innovator Equity Defined Protection ETF - 1 Yr June, Innovator Equity Defined Protection ETF - 1 Yr March, Innovator Equity Defined Protection ETF - 1 Yr May, Innovator Equity Defined Protection ETF - 1 Yr November, Innovator Equity Defined Protection ETF - 1 Yr October, Innovator Equity Defined Protection ETF - 1 Yr September, Innovator Equity Defined Protection ETF - 2 Yr to April 2026, Innovator Equity Defined Protection ETF - 2 Yr to April 2027, Innovator Equity Defined Protection ETF - 2 Yr to January 2026, Innovator Equity Defined Protection ETF - 2 Yr to January 2027, Innovator Equity Defined Protection ETF - 2 Yr to July 2027 (formerly Innovator Equity Defined Protection ETF - 2 Yr to July 2025), Innovator Equity Defined Protection ETF - 2 Yr to July 2026, Innovator Equity Defined Protection ETF - 2 Yr to October 2026, Innovator Equity Defined Protection ETF - 2 Yr to October 2027, Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct, Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul, Innovator Equity Dual Directional 10 Buffer ETF – July, Innovator Equity Dual Directional 10 Buffer ETF – November, Innovator Equity Dual Directional 10 Buffer ETF – October, Innovator Equity Dual Directional 10 Buffer ETF – September, Innovator Equity Dual Directional 15 Buffer ETF – July, Innovator Equity Dual Directional 15 Buffer ETF – November, Innovator Equity Dual Directional 15 Buffer ETF – October, Innovator Equity Dual Directional 15 Buffer ETF – September, Innovator Growth Accelerated ETF - Quarterly, Innovator Growth Accelerated Plus ETF - April, Innovator Growth Accelerated Plus ETF - January, Innovator Growth Accelerated Plus ETF - July, Innovator Growth Accelerated Plus ETF - October, Innovator Growth-100 Power Buffer ETF - April, Innovator Growth-100 Power Buffer ETF - August, Innovator Growth-100 Power Buffer ETF – December, Innovator Growth-100 Power Buffer ETF – February, Innovator Growth-100 Power Buffer ETF - January, Innovator Growth-100 Power Buffer ETF - July, Innovator Growth-100 Power Buffer ETF - June, Innovator Growth-100 Power Buffer ETF – March, Innovator Growth-100 Power Buffer ETF – May, Innovator Growth-100 Power Buffer ETF - November, Innovator Growth-100 Power Buffer ETF - October, Innovator Growth-100 Power Buffer ETF - September, Innovator International Developed 10 Buffer ETF - Quarterly, Innovator International Developed Power Buffer ETF - April, Innovator International Developed Power Buffer ETF - August, Innovator International Developed Power Buffer ETF - December, Innovator International Developed Power Buffer ETF - February, Innovator International Developed Power Buffer ETF - January, Innovator International Developed Power Buffer ETF - July, Innovator International Developed Power Buffer ETF - June, Innovator International Developed Power Buffer ETF - March, Innovator International Developed Power Buffer ETF - May, Innovator International Developed Power Buffer ETF - November, Innovator International Developed Power Buffer ETF - October, Innovator International Developed Power Buffer ETF - September, Innovator Nasdaq-100 10 Buffer ETF - Quarterly, Innovator Premium Income 15 Buffer ETF - April, Innovator Premium Income 15 Buffer ETF - January, Innovator Premium Income 15 Buffer ETF - July, Innovator Premium Income 15 Buffer ETF - October, Innovator Premium Income 20 Barrier ETF - April, Innovator Premium Income 20 Barrier ETF - January, Innovator Premium Income 20 Barrier ETF - July, Innovator Premium Income 20 Barrier ETF - October, Innovator Premium Income 30 Barrier ETF - April, Innovator Premium Income 30 Barrier ETF - January, Innovator Premium Income 30 Barrier ETF - July, Innovator Premium Income 30 Barrier ETF - October, Innovator U.S. Equity 10 Buffer ETF - Quarterly, Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly, Innovator U.S. Equity Accelerated 9 Buffer ETF - April, Innovator U.S. Equity Accelerated 9 Buffer ETF - January, Innovator U.S. Equity Accelerated 9 Buffer ETF - July, Innovator U.S. Equity Accelerated 9 Buffer ETF - October, Innovator U.S. Equity Accelerated ETF - Quarterly, Innovator U.S. Equity Accelerated Plus ETF - April, Innovator U.S. Equity Accelerated Plus ETF - January, Innovator U.S. Equity Accelerated Plus ETF - July, Innovator U.S. Equity Accelerated Plus ETF - October, Innovator U.S. Equity Buffer ETF - April, Innovator U.S. Equity Buffer ETF - August, Innovator U.S. Equity Buffer ETF - December, Innovator U.S. Equity Buffer ETF - February, Innovator U.S. Equity Buffer ETF - January, Innovator U.S. Equity Buffer ETF - July, Innovator U.S. Equity Buffer ETF - June, Innovator U.S. Equity Buffer ETF - March, Innovator U.S. Equity Buffer ETF - May, Innovator U.S. Equity Buffer ETF - November,

532<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

Innovator U.S. Equity Buffer ETF - October, Innovator U.S. Equity Buffer ETF - September, Innovator U.S. Equity Power Buffer ETF - April, Innovator U.S. Equity Power Buffer ETF - August, Innovator U.S. Equity Power Buffer ETF - December, Innovator U.S. Equity Power Buffer ETF - February, Innovator U.S. Equity Power Buffer ETF - January, Innovator U.S. Equity Power Buffer ETF - July, Innovator U.S. Equity Power Buffer ETF - June, Innovator U.S. Equity Power Buffer ETF - March, Innovator U.S. Equity Power Buffer ETF - May, Innovator U.S. Equity Power Buffer ETF - November, Innovator U.S. Equity Power Buffer ETF - October, Innovator U.S. Equity Power Buffer ETF - September, Innovator U.S. Equity Ultra Buffer ETF - April, Innovator U.S. Equity Ultra Buffer ETF - August, Innovator U.S. Equity Ultra Buffer ETF - December, Innovator U.S. Equity Ultra Buffer ETF - February, Innovator U.S. Equity Ultra Buffer ETF - January, Innovator U.S. Equity Ultra Buffer ETF - July, Innovator U.S. Equity Ultra Buffer ETF - June, Innovator U.S. Equity Ultra Buffer ETF - March, Innovator U.S. Equity Ultra Buffer ETF - May, Innovator U.S. Equity Ultra Buffer ETF - November, Innovator U.S. Equity Ultra Buffer ETF - October, Innovator U.S. Equity Ultra Buffer ETF - September, Innovator U.S. Small Cap 10 Buffer ETF - Quarterly, Innovator U.S. Small Cap Power Buffer ETF - April, Innovator U.S. Small Cap Power Buffer ETF - August, Innovator U.S. Small Cap Power Buffer ETF – December, Innovator U.S. Small Cap Power Buffer ETF – February, Innovator U.S. Small Cap Power Buffer ETF - January, Innovator U.S. Small Cap Power Buffer ETF - July, Innovator U.S. Small Cap Power Buffer ETF - June, Innovator U.S. Small Cap Power Buffer ETF – March, Innovator U.S. Small Cap Power Buffer ETF – May, Innovator U.S. Small Cap Power Buffer ETF - November, Innovator U.S. Small Cap Power Buffer ETF – October, Innovator U.S. Small Cap Power Buffer ETF – September, and Innovator Uncapped Bitcoin 20 Floor ETF – Quarterly (the "Funds"), each a series of Innovator ETFs Trust, as of October 31, 2025, the related statements of operations**,** the statements of changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

533<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations**  | **Statement(s) of** <br>**Changes in** <br>**Net Assets** | **Financial Highlights**  |
| Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly, Innovator 20+ Year Treasury Bond 9 Buffer ETF - July, Innovator Emerging Markets Power Buffer ETF - January, Innovator Emerging Markets Power Buffer ETF - July, Innovator Growth-100 Power Buffer ETF - April, Innovator Growth-100 Power Buffer ETF - January, Innovator Growth-100 Power Buffer ETF - July, Innovator Growth-100 Power Buffer ETF - October, Innovator International Developed Power Buffer ETF - January, Innovator International Developed Power Buffer ETF - July, Innovator U.S. Equity Buffer ETF - April, Innovator U.S. Equity Buffer ETF - August, Innovator U.S. Equity Buffer ETF - December, Innovator U.S. Equity Buffer ETF - February, Innovator U.S. Equity Buffer ETF - January, Innovator U.S. Equity Buffer ETF - July, Innovator U.S. Equity Buffer ETF - June, Innovator U.S. Equity Buffer ETF - March, Innovator U.S. Equity Buffer ETF - May, Innovator U.S. Equity Buffer ETF - November, Innovator U.S. Equity Buffer ETF - October, Innovator U.S. Equity Buffer ETF - September, Innovator U.S. Equity Power Buffer ETF - April, Innovator U.S. Equity Power Buffer ETF - August, Innovator U.S. Equity Power Buffer ETF - December, Innovator U.S. Equity Power Buffer ETF - February, Innovator U.S. Equity Power Buffer ETF - January, Innovator U.S. Equity Power Buffer ETF - July, Innovator U.S. Equity Power Buffer ETF - June, Innovator U.S. Equity Power Buffer ETF - March, Innovator U.S. Equity Power Buffer ETF - May, Innovator U.S. Equity Power Buffer ETF - November, Innovator U.S. Equity Power Buffer ETF - October, Innovator U.S. Equity Power Buffer ETF - September, Innovator U.S. Equity Ultra Buffer ETF - April, Innovator U.S. Equity Ultra Buffer ETF - August, Innovator U.S. Equity Ultra Buffer ETF - December, Innovator U.S. Equity Ultra Buffer ETF - February, Innovator U.S. Equity Ultra Buffer ETF - January, Innovator U.S. Equity Ultra Buffer ETF - July, Innovator U.S. Equity Ultra Buffer ETF - June, Innovator U.S. Equity Ultra Buffer ETF - March, Innovator U.S. Equity Ultra Buffer ETF - May, Innovator U.S. Equity Ultra Buffer ETF - November, Innovator U.S. Equity Ultra Buffer ETF - October, Innovator U.S. Equity Ultra Buffer ETF - September, Innovator U.S. Small Cap Power Buffer ETF - April, Innovator U.S. Small Cap Power Buffer ETF - January, Innovator U.S. Small Cap Power Buffer ETF - July, and Innovator U.S. Small Cap Power Buffer ETF – October | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, 2022, and 2021  |
| Innovator Emerging Markets Power Buffer ETF - April, Innovator Growth Accelerated ETF – Quarterly, Innovator Growth Accelerated Plus ETF - April, Innovator International Developed Power Buffer ETF - April, Innovator U.S. Equity Accelerated 9 Buffer ETF - April, Innovator U.S. Equity Accelerated ETF - Quarterly, and Innovator U.S. Equity Accelerated Plus ETF - April  | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, and 2022, and for the period from March 31, 2021 (commencement of operations) through October 31, 2021  |

---

534<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations**  | **Statement(s) of** <br>**Changes in** <br>**Net Assets** | **Financial Highlights**  |
| Innovator Defined Wealth Shield ETF, Innovator Growth Accelerated Plus ETF - July, Innovator U.S. Equity Accelerated 9 Buffer ETF - July, and Innovator U.S. Equity Accelerated Plus ETF - July | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, and 2022, and for the period from June 30, 2021 (commencement of operations) through October 31, 2021  |
| Innovator Emerging Markets Power Buffer ETF - October, Innovator Growth Accelerated Plus ETF – October, Innovator International Developed Power Buffer ETF - October, Innovator U.S. Equity Accelerated 9 Buffer ETF - October, and Innovator U.S. Equity Accelerated Plus ETF – October | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, and 2022, and for the period from September 30, 2021 (commencement of operations) through October 31, 2021  |
| Innovator Growth Accelerated Plus ETF – January, Innovator U.S. Equity Accelerated 9 Buffer ETF – January, and Innovator U.S. Equity Accelerated Plus ETF – January | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, and 2023, and for the period from December 31, 2021 (commencement of operations) through October 31, 2022  |
| Innovator Premium Income 20 Barrier ETF – April and Innovator Premium Income 30 Barrier ETF – April | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025 and 2024 and for the period from March 31, 2023 (commencement of operations) through October 31, 2023  |
| Innovator Premium Income 20 Barrier ETF – July and Innovator Premium Income 30 Barrier ETF – July  | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025 and 2024 and for the period from June 30, 2023 (commencement of operations) through October 31, 2023  |
| Innovator Equity Defined Protection ETF – 2 Yr to July 2027 (formerly Innovator Equity Defined Protection ETF - 2 Yr to July 2025) | For the year ended October 31, 2025 | For the years ended <br>October 31, 2025 and 2024 | For the year ended October 31, 2025, 2024, and for the period from July 17, 2023 (commencement of operations) through October 31, 2023  |
| Innovator International Developed Power Buffer ETF - September | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the year ended October 31, 2025, 2024, and for the period from August 31, 2023 (commencement of operations) through October 31, 2023  |

---

535<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations**  | **Statement(s) of** <br>**Changes in** <br>**Net Assets** | **Financial Highlights**  |
| Innovator Premium Income 15 Buffer ETF – October, Innovator Premium Income 20 Barrier ETF – October, Innovator Premium Income 30 Barrier ETF – October, Innovator U.S. Equity 10 Buffer ETF – Quarterly, and Innovator U.S. Equity 5 to 15 Buffer ETF – Quarterly | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025 and 2024 and for the period from September 29, 2023, (commencement of operations) through October 31, 2023  |
| Innovator International Developed Power Buffer ETF - November | For the year ended October 31, 2025 | For the years ended <br>October 31, 2025 and 2024 | For the year ended October 31, 2025, 2024, and for the period from October 31, 2023 (commencement of operations) through October 31, 2023  |
| Innovator International Developed Power Buffer ETF - December  | For the year ended October 31, 2025 | For the year ended October 31, 2025, and for the period from November 30, 2023 (commencement of operations) through October 31, 2024  | For the year ended October 31, 2025, and for the period from November 30, 2023 (commencement of operations) through October 31, 2024  |
| Innovator Equity Defined Protection ETF - 2 Yr to January 2026, Innovator Premium Income 15 Buffer ETF – January, Innovator Premium Income 20 Barrier ETF – January, and Innovator Premium Income 30 Barrier ETF – January | For the year ended <br>October 31, 2025 | For the year ended October 31, 2025, and for the period from December 29, 2023 (commencement of operations) through October 31, 2024  | For the year ended October 31, 2025, and for the period from December 29, 2023 (commencement of operations) through October 31, 2024  |
| Innovator International Developed Power Buffer ETF - February | For the year ended <br>October 31, 2025 | For the year ended October 31, 2025, and for the period from January 31, 2024 (commencement of operations) through October 31, 2024  | For the year ended October 31, 2025, and for the period from January 31, 2024 (commencement of operations) through October 31, 2024  |
| Innovator International Developed Power Buffer ETF - March | For the year ended October 31, 2025 | For the year ended October 31, 2025, and for the period from February 29, 2024 (commencement of operations) through October 31, 2024  | For the year ended October 31, 2025, and for the period from February 29, 2024 (commencement of operations) through October 31, 2024  |
| Innovator Equity Defined Protection ETF - 2 Yr to April 2026, and Innovator Premium Income 15 Buffer ETF – April | For the year ended <br>October 31, 2025 | For the year ended October 31, 2025, and for the period from March 28, 2024 (commencement of operations) through October 31, 2024  | For the year ended October 31, 2025, and for the period from March 28, 2024 (commencement of operations) through October 31, 2024  |
| Innovator International Developed Power Buffer ETF - May | For the year ended <br>October 31, 2025 | For the year ended October 31, 2025, and for the period from April 30, 2024 (commencement of operations) through October 31, 2024  | For the year ended October 31, 2025, and for the period from April 30, 2024 (commencement of operations) through October 31, 2024  |
| Innovator Growth-100 Power Buffer ETF – June, Innovator International Developed Power Buffer ETF – June, and Innovator U.S. Small Cap Power Buffer ETF – June | For the year ended <br>October 31, 2025 | For the year ended October 31, 2025, and for the period from May 31, 2024 (commencement of operations) through October 31, 2024  | For the year ended October 31, 2025, and for the period from May 31, 2024 (commencement of operations) through October 31, 2024  |

---

536<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations**  | **Statement(s) of** <br>**Changes in** <br>**Net Assets** | **Financial Highlights**  |
| Innovator Emerging Markets 10 Buffer ETF – Quarterly, Innovator Equity Defined Protection ETF - 1 Yr July, Innovator Equity Defined Protection ETF - 2 Yr to July 2026, Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul, Innovator International Developed 10 Buffer ETF – Quarterly, Innovator Nasdaq-100 10 Buffer ETF – Quarterly, Innovator Premium Income 15 Buffer ETF – July, and Innovator U.S. Small Cap 10 Buffer ETF - Quarterly | For the year ended <br>October 31, 2025 | For the year ended October 31, 2025, and for the period from June 28, 2024 (commencement of operations) through October 31, 2024  | For the year ended October 31, 2025, and for the period from June 28, 2024 (commencement of operations) through October 31, 2024  |
| Innovator Equity Defined Protection ETF - 1 Yr August, Innovator Growth-100 Power Buffer ETF – August, Innovator International Developed Power Buffer ETF – August, and Innovator U.S. Small Cap Power Buffer ETF – August | For the year ended October 31, 2025 | For the year ended October 31, 2025, and for the period from July 31, 2024 (commencement of operations) through October 31, 2024  | For the year ended October 31, 2025, and for the period from July 31, 2024 (commencement of operations) through October 31, 2024  |
| Innovator Equity Defined Protection ETF - 1 Yr September, Innovator Growth-100 Power Buffer ETF – September, and Innovator U.S. Small Cap Power Buffer ETF – September | For the year ended October 31, 2025 | For the year ended October 31, 2025, and for the period from August 30, 2024 (commencement of operations) through October 31, 2024  | For the year ended October 31, 2025, and for the period from August 30, 2024 (commencement of operations) through October 31, 2024  |
| Innovator Equity Defined Protection ETF - 1 Yr October, Innovator Equity Defined Protection ETF - 2 Yr to October 2026, and Innovator Equity Defined Protection <br>ETF - 6 Mo Apr/Oct | For the year ended October 31, 2025 | For the year ended October 31, 2025, and for the period from September 30, 2024 (commencement of operations) through October 31, 2024  | For the year ended October 31, 2025, and for the period from September 30, 2024 (commencement of operations) through October 31, 2024  |
| Innovator Equity Defined Protection ETF - 1 Yr November, Innovator Growth-100 Power Buffer ETF – November, and Innovator U.S. Small Cap Power Buffer ETF - November | For the year ended October 31, 2025 | For the year ended October 31, 2025, and for the period from October 31, 2024 (commencement of operations) through October 31, 2024  | For the year ended October 31, 2025, and for the period from October 31, 2024 (commencement of operations) through October 31, 2024  |
| Innovator Equity Defined Protection ETF - 1 Yr December, Innovator Growth-100 Power Buffer ETF - December, and Innovator U.S. Small Cap Power Buffer ETF - December | For the period from November 29, 2024 (commencement of operations) through October 31, 2025  | For the period from November 29, 2024 (commencement of operations) through October 31, 2025  | For the period from November 29, 2024 (commencement of operations) through October 31, 2025  |
| Innovator Equity Defined Protection ETF - 1 Yr January and Innovator Equity Defined Protection ETF - 2 Yr to January 2027 | For the period from December 31, 2024 (commencement of operations) through October 31, 2025  | For the period from December 31, 2024 (commencement of operations) through October 31, 2025  | For the period from December 31, 2024 (commencement of operations) through October 31, 2025  |
| Innovator Equity Defined Protection ETF - 1 Yr February, Innovator Growth-100 Power Buffer ETF - February, and Innovator U.S. Small Cap Power Buffer ETF - February | For the period from January 31, 2025 (commencement of operations) through October 31, 2025  | For the period from January 31, 2025 (commencement of operations) through October 31, 2025  | For the period from January 31, 2025 (commencement of operations) through October 31, 2025  |
| Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly | For the period from February 5, 2025 (commencement of operations) through October 31, 2025  | For the period from February 5, 2025 (commencement of operations) through October 31, 2025  | For the period from February 5, 2025 (commencement of operations) through October 31, 2025  |
| Innovator Equity Defined Protection ETF - 1 Yr March, Innovator Growth-100 Power Buffer ETF - March, and Innovator U.S. Small Cap Power Buffer ETF - March | For the period from February 28, 2025 (commencement of operations) through October 31, 2025  | For the period from February 28, 2025 (commencement of operations) through October 31, 2025  | For the period from February 28, 2025 (commencement of operations) through October 31, 2025  |
| Innovator Equity Defined Protection ETF - 1 Yr April and Innovator Equity Defined Protection ETF - 2 Yr to April 2027 | For the period from March 31, 2025 (commencement of operations) through October 31, 2025  | For the period from March 31, 2025 (commencement of operations) through October 31, 2025  | For the period from March 31, 2025 (commencement of operations) through October 31, 2025  |
| Innovator Equity Defined Protection ETF - 1 Yr May, Innovator Growth-100 Power Buffer ETF - May, and Innovator U.S. Small Cap Power Buffer ETF - May | For the period from April 30, 2025 (commencement of operations) through October 31, 2025  | For the period from April 30, 2025 (commencement of operations) through October 31, 2025  | For the period from April 30, 2025 (commencement of operations) through October 31, 2025  |
| Innovator Equity Defined Protection ETF - 1 Yr June | For the period from May 30, 2025 (commencement of operations) through October 31, 2025  | For the period from May 30, 2025 (commencement of operations) through October 31, 2025  | For the period from May 30, 2025 (commencement of operations) through October 31, 2025  |

---

537<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations**  | **Statement(s) of** <br>**Changes in** <br>**Net Assets** | **Financial Highlights**  |
| Innovator Equity Dual Directional 10 Buffer ETF – July and Innovator Equity Dual Directional 15 Buffer ETF - July | For the period from June 30, 2025 (commencement of operations) through October 31, 2025  | For the period from June 30, 2025 (commencement of operations) through October 31, 2025  | For the period from June 30, 2025 (commencement of operations) through October 31, 2025  |
| Innovator Equity Dual Directional 10 Buffer ETF – September and Innovator Equity Dual Directional 15 Buffer ETF - September | For the period from August 29, 2025 (commencement of operations) through October 31, 2025  | For the period from August 29, 2025 (commencement of operations) through October 31, 2025  | For the period from August 29, 2025 (commencement of operations) through October 31, 2025  |
| Innovator Equity Defined Protection ETF - 2 Yr to October 2027, Innovator Equity Dual Directional 10 Buffer ETF - October, and Innovator Equity Dual Directional 15 Buffer ETF - October | For the period from September 30, 2025 (commencement of operations) through October 31, 2025  | For the period from September 30, 2025 (commencement of operations) through October 31, 2025  | For the period from September 30, 2025 (commencement of operations) through October 31, 2025  |
| Innovator Equity Dual Directional 10 Buffer ETF – November and Innovator Equity Dual Directional 15 Buffer ETF - November | For the period from October 31, 2025 (commencement of operations) through October 31, 2025 | For the period from October 31, 2025 (commencement of operations) through October 31, 2025 | For the period from October 31, 2025 (commencement of operations) through October 31, 2025 |

---

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of Innovator Capital Management, LLC's investment companies since 2017.

![](cc-kempf.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

December 29, 2025

538<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT** 

**AGREEMENT (Unaudited)** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND INVESTMENT SUB-ADVISORY AGREEMENT FOR THE FOLLOWING INNOVATOR FUNDS:**

**Innovator U.S. Equity Buffer ETFs – January, February, March, April, May, June, July, August, September, October, November, December** 

**Innovator U.S. Equity Power Buffer ETFs – January, February, March, April, May, June, July, August, September, October, November, December** 

**Innovator U.S. Equity Ultra Buffer ETFs – January, February, March, April, May, June, July, August, September, October, November, December** 

**Innovator Emerging Markets Power Buffer ETFs – January, April, July, October** 

**Innovator Growth-100 Power Buffer ETFs – January, February, March, April, May, June, July, August, September, October, November, December** 

**Innovator International Developed Power Buffer ETFs – January, February, March, April, May, June, July, August, September, October, November, December** 

**Innovator U.S. Small Cap Power Buffer ETFs – January, February, March, April, May, June, July, August, September, October, November, December** 

**Innovator 20+ Year Treasury Bond 5 Floor ETF – Quarterly** 

**Innovator 20+ Year Treasury Bond 9 Buffer ETF – July** 

**Innovator U.S. Equity Accelerated Plus ETFs – January, April, July, October** 

**Innovator U.S. Equity Accelerated 9 Buffer ETFs – January, April, July, October** 

**Innovator U.S. Equity Accelerated ETF – Quarterly** 

**Innovator Growth Accelerated Plus ETFs – January, April, July, October** 

**Innovator Growth Accelerated ETF – Quarterly** 

**Innovator Defined Wealth Shield ETF** 

**Innovator Premium Income 20 Barrier ETFs – January, April, July, October** 

**Innovator Premium Income 30 Barrier ETFs – January, April, July, October** 

**Innovator Premium Income 15 Buffer ETFs – January, April, July, October** 

**Innovator Equity Defined Protection ETF - 2 Yr to 2026 – January, April, July, October** 

**Innovator U.S. Equity Buffer ETF - Quarterly – 5 to 15, 10** 

**Innovator Equity Defined Protection ETF - 2 Yr to 2027 – January, April, July, October** 

At a quarterly Board meeting held on June 25, 2025, the Trust's Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the "Adviser"), on behalf of the Innovator U.S. Equity Buffer ETFs – January, February, March, April, May, June, July, August, September, October, November, December, Innovator U.S. Equity Power Buffer ETFs – January, February, March, April, May, June, July, August, September, October, November, December, Innovator U.S. Equity Ultra Buffer ETFs – January, February, March, April, May, June, July, August, September, October, November, December, Innovator Emerging Markets Power Buffer ETFs – January, April, July, October, Innovator Growth-100 Power Buffer ETFs – January, February, March, April, May, June, July, August, September, October, November, December, Innovator International Developed Power Buffer ETFs – January, February, March, April, May, June, July, August, September, October, November, December, Innovator U.S. Small Cap Power Buffer ETFs – January, February, March, April, May, June, July, August, September, October, November, December, Innovator 20+ Year Treasury Bond 5 Floor ETF – Quarterly, Innovator 20+ Year Treasury Bond 9 Buffer ETF – July, Innovator U.S. Equity Accelerated Plus ETFs – January, April, July, October, Innovator U.S. Equity Accelerated 9 Buffer ETFs – January, April, July, October, Innovator U.S. Equity Accelerated ETF – Quarterly, Innovator Growth Accelerated Plus ETFs – January, April, July, October, Innovator Growth Accelerated ETF – Quarterly, Innovator Defined Wealth Shield ETF, Innovator Premium Income 20 Barrier ETFs – January, April, July, October, Innovator Premium Income 30 Barrier ETFs – January, April, July, October, Innovator Premium Income 15 Buffer ETFs – January, April, July, October, Innovator Equity Defined Protection ETF - 2 Yr to 2026 – January, April, July, October, Innovator U.S. Equity Buffer ETF - Quarterly – 5 to 15, 10, and Innovator Equity Defined Protection ETF - 2 Yr to 2027 – January, April, July, October (the "Funds"), and the Sub-Advisory Agreement among the Trust, on behalf of the Fund, the Adviser, Milliman Financial Risk Management LLC ("Milliman" or the "Sub-Adviser"), for an

539<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT** 

**AGREEMENT (Unaudited)(Continued)** 

additional year term. The Board determined that the agreements were in the best interests of the Funds in light of the extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisers with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the agreements, the Independent Trustees received a separate report from each of the Adviser and the Sub-Adviser in advance of the Meeting responding to a request for information provided on behalf of the Independent Trustees that, among other things, outlined the services provided by the Adviser and the Sub-Adviser to the Funds (including the relevant personnel responsible for these services and their experience); the unitary fee rate payable by each Fund as compared to fees charged to peer groups of the Funds and as compared to fees charged to other clients of the Adviser and the Sub-Adviser, including other ETFs managed by the Adviser and the Sub-Adviser; the expenses of the Funds as compared to expense ratios of the funds in the respective Fund's peer group; the nature of the expenses incurred in providing services to the Funds and the potential for economies of scale, if any; financial data on the Adviser and the Sub-Adviser; any fall-out benefits accruing to the Adviser or the Sub-Adviser; and information on the Adviser's and the Sub-Adviser's compliance programs. The Independent Trustees also met separately with their Independent Counsel to discuss the information provided by the Adviser and the Sub-Adviser. The Board applied its business judgment to determine whether the arrangements between the Trust and the Adviser and among the Trust, the Adviser and the Sub-Adviser are reasonable business arrangements from each Fund's perspective as well as from the perspective of each Fund's shareholders.

In evaluating whether to approve the agreements, the Board applied its business judgment and considered the nature, extent and quality of the services provided by the Adviser and Milliman pursuant to the agreements. With respect to the investment management agreement, the Board considered that the Adviser is responsible for the overall management and administration of the Funds and reviewed all of the services provided by the Adviser to the Funds, including oversight of Milliman, as well as the background and experience of the persons responsible for such services. The Board noted that the Adviser oversees Milliman's day-to-day management of each of the Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services provided, the Board noted the compliance program that had been developed by the Adviser included an adequate program for monitoring the Adviser's, Milliman's and each Fund's compliance with the 1940 Act, as well as each Fund's compliance with its investment objective and policies. With respect to the sub-advisory agreement, the Board reviewed the materials provided by Milliman and noted the background and experience of Milliman's portfolio management team and Milliman's investment style. In light of the information presented and the considerations made, the Board concluded that the nature, extent, and quality of the services provided to the Funds by the Adviser and Milliman under the agreements were expected to be satisfactory.

The Board considered the historical investment performance of each of the Funds (where applicable) for the respective one-, three-, and five-year periods ended March 31, 2025 including NAV, market, and respective index returns. The Board considered that the Adviser had successfully re-set the defined outcome periods for each of the relevant Funds which have come to the end of their applicable durations. The Board considered the unitary fee rate or management fee rate, as applicable, currently paid by each Fund under the investment management agreement for the services provided.

The Board noted that the Adviser is responsible for the Funds' expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees (if any), but excluding the fee payment under the investment management agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, and extraordinary expenses. The Board received and reviewed information for the Funds showing the advisory fee rates and expense ratios of the funds comprising of each Fund's peer group, as well as advisory fee rates charged by the Adviser and Milliman to other funds (including ETFs) and non-fund clients, as applicable.

540<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT** 

**AGREEMENT (Unaudited)(Continued)** 

In light of the information considered and the nature, extent and quality of the services provided to the Funds under the agreements, the Board determined that the unitary fee for each of the Funds, including the fee rate to be paid by the Adviser to Milliman from the unitary fee, was fair.

The Board noted that the unitary fee for each of the Funds were structured to pass the benefits of any economies of scale on to shareholders as the respective Fund's assets grow. The Board noted that any reduction in fixed costs associated with the management of the respective Fund would benefit the Adviser and Milliman, but that the unitary fee structure provides a level of certainty in expenses for each of the Funds. The Board noted that the Adviser is continuing to invest in personnel and infrastructure for the Innovator fund complex.

The Board reviewed profitability information in connection with the Funds.

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by the Adviser and Milliman. The Board concluded that the character and amount of potential fall-out benefits to the Adviser and Milliman were consistent with the types of benefits generally derived by investment managers and sub-advisers to funds.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the agreements are fair and that the approval of the agreements is in the best interests of the Funds. No single factor was determinative in the Board's analysis, and individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

541<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT** 

**AGREEMENT (Unaudited)** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND INVESTMENT SUB-ADVISORY AGREEMENT FOR THE FOLLOWING INNOVATOR FUNDS:** 

**Innovator Equity Dual Directional 10 Buffer ETF – July** 

**Innovator Equity Dual Directional 15 Buffer ETF – July** 

**Innovator Equity Dual Directional 10 Buffer ETF – September** 

**Innovator Equity Dual Directional 15 Buffer ETF – September** 

At a quarterly Board meeting held on June 25, 2025, the Trust's Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the "Adviser"), on behalf of the Innovator Equity Dual Directional 10 Buffer ETF – July, Innovator Equity Dual Directional 15 Buffer ETF – July, Innovator Equity Dual Directional 10 Buffer ETF – September and Innovator Equity Dual Directional 15 Buffer ETF - September (the "Funds"), and the Sub-Advisory Agreement among the Trust, on behalf of the Fund, the Adviser, Milliman Financial Risk Management LLC ("Milliman" or the "Sub-Adviser"), for an initial two-year term. The Board determined that the agreements were in the best interests of the Fund in light of the extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisers with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the agreements, the Independent Trustees received a separate report from each of the Adviser and the Sub-Adviser in advance of the Meeting responding to a request for information provided on behalf of the Independent Trustees that, among other things, outlined the services to be provided by the Adviser and the Sub-Adviser to the Funds (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate payable by each Fund as compared to fees charged to peer groups of the Funds and as compared to fees charged to other clients of the Adviser and the Sub-Adviser, including other ETFs managed by the Adviser and the Sub-Adviser; the estimated expenses of the Funds as compared to expense ratios of the funds in the respective Fund's peer group; the nature of the expenses to be incurred in providing services to the Funds and the potential for economies of scale, if any; financial data on the Adviser and the Sub-Adviser; any fall-out benefits accruing to the Adviser or the Sub-Adviser; and information on the Adviser's and the Sub-Adviser's compliance programs. The Independent Trustees also met separately with their Independent Counsel to discuss the information provided by the Adviser and the Sub-Adviser. The Board applied its business judgment to determine whether the arrangements between the Trust and the Adviser and among the Trust, the Adviser and the Sub-Adviser are reasonable business arrangements from each Fund's perspective as well as from the perspective of each Fund's shareholders.

In evaluating whether to approve the agreements, the Board applied its business judgment and considered the nature, extent and quality of the services to be provided by the Adviser and Milliman pursuant to the agreements. With respect to the investment management agreement, the Board considered that the Adviser will be responsible for the overall management and administration of the Funds and reviewed all of the services to be provided by the Adviser to the Funds, including oversight of Milliman, as well as the background and experience of the persons responsible for such services. The Board noted that the Adviser will oversee Milliman's day-to-day management of each of the Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services to be provided, the Board noted the compliance program that had been developed by the Adviser included an adequate program for monitoring the Adviser's, Milliman's and each Fund's compliance with the 1940 Act, as well as each Fund's compliance with its investment objective and policies. With respect to the sub-advisory agreement, the Board reviewed the materials provided by Milliman and noted the background and experience of Milliman's portfolio management team and Milliman's investment style. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to the Funds by the Adviser and Milliman under the agreements were expected to be satisfactory.

Since the Funds had yet to commence investment operations, the Board could not consider the historical investment performance of the Funds.

542<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT** 

**AGREEMENT (Unaudited)(Continued)** 

The Board considered the proposed unitary fee rate payable by the Fund under the investment management agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, the Fund would pay the Adviser a unitary fee equal to an annual rate of 0.79% of its average daily net assets. The Board considered that, from the unitary fee of the Fund, the Adviser would pay Milliman an annual sub-advisory fee based on the Fund's assets under management at a maximum rate of 0.12%.

The Board noted that the Adviser would be responsible for the Funds' expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees (if any), but excluding the fee payment under the investment management agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, and extraordinary expenses. The Board received and reviewed information for the Funds showing the advisory fee rates and expense ratios of the funds comprising of each Fund's peer group, as well as advisory fee rates charged by the Adviser and Milliman to other funds (including ETFs) and non-fund clients, as applicable. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Funds under the agreements, the Board determined that the proposed unitary fee for each of the Funds, including the fee rate to be paid by the Adviser to Milliman from the unitary fee, was fair.

The Board noted that the proposed unitary fee for each of the Funds was structured to pass the benefits of any economies of scale on to shareholders as the respective Fund's assets grow. The Board noted that any reduction in fixed costs associated with the management of the respective Fund would benefit the Adviser and Milliman, but that the unitary fee structure provides a level of certainty in expenses for each of the Funds. The Board noted that the Adviser is continuing to invest in personnel and infrastructure for the Innovator fund complex.

Because the Funds have not yet commenced operations and the actual asset base of the Funds has not yet been determined, the Board noted that there was no historical profitability information with respect to the Funds to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals of the agreements.

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by the Adviser and Milliman. The Board concluded that the character and amount of potential fall-out benefits to the Adviser and Milliman were consistent with the types of benefits generally derived by investment managers and sub-advisers to funds.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the agreements are fair and that the approval of the agreements is in the best interests of the Funds. No single factor was determinative in the Board's analysis, and individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

543<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT** 

**AGREEMENT (Unaudited)** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND INVESTMENT SUB-ADVISORY AGREEMENT FOR THE FOLLOWING INNOVATOR FUNDS:** 

**Innovator Equity Dual Directional 10 Buffer ETF – October** 

**Innovator Equity Dual Directional 15 Buffer ETF – October** 

**Innovator Equity Dual Directional 10 Buffer ETF – November** 

**Innovator Equity Dual Directional 15 Buffer ETF – November** 

At a quarterly Board meeting held on September 4, 2025, the Trust's Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the "Adviser"), on behalf of the Innovator Equity Dual Directional 10 Buffer ETF – October, Innovator Equity Dual Directional 15 Buffer ETF – October, Innovator Equity Dual Directional 10 Buffer ETF – November and Innovator Equity Dual Directional 15 Buffer ETF - November (the "Funds"), and the Sub-Advisory Agreement among the Trust, on behalf of the Fund, the Adviser, Milliman Financial Risk Management LLC ("Milliman" or the "Sub-Adviser"), for an initial two-year term. The Board determined that the agreements were in the best interests of the Fund in light of the extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisers with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the agreements, the Independent Trustees received a separate report from each of the Adviser and the Sub-Adviser in advance of the Meeting responding to a request for information provided on behalf of the Independent Trustees that, among other things, outlined the services to be provided by the Adviser and the Sub-Adviser to the Funds (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate payable by each Fund as compared to fees charged to peer groups of the Funds and as compared to fees charged to other clients of the Adviser and the Sub-Adviser, including other ETFs managed by the Adviser and the Sub-Adviser; the estimated expenses of the Funds as compared to expense ratios of the funds in the respective Fund's peer group; the nature of the expenses to be incurred in providing services to the Funds and the potential for economies of scale, if any; financial data on the Adviser and the Sub-Adviser; any fall-out benefits accruing to the Adviser or the Sub-Adviser; and information on the Adviser's and the Sub-Adviser's compliance programs. The Independent Trustees also met separately with their Independent Counsel to discuss the information provided by the Adviser and the Sub-Adviser. The Board applied its business judgment to determine whether the arrangements between the Trust and the Adviser and among the Trust, the Adviser and the Sub-Adviser are reasonable business arrangements from each Fund's perspective as well as from the perspective of each Fund's shareholders.

In evaluating whether to approve the agreements, the Board applied its business judgment and considered the nature, extent and quality of the services to be provided by the Adviser and Milliman pursuant to the agreements. With respect to the investment management agreement, the Board considered that the Adviser will be responsible for the overall management and administration of the Funds and reviewed all of the services to be provided by the Adviser to the Funds, including oversight of Milliman, as well as the background and experience of the persons responsible for such services. The Board noted that the Adviser will oversee Milliman's day-to-day management of each of the Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services to be provided, the Board noted the compliance program that had been developed by the Adviser included an adequate program for monitoring the Adviser's, Milliman's and each Fund's compliance with the 1940 Act, as well as each Fund's compliance with its investment objective and policies. With respect to the sub-advisory agreement, the Board reviewed the materials provided by Milliman and noted the background and experience of Milliman's portfolio management team and Milliman's investment style. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to the Funds by the Adviser and Milliman under the agreements were expected to be satisfactory.

Since the Funds had yet to commence investment operations, the Board could not consider the historical investment performance of the Funds.

544<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT** 

**AGREEMENT (Unaudited)(Continued)** 

The Board considered the proposed unitary fee rate payable by the Fund under the investment management agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, the Fund would pay the Adviser a unitary fee equal to an annual rate of 0.79% of its average daily net assets. The Board considered that, from the unitary fee of the Fund, the Adviser would pay Milliman an annual sub-advisory fee based on the Fund's assets under management at a maximum rate of 0.12%.

The Board noted that the Adviser would be responsible for the Funds' expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees (if any), but excluding the fee payment under the investment management agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, and extraordinary expenses. The Board received and reviewed information for the Funds showing the advisory fee rates and expense ratios of the funds comprising of each Fund's peer group, as well as advisory fee rates charged by the Adviser and Milliman to other funds (including ETFs) and non-fund clients, as applicable. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Funds under the agreements, the Board determined that the proposed unitary fee for each of the Funds, including the fee rate to be paid by the Adviser to Milliman from the unitary fee, was fair.

The Board noted that the proposed unitary fee for each of the Funds was structured to pass the benefits of any economies of scale on to shareholders as the respective Fund's assets grow. The Board noted that any reduction in fixed costs associated with the management of the respective Fund would benefit the Adviser and Milliman, but that the unitary fee structure provides a level of certainty in expenses for each of the Funds. The Board noted that the Adviser is continuing to invest in personnel and infrastructure for the Innovator fund complex.

Because the Funds have not yet commenced operations and the actual asset base of the Funds has not yet been determined, the Board noted that there was no historical profitability information with respect to the Funds to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals of the agreements.

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by the Adviser and Milliman. The Board concluded that the character and amount of potential fall-out benefits to the Adviser and Milliman were consistent with the types of benefits generally derived by investment managers and sub-advisers to funds.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the agreements are fair and that the approval of the agreements is in the best interests of the Funds. No single factor was determinative in the Board's analysis, and individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

545<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT** 

**AGREEMENT (Unaudited)** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND INVESTMENT SUB-ADVISORY AGREEMENT FOR THE FOLLOWING INNOVATOR FUND:** 

**Innovator Equity Defined Protection ETF - 1 Yr June** 

At a special Board meeting held on July 22, 2024, the Trust's Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the "Adviser"), on behalf of the Innovator Equity Defined Protection ETF - 1 Yr June (the "Fund"), and the Sub-Advisory Agreement among the Trust, on behalf of the Fund, the Adviser, Milliman Financial Risk Management LLC ("Milliman" or the "Sub-Adviser"), for an initial two-year term. The Board determined that the agreements were in the best interests of the Fund in light of the extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisers with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the agreements, the Independent Trustees received a separate report from each of the Adviser and the Sub-Adviser in advance of the Meeting responding to a request for information provided on behalf of the Independent Trustees that, among other things, outlined the services to be provided by the Adviser and the Sub-Adviser to the Fund (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate payable by the Fund as compared to fees charged to peer groups of the Fund and as compared to fees charged to other clients of the Adviser and the Sub-Adviser, including other ETFs managed by the Adviser and the Sub-Adviser; the estimated expenses of the Fund as compared to expense ratios of the funds in the Fund's peer group; the nature of the expenses to be incurred in providing services to the Fund and the potential for economies of scale, if any; financial data on the Adviser and the Sub-Adviser; any fall-out benefits accruing to the Adviser or the Sub-Adviser; and information on the Adviser's and the Sub-Adviser's compliance programs. The Independent Trustees also met separately with their Independent Counsel to discuss the information provided by the Adviser and the Sub-Adviser. The Board applied its business judgment to determine whether the arrangements between the Trust and the Adviser and among the Trust, the Adviser and the Sub-Adviser are reasonable business arrangements from the Fund's perspective as well as from the perspective of the Fund's shareholders.

In evaluating whether to approve the agreements, the Board applied its business judgment and considered the nature, extent and quality of the services to be provided by the Adviser and Milliman pursuant to the agreements. With respect to the investment management agreement, the Board considered that the Adviser will be responsible for the overall management and administration of the Fund and reviewed all of the services to be provided by the Adviser to the Fund, including oversight of Milliman, as well as the background and experience of the persons responsible for such services. The Board noted that the Adviser will oversee Milliman's day-to-day management of the Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services to be provided, the Board noted the compliance program that had been developed by the Adviser included an adequate program for monitoring the Adviser's, Milliman's and the Fund's compliance with the 1940 Act, as well as the Fund's compliance with its investment objective and policies. With respect to the sub-advisory agreement, the Board reviewed the materials provided by Milliman and noted the background and experience of Milliman's portfolio management team and Milliman's investment style. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to the Fund by the Adviser and Milliman under the agreements were expected to be satisfactory.

Since the Fund had yet to commence investment operations, the Board could not consider the historical investment performance of the Fund.

The Board considered the proposed unitary fee rate payable by the Fund under the investment management agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, the Fund would pay

546<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT** 

**AGREEMENT (Unaudited)(Continued)** 

the Adviser a unitary fee equal to an annual rate of 0.79% of its average daily net assets. The Board considered that, from the unitary fee of the Fund, the Adviser would pay Milliman an annual sub-advisory fee based on the Fund's assets under management at a maximum rate of 0.12%.

The Board noted that the Adviser would be responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees (if any), but excluding the fee payment under the investment management agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, and extraordinary expenses. The Board received and reviewed information for the Fund showing the advisory fee rates and expense ratios of the funds comprising of the Fund's peer group, as well as advisory fee rates charged by the Adviser and Milliman to other funds (including ETFs) and non-fund clients, as applicable. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Fund under the agreements, the Board determined that the proposed unitary fee for the Fund, including the fee rate to be paid by the Adviser to Milliman from the unitary fee, was fair.

The Board noted that the proposed unitary fee for the Fund was structured to pass the benefits of any economies of scale on to shareholders as the Fund's assets grow. The Board noted that any reduction in fixed costs associated with the management of the Fund would benefit the Adviser and Milliman, but that the unitary fee structure provides a level of certainty in expenses for the Fund. The Board noted that the Adviser is continuing to invest in personnel and infrastructure for the Innovator fund complex.

Because the Fund has not yet commenced operations and the actual asset base of the Fund has not yet been determined, the Board noted that there was no historical profitability information with respect to the Fund to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals of the agreements.

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by the Adviser and Milliman. The Board concluded that the character and amount of potential fall-out benefits to the Adviser and Milliman were consistent with the types of benefits generally derived by investment managers and sub-advisers to funds.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the agreements are fair and that the approval of the agreements is in the best interests of the Fund. No single factor was determinative in the Board's analysis, and individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

547<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Additional Information (Unaudited)** 

1. INFORMATION ABOUT PROSPECTUS

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus. Investors should consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. The prospectus contains this and other information relevant to an investment in the respective Fund. Please read the Prospectus carefully before investing. A copy of the Prospectus may be obtained without charge by writing to the Trust's Distributor, or by calling toll free at 1-800-208-5212 or visiting www.innovatoretfs.com.

2. PROXY VOTING POLICIES AND PROCEDURES

The Trust's Proxy Voting Policies and Procedures are available without charge, upon request, by calling 1-877-386-3890 and on the SEC's website at <u>www.sec.gov</u>. Information relating to how each Fund voted proxies relating to portfolio securities held during each year ended June 30 is also available on the SEC'S website at <u>www.sec.gov</u>.

3. INFORMATION ABOUT PORTFOLIO SECURITIES

Each Funds' complete schedule of portfolio holdings for the first and third quarters is filed with the SEC on Form N-Q or Part F of Form N-PORT (beginning with filings after March 31, 2020). The Trust's Form N-Q or Part F of Form N-PORT is available without charge, upon request, by calling 1-877-386-3890, or on the SEC's website at www.sec.gov. The Trust's Form N-Q or Part F of Form N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

4. HOUSEHOLD DELIVERY OF SHAREHOLDER DOCUMENTS

In order to reduce expenses, the Trust delivers one copy of an annual/semi-annual report, prospectus and/or proxy statement on behalf of two or more shareholders at a shared address (householding). If you do not wish to participate in householding, please indicate this preference on your new account application (if you are opening a new account) or call 1-877-FUND890 (877-386- 3890) to change the status of your existing account. You may change your status at any time.

5. ELECTRONIC DELIVERY OF SHAREHOLDER DOCUMENTS

You may choose to receive a Fund's prospectus and annual and semi-annual reports electronically. To sign up for electronic delivery, visit www.icsdelivery. com and select the first letter of your brokerage firm's name. Then, select your brokerage institution from the list that follows, fill out the appropriate information and provide an e-mail address where you would like your information sent. If your brokerage firm is not listed, electronic delivery may not be available. Please contact your brokerage firm or financial adviser.

6. TAX NOTICE

For the fiscal year ended October 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

For the taxable year ended October 31, 2025, the percentage of ordinary income dividends paid by the Funds that qualify for the dividends received deduction available to corporations was 0.00%.

For the taxable year ended October 31, 2025, the percentage of ordinary income distributions that were designated as short-term capital gain distributions under Internal Revenue Section 871(k)2(c) were, respectively:

---

| | |
|:---|:---|
|  | **% of Ordinary Income** <br>**Distributions Designated** <br>**as Short-Term Capital** <br>**Gain Distributions**  |
| **TFJL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **TBJL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BALT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **EBUF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |

---

548<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Additional Information (Unaudited)(Continued)** 

---

| | |
|:---|:---|
|  | **% of Ordinary Income** <br>**Distributions Designated** <br>**as Short-Term Capital** <br>**Gain Distributions**  |
| **EAPR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **EJAN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **EJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **EOCT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **ZAPR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **ZAUG** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **ZDEK** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **ZFEB** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **ZJAN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **ZJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **ZJUN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **ZMAR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **ZMAY** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **ZNOV** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **ZOCT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **ZSEP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **AAPR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **TAPR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **AJAN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **TJAN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **AJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **TJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **AOCT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **TOCT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **APOC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **JAJL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **DDTL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **DDTN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **DDTO** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **DDTS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **DDFL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **DDFN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **DDFO** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **DDFS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XDQQ** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **QTAP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **QTJA** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **QTJL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **QTOC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **NAPR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **NAUG** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **NDEC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **NFEB** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **NJAN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **NJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **NJUN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |

---

549<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Additional Information (Unaudited)(Continued)** 

---

| | |
|:---|:---|
|  | **% of Ordinary Income** <br>**Distributions Designated** <br>**as Short-Term Capital** <br>**Gain Distributions**  |
| **NMAR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **NMAY** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **NNOV** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **NOCT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **NSEP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **IBUF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **IAPR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **IAUG** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **IDEC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **IFEB** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **IJAN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **IJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **IJUN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **IMAR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **IMAY** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **INOV** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **IOCT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **ISEP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **QBUF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **LAPR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.51%  |
| **LJAN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.34%  |
| **LJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.14%  |
| **LOCT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28.42%  |
| **APRH** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31.68%  |
| **JANH** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32.92%  |
| **JULH** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27.50%  |
| **OCTH** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28.95%  |
| **APRJ** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.15%  |
| **JANJ** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.31%  |
| **JULJ** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.10%  |
| **OCTJ** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.84%  |
| **ZALT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **EALT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XBAP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XBJA** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XBJL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XBOC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XDSQ** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XTAP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XTJA** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XTJL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XTOC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BAPR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BAUG** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BDEC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BFEB** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |

---

550<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Additional Information (Unaudited)(Continued)** 

---

| | |
|:---|:---|
|  | **% of Ordinary Income** <br>**Distributions Designated** <br>**as Short-Term Capital** <br>**Gain Distributions**  |
| **BJAN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BJUN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BMAR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BMAY** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BNOV** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BOCT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BSEP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **PAPR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **PAUG** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **PDEC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **PFEB** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **PJAN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **PJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **PJUN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **PMAR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **PMAY** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **PNOV** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **POCT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **PSEP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **UAPR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **UAUG** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **UDEC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **UFEB** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **UJAN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **UJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **UJUN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **UMAR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **UMAY** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **UNOV** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **UOCT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **USEP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **RBUF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **KAPR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **KAUG** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **KDEC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **KFEB** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **KJAN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **KJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **KJUN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **KMAR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **KMAY** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **KNOV** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **KOCT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **KSEP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **QBF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% |

---

551<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**The below information is required disclosure from Form N-CSR** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Refer to information provided within financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Refer to information provided within financial statements.

552<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INVESTMENT ADVISOR** 

Innovator Capital Management, LLC

200 West Front Street

Wheaton, IL 60187

**INVESTMENT SUB-ADVISOR** 

Milliman Financial Risk Management, LLC

71 South Wacker Drive, 31<sup>st</sup> Floor

Chicago, IL 60606

**ADMINISTRATOR, FUND ACCOUNTANT & TRANSFER AGENT** 

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

**DISTRIBUTOR** 

Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

**CUSTODIAN** 

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

**LEGAL COUNSEL** 

Chapman and Cutler LLP

320 South Canal Street, 27<sup>th</sup> Floor

Chicago, IL 60606

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, WI 53202

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have
 reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
 of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the
 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded
 that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately
 recorded, processed, summarized and

reported and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are
 reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](itcf-efp19017_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information
 called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary
 for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting
 period. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](itcf-efp19017_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Innovator ETFs Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Bruce Bond |
|  | Bruce Bond, Principal Executive Officer |

---

Date <u>12/29/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Bruce Bond |
|  | Bruce Bond, Principal Executive Officer |

---

Date <u>12/29/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kathleen Meyer |
|  | Kathleen Meyer, Principal Financial Officer |

---

Date <u>12/29/2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Bruce Bond, certify that:

1. I have reviewed this report on Form N-CSR of Innovator ETFs Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 12/29/2025 | /s/ Bruce Bond |
|  |  | Bruce Bond<br> Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Kathleen Meyer, certify that:

1. I have reviewed this report on Form N-CSR of Innovator ETFs Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 12/29/2025 | /s/ Kathleen Meyer |
|  |  | Kathleen Meyer<br> Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Innovator ETFs Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Innovator ETFs Trust for the period ended October 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Innovator ETFs Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Bruce Bond | /s/ Kathleen Meyer |
| Bruce Bond<br> Principal Executive Officer,<br> Innovator ETFs Trust<br>| Kathleen Meyer<br> Principal Financial Officer,<br> Innovator ETFs Trust |

---

Dated: <u>12/29/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Innovator ETFs Trust for purposes of Section 18 of the Securities Exchange Act of 1934.