# EDGAR Filing Document

**Accession Number:** 0001415726
**File Stem:** 0001437749-23-004497
**Filing Date:** 2023-2
**Character Count:** 1213155
**Document Hash:** 282ee7f4483285696e5dad1da1f249ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-23-004497.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001437749-23-004497

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 100

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**EFFECTIVENESS DATE**: 20230224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Innovator ETFs Trust
- **CENTRAL INDEX KEY:** 0001415726
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22135
- **FILM NUMBER:** 23663957

**BUSINESS ADDRESS:**
- **STREET 1:** 109 NORTH HALE STREET
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187
- **BUSINESS PHONE:** 800-621-1675

**MAIL ADDRESS:**
- **STREET 1:** 109 NORTH HALE 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 Loup Frontier Tech ETF (Series ID: S000062244)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000201551 | Innovator Loup 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 Double Stacker ETF - October (Series ID: S000068877)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000220101 | Innovator Double Stacker ETF - October |  |

### Innovator Double Stacker 9 Buffer ETF - October (Series ID: S000069602)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000222026 | Innovator Double Stacker 9 Buffer ETF - October |  |

### Innovator Triple Stacker ETF - October (Series ID: S000069603)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000222027 | Innovator Triple Stacker ETF - October |  |

### Innovator Double Stacker 9 Buffer ETF - January (Series ID: S000070508)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000224017 | Innovator Double Stacker 9 Buffer ETF - January |  |

### Innovator Double Stacker ETF - January (Series ID: S000070517)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000224026 | Innovator Double Stacker ETF - January |  |

### Innovator Triple Stacker ETF - January (Series ID: S000070518)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000224027 | Innovator Triple Stacker ETF - January |  |

### Innovator U.S. Equity Accelerated ETF - April (Series ID: S000070747)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000224889 | Innovator U.S. Equity Accelerated ETF - April |  |

### 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 ETF - July (Series ID: S000072375)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000228554 | Innovator U.S. Equity Accelerated ETF - July |  |

### 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 U.S. Equity Accelerated ETF - October (Series ID: S000073672)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000230744 | Innovator U.S. Equity Accelerated 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 ETF - January (Series ID: S000074845)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000233112 | Innovator U.S. Equity Accelerated ETF - January |  |

### 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 Hedged TSLA Strategy ETF (Series ID: S000075941)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000235316 | Innovator Hedged TSLA 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 |  |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR/A**

**Amendment No. 1**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

**<u>Innovator ETFs Trust</u>**<br> (Exact name of registrant as specified in charter)

**<u>109 North Hale Street</u>**

**<u>Wheaton, IL 60187</u>**<br> (Address of principal executive offices) (Zip code)

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

**<u>320 South Canal Street, 27</u><u><sup>th</sup></u> <u>Floor</u>**

**<u>Chicago, IL 60606</u>**<br> (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, 2022</u>**

Date of reporting period: **<u>October 31, 2022</u>**

------

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

![tradcover.jpg](tradcover.jpg)

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Letter to Shareholders  | 3 |
| Fund Performance  | 5 |
| Expense Example  | 25 |
| Schedules of Investments  | 27 |
| Statements of Assets and Liabilities  | 55 |
| Statements of Operations  | 58 |
| Statements of Changes in Net Assets  | 62 |
| Financial Highlights  | 70 |
| Notes to Financial Statements  | 78 |
| Report of Independent Registered Public Accounting Firm  | 100 |
| Trustees and Officers  | 103 |
| Board Considerations Regarding Approval of Investment Management Agreement  | 105 |
| Additional Information  | 112 |

---

------

**INNOVATOR ETFs TRUST**

**Letter to Shareholders (Unaudited)**

Dear Valued Shareholders,

During the year ended October 31, 2022, the U.S. equity market continued its pull-back on the heels of the swiftest interest rate hike in U.S. history. For more than a decade, we witnessed the Federal Reserve institute Quantitative Easing in an effort to spur economic growth and keep interest rates artificially low; and for the most part it worked. However, as the country emerged from the COVID-19 lockdowns and restrictions, there were a few key factors that we believe have contributed to a slowdown and to the elevated market volatility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Record high inflation resulting both from supply chain disruptions and money supply growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A sharp and swift reversal in Fed policy, from highly accommodative to increasingly restrictive

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A process of revaluing future corporate earnings in light of the new interest rate regime

Yet, while it's important to identify short-term risks facing the economy, we believe that higher interest rates may ultimately lead to higher stock prices over time, as the increased prices of goods and services make their way through to the stock prices of the underlying companies. To that end, we think it's important to maintain a diversified approach to investing that includes tools that both focus on growth, as well as those that seek to defend against market loss.

At Innovator, we are rooted in the development of risk-managed, growth, and income-oriented ETF solutions. Today, I'm happy to announce that more advisors are using Innovator ETFs than ever before. 2022 was a year of tremendous growth for the firm, with our flagship line of Defined Outcome ETFs™ garnering more than $5b in net flows, nearly doubling Innovator's assets under management since this time last year.

On behalf of the team at Innovator, thank you for your confidence in us and in the products we offer. May the Lord grant all of us wisdom and peace in the months ahead.

![bond01.jpg](bond01.jpg)

Bruce Bond

Chief Executive Officer

------

**INNOVATOR ETFs TRUST**

**Letter to Shareholders (Unaudited) (Continued)**

*The views in this report were those of the Fund*'*s CEO as of October 31, 2022 and may not reflect his views on the date that this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.* 

------

**INNOVATOR IBD® 50 ETF**

**Fund Performance** 

**October 31, 2022 (Unaudited)** 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator IBD® 50 ETF from its inception (April 8, 2015) to October 31, 2022 as compared with the S&P 500® Index.

![ibd50chart.jpg](ibd50chart.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Average Annual Total Returns As of October 31, 2022** | **Average Annual Total Returns As of October 31, 2022** | **Average Annual Total Returns As of October 31, 2022** | **Average Annual Total Returns As of October 31, 2022** |
|  | **1 Year** | **3 Years** | **5 Years** | **Since Inception <sup>(a)</sup>** |
| Innovator IBD® 50 ETF |  |  |  |  |
| NAV Return | -47.90% | -7.54% | -4.66% | 0.66% |
| Market Return | -47.83% | -7.48% | -4.65% | 0.68% |
| S&P 500® Index | -14.61% | 10.22% | 10.44% | 10.61% |
| IBD® 50 Index <sup>(b)</sup> | -47.28% | -6.89% | N/A | -4.59 %<sup>(c)</sup> |

---

<sup>(a)</sup> Inception date is April 8, 2015. <br> <sup>(b)</sup> The Fund began tracking the IBD® 50 Index on November 20, 2017. <br> <sup>(c)</sup> Since Inception return is from the date the Fund began tracking the IBD® 50 Index, November 20, 2017.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 0.93% and 0.80%, respectively. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR IBD® 50 ETF**

**Fund Performance** 

**October 31, 2022 (Unaudited) (Continued)** 

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Total return calculations reflect the effect of the Advisor's expense limitation agreement for the Fund. Returns shown for the Fund, S&P 500® Index and IBD® 50 Index include the reinvestment of all dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The IBD® 50 Index is a weekly, rule–based, computer–generated stock index compiled and published by Investor's Business Daily® that seeks to identify the current top 50 growth stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/FFTY.

------

**INNOVATOR IBD**® **BREAKOUT OPPORTUNITIES ETF**

**Fund Performance** 

**October 31, 2022 (Unaudited)** 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator IBD® Breakout Opportunities ETF from its inception (September 12, 2018) to October 31, 2022 as compared with the S&P 500® Index and IBD® Breakout Stocks Index.

![ibdbreakoutchart.jpg](ibdbreakoutchart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns As of** <br> **October 31, 2022** | **Average Annual Total Returns As of** <br> **October 31, 2022** | **Average Annual Total Returns As of** <br> **October 31, 2022** |
|  | **1 Year** | **3 Years** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator IBD® Breakout Opportunities ETF |  |  |  |
| NAV Return | -15.98% | 16.42% | 5.13% |
| Market Return | -15.33% | 16.78% | 5.35% |
| S&P 500® Index | -14.61% | 10.22% | 9.21% |
| IBD® Breakout Stocks Index | -14.93% | 18.09% | 6.52% |

---

<sup>(a)</sup> Inception date is September 12, 2018.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.80%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR IBD**® **BREAKOUT OPPORTUNITIES ETF**

**Fund Performance** 

**October 31, 2022 (Unaudited) (Continued)** 

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund, S&P 500® Index and IBD® Breakout Stocks Index include the reinvestment of all dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The IBD® Breakout Stocks Index is a rule–based index compiled and published by Investor's Business Daily® that seeks to provide opportunistic investment exposure to those stocks with the potential to "break out" or experience a period of sustained price growth beyond the stock's recent "resistance level," with consideration for various market conditions.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/BOUT.

------

**INNOVATOR LOUP FRONTIER TECH ETF**

**Fund Performance** 

**October 31, 2022 (Unaudited)** 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Loup Frontier Tech ETF from its inception (July 24, 2018) to October 31, 2022 as compared with the Dow Jones Global Index and Loup Frontier Tech Index.

![loupfrontchart.jpg](loupfrontchart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns As of** <br> **October 31, 2022** | **Average Annual Total Returns As of** <br> **October 31, 2022** | **Average Annual Total Returns As of** <br> **October 31, 2022** |
|  | **1 Year** | **3 Years** | **Since** <br> **Inception <sup>(a)</sup>** |
| Innovator Loup Frontier Tech ETF |  |  |  |
| NAV Return | -47.60% | 7.40% | 3.83% |
| Market Return | -47.90% | 7.31% | 3.73% |
| Dow Jones Global Index | -20.32% | 4.69% | 4.54% |
| Loup Frontier Tech Index | -47.26% | 8.23% | 4.51% |

---

<sup>(a)</sup> Inception date is July 24, 2018.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.70%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR LOUP FRONTIER TECH ETF**

**Fund Performance** 

**October 31, 2022 (Unaudited) (Continued)** 

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund, Dow Jones Global Index and Loup Frontier Tech Index include the reinvestment of all dividends, if any.

The Dow Jones Global Index is an unmanaged, capitalization–weighted index generally representative of the global market.

The Loup Frontier Tech Index is a rules–based stock index that seeks to identify and track those companies identified as being on the frontier of the development of new technologies that have the potential to have an outsized influence on the future.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/LOUP.

------

**INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF**

**Fund Performance** 

**October 31, 2022 (Unaudited)** 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator S&P Investment Grade Preferred ETF from its inception (May 23, 2016) to October 31, 2022 as compared with the S&P U.S. High Quality Preferred Stock Index and the S&P U.S. Preferred Stock Index.

![spinvestprefchart.jpg](spinvestprefchart.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Average Annual Total Returns As of October 31, 2022** | **Average Annual Total Returns As of October 31, 2022** | **Average Annual Total Returns As of October 31, 2022** | **Average Annual Total Returns As of October 31, 2022** |
|  | **1 Year** | **3 Years** | **5 Years** | **Since Inception <sup>(a)</sup>** |
| Innovator S&P Investment Grade Preferred ETF |  |  |  |  |
| NAV Return | -22.27% | -4.71% | -0.72% | -0.03% |
| Market Return | -22.30% | -4.84% | -0.72% | -0.10% |
| S&P U.S. High Quality Preferred Stock Index | -22.07% | -4.37% | -0.32% | 0.44% |
| S&P U.S. Preferred Stock Index | -19.61% | -2.08% | 0.93% | 1.80% |

---

<sup>(a)</sup> Inception date is May 23, 2016.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.47%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF**

**Fund Performance** 

**October 31, 2022 (Unaudited) (Continued)** 

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund, S&P U.S. High Quality Preferred Stock Index and S&P U.S. Preferred Stock Index include the reinvestment of all dividends, if any.

The S&P U.S. High Quality Preferred Stock Index is designed to provide exposure to U.S. - listed preferred stocks that meet a minimum size, liquidity, type of issuance, and quality criteria.

The S&P U.S. Preferred Stock Index generally represents the U.S. preferred stock market.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at innovatoretfs.com/EPRF.

------

**INNOVATOR LADDERED ALLOCATION POWER BUFFER ETF**

**Fund Performance** 

**October 31, 2022 (Unaudited)** 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Laddered Allocation Power Buffer ETF from its inception (October 19, 2016) to October 31, 2022 as compared with the S&P 500® Index.

![laddpowbuffchart.jpg](laddpowbuffchart.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Average Annual Total Returns As of October 31, 2022** | **Average Annual Total Returns As of October 31, 2022** | **Average Annual Total Returns As of October 31, 2022** | **Average Annual Total Returns As of October 31, 2022** |
|  | **1 Year** | **3 Years** | **5 Years** | **Since Inception <sup>(a)</sup>** |
| Innovator Laddered Allocation Power Buffer ETF |  |  |  |  |
| NAV Return | -4.11% | -1.57% | 2.71% | 6.34% |
| Market Return | -4.18% | -1.49% | 2.73% | 6.37% |
| S&P 500® Index | -14.61% | 10.22% | 10.44% | 12.31% |
| Refinitiv Laddered Power Buffer Strategy Index <sup>(b)</sup> | -4.05% | N/A | N/A | 3.60 %<sup>(c)</sup> |

---

<sup>(a)</sup> Inception date is October 19, 2016.

<sup>(b)</sup> The Fund began tracking the Refinitiv Laddered Power Buffer Strategy Index on August 11, 2020.

<sup>(c)</sup> Since Inception return is cumulative and from the date the Fund began tracking the Refinitiv Laddered Power Buffer Strategy Index, August 11, 2020.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 0.99% and 0.89%, respectively. This expense ratio includes acquired fund fees and expenses of 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR LADDERED ALLOCATION POWER BUFFER ETF**

**Fund Performance** 

**October 31, 2022 (Unaudited) (Continued)** 

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund, Refinitiv Laddered Power Buffer Strategy Index and S&P 500® Index include the reinvestment of all dividends, if any.

The Refinitiv Laddered Power Buffer Strategy Index is equally weighted in the shares of the twelve Innovator U.S. Equity Power Buffer ETFs which each respectively seek to provide a defined outcome based upon the performance of the S&P 500® Index - Price Return over the course of an approximately one-year time period that begins on the first trading day of the month indicated in the respective ETF's name. Each Innovator U.S. Equity Power Buffer ETF seeks to provide an upside return that is capped for an applicable outcome period and a measure of downside protection from losses for such outcome period. The Index seeks to provide "laddered" investing in the twelve Innovator U.S. Equity Power Buffer ETFs. Laddered investing refers to investments in several similar securities that have different reset dates, with the goal of mitigating timing risks associated with investing in a single investment.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at innovatoretfs.com/BUFF.

------

**INNOVATOR LADDERED ALLOCATION BUFFER ETF**

**Fund Performance** 

**October 31, 2022 (Unaudited)** 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Laddered Allocation Buffer ETF from its inception (February 8, 2022) to October 31, 2022 as compared with the S&P 500® Index.

![laddbuffchart.jpg](laddbuffchart.jpg)

---

| | |
|:---|:---|
|  | **Total Returns As of**<br> **October 31, 2022** |
|  | **Since Inception <sup>(a)</sup>** |
| Innovator Laddered Allocation Buffer ETF |  |
| NAV Return | -7.72% |
| Market Return | -7.67% |
| S&P 500® Index | -13.35% |
| MerQube U.S. Large Cap Equity Buffer Laddered Index | -7.66% |

---

<sup>(a)</sup> Inception date is February 8, 2022.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 0.99% and 0.89%, respectively. This expense ratio includes acquired fund fees and expenses of 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR LADDERED ALLOCATION BUFFER ETF**

**Fund Performance** 

**October 31, 2022 (Unaudited) (Continued)** 

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund, MerQube U.S. Large Cap Equity Buffer Laddered Index and S&P 500® Index include the reinvestment of all dividends, if any.

The MerQube U.S. Large Cap Equity Buffer Laddered Index is equally weighted in the shares of the twelve Innovator U.S. Equity Buffer ETFs which each respectively seek to provide a defined outcome based upon the performance of the S&P 500® Index - Price Return over the course of an approximately one-year time period that begins on the first trading day of the month indicated in the respective ETF's name. Each Innovator U.S. Equity Buffer ETF seeks to provide an upside return that is capped for an applicable outcome period and a measure of downside protection from losses for such outcome period. The Index seeks to provide "laddered" investing in the twelve Innovator U.S. Equity Buffer ETFs. Laddered investing refers to investments in several similar securities that have different reset dates, with the goal of mitigating timing risks associated with investing in a single investment.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at innovatoretfs.com/BUFB.

------

**INNOVATOR BUFFER STEP-UP STRATEGY ETF**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Buffer Step-Up Strategy ETF from its inception (March 7, 2022) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

![buffstepupchart.jpg](buffstepupchart.jpg)

---

| | |
|:---|:---|
|  | **Total Returns As of**<br> **October 31, 2022** |
|  | **Since Inception <sup>(a)</sup>** |
| Innovator Buffer Step-Up Strategy ETF |  |
| NAV Return | -5.64% |
| Market Return | -5.52% |
| S&P 500® Index - Price Return | -7.83% |
| S&P 500® Index - Total Return | -6.88% |

---

<sup>(a)</sup> Inception date is March 7, 2022.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.89%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR BUFFER STEP-UP STRATEGY ETF**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/BSTP.

------

**INNOVATOR POWER BUFFER STEP-UP STRATEGY ETF**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Power Buffer Step-Up Strategy ETF from its inception (March 7, 2022) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

![powbuffstepupchart.jpg](powbuffstepupchart.jpg)

---

| | |
|:---|:---|
|  | **Total Returns As of**<br> **October 31, 2022** |
|  | **Since Inception <sup>(a)</sup>** |
| Innovator Power Buffer Step-Up Strategy ETF |  |
| NAV Return | -4.08% |
| Market Return | -4.08% |
| S&P 500® Index - Price Return | -7.83% |
| S&P 500® Index - Total Return | -6.88% |

---

<sup>(a)</sup> Inception date is March 7, 2022.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.89%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR POWER BUFFER STEP-UP STRATEGY ETF**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/PSTP.

------

**INNOVATOR HEDGED TSLA STRATEGY ETF**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Hedged TSLA Strategy ETF from its inception (July 25, 2022) to October 31, 2022 as compared with Tesla, Inc. and the NASDAQ-100 Index - Price Return and Total Return.

![tslachart.jpg](tslachart.jpg)

---

| | |
|:---|:---|
|  | **Total Returns As of**<br> **October 31, 2022** |
|  | **Since Inception <sup>(a)</sup>** |
| Innovator Hedged TSLA Strategy ETF |  |
| NAV Return | -5.88% |
| Market Return | -5.48% |
| Tesla, Inc. | -15.23% |
| NASDAQ-100 Index - Price Return | -7.49% |
| NASDAQ-100 Index - Total Return | -7.27% |

---

<sup>(a)</sup> Inception date is July 25, 2022.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR HEDGED TSLA STRATEGY ETF**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund, Tesla Inc. and NASDAQ-100 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the NASDAQ-100 Index - Price Return do not include the reinvestment of dividends, if any.

The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The NASDAQ-100 Price Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnologies. It does not contain securities of financial companies including investment companies.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/TSLH.

------

**INNOVATOR UNCAPPED ACCELERATED U.S. EQUITY ETF**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Uncapped Accelerated U.S. Equity ETF from its inception (August 10, 2022) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

![uncapaccuseqchart.jpg](uncapaccuseqchart.jpg)

---

| | |
|:---|:---|
|  | **Total Returns As of**<br> **October 31, 2022** |
|  | **Since Inception <sup>(a)</sup>** |
| Innovator Uncapped Accelerated U.S. Equity ETF |  |
| NAV Return | -8.79% |
| Market Return | -8.63% |
| S&P 500® Index - Price Return | -8.03% |
| S&P 500® Index - Total Return | -7.68% |

---

<sup>(a)</sup> Inception date is August 10, 2022.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR UNCAPPED ACCELERATED U.S. EQUITY ETF**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/XUSP.

------

**INNOVATOR ETFs TRUST**

**Expense Example**

**For the Period Ended October 31, 2022 (Unaudited)**

As a shareholder of the Funds, you incur two types of costs: (1) ongoing costs, including management fees, and other Fund expenses; and (2) transaction costs, including brokerage commissions on the purchase and sale of Fund shares. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire respective period to October 31, 2022 for each Fund.

**Actual Expenses**

The first line under each Fund in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 equals 8.6), then multiply the result by the number in the applicable line under the heading titled "Expenses Paid During the Period" to estimate the expenses you paid on your account during the period.

**Hypothetical Example for Comparison Purposes**

The second line under each Fund in the following table provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds' actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions on the purchase and sale of Fund shares. Therefore, the second line under the Fund in the table is useful in comparing the ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs could have been higher.

------

**INNOVATOR ETFs TRUST**

**Expense Example**

**For the Period Ended October 31, 2022 (Unaudited) (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Expenses**<br> **Paid** | **Annualized**<br> **Expense** |
|  | **Beginning**<br> **Account** | **Ending**<br> **Account** | **During**<br> **the** | **Ratio for**<br> **the** |
|  | **Value** | **Value** | **Period** | **Period**  |
| Innovator IBD 50® ETF (NAV) |  |  |  | 0.80% |
| Actual | $1000.00 | $806.00 | $3.64 (a) |  |
| Hypothetical | 1000.00 | 1021.17 | 4.08 (a) |  |
| Innovator IBD® Breakout Opportunities ETF (NAV) |  |  |  | 0.80% |
| Actual | 1000.00 | 880.50 | 3.79 (a) |  |
| Hypothetical | 1000.00 | 1021.17 | 4.08 (a) |  |
| Innovator Loup Frontier Tech ETF (NAV) |  |  |  | 0.70% |
| Actual | 1000.00 | 782.70 | 3.15 (a) |  |
| Hypothetical | 1000.00 | 1021.68 | 3.57 (a) |  |
| Innovator S&P Investment Grade Preferred ETF (NAV) |  |  |  | 0.47% |
| Actual | 1000.00 | 918.10 | 2.27 (a) |  |
| Hypothetical | 1000.00 | 1022.84 | 2.40 (a) |  |
| Innovator Laddered Allocation Power Buffer ETF (NAV) |  |  |  | 0.10% |
| Actual | 1000.00 | 997.80 | 0.50 (a) |  |
| Hypothetical | 1000.00 | 1024.70 | 0.51 (a) |  |
| Innovator Laddered Allocation Buffer ETF (NAV) |  |  |  | 0.10% |
| Actual | 1000.00 | 979.00 | 0.50 (a) |  |
| Hypothetical | 1000.00 | 1024.70 | 0.51 (a) |  |
| Innovator Buffer Step-Up Strategy ETF (NAV) |  |  |  | 0.89% |
| Actual | 1000.00 | 958.30 | 4.39 (a) |  |
| Hypothetical | 1000.00 | 1020.72 | 4.53 (a) |  |
| Innovator Power Buffer Step-Up Strategy ETF (NAV) |  |  |  | 0.89% |
| Actual | 1000.00 | 971.90 | 4.42 (a) |  |
| Hypothetical | 1000.00 | 1020.72 | 4.53 (a) |  |
| Innovator Hedged TSLA Strategy ETF (NAV) |  |  |  | 0.79% |
| Actual | 1000.00 | 941.20 | 2.06 (b) |  |
| Hypothetical | 1000.00 | 1021.22 | 4.02 (d) |  |
| Innovator Uncapped Accelerated U.S. Equity ETF (NAV) |  |  |  | 0.79% |
| Actual | 1000.00 | 912.10 | 1.70 (c) |  |
| Hypothetical | 1000.00 | 1021.22 | 4.02 (d) |  |

---

<sup>(a)</sup> Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six month period).

<sup>(b)</sup> Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 98/365 (to reflect the period since the Fund's inception).

<sup>(c)</sup> Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 82/365 (to reflect the period since the Fund's inception).

<sup>(d)</sup> For comparative purposes only as the Fund was not in operation for the full six month period.

------

**INNOVATOR IBD**® **50 ETF**

**Schedule of Investments**

**October 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.22%** |  |  |
| **Agriculture - 0.50%** |  |  |
| Darling Ingredients, Inc. <sup>(a)</sup> | 6490 | $509335 |
| **Biotechnology - 2.95%** |  |  |
| Sarepta Therapeutics, Inc. <sup>(a)(b)</sup> | 26417 | 3012066 |
| **Chemicals - 4.93%** |  |  |
| CF Industries Holdings, Inc. | 33448 | 3554184 |
| Mosaic Co. | 9436 | 507185 |
| Sociedad Quimica y Minera de Chile SA - ADR | 10341 | 968745 |
|  |  | 5030114 |
| **Commercial Services - 6.61%** |  |  |
| AMN Healthcare Services, Inc. <sup>(a)</sup> | 25161 | 3157705 |
| Cross Country Healthcare, Inc. <sup>(a)(b)</sup> | 96896 | 3593873 |
|  |  | 6751578 |
| **Computers - 4.70%** |  |  |
| Pure Storage, Inc. - Class A <sup>(a)</sup> | 34355 | 1060195 |
| Super Micro Computer, Inc. <sup>(a)</sup> | 53665 | 3734547 |
|  |  | 4794742 |
| **Distribution & Wholesale - 1.56%** |  |  |
| WESCO International, Inc. <sup>(a)</sup> | 7512 | 1034928 |
| WW Grainger, Inc. | 947 | 553380 |
|  |  | 1588308 |
| **Diversified Financial Services - 1.01%** |  |  |
| Interactive Brokers Group, Inc. - Class A | 12889 | 1033053 |
| **Energy - Alternate Sources - 3.63%** |  |  |
| Enphase Energy, Inc. <sup>(a)</sup> | 12071 | 3705797 |
| **Healthcare - Products - 3.41%** |  |  |
| Shockwave Medical, Inc. <sup>(a)</sup> | 11870 | 3479691 |
| **Healthcare - Services - 3.96%** |  |  |
| Medpace Holdings, Inc. <sup>(a)</sup> | 15906 | 3530814 |
| UnitedHealth Group, Inc. <sup>(b)</sup> | 926 | 514069 |
|  |  | 4044883 |
| **Insurance - 0.50%** |  |  |
| Corebridge Financial, Inc. | 22390 | 507581 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR IBD**® **50 ETF**

**Schedule of Investments**

**October 31, 2022 (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Machinery - Diversified - 1.00%** |  |  |
| Deere & Co. <sup>(b)</sup> | 2573 | 1018445 |
| **Metal Fabricate & Hardware - 0.52%** |  |  |
| The Timken Co. | 7406 | 527974 |
| **Oil & Gas - 37.78% <sup>(c)</sup>** |  |  |
| Canadian Natural Resources Ltd. | 16740 | 1003396 |
| Cenovus Energy, Inc. | 100762 | 2035392 |
| Civitas Resources, Inc. <sup>(b)</sup> | 43153 | 3016826 |
| ConocoPhillips <sup>(b)</sup> | 15906 | 2005588 |
| Coterra Energy, Inc. <sup>(b)</sup> | 99764 | 3105653 |
| CVR Energy, Inc. | 49980 | 1952219 |
| Delek US Holdings, Inc. | 68946 | 2044938 |
| Devon Energy Corp. <sup>(b)</sup> | 13086 | 1012202 |
| Diamondback Energy, Inc. | 19435 | 3053433 |
| Earthstone Energy, Inc. - Class A <sup>(a)</sup> | 218558 | 3531897 |
| Hess Corp. | 3537 | 499000 |
| Matador Resources Co. <sup>(b)</sup> | 51704 | 3435731 |
| Pioneer Natural Resources Co. <sup>(b)</sup> | 11374 | 2916407 |
| Ranger Oil Corp. - Class A | 71866 | 2939319 |
| SM Energy Co. <sup>(b)</sup> | 22380 | 1006652 |
| Talos Energy, Inc. <sup>(a)(b)</sup> | 141048 | 3001502 |
| Valero Energy Corp. | 15885 | 1994362 |
|  |  | 38554517 |
| **Oil & Gas Services - 0.51%** |  |  |
| Liberty Energy, Inc. <sup>(a)</sup> | 30541 | 516448 |
| **Packaging & Containers - 3.42%** |  |  |
| Graphic Packaging Holding Co. | 85962 | 1973687 |
| Silgan Holdings, Inc. | 21560 | 1021082 |
| Sonoco Products Co. | 8036 | 498875 |
|  |  | 3493644 |
| **Pharmaceuticals - 3.95%** |  |  |
| AdaptHealth Corp. <sup>(a)(b)</sup> | 87532 | 1995730 |
| Harmony Biosciences Holdings, Inc. <sup>(a)(b)</sup> | 39138 | 2035176 |
|  |  | 4030906 |
| **Pipelines - 3.44%** |  |  |
| New Fortress Energy, Inc. | 63686 | 3507188 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR IBD**® **50 ETF**

**Schedule of Investments**

**October 31, 2022 (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Retail - 5.23%** |  |  |
| Murphy USA, Inc. <sup>(b)</sup> | 10452 | 3287259 |
| Wingstop, Inc. | 12950 | 2051151 |
|  |  | 5338410 |
| **Semiconductors - 0.90%** |  |  |
| ON Semiconductor Corp. <sup>(a)</sup> | 14860 | 912850 |
| **Software - 2.41%** |  |  |
| Box, Inc. - Class A <sup>(a)</sup> | 17748 | 515579 |
| DoubleVerify Holdings, Inc. <sup>(a)(b)</sup> | 66443 | 1942129 |
|  |  | 2457708 |
| **Telecommunications - 3.50%** |  |  |
| Clearfield, Inc. <sup>(a)</sup> | 29397 | 3570854 |
| **Transportation - 2.80%** |  |  |
| FLEX LNG Ltd. | 91399 | 2856219 |
| TOTAL COMMON STOCKS (Cost $95,763,397) |  | 101242311 |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 24.93%** | **Units** |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(d)</sup> | 25438971 | 25438971 |
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $25,438,971) |  | 25438971 |
| **SHORT TERM INVESTMENTS - 0.26%** |  |  |
| **Money Market Deposit Account - 0.26%** | **Principal Amount** | **Value** |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(e)</sup> | $269608 | 269608 |
| TOTAL SHORT TERM INVESTMENTS (Cost $269,608) |  | 269608 |
| **Total Investments (Cost $121,471,976) - 124.41%** |  | 126950890 |
| **Liabilities in Excess of Other Assets - (24.41)%** |  | (24907774) |
| **TOTAL NET ASSETS - 100.00%** |  | $102043116 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR IBD**® **50 ETF**

**Schedule of Investments**

**October 31, 2022 (Continued)**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Common Stocks | 99.22% |
| Investments Purchased with Proceeds From Securities Lending | 24.93 |
| Short Term Investments | 0.26 |
| **Total Investments** | **124.41** |
| **Liabilities in Excess of Other Assets** | **(24.41)** |
| **Net Assets** | **100.00%** |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $24,206,208, or 23.72% of net assets. See Note 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund will also concentrate its investments to approximately the same extent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents annualized seven-day yield as of the end of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR IBD**® **BREAKOUT OPPORTUNITIES ETF**

**Schedule of Investments**

**October 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 96.24%** |  |  |
| **Auto Manufacturers - 3.98%** |  |  |
| Cummins, Inc. <sup>(a)</sup> | 1962 | $479729 |
| PACCAR, Inc. | 720 | 69717 |
|  |  | 549446 |
| **Banks - 6.20%** |  |  |
| Eastern Bankshares, Inc. | 6300 | 120771 |
| ICICI Bank Ltd. - ADR | 20754 | 457418 |
| United Community Banks, Inc. <sup>(a)</sup> | 7218 | 277893 |
|  |  | 856082 |
| **Beverages - 2.97%** |  |  |
| PepsiCo, Inc. | 2259 | 410189 |
| **Biotechnology - 8.47%** |  |  |
| Amgen, Inc. <sup>(a)</sup> | 1557 | 420935 |
| Biogen, Inc. <sup>(a)(b)</sup> | 1710 | 484683 |
| Sarepta Therapeutics, Inc. <sup>(a)(b)</sup> | 2313 | 263728 |
|  |  | 1169346 |
| **Commercial Services - 1.69%** |  |  |
| CBIZ, Inc. <sup>(b)</sup> | 2799 | 138942 |
| Stride, Inc. <sup>(a)(b)</sup> | 2808 | 94096 |
|  |  | 233038 |
| **Cosmetics & Personal Care - 2.95%** |  |  |
| elf Beauty, Inc. <sup>(b)</sup> | 9414 | 407250 |
| **Electric - 3.47%** |  |  |
| NRG Energy, Inc. <sup>(a)</sup> | 10782 | 478721 |
| **Electronics - 0.48%** |  |  |
| Sanmina Corp. <sup>(b)</sup> | 1179 | 66083 |
| **Engineering & Construction - 1.09%** |  |  |
| Comfort Systems USA, Inc. | 1224 | 150895 |
| **Food - 8.99%** |  |  |
| Hershey Co. | 1143 | 272914 |
| J M Smucker Co. <sup>(a)</sup> | 3204 | 482714 |
| Kellogg Co. <sup>(a)</sup> | 6318 | 485349 |
|  |  | 1240977 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR IBD**® **BREAKOUT OPPORTUNITIES ETF**

**Schedule of Investments**

**October 31, 2022 (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Healthcare - Services - 3.94%** |  |  |
| The Ensign Group, Inc. | 3051 | 273919 |
| UnitedHealth Group, Inc. <sup>(a)</sup> | 486 | 269803 |
|  |  | 543722 |
| **Insurance - 14.96%** |  |  |
| Arch Capital Group Ltd. <sup>(b)</sup> | 8118 | 466785 |
| Kinsale Capital Group, Inc. | 468 | 147500 |
| Old Republic International Corp. <sup>(a)</sup> | 19962 | 463318 |
| Principal Financial Group, Inc. | 5787 | 510008 |
| The Travelers Companies, Inc. | 2592 | 478120 |
|  |  | 2065731 |
| **Internet - 3.33%** |  |  |
| Netflix, Inc. <sup>(a)(b)</sup> | 1575 | 459711 |
| **Iron & Steel - 4.36%** |  |  |
| Commercial Metals Co. <sup>(a)</sup> | 2979 | 135544 |
| Reliance Steel & Aluminum Co. | 351 | 70719 |
| Steel Dynamics, Inc. <sup>(a)</sup> | 4212 | 396139 |
|  |  | 602402 |
| **Machinery - Diversified - 2.11%** |  |  |
| Applied Industrial Technologies, Inc. <sup>(a)</sup> | 2340 | 291049 |
| **Oil & Gas - 4.37%** |  |  |
| Chevron Corp. <sup>(a)</sup> | 747 | 135132 |
| ConocoPhillips | 522 | 65819 |
| Phillips 66 | 648 | 67580 |
| Sitio Royalties Corp. | 4716 | 133746 |
| TotalEnergies SE - ADR | 2502 | 137035 |
| Valero Energy Corp. | 504 | 63277 |
|  |  | 602589 |
| **Oil & Gas Services - 1.01%** |  |  |
| ProFrac Holding Corp. - Class A <sup>(b)</sup> | 6381 | 139808 |
| **Packaging & Containers - 0.47%** |  |  |
| Sonoco Products Co. | 1053 | 65370 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR IBD**® **BREAKOUT OPPORTUNITIES ETF**

**Schedule of Investments**

**October 31, 2022 (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Pharmaceuticals - 7.94%** |  |  |
| Cardinal Health, Inc. | 5364 | 407128 |
| McKesson Corp. | 1062 | 413511 |
| Merck & Co., Inc. | 2727 | 275972 |
|  |  | 1096611 |
| **Retail - 7.26%** |  |  |
| AutoZone, Inc. <sup>(b)</sup> | 171 | 433123 |
| Casey's General Stores, Inc. | 1215 | 282743 |
| Genuine Parts Co. | 1611 | 286532 |
|  |  | 1002398 |
| **Savings & Loans - 0.50%** |  |  |
| Washington Federal, Inc. | 1773 | 68615 |
| **Semiconductors - 2.80%** |  |  |
| Aehr Test Systems <sup>(a)(b)</sup> | 18810 | 386922 |
| **Software - 2.90%** |  |  |
| Verra Mobility Corp. <sup>(b)</sup> | 23418 | 399745 |
| TOTAL COMMON STOCKS (Cost $12,568,115) |  | 13286700 |
| **MASTER LIMITED PARTNERSHIPS - 2.87%** |  |  |
| **Oil & Gas - 0.48%** |  |  |
| Kimbell Royalty Partners L.P. | 3501 | 66659 |
| **Pipelines - 2.39%** |  |  |
| MPLX L.P. | 7839 | 262920 |
| Western Midstream Partners L.P. | 2331 | 66923 |
|  |  | 329843 |
| TOTAL MASTER LIMITED PARTNERSHIPS (Cost $386,330) |  | 396502 |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 30.08%** | **Units** |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(c)</sup> | 4152384 | 4152384 |
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $4,152,384) |  | 4152384 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR IBD**® **BREAKOUT OPPORTUNITIES ETF**

**Schedule of Investments**

**October 31, 2022 (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| **SHORT TERM INVESTMENTS - 0.90%** |  |  |  |
| **Money Market Deposit Account - 0.90%** | **Principal Amount** | **Principal Amount** | **Value** |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(d)</sup> | $| 124683 | 124683 |
| TOTAL SHORT TERM INVESTMENTS (Cost $124,683) |  |  | 124683 |
| **Total Investments (Cost $17,231,512) - 130.09%** |  |  | 17960269 |
| **Liabilities in Excess of Other Assets - (30.09)%** |  |  | (4153950) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $13806319 |
| **<u>Asset Type</u>** | **% of Net Assets** | **% of Net Assets** |  |
| Common Stocks |  | 96.24% |  |
| Master Limited Partnerships |  | 2.87 |  |
| Investments Purchased with Proceeds From Securities Lending |  | 30.08 |  |
| Short Term Investments |  | 0.90 |  |
| **Total Investments** |  | **130.09** |  |
| **Liabilities in Excess of Other Assets** |  | **(30.09)** |  |
| **Net Assets** |  | **100.00%** |  |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $4,029,560, or 29.19% of net assets. See Note 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents annualized seven-day yield as of the end of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR LOUP FRONTIER TECH ETF**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS** – **94.43%** |  |  |
| **Aerospace & Defense - 6.60%** |  |  |
| AeroVironment, Inc. <sup>(a)(b)</sup>  | 11644 | $1065426 |
| Lockheed Martin Corp.  | 2191 | 1066316 |
|  |  | 2131742 |
| **Auto Parts & Equipment - 8.35%** |  |  |
| LG Energy Solution Ltd. <sup>(a)</sup>  | 4433 | 1643178 |
| Magna International, Inc.  | 18899 | 1053241 |
|  |  | 2696419 |
| **Commercial Services - 5.85%** |  |  |
| Block, Inc. <sup>(a)</sup>  | 15865 | 953010 |
| GXO Logistics, Inc. <sup>(a)(b)</sup>  | 25614 | 935936 |
|  |  | 1888946 |
| **Computers - 2.78%** |  |  |
| Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup>  | 5576 | 898851 |
| **Diversified Financial Services - 7.58%** |  |  |
| Coinbase Global, Inc. - Class A <sup>(a)(b)</sup>  | 22332 | 1479495 |
| Nasdaq, Inc.  | 15568 | 968952 |
|  |  | 2448447 |
| **Electrical Components & Equipment - 6.53%** |  |  |
| ABB Ltd.  | 35827 | 996079 |
| Novanta, Inc. <sup>(a)</sup>  | 7866 | 1112252 |
|  |  | 2108331 |
| **Electronics - 7.62%** |  |  |
| Coherent Corp. <sup>(a)(b)</sup>  | 43283 | 1454742 |
| Trimble, Inc. <sup>(a)</sup>  | 16690 | 1004070 |
|  |  | 2458812 |
| **Hand & Machine Tools - 2.85%** |  |  |
| KUKA AG  | 11122 | 919973 |
| **Internet - 2.65%** |  |  |
| Snap, Inc. - Class A <sup>(a)(b)</sup>  | 86290 | 855134 |
| **Miscellaneous Manufacturing - 3.21%** |  |  |
| Axon Enterprise, Inc. <sup>(a)</sup>  | 7120 | 1035533 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR LOUP FRONTIER TECH ETF**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022 (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors - 26.78% <sup>(c)</sup>** |  |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup>  | 15539 | 933272 |
| ams-OSRAM AG <sup>(a)</sup>  | 156200 | 885396 |
| Applied Materials, Inc. <sup>(b)</sup>  | 11344 | 1001562 |
| ASML Holding NV  | 2139 | 1010428 |
| Micron Technology, Inc. <sup>(b)</sup>  | 17484 | 945884 |
| NVIDIA Corp.  | 7697 | 1038864 |
| Samsung Electronics Co. Ltd.  | 22835 | 952226 |
| Skyworks Solutions, Inc.  | 10704 | 920651 |
| Teradyne, Inc. <sup>(b)</sup>  | 11802 | 960093 |
|  |  | 8648376 |
| **Software - 13.63%** |  |  |
| Palantir Technologies, Inc. - Class A <sup>(a)(b)</sup>  | 111450 | 979646 |
| Pegasystems, Inc. <sup>(b)</sup>  | 29014 | 1079612 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup>  | 12695 | 1504104 |
| Unity Software, Inc. <sup>(a)(b)</sup>  | 28400 | 837800 |
|  |  | 4401162 |
| TOTAL COMMON STOCKS (Cost $39,000,616)  |  | 30491726 |
| **PREFERRED STOCKS - 5.60%** |  |  |
| **Auto Manufacturers - 5.60%** |  |  |
| Dr Ing hc F Porsche AG <sup>(a)</sup>  | 17666 | 1806946 |
| TOTAL PREFERRED STOCKS (Cost $1,569,945)  |  | 1806946 |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 28.11%** | **Units** |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(d)</sup>  | 9077312 | 9077312 |
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $9,077,312)  |  | 9077312 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR LOUP FRONTIER TECH ETF**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022 (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **SHORT TERM INVESTMENTS - 0.33%** |  |  |
| **Money Market Deposit Account - 0.33%** | **Principal Amount** | **Value** |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(e)</sup> | $105626 | 105626 |
| TOTAL SHORT TERM INVESTMENTS (Cost $105,626) |  | 105626 |
| **Total Investments (Cost $49,753,499) - 128.47%** |  | 41481610 |
| **Liabilities in Excess of Other Assets - (28.47)%** |  | (9193327) |
| **TOTAL NET ASSETS - 100.00%** |  | $32288283 |

---

---

| | |
|:---|:---|
| <u>**Country**</u> | **% of Net Assets** |
| Austria | 2.74% |
| Canada | 3.26 |
| Germany | 8.45 |
| Netherlands | 3.13 |
| South Korea | 8.04 |
| Switzerland | 3.08 |
| United States | 71.33 |
| Total Country | 100.03 |
| Investments Purchased with Proceeds From Securities Lending | 28.11 |
| Short Term Investments | 0.33 |
| **Total Investments** | **128.47** |
| **Liabilities in Excess of Other Assets** | **(28.47)** |
| **Net Assets** | **100.00%** |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $8,690,825, or 26.92% of net assets. See Note 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund will also concentrate its investments to approximately the same extent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents annualized seven-day yield as of the end of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCKS - 99.69% <sup>(a)</sup>** |  |  |
| **Banks - 39.97% <sup>(c)</sup>** |  |  |
| Bank of America Corp., Series 02, 3.693% to 11/28/2022 then 3-Month USD Libor + 0.650% | 22403 | $422969 |
| Bank of America Corp., Series 4, 5.190% to 11/28/2022 then 3-Month USD Libor + 0.750% | 21600 | 406728 |
| Bank of America Corp., Series 5, 4.000% to 11/21/2022 then 3-Month USD Libor + 0.500% | 21242 | 404660 |
| Bank of America Corp., Series E, 4.790% to 11/15/2022 then 3-Month USD Libor + 0.350% | 21807 | 403429 |
| Bank of America Corp., Series GG, 6.000% | 16934 | 403029 |
| Bank of America Corp., Series HH, 5.875% | 17513 | 406126 |
| Bank of America Corp., Series KK, 5.375% | 18867 | 403754 |
| Bank of America Corp., Series LL, 5.000% | 20057 | 399937 |
| Bank of America Corp., Series NN, 4.375% | 22391 | 389827 |
| Bank of America Corp., Series PP, 4.125% | 23637 | 385047 |
| Bank of America Corp., Series QQ, 4.250% | 23454 | 391213 |
| Bank of America Corp., Series SS, 4.750% | 21068 | 410405 |
| Bank of Hawaii Corp., Series A, 4.375% | 277802 | 4722634 |
| Cullen/Frost Bankers, Inc., Series B, 4.450% | 258533 | 5002614 |
| First Republic Bank/CA, Series J, 4.700% | 51142 | 898565 |
| First Republic Bank/CA, Series K, 4.125% | 58223 | 898381 |
| First Republic Bank/CA, Series L, 4.250% | 56131 | 891360 |
| First Republic Bank/CA, Series M, 4.000% | 59815 | 897823 |
| First Republic Bank/CA, Series N, 4.500% | 53158 | 895181 |
| JPMorgan Chase & Co., Series DD, 5.750% | 33305 | 771677 |
| JPMorgan Chase & Co., Series EE, 6.000% <sup>(b)</sup> | 32864 | 801882 |
| JPMorgan Chase & Co., Series GG, 4.750% <sup>(b)</sup> | 39327 | 777101 |
| JPMorgan Chase & Co., Series JJ, 4.550% <sup>(b)</sup> | 43339 | 789203 |
| JPMorgan Chase & Co., Series LL, 4.625% | 42785 | 793234 |
| JPMorgan Chase & Co., Series MM, 4.200% <sup>(b)</sup> | 46247 | 795911 |
| Morgan Stanley, Series A, 5.140% to 01/16/2023 then 3-Month USD Libor + 0.700% | 31830 | 596812 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022 (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Morgan Stanley, Series E, 7.125% to 10/15/2023 then 3-Month USD Libor + 4.320% | 24326 | 609366 |
| Morgan Stanley, Series F, 6.875% to 01/15/2024 then 3-Month USD Libor + 3.940% | 24442 | 611539 |
| Morgan Stanley, Series I, 6.375% to 10/15/2024 then 3-Month USD Libor + 3.708% | 25019 | 607712 |
| Morgan Stanley, Series K, 5.850% to 04/15/2027 then 3-Month USD Libor + 3.491% | 25571 | 585832 |
| Morgan Stanley, Series L, 4.875% <sup>(b)</sup> | 29795 | 578619 |
| Morgan Stanley, Series O, 4.250% <sup>(b)</sup> | 34646 | 564037 |
| Morgan Stanley, Series P, 6.500% | 24461 | 606633 |
| Northern Trust Corp., Series E, 4.700% | 236761 | 4739955 |
| State Street Corp., Series D, 5.900% to 03/15/2024 then 3-Month USD Libor + 3.108% | 100611 | 2451890 |
| State Street Corp., Series G, 5.350% to 03/15/2026 then 3-Month USD Libor + 3.709% <sup>(b)</sup> | 102327 | 2460964 |
| Truist Financial Corp., Series O, 5.250% <sup>(b)</sup> | 111058 | 2339992 |
| Truist Financial Corp., Series R, 4.750% | 125251 | 2373506 |
| US Bancorp., Series B, 4.679% to 01/17/2023 then 3-Month USD Libor + 0.600% <sup>(b)</sup> | 51194 | 915861 |
| US Bancorp., Series K, 5.500% | 41853 | 946296 |
| US Bancorp., Series L, 3.750% | 61614 | 932220 |
| US Bancorp., Series M, 4.000% | 58586 | 947921 |
| US Bancorp., Series O, 4.500% | 51350 | 949975 |
|  |  | 47581820 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022 (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Capital Markets - 8.55%** |  |  |
| KKR & Co., Inc., Series C, 6.000%, 09/15/2023 <sup>(b)</sup>  | 87000 | 5282640 |
| Oaktree Capital Group LLC, Series A, 6.625%  | 103575 | 2454728 |
| Oaktree Capital Group LLC, Series B, 6.550%  | 105305 | 2438864 |
|  |  | 10176232 |
| **Close-End Funds - 4.05%** |  |  |
| The Gabelli Dividend & Income Trust, Series K, 4.250% <sup>(b)</sup>  | 258806 | 4824144 |
| **Diversified Financial Services - 5.21%** |  |  |
| Apollo Asset Management, Inc., Series A, 6.375%  | 35358 | 766208 |
| Apollo Asset Management, Inc., Series B, 6.375%  | 35343 | 770477 |
| The Charles Schwab Corp., Series D, 5.950%  | 100364 | 2311383 |
| The Charles Schwab Corp., Series J, 4.450%  | 128255 | 2356044 |
|  |  | 6204112 |
| **Insurance - 30.40% <sup>(c)</sup>** |  |  |
| Arch Capital Group Ltd., Series F, 5.450%  | 115004 | 2329981 |
| Arch Capital Group Ltd., Series G, 4.550%  | 131829 | 2314917 |
| Athene Holding Ltd., Series A, 6.350% to 06/30/2029 then 3-Month USD Libor + 4.253%  | 34023 | 810088 |
| Athene Holding Ltd., Series B, 5.625%  | 37442 | 769433 |
| Athene Holding Ltd., Series C, 6.375% to 09/30/2025 then Five-Year Treasury Constant Maturity + 5.970%  | 32838 | 818651 |
| Athene Holding Ltd., Series D, 4.875%  | 45428 | 781816 |
| Axis Capital Holdings Ltd., Series E, 5.500%  | 236874 | 4680630 |
| Equitable Holdings, Inc., Series A, 5.250%  | 120471 | 2243170 |
| Equitable Holdings, Inc., Series C, 4.300%  | 142193 | 2322012 |
| MetLife, Inc., Series A, 4.293% to 12/15/2022 then 3-Month USD Libor + 1.000%  | 75819 | 1556564 |
| MetLife, Inc., Series E, 5.625%  | 69138 | 1607458 |
| MetLife, Inc., Series F, 4.750%  | 80786 | 1588253 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022 (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| RenaissanceRe Holdings Ltd., Series F, 5.750%  | 108415 | 2358026 |
| RenaissanceRe Holdings Ltd., Series G, 4.200%  | 144278 | 2405114 |
| The Allstate Corp., 5.100% to 01/15/2023 then 3-Month USD Libor + 3.165%, 01/15/2053  | 67822 | 1639936 |
| The Allstate Corp., Series H, 5.100%  | 78768 | 1547791 |
| The Allstate Corp., Series I, 4.750%  | 82910 | 1547101 |
| The Hartford Financial Services Group, Inc., Series G, 6.000% <sup>(b)</sup>  | 198622 | 4874184 |
|  |  | 36195125 |
| **Real Estate Investment Trusts - 7.72%** |  |  |
| Kimco Realty Corp., Series L, 5.125%  | 117532 | 2255439 |
| Kimco Realty Corp., Series M, 5.250%  | 113886 | 2236721 |
| Public Storage, Series F, 5.150%  | 16083 | 338225 |
| Public Storage, Series G, 5.050%  | 16223 | 335492 |
| Public Storage, Series H, 5.600%  | 14709 | 335806 |
| Public Storage, Series I, 4.875%  | 17009 | 334567 |
| Public Storage, Series J, 4.700%  | 17596 | 332037 |
| Public Storage, Series K, 4.750%  | 17500 | 344050 |
| Public Storage, Series L, 4.625%  | 17938 | 333647 |
| Public Storage, Series M, 4.125%  | 19697 | 329531 |
| Public Storage, Series N, 3.875%  | 21559 | 335674 |
| Public Storage, Series O, 3.900% <sup>(b)</sup>  | 21285 | 336090 |
| Public Storage, Series P, 4.000%  | 20806 | 338722 |
| Public Storage, Series Q, 3.950%  | 21194 | 338468 |
| Public Storage, Series R, 4.000%  | 20831 | 335171 |
| Public Storage, Series S, 4.100%  | 20424 | 335975 |
|  |  | 9195615 |
| **Savings & Loans - 3.79%** |  |  |
| Washington Federal, Inc., Series A, 4.875%  | 258941 | 4513341 |
| TOTAL PREFERRED STOCKS (Cost $148,976,724)  |  | 118690389 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022 (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 4.25%** | **Units** |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(d)</sup>  | 5059149 | 5059149 |
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $5,059,149)  |  | 5059149 |
| **SHORT TERM INVESTMENTS - 0.55%** |  |  |
| **Money Market Deposit Account - 0.55%** | **Principal Amount** |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(e)</sup>  | $658579 | 658579 |
| TOTAL SHORT TERM INVESTMENTS (Cost $658,579)  |  | 658579 |
| **Total Investments (Cost $154,694,452) - 104.49%**  |  | 124408117 |
| **Liabilities in Excess of Other Assets - (4.49)%**  |  | (5351573) |
| **TOTAL NET ASSETS - 100.00%**  |  | $119056544 |

---

---

| | |
|:---|:---|
| <u>**Asset Type**</u> | **% of Net Assets** |
| Preferred Stocks | 99.69% |
| Investments Purchased with Proceeds From Securities Lending | 4.25 |
| Short Term Investments | 0.55 |
| **Total Investments** | **104.49** |
| **Liabilities in Excess of Other Assets** | **(4.49)** |
| **Net Assets** | **100.00%** |

---

Percentages are stated as a percent of net assets.

USD - United States Dollar

Libor - London Interbank Offered Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities with no stated maturity date are perpetual in nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $4,855,509, or 4.08% of net assets. See Note 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund will also concentrate its investments to approximately the same extent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents annualized seven-day yield as of the end of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR LADDERED ALLOCATION POWER BUFFER ETF**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **AFFILIATED EXCHANGE TRADED FUNDS - 99.86% <sup>(a)</sup>** |  |  |
| Innovator U.S. Equity Power Buffer ETF - January  | 402547 | $12531369 |
| Innovator U.S. Equity Power Buffer ETF - February  | 447235 | 12437292 |
| Innovator U.S. Equity Power Buffer ETF - March  | 410059 | 12426551 |
| Innovator U.S. Equity Power Buffer ETF - April  | 448556 | 12460886 |
| Innovator U.S. Equity Power Buffer ETF - May  | 445099 | 12489478 |
| Innovator U.S. Equity Power Buffer ETF - June  | 419745 | 12450896 |
| Innovator U.S. Equity Power Buffer ETF - July  | 416275 | 12463273 |
| Innovator U.S. Equity Power Buffer ETF - August  | 441845 | 12482121 |
| Innovator U.S. Equity Power Buffer ETF - September  | 428527 | 12461179 |
| Innovator U.S. Equity Power Buffer ETF - October  | 418509 | 12429717 |
| Innovator U.S. Equity Power Buffer ETF - November <sup>(b)</sup>  | 421765 | 12682474 |
| Innovator U.S. Equity Power Buffer ETF - December  | 416937 | 12495227 |
| TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $150,154,756)  |  | 149810463 |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.66%** | **Units** |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(c)</sup>  | 988825 | 988825 |
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $988,825)  |  | 988825 |
| **SHORT TERM INVESTMENTS - 0.14%** |  |  |
| **Money Market Deposit Account - 0.14%** | **Principal Amount** |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(d)</sup>  | $210180 | 210180 |
| TOTAL SHORT TERM INVESTMENTS (Cost $210,180)  |  | 210180 |
| **Total Investments (Cost $151,353,761) - 100.66%**  |  | 151009468 |
| **Liabilities in Excess of Other Assets - (0.66)%**  |  | (994259) |
| **TOTAL NET ASSETS - 100.00%**  |  | $150015209 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR LADDERED ALLOCATION POWER BUFFER ETF**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022 (Continued)** |

---

---

| | |
|:---|:---|
| <u>**Asset Type**</u> | **% of Net Assets** |
| Affiliated Exchange Traded Funds | 99.86% |
| Investments Purchased with Proceeds From Securities Lending | 0.66 |
| Short Term Investments | 0.14 |
| **Total Investments** | **100.66** |
| **Liabilities in Excess of Other Assets** | **(0.66)** |
| **Net Assets** | **100.00%** |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $959,233, or 0.64% of net assets. See Note 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents annualized seven-day yield as of the end of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR LADDERED ALLOCATION BUFFER ETF**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **AFFILIATED EXCHANGE TRADED FUNDS - 99.95% <sup>(a)</sup>** |  |  |  |
| Innovator U.S. Equity Buffer ETF - January  |  | 66798 | $2214100 |
| Innovator U.S. Equity Buffer ETF - February  |  | 74227 | 2197661 |
| Innovator U.S. Equity Buffer ETF - March  |  | 68663 | 2190288 |
| Innovator U.S. Equity Buffer ETF - April  |  | 71318 | 2192943 |
| Innovator U.S. Equity Buffer ETF - May  |  | 75498 | 2196237 |
| Innovator U.S. Equity Buffer ETF - June  |  | 71681 | 2192199 |
| Innovator U.S. Equity Buffer ETF - July  |  | 71236 | 2195892 |
| Innovator U.S. Equity Buffer ETF - August  |  | 73205 | 2199810 |
| Innovator U.S. Equity Buffer ETF - September  |  | 72306 | 2190872 |
| Innovator U.S. Equity Buffer ETF - October  |  | 69560 | 2188705 |
| Innovator U.S. Equity Buffer ETF - November  |  | 74652 | 2223883 |
| Innovator U.S. Equity Buffer ETF - December  |  | 69994 | 2216710 |
| TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $27,101,020)  |  |  | 26399300 |
| **SHORT TERM INVESTMENTS - 0.06%** |  |  |  |
| **Money Market Deposit Account - 0.06%** | **Principal Amount** | **Principal Amount** |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(b)</sup>  | $| 16220 | 16220 |
| TOTAL SHORT TERM INVESTMENTS (Cost $16,220)  |  |  | 16220 |
| **Total Investments (Cost $27,117,240) - 100.01%**  |  |  | 26415520 |
| **Liabilities in Excess of Other Assets - (0.01)%**  |  |  | (2015) |
| **TOTAL NET ASSETS - 100.00%**  |  |  | $26413505 |
| **<u>Asset Type</u>** | **% of Net Assets** | **% of Net Assets** |  |
| Affiliated Exchange Traded Funds  |  | 99.95% |  |
| Short Term Investments  |  | 0.06 |  |
| **Total Investments**  |  | **100.01** |  |
| **Liabilities in Excess of Other Assets**  |  | **(0.01)** |  |
| **Net Assets**  |  | **100.00%** |  |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR BUFFER STEP-UP STRATEGY ETF**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 104.77% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 98.62%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $3.81  | 754 | $29120234 | $28455517 |
|  |  |  | 28455517 |
| **PUT OPTIONS - 6.15%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $377.24  | 754 | 29120234 | 1773026 |
|  |  |  | 1773026 |
| TOTAL PURCHASED OPTIONS (Cost $31,407,123)  |  |  | 30228543 |
| **SHORT TERM INVESTMENTS - 0.15%** | **Principal Amount** |  |  |
| **Money Market Deposit Account- 0.15%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $42181 |  | 42181 |
| TOTAL SHORT TERM INVESTMENTS (Cost $42,181)  |  |  | 42181 |
| **Total Investments (Cost $31,449,304) - 104.92%**  |  |  | 30270724 |
| **Liabilities in Excess of Other Assets - (4.92)%**  |  |  | (1418214) |
| **TOTAL NET ASSETS - 100.00%**  |  |  | $28852510 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR BUFFER STEP-UP STRATEGY ETF**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022 (Continued)** |

---

---

| | |
|:---|:---|
| <u>**Asset Type**</u> | **% of Net Assets** |
| Purchased Options | 104.77% |
| Short Term Investments | 0.15 |
| **Total Investments** | 104.92 |
| **Liabilities in Excess of Other Assets** | (4.92) |
| **Net Assets** | 100.00% |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exchange-Traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchased option contracts are held in connection with corresponding option contracts written short.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Schedule of Options Written <sup>(a)</sup>** | **Schedule of Options Written <sup>(a)</sup>** | **Schedule of Options Written <sup>(a)</sup>** | **Schedule of Options Written <sup>(a)</sup>** | **Schedule of Options Written <sup>(a)</sup>** |  |
| **October 31, 2022** | **October 31, 2022** | **October 31, 2022** | **October 31, 2022** | **October 31, 2022** |  |
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 6/30/2023 | $467.79 | 754 | $(29120234) | $(363593) |
|  |  |  |  |  | (363593) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 6/30/2023 | 343.32 | 754 | (29120234) | (1033789) |
|  |  |  |  |  | (1033789) |
| **Total Options Written (Premiums Received $1,796,303)**  |  |  |  |  | $**(1397382)** |

---

<sup>(a)</sup> Exchange-Traded.<br>

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR POWER BUFFER STEP-UP STRATEGY ETF**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 105.03% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 98.87%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $3.82  | 887 | $34256827 | $33473998 |
|  |  |  | 33473998 |
| **PUT OPTIONS - 6.16%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $377.23  | 887 | 34256827 | 2085485 |
|  |  |  | 2085485 |
| TOTAL PURCHASED OPTIONS (Cost $36,525,232)  |  |  | 35559483 |
| **SHORT TERM INVESTMENTS - 0.19%** | **Principal Amount** |  |  |
| **Money Market Deposit Account- 0.19%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $63309 |  | 63309 |
| TOTAL SHORT TERM INVESTMENTS (Cost $63,309)  |  |  | 63309 |
| **Total Investments (Cost $36,588,541) - 105.22%**  |  |  | 35622792 |
| **Liabilities in Excess of Other Assets - (5.22)%**  |  |  | (1766647) |
| **TOTAL NET ASSETS - 100.00%**  |  |  | $33856145 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR POWER BUFFER STEP-UP STRATEGY ETF**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022 (Continued)** |

---

---

| | |
|:---|:---|
| <u>**Asset Type**</u> | **% of Net Assets** |
| Purchased Options | 105.03% |
| Short Term Investments | 0.19 |
| **Total Investments** | 105.22 |
| **Liabilities in Excess of Other Assets** | (5.22) |
| **Net Assets** | 100.00% |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exchange-Traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchased option contracts are held in connection with corresponding option contracts written short.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Schedule of Options Written <sup>(a)</sup>** | **Schedule of Options Written <sup>(a)</sup>** | **Schedule of Options Written <sup>(a)</sup>** | **Schedule of Options Written <sup>(a)</sup>** | **Schedule of Options Written <sup>(a)</sup>** |  |
| **October 31, 2022** | **October 31, 2022** | **October 31, 2022** | **October 31, 2022** | **October 31, 2022** |  |
| **Description** | **Expiration** | **Strike**<br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF | 6/30/2023 | $442.14 | 887 | $(34256827) | $(913768) |
|  |  |  |  |  | (913768) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF | 6/30/2023 | 320.65 | 887 | (34256827) | (828322) |
|  |  |  |  |  | (828322) |
| **Total Options Written (Premiums Received $2,368,100)** |  |  |  |  | $**(1742090)** |

---

<sup>(a)</sup> Exchange-Traded.<br>

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR HEDGED TSLA STRATEGY ETF**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 6.08% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 6.08%** |  |  |  |
| Tesla, Inc., Expires 12/30/2022, Strike Price $240.46  | 93 | $2116122 | $142480 |
| TOTAL PURCHASED OPTIONS (Cost $468,562)  |  |  | 142480 |
| **SHORT TERM INVESTMENTS - 95.77%** | **Principal Amount** |  |  |
| **U.S. Treasury Bill - 94.63%** |  |  |  |
| United States Treasury Bill, 3.230%, 01/5/2023 <sup>(c) (d)</sup>  | $2234000 |  | 2218787 |
|  |  |  | 2218787 |
| **Money Market Deposit Account- 1.14%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(e)</sup>  | 26747 |  | 26747 |
|  |  |  | 26747 |
| TOTAL SHORT TERM INVESTMENTS (Cost $2,248,404)  |  |  | 2245534 |
| **Total Investments (Cost $2,716,966) - 101.85%**  |  |  | 2388014 |
| **Liabilities in Excess of Other Assets - (1.85)%**  |  |  | (43377) |
| **TOTAL NET ASSETS - 100.00%**  |  |  | $2344637 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR HEDGED TSLA STRATEGY ETF**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022 (Continued)** |

---

---

| | |
|:---|:---|
| <u>**Asset Type**</u> | **% of Net Assets** |
| Purchased Options | 6.08% |
| Short Term Investments | 95.77 |
| **Total Investments** | 101.85 |
| **Liabilities in Excess of Other Assets** | (1.85) |
| **Net Assets** | 100.00% |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exchange-Traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchased option contracts are held in connection with corresponding option contracts written short.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate disclosed is the effective yield as of October 31, 2022. The stated interest rate is 0.00%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of the security can be pledged as collateral in connection with options written contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Schedule of Options Written <sup>(a)</sup>** | **Schedule of Options Written <sup>(a)</sup>** | **Schedule of Options Written <sup>(a)</sup>** | **Schedule of Options Written <sup>(a)</sup>** | **Schedule of Options Written <sup>(a)</sup>** | |
| **October 31, 2022** | **October 31, 2022** | **October 31, 2022** | **October 31, 2022** | **October 31, 2022** | |
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | <br>**Value** |
| **Call Options** |  |  |  |  |  |
| Tesla, Inc.  | 12/30/2022 | $289.09 | 93 | $(2116122) | $(41913) |
| **Total Options Written (Premiums Received $219,726)**  |  |  |  |  | $**(41913)** |

---

<sup>(a)</sup> Exchange-Traded.<br>

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR UNCAPPED ACCELERATED U.S. EQUITY ETF**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 105.37% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 105.37%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $440.99  | 73 | $2819333 | $6428 |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $2.10  | 36 | 1390356 | 1376152 |
| SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $440.99  | 63 | 2433123 | 33435 |
| SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $3.15  | 36 | 1390356 | 1367004 |
| SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $440.99  | 59 | 2278639 | 62690 |
| SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $4.20  | 36 | 1390356 | 1357257 |
| SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $375.04  | 53 | 2046913 | 256229 |
| SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.63  | 36 | 1390356 | 1352961 |
| TOTAL PURCHASED OPTIONS (Cost $6,240,018)  |  |  | 5812156 |
| **SHORT TERM INVESTMENTS - 0.70%** | **Principal Amount** |  |  |
| **Money Market Deposit Account- 0.70%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $38587 |  | 38587 |
| TOTAL SHORT TERM INVESTMENTS (Cost $38,587)  |  |  | 38587 |
| **Total Investments (Cost $6,278,605) - 106.07%**  |  |  | 5850743 |
| **Liabilities in Excess of Other Assets - (6.07)%**  |  |  | (334576) |
| **TOTAL NET ASSETS - 100.00%**  |  |  | $5516167 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR UNCAPPED ACCELERATED U.S. EQUITY ETF**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022 (Continued)** |

---

---

| | |
|:---|:---|
| <u>**Asset Type**</u> | **% of Net Assets** |
| Purchased Options | 105.37% |
| Short Term Investments | 0.70 |
| **Total Investments** | 106.07 |
| **Liabilities in Excess of Other Assets** | (6.07) |
| **Net Assets** | 100.00% |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exchange-Traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchased option contracts are held in connection with corresponding option contracts written short.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Schedule of Options Written <sup>(a)</sup>** | **Schedule of Options Written <sup>(a)</sup>** | **Schedule of Options Written <sup>(a)</sup>** | **Schedule of Options Written <sup>(a)</sup>** | **Schedule of Options Written <sup>(a)</sup>** | |
| **October 31, 2022** | **October 31, 2022** | **October 31, 2022** | **October 31, 2022** | **October 31, 2022** | |
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | <br>**Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 12/30/2022 | $419.99 | 36 | $(1390356) | $(11995) |
| SPY SPDR S&P 500® Trust ETF  | 3/31/2023 | 419.99 | 36 | (1390356) | (39270) |
| SPY SPDR S&P 500® Trust ETF  | 6/30/2023 | 419.99 | 36 | (1390356) | (64293) |
| SPY SPDR S&P 500® Trust ETF  | 9/29/2023 | 357.20 | 36 | (1390356) | (215593) |
| **Total Options Written (Premiums Received $474,965)**  |  |  |  |  | $**(331151)** |

---

<sup>(a)</sup> Exchange-Traded.<br>

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Assets and Liabilities** 

**October 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Innovator IBD**® **50 ETF** | **Innovator IBD**® **Breakout Opportunities ETF** | **Innovator Loup Frontier Tech ETF** |
|  | **Assets:** |  | | |
|  | Investments, at value <sup>(a)(b)</sup>  | $126950890 | | |
|  | Dividends and interest receivable  | 39068 | | |
|  | Receivable for investments sold  | 48490332 | | |
|  | Securities lending income receivable  | 3188 | | |
|  | Prepaid expenses  | 1391 | <br>$17960269<br>6851<br>-<br>462<br>- | <br>$41481610<br>12944<br>-<br>1843<br>- |
|  | Total Assets  | 175484869 | 17967582 | 41496397 |
|  | **Liabilities:** |  | | |
|  | Payable for collateral upon return of securities loaned  | 25438971 | | |
|  | Payable to Adviser  | 64592 | | |
|  | Payable for investments purchased  | 47832013 | | |
|  | Payable to Trustees  | 1197 | | |
|  | Payable to Custodian  | 6699 | | |
|  | Accrued expenses and other liabilities  | 98281 | <br>4152384<br>8879<br>-<br>-<br>-<br>- | <br>9077312<br>19322<br>-<br>-<br>109868<br>1612 |
|  | Total Liabilities  | 73441753 | 4161263 | 9208114 |
|  | **Net Assets**  | $102043116 | $13806319 | $32288283 |
|  | **Net Assets Consist of:** |  |  |  |
|  | Capital stock  | $407965430 | $25915265 | $74002076 |
|  | Total distributable earnings/(accumulated deficit)  | (305922314 | (12108946 | (41713793 |
|  | **Net Assets**  | $102043116 | $13806319 | $32288283 |
|  | **Net Asset Value:** |  |  |  |
|  | Net assets  | $102043116 | $13806319 | $32288283 |
|  | Shares of beneficial interest outstanding (unlimited shares without par authorized)  | 3900000 | 450000 | 1100001 |
|  | Net asset value price per share  | $26.16 | $30.68 | $29.35 |
| <sup>(a)</sup> | Cost of investments  | $121471976 | $17231512 | $49753499 |
| <sup>(b)</sup> | Including securities on loan at a value of  | 24206208 | 4029560 | 8690825 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Innovator S&P Investment Grade Preferred ETF** |  | **Innovator Laddered Allocation Power Buffer ETF** |  | **Innovator Laddered Allocation Buffer ETF** |
|  | **Assets:** | |  |  |  | |
|  | Investments, at value <sup>(a)</sup>  | | <sup>(b)</sup> | $1199005 |  | |
|  | Investments in affiliates, at value <sup>(c)</sup>  | |  | 149810463 | <sup>(b)</sup> | |
|  | Dividends and interest receivable  | |  | 486 |  | |
|  | Receivable for fund shares sold  | |  | 1708815 |  | |
|  | Securities lending income receivable  | <br>$124408117<br>-<br>327370<br>-<br>27600 |  | 3687 |  | <br>$16220<br>26399300<br>24<br>-<br>- |
|  | Total Assets  | 124763087 |  | 152722456 |  | 26415544 |
|  | **Liabilities:** | |  | |  | |
|  | Payable to Adviser  | |  | |  | |
|  | Distribution payable  | |  | |  | |
|  | Payable for investments purchased  | |  | |  | |
|  | Payable for collateral upon return of securities loaned  | <br>48894<br>598500<br>-<br>5059149 |  | <br>12167<br>-<br>1706255<br>988825 |  | <br>2039<br>-<br>-<br>- |
|  | Total Liabilities  | 5706543 |  | 2707247 |  | 2039 |
|  | **Net Assets**  | $119056544 |  | $150015209 |  | $26413505 |
|  | **Net Assets Consist of:** |  |  |  |  |  |
|  | Capital stock  | $165953762 |  | $189091982 |  | $27143058 |
|  | Total distributable earnings/(accumulated deficit)  | (46897218 |  | (39076773 |  | (729553 |
|  | **Net Assets**  | $119056544 |  | $150015209 |  | $26413505 |
|  | **Net Asset Value:** |  |  |  |  |  |
|  | Net assets  | $119056544 |  | $150015209 |  | $26413505 |
|  | Shares of beneficial interest outstanding (unlimited shares without par authorized)  | 6650000 |  | 4400000 |  | 1150000 |
|  | Net asset value price per share  | $17.90 |  | $34.09 |  | $22.97 |
| <sup>(a)</sup> | Cost of investments  | $154694452 |  | $1199005 |  | $16220 |
| <sup>(b)</sup> | Including securities on loan at a value of  | 4855509 |  | 959233 |  | - |
| <sup>(c)</sup> | Cost of investments in affiliates  | - |  | 150154756 |  | 27101020 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Innovator Buffer** <br> **Step-Up Strategy ETF** | **Innovator Power Buffer Step-Up Strategy ETF** |
|  | **Assets:** |  |  |
|  | Investments, at value <sup>(a)</sup>  | $30270724 | $35622792 |
|  | Interest receivable  | 102 | 143 |
|  | Total Assets  | 30270826 | 35622935 |
|  | **Liabilities:** |  |  |
|  | Payable to Adviser  | 20934 | 24700 |
|  | Options written, at value <sup>(b)</sup>  | 1397382 | 1742090 |
|  | Total Liabilities  | 1418316 | 1766790 |
|  | **Net Assets**  | $28852510 | $33856145 |
|  | **Net Assets Consist of:** |  |  |
|  | Capital stock  | $31900740 | $36127764 |
|  | Total distributable earnings/(accumulated deficit)  | (3048230 | (2271619 |
|  | **Net Assets**  | $28852510 | $33856145 |
|  | **Net Asset Value:** |  |  |
|  | Net assets  | $28852510 | $33856145 |
|  | Shares of beneficial interest outstanding (unlimited shares without par value authorized)  | 1200000 | 1375000 |
|  | Net asset value price per share  | $24.04 | $24.62 |
| <sup>(a)</sup> | Cost of investments  | $31449304 | $36588541 |
| <sup>(b)</sup> | Premiums received  | 1796303 | 2368100 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Innovator Hedged TSLA Strategy ETF** | **Innovator Uncapped Accelerated U.S. Equity ETF** |
|  | **Assets:** |  |  |
|  | Investments, at value <sup>(a)</sup>  | $2388014 | $5850743 |
|  | Interest receivable  | 60 | 93 |
|  | Deposit at broker for options  | 68 | 18 |
|  | Total Assets  | 2388142 | 5850854 |
|  | **Liabilities:** |  |  |
|  | Payable to Adviser  | 1592 | 3536 |
|  | Options written, at value <sup>(b)</sup>  | 41913 | 331151 |
|  | Total Liabilities  | 43505 | 334687 |
|  | **Net Assets**  | $2344637 | $5516167 |
|  | **Net Assets Consist of:** |  |  |
|  | Capital stock  | $2583423 | $6031918 |
|  | Total distributable earnings/(accumulated deficit)  | (238786 | (515751 |
|  | **Net Assets**  | $2344637 | $5516167 |
|  | **Net Asset Value:** |  |  |
|  | Net assets  | $2344637 | $5516167 |
|  | Shares of beneficial interest outstanding (unlimited shares without par value authorized)  | 100000 | 225000 |
|  | Net asset value price per share  | $23.45 | $24.52 |
| <sup>(a)</sup> | Cost of investments  | $2716966 | $6278605 |
| <sup>(b)</sup> | Premiums received  | 219726 | 474965 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Operations** 

**For the Year Ended October 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | **Innovator IBD**® **50 ETF** | **Innovator IBD**® **Breakout Opportunities ETF** | **Innovator Loup Frontier Tech ETF** |
| **Investment Income:** |  |  |  |
| Dividends | $3472842 | $279668 | $336364 |
| Less: Foreign witholding taxes and issuance fees | (380575) | (5725) | (32507) |
| Interest | 6568 | 798 | 841 |
| Securities lending income, net | 349331 | 3919 | 23125 |
| Total Investment Income | 3448166 | 278660 | 327823 |
| **Expenses:** |  |  |  |
| Investment advisory fee | 1152664 | 129399 | 380877 |
| Professional fees | 50636 |  |  |
| Administration fees | 68649 |  |  |
| Fund accounting fees | 1635 |  |  |
| Trustees fees and expenses | 7902 |  |  |
| Printing and mailing expenses | 38043 |  |  |
| Custody fees | 27139 |  |  |
| Insurance expense | 3196 |  |  |
| Other expenses | 244719 |  |  |
| Total Expenses Before Expense Limitation | 1594583 | 129399 | 380877 |
| Net advisory recoupment/(waivers)(see Note 3) | (277253) |  |  |
| Net Expenses | 1317330 | 129399 | 380877 |
| **Net Investment Income/(Loss)** | 2130836 | 149261 | (53054) |
| **Realized & Unrealized Gain/(Loss):** |  |  |  |
| Net realized gain/(loss) on: |  |  |  |
| Investments and foreign currency transactions | (101048228) | (5288490) | (25248527) |
| Redemptions sold in-kind on investments | 8755777 | 1920170 | 2368900 |
| Net change in unrealized appreciation/(depreciation) on: |  |  |  |
| Investments and translation of foreign currency | (27381789) | 134380 | (13811288) |
| Net Realized and Unrealized Gain/(Loss) | (119674240) | (3233940) | (36690915) |
| **Net Increase/(Decrease) in Net Assets Resulting From Operations** | $(117543404) | $(3084679) | $(36743969) |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Operations** 

**For the Year or Period Ended October 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator S&P Investment Grade Preferred ETF** | **Innovator Laddered Allocation Power Buffer ETF** | **Innovator Laddered Allocation Buffer ETF** | **<sup>(a)</sup>** |
| **Investment Income:** |  |  |  |  |
| Dividends | $8373274 | $- | $- |  |
| Interest | 4073 | 1434 | 64 |  |
| Securities lending income, net | 210523 | 56586 |  |  |
| Total Investment Income | 8587870 | 58020 | 64 |  |
| **Expenses:** |  |  |  |  |
| Investment advisory fee | 781016 | 212794 | 20278 |  |
| Total Expenses Before Expense Limitation | 781016 | 212794 | 20278 |  |
| Net advisory recoupment/(waivers)(see Note 3) |  | (84854) | (10139) |  |
| Net Expenses | 781016 | 127940 | 10139 |  |
| **Net Investment Income/(Loss)** | 7806854 | (69920) | (10075) |  |
| **Realized & Unrealized Gain/(Loss):** |  |  |  |  |
| Net realized gain/(loss) on: |  |  |  |  |
| Investments | (13249898) |  |  |  |
| Redemptions sold in-kind on investments | (3966307) |  |  |  |
| Redemptions sold in-kind on affiliates |  | 923913 | (4544) |  |
| Investments in affiliates |  | (90949) | (17758) |  |
| Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| Investments | (33343643) |  |  |  |
| Investments in affiliates |  | (4269274) | (701720) |  |
| Net Realized and Unrealized Gain/(Loss) | (50559848) | (3436310) | (724022) |  |
| **Net Increase/(Decrease) in Net Assets Resulting From Operations** | $(42752994) | $(3506230) | $(734097) |  |

---

<sup>(a)</sup> Since Commencement of Operations on February 8, 2022.<br>

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Operations** 

**For the Period Ended October 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Innovator Buffer Step-Up Strategy ETF** | **Innovator Power Buffer Step-Up Strategy ETF**<br>**<sup>(a)</sup>** |
| **Investment Income:** |  |  |
| Interest  | $313 | $320 |
| Total Investment Income  | 313 | 320 |
| Investment advisory fee  | $108184 | 106469 |
| Total Expenses  | 108184 | 106469 |
| **Net Investment Income/(Loss)**  | (107871) | (106149) |
| **Realized & Unrealized Gain/(Loss):** |  |  |
| Net realized gain/(loss) on: |  |  |
| Investments  | (1814698) | (1665404) |
| Redemptions sold in-kind on investments  | 1365049 | 1269338 |
| Redemptions sold in-kind on options written  | 451737 | 437764 |
| Options written  | (346002) | (160327) |
| Net change in unrealized appreciation/(depreciation) on: |  |  |
| Investments  | (1178580) | (965749) |
| Options written  | 398921 | 626010 |
| Net Realized and Unrealized Gain/(Loss) on Investments and Options Written  | (1123573) | (458368) |
| **Net Increase/(Decrease) in Net Assets Resulting From Operations**  | $(1231444) | $(564517) |

---

<sup>(a)</sup> Since Commencement of Operations on March 7, 2022.<br>

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Operations** 

**For the Period Ended October 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator** <br> **Hedged TSLA Strategy ETF** | **<sup>(a)</sup>** | **Innovator** <br> **Uncapped Accelerated U.S. Equity ETF** | **<sup>(b)</sup>** |
| **Investment Income:** |  |  |  |  |
| Interest  | $15135 |  | $173 |  |
| Total Investment Income  | 15135 |  | 173 |  |
| Investment advisory fee  | $5289 |  | 9511 |  |
| Total Expenses  | 5289 |  | 9511 |  |
| **Net Investment Income/(Loss)**  | 9846 |  | (9338) |  |
| **Realized & Unrealized Gain/(Loss):** |  |  |  |  |
| Net realized gain/(loss) on: |  |  |  |  |
| Investments  | (116275) |  | (262817) |  |
| Redemptions sold in-kind on options written  | 128259 |  | - |  |
| Options written  | 18782 |  | 40452 |  |
| Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| Investments  | (328952) |  | (427862) |  |
| Options written  | 177813 |  | 143814 |  |
| Net Realized and Unrealized Gain/(Loss) on Investments and Options Written  | (120373) |  | (506413) |  |
| **Net Increase/(Decrease) in Net Assets Resulting From Operations**  | $(110527) |  | $(515751) |  |

---

<sup>(a)</sup> Since Commencement of Operations on July 25, 2022. <br> <sup>(b)</sup> Since Commencement of Operations on August 10, 2022.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Innovator IBD**® **50 ETF** | **Innovator IBD**® **50 ETF** |
|  | **Year Ended** | **Year Ended** |
|  | **October 31, 2022** | **October 31, 2021** |
| **Operations:** |  |  |
| Net investment income/(loss) | $2130836 | $516414 |
| Net realized gain/(loss) | (92292451) | 47870932 |
| Net change in unrealized appreciation/(depreciation) | (27381789) | 21260902 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (117543404) | 69648248 |
| **Distributions to Shareholders:** |  |  |
| Net distributions to shareholders | (520522) |  |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares sold | 32771310 | 327062865 |
| Cost of shares redeemed | (87029075) | (303970475) |
| Transaction fees (see Note 5) |  | 30 |
| Net Increase/(Decrease) in Net Assets from Capital Share Transactions | (54257765) | 23092420 |
| Total Increase/(Decrease) in Net Assets | $(172321691) | $92740668 |
| **Net Assets:** |  |  |
| Beginning of period | $274364807 | $181624139 |
| End of period | $102043116 | $274364807 |
| **Change in Shares Outstanding:** |  |  |
| Shares sold | 700000 | 7100000 |
| Shares redeemed | (2250000) | (6700000) |
| Net Increase/(Decrease) | (1550000) | 400000 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Innovator IBD**® **Breakout Opportunities ETF** | **Innovator IBD**® **Breakout Opportunities ETF** | **Innovator Loup Frontier Tech ETF** | **Innovator Loup Frontier Tech ETF** |
| **Year Ended**<br>**October 31, 2022** | **Year Ended**<br>**October 31, 2021** | **Year Ended**<br>**October 31, 2022** | **Year Ended**<br>**October 31, 2021** |
| $149261 | $(10940) | $(53054) | $(198576) |
| (3368320) | 1869422 | (22879627) | 8185639 |
| 134380 | 777977 | (13811288) | 2224157 |
| (3084679) | 2636459 | (36743969) | 10211220 |
| - | - | - | - |
| 27819425 | 75836535 | 10044230 | 107818940 |
| (25535495) | (69749030) | (19449030) | (56415275) |
| - | - | 8974 | 7950 |
| 2283930 | 6087505 | (9395826) | 51411615 |
| $(800749) | $8723964 | $(46139795) | $61622835 |
| $14607068 | $5883104 | $78428078 | $16805243 |
| $13806319 | $14607068 | $32288283 | $78428078 |
| 750000 | 2200000 | 200000 | 2000000 |
| (700000) | (2050000) | (500000) | (1050000) |
| 50000 | 150000 | (300000) | 950000 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Innovator S&P Investment Grade Preferred ETF** | **Innovator S&P Investment Grade Preferred ETF** |
|  | **Year Ended** | **Year Ended** |
|  | **October 31, 2022** | **October 31, 2021** |
| **Operations:** |  |  |
| Net investment income/(loss) | $7806854 | $9317728 |
| Net realized gain/(loss) | (17216205) | (1078724) |
| Net change in unrealized appreciation/(depreciation) | (33343643) | 2353258 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (42752994) | 10592262 |
| **Distributions to Shareholders:** |  |  |
| Distributions to shareholders | (7781626) | (9442181) |
| Distributions from return of capital | (179692) | (570855) |
| Net distributions to shareholders | (7961318) | (10013036) |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares sold | 9342305 | 111812865 |
| Cost of shares redeemed | (62365145) | (16913660) |
| Net Increase/(Decrease) in Net Assets from Capital Share Transactions | (53022840) | 94899205 |
| Total Increase/(Decrease) in Net Assets | $(103737152) | $95478431 |
| **Net Assets:** |  |  |
| Beginning of period | $222793696 | $127315265 |
| End of period | $119056544 | $222793696 |
| **Change in Shares Outstanding:** |  |  |
| Shares sold | 450000 | 4600000 |
| Shares redeemed | (3000000) | (700000) |
| Net Increase/(Decrease) | (2550000) | 3900000 |

---

<sup>(a)</sup> Since Commencement of Operations on February 8, 2022.<br>

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Innovator Laddered Allocation Power Buffer ETF** | **Innovator Laddered Allocation Power Buffer ETF** | **Innovator Laddered Allocation Buffer ETF** | **Innovator Laddered Allocation Buffer ETF** |
| **Year Ended**<br>**October 31, 2022** | **Year Ended**<br>**October 31, 2021** | **Period Ended**<br>**October 31, 2022** | <br>**<sup>(a)</sup>** |
| $(69920) | $(73125) | $(10075) |  |
| 832964 | 1314917 | (22302) |  |
| (4269274) | 4326731 | (701720) |  |
| (3506230) | 5568523 | (734097) |  |
| - | - | - |  |
| - | - | - |  |
| - | - | - |  |
| 98082895 | 62212670 | 27694797 |  |
| (13898890) | (26781995) | (547195) |  |
| 84184005 | 35430675 | 27147602 |  |
| $80677775 | $40999198 | $26413505 |  |
| $69337434 | $28338236 | $- |  |
| $150015209 | $69337434 | $26413505 |  |
| 2850000 | 1850000 | 1175000 |  |
| (400000) | (800000) | (25000) |  |
| 2450000 | 1050000 | 1150000 |  |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Changes in Net Assets**

---

| |
|:---|
| **Operations:** |
| Net investment income/(loss)  |
| Net realized gain/(loss)  |
| Net change in unrealized appreciation/(depreciation)  |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  |
| **Capital Share Transactions:** |
| Proceeds from shares sold  |
| Cost of shares redeemed  |
| Transaction fees (see Note 5)  |
| Net Increase/(Decrease) in Net Assets from Capital Share Transactions  |
| Total Increase/(Decrease) in Net Assets  |
| **Net Assets:** |
| Beginning of period  |
| End of period  |
| **Change in Shares Outstanding:** |
| Shares sold  |
| Shares redeemed  |
| Net Increase/(Decrease)  |

---

<sup>(a)</sup> Since Commencement of Operations on March 7, 2022.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | |
|:---|:---|
| **Innovator** <br> **Buffer Step-Up** <br> **Strategy ETF** | **Innovator Power Buffer Step-Up Strategy ETF** |
| **Period Ended**<br>**October 31, 2022**<br> <sup>(a)</sup> | **Period Ended**<br>**October 31, 2022**<br> <sup>(a)</sup> |
| $(107871) | $(106149) |
| &nbsp;&nbsp;&nbsp; (343914) | (118629) |
| &nbsp;&nbsp;&nbsp; (779659) | (339739) |
| &nbsp;&nbsp;&nbsp; (1231444) | (564517) |
| &nbsp;&nbsp;&nbsp; 68555817 | 69013632 |
| &nbsp;&nbsp;&nbsp; (38486250) | (34610805) |
| &nbsp;&nbsp;&nbsp; 14387 | 17835 |
| &nbsp;&nbsp;&nbsp; 30083954 | 34420662 |
| $28852510 | $33856145 |
| $- | $- |
| $28852510 | $33856145 |
| &nbsp;&nbsp;&nbsp; 2750000 | 2750000 |
| &nbsp;&nbsp;&nbsp; (1550000) | (1375000) |
| &nbsp;&nbsp;&nbsp; 1200000 | 1375000 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Changes in Net Assets**

---

| |
|:---|
| **Operations:** |
| Net investment income/(loss)  |
| Net realized gain/(loss)  |
| Net change in unrealized appreciation/(depreciation)  |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  |
| **Capital Share Transactions:** |
| Proceeds from shares sold  |
| Cost of shares redeemed  |
| Transaction fees (see Note 5)  |
| Net Increase/(Decrease) in Net Assets from Capital Share Transactions  |
| Total Increase/(Decrease) in Net Assets  |
| **Net Assets:** |
| Beginning of period  |
| End of period  |
| **Change in Shares Outstanding:** |
| Shares sold  |
| Shares redeemed  |
| Net Increase/(Decrease)  |
| <sup>(a)</sup> Since Commencement of Operations on July 25, 2022. |
| <sup>(b)</sup> Since Commencement of Operations on August 10, 2022. |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | |
|:---|:---|
| **Innovator Hedged TSLA Strategy ETF** | **Innovator Uncapped Accelerated U.S. Equity ETF** |
| **Period Ended**<br>**October 31, 2022**<br> <sup>(a)</sup> | **Period Ended**<br>**October 31, 2022**<br> <sup>(b)</sup> |
| $9846 | $(9338) |
| &nbsp;&nbsp;&nbsp; 30766 | (222365) |
| &nbsp;&nbsp;&nbsp; (151139) | (284048) |
| &nbsp;&nbsp;&nbsp; (110527) | (515751) |
| &nbsp;&nbsp;&nbsp; 5105365 | 6031590 |
| &nbsp;&nbsp;&nbsp; (2650830) | - |
| &nbsp;&nbsp;&nbsp; 629 | 328 |
| &nbsp;&nbsp;&nbsp; 2455164 | 6031918 |
| $2344637 | $5516167 |
| $- | $- |
| $2344637 | $5516167 |
| &nbsp;&nbsp;&nbsp; 200000 | 225000 |
| &nbsp;&nbsp;&nbsp; (100000) | - |
| &nbsp;&nbsp;&nbsp; 100000 | 225000 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Financial Highlights**<br>

**Per Share Operating Performance (For a share outstanding throughout**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share Transactions: |
|  | Net Asset Value, Beginning of Period | Net investment income/(loss) <sup>(e)</sup> | Net realized and unrealized gain/(loss) | Total From Investment Operations | Transaction fees (see Note 5) |
| **Innovator IBD**® **50 ETF** |  |  |  |  |  |
| For the year ended 10/31/2022  | $50.34 | 0.46 | (24.54) | (24.08) | - |
| For the year ended 10/31/2021  | $35.97 | 0.10 | 14.27 | 14.37 | -<br> <sup>(f)</sup> |
| For the year ended 10/31/2020  | $33.17 | 0.04 | 2.76 | 2.80 | - |
| For the year ended 10/31/2019  | $31.24 | (0.07) | 2.00 | 1.93 | -<br> <sup>(f)</sup> |
| For the year ended 10/31/2018  | $33.34 | (0.12) | (1.92) | (2.04) | -<br> <sup>(f)</sup> |
| **Innovator IBD**® **Breakout Opportunities ETF** |  |  |  |  |  |
| For the year ended 10/31/2022  | $36.52 | 0.32 | (6.16) | (5.84) | - |
| For the year ended 10/31/2021  | $23.53 | (0.02) | 13.01 | 12.99 | - |
| For the year ended 10/31/2020  | $19.44 | (0.03) | 4.12 | 4.09 | - |
| For the year ended 10/31/2019  | $20.26 | -<br> <sup>(f)</sup> | (0.78) | (0.78) | -<br> <sup>(f)</sup> |
| For the period 9/12/2018 <sup>(d)</sup> - 10/31/2018  | $25.00 | (0.01) | (4.73) | (4.74) | - |
| **Innovator Loup Frontier Tech ETF** |  |  |  |  |  |
| For the year ended 10/31/2022  | $56.02 | (0.04) | (26.64) | (26.68) | 0.01 |
| For the year ended 10/31/2021  | $37.34 | (0.14) | 18.81 | 18.67 | 0.01 |
| For the year ended 10/31/2020  | $23.70 | (0.09) | 13.73 | 13.64 | -<br> <sup>(f)</sup> |
| For the year ended 10/31/2019  | $22.77 | (0.02) | 0.95 | 0.93 | - |
| For the period 7/24/2018 <sup>(d)</sup> - 10/31/2018  | $25.00 | (0.01) | (2.22) | (2.23) | -<br> <sup>(f)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Does not include the impact of the expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Amount represents less than $0.01 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Excludes in-kind transactions associated with creations and redemptions of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Recognition of net investment income by the Funds are affected by the timing of the declaration of dividends by the underlying investment companies in which the Funds invest. This ratio does not include net investment income of the underlying investment companies in which the Funds invest.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | |
|:---|:---|
| **each period)** | **Ratios/Supplemental Data:**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Distributions Paid to Shareholders: |  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Paid from net investment income | Change in Net Asset Value for the Period | Net Asset Value, End of Period | Total return <sup>(b)</sup> | Net assets, end of period (000) | Expenses, before waivers/<br> recoupment <sup>(c)</sup> | Expenses, net of waivers/<br> recoupment <sup>(c)</sup> | Net investment income/<br> (loss) <sup>(h)</sup> | Portfolio turnover rate <sup>(b)(g)</sup> |
| (0.10) | (24.18) | $26.16 | (47.90)% | $102043 | 0.97% | 0.80% | 1.29% | 1961% |
|  | 14.37 | $50.34 | 39.95% | $274365 | 0.93% | 0.80% | 0.22% | 1133% |
|  | 2.80 | $35.97 | 8.42% | $181624 | 0.90% | 0.80% | 0.12% | 974% |
|  | 1.93 | $33.17 | 6.20% | $326748 | 0.78% | 0.80% | (0.21)% | 786% |
| (0.06) | (2.10) | $31.24 | (6.15)% | $440451 | 0.84% | 0.80% | (0.43)% | 719% |
|  | (5.84) | $30.68 | (15.98)% | $13806 | 0.80% | 0.80% | 0.92% | 1980% |
|  | 12.99 | $36.52 | 55.18% | $14607 | 0.80% | 0.80% | (0.07)% | 1846% |
|  | 4.09 | $23.53 | 21.04% | $5883 | 0.80% | 0.80% | (0.12)% | 1637% |
| (0.04) | (0.82) | $19.44 | (3.84)% | $7777 | 0.80% | 0.80% | 0.02% | 1777% |
|  | (4.74) | $20.26 | (18.95)% | $8105 | 0.80% | 0.80% | (0.38)% | 289% |
|  | (26.67) | $29.35 | (47.60)% | $32288 | 0.70% | 0.70% | -0.10% | 138% |
|  | 18.68 | $56.02 | 50.01% | $78428 | 0.70% | 0.70% | (0.27)% | 134% |
|  | 13.64 | $37.34 | 57.59% | $16805 | 0.70% | 0.70% | (0.32)% | 97% |
|  | 0.93 | $23.70 | 4.07% | $10664 | 0.70% | 0.70% | (0.07)% | 107% |
|  | (2.23) | $22.77 | (8.92)% | $12524 | 0.70% | 0.70% | (0.23)% | 53% |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Financial Highlights**<br>

**Per Share Operating Performance (For a share**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share Transactions: |
|  | Net Asset Value, Beginning of Period | Net investment income/(loss) <sup>(c)</sup> | Net realized and unrealized gain/(loss) | Total From Investment Operations | Transaction fees (see Note 5) |
| **Innovator S&P Investment Grade Preferred ETF** |  |  |  |  |  |
| For the year ended 10/31/2022  | $24.22 | 1.00 | (6.28) | (5.28) | - |
| For the year ended 10/31/2021  | $24.02 | 1.14 | 0.27<br> <sup>(h)</sup> | 1.41 | - |
| For the year ended 10/31/2020  | $24.11 | 1.23 | (0.07) | 1.16 | -<br> <sup>(j)</sup> |
| For the period 4/1/2019 <sup>(g)</sup> - 10/31/2019  | $23.18 | 0.67 | 0.93 | 1.60 | - |
| For the year ended 3/31/2019  | $23.38 | 1.18 | (0.18) | 1.00 | - |
| For the year ended 3/31/2018  | $24.06 | 1.29 | (0.57) | 0.72 | - |
| **Innovator Laddered Allocation Power Buffer ETF** |  |  |  |  |  |
| For the year ended 10/31/2022  | $35.56 | (0.02) | (1.45) | (1.47) | - |
| For the year ended 10/31/2021  | $31.49 | (0.05) | 4.12 | 4.07 | - |
| For the year ended 10/31/2020  | $36.66 | 0.81 | (5.26) | (4.45) | - |
| For the period 10/1/2019 <sup>(d)</sup> - 10/31/2019  | $36.81 | 0.02 | (0.17) | (0.15) | - |
| For the year ended 9/30/2019  | $31.55 | 0.66 | 5.29 | 5.95 | - |
| For the year ended 9/30/2018  | $31.23 | 0.47 | 0.32<br> <sup>(h)</sup> | 0.79 | - |
| **Innovator Laddered Allocation Buffer ETF** |  |  |  |  |  |
| For the period 2/8/2022 <sup>(f)</sup> - 10/31/2022  | $24.89 | (0.02) | (1.90) | (1.92) | - |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The period ended October 31, 2019 consists of one month due to the Fund's fiscal year end change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes in-kind transactions associated with creations and redemptions of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The period ended October 31, 2019 consists of seven months due to the Fund's fiscal year end change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The ratio of net expenses to average net assets includes interest expense fees of 0.03%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Amount represents less than $0.01 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Does not include the impact of the expenses of the underlying funds in which the Funds invest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Recognition of net investment income by the Funds are affected by the timing of the declaration of dividends by the underlying investment companies in which the Funds invest. This ratio does not include net investment income of the underlying investment companies in which the Funds invest.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | |
|:---|:---|
| **outstanding throughout each period)** | **Ratios/Supplemental Data:**  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Distributions Paid to Shareholders: | Distributions Paid to Shareholders: | Distributions Paid to Shareholders: |  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Paid from net investment income | Paid from return of capital | Total Distributions Paid | Change in Net Asset Value for the Period | Net Asset Value, End of Period | Total return <sup>(b)</sup> | Net assets, end of period (000) | Expenses, before waivers/<br> recoupment <sup>(k)</sup> | Expenses, net of waivers/<br> recoupment <sup>(k)</sup> | Net investment income/<br> (loss) <sup>(l)</sup> | Portfolio turnover rate <sup>(b) (e)</sup> |
| (1.02) | (0.02) | (1.04) | (6.32) | $17.90 | (22.27)% | $119057 | 0.47% | 0.47% | 4.70% | 46% |
| (1.14) | (0.07) | (1.21) | 0.20 | $24.22 | 5.97% | $222794 | 0.47% | 0.47% | 4.70% | 68% |
| (1.25) |  | (1.25) | (0.09) | $24.02 | 5.04% | $127315 | 0.47% | 0.47% | 5.15% | 58% |
| (0.67) |  | (0.67) | 0.93 | $24.11 | 6.93% | $19288 | 0.47% | 0.47% | 4.75% | 34% |
| (1.20) |  | (1.20) | (0.20) | $23.18 | 4.54% | $13911 | 0.47% | 0.47% | 5.12% | 58% |
| (1.36) | (0.04) | (1.40) | (0.68) | $23.38 | 2.98% | $19870 | 0.47% | 0.47% | 5.39% | 67% |
|  |  |  | (1.47) | $34.09 | (4.11)% | $150015 | 0.20% | 0.12% | -0.07% | 2% |
|  |  |  | 4.07 | $35.56 | 12.93% | $69337 | 0.20% | 0.20% | (0.14%) | 1% |
| (0.72) |  | (0.72) | (5.17) | $31.49 | (11.93)% | $28338 | 0.47% | 0.47% | 2.47% | 750% |
|  |  |  | (0.15) | $36.66 | (0.42)% | $137463 | 0.49% | 0.49% | 0.63% | 0% |
| (0.69) |  | (0.69) | 5.26 | $36.81 | 19.11% | $136195 | 0.49% | 0.49% | 2.00% | 44% |
| (0.47) |  | (0.47) | 0.32 | $31.55 | 2.55% | $162484 | 0.52% <sup>(i)</sup> | 0.52% <sup>(i)</sup> | 1.47% | 667% |
|  |  |  | (1.92) | $22.97 | (7.72)% | $26414 | 0.20% | 0.10% | -0.10% | 1% |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Financial Highlights**

**Per Share Operating Performance (For a share outstanding throughout each period)**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share Transactions: |
|  | Net Asset Value, Beginning of Period | Net investment income/(loss) <sup>(c)</sup> | Net realized and unrealized gain/(loss) | Total From Investment Operations | Transaction fees (see Note 5) |
| **Innovator Buffer Step-Up Strategy ETF** |  |  |  |  |  |
| For the period 3/7/2022<sup>(d)</sup> - 10/31/2022  | $25.48 | (0.14) | (1.32) | (1.46) | 0.02 |
| **Innovator Power Buffer Step-Up Strategy ETF** |  |  |  |  |  |
| For the period 3/7/2022<sup>(d)</sup> - 10/31/2022  | $25.67 | (0.14) | (0.93) | (1.07) | 0.02 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Commencement of operations.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Ratios/Supplemental Data:** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Change in Net Asset Value for the Period | Net Asset Value, End of Period | Total return <sup>(b)</sup> | Net assets, end of period (000) | Expenses | Net investment income/(loss) | Portfolio turnover rate <sup>(b)</sup> |
| (1.44) | $24.04 | (5.64)% | $28853 | 0.89% | -0.89% | 0% |
| (1.05) | $24.62 | (4.08)% | $33856 | 0.89% | -0.89% | 0% |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Financial Highlights**

**Per Share Operating Performance (For a share outstanding throughout each period)**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share Transactions: |
|  | <br>Net Asset<br> Value, Beginning of Period | Net investment income/(loss) <sup>(c)</sup> | Net realized and unrealized gain/(loss) | Total From Investment Operations | Transaction fees (see Note 5) |
| **Innovator Hedged TSLA Strategy ETF** |  |  |  |  |  |
| For the period 7/25/2022<sup>(d)</sup> - 10/31/2022  | $24.91 | 0.10 | (1.57) | (1.47) | 0.01 |
| **Innovator Uncapped Accelerated U.S. Equity ETF** |  |  |  |  |  |
| For the period 8/10/2022<sup>(d)</sup> - 10/31/2022  | $26.88 | (0.04) | (2.32) | (2.36) | -<br> <sup>(e)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount represents less than $0.01 per share.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Ratios/Supplemental Data:** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Change in Net Asset Value for the Period | Net Asset Value, End of Period | Total return <sup>(b)</sup> | Net assets, end of period (000) | Expenses | Net investment income/(loss) | Portfolio turnover rate <sup>(b)</sup> |
| (1.46) | $23.45 | (5.88)% | $2345 | 0.79% | 1.47% | 0% |
| (2.36) | $24.52 | (8.79)% | $5516 | 0.79% | -0.78% | 0% |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Notes to Financial Statements** 

&nbsp;&nbsp;&nbsp;&nbsp;**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. Effective February 9, 2022, BUFF's name was changed from Innovator Laddered Fund of U.S. Equity Power Buffer ETFs to Innovator Laddered Allocation Power Buffer ETF. The Trust currently consists of multiple operational series, of which ten are covered in this report, collectively the ("Funds"):

---

| | | | |
|:---|:---|:---|:---|
| Name | Ticker | Commencement of Operations | Tracking Index/Fund <sup>(a)</sup> |
| Innovator IBD® 50 ETF  | FFTY | April 8, 2015 | IBD® 50 Index |
| Innovator IBD® Breakout Opportunities ETF  | BOUT | September 12, 2018 | IBD® Breakout Stocks Index |
| Innovator Loup Frontier Tech ETF  | LOUP | July 24, 2018 | Loup Frontier Tech Index |
| Innovator S&P Investment Grade Preferred ETF  | EPRF | May 23, 2016 | S&P U.S. High Quality Preferred Stock Index |
| Innovator Laddered Allocation Power Buffer ETF <sup>(b)</sup>  | BUFF | October 19, 2016 | Refinitiv Laddered Power Buffer Strategy Index |
| Innovator Laddered Allocation Buffer ETF <sup>(c)</sup>  | BUFB | February 8, 2022 | MerQube U.S. Large Cap Equity Buffer Laddered Index |
| Innovator Buffer Step-Up Strategy ETF  | BSTP | March 7, 2022 | SPDR S&P 500® ETF Trust |
| Innovator Power Buffer Step-Up Strategy ETF  | PSTP | March 7, 2022 | SPDR S&P 500® ETF Trust |
| Innovator Hedged TSLA Strategy ETF <sup>(d)</sup>  | TSLH | July 25, 2022 | Tesla, Inc. |
| Innovator Uncapped Accelerated U.S. Equity ETF  | XUSP | August 10, 2022 | SPDR S&P 500® ETF Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Fund individually seeks to track their respective index or Fund, before fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) TSLH seeks to participate in the price return of the common stock of Tesla, Inc., subject to a limit on investment gains and seeks to provide a level of protection against significant declines in the price return of the common stock of Tesla, Inc.

The operational series of the Trust covered outside of this report consist of:

---

| | | | |
|:---|:---|:---|:---|
| Name | Ticker | Commencement of Operations | Tracking Fund |
| Innovator U.S. Equity Buffer ETF – January  | BJAN | December 31, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – February  | BFEB | January 31, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – March  | BMAR | February 28, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – April  | BAPR | March 29, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – May  | BMAY | April 30, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – June  | BJUN | May 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – July  | BJUL | August 28, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – August  | BAUG | July 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – September  | BSEP | August 30, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – October  | BOCT | September 28, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – November  | BNOV | October 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – December  | BDEC | November 29, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – January  | PJAN | December 31, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – February  | PFEB | January 31, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – March  | PMAR | February 28, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – April  | PAPR | March 29, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – May  | PMAY | April 30, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – June  | PJUN | May 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – July  | PJUL | August 7, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – August  | PAUG | July 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – September  | PSEP | August 30, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – October  | POCT | September 28, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – November  | PNOV | October 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – December  | PDEC | November 29, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – January  | UJAN | December 31, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – February  | UFEB | January 31, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – March  | UMAR | February 28, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – April  | UAPR | March 29, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – May  | UMAY | April 30, 2020 | SPDR S&P 500® ETF Trust |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

---

| | | | |
|:---|:---|:---|:---|
| Name | Ticker | Commencement of Operations | Tracking Fund |
| Innovator U.S. Equity Ultra Buffer ETF – June  | UJUN | May 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – July  | UJUL | August 7, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – August  | UAUG | July 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – September  | USEP | August 30, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – October  | UOCT | September 28, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – November  | UNOV | October 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – December  | UDEC | November 29, 2019 | SPDR S&P 500® ETF Trust |
| Innovator International Developed Power Buffer ETF - January  | IJAN | December 31, 2019 | 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 - July  | IJUL | June 28, 2019 | iShares MSCI EAFE ETF |
| Innovator International Developed Power Buffer ETF - October  | IOCT | September 30, 2021 | iShares MSCI EAFE ETF |
| Innovator Emerging Markets Power Buffer ETF - January  | EJAN | December 31, 2019 | 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 - 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 Growth-100 Power Buffer ETF - January  | NJAN | December 31, 2019 | Invesco QQQ Trust |
| Innovator Growth-100 Power Buffer ETF - April  | NAPR | March 31, 2020 | Invesco QQQ Trust |
| Innovator Growth-100 Power Buffer ETF - July  | NJUL | June 30, 2020 | Invesco QQQ Trust |
| Innovator Growth-100 Power Buffer ETF - October  | NOCT | September 30, 2019 | Invesco QQQ Trust |
| 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 - April  | KAPR | March 31, 2020 | 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 - October  | KOCT | September 30, 2019 | iShares Russell 2000 ETF |
| Innovator Double Stacker ETF - January  | DSJA | December 31, 2020 | SPDR S&P 500® ETF Trust and Invesco QQQ Trust |
| Innovator Double Stacker ETF - October  | DSOC | September 30, 2020 | SPDR S&P 500® ETF Trust and Invesco QQQ Trust |
| Innovator Triple Stacker ETF - January  | TSJA | December 31, 2020 | SPDR S&P 500® ETF Trust, Invesco QQQ Trust and iShares Russell 2000 ETF |
| Innovator Triple Stacker ETF - October  | TSOC | September 30, 2020 | SPDR S&P 500® ETF Trust, Invesco QQQ Trust and iShares Russell 2000 ETF |
| Innovator Double Stacker 9 Buffer ETF - January  | DBJA | December 31, 2020 | SPDR S&P 500® ETF Trust and Invesco QQQ Trust |
| Innovator Double Stacker 9 Buffer ETF - October  | DBOC | September 30, 2020 | SPDR S&P 500® ETF Trust and Invesco QQQ Trust |
| Innovator U.S. Equity Accelerated ETF - January  | XDJA | December 31, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated ETF - April  | XDAP | March 31, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated ETF - July  | XDJL | June 30, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated ETF - October  | XDOC | September 30, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated Plus ETF - January  | XTJA | December 31, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated Plus ETF - April  | XTAP | March 31, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated Plus ETF - July  | XTJL | June 30, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated Plus ETF - October  | XTOC | September 30, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - January  | XBJA | December 31, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - April  | XBAP | March 31, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - July  | XBJL | June 30, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - October  | XBOC | September 30, 2021 | SPDR S&P 500® ETF Trust |
| Innovator Growth Accelerated Plus ETF - January  | QTJA | December 31, 2021 | Invesco QQQ Trust |
| Innovator Growth Accelerated Plus ETF - April  | QTAP | March 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 20+ Year Treasury Bond 9 Buffer ETF - July  | TBJL | August 17, 2020 | iShares 20+ Year Treasury Bond ETF |
| Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  | TFJL | August 17, 2020 | iShares 20+ Year Treasury Bond ETF |
| Innovator Defined Wealth Shield ETF  | BALT | June 30, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated ETF - Quarterly  | XDSQ | March 31, 2021 | SPDR S&P 500® ETF Trust |
| Innovator Growth Accelerated ETF - Quarterly  | XDQQ | March 31, 2021 | Invesco QQQ Trust |

---

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, BOUT, LOUP, BSTP and PSTP list and principally trade their shares on NYSE Arca, Inc. ("NYSE"), EPRF, BUFF, BUFB, TSLH and XUSP list and principally trade their shares on Cboe BZX Exchange, Inc. ("Cboe BZX").

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, TSLH 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.

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (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".

**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– 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. If the exchange on which the option is traded is unable to provide a model price, FLEX Options prices will be provided by backup provider Super Derivatives. 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 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.

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INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

**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.

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INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The following table summarizes valuation of the Funds' investments under the fair value hierarchy as of October 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FFTY** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Common Stocks  | $101242311 | $- | $- | $101242311 |
| Investments Purchased with Proceeds From Securities Lending  | - | 25438971 | - | 25438971 |
| Short Term Investments  | 269608 | - | - | 269608 |
| **Total Assets**  | $101511919 | $25438971 | $- | $126950890 |
| **BOUT** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Common Stocks  | $13286700 | $- | $- | $13286700 |
| Master Limited Partnerships  | 396502 | - | - | 396502 |
| Investments Purchased with Proceeds From Securities Lending  | - | 4152384 | - | 4152384 |
| Short Term Investments  | 124683 | - | - | 124683 |
| **Total Assets**  | $13807885 | $4152384 | $- | $17960269 |
| **LOUP** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Common Stocks  | $30491726 | $- | $- | $30491726 |
| Preferred Stocks  | 1806946 | - | - | 1806946 |
| Investments Purchased with Proceeds From Securities Lending  | - | 9077312 | - | 9077312 |
| Short Term Investments  | 105626 | - | - | 105626 |
| **Total Assets**  | $32404298 | $9077312 | $- | $41481610 |
| **EPRF** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Preferred Stocks  | $118690389 | $- | $- | $118690389 |
| Investments Purchased with Proceeds From Securities Lending  | - | 5059149 | - | 5059149 |
| Short Term Investments  | 658579 | - | - | 658579 |
| **Total Assets**  | $119348968 | $5059149 | $- | $124408117 |
| **BUFF** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Affiliated Exchange Traded Funds  | $149810463 | $- | $- | $149810463 |
| Investments Purchased with Proceeds From Securities Lending  | - | 988825 | - | 988825 |
| Short Term Investments  | 210180 | - | - | 210180 |
| **Total Assets**  | $150020643 | $988825 | $- | $151009468 |
| **BUFB** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Affiliated Exchange Traded Funds  | $26399300 | $- | $- | $26399300 |
| Short Term Investments  | 16220 | - | - | 16220 |
| **Total Assets**  | $26415520 | $- | $- | $26415520 |

---

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INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BSTP** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $- | $30228543 | $- | $30228543 |
| Short Term Investments  | 42181 | - | - | 42181 |
| **Total Assets**  | $42181 | $30228543 | $- | $30270724 |
| **Liabilities** |  |  |  |  |
| Options Written  | $- | $1397382 | $- | $1397382 |
| **Total Assets**  | $- | $1397382 | $- | $1397382 |
| **PSTP** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $- | $35559483 | $- | $35559483 |
| Short Term Investments  | 63309 | - | - | 63309 |
| **Total Assets**  | $63309 | $35559483 | $- | $35622792 |
| **Liabilities** |  |  |  |  |
| Options Written  | $- | $1742090 | $- | $1742090 |
| **Total Assets**  | $- | $1742090 | $- | $1742090 |
| **TSLH** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $- | $142480 | $- | $142480 |
| Short Term Investments  | 26747 | 2218787 | - | 2245534 |
| **Total Assets**  | $26747 | $2361267 | $- | $2388014 |
| **Liabilities** |  |  |  |  |
| Options Written  | $- | $41913 | $- | $41913 |
| **Total Assets**  | $- | $41913 | $- | $41913 |
| **XUSP** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $- | $5812156 | $- | $5812156 |
| Short Term Investments  | 38587 | - | - | 38587 |
| **Total Assets**  | $38587 | $5812156 | $- | $5850743 |
| **Liabilities** |  |  |  |  |
| Options Written  | $- | $331151 | $- | $331151 |
| **Total Assets**  | $- | $331151 | $- | $331151 |

---

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INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

See the Schedules of Investments for the investments detailed by industry classification.

There were no Level 3 investments for the Funds during the year or period ended October 31, 2022.

**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, TSLH 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, TSLH 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, TSLH 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.

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INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

When BSTP, PSTP, TSLH 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, TSLH 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, TSLH and XUSP are fully funded and cash settled, therefore balance sheet offsetting under U.S. GAAP does not apply.

BSTP, PSTP, TSLH 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.

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The value of derivative instruments on the Statements of Assets and Liabilities for the Funds as of October 31, 2022 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments** | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments** |
|  | **Asset Derivatives**  | **Liability Derivatives**  |
|  | Investments, at value | Options written, at value |
| **BSTP** | $30228543 | $1397382 |
| **PSTP** | 35559483 | 1742090 |
| **TSLH** | 142480 | 41913 |
| **XUSP** | 5812156 | 331151 |

---

The effect of derivative instruments on the Statements of Operations for the period ended October 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments** | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments** | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments** | **Equity Risk - Call and Put Options not Accounted for as 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** |
|  | Investments | Investments<br> in-kind | Options written | Options written in-kind |
| **BSTP**  | $(1814698) | $1365049 | $(346002) | $451737 |
| **PSTP**  | (1665404) | 1269338 | (160327) | 437764 |
| **TSLH <sup>(a)</sup>**  | (116190) | - | 18782 | 128259 |
| **XUSP**  | (262817) | - | 40452 | - |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount is included in realized gain/(loss) on investments on the statement of operations.

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not** <br> **Accounted for as Hedging** <br> **Instruments** | **Equity Risk - Call and Put Options not** <br> **Accounted for as Hedging** <br> **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** |
|  | Investments | Options written |
| **BSTP** | $(1178580) | $398921 |
| **PSTP** | (965749) | 626010 |
| **TSLH <sup>(b)</sup>** | (326081) | 177813 |
| **XUSP** | (427862) | 143814 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is included in the change in unrealized appreciation/(depreciation) on investments on the statement of operations.

The average volume of derivative activity during the period ended October 31, 2022, is as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchased Options** | **Options Written** |
|  | Average Monthly Market Value | Average Monthly Market Value |
| **BSTP** | $20754311 | $(1244843) |
| **PSTP** | 21278917 | (1309372) |
| **TSLH** | 391601 | (154407) |
| **XUSP** | 5613464 | (242757) |

---

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INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

**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 substantially 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, 2022, 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, 2022, the Funds did not have a liability for any unrecognized tax benefits. As of October 31, 2022, 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. The Funds are subject to examination by U.S. Federal tax authorities for all tax years since 2018, as applicable.

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INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

U.S. GAAP requires that certain components of net assets be reclassified between distributable earnings/(accumulated deficit) and additional paid–in capital. <br> These reclassifications have no effect on net assets or net asset value per share. For the year ended October 31, 2022, the Funds made the following permanent book–to–tax reclassifications primarily related to net operating loss forfeiture and redemptions in kind:

---

| | | |
|:---|:---|:---|
|  | **Distributable Earnings/**<br>**(Accumulated Deficit)** |<br>**Paid-In Capital** |
| **FFTY**  | $(5274772) | $5274772 |
| **BOUT**  | (1815513) | 1815513 |
| **LOUP**  | (766339) | 766339 |
| **EPRF**  | 4806503 | (4806503) |
| **BUFF**  | (818092) | 818092 |
| **BUFB**  | 4544 | (4544) |
| **BSTP**  | (1816786) | 1816786 |
| **PSTP**  | (1707102) | 1707102 |
| **TSLH**  | (128259) | 128259 |
| **XUSP**  | - | - |

---

**Distributions to Shareholders:**

Distributions to shareholders are recorded on the ex–dividend date. FFTY, BOUT, LOUP, BUFF, BUFB, BSTP, PSTP and XUSP intend to pay out dividends from their net investment income, if any, annually. EPRF and TSLH intends 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, 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.

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INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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.

Penserra Capital Management LLC ("Penserra") and Milliman Financial Risk Management LLC ("Milliman")(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.

---

| | | |
|:---|:---|:---|
|  | **Management/Unitary Fee Rate** | **Sub-Adviser** |
| **FFTY**  | 0.70% | Penserra |
| **BOUT**  | 0.80% | Penserra |
| **LOUP**  | 0.70% | Penserra |
| **EPRF**  | 0.47% | Penserra |
| **BUFF**  | 0.20% | Penserra |
| **BUFB**  | 0.20% | Penserra |
| **BSTP**  | 0.89% | Milliman |
| **PSTP**  | 0.89% | Milliman |
| **TSLH**  | 0.79% | Milliman |
| **XUSP**  | 0.79% | Milliman |

---

Certain trustees and officers of the Trust are affiliated with the Adviser. Excluding FFTY, Trustee compensation is paid for by the Adviser.

Pursuant to the Advisory Agreement between the Trust and the Adviser with respect to BUFF and BUFB, the Adviser has agreed to waive unitary fees of 0.10% of average daily net assets of the respective Fund beginning February 9, 2022 until June 30, 2024. The waiver may be terminated by action of the Trust's board at any time upon 60 days written notice by the Trust, on behalf of the Funds, or by the adviser on or after June 30, 2024. The Adviser is not entitled to recoup any of the fees that it waived.

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INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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, 2023. 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, 2022, the Adviser waived $291,431<br> of their advisory fees for FFTY and recouped $14,178 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 10/31/2023** | **FYE 10/31/2024** | **FYE 10/31/2025** | **Total** |
| **FFTY** | $259644 | $309101 | $291430 | $860175 |

---

<sup>\*</sup> Recoupment expires on a rolling monthly basis three years following the respective fee waivers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **INVESTMENT TRANSACTIONS** 

For the year or period ended October 31, 2022, 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. Governement | Other | U.S. Governement | Other |
| **FFTY**  | $- | $3278458089 | $- | $3256783805 |
| **BOUT**  | - | 313564892 | - | 313372021 |
| **LOUP**  | - | 79708390 | - | 75109433 |
| **EPRF**  | - | 76291618 | - | 75942527 |
| **BUFF**  | - | 1798244 | - | 1792086 |
| **BUFB**  | - | 178585 | - | 187180 |
| **BSTP**  | - | - | - | - |
| **PSTP**  | - | - | - | - |
| **TSLH**  | - | - | - | - |
| **XUSP**  | - | - | - | - |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

For the year or period ended October 31, 2022, in–kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-Kind**<br>**Creations** | **In-Kind**<br>**Redemptions** |
| **FFTY**  | $10239785 | $85250811 |
| **BOUT**  | 27694699 | 25428316 |
| **LOUP**  | 4335427 | 18448066 |
| **EPRF**  | 9296564 | 61984568 |
| **BUFF**  | 97918943 | 13876307 |
| **BUFB**  | 27678962 | 547045 |
| **BSTP**  | - | 30916367 |
| **PSTP**  | - | 27542352 |
| **TSLH**  | - | 26679 |
| **XUSP**  | - | - |

---

Net capital gains or losses resulting from in–kind redemptions are excluded for the Funds' taxable gains and are not distributed to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **CREATION AND REDEMPTION TRANSACTIONS** 

There were 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 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 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.

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **SECURITIES LENDING** 

The Funds, excluding BSTP, PSTP, TSLH and XUSP, may lend up to 33<sup>1/3</sup>% 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, 2022, the values of the securities on loan, cash collateral received, and fees and interest were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Value of Securities on Loan**  | **Cash Collateral Received**  | **Fees and Interest Earned** |
| **FFTY** | $24206208 | $25438971 | $349331 |
| **BOUT** | 4029560 | 4152384 | 3919 |
| **LOUP** | 8690825 | 9077312 | 23125 |
| **EPRF** | 4855509 | 5059149 | 210523 |
| **BUFF** | 959233 | 988825 | 56586 |
| **BUFB** |  |  |  |

---

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.

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **FEDERAL INCOME TAX INFORMATION** 

At October 31, 2022, the cost of investments and net unrealized appreciation/<br> (depreciation) for federal income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **FFTY** | **BOUT** | **LOUP** | **EPRF** | **BUFF** |
| Cost of Portfolio | $129414206 | $17352282 | $52848194 | $155203066 | $151444918 |
| Gross Unrealized Appreciation | $5731855 | $806604 | $1452208 | $384426 | $2088342 |
| Gross Unrealized Depreciation | (8195171) | (198617) | (12818792) | (31179375) | (2523792) |
| Net Unrealized Appreciation/(Depreciation) | $(2463316) | $607987 | $(11366584) | $(30794949) | $(435450) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BUFB | BSTP | PSTP | TSLH | XUSP |
| Cost of Portfolio | $27134997 | $29653001 | $34220441 | $2497240 | $5803640 |
| Gross Unrealized Appreciation | $244007 | $566147 | $1044690 | $177813 | $399624 |
| Gross Unrealized Depreciation | (963484) | (1345806) | (1384429) | (328952) | (683672) |
| Net Unrealized Appreciation/(Depreciation) | $(719477) | $(779659) | $(339739) | $(151139) | $(284048) |

---

The differences between book basis and tax basis cost on investments and net unrealized appreciation/(depreciation) are primarily attributable to wash sale loss deferrals.

As of October 31, 2022, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **FFTY** | **BOUT** | **LOUP** | **EPRF** | **BUFF** |
| Accumulated Capital and Other Losses | $(305590158) | $(12865517) | $(30347209) | $(16102269) | $(38641323) |
| Distributions Payable |  |  |  |  |  |
| Undistributed Net Ordinary Income | 2131160 | 148584 |  |  |  |
| Unrealized Appreciation/(Depreciation) on Investments | (2463316) | 607987 | (11366584) | (30794949) | (435450) |
| Total Distributable Earnings/(Accumulated Deficit) | $(305922314) | $(12108946) | $(41713793) | $(46897218) | $(39076773) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **BUFB** | **BSTP** | **PSTP** | **TSLH** | **XUSP** |
| Accumulated Capital and Other Losses | $(10076) | $(2268571) | $(1931880) | $(97493) | $(231703) |
| Undistributed Net Ordinary Income |  |  |  | 9846 |  |
| Unrealized Appreciation/(Depreciation) on Investments | (719477) | (779659) | (339739) | (151139) | (284048) |
| Total Distributable Earnings/(Accumulated Deficit) | $(729553) | $(3048230) | $(2271619) | $(238786) | $(515751) |

---

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.

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

At October 31, 2022, the Funds deferred the following qualified late year ordinary losses:

---

| | |
|:---|:---|
|  | **Late Year Ordinary Losses** |
| **FFTY** | $- |
| **BOUT** |  |
| **LOUP** | 127219 |
| **EPRF** |  |
| **BUFF** | 48674 |
| **BUFB** | 10075 |
| **BSTP** | 107871 |
| **PSTP** | 106149 |
| **TSLH** |  |
| **XUSP** | 9338 |

---

At October 31, 2022, 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** |
| **FFTY** | $305568055 | $- |
| **BOUT** | 12865496 |  |
| **LOUP** | 26072594 | 4147532 |
| **EPRF** | 8231556 | 7272213 |
| **BUFF** | 38592649 |  |
| **BUFB** | 1 |  |
| **BSTP** | 2160700 |  |
| **PSTP** | 1825731 |  |
| **TSLH** | 97493 |  |
| **XUSP** | 222365 |  |

---

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, 2022, no capital loss carryforwards available were utilized.

The tax character of the distributions paid by the Funds during the fiscal years ended October 31, 2022 and October 31, 2021 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FFTY** | **FFTY** | **EPRF** | **EPRF** |
|  | **2022** | **2021** | **2022** | **2021** |
| Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp; Net Ordinary Income  | $520522 | $- | $7781626 | $9442181 |
| &nbsp;&nbsp; Net Long-Term Capital Gains  | - | - | - | - |
| &nbsp;&nbsp; Return of Capital  | - | - | 179692 | 570855 |
| Total Distributions Paid  | $520522 | $- | $7961318 | $10013036 |

---

All other Funds did not pay any distributions during the fiscal years ended October 31, 2022 and October 31, 2021.

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **TRANSACTIONS WITH AFFILITATES** 

BUFF and BUFB had the following transactions during the year or period ended October 31, 2022 with affiliated companies:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Year Ended October 31, 2022** | **Year Ended October 31, 2022** | **Year Ended October 31, 2022** | **Year Ended October 31, 2022** |
| **BUFF**<br>**Security Name** | <br>**Value as of November 1, 2021** | <br>**Purchases**  | <br>**Sales** | <br>**Value as of October 31, 2022** | **Share Balance**  | **Dividend Income** | **Net Realized Gain (Loss) on Sale of Shares** | **Net Change in Unrealized Appreciation (Depreciation)** |
| Innovator U.S. Equity Power Buffer ETF – January  | $5754186 | $8361650 | $1184131 | $12531369 | 402547 | $- | $61214 | $(461550) |
| Innovator U.S. Equity Power Buffer ETF – February  | 5744153 | 8171036 | 1177191 | 12437292 | 447235 | - | 108075 | (408781) |
| Innovator U.S. Equity Power Buffer ETF – March  | 5769279 | 8279027 | 1367123 | 12426551 | 410059 | - | 108362 | (362994) |
| Innovator U.S. Equity Power Buffer ETF – April  | 5757521 | 8286233 | 1228509 | 12460886 | 448556 | - | 62853 | (417212) |
| Innovator U.S. Equity Power Buffer ETF – May  | 5777812 | 8470968 | 1162891 | 12489478 | 445099 | - | 59445 | (655856) |
| Innovator U.S. Equity Power Buffer ETF – June  | 5771325 | 8485340 | 1216942 | 12450896 | 419745 | - | 62061 | (650888) |
| Innovator U.S. Equity Power Buffer ETF – July  | 5783854 | 8272351 | 1494546 | 12463273 | 416275 | - | 55636 | (154022) |
| Innovator U.S. Equity Power Buffer ETF – August  | 5786925 | 8401345 | 1175006 | 12482121 | 441845 | - | 63975 | (595118) |
| Innovator U.S. Equity Power Buffer ETF – September  | 5780273 | 8263236 | 1399055 | 12461179 | 428527 | - | 64877 | (248152) |
| Innovator U.S. Equity Power Buffer ETF – October  | 5785351 | 8197688 | 1579802 | 12429717 | 418509 | - | 71688 | (45208) |
| Innovator U.S. Equity Power Buffer ETF – November  | 5745976 | 8294746 | 1398405 | 12682474 | 421765 | - | 47884 | (7727) |
| Innovator U.S. Equity Power Buffer ETF – December  | 5741324 | 8233567 | 1284792 | 12495227 | 416937 | - | 66894 | (261766) |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Period Ended October 31, 2022** | **Period Ended October 31, 2022** | **Period Ended October 31, 2022** | **Period Ended October 31, 2022** |
| **BUFB**<br>**Security Name** | <br>**Value as of November 1, 2021** | <br>**Purchases**  | <br>**Sales** | <br>**Value as of October 31, 2022** | **Share Balance**  | **Dividend Income** | **Net Realized Gain (Loss) on Sale of Shares** | **Net Change in Unrealized Appreciation (Depreciation)** |
| Innovator U.S. Equity Buffer ETF – January  | $- | $2318432 | $45443 | $2214100 | 66798 | $- | $(578) | $(58311) |
| Innovator U.S. Equity Buffer ETF – February  | - | 2314175 | 55516 | 2197661 | 74227 | - | (522) | (60476) |
| Innovator U.S. Equity Buffer ETF – March  | - | 2319784 | 63073 | 2190288 | 68663 | - | (678) | (65745) |
| Innovator U.S. Equity Buffer ETF – April  | - | 2323123 | 64338 | 2192943 | 71318 | - | (781) | (65061) |
| Innovator U.S. Equity Buffer ETF – May  | - | 2330743 | 44617 | 2196237 | 75498 | - | (740) | (89149) |
| Innovator U.S. Equity Buffer ETF – June  | - | 2333238 | 48986 | 2192199 | 71681 | - | (718) | (91335) |
| Innovator U.S. Equity Buffer ETF – July  | - | 2334801 | 95625 | 2195892 | 71236 | - | (5745) | (37539) |
| Innovator U.S. Equity Buffer ETF – August  | - | 2318131 | 53067 | 2199810 | 73205 | - | (1999) | (63255) |
| Innovator U.S. Equity Buffer ETF – September  | - | 2326251 | 88204 | 2190872 | 72306 | - | (5437) | (41738) |
| Innovator U.S. Equity Buffer ETF – October  | - | 2312662 | 72265 | 2188705 | 69560 | - | (2951) | (48741) |
| Innovator U.S. Equity Buffer ETF – November  | - | 2313600 | 49851 | 2223883 | 74652 | - | (857) | (39009) |
| Innovator U.S. Equity Buffer ETF – December  | - | 2312607 | 53240 | 2216710 | 69994 | - | (1295) | (41362) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **NEW ACCOUNTING PRONOUNCEMENTS** 

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

**10. OWNERSHIP BY AFFILIATES**

The beneficial ownership, either directly or indirectly, of 25% or more of the voting securities of the Fund creates presumption of control of the Fund, under section 2(a)(9) of the Investment Company Act of 1940. As of October 31, 2022, an affiliate of the Funds owned shares in the secondary market of more than 25% of TSLH shares.

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **SUBSEQUENT EVENT** 

Management has evaluated the impact of all subsequent events of the Funds through the date of the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

------

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 IBD® 50 ETF, Innovator IBD® Breakout Opportunities ETF, Innovator Loup Frontier Tech ETF, Innovator S&P Investment Grade Preferred ETF, Innovator Laddered Allocation Power Buffer ETF, Innovator Laddered Allocation Buffer ETF, Innovator Buffer Step-Up Strategy ETF, Innovator Power Buffer Step-Up Strategy ETF, Innovator Hedged TSLA Strategy ETF, and Innovator Uncapped Accelerated U.S. Equity ETF (the "Funds"), each a series of Innovator ETFs Trust, as of October 31, 2022, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (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, 2022, 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.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Statements of Operations | Statements of Changes in Net Assets | Financial Highlights |
| Innovator IBD® 50 ETF | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022, 2021, 2020, 2019, and 2018 |
| Innovator IBD® Breakout Opportunities ETF | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022, 2021, 2020, 2019, and for the period from September 12, 2018 (commencement of operations) through October 31, 2018 |
| Innovator Loup Frontier Tech ETF | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022, 2021, 2020, 2019, and for the period from July 24, 2018 (commencement of operations) through October 31, 2018 |
| Innovator S&P Investment Grade Preferred ETF  | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022, 2021, 2020, the period April 1, 2019 through October 31, 2019, and for the years ended March 31, 2019 and 2018<br>|
| Innovator Laddered Allocation Power Buffer ETF | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022, 2021, 2020, the period October 1, 2019 through October 31, 2019, and for the years ended September 30, 2019 and 2018<br>|

---

---

| | |
|:---|:---|
| Innovator Laddered Allocation Buffer ETF | For the period from February 8, 2022 (commencement of operations) through October 31, 2022<br>|
| Innovator Buffer Step-Up Strategy ETF and Innovator Power Buffer Step-Up Strategy ETF | For the period from March 7, 2022 (commencement of operations) through October 31, 2022<br>|
| Innovator Hedged TSLA Strategy ETF | For the period from July 25, 2022 (commencement of operations) through October 31, 2022<br>|
| Innovator Uncapped Accelerated U.S. Equity ETF | For the period from August 10, 2022 (commencement of operations) through October 31, 2022<br>|

---

------

INNOVATOR ETFs TRUST

The financial highlights of Innovator S&P Investment Grade Preferred ETF for the period ended March 31, 2018 were audited by other auditors whose report dated May 30, 2018, expressed an unqualified opinion on those financial highlights.

<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, 2022, 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.

![ex_459264img012.jpg](ex_459264img012.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

December 22, 2022

------

INNOVATOR ETFs TRUST

**Trustees and Officers (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Name, Address*** <br> ***and Year of Birth*** | ***Position with***<br> ***the Trust*** | ***Length of***<br> ***Time***<br> ***Served\**** | ***Principal Occupation(s)***<br> ***During Past 5 Years*** | ***Number of***<br> ***Portfolios in Fund***<br> ***Complex<sup>(a)</sup>***<br> ***Overseen by Trustee or Officer*** | ***Other***<br> ***Directorships***<br> ***Held by Trustee***<br> ***or Officer in the Past Five Years*** |
| ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** |
| Mark Berg<br> 109 N. Hale Street<br> Wheaton, IL 60187<br> Year of Birth: 1971 | Trustee | Since 2017 | Founding Principal (2001-present), Chief Executive Officer (2019-present), President (2001-2019), Timothy Financial Counsel, Inc. | 89 | Tortazo, LLC (2018-present) |
| Joe Stowell<br> 109 N. Hale Street<br> Wheaton, IL 60187<br> Year of Birth: 1968 | Trustee | Since 2017 | Chief Operating Officer, Woodmen Valley Chapel (2015–present). | 89 | Board of Advisors, Westmont College (2016-2021). |
| Brian J. Wildman<br> 109 N. Hale Street<br> Wheaton, IL 60187<br> Year of Birth: 1963 | Trustee | Since 2017 | President, Timothy Financial Counsel, Inc. (2019–present);<br> Executive Vice President, Consumer Banking (2016–2019), Chief Risk Officer (2013–2016), MB Financial Bank. | 89 | Missionary Furlough Homes, Inc. (since 2008); MB Financial Bank (2003– 2019). |

---

------

INNOVATOR ETFs TRUST

**Trustees and Officers (Unaudited) (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Interested Trustee & Officer*** | ***Interested Trustee & Officer*** | ***Interested Trustee & Officer*** | ***Interested Trustee & Officer*** | ***Interested Trustee & Officer*** | ***Interested Trustee & Officer*** |
| H. Bruce Bond <sup>(b)</sup><br> 109 N. Hale Street<br> Wheaton, IL 60187<br> Year of Birth: 1963 | Interested Trustee, President and Principal Executive Officer | Since 2017 | Chief Executive Officer, Innovator Capital Management, LLC (2017–present). | 89 |  |
| ***Officers*** | ***Officers*** | ***Officers*** | ***Officers*** | ***Officers*** | ***Officers*** |
| John W. Southard<br> 109 N. Hale Street<br> Wheaton, IL 60187<br> Year of Birth: 1969 | Vice President, Treasurer and Principal Financial Accounting Officer <sup>(c)</sup> | Since 2017 | Chief Investment Officer, Innovator Capital Management, LLC (2017–2022); Director and Co–Founder, T2 Capital Management, LLC (2010–present). | 89 | Independent Trustee, ETF Managers Group, LLC (2012–2018) |
| Kevin Gustafson<br> 109 N. Hale Street<br> Wheaton, IL 60187<br> Year of Birth: 1965 | Chief Compliance Officer and Anti–Money Laundering Officer | Since 2020 | Chief Compliance Officer, Innovator Capital Management LLC (2019 - 2022); General Counsel, Innovator Capital Management LLC (2019 - present); Chief Compliance Officer, General Counsel and Chief Risk Officer, Americas, Eastspring Investments, Inc. (2012 - 2019). | 89 |  |

---

\* The Funds' Trustees serve for an indefinite term until their resignation, death or removal. The Funds' officers are elected annually by the Board and serve at the Board's pleasure.

<sup>(a)</sup> The Fund Complex includes the Funds, each series of Innovator ETFs Trust.

<sup>(b)</sup> H. Bruce Bond is deemed to be an interested person of the Trust (as defined in the 1940 Act) because of his affiliation with the Adviser.

<sup>(c)</sup> Kathleen I. Meyer is deemed the Principal Financial Accounting Officer as of November 1, 2022.

*The Statement of Additional Information includes additional information about the Trustees and is available upon request, without charge, by calling 1*–*877*–*386*–*3890.*

------

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**® **50 ETF**

**Innovator IBD**® **Breakout Opportunities ETF** 

**Innovator Loup Frontier Tech ETF**

**Innovator S&P Investment Grade Preferred ETF**

**Innovator Laddered Allocation Power Buffer ETF**

At a quarterly Board meeting held on June 16, 2022, the Trust's Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the "Adviser"), on behalf of the Innovator IBD® 50 ETF, Innovator IBD® Breakout Opportunities ETF, Innovator Loup Frontier Tech ETF, Innovator S&P Investment Grade Preferred ETF, and Innovator Laddered Allocation Power Buffer ETF (the "Funds"), and the Sub-Advisory Agreement among the Trust, on behalf of the Funds, the Adviser and Penserra Capital Management LLC ("Penserra" or the "Sub-Adviser"), 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-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 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-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.

------

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 Penserra 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, as well as the background and experience of the persons responsible for such services. The Board noted that the Adviser oversees Penserra'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 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 Penserra and noted the background and experience of Penserra's portfolio management team and Penserra'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 Penserra 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, 2022 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, FFTY 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.

------

INNOVATOR ETFs TRUST

**Board Considerations Regarding Approval of Investment** 

**Management Agreement (Unaudited) (Continued)**

The Adviser explained that these factors which may contribute to higher tracking error may also apply to LOUP, which includes international holdings for its technology exposure. 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 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 error.

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 the Innovator IBD 50® 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 and Penserra 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 Penserra 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 Fund would benefit the Adviser and Penserra, but that the unitary fee and management 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 approval of the agreements.

------

INNOVATOR ETFs TRUST

**Board Considerations Regarding Approval of Investment** 

**Management Agreement (Unaudited) (Continued)**

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by the Adviser and Penserra. The Board concluded that the character and amount of potential fall-out benefits to the Adviser and Penserra 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.

------

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 Hedged TSLA Strategy ETF**

**Innovator Uncapped Accelerated U.S. Equity ETF**

At a quarterly Board meeting held on March 16, 2022, the Trust's Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the "Adviser"), on behalf of the Innovator Hedged TSLA Strategy ETF and Innovator Uncapped Accelerated U.S. Equity ETF (the "Funds"), and the Sub-Advisory Agreement among the Trust, on behalf of the Funds, the Adviser and 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.

------

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 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 each Fund under the investment management agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, each 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 for each of the Funds, the Adviser would pay Milliman an annual sub-advisory fee equal to 0.12% on each Fund's assets under management.

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.

------

INNOVATOR ETFs TRUST

**Board Considerations Regarding Approval of Investment** 

**Management Agreement (Unaudited) (Continued)**

The Board noted that the proposed 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.

Because the Funds have not yet commenced operations and the actual asset base of the Funds have 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.

------

INNOVATOR ETFs TRUST

**Additional Information (Unaudited)** 

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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>.

&nbsp;&nbsp;&nbsp;&nbsp;**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<br> 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

------

INNOVATOR ETFs TRUST

**Additional Information (Unaudited) (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **TAX NOTICE** 

For the fiscal year ended October 31, 2022, 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 ended October 31, 2022, 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** |
| **<u>Fund</u>** | **Qualified Dividend Income** | **Corporate Dividends Received Deduction** |
| **FFTY** | 0.00% | 0.00% |
| **BOUT** | 0.00 | 0.00 |
| **LOUP** | 0.00 | 0.00 |
| **EPRF** | 0.00 | 0.00 |
| **BUFF** | 0.00 | 0.00 |
| **BUFB** | 0.00 | 0.00 |
| **BSTP** | 0.00 | 0.00 |
| **PSTP** | 0.00 | 0.00 |
| **TSLH** | 0.00 | 0.00 |
| **XUSP** | 0.00 | 0.00 |

---

For the taxable year ended October 31, 2022, 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).

------

INNOVATOR ETFs TRUST

**Additional Information (Unaudited) (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **LIQUIDITY RISK MANAGEMENT PROGRAM** 

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Innovator ETFs Trust ("Trust"), on behalf of each of its series (each a "Fund" and, collectively, the "Funds"), has established a liquidity risk management program to govern the Funds' approach to managing liquidity risk (the "Program"). The Program is overseen by the Trust's Valuation Committee as the Program Administrator, a committee comprised of representatives of the Trust's investment adviser, Innovator Capital Management LLC and representatives of Milliman Financial Risk Management LLC, the sub-adviser for certain of the Funds (the "Committee"). The Trust's Board of Trustees (the "Board") has approved the designation of the Committee to administer the Program.

The Program's principal objectives include supporting the Funds' compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence each Fund's liquidity and the periodic classification and re-classification of certain Funds' investments into groupings that reflect the Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on September 13, 2022, the Trustees received a written report from the Committee regarding the design and operational effectiveness of the Program which has been in operation since September 2019. The Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage the Funds' liquidity risk and has operated adequately and effectively to manage the Funds' liquidity risk since implementation. The Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Committee also noted no Fund has filed a Form N-LIQUID with the SEC.

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**INVESTMENT ADVISOR**

Innovator Capital Management, LLC

109 North Hale Street

Wheaton, IL 60187

**INVESTMENT SUB**–**ADVISOR**

Penserra Capital Management LLC

140 Broadway, 26th Floor

New York, NY 10005

**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

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, 27th Floor

Chicago, IL 60606

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, WI 53202

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![docover.jpg](docover.jpg)

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| Letter to Shareholders  | 3 |
| Fund Performance  | 5 |
| Expense Example  | 91 |
| Schedules of Investments and Options Written  | 94 |
| Statements of Assets and Liabilities  | 180 |
| Statements of Operations  | 202 |
| Statements of Changes in Net Assets  | 224 |
| Financial Highlights  | 246 |
| Notes to Financial Statements  | 268 |
| Report of Independent Registered Public Accounting Firm  | 300 |
| Trustees and Officers  | 304 |
| Board Considerations Regarding Approval of Investment Management Agreement  | 306 |
| Additional Information  | 310 |

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**Letter to Shareholders (Unaudited)**

Dear Valued Shareholders,

Thank you for your interest in Innovator ETFs.

During the year ended October 31, 2022, the U.S. equity market continued its pull-back on the heels of the swiftest interest rate hike in U.S. history. For more than a decade, we witnessed the Federal Reserve institute Quantitative Easing in an effort to spur economic growth and keep interest rates artificially low; and for the most part it worked. However, as the country emerged from the COVID-19 lockdowns and restrictions, there were a few key factors that we believe have contributed to a slowdown and to the elevated market volatility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Record high inflation resulting both from supply chain disruptions and money supply growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A sharp and swift reversal in Fed policy, from highly accommodative to increasingly restrictive

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A process of revaluing future corporate earnings in light of the new interest rate regime

Yet, while it's important to identify short-term risks facing the economy, we believe that higher interest rates may ultimately lead to higher stock prices over time, as the increased prices of goods and services make their way through to the stock prices of the underlying companies. To that end, we think it's important to maintain a diversified approach to investing that includes tools that both focus on growth, as well as those that seek to defend against market loss.

At Innovator, we are rooted in the development of risk-managed, growth, and income-oriented ETF solutions. Today, I'm happy to announce that more advisors are using Innovator ETFs than ever before. 2022 was a year of tremendous growth for the firm, with our flagship line of Defined Outcome ETFs™ garnering more than $5b in net flows, nearly doubling Innovator's assets under management since this time last year.

On behalf of the team at Innovator, thank you for your confidence in us and in the products we offer. May the Lord grant all of us wisdom and peace in the months ahead.

![ex_459265img001.jpg](ex_459265img001.jpg)

Bruce Bond

Chief Executive Officer

*The views in this report were those of the Fund*'*s CEO as of October 31, 2022 and may not reflect his views on the date that this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.* 

------

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)** |
| The following chart compares the value of a hypothetical $10,000 investment in the Innovator International Developed Power Buffer ETF - January from its inception (December 31, 2019) to October 31, 2022 as compared with the MSCI EAFE Index - Price Return and Total Return. |

---

![ex_459265img002.jpg](ex_459265img002.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since**<br> **Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator International Developed Power Buffer ETF - January |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -10.84% | -0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -10.94% | -0.43% |
| MSCI EAFE Index - Price Return  | -25.07% | -5.21% |
| MSCI EAFE Index - Total Return  | -23.00% | -2.84% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is December 31, 2019. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.85%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |
| The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and MSCI EAFE Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the MSCI EAFE Index - Price Return do not include the reinvestment of dividends, if any.  |
| The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/IJAN.  |

---

------

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - APRIL**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator International Developed Power Buffer ETF - April from its inception (March 31, 2021) to October 31, 2022 as compared with the MSCI EAFE Index - Price Return and Total Return.<br>

![ex_459265img003.jpg](ex_459265img003.jpg)

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| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator International Developed Power Buffer ETF - April |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -13.17% | -6.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -13.34% | -6.17% |
| MSCI EAFE Index - Price Return  | -25.07% | -13.64% |
| MSCI EAFE Index - Total Return  | -23.00% | -11.35% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is March 31, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.85%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - APRIL**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)**  |

---

---

| |
|:---|
| The line graph and performance table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and MSCI EAFE Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the MSCI EAFE Index - Price Return do not include the reinvestment of dividends, if any.  |
| The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/IAPR.  |

---

------

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JULY**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator International Developed Power Buffer ETF - July from its inception (June 28, 2019) to October 31, 2022 as compared with the MSCI EAFE Index – Price Return and Total Return.

![ex_459265img004.jpg](ex_459265img004.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of October 31, 2022**  | **Average Annual Total Returns as of October 31, 2022**  | **Average Annual Total Returns as of October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator International Developed Power Buffer ETF - July |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -10.54% | -1.64% | -0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -10.36% | -1.73% | -0.98% |
| MSCI EAFE Index - Price Return  | -25.07% | -3.63% | -2.77% |
| MSCI EAFE Index - Total Return  | -23.00% | -1.27% | -0.42% |

---

<sup>(a)</sup> Inception date is June 28, 2019.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.85%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JULY**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and MSCI EAFE Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the MSCI EAFE Index – Price Return do not include the reinvestment of dividends, if any.

The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/IJUL.

------

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator International Developed Power Buffer ETF - October from its inception (September 30, 2021) to October 31, 2022 as compared with the MSCI EAFE Index - Price Return and Total Return.

![ex_459265img005.jpg](ex_459265img005.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator International Developed Power Buffer ETF - October |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -12.60% | -10.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -12.46% | -10.10% |
| MSCI EAFE Index - Price Return  | -25.07% | -21.68% |
| MSCI EAFE Index - Total Return  | -23.00% | -19.63% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is September 30, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.85%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

---

| |
|:---|
| The line graph and performance table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and MSCI EAFE Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the MSCI EAFE Index - Price Return do not include the reinvestment of dividends, if any.  |
| The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/IOCT.  |

---

------

**Innovator Emerging Markets Power Buffer ETF - January**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |
| The following chart compares the value of a hypothetical $10,000 investment in the Innovator Emerging Markets Power Buffer ETF - January from its inception (December 31, 2019) to October 31, 2022 as compared with the MSCI Emerging Markets Index - Price Return and Total Return. |

---

![ex_459265img006.jpg](ex_459265img006.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator Emerging Markets Power Buffer ETF - January |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -17.93% | -3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -18.14% | -3.05% |
| MSCI Emerging Markets Index - Price Return  | -32.94% | -9.19% |
| MSCI Emerging Markets Index - Total Return  | -31.03% | -7.01% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is December 31, 2019. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.89%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**Innovator Emerging Markets Power Buffer ETF - January**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |
| The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and MSCI Emerging Markets Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the MSCI Emerging Markets Index - Price Return do not include the reinvestment of dividends, if any.  |
| The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/EJAN.  |

---

------

**Innovator Emerging Markets Power Buffer ETF - APRIL**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Emerging Markets Power Buffer ETF - April from its inception (March 31, 2021) to October 31, 2022 as compared with the MSCI Emerging Markets Index - Price Return and Total Return.<br>

![ex_459265img007.jpg](ex_459265img007.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator Emerging Markets Power Buffer ETF - April |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -13.08% | -8.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -13.36% | -9.11% |
| MSCI Emerging Markets Index - Price Return  | -32.94% | -24.20% |
| MSCI Emerging Markets Index - Total Return  | -31.03% | -22.13% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is March 31, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.89%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**Innovator Emerging Markets Power Buffer ETF - APRIL**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)**  |

---

---

| |
|:---|
| The line graph and performance table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and MSCI Emerging Markets Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the MSCI Emerging Markets Index - Price Return do not include the reinvestment of dividends, if any.  |
| The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/EAPR.  |

---

------

**Innovator Emerging Markets Power Buffer ETF - JULY**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Emerging Markets Power Buffer ETF - July from its inception (June 28, 2019) to October 31, 2022 as compared with the MSCI Emerging Markets Index – Price Return and Total Return.

![ex_459265img008.jpg](ex_459265img008.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of October 31, 2022**  | **Average Annual Total Returns as of October 31, 2022**  | **Average Annual Total Returns as of October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator Emerging Markets Power Buffer ETF - July |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -17.66% | -5.43% | -4.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -18.16% | -5.51% | -4.94% |
| MSCI Emerging Markets Index - Price Return  | -32.94% | -6.63% | -6.32% |
| MSCI Emerging Markets Index - Total Return  | -31.03% | -4.42% | -4.03% |

---

<sup>(a)</sup> Inception date is June 28, 2019.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.89%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**Innovator Emerging Markets Power Buffer ETF - JULY**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and MSCI Emerging Markets Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the MSCI Emerging Markets Index – Price Return do not include the reinvestment of dividends, if any.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/EJUL.

------

**Innovator Emerging Markets Power Buffer ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Emerging Markets Power Buffer ETF - October from its inception (September 30, 2021) to October 31, 2022 as compared with the MSCI Emerging Markets Index - Price Return and Total Return.

![ex_459265img009.jpg](ex_459265img009.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator Emerging Markets Power Buffer ETF - October |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -18.75% | -16.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -18.58% | -16.42% |
| MSCI Emerging Markets Index - Price Return  | -32.94% | -30.21% |
| MSCI Emerging Markets Index - Total Return  | -31.03% | -28.35% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is September 30, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.89%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.* |

---

------

**Innovator Emerging Markets Power Buffer ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

---

| |
|:---|
| The line graph and performance table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and MSCI Emerging Markets Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the MSCI Emerging Markets Index - Price Return do not include the reinvestment of dividends, if any. |
| The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/EOCT.  |

---

------

**Innovator Growth-100 Power Buffer ETF - January**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)** |
| The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth-100 Power Buffer ETF - January from its inception (December 31, 2019) to October 31, 2022 as compared with the NASDAQ-100 Index - Price Return and Total Return. |

---

![ex_459265img010.jpg](ex_459265img010.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator Growth-100 Power Buffer ETF - January |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -15.37% | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -15.34% | 0.63% |
| NASDAQ-100 Index - Price Return  | -28.04% | 9.87% |
| NASDAQ-100 Index - Total Return  | -27.46% | 10.74% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is December 31, 2019. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**Innovator Growth-100 Power Buffer ETF - January**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |
| The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and NASDAQ-100 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the NASDAQ-100 Index - Price Return do not include the reinvestment of dividends, if any.  |
| The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The NASDAQ-100 Price Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnologies. It does not contain securities of financial companies including investment companies. |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/NJAN.  |

---

------

**Innovator Growth-100 Power Buffer ETF - April**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth-100 Power Buffer ETF - April from its inception (March 31, 2020) to October 31, 2022 as compared with the NASDAQ-100 Index - Price Return and Total Return.

![ex_459265img011.jpg](ex_459265img011.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator Growth-100 Power Buffer ETF - April |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -9.67% | 4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -10.11% | 3.87% |
| NASDAQ-100 Index - Price Return  | -28.04% | 15.75% |
| NASDAQ-100 Index - Total Return  | -27.46% | 16.64% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is March 31, 2020. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**Innovator Growth-100 Power Buffer ETF - April**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |
| The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and NASDAQ-100 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the NASDAQ-100 Index - Price Return do not include the reinvestment of dividends, if any.  |
| The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The NASDAQ-100 Price Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnologies. It does not contain securities of financial companies including investment companies. |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/NAPR.  |

---

------

**Innovator Growth-100 Power Buffer ETF - JULY**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth-100 Power Buffer ETF - July from its inception (June 30, 2020) to October 31, 2022 as compared with the NASDAQ-100 Index - Price Return and Total Return.

![ex_459265img012.jpg](ex_459265img012.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator Growth-100 Power Buffer ETF - July |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -9.64% | 2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -9.64% | 2.57% |
| NASDAQ-100 Index - Price Return  | -28.04% | 5.09% |
| NASDAQ-100 Index - Total Return  | -27.46% | 5.87% |

---

<sup>(a)</sup> Inception date is June 30, 2020.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**Innovator Growth-100 Power Buffer ETF - JULY**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and NASDAQ-100 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the NASDAQ-100 Index - Price Return do not include the reinvestment of dividends, if any.

The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The NASDAQ-100 Price Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnologies. It does not contain securities of financial companies including investment companies.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/NJUL.

------

**Innovator Growth-100 Power Buffer ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |
| The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth-100 Power Buffer ETF - October from its inception (September 30, 2019) to October 31, 2022 as compared with the NASDAQ-100 Index - Price Return and Total Return. |

---

![ex_459265img013.jpg](ex_459265img013.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of October 31, 2022**  | **Average Annual Total Returns as of October 31, 2022**  | **Average Annual Total Returns as of October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator Growth-100 Power Buffer ETF - October |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -11.95% | 4.01% | 4.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -11.75% | 4.05% | 4.73% |
| NASDAQ-100 Index - Price Return  | -28.04% | 12.16% | 13.35% |
| NASDAQ-100 Index - Total Return  | -27.46% | 13.08% | 14.27% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is September 30, 2019. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**Innovator Growth-100 Power Buffer ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |
| The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and NASDAQ-100 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the NASDAQ-100 Index - Price Return do not include the reinvestment of dividends, if any.  |
| The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The NASDAQ-100 Price Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnologies. It does not contain securities of financial companies including investment companies. |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/NOCT.  |

---

------

**Innovator U.S. Small Cap Power Buffer ETF - January**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |
| The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Small Cap Power Buffer ETF - January from its inception (December 31, 2019) to October 31, 2022 as compared with the Russell 2000 Index - Price Return and Total Return. |

---

![ex_459265img014.jpg](ex_459265img014.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator U.S. Small Cap Power Buffer ETF - January |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -4.65% | 4.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -4.49% | 4.54% |
| Russell 2000 Index - Price Return  | -19.60% | 3.65% |
| Russell 2000 Index - Total Return  | -18.54% | 4.90% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is December 31, 2019. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**Innovator U.S. Small Cap Power Buffer ETF - January**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |
| The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and Russell 2000 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the Russell 2000 Index - Price Return do not include the reinvestment of dividends, if any.  |
| The Russell 2000 Index is a float-adjusted capitalization-weighted index of equity securities issued by the approximately 2,000 smallest issuers in the Russell 3000 Index. The Russell 2000 Price Index measures the performance of the small-capitalization sector of the U.S. equity market, as defined by FTSE Russell. The Russell 2000 Price Index is a subset of the Russell 3000 Index, which measures the performance of the broad U.S. equity market, as defined by FTSE Russell. |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/KJAN.  |

---

------

**Innovator U.S. Small Cap Power Buffer ETF - APRIL**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Small Cap Power Buffer ETF - April from its inception (March 31, 2020) to October 31, 2022 as compared with the Russell 2000 Index - Price Return and Total Return.

![ex_459265img015.jpg](ex_459265img015.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator U.S. Small Cap Power Buffer ETF - April |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -8.29% | 4.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -8.26% | 4.03% |
| Russell 2000 Index - Price Return  | -19.60% | 19.98% |
| Russell 2000 Index - Total Return  | -18.54% | 21.38% |

---

<sup>(a)</sup> Inception date is March 31, 2020.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**Innovator U.S. Small Cap Power Buffer ETF - APRIL**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |
| The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and Russell 2000 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the Russell 2000 Index - Price Return do not include the reinvestment of dividends, if any.  |
| The Russell 2000 Index is a float-adjusted capitalization-weighted index of equity securities issued by the approximately 2,000 smallest issuers in the Russell 3000 Index. The Russell 2000 Price Index measures the performance of the small-capitalization sector of the U.S. equity market, as defined by FTSE Russell. The Russell 2000 Price Index is a subset of the Russell 3000 Index, which measures the performance of the broad U.S. equity market, as defined by FTSE Russell. |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/KAPR.  |

---

------

**Innovator U.S. Small Cap Power Buffer ETF - JULY**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Small Cap Power Buffer ETF - July from its inception (June 30, 2020) to October 31, 2022 as compared with the Russell 2000 Index - Price Return and Total Return.

![ex_459265img016.jpg](ex_459265img016.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator U.S. Small Cap Power Buffer ETF - July |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -8.30% | 2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -8.29% | 2.52% |
| Russell 2000 Index - Price Return  | -19.60% | 11.19% |
| Russell 2000 Index - Total Return  | -18.54% | 12.47% |

---

<sup>(a)</sup> Inception date is June 30, 2020.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**Innovator U.S. Small Cap Power Buffer ETF - JULY**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)**  |

---

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and Russell 2000 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the Russell 2000 Index - Price Return do not include the reinvestment of dividends, if any.

The Russell 2000 Index is a float-adjusted capitalization-weighted index of equity securities issued by the approximately 2,000 smallest issuers in the Russell 3000 Index. The Russell 2000 Price Index measures the performance of the small-capitalization sector of the U.S. equity market, as defined by FTSE Russell. The Russell 2000 Price Index is a subset of the Russell 3000 Index, which measures the performance of the broad U.S. equity market, as defined by FTSE Russell.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/KJUL.

------

**Innovator U.S. Small Cap Power Buffer ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |
| The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Small Cap Power Buffer ETF - October from its inception (September 30, 2019) to October 31, 2022 as compared with the Russell 2000 Index - Price Return and Total Return. |

---

![ex_459265img017.jpg](ex_459265img017.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of October 31, 2022**  | **Average Annual Total Returns as of October 31, 2022**  | **Average Annual Total Returns as of October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator U.S. Small Cap Power Buffer ETF - October |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -8.24% | 1.15% | 1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -7.80% | 1.07% | 1.60% |
| Russell 2000 Index - Price Return  | -19.60% | 5.73% | 6.44% |
| Russell 2000 Index - Total Return  | -18.54% | 7.05% | 7.75% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is September 30, 2019. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**Innovator U.S. Small Cap Power Buffer ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |
| The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and Russell 2000 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the Russell 2000 Index - Price Return do not include the reinvestment of dividends, if any.  |
| The Russell 2000 Index is a float-adjusted capitalization-weighted index of equity securities issued by the approximately 2,000 smallest issuers in the Russell 3000 Index. The Russell 2000 Price Index measures the performance of the small-capitalization sector of the U.S. equity market, as defined by FTSE Russell. The Russell 2000 Price Index is a subset of the Russell 3000 Index, which measures the performance of the broad U.S. equity market, as defined by FTSE Russell. |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/KOCT.  |

---

------

**Innovator Double Stacker ETF - January**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Double Stacker ETF - January from its inception (December 31, 2020) to October 31, 2022 as compared with the S&P 500® Index - Total Return, S&P 500® Index - Price Return and NASDAQ-100 Index - Price Return.

![ex_459265img018.jpg](ex_459265img018.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator Double Stacker ETF - January |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -18.56% | -2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -18.84% | -2.58% |
| NASDAQ-100 Index - Price Return  | -28.04% | -6.45% |
| S&P 500® Index - Price Return  | -15.92% | 1.67% |
| S&P 500® Index - Total Return  | -14.61% | 3.19% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is December 31, 2020. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**Innovator Double Stacker ETF - January**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

---

| |
|:---|
| The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return and NASDAQ-100 Index - Price Return do not include the reinvestment of dividends, if any.  |
| The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.  |
| The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The NASDAQ-100 Price Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnologies. It does not contain securities of financial companies including investment companies. |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/DSJA.  |

---

------

**Innovator Double Stacker ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Double Stacker ETF - October from its inception (September 30, 2020) to October 31, 2022 as compared with the S&P 500® Index - Total Return, S&P 500® Index - Price Return and NASDAQ-100 Index - Price Return.<br>

![ex_459265img019.jpg](ex_459265img019.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator Double Stacker ETF - October |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -17.86% | 2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -17.83% | 2.51% |
| NASDAQ-100 Index - Price Return  | -28.04% | -0.05% |
| S&P 500® Index - Price Return  | -15.92% | 6.99% |
| S&P 500® Index - Total Return  | -14.61% | 8.61% |

---

<sup>(a)</sup> Inception date is September 30, 2020.<br>

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**Innovator Double Stacker ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The line graph and performance table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return and NASDAQ-100 Index - Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The NASDAQ-100 Price Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnologies. It does not contain securities of financial companies including investment companies.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/DSOC.

------

**innovator Triple Stacker ETF - January**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Triple Stacker ETF - January from its inception (December 31, 2020) to October 31, 2022 as compared with the S&P 500® Index - Total Return, S&P 500® Index - Price Return, NASDAQ-100 Index - Price Return and Russell 2000 Index - Price Return.

![ex_459265img020.jpg](ex_459265img020.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator Triple Stacker ETF - January |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -18.53% | -3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -18.70% | -3.14% |
| NASDAQ-100 Index - Price Return  | -28.04% | -6.45% |
| Russell 2000 Index - Price Return  | -19.60% | -3.59% |
| S&P 500® Index - Price Return  | -15.92% | 1.67% |
| S&P 500® Index - Total Return  | -14.61% | 3.19% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is December 31, 2020. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**innovator Triple Stacker ETF - January**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |
| The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return, NASDAQ 100 Index - Price Return and Russell 2000 Index - Price Return do not include the reinvestment of dividends, if any.  |
| The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.  |
| The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The NASDAQ-100 Price Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnologies. It does not contain securities of financial companies including investment companies. |
| The Russell 2000 Index is a float-adjusted capitalization-weighted index of equity securities issued by the approximately 2,000 smallest issuers in the Russell 3000 Index. The Russell 2000 Price Index measures the performance of the small-capitalization sector of the U.S. equity market, as defined by FTSE Russell. The Russell 2000 Price Index is a subset of the Russell 3000 Index, which measures the performance of the broad U.S. equity market, as defined by FTSE Russell. |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/TSJA.  |

---

------

**innovator Triple Stacker ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |
| The following chart compares the value of a hypothetical $10,000 investment in the Innovator Triple Stacker ETF - October from its inception (September 30, 2020) to October 31, 2022 as compared with the S&P 500® Index - Total Return, S&P 500® Index - Price Return, NASDAQ-100 Index - Price Return and Russell 2000 Index - Price Return. |

---

![ex_459265img021.jpg](ex_459265img021.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator Triple Stacker ETF - October |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -17.08% | 1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -17.29% | 1.68% |
| NASDAQ-100 Index - Price Return  | -28.04% | -0.05% |
| Russell 2000 Index - Price Return  | -19.60% | 10.22% |
| S&P 500® Index - Price Return  | -15.92% | 6.99% |
| S&P 500® Index - Total Return  | -14.61% | 8.61% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is September 30, 2020. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**innovator Triple Stacker ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)**  |

---

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return, NASDAQ 100 Index - Price Return and Russell 2000 Index - Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The NASDAQ-100 Price Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnologies. It does not contain securities of financial companies including investment companies.

The Russell 2000 Index is a float-adjusted capitalization-weighted index of equity securities issued by the approximately 2,000 smallest issuers in the Russell 3000 Index. The Russell 2000 Price Index measures the performance of the small-capitalization sector of the U.S. equity market, as defined by FTSE Russell. The Russell 2000 Price Index is a subset of the Russell 3000 Index, which measures the performance of the broad U.S. equity market, as defined by FTSE Russell.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/TSOC.

------

**Innovator Double Stacker 9 Buffer ETF - January**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Double Stacker 9 Buffer ETF - January from its inception (December 31, 2020) to October 31, 2022 as compared with the S&P 500® Index - Total Return, S&P 500® Index - Price Return and NASDAQ-100 Index - Price Return.

![ex_459265img022.jpg](ex_459265img022.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator Double Stacker 9 Buffer ETF - January |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -10.29% | -0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -10.71% | -0.54% |
| NASDAQ-100 Index - Price Return  | -28.04% | -6.45% |
| S&P 500® Index - Price Return  | -15.92% | 1.67% |
| S&P 500® Index - Total Return  | -14.61% | 3.19% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is December 31, 2020. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**Innovator Double Stacker 9 Buffer ETF - January**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |
| The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return and NASDAQ 100 Index - Price Return do not include the reinvestment of dividends, if any.  |
| The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.  |
| The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The NASDAQ-100 Price Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnologies. It does not contain securities of financial companies including investment companies. |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/DBJA.  |

---

------

**Innovator Double Stacker 9 Buffer ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |
| The following chart compares the value of a hypothetical $10,000 investment in the Innovator Double Stacker 9 Buffer ETF - October from its inception (September 30, 2020) to October 31, 2022 as compared with the S&P 500® Index - Total Return, S&P 500® Index - Price Return and NASDAQ-100 Index - Price Return. |

---

![ex_459265img023.jpg](ex_459265img023.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator Double Stacker 9 Buffer ETF - October |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -8.09% | 3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -8.27% | 3.49% |
| NASDAQ-100 Index - Price Return  | -28.04% | -0.05% |
| S&P 500® Index - Price Return  | -15.92% | 6.99% |
| S&P 500® Index - Total Return  | -14.61% | 8.61% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is September 30, 2020. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**Innovator Double Stacker 9 Buffer ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)**  |

---

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return and NASDAQ 100 Index - Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The NASDAQ-100 Price Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnologies. It does not contain securities of financial companies including investment companies.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/DBOC.

------

**Innovator 20+ Year Treasury Bond 9 Buffer ETF - July**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator 20+ Year Treasury Bond 9 Buffer ETF - July from its inception (August 17, 2020) to October 31, 2022 as compared with the ICE U.S. Treasury 20+ Year Index - Total Return.

![ex_459265img024.jpg](ex_459265img024.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator 20+ Year Treasury Bond 9 Buffer ETF - July |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -23.67% | -12.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -23.74% | -12.36% |
| ICE U.S. Treasury 20+ Year Index - Total Return  | -33.65% | -20.23% |

---

<sup>(a)</sup> Inception date is August 17, 2020.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**Innovator 20+ Year Treasury Bond 9 Buffer ETF - July**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)**  |

---

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and ICE U.S. Treasury 20+ Year Index - Total Return include the reinvestment of all dividends, if any.

The ICE U.S. Treasury 20+ Year Bond Index is market value weighted and is designed to include U.S. dollar denominated, fixed rate U.S. Treasury market securities with minimum term to maturity greater than or equal to twenty years.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/TBJL.

------

**Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly from its inception (August 17, 2020) to October 31, 2022 as compared with the ICE U.S. Treasury 20+ Year Index - Total Return.

![ex_459265img025.jpg](ex_459265img025.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -16.32% | -9.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -16.84% | -9.88% |
| ICE U.S. Treasury 20+ Year Index - Total Return  | -33.65% | -20.23% |

---

<sup>(a)</sup> Inception date is August 17, 2020.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)**  |

---

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and ICE U.S. Treasury 20+ Year Index - Total Return include the reinvestment of all dividends, if any.

The ICE U.S. Treasury 20+ Year Bond Index is market value weighted and is designed to include U.S. dollar denominated, fixed rate U.S. Treasury market securities with minimum term to maturity greater than or equal to twenty years.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/TFJL.

------

**Innovator U.S. Equity Accelerated ETF - January**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated ETF - January from its inception (December 31, 2021) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.<br>

![ex_459265img026.jpg](ex_459265img026.jpg)

---

| | |
|:---|:---|
|  | **Total Returns as of October 31, 2022**  |
|  | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator U.S. Equity Accelerated ETF - January |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -19.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -19.65% |
| S&P 500® Index - Price Return  | -18.76% |
| S&P 500® Index - Total Return  | -17.70% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is December 31, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.* |

---

------

**Innovator U.S. Equity Accelerated ETF - January**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

---

| |
|:---|
| The line graph and performance table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any. |
| The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks. |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses. |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/XDJA. |

---

------

**Innovator U.S. Equity Accelerated ETF - April**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated ETF - April from its inception (March 31, 2021) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.<br>

![ex_459265img027.jpg](ex_459265img027.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator U.S. Equity Accelerated ETF - April |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -11.78% | -0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -11.95% | -0.89% |
| S&P 500® Index - Price Return  | -15.92% | -1.61% |
| S&P 500® Index - Total Return  | -14.61% | -0.15% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is March 31, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**Innovator U.S. Equity Accelerated ETF - April**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

---

| |
|:---|
| The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any.  |
| The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.  |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/XDAP.  |

---

------

**Innovator U.S. Equity Accelerated ETF - JULY**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated ETF - July from its inception (June 30, 2021) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.<br>

![ex_459265img028.jpg](ex_459265img028.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator U.S. Equity Accelerated ETF - July |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -14.97% | -7.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -15.27% | -7.54% |
| S&P 500® Index - Price Return  | -15.92% | -7.50% |
| S&P 500® Index - Total Return  | -14.61% | -6.12% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is June 30, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**Innovator U.S. Equity Accelerated ETF - JULY**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

---

| |
|:---|
| The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any.  |
| The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.  |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/XDJL.  |

---

------

**Innovator U.S. Equity Accelerated ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)** |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated ETF - October from its inception (September 30, 2021) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

![ex_459265img029.jpg](ex_459265img029.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator U.S. Equity Accelerated ETF - October |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -17.10% | -11.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -17.02% | -11.73% |
| S&P 500® Index - Price Return  | -15.92% | -9.36% |
| S&P 500® Index - Total Return  | -14.61% | -7.98% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is September 30, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**Innovator U.S. Equity Accelerated ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

---

| |
|:---|
| The line graph and performance table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any.  |
| The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.  |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/XDOC.  |

---

------

**Innovator U.S. Equity Accelerated Plus ETF - January**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated Plus ETF - January from its inception (December 31, 2021) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.<br>

![ex_459265img030.jpg](ex_459265img030.jpg)

---

| | |
|:---|:---|
|  | **Total Returns as of October 31, 2022**  |
|  | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator U.S. Equity Accelerated Plus ETF - January |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -19.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -19.61% |
| S&P 500® Index - Price Return  | -18.76% |
| S&P 500® Index - Total Return  | -17.70% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is December 31, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.* |

---

------

**Innovator U.S. Equity Accelerated Plus ETF - January**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

---

| |
|:---|
| The line graph and performance table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any. |
| The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks. |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses. |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/XTJA. |

---

------

**Innovator U.S. Equity Accelerated Plus ETF - APRIL**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated Plus ETF - April from its inception (March 31, 2021) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.<br>

![ex_459265img031.jpg](ex_459265img031.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator U.S. Equity Accelerated Plus ETF - April |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -11.67% | -1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -11.96% | -1.16% |
| S&P 500® Index - Price Return  | -15.92% | -1.61% |
| S&P 500® Index - Total Return  | -14.61% | -0.15% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is March 31, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**Innovator U.S. Equity Accelerated Plus ETF - APRIL**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

---

| |
|:---|
| The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any.  |
| The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.  |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/XTAP.  |

---

------

**Innovator U.S. Equity Accelerated Plus ETF - JULY**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated Plus ETF - July from its inception (June 30, 2021) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.<br>

![ex_459265img032.jpg](ex_459265img032.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator U.S. Equity Accelerated Plus ETF - July |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -14.80% | -7.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -14.99% | -7.61% |
| S&P 500® Index - Price Return  | -15.92% | -7.50% |
| S&P 500® Index - Total Return  | -14.61% | -6.12% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is June 30, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**Innovator U.S. Equity Accelerated Plus ETF - JULY**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

---

| |
|:---|
| The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any.  |
| The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.  |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/XTJL.  |

---

------

**Innovator U.S. Equity Accelerated Plus ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated Plus ETF - October from its inception (September 30, 2021) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

![ex_459265img033.jpg](ex_459265img033.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator U.S. Equity Accelerated Plus ETF - October |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -17.63% | -12.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -17.43% | -12.19% |
| S&P 500® Index - Price Return  | -15.92% | -9.36% |
| S&P 500® Index - Total Return  | -14.61% | -7.98% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is September 30, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.* |

---

------

**Innovator U.S. Equity Accelerated Plus ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

---

| |
|:---|
| The line graph and performance table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any.  |
| The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.  |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/XTOC.  |

---

------

**Innovator U.S. Equity Accelerated 9 Buffer ETF - January**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated 9 Buffer ETF - January from its inception (December 31, 2021) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.<br>

![ex_459265img034.jpg](ex_459265img034.jpg)

---

| | |
|:---|:---|
|  | **Total Returns as of October 31, 2022**  |
|  | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator U.S. Equity Accelerated 9 Buffer ETF - January |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -10.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -11.06% |
| S&P 500® Index - Price Return  | -18.76% |
| S&P 500® Index - Total Return  | -17.70% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is December 31, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.* |

---

------

**Innovator U.S. Equity Accelerated 9 Buffer ETF - January**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

---

| |
|:---|
| The line graph and performance table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any. |
| The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.  |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/XBJA. |

---

------

**Innovator U.S. Equity Accelerated 9 Buffer ETF - APRIL**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated 9 Buffer ETF - April from its inception (March 31, 2021) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.<br>

![ex_459265img035.jpg](ex_459265img035.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator U.S. Equity Accelerated 9 Buffer ETF - April |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -6.61% | -0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -6.96% | -0.32% |
| S&P 500® Index - Price Return  | -15.92% | -1.61% |
| S&P 500® Index - Total Return  | -14.61% | -0.15% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is March 31, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**Innovator U.S. Equity Accelerated 9 Buffer ETF - APRIL**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

---

| |
|:---|
| The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any.  |
| The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.  |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/XBAP.  |

---

------

**Innovator U.S. Equity Accelerated 9 Buffer ETF - JULY**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated 9 Buffer ETF - July from its inception (June 30, 2021) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.<br>

![ex_459265img036.jpg](ex_459265img036.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator U.S. Equity Accelerated 9 Buffer ETF - July |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -4.56% | -1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -4.65% | -1.03% |
| S&P 500® Index - Price Return  | -15.92% | -7.50% |
| S&P 500® Index - Total Return  | -14.61% | -6.12% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is June 30, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**Innovator U.S. Equity Accelerated 9 Buffer ETF - JULY**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

---

| |
|:---|
| The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any.  |
| The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.  |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/XBJL.  |

---

------

**Innovator U.S. Equity Accelerated 9 Buffer ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated 9 Buffer ETF - October from its inception (September 30, 2021) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

![ex_459265img037.jpg](ex_459265img037.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator U.S. Equity Accelerated 9 Buffer ETF - October |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -7.85% | -4.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -7.87% | -4.42% |
| S&P 500® Index - Price Return  | -15.92% | -9.36% |
| S&P 500® Index - Total Return  | -14.61% | -7.98% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is September 30, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.* |

---

------

**Innovator U.S. Equity Accelerated 9 Buffer ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

---

| |
|:---|
| The line graph and performance table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any.  |
| The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.  |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/XBOC.  |

---

------

**Innovator Growth Accelerated Plus ETF - January**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth Accelerated Plus ETF - January from its inception (December 31, 2021) to October 31, 2022 as compared with the NASDAQ-100 Index - Price Return and Total Return.<br>

![ex_459265img038.jpg](ex_459265img038.jpg)

---

| | |
|:---|:---|
|  | **Total Returns as of October 31, 2022**  |
|  | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator Growth Accelerated Plus ETF - January |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -30.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -30.93% |
| NASDAQ-100 Index - Price Return  | -30.11% |
| NASDAQ-100 Index - Total Return  | -29.64% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is December 31, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.* |

---

------

**Innovator Growth Accelerated Plus ETF - January**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

---

| |
|:---|
| The line graph and performance table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and NASDAQ-100 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the NASDAQ-100 Index - Price Return do not include the reinvestment of dividends, if any. |
| The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The NASDAQ-100 Price Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnologies. It does not contain securities of financial companies including investment companies. |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/QTJA. |

---

------

**Innovator Growth Accelerated Plus ETF - APRIL**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth Accelerated Plus ETF - April from its inception (March 31, 2021) to October 31, 2022 as compared with the NASDAQ-100 Index - Price Return and Total Return.<br>

![ex_459265img039.jpg](ex_459265img039.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator Growth Accelerated Plus ETF - April |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -20.72% | -5.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -20.93% | -5.35% |
| NASDAQ-100 Index - Price Return  | -28.04% | -8.32% |
| NASDAQ-100 Index - Total Return  | -27.46% | -7.64% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is March 31, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**Innovator Growth Accelerated Plus ETF - APRIL**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

---

| |
|:---|
| The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and NASDAQ-100 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the NASDAQ-100 Index - Price Return do not include the reinvestment of dividends, if any. |
| The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The NASDAQ-100 Price Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnologies. It does not contain securities of financial companies including investment companies. |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/QTAP.  |

---

------

**Innovator Growth Accelerated Plus ETF - JULY**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth Accelerated Plus ETF - July from its inception (June 30, 2021) to October 31, 2022 as compared with the NASDAQ-100 Index - Price Return and Total Return.<br>

![ex_459265img040.jpg](ex_459265img040.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator Growth Accelerated Plus ETF - July |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -27.30% | -16.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -27.33% | -16.60% |
| NASDAQ-100 Index - Price Return  | -28.04% | -16.67% |
| NASDAQ-100 Index - Total Return  | -27.46% | -16.04% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is June 30, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**Innovator Growth Accelerated Plus ETF - JULY**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

---

| |
|:---|
| The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and NASDAQ-100 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the NASDAQ-100 Index - Price Return do not include the reinvestment of dividends, if any. |
| The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The NASDAQ-100 Price Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnologies. It does not contain securities of financial companies including investment companies. |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/QTJL.  |

---

------

**Innovator Growth Accelerated Plus ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth Accelerated Plus ETF - October from its inception (September 30, 2021) to October 31, 2022 as compared with the NASDAQ-100 Index - Price Return and Total Return.

![ex_459265img041.jpg](ex_459265img041.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator Growth Accelerated Plus ETF - October |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -27.95% | -22.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -28.03% | -22.15% |
| NASDAQ-100 Index - Price Return  | -28.04% | -20.80% |
| NASDAQ-100 Index - Total Return  | -27.46% | -20.19% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is September 30, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.* |

---

------

**Innovator Growth Accelerated Plus ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

---

| |
|:---|
| The line graph and performance table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and NASDAQ-100 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the NASDAQ-100 Index - Price Return do not include the reinvestment of dividends, if any. |
| The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The NASDAQ-100 Price Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnologies. It does not contain securities of financial companies including investment companies. |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/QTOC.  |

---

------

**Innovator Defined Wealth Shield ETF**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Defined Wealth Shield ETF from its inception (June 30, 2021) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.<br>

![ex_459265img042.jpg](ex_459265img042.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator Defined Wealth Shield ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | 1.21% | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | 1.10% | 1.34% |
| S&P 500® Index - Price Return  | -15.92% | -7.50% |
| S&P 500® Index - Total Return  | -14.61% | -6.12% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is June 30, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.69%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**Innovator Defined Wealth Shield ETF**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

---

| |
|:---|
| The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any.  |
| The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.  |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/BALT.  |

---

------

**Innovator U.S. Equity Accelerated ETF - Quarterly**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated ETF - Quarterly from its inception (March 31, 2021) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.<br>

![ex_459265img043.jpg](ex_459265img043.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator U.S. Equity Accelerated ETF - Quarterly |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -19.02% | -6.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -19.12% | -6.27% |
| S&P 500® Index - Price Return  | -15.92% | -1.61% |
| S&P 500® Index - Total Return  | -14.61% | -0.15% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is March 31, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**Innovator U.S. Equity Accelerated ETF - Quarterly**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

---

| |
|:---|
| The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any.  |
| The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.  |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/XDSQ.  |

---

------

**Innovator Growth Accelerated ETF - Quarterly**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth Accelerated ETF - Quarterly from its inception (March 31, 2021) to October 31, 2022 as compared with the NASDAQ-100 Index - Price Return and Total Return.<br>

![ex_459265img044.jpg](ex_459265img044.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; Innovator Growth Accelerated ETF - Quarterly |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV Return  | -28.85% | -10.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Return  | -28.93% | -10.96% |
| NASDAQ-100 Index - Price Return  | -28.04% | -8.32% |
| NASDAQ-100 Index - Total Return  | -27.46% | -7.64% |

---

---

| |
|:---|
| <sup>(a)</sup> Inception date is March 31, 2021. |
| *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*  |

---

------

**Innovator Growth Accelerated ETF - Quarterly**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

---

| |
|:---|
| The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and NASDAQ-100 Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the NASDAQ-100 Index - Price Return do not include the reinvestment of dividends, if any. |
| The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The NASDAQ-100 Price Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnologies. It does not contain securities of financial companies including investment companies. |
| The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.  |
| You cannot invest directly in an index.  |
| Premium/Discount Information:  |
| Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/XDQQ.  |

---

------

INNOVATOR ETFs TRUST

**Expense Example**

**For the Period Ended October 31, 2022 (Unaudited)**

As a shareholder of the Funds, you incur two types of costs: (1) ongoing costs, including management fees, and other Fund expenses; and (2) transaction costs, including brokerage commissions on the purchase and sale of Fund shares. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at the beginning of the respective period and held for the entire period from May 1, 2022 to October 31, 2022 for each Fund.

**Actual Expenses**

The following table provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 equals 8.6), then multiply the result by the number in the applicable line under the heading titled "Expenses Paid During the Period" to estimate the expenses you paid on your account during the period.

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Beginning** <br>**Account Value** | <br>**Ending**<br>**Account Value** | **Expenses Paid**<br>**During the**<br>**Period <sup>(a)</sup>** |
| Innovator International Developed Power Buffer ETF - January (NAV)  | $1000.00 | $949.20 | $4.18 |
| Innovator International Developed Power Buffer ETF - April (NAV)  | 1000.00 | 947.20 | 4.17 |
| Innovator International Developed Power Buffer ETF - July (NAV)  | 1000.00 | 939.50 | 4.16 |
| Innovator International Developed Power Buffer ETF - October (NAV)  | 1000.00 | 936.10 | 4.15 |
| Innovator Emerging Markets Power Buffer ETF - January (NAV)  | 1000.00 | 890.10 | 4.24 |
| Innovator Emerging Markets Power Buffer ETF - April (NAV)  | 1000.00 | 902.60 | 4.27 |
| Innovator Emerging Markets Power Buffer ETF - July (NAV)  | 1000.00 | 878.70 | 4.21 |
| Innovator Emerging Markets Power Buffer ETF - October (NAV)  | 1000.00 | 874.60 | 4.21 |
| Innovator Growth-100 Power Buffer ETF - January (NAV)  | 1000.00 | 947.70 | 3.88 |
| Innovator Growth-100 Power Buffer ETF - April (NAV)  | 1000.00 | 959.00 | 3.90 |
| Innovator Growth-100 Power Buffer ETF - July (NAV)  | 1000.00 | 973.20 | 3.93 |
| Innovator Growth-100 Power Buffer ETF - October (NAV)  | 1000.00 | 960.20 | 3.90 |
| Innovator U.S. Small Cap Power Buffer ETF - January (NAV)  | 1000.00 | 1026.50 | 4.04 |
| Innovator U.S. Small Cap Power Buffer ETF - April (NAV)  | 1000.00 | 1009.00 | 4.00 |
| Innovator U.S. Small Cap Power Buffer ETF - July (NAV)  | 1000.00 | 993.00 | 3.97 |
| Innovator U.S. Small Cap Power Buffer ETF - October (NAV)  | 1000.00 | 1013.80 | 4.01 |
| Innovator Double Stacker ETF - January (NAV)  | 1000.00 | 937.70 | 3.86 |
| Innovator Double Stacker ETF - October (NAV)  | 1000.00 | 905.20 | 3.79 |
| Innovator Triple Stacker ETF - January (NAV)  | 1000.00 | 934.40 | 3.85 |
| Innovator Triple Stacker ETF - October (NAV)  | 1000.00 | 912.30 | 3.81 |
| Innovator Double Stacker 9 Buffer ETF - January (NAV)  | 1000.00 | 980.10 | 3.94 |
| Innovator Double Stacker 9 Buffer ETF - October (NAV)  | 1000.00 | 969.20 | 3.92 |
| Innovator 20+ Year Treasury Bond 9 Buffer ETF - July (NAV)  | 1000.00 | 857.20 | 3.70 |
| Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (NAV)  | 1000.00 | 909.00 | 3.80 |
| Innovator U.S. Equity Accelerated ETF - January (NAV)  | 1000.00 | 931.50 | 3.85 |
| Innovator U.S. Equity Accelerated ETF - April (NAV)  | 1000.00 | 928.80 | 3.84 |
| Innovator U.S. Equity Accelerated ETF - July (NAV)  | 1000.00 | 927.60 | 3.84 |
| Innovator U.S. Equity Accelerated ETF - October (NAV)  | 1000.00 | 899.10 | 3.78 |
| Innovator U.S. Equity Accelerated Plus ETF - January (NAV)  | 1000.00 | 928.20 | 3.84 |
| Innovator U.S. Equity Accelerated Plus ETF - April (NAV)  | 1000.00 | 927.20 | 3.84 |
| Innovator U.S. Equity Accelerated Plus ETF - July (NAV)  | 1000.00 | 918.70 | 3.82 |
| Innovator U.S. Equity Accelerated Plus ETF - October (NAV)  | 1000.00 | 888.20 | 3.76 |

---

------

INNOVATOR ETFs TRUST

**Expense Example**

**For the Period Ended October 31, 2022 (Unaudited) (Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Beginning** <br>**Account Value** | <br>**Ending**<br>**Account Value** | **Expenses Paid**<br>**During the**<br>**Period <sup>(a)</sup>** |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - January (NAV)  | 1000.00 | 976.10 | 3.93 |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - April (NAV)  | 1000.00 | 970.00 | 3.92 |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - July (NAV)  | 1000.00 | 987.40 | 3.96 |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - October (NAV)  | 1000.00 | 962.20 | 3.91 |
| Innovator Growth Accelerated Plus ETF - January (NAV)  | 1000.00 | 878.90 | 3.74 |
| Innovator Growth Accelerated Plus ETF - April (NAV)  | 1000.00 | 874.60 | 3.73 |
| Innovator Growth Accelerated Plus ETF - July (NAV)  | 1000.00 | 886.90 | 3.76 |
| Innovator Growth Accelerated Plus ETF - October (NAV)  | 1000.00 | 859.50 | 3.70 |
| Innovator Defined Wealth Shield ETF (NAV)  | 1000.00 | 1026.00 | 3.52 |
| Innovator U.S. Equity Accelerated ETF - Quarterly (NAV)  | 1000.00 | 917.60 | 3.82 |
| Innovator Growth Accelerated ETF - Quarterly (NAV)  | 1000.00 | 882.80 | 3.75 |

---

<sup>(a)</sup> Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six month period).<br>

**Hypothetical Example for Comparison Purposes**

The following table provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds' actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions on the purchase and sale of Fund shares with respect to the Funds. Therefore, the table below is useful in comparing the ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs could have been higher.

------

INNOVATOR ETFs TRUST

**Expense Example**

**For the Period Ended October 31, 2022 (Unaudited) (Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Beginning** <br>**Account Value** | <br>**Ending**<br>**Account Value** | **Expenses** <br>**Paid**<br>**During the Period <sup>(a)</sup>** |
| Innovator International Developed Power Buffer ETF - January (NAV)  | $1000.00 | $1020.92 | $4.33 |
| Innovator International Developed Power Buffer ETF - April (NAV)  | 1000.00 | 1020.92 | 4.33 |
| Innovator International Developed Power Buffer ETF - July (NAV)  | 1000.00 | 1020.92 | 4.33 |
| Innovator International Developed Power Buffer ETF - October (NAV)  | 1000.00 | 1020.92 | 4.33 |
| Innovator Emerging Markets Power Buffer ETF - January (NAV)  | 1000.00 | 1020.72 | 4.53 |
| Innovator Emerging Markets Power Buffer ETF - April (NAV)  | 1000.00 | 1020.72 | 4.53 |
| Innovator Emerging Markets Power Buffer ETF - July (NAV)  | 1000.00 | 1020.72 | 4.53 |
| Innovator Emerging Markets Power Buffer ETF - October (NAV)  | 1000.00 | 1020.72 | 4.53 |
| Innovator Growth-100 Power Buffer ETF - January (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator Growth-100 Power Buffer ETF - April (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator Growth-100 Power Buffer ETF - July (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator Growth-100 Power Buffer ETF - October (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Small Cap Power Buffer ETF - January (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Small Cap Power Buffer ETF - April (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Small Cap Power Buffer ETF - July (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Small Cap Power Buffer ETF - October (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator Double Stacker ETF - January (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator Double Stacker ETF - October (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator Triple Stacker ETF - January (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator Triple Stacker ETF - October (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator Double Stacker 9 Buffer ETF - January (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator Double Stacker 9 Buffer ETF - October (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator 20+ Year Treasury Bond 9 Buffer ETF - July (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Accelerated ETF - January (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Accelerated ETF - April (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Accelerated ETF - July (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Accelerated ETF - October (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Accelerated Plus ETF - January (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Accelerated Plus ETF - April (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Accelerated Plus ETF - July (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Accelerated Plus ETF - October (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - January (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - April (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - July (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - October (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator Growth Accelerated Plus ETF - January (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator Growth Accelerated Plus ETF - April (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator Growth Accelerated Plus ETF - July (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator Growth Accelerated Plus ETF - October (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator Defined Wealth Shield ETF (NAV)  | 1000.00 | 1021.73 | 3.52 |
| Innovator U.S. Equity Accelerated ETF - Quarterly (NAV)  | 1000.00 | 1021.22 | 4.02 |
| Innovator Growth Accelerated ETF - Quarterly (NAV)  | 1000.00 | 1021.22 | 4.02 |

---

<sup>(a)</sup> Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six month period).<br>

------

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY**

**Schedule of Investments**

**October 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 112.12% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 83.58%** |  |  |  |
| EFA iShares MSCI EAFE ETF, Expires 12/30/2022, Strike Price $0.67  | 9466 | $56142846 | $54900328 |
|  |  |  | 54900328 |
| **PUT OPTIONS - 28.54%** |  |  |  |
| EFA iShares MSCI EAFE ETF, Expires 12/30/2022, Strike Price $78.68  | 9466 | 56142846 | 18749221 |
|  |  |  | 18749221 |
| TOTAL PURCHASED OPTIONS (Cost $77,608,991)  |  |  | 73649549 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.20%** |  |  |  |
| **Money Market Deposit Account - 0.20%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $129380 |  | 129380 |
| TOTAL SHORT TERM INVESTMENTS (Cost $129,380)  |  |  | 129380 |
| **Total Investments (Cost $77,738,371) - 112.32%**  |  |  | 73778929 |
| **Liabilities in Excess of Other Assets - (12.32)%**  |  |  | (8091363) |
| TOTAL NET ASSETS - 100.00%  |  |  | $65687566 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 112.12% |
| Short Term Investments  | 0.20 |
| **Total Investments**  | 112.32 |
| **Liabilities in Excess of Other Assets**  | (12.32) |
| Net Assets  | 100.00% |

---

Percentages are stated as a percent of net assets.<br>

---

| |
|:---|
| Exchange-Traded. |
| Purchased option contracts are held in connection with corresponding option contracts written short. |
| The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022. |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| EFA iShares MSCI EAFE ETF  | 12/30/2022 | $85.08 | 9466 | $(56142846) | $(265968) |
|  |  |  |  |  | (265968) |
| **Put Options** |  |  |  |  |  |
| EFA iShares MSCI EAFE ETF  | 12/30/2022 | 66.88 | 9466 | (56142846) | (7778392) |
|  |  |  |  |  | (7778392) |
| Total Options Written (Premiums Received $3,873,721)  | Total Options Written (Premiums Received $3,873,721)  |  |  |  | $(8044360) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - APRIL**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 107.09% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS** – **86.38%** |  |  |  |
| EFA iShares MSCI EAFE ETF, Expires 3/31/2023, Strike Price $0.63  | 6456 | $38290536 | $37345175 |
|  |  |  | 37345175 |
| **PUT OPTIONS** – **20.71%** |  |  |  |
| EFA iShares MSCI EAFE ETF, Expires 3/31/2023, Strike Price $73.60  | 6456 | 38290536 | 8956016 |
|  |  |  | 8956016 |
| TOTAL PURCHASED OPTIONS (Cost $46,914,900)  |  |  | 46301191 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.44%** |  |  |  |
| **Money Market Deposit Account - 0.44%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $188647 |  | 188647 |
| TOTAL SHORT TERM INVESTMENTS (Cost $188,647)  |  |  | 188647 |
| **Total Investments (Cost $47,103,547)** – **107.53%**  |  |  | 46489838 |
| **Liabilities in Excess of Other Assets - (7.53)%**  |  |  | (3253371) |
| TOTAL NET ASSETS - 100.00%  |  |  | $43236467 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options | 107.09% |
| Short Term Investments | 0.44 |
| **Total Investments** | 107.53 |
| **Liabilities in Excess of Other Assets** | (7.53) |
| Net Assets | 100.00% |

---

Percentages are stated as a percent of net assets.<br>

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - APRIL**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| EFA iShares MSCI EAFE ETF  | 3/31/2023 | $84.17 | 6456 | $(38290536) | $(34432) |
|  |  |  |  |  | (34432) |
| **Put Options** |  |  |  |  |  |
| EFA iShares MSCI EAFE ETF  | 3/31/2023 | 62.56 | 6456 | (38290536) | (3183268) |
|  |  |  |  |  | (3183268) |
| Total Options Written (Premiums Received $2,610,705)  | Total Options Written (Premiums Received $2,610,705)  |  |  |  | $(3217700) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JULY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 104.19% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 94.55%** |  |  |  |
| EFA iShares MSCI EAFE ETF, Expires 6/30/2023, Strike Price $0.62  | 31353 | $185954643 | $178481759 |
|  |  |  | 178481759 |
| **PUT OPTIONS - 9.64%** |  |  |  |
| EFA iShares MSCI EAFE ETF, Expires 6/30/2023, Strike Price $62.49  | 31353 | 185954643 | 18190944 |
|  |  |  | 18190944 |
| TOTAL PURCHASED OPTIONS (Cost $199,558,907)  |  |  | 196672703 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.22%** |  |  |  |
| **Money Market Deposit Account - 0.22%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $415631 |  | 415631 |
| TOTAL SHORT TERM INVESTMENTS (Cost $415,631)  |  |  | 415631 |
| **Total Investments (Cost $199,974,538) - 104.41%**  |  |  | 197088334 |
| **Liabilities in Excess of Other Assets - (4.41)%**  |  |  | (8331765) |
| TOTAL NET ASSETS - 100.00%  |  |  | $188756569 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 104.19% |
| Short Term Investments  | 0.22 |
| **Total Investments**  | 104.41 |
| **Liabilities in Excess of Other Assets**  | (4.41) |
| Net Assets  | 100.00% |

---

Percentages are stated as a percent of net assets.<br>

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JULY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| EFA iShares MSCI EAFE ETF  | 6/30/2023 | $74.96 | 31353 | $(185954643) | $(1043069) |
|  |  |  |  |  | (1043069) |
| **Put Options** |  |  |  |  |  |
| EFA iShares MSCI EAFE ETF  | 6/30/2023 | 53.12 | 31353 | (185954643) | (7158713) |
|  |  |  |  |  | (7158713) |
| Total Options Written (Premiums Received $9,304,286)  | Total Options Written (Premiums Received $9,304,286)  |  |  |  | $(8201782) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - OCTOBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 105.24% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 99.15%** |  |  |  |
| EFA iShares MSCI EAFE ETF, Expires 9/29/2023, Strike Price $0.56  | 16414 | $97351434 | $93554452 |
|  |  |  | 93554452 |
| **PUT OPTIONS** – **6.09%** |  |  |  |
| EFA iShares MSCI EAFE ETF, Expires 9/29/2023, Strike Price $56.01  | 16414 | 97351434 | 5746038 |
|  |  |  | 5746038 |
| TOTAL PURCHASED OPTIONS (Cost $96,647,026)  |  |  | 99300490 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.19%** |  |  |  |
| **Money Market Deposit Account - 0.19%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $182249 |  | 182249 |
| TOTAL SHORT TERM INVESTMENTS (Cost $182,249)  |  |  | 182249 |
| **Total Investments (Cost $96,829,275) - 105.43%**  |  |  | 99482739 |
| **Liabilities in Excess of Other Assets - (5.43)%**  |  |  | (5128181) |
| TOTAL NET ASSETS - 100.00%  |  |  | $94354558 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 105.24% |
| Short Term Investments  | 0.19 |
| **Total Investments**  | 105.43 |
| **Liabilities in Excess of Other Assets**  | (5.43) |
| Net Assets  | 100.00% |

---

Percentages are stated as a percent of net assets.<br>

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - OCTOBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| EFA iShares MSCI EAFE ETF  | 9/29/2023 | $70.15 | 16414 | $(97351434) | $(2277472) |
|  |  |  |  |  | (2277472) |
| **Put Options** |  |  |  |  |  |
| EFA iShares MSCI EAFE ETF  | 9/29/2023 | 47.61 | 16414 | (97351434) | (2803350) |
|  |  |  |  |  | (2803350) |
| Total Options Written (Premiums Received $4,999,090)  | Total Options Written (Premiums Received $4,999,090)  |  |  |  | $(5080822) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR EMERGING MARKETS POWER BUFFER ETF** – **JANUARY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS** – **118.88% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS** – **81.77%** |  |  |  |
| EEM iShares MSCI Emerging Markets ETF, Expires 12/30/2022, Strike Price $0.43  | 13805 | $47199295 | $45724023 |
|  |  |  | 45724023 |
| **PUT OPTIONS** – **37.11%** |  |  |  |
| EEM iShares MSCI Emerging Markets ETF, Expires 12/30/2022, Strike Price $48.85  | 13805 | 47199295 | 20751483 |
|  |  |  | 20751483 |
| TOTAL PURCHASED OPTIONS (Cost $71,909,454)  |  |  | 66475506 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.23%** |  |  |  |
| **Money Market Deposit Account - 0.23%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $130016 |  | 130016 |
| TOTAL SHORT TERM INVESTMENTS (Cost $130,016)  |  |  | 130016 |
| **Total Investments (Cost $72,039,470)** – **119.11%**  |  |  | 66605522 |
| **Liabilities in Excess of Other Assets - (19.11)%**  |  |  | (10690961) |
| TOTAL NET ASSETS - 100.00%  |  |  | $55914561 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 118.88% |
| Short Term Investments  | 0.23 |
| **Total Investments**  | 119.11 |
| **Liabilities in Excess of Other Assets**  | (19.11) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR EMERGING MARKETS POWER BUFFER ETF** – **JANUARY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| EEM iShares MSCI Emerging Markets ETF  | 12/30/2022 | $54.38 | 13805 | $(47199295) | $(855) |
|  |  |  |  |  | (855) |
| **Put Options** |  |  |  |  |  |
| EEM iShares MSCI Emerging Markets ETF  | 12/30/2022 | 41.52 | 13805 | (47199295) | (10646165) |
|  |  |  |  |  | (10646165) |
| Total Options Written (Premiums Received $5,039,590)  | Total Options Written (Premiums Received $5,039,590)  |  |  |  | $(10647020) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR EMERGING MARKETS POWER BUFFER ETF** – **APRIL**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 112.48% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 83.79%** |  |  |  |
| EEM iShares MSCI Emerging Markets ETF, Expires 3/31/2023, Strike Price $0.40  | 7769 | $26562211 | $25685369 |
|  |  |  | 25685369 |
| **PUT OPTIONS - 28.69%** |  |  |  |
| EEM iShares MSCI Emerging Markets ETF, Expires 3/31/2023, Strike Price $45.15  | 7769 | 26562211 | 8794938 |
|  |  |  | 8794938 |
| TOTAL PURCHASED OPTIONS (Cost $37,293,957)  |  |  | 34480307 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.46%** |  |  |  |
| **Money Market Deposit Account - 0.46%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $141663 |  | 141663 |
| TOTAL SHORT TERM INVESTMENTS (Cost $141,663)  |  |  | 141663 |
| **Total Investments (Cost $37,435,620) - 112.94%**  |  |  | 34621970 |
| **Liabilities in Excess of Other Assets - (12.94)%**  |  |  | (3966139) |
| TOTAL NET ASSETS - 100.00%  |  |  | $30655831 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 112.48% |
| Short Term Investments  | 0.46 |
| **Total Investments**  | 112.94 |
| **Liabilities in Excess of Other Assets**  | (12.94) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR EMERGING MARKETS POWER BUFFER ETF** – **APRIL**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| EEM iShares MSCI Emerging Markets ETF  | 3/31/2023 | $51.48 | 7769 | $(26562211) | $(88827) |
|  |  |  |  |  | (88827) |
| **Put Options** |  |  |  |  |  |
| EEM iShares MSCI Emerging Markets ETF  | 3/31/2023 | 38.38 | 7769 | (26562211) | (3850629) |
|  |  |  |  |  | (3850629) |
| Total Options Written (Premiums Received $2,227,226)  | Total Options Written (Premiums Received $2,227,226)  |  |  |  | $(3939456) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR EMERGING MARKETS POWER BUFFER ETF** – **JULY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS** – **107.87% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 90.08%** |  |  |  |
| EEM iShares MSCI Emerging Markets ETF, Expires 6/30/2023, Strike Price $0.40  | 15000 | $51285000 | $49220589 |
|  |  |  | 49220589 |
| **PUT OPTIONS** – **17.79%** |  |  |  |
| EEM iShares MSCI Emerging Markets ETF, Expires 6/30/2023, Strike Price $40.10  | 15000 | 51285000 | 9722022 |
|  |  |  | 9722022 |
| TOTAL PURCHASED OPTIONS (Cost $61,967,862)  |  |  | 58942611 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.18%** |  |  |  |
| **Money Market Deposit Account - 0.18%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $99697 |  | 99697 |
| TOTAL SHORT TERM INVESTMENTS (Cost $99,697)  |  |  | 99697 |
| **Total Investments (Cost $62,067,559) - 108.05%**  |  |  | 59042308 |
| **Liabilities in Excess of Other Assets - (8.05)%**  |  |  | (4399509) |
| TOTAL NET ASSETS - 100.00%  |  |  | $54642799 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 107.87% |
| Short Term Investments  | 0.18 |
| **Total Investments**  | 108.05 |
| **Liabilities in Excess of Other Assets**  | (8.05) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR EMERGING MARKETS POWER BUFFER ETF** – **JULY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| EEM iShares MSCI Emerging Markets ETF  | 6/30/2023 | $47.75 | 15000 | $(51285000) | $(153832) |
|  |  |  |  |  | (153832) |
| **Put Options** |  |  |  |  |  |
| EEM iShares MSCI Emerging Markets ETF  | 6/30/2023 | 34.09 | 15000 | (51285000) | (4205430) |
|  |  |  |  |  | (4205430) |
| Total Options Written (Premiums Received $3,926,078)  | Total Options Written (Premiums Received $3,926,078)  |  |  |  | $(4359262) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR EMERGING MARKETS POWER BUFFER ETF** – **OCTOBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 106.35% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 96.12%** |  |  |  |
| EEM iShares MSCI Emerging Markets ETF, Expires 9/29/2023, Strike Price $0.35  | 7526 | $25731394 | $24634473 |
|  |  |  | 24634473 |
| **PUT OPTIONS - 10.23%** |  |  |  |
| EEM iShares MSCI Emerging Markets ETF, Expires 9/29/2023, Strike Price $34.88  | 7526 | 25731394 | 2622203 |
|  |  |  | 2622203 |
| TOTAL PURCHASED OPTIONS (Cost $27,683,045)  |  |  | 27256676 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.16%** |  |  |  |
| **Money Market Deposit Account - 0.16%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $40427 |  | 40427 |
| TOTAL SHORT TERM INVESTMENTS (Cost $40,427)  |  |  | 40427 |
| **Total Investments (Cost $27,723,472) - 106.51%**  |  |  | 27297103 |
| **Liabilities in Excess of Other Assets - (6.51)%**  |  |  | (1668758) |
| TOTAL NET ASSETS - 100.00%  |  |  | $25628345 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 106.35% |
| Short Term Investments  | 0.16 |
| **Total Investments**  | 106.51 |
| **Liabilities in Excess of Other Assets**  | (6.51) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR EMERGING MARKETS POWER BUFFER ETF** – **OCTOBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| EEM iShares MSCI Emerging Markets ETF  | 9/29/2023 | $43.65 | 7526 | $(25731394) | $(400075) |
|  |  |  |  |  | (400075) |
| **Put Options** |  |  |  |  |  |
| EEM iShares MSCI Emerging Markets ETF  | 9/29/2023 | 29.65 | 7526 | (25731394) | (1252746) |
|  |  |  |  |  | (1252746) |
| Total Options Written (Premiums Received $1,557,877)  | Total Options Written (Premiums Received $1,557,877)  |  |  |  | $(1652821) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR GROWTH-100 POWER BUFFER ETF** – **JANUARY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 117.71% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 82.27%** |  |  |  |
| QQQ Investco QQQ Trust Series 1, Expires 12/30/2022, Strike Price $3.18  | 2485 | $69070575 | $68101122 |
|  |  |  | 68101122 |
| **PUT OPTIONS - 35.44%** |  |  |  |
| QQQ Investco QQQ Trust Series 1, Expires 12/30/2022, Strike Price $397.85  | 2485 | 69070575 | 29336989 |
|  |  |  | 29336989 |
| TOTAL PURCHASED OPTIONS (Cost $105,000,817)  |  |  | 97438111 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.16%** |  |  |  |
| **Money Market Deposit Account - 0.16%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $132520 |  | 132520 |
| TOTAL SHORT TERM INVESTMENTS (Cost $132,520)  |  |  | 132520 |
| **Total Investments (Cost $105,133,337) - 117.87%**  |  |  | 97570631 |
| **Liabilities in Excess of Other Assets - (17.87)%**  |  |  | (14793147) |
| TOTAL NET ASSETS - 100.00%  |  |  | $82777484 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 117.71% |
| Short Term Investments  | 0.16 |
| **Total Investments**  | 117.87 |
| **Liabilities in Excess of Other Assets**  | (17.87) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR GROWTH-100 POWER BUFFER ETF** – **JANUARY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| QQQ Investco QQQ Trust Series 1  | 12/30/2022 | $441.02 | 2485 | $(69070575) | $(3281) |
|  |  |  |  |  | (3281) |
| **Put Options** |  |  |  |  |  |
| QQQ Investco QQQ Trust Series 1  | 12/30/2022 | 338.17 | 2485 | (69070575) | (14734698) |
|  |  |  |  |  | (14734698) |
| Total Options Written (Premiums Received $9,069,044)  | Total Options Written (Premiums Received $9,069,044)  |  |  |  | $(14737979) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR GROWTH-100 POWER BUFFER ETF** – **APRIL**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 111.02% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 85.42%** |  |  |  |
| QQQ Investco QQQ Trust Series 1, Expires 3/31/2023, Strike Price $2.90  | 1650 | $45861750 | $45159372 |
|  |  |  | 45159372 |
| **PUT OPTIONS - 25.60%** |  |  |  |
| QQQ Investco QQQ Trust Series 1, Expires 3/31/2023, Strike Price $362.54  | 1650 | 45861750 | 13531862 |
|  |  |  | 13531862 |
| TOTAL PURCHASED OPTIONS (Cost $62,381,767)  |  |  | 58691234 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.38%** |  |  |  |
| **Money Market Deposit Account - 0.38%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $200433 |  | 200433 |
| TOTAL SHORT TERM INVESTMENTS (Cost $200,433)  |  |  | 200433 |
| **Total Investments (Cost $62,582,200) - 111.40%**  |  |  | 58891667 |
| **Liabilities in Excess of Other Assets - (11.40)%**  |  |  | (6025742) |
| TOTAL NET ASSETS - 100.00%  |  |  | $52865925 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 111.02% |
| Short Term Investments  | 0.38 |
| **Total Investments**  | 111.40 |
| **Liabilities in Excess of Other Assets**  | (11.40) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR GROWTH-100 POWER BUFFER ETF** – **APRIL**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| QQQ Investco QQQ Trust Series 1  | 3/31/2023 | $412.61 | 1650 | $(45861750) | $(28138) |
|  |  |  |  |  | (28138) |
| **Put Options** |  |  |  |  |  |
| QQQ Investco QQQ Trust Series 1  | 3/31/2023 | 308.16 | 1650 | (45861750) | (5962413) |
|  |  |  |  |  | (5962413) |
| Total Options Written (Premiums Received $5,892,528)  | Total Options Written (Premiums Received $5,892,528)  |  |  |  | $(5990551) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR GROWTH-100 POWER BUFFER ETF** – **JULY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 106.52% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 97.86%** |  |  |  |
| QQQ Investco QQQ Trust Series 1, Expires 6/30/2023, Strike Price $2.80  | 4242 | $117906390 | $115870230 |
|  |  |  | 115870230 |
| **PUT OPTIONS - 8.66%** |  |  |  |
| QQQ Investco QQQ Trust Series 1, Expires 6/30/2023, Strike Price $280.28  | 4242 | 117906390 | 10252914 |
|  |  |  | 10252914 |
| TOTAL PURCHASED OPTIONS (Cost $129,996,165)  |  |  | 126123144 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.25%** |  |  |  |
| **Money Market Deposit Account - 0.25%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $292663 |  | 292663 |
| TOTAL SHORT TERM INVESTMENTS (Cost $292,663)  |  |  | 292663 |
| **Total Investments (Cost $130,288,828) - 106.77%**  |  |  | 126415807 |
| **Liabilities in Excess of Other Assets - (6.77)%**  |  |  | (8011955) |
| TOTAL NET ASSETS - 100.00%  |  |  | $118403852 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 106.52% |
| Short Term Investments  | 0.25 |
| **Total Investments**  | 106.77 |
| **Liabilities in Excess of Other Assets**  | (6.77) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR GROWTH-100 POWER BUFFER ETF** – **JULY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| QQQ Investco QQQ Trust Series 1  | 6/30/2023 | $335.86 | 4242 | $(117906390) | $(3406326) |
|  |  |  |  |  | (3406326) |
| **Put Options** |  |  |  |  |  |
| QQQ Investco QQQ Trust Series 1  | 6/30/2023 | 238.24 | 4242 | (117906390) | (4572876) |
|  |  |  |  |  | (4572876) |
| Total Options Written (Premiums Received $12,546,787)  | Total Options Written (Premiums Received $12,546,787)  |  |  |  | $(7979202) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR GROWTH-100 POWER BUFFER ETF** – **OCTOBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 109.02% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 100.88%** |  |  |  |
| QQQ Investco QQQ Trust Series 1, Expires 9/29/2023, Strike Price $2.67  | 2997 | $83301615 | $81675225 |
|  |  |  | 81675225 |
| **PUT OPTIONS - 8.14%** |  |  |  |
| QQQ Investco QQQ Trust Series 1, Expires 9/29/2023, Strike Price $267.26  | 2997 | 83301615 | 6588060 |
|  |  |  | 6588060 |
| TOTAL PURCHASED OPTIONS (Cost $87,265,040)  |  |  | 88263285 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.27%** |  |  |  |
| **Money Market Deposit Account - 0.27%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $219925 |  | 219925 |
| TOTAL SHORT TERM INVESTMENTS (Cost $219,925)  |  |  | 219925 |
| **Total Investments (Cost $87,484,965) - 109.29%**  |  |  | 88483210 |
| **Liabilities in Excess of Other Assets - (9.29)%**  |  |  | (7518352) |
| TOTAL NET ASSETS - 100.00%  |  |  | $80964858 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 109.02% |
| Short Term Investments  | 0.27 |
| **Total Investments**  | 109.29 |
| **Liabilities in Excess of Other Assets**  | (9.29) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR GROWTH-100 POWER BUFFER ETF** – **OCTOBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| QQQ Investco QQQ Trust Series 1  | 9/29/2023 | $329.83 | 2997 | $(83301615) | $(4218341) |
|  |  |  |  |  | (4218341) |
| **Put Options** |  |  |  |  |  |
| QQQ Investco QQQ Trust Series 1  | 9/29/2023 | 227.17 | 2997 | (83301615) | (3252987) |
|  |  |  |  |  | (3252987) |
| Total Options Written (Premiums Received $7,656,907)  | Total Options Written (Premiums Received $7,656,907)  |  |  |  | $(7471328) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - JANUARY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 105.33% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 86.75%** |  |  |  |
| IWM iShares Russell 2000 ETF, Expires 12/30/2022, Strike Price $1.78  | 3818 | $69995394 | $68956898 |
|  |  |  | 68956898 |
| **PUT OPTIONS - 18.58%** |  |  |  |
| IWM iShares Russell 2000 ETF, Expires 12/30/2022, Strike Price $222.45  | 3818 | 69995394 | 14768024 |
|  |  |  | 14768024 |
| TOTAL PURCHASED OPTIONS (Cost $89,766,222)  |  |  | 83724922 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.22%** |  |  |  |
| **Money Market Deposit Account - 0.22%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $175217 |  | 175217 |
| TOTAL SHORT TERM INVESTMENTS (Cost $175,217)  |  |  | 175217 |
| **Total Investments (Cost $89,941,439) - 105.55%**  |  |  | 83900139 |
| **Liabilities in Excess of Other Assets - (5.55)%**  |  |  | (4409200) |
| TOTAL NET ASSETS - 100.00%  |  |  | $79490939 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options | 105.33% |
| Short Term Investments | 0.22 |
| **Total Investments** | 105.55 |
| **Liabilities in Excess of Other Assets** | (5.55) |
| Net Assets | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - JANUARY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| IWM iShares Russell 2000 ETF  | 12/30/2022 | $248.01 | 3818 | $(69995394) | $(22908) |
|  |  |  |  |  | (22908) |
| **Put Options** |  |  |  |  |  |
| IWM iShares Russell 2000 ETF  | 12/30/2022 | 189.08 | 3818 | (69995394) | (4314340) |
|  |  |  |  |  | (4314340) |
| Total Options Written (Premiums Received $6,965,534)  | Total Options Written (Premiums Received $6,965,534)  |  |  |  | $(4337248) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - APRIL**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 104.61% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 91.98%** |  |  |  |
| IWM iShares Russell 2000 ETF, Expires 3/31/2023, Strike Price $1.64  | 4336 | $79491888 | $78048000 |
|  |  |  | 78048000 |
| **PUT OPTIONS - 12.63%** |  |  |  |
| IWM iShares Russell 2000 ETF, Expires 3/31/2023, Strike Price $205.27  | 4336 | 79491888 | 10718592 |
|  |  |  | 10718592 |
| TOTAL PURCHASED OPTIONS (Cost $95,237,220)  |  |  | 88766592 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.38%** |  |  |  |
| **Money Market Deposit Account - 0.38%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $321097 |  | 321097 |
| TOTAL SHORT TERM INVESTMENTS (Cost $321,097)  |  |  | 321097 |
| **Total Investments (Cost $95,558,317) - 104.99%**  |  |  | 89087689 |
| **Liabilities in Excess of Other Assets - (4.99)%**  |  |  | (4232966) |
| TOTAL NET ASSETS - 100.00%  |  |  | $84854723 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 104.61% |
| Short Term Investments  | 0.38 |
| **Total Investments**  | 104.99 |
| **Liabilities in Excess of Other Assets**  | (4.99) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - APRIL**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| IWM iShares Russell 2000 ETF  | 3/31/2023 | $235.30 | 4336 | $(79491888) | $(338208) |
|  |  |  |  |  | (338208) |
| **Put Options** |  |  |  |  |  |
| IWM iShares Russell 2000 ETF  | 3/31/2023 | 174.48 | 4336 | (79491888) | (3850368) |
|  |  |  |  |  | (3850368) |
| Total Options Written (Premiums Received $6,836,424)  | Total Options Written (Premiums Received $6,836,424)  |  |  |  | $(4188576) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - JULY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 107.48% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 101.93%** |  |  |  |
| IWM iShares Russell 2000 ETF, Expires 6/30/2023, Strike Price $1.69  | 4441 | $81416853 | $79844309 |
|  |  |  | 79844309 |
| **PUT OPTIONS - 5.55%** |  |  |  |
| IWM iShares Russell 2000 ETF, Expires 6/30/2023, Strike Price $169.36  | 4441 | 81416853 | 4351478 |
|  |  |  | 4351478 |
| TOTAL PURCHASED OPTIONS (Cost $80,914,330)  |  |  | 84195787 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.25%** |  |  |  |
| **Money Market Deposit Account - 0.25%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $194220 |  | 194220 |
| TOTAL SHORT TERM INVESTMENTS (Cost $194,220)  |  |  | 194220 |
| **Total Investments (Cost $81,108,550) - 107.73%**  |  |  | 84390007 |
| **Liabilities in Excess of Other Assets - (7.73)%**  |  |  | (6055131) |
| TOTAL NET ASSETS - 100.00%  |  |  | $78334876 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 107.48% |
| Short Term Investments  | 0.25 |
| **Total Investments**  | 107.73 |
| **Liabilities in Excess of Other Assets**  | (7.73) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - JULY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| IWM iShares Russell 2000 ETF  | 6/30/2023 | $203.25 | 4441 | $(81416853) | $(4114024) |
|  |  |  |  |  | (4114024) |
| **Put Options** |  |  |  |  |  |
| IWM iShares Russell 2000 ETF  | 6/30/2023 | 143.96 | 4441 | (81416853) | (1892076) |
|  |  |  |  |  | (1892076) |
| Total Options Written (Premiums Received $6,214,860)  | Total Options Written (Premiums Received $6,214,860)  |  |  |  | $(6006100) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - OCTOBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 109.74% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 103.60%** |  |  |  |
| IWM iShares Russell 2000 ETF, Expires 9/29/2023, Strike Price $1.65  | 4233 | $77603589 | $75567516 |
|  |  |  | 75567516 |
| **PUT OPTIONS - 6.14%** |  |  |  |
| IWM iShares Russell 2000 ETF, Expires 9/29/2023, Strike Price $164.92  | 4233 | 77603589 | 4478514 |
|  |  |  | 4478514 |
| TOTAL PURCHASED OPTIONS (Cost $76,457,147)  |  |  | 80046030 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.21%** |  |  |  |
| **Money Market Deposit Account - 0.21%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $154565 |  | 154565 |
| TOTAL SHORT TERM INVESTMENTS (Cost $154,565)  |  |  | 154565 |
| **Total Investments (Cost $76,611,712) - 109.95%**  |  |  | 80200595 |
| **Liabilities in Excess of Other Assets - (9.95)%**  |  |  | (7263100) |
| TOTAL NET ASSETS - 100.00%  |  |  | $72937495 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 109.74% |
| Short Term Investments  | 0.21 |
| **Total Investments**  | 109.95 |
| **Liabilities in Excess of Other Assets**  | (9.95) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - OCTOBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| IWM iShares Russell 2000 ETF  | 9/29/2023 | $205.00 | 4233 | $(77603589) | $(5011872) |
|  |  |  |  |  | (5011872) |
| **Put Options** |  |  |  |  |  |
| IWM iShares Russell 2000 ETF  | 9/29/2023 | 140.18 | 4233 | (77603589) | (2247723) |
|  |  |  |  |  | (2247723) |
| Total Options Written (Premiums Received $6,230,215)  | Total Options Written (Premiums Received $6,230,215)  |  |  |  | $(7259595) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR DOUBLE STACKER ETF - JANUARY** 

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 99.23% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 99.23%** |  |  |  |
| QQQ Investco QQQ Trust Series 1, Expires 12/30/2022, Strike Price $397.86  | 94 | $2612730 | $194 |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $3.84  | 79 | 3051059 | 3006232 |
| TOTAL PURCHASED OPTIONS (Cost $4,015,218)  |  |  | 3006426 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.85%** |  |  |  |
| **Money Market Deposit Account - 0.85%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $25772 |  | 25772 |
| TOTAL SHORT TERM INVESTMENTS (Cost $25,772)  |  |  | 25772 |
| **Total Investments (Cost $4,040,990) - 100.08%**  |  |  | 3032198 |
| **Liabilities in Excess of Other Assets - (0.08)%**  |  |  | (2261) |
| TOTAL NET ASSETS - 100.00%  |  |  | $3029937 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 99.23% |
| Short Term Investments  | 0.85 |
| **Total Investments**  | 100.08 |
| **Liabilities in Excess of Other Assets**  | (0.08) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR DOUBLE STACKER ETF - JANUARY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| QQQ Investco QQQ Trust Series 1  | 12/30/2022 | $431.67 | 94 | $(2612730) | $(110) |
| SPY SPDR S&P 500® Trust ETF  | 12/30/2022 | 515.33 | 79 | (3051059) | (80) |
| Total Options Written (Premiums Received $312,057)  | Total Options Written (Premiums Received $312,057)  |  |  |  | $(190) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR DOUBLE STACKER ETF - OCTOBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 116.08% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 116.08%** |  |  |  |
| QQQ Investco QQQ Trust Series 1, Expires 9/29/2023, Strike Price $267.29  | 144 | $4002480 | $608365 |
| SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.60  | 108 | 4171068 | 4059194 |
| TOTAL PURCHASED OPTIONS (Cost $4,289,128)  |  |  | 4667559 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.87%** |  |  |  |
| **Money Market Deposit Account - 0.87%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $35157 |  | 35157 |
| TOTAL SHORT TERM INVESTMENTS (Cost $35,157)  |  |  | 35157 |
| **Total Investments (Cost $4,324,285) - 116.95%**  |  |  | 4702716 |
| **Liabilities in Excess of Other Assets - (16.95)%**  |  |  | (681809) |
| TOTAL NET ASSETS - 100.00%  |  |  | $4020907 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 116.08% |
| Short Term Investments  | 0.87 |
| **Total Investments**  | 116.95 |
| **Liabilities in Excess of Other Assets**  | (16.95) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR DOUBLE STACKER ETF - OCTOBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| QQQ Investco QQQ Trust Series 1  | 9/29/2023 | $303.23 | 144 | $(4002480) | $(341016) |
| SPY SPDR S&P 500® Trust ETF  | 9/29/2023 | 405.26 | 108 | (4171068) | (338021) |
| Total Options Written (Premiums Received $471,501)  | Total Options Written (Premiums Received $471,501)  |  |  |  | $(679037) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR TRIPLE STACKER ETF** – **JANUARY** 

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 99.93% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 99.93%** |  |  |  |
| IWM iShares Russell 2000 ETF, Expires 12/30/2022, Strike Price $222.45  | 335 | $6141555 | $10262 |
| QQQ Investco QQQ Trust Series 1, Expires 12/30/2022, Strike Price $397.85  | 187 | 5197665 | 388 |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $3.83  | 157 | 6063497 | 5974567 |
| TOTAL PURCHASED OPTIONS (Cost $8,664,195)  |  |  | 5985217 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.21%** |  |  |  |
| **Money Market Deposit Account - 0.21%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $12574 |  | 12574 |
| TOTAL SHORT TERM INVESTMENTS (Cost $12,574)  |  |  | 12574 |
| **Total Investments (Cost $8,676,769) - 100.14%**  |  |  | 5997791 |
| **Liabilities in Excess of Other Assets - (0.14)%**  |  |  | (8557) |
| TOTAL NET ASSETS - 100.00%  |  |  | $5989234 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 99.93% |
| Short Term Investments  | 0.21 |
| **Total Investments**  | 100.14 |
| **Liabilities in Excess of Other Assets**  | (0.14) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR TRIPLE STACKER ETF** – **JANUARY** 

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| IWM iShares Russell 2000 ETF  | 12/30/2022 | $233.91 | 335 | $(6141555) | $(3709) |
| QQQ Investco QQQ Trust Series 1  | 12/30/2022 | 418.34 | 187 | (5197665) | (181) |
| SPY SPDR S&P 500® Trust ETF  | 12/30/2022 | 499.42 | 157 | (6063497) | (390) |
| Total Options Written (Premiums Received $1,303,254)  | Total Options Written (Premiums Received $1,303,254)  |  |  |  | $(4280) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR TRIPLE STACKER ETF** – **OCTOBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 135.92% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 135.92%** |  |  |  |
| IWM iShares Russell 2000 ETF, Expires 9/29/2023, Strike Price $164.92  | 308 | $5646564 | $1031549 |
| QQQ Investco QQQ Trust Series 1, Expires 9/29/2023, Strike Price $267.25  | 190 | 5281050 | 803152 |
| SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.62  | 142 | 5484182 | 5336816 |
| TOTAL PURCHASED OPTIONS (Cost $6,289,668)  |  |  | 7171517 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.39%** |  |  |  |
| **Money Market Deposit Account - 0.39%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $20743 |  | 20743 |
| TOTAL SHORT TERM INVESTMENTS (Cost $20,743)  |  |  | 20743 |
| **Total Investments (Cost $6,310,411) - 136.31%**  |  |  | 7192260 |
| **Liabilities in Excess of Other Assets - (36.31)%**  |  |  | (1916202) |
| TOTAL NET ASSETS - 100.00%  |  |  | $5276058 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 135.92% |
| Short Term Investments  | 0.39 |
| **Total Investments**  | 136.31 |
| **Liabilities in Excess of Other Assets**  | (36.31) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR TRIPLE STACKER ETF** – **OCTOBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| IWM iShares Russell 2000 ETF  | 9/29/2023 | $178.66 | 308 | $(5646564) | $(757820) |
| QQQ Investco QQQ Trust Series 1  | 9/29/2023 | 289.52 | 190 | (5281050) | (569562) |
| SPY SPDR S&P 500® Trust ETF  | 9/29/2023 | 386.93 | 142 | (5484182) | (585401) |
| Total Options Written (Premiums Received $1,265,040)  | Total Options Written (Premiums Received $1,265,040)  |  |  |  | $(1912783) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR DOUBLE STACKER 9 BUFFER ETF - JANUARY** 

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 110.45% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 89.71%** |  |  |  |
| QQQ Investco QQQ Trust Series 1, Expires 12/30/2022, Strike Price $397.84  | 230 | $6392850 | $477 |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $3.77  | 193 | 7453853 | 7345682 |
|  |  |  | 7346159 |
| **PUT OPTIONS - 20.74%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $474.95  | 193 | 7453853 | 1698729 |
|  |  |  | 1698729 |
| TOTAL PURCHASED OPTIONS (Cost $9,909,677)  |  |  | 9044888 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.61%** |  |  |  |
| **Money Market Deposit Account - 0.61%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $49769 |  | 49769 |
| TOTAL SHORT TERM INVESTMENTS (Cost $49,769)  |  |  | 49769 |
| **Total Investments (Cost $9,959,446) - 111.06%**  |  |  | 9094657 |
| **Liabilities in Excess of Other Assets - (11.06)%**  |  |  | (905052) |
| TOTAL NET ASSETS - 100.00%  |  |  | $8189605 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 110.45% |
| Short Term Investments  | 0.61 |
| **Total Investments**  | 111.06 |
| **Liabilities in Excess of Other Assets**  | (11.06) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR DOUBLE STACKER 9 BUFFER ETF - JANUARY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| QQQ Investco QQQ Trust Series 1  | 12/30/2022 | $418.94 | 230 | $(6392850) | $(227) |
| SPY SPDR S&P 500® Trust ETF  | 12/30/2022 | 500.13 | 193 | (7453853) | (485) |
|  |  |  |  |  | (712) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 12/30/2022 | 432.20 | 193 | (7453853) | (899655) |
|  |  |  |  |  | (899655) |
| Total Options Written (Premiums Received $1,491,221)  | Total Options Written (Premiums Received $1,491,221)  |  |  |  | $(900367) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR DOUBLE STACKER 9 BUFFER ETF - OCTOBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 123.78% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 118.06%** |  |  |  |
| QQQ Investco QQQ Trust Series 1, Expires 9/29/2023, Strike Price $267.26  | 522 | $14508990 | $2206247 |
| SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.55  | 392 | 15139432 | 14735249 |
|  |  |  | 16941496 |
| **PUT OPTIONS - 5.72%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $357.17  | 392 | 15139432 | 821243 |
|  |  |  | 821243 |
| TOTAL PURCHASED OPTIONS (Cost $16,787,022)  |  |  | 17762739 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.27%** |  |  |  |
| **Money Market Deposit Account - 0.27%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $39059 |  | 39059 |
| TOTAL SHORT TERM INVESTMENTS (Cost $39,059)  |  |  | 39059 |
| **Total Investments (Cost $16,826,081) - 124.05%**  |  |  | 17801798 |
| **Liabilities in Excess of Other Assets - (24.05)%**  |  |  | (3451698) |
| TOTAL NET ASSETS - 100.00%  |  |  | $14350100 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 123.78% |
| Short Term Investments  | 0.27 |
| **Total Investments**  | 124.05 |
| **Liabilities in Excess of Other Assets**  | (24.05) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR DOUBLE STACKER 9 BUFFER ETF - OCTOBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| QQQ Investco QQQ Trust Series 1  | 9/29/2023 | $294.25 | 522 | $(14508990) | $(1446049) |
| SPY SPDR S&P 500® Trust ETF  | 9/29/2023 | 393.26 | 392 | (15139432) | (1475703) |
|  |  |  |  |  | (2921752) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 9/29/2023 | 325.02 | 392 | (15139432) | (520671) |
|  |  |  |  |  | (520671) |
| Total Options Written (Premiums Received $2,920,753)  | Total Options Written (Premiums Received $2,920,753)  |  |  |  | $(3442423) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR 20+ YEAR TREASURY BOND 9 BUFFER ETF - JULY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 111.71% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 92.32%** |  |  |  |
| TLT iShares 20+ Year Treasury Bond ETF, Expires 6/30/2023, Strike Price $1.15  | 3188 | $30639868 | $29730371 |
|  |  |  | 29730371 |
| **PUT OPTIONS - 19.39%** |  |  |  |
| TLT iShares 20+ Year Treasury Bond ETF, Expires 6/30/2023, Strike Price $115.17  | 3188 | 30639868 | 6243687 |
|  |  |  | 6243687 |
| TOTAL PURCHASED OPTIONS (Cost $36,580,152)  |  |  | 35974058 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.27%** |  |  |  |
| **Money Market Deposit Account - 0.27%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $88071 |  | 88071 |
| TOTAL SHORT TERM INVESTMENTS (Cost $88,071)  |  |  | 88071 |
| **Total Investments (Cost $36,668,223) - 111.98%**  |  |  | 36062129 |
| **Liabilities in Excess of Other Assets - (11.98)%**  |  |  | (3857902) |
| TOTAL NET ASSETS - 100.00%  |  |  | $32204227 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 111.71% |
| Short Term Investments  | 0.27 |
| **Total Investments**  | 111.98 |
| **Liabilities in Excess of Other Assets**  | (11.98) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR 20+ YEAR TREASURY BOND 9 BUFFER ETF - JULY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| TLT iShares 20+ Year Treasury Bond ETF  | 6/30/2023 | $146.27 | 3188 | $(30639868) | $(125135) |
|  |  |  |  |  | (125135) |
| **Put Options** |  |  |  |  |  |
| TLT iShares 20+ Year Treasury Bond ETF  | 6/30/2023 | 104.80 | 3188 | (30639868) | (3719435) |
|  |  |  |  |  | (3719435) |
| Total Options Written (Premiums Received $3,020,156)  | Total Options Written (Premiums Received $3,020,156)  |  |  |  | $(3844570) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR 20+ YEAR TREASURY BOND 5 FLOOR ETF** – **QUARTERLY** 

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 100.08% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 95.63%** |  |  |  |
| TLT iShares 20+ Year Treasury Bond ETF, Expires 12/30/2022, Strike Price $0.26  | 2044 | $19644884 | $19458593 |
|  |  |  | 19458593 |
| **PUT OPTIONS - 4.45%** |  |  |  |
| TLT iShares 20+ Year Treasury Bond ETF, Expires 12/30/2022, Strike Price $97.34  | 2044 | 19644884 | 904826 |
|  |  |  | 904826 |
| TOTAL PURCHASED OPTIONS (Cost $20,891,736)  |  |  | 20363419 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.09%** |  |  |  |
| **Money Market Deposit Account - 0.09%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $18080 |  | 18080 |
| TOTAL SHORT TERM INVESTMENTS (Cost $18,080)  |  |  | 18080 |
| **Total Investments (Cost $20,909,816) - 100.17%**  |  |  | 20381499 |
| **Liabilities in Excess of Other Assets - (0.17)%**  |  |  | (34115) |
| TOTAL NET ASSETS - 100.00%  |  |  | $20347384 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 100.08% |
| Short Term Investments  | 0.09 |
| **Total Investments**  | 100.17 |
| **Liabilities in Excess of Other Assets**  | (0.17) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR 20+ YEAR TREASURY BOND 5 FLOOR ETF** – **QUARTERLY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| TLT iShares 20+ Year Treasury Bond ETF  | 12/30/2022 | $110.54 | 2044 | $(19644884) | $(25480) |
| Total Options Written (Premiums Received $233,448)  | Total Options Written (Premiums Received $233,448)  |  |  |  | $(25480) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED ETF** – **JANUARY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 99.65% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 99.65%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $474.95  | 104 | $4016584 | $1038 |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $3.74  | 104 | 4016584 | 3958606 |
| TOTAL PURCHASED OPTIONS (Cost $4,834,904)  |  |  | 3959644 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.42%** |  |  |  |
| **Money Market Deposit Account - 0.42%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $16680 |  | 16680 |
| TOTAL SHORT TERM INVESTMENTS (Cost $16,680)  |  |  | 16680 |
| **Total Investments (Cost $4,851,584) - 100.07%**  |  |  | 3976324 |
| **Liabilities in Excess of Other Assets - (0.07)%**  |  |  | (2717) |
| TOTAL NET ASSETS - 100.00%  |  |  | $3973607 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 99.65% |
| Short Term Investments  | 0.42 |
| **Total Investments**  | 100.07 |
| **Liabilities in Excess of Other Assets**  | (0.07) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED ETF** – **JANUARY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 12/30/2022 | $515.05 | 208 | $(8033168) | $(209) |
| Total Options Written (Premiums Received $152,714)  | Total Options Written (Premiums Received $152,714)  |  |  |  | $(209) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED ETF** – **APRIL**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 99.90% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 99.90%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $451.63  | 98 | $3784858 | $34082 |
| SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $3.57  | 98 | 3784858 | 3717249 |
| TOTAL PURCHASED OPTIONS (Cost $4,724,997)  |  |  | 3751331 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.45%** |  |  |  |
| **Money Market Deposit Account - 0.45%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $17077 |  | 17077 |
| TOTAL SHORT TERM INVESTMENTS (Cost $17,077)  |  |  | 17077 |
| **Total Investments (Cost $4,742,074) - 100.35%**  |  |  | 3768408 |
| **Liabilities in Excess of Other Assets - (0.35)%**  |  |  | (13125) |
| TOTAL NET ASSETS - 100.00%  |  |  | $3755283 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 99.90% |
| Short Term Investments  | 0.45 |
| **Total Investments**  | 100.35 |
| **Liabilities in Excess of Other Assets**  | (0.35) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED ETF** – **APRIL**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 3/31/2023 | $493.64 | 196 | $(7569716) | $(10729) |
| Total Options Written (Premiums Received $333,973)  | Total Options Written (Premiums Received $333,973)  |  |  |  | $(10729) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED ETF** – **JULY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 107.14% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 107.14%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $377.24  | 89 | $3437269 | $355199 |
| SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $3.74  | 89 | 3437269 | 3365001 |
| TOTAL PURCHASED OPTIONS (Cost $3,731,744)  |  |  | 3720200 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 1.18%** |  |  |  |
| **Money Market Deposit Account - 1.18%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $41093 |  | 41093 |
| TOTAL SHORT TERM INVESTMENTS (Cost $41,093)  |  |  | 41093 |
| **Total Investments (Cost $3,772,837) - 108.32%**  |  |  | 3761293 |
| **Liabilities in Excess of Other Assets - (8.32)%**  |  |  | (288846) |
| TOTAL NET ASSETS - 100.00%  |  |  | $3472447 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 107.14% |
| Short Term Investments  | 1.18 |
| **Total Investments**  | 108.32 |
| **Liabilities in Excess of Other Assets**  | (8.32) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED ETF** – **JULY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 6/30/2023 | $424.86 | 178 | $(6874538) | $(286046) |
| Total Options Written (Premiums Received $298,659)  | Total Options Written (Premiums Received $298,659)  |  |  |  | $(286046) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED ETF** – **OCTOBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 116.19% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 116.19%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $357.17  | 950 | $36689950 | $5691104 |
| SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.61  | 950 | 36689950 | 35704962 |
| TOTAL PURCHASED OPTIONS (Cost $36,934,383)  |  |  | 41396066 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.33%** |  |  |  |
| **Money Market Deposit Account - 0.33%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $118551 |  | 118551 |
| TOTAL SHORT TERM INVESTMENTS (Cost $118,551)  |  |  | 118551 |
| **Total Investments (Cost $37,052,934) - 116.52%**  |  |  | 41514617 |
| **Liabilities in Excess of Other Assets - (16.52)%**  |  |  | (5888012) |
| TOTAL NET ASSETS - 100.00%  |  |  | $35626605 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 116.19% |
| Short Term Investments  | 0.33 |
| **Total Investments**  | 116.52 |
| **Liabilities in Excess of Other Assets**  | (16.52) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED ETF** – **OCTOBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 9/29/2023 | $406.11 | 1900 | $(73379900) | $(5865117) |
| Total Options Written (Premiums Received $3,336,040)  | Total Options Written (Premiums Received $3,336,040)  |  |  |  | $(5865117) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF** – **JANUARY** 

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 99.67% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 99.67%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $474.96  | 260 | $10041460 | $2596 |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $3.76  | 130 | 5020730 | 4947999 |
| TOTAL PURCHASED OPTIONS (Cost $6,618,275)  |  |  | 4950595 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.42%** |  |  |  |
| **Money Market Deposit Account - 0.42%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $21028 |  | 21028 |
| TOTAL SHORT TERM INVESTMENTS (Cost $21,028)  |  |  | 21028 |
| **Total Investments (Cost $6,639,303) - 100.09%**  |  |  | 4971623 |
| **Liabilities in Excess of Other Assets - (0.09)%**  |  |  | (4305) |
| TOTAL NET ASSETS - 100.00%  |  |  | $4967318 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 99.67% |
| Short Term Investments  | 0.42 |
| **Total Investments**  | 100.09 |
| **Liabilities in Excess of Other Assets**  | (0.09) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF** – **JANUARY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 12/30/2022 | $499.47 | 390 | $(15062190) | $(968) |
| Total Options Written (Premiums Received $396,583)  | Total Options Written (Premiums Received $396,583)  |  |  |  | $(968) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF** – **APRIL**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 100.32% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 100.32%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $451.64  | 194 | $7492474 | $67441 |
| SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $3.59  | 97 | 3746237 | 3679127 |
| TOTAL PURCHASED OPTIONS (Cost $5,057,885)  |  |  | 3746568 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.59%** |  |  |  |
| **Money Market Deposit Account - 0.59%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $22210 |  | 22210 |
| TOTAL SHORT TERM INVESTMENTS (Cost $22,210)  |  |  | 22210 |
| **Total Investments (Cost $5,080,095) - 100.91%**  |  |  | 3768778 |
| **Liabilities in Excess of Other Assets - (0.91)%**  |  |  | (33892) |
| TOTAL NET ASSETS - 100.00%  |  |  | $3734886 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 100.32% |
| Short Term Investments  | 0.59 |
| **Total Investments**  | 100.91 |
| **Liabilities in Excess of Other Assets**  | (0.91) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF** – **APRIL**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 3/31/2023 | $477.97 | 291 | $(11238711) | $(31758) |
| Total Options Written (Premiums Received $710,604)  | Total Options Written (Premiums Received $710,604)  |  |  |  | $(31758) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF** – **JULY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 118.10% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 118.10%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $377.25  | 656 | $25335376 | $2622236 |
| SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $3.75  | 328 | 12667688 | 12380436 |
| TOTAL PURCHASED OPTIONS (Cost $15,127,188)  |  |  | 15002672 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.46%** |  |  |  |
| **Money Market Deposit Account - 0.46%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $57937 |  | 57937 |
| TOTAL SHORT TERM INVESTMENTS (Cost $57,937)  |  |  | 57937 |
| **Total Investments (Cost $15,185,125) - 118.56%**  |  |  | 15060609 |
| **Liabilities in Excess of Other Assets - (18.56)%**  |  |  | (2358025) |
| TOTAL NET ASSETS - 100.00%  |  |  | $12702584 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 118.10% |
| Short Term Investments  | 0.46 |
| **Total Investments**  | 118.56 |
| **Liabilities in Excess of Other Assets**  | (18.56) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF** – **JULY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 6/30/2023 | $406.41 | 984 | $(38003064) | $(2347476) |
| Total Options Written (Premiums Received $2,589,013)  | Total Options Written (Premiums Received $2,589,013)  |  |  |  | $(2347476) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF** – **OCTOBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 132.89% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 132.89%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $357.18  | 810 | $31283010 | $4851889 |
| SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.53  | 405 | 15641505 | 15224695 |
| TOTAL PURCHASED OPTIONS (Cost $17,800,746)  |  |  | 20076584 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.32%** |  |  |  |
| **Money Market Deposit Account - 0.32%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $49000 |  | 49000 |
| TOTAL SHORT TERM INVESTMENTS (Cost $49,000)  |  |  | 49000 |
| **Total Investments (Cost $17,849,746) - 133.21%**  |  |  | 20125584 |
| **Liabilities in Excess of Other Assets - (33.21)%**  |  |  | (5017401) |
| TOTAL NET ASSETS - 100.00%  |  |  | $15108183 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 132.89% |
| Short Term Investments  | 0.32 |
| **Total Investments**  | 133.21 |
| **Liabilities in Excess of Other Assets**  | (33.21) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF** – **OCTOBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 9/29/2023 | $386.90 | 1215 | $(46924515) | $(5010997) |
| Total Options Written (Premiums Received $3,415,465)  | Total Options Written (Premiums Received $3,415,465)  |  |  |  | $(5010997) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF** – **JANUARY** 

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 110.77% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 89.96%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $474.97  | 338 | $13053898 | $3376 |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $3.86  | 338 | 13053898 | 12861437 |
|  |  |  | 12864813 |
| **PUT OPTIONS - 20.81%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $474.99  | 338 | 13053898 | 2976321 |
|  |  |  | 2976321 |
| TOTAL PURCHASED OPTIONS (Cost $17,790,267)  |  |  | 15841134 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.33%** |  |  |  |
| **Money Market Deposit Account - 0.33%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $46493 |  | 46493 |
| TOTAL SHORT TERM INVESTMENTS (Cost $46,493)  |  |  | 46493 |
| **Total Investments (Cost $17,836,760) - 111.10%**  |  |  | 15887627 |
| **Liabilities in Excess of Other Assets - (11.10)%**  |  |  | (1587637) |
| TOTAL NET ASSETS - 100.00%  |  |  | $14299990 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 110.77% |
| Short Term Investments  | 0.33 |
| **Total Investments**  | 111.10 |
| **Liabilities in Excess of Other Assets**  | (11.10) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF** – **JANUARY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 12/30/2022 | $500.09 | 676 | $(26107796) | $(1697) |
|  |  |  |  |  | (1697) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 12/30/2022 | 432.23 | 338 | (13053898) | (1576454) |
|  |  |  |  |  | (1576454) |
| Total Options Written (Premiums Received $1,601,190)  | Total Options Written (Premiums Received $1,601,190)  |  |  |  | $(1578151) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF** – **APRIL**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 108.52% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 92.91%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $451.65  | 476 | $18383596 | $165406 |
| SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $3.64  | 476 | 18383596 | 18051935 |
|  |  |  | 18217341 |
| **PUT OPTIONS - 15.61%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $451.67  | 476 | 18383596 | 3060305 |
|  |  |  | 3060305 |
| TOTAL PURCHASED OPTIONS (Cost $24,756,017)  |  |  | 21277646 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.43%** |  |  |  |
| **Money Market Deposit Account - 0.43%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $83783 |  | 83783 |
| TOTAL SHORT TERM INVESTMENTS (Cost $83,783)  |  |  | 83783 |
| **Total Investments (Cost $24,839,800) - 108.95%**  |  |  | 21361429 |
| **Liabilities in Excess of Other Assets - (8.95)%**  |  |  | (1755011) |
| TOTAL NET ASSETS - 100.00%  |  |  | $19606418 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 108.52% |
| Short Term Investments  | 0.43 |
| **Total Investments**  | 108.95 |
| **Liabilities in Excess of Other Assets**  | (8.95) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF** – **APRIL**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 3/31/2023 | $480.14 | 952 | $(36767192) | $(94148) |
|  |  |  |  |  | (94148) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 3/31/2023 | 411.01 | 476 | (18383596) | (1646156) |
|  |  |  |  |  | (1646156) |
| Total Options Written (Premiums Received $2,923,797)  | Total Options Written (Premiums Received $2,923,797)  |  |  |  | $(1740304) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF** – **JULY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 114.75% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 108.63%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $377.26  | 839 | $32403019 | $3353245 |
| SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $3.80  | 839 | 32403019 | 31664180 |
|  |  |  | 35017425 |
| **PUT OPTIONS - 6.12%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $377.27  | 839 | 32403019 | 1973724 |
|  |  |  | 1973724 |
| TOTAL PURCHASED OPTIONS (Cost $39,692,032)  |  |  | 36991149 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.38%** |  |  |  |
| **Money Market Deposit Account - 0.38%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $122029 |  | 122029 |
| TOTAL SHORT TERM INVESTMENTS (Cost $122,029)  |  |  | 122029 |
| **Total Investments (Cost $39,814,061) - 115.13%**  |  |  | 37113178 |
| **Liabilities in Excess of Other Assets - (15.13)%**  |  |  | (4876224) |
| TOTAL NET ASSETS - 100.00%  |  |  | $32236954 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 114.75% |
| Short Term Investments  | 0.38 |
| **Total Investments**  | 115.13 |
| **Liabilities in Excess of Other Assets**  | (15.13) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF** – **JULY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 6/30/2023 | $410.30 | 1678 | $(64806038) | $(3701021) |
|  |  |  |  |  | (3701021) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 6/30/2023 | 343.31 | 839 | (32403019) | (1150140) |
|  |  |  |  |  | (1150140) |
| Total Options Written (Premiums Received $5,790,350)  | Total Options Written (Premiums Received $5,790,350)  |  |  |  | $(4851161) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF** – **OCTOBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 123.75% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 118.07%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $357.19  | 975 | $37655475 | $5793450 |
| SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.54  | 975 | 37655475 | 36651225 |
|  |  |  | 42444675 |
| **PUT OPTIONS - 5.68%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $357.20  | 975 | 37655475 | 2040675 |
|  |  |  | 2040675 |
| TOTAL PURCHASED OPTIONS (Cost $41,914,759)  |  |  | 44485350 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.25%** |  |  |  |
| **Money Market Deposit Account - 0.25%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $91308 |  | 91308 |
| TOTAL SHORT TERM INVESTMENTS (Cost $91,308)  |  |  | 91308 |
| **Total Investments (Cost $42,006,067) - 124.00%**  |  |  | 44576658 |
| **Liabilities in Excess of Other Assets - (24.00)%**  |  |  | (8628676) |
| TOTAL NET ASSETS - 100.00%  |  |  | $35947982 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 123.75% |
| Short Term Investments  | 0.25 |
| **Total Investments**  | 124.00 |
| **Liabilities in Excess of Other Assets**  | (24.00) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF** – **OCTOBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 9/29/2023 | $392.90 | 1950 | $(75310950) | $(7326150) |
|  |  |  |  |  | (7326150) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 9/29/2023 | 325.04 | 975 | (37655475) | (1308450) |
|  |  |  |  |  | (1308450) |
| Total Options Written (Premiums Received $7,111,030)  | Total Options Written (Premiums Received $7,111,030)  |  |  |  | $(8634600) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR GROWTH ACCELERATED PLUS ETF** – **JANUARY** 

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 99.63% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 99.63%** |  |  |  |
| QQQ Investco QQQ Trust Series 1, Expires 12/30/2022, Strike Price $397.87  | 320 | $8894400 | $660 |
| QQQ Investco QQQ Trust Series 1, Expires 12/30/2022, Strike Price $3.19  | 160 | 4447200 | 4384623 |
| TOTAL PURCHASED OPTIONS (Cost $7,069,395)  |  |  | 4385283 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.44%** |  |  |  |
| **Money Market Deposit Account - 0.44%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $19502 |  | 19502 |
| TOTAL SHORT TERM INVESTMENTS (Cost $19,502)  |  |  | 19502 |
| **Total Investments (Cost $7,088,897) - 100.07%**  |  |  | 4404785 |
| **Liabilities in Excess of Other Assets - (0.07)%**  |  |  | (3357) |
| TOTAL NET ASSETS - 100.00%  |  |  | $4401428 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 99.63% |
| Short Term Investments  | 0.44 |
| **Total Investments**  | 100.07 |
| **Liabilities in Excess of Other Assets**  | (0.07) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR GROWTH ACCELERATED PLUS ETF** – **JANUARY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| QQQ Investco QQQ Trust Series 1  | 12/30/2022 | $424.78 | 480 | $(13341600) | $(512) |
| Total Options Written (Premiums Received $354,660)  | Total Options Written (Premiums Received $354,660)  |  |  |  | $(512) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR GROWTH ACCELERATED PLUS ETF** – **APRIL**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 99.92% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 99.92%** |  |  |  |
| QQQ Investco QQQ Trust Series 1, Expires 3/31/2023, Strike Price $362.54  | 508 | $14119860 | $65815 |
| QQQ Investco QQQ Trust Series 1, Expires 3/31/2023, Strike Price $2.91  | 254 | 7059930 | 6951557 |
| TOTAL PURCHASED OPTIONS (Cost $11,073,815)  |  |  | 7017372 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.64%** |  |  |  |
| **Money Market Deposit Account - 0.64%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $45290 |  | 45290 |
| TOTAL SHORT TERM INVESTMENTS (Cost $45,290)  |  |  | 45290 |
| **Total Investments (Cost $11,119,105) - 100.56%**  |  |  | 7062662 |
| **Liabilities in Excess of Other Assets - (0.56)%**  |  |  | (39768) |
| TOTAL NET ASSETS - 100.00%  |  |  | $7022894 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 99.92% |
| Short Term Investments  | 0.64 |
| **Total Investments**  | 100.56 |
| **Liabilities in Excess of Other Assets**  | (0.56) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR GROWTH ACCELERATED PLUS ETF** – **APRIL**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| QQQ Investco QQQ Trust Series 1  | 3/31/2023 | $388.24 | 762 | $(21179790) | $(35462) |
| Total Options Written (Premiums Received $1,936,087)  | Total Options Written (Premiums Received $1,936,087)  |  |  |  | $(35462) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR GROWTH ACCELERATED PLUS ETF** – **JULY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 118.47% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 118.47%** |  |  |  |
| QQQ Investco QQQ Trust Series 1, Expires 6/30/2023, Strike Price $280.28  | 1288 | $35799960 | $3728486 |
| QQQ Investco QQQ Trust Series 1, Expires 6/30/2023, Strike Price $2.81  | 644 | 17899980 | 17586680 |
| TOTAL PURCHASED OPTIONS (Cost $24,193,681)  |  |  | 21315166 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.31%** |  |  |  |
| **Money Market Deposit Account - 0.31%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $55749 |  | 55749 |
| TOTAL SHORT TERM INVESTMENTS (Cost $55,749)  |  |  | 55749 |
| **Total Investments (Cost $24,249,430) - 118.78%**  |  |  | 21370915 |
| **Liabilities in Excess of Other Assets - (18.78)%**  |  |  | (3378715) |
| TOTAL NET ASSETS - 100.00%  |  |  | $17992200 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 118.47% |
| Short Term Investments  | 0.31 |
| **Total Investments**  | 118.78 |
| **Liabilities in Excess of Other Assets**  | (18.78) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR GROWTH ACCELERATED PLUS ETF** – **JULY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| QQQ Investco QQQ Trust Series 1  | 6/30/2023 | $304.97 | 1932 | $(53699940) | $(3366914) |
| Total Options Written (Premiums Received $4,997,977)  | Total Options Written (Premiums Received $4,997,977)  |  |  |  | $(3366914) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR GROWTH ACCELERATED PLUS ETF** – **OCTOBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 130.50% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 130.50%** |  |  |  |
| QQQ Investco QQQ Trust Series 1, Expires 9/29/2023, Strike Price $267.27  | 440 | $12229800 | $1859412 |
| QQQ Investco QQQ Trust Series 1, Expires 9/29/2023, Strike Price $2.68  | 220 | 6114900 | 5995302 |
| TOTAL PURCHASED OPTIONS (Cost $7,407,793)  |  |  | 7854714 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.47%** |  |  |  |
| **Money Market Deposit Account - 0.47%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $28566 |  | 28566 |
| TOTAL SHORT TERM INVESTMENTS (Cost $28,566)  |  |  | 28566 |
| **Total Investments (Cost $7,436,359) - 130.97%**  |  |  | 7883280 |
| **Liabilities in Excess of Other Assets - (30.97)%**  |  |  | (1863966) |
| TOTAL NET ASSETS - 100.00%  |  |  | $6019314 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 130.50% |
| Short Term Investments  | 0.47 |
| **Total Investments**  | 130.97 |
| **Liabilities in Excess of Other Assets**  | (30.97) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR GROWTH ACCELERATED PLUS ETF** – **OCTOBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| QQQ Investco QQQ Trust Series 1  | 9/29/2023 | $293.18 | 660 | $(18344700) | $(1861216) |
| Total Options Written (Premiums Received $1,582,911)  | Total Options Written (Premiums Received $1,582,911)  |  |  |  | $(1861216) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR DEFINED WEALTH SHIELD ETF** 

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 107.37% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 105.77%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $0.89  | 7072 | $273127712 | $271267776 |
|  |  |  | 271267776 |
| **PUT OPTIONS - 1.60%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $357.18  | 7072 | 273127712 | 4101760 |
|  |  |  | 4101760 |
| TOTAL PURCHASED OPTIONS (Cost $264,495,474)  |  |  | 275369536 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.13%** |  |  |  |
| **Money Market Deposit Account - 0.13%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $323559 |  | 323559 |
| TOTAL SHORT TERM INVESTMENTS (Cost $323,559)  |  |  | 323559 |
| **Total Investments (Cost $264,819,033) - 107.50%**  |  |  | 275693095 |
| **Liabilities in Excess of Other Assets - (7.50)%**  |  |  | (19231027) |
| TOTAL NET ASSETS - 100.00%  |  |  | $256462068 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 107.37% |
| Short Term Investments  | 0.13 |
| **Total Investments**  | 107.50 |
| **Liabilities in Excess of Other Assets**  | (7.50) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR DEFINED WEALTH SHIELD ETF**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 12/30/2022 | $369.15 | 7072 | $(273127712) | $(18733728) |
|  |  |  |  |  | (18733728) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 12/30/2022 | 285.74 | 7072 | (273127712) | (374816) |
|  |  |  |  |  | (374816) |
| Total Options Written (Premiums Received $12,157,666)  | Total Options Written (Premiums Received $12,157,666)  |  |  |  | $(19108544) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED ETF** – **QUARTERLY** 

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 110.33% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 110.33%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $357.18  | 301 | $11624921 | $1079685 |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $0.90  | 301 | 11624921 | 11542042 |
| TOTAL PURCHASED OPTIONS (Cost $11,300,401)  |  |  | 12621727 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.41%** |  |  |  |
| **Money Market Deposit Account - 0.41%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $46888 |  | 46888 |
| TOTAL SHORT TERM INVESTMENTS (Cost $46,888)  |  |  | 46888 |
| **Total Investments (Cost $11,347,289) - 110.74%**  |  |  | 12668615 |
| **Liabilities in Excess of Other Assets - (10.74)%**  |  |  | (1228530) |
| TOTAL NET ASSETS - 100.00%  |  |  | $11440085 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 110.33% |
| Short Term Investments  | 0.41 |
| **Total Investments**  | 110.74 |
| **Liabilities in Excess of Other Assets**  | (10.74) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ACCELERATED ETF** – **QUARTERLY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 12/30/2022 | $378.65 | 602 | $(23249842) | $(1221385) |
| Total Options Written (Premiums Received $549,804)  | Total Options Written (Premiums Received $549,804)  |  |  |  | $(1221385) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR GROWTH ACCELERATED ETF** – **QUARTERLY** 

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional Amount** | **Value** |
| **PURCHASED OPTIONS - 107.25% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 107.25%** |  |  |  |
| QQQ Investco QQQ Trust Series 1, Expires 12/30/2022, Strike Price $267.26  | 652 | $18122340 | $1345212 |
| QQQ Investco QQQ Trust Series 1, Expires 12/30/2022, Strike Price $0.67  | 652 | 18122340 | 18030565 |
| TOTAL PURCHASED OPTIONS (Cost $18,532,447)  |  |  | 19375777 |
|  | **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.07%** |  |  |  |
| **Money Market Deposit Account - 0.07%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $12513 |  | 12513 |
| TOTAL SHORT TERM INVESTMENTS (Cost $12,513)  |  |  | 12513 |
| **Total Investments (Cost $18,544,960) - 107.32%**  |  |  | 19388290 |
| **Liabilities in Excess of Other Assets - (7.32)%**  |  |  | (1321397) |
| TOTAL NET ASSETS - 100.00%  |  |  | $18066893 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 107.25% |
| Short Term Investments  | 0.07 |
| **Total Investments**  | 107.32 |
| **Liabilities in Excess of Other Assets**  | (7.32) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR GROWTH ACCELERATED ETF** – **QUARTERLY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| QQQ Investco QQQ Trust Series 1  | 12/30/2022 | $286.26 | 1304 | $(36244680) | $(1309343) |
| Total Options Written (Premiums Received $1,144,887)  | Total Options Written (Premiums Received $1,144,887)  |  |  |  | $(1309343) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(a)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for options  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written, at value <sup>(b)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated deficit)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Asset Value:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding (unlimited shares without par value authorized)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value price per share  |
| <sup>(a)</sup> Cost of investments  |
| <sup>(b)</sup> Premiums received  |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Innovator International Developed Power Buffer ETF -** <br> **January** | **Innovator International Developed Power Buffer ETF -** <br> **April** | **Innovator International Developed Power Buffer ETF -** <br> **July** | **Innovator International Developed Power Buffer ETF -** <br> **October** |
| $73778929 | $46489838 | $197088334 | $99482739 |
| 371 | 557 | 901 | 299 |
| 138 | 200 | 226 | 99 |
| 73779438 | 46490595 | 197089461 | 99483137 |
| 8044360 | 3217700 | 8201782 | 5080822 |
| 47512 | 36428 | 131110 | 47757 |
| 8091872 | 3254128 | 8332892 | 5128579 |
| $65687566 | $43236467 | $188756569 | $94354558 |
| $79077775 | $51909115 | $205877495 | $94293384 |
| (13390209) | (8672648) | (17120926) | 61174 |
| $65687566 | $43236467 | $188756569 | $94354558 |
| $65687566 | $43236467 | $188756569 | $94354558 |
| 2725000 | 1925000 | 8550000 | 4250000 |
| $24.11 | $22.46 | $22.08 | $22.20 |
| $77738371 | $47103547 | $199974538 | $96829275 |
| 3873721 | 2610705 | 9304286 | 4999090 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(a)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for options  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written, at value <sup>(b)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated deficit)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Asset Value:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding (unlimited shares without par value authorized)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value price per share  |
| <sup>(a)</sup> Cost of investments  |
| <sup>(b)</sup> Premiums received  |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Innovator Emerging** <br> **Markets Power Buffer ETF -** <br> **January** | **Innovator Emerging** <br> **Markets Power Buffer ETF -** <br> **April** | **Innovator Emerging** <br> **Markets Power Buffer ETF -** <br> **July** | **Innovator Emerging** <br> **Markets Power Buffer ETF -** <br> **October** |
| $66605522 | $34621970 | $59042308 | $27297103 |
| 369 | 410 | 222 | 78 |
| 93 | 147 | 203 | 101 |
| 66605984 | 34622527 | 59042733 | 27297282 |
| 10647020 | 3939456 | 4359262 | 1652821 |
| 44403 | 27240 | 40672 | 16116 |
| 10691423 | 3966696 | 4399934 | 1668937 |
| $55914561 | $30655831 | $54642799 | $25628345 |
| $70952860 | $40363519 | $71382679 | $27660488 |
| (15038299) | (9707688) | (16739880) | (2032143) |
| $55914561 | $30655831 | $54642799 | $25628345 |
| $55914561 | $30655831 | $54642799 | $25628345 |
| 2275000 | 1425000 | 2575000 | 1250000 |
| $24.58 | $21.51 | $21.22 | $20.50 |
| $72039470 | $37435620 | $62067559 | $27723472 |
| 5039590 | 2227226 | 3926078 | 1557877 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(a)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF variable fee receivable  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for options  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written, at value <sup>(b)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated deficit)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Asset Value:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding (unlimited shares without par value authorized)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value price per share  |
| <sup>(a)</sup> Cost of investments  |
| <sup>(b)</sup> Premiums received  |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Innovator Growth-100 Power Buffer ETF - January** | **Innovator Growth-100 Power Buffer ETF - April** | **Innovator Growth-100 Power Buffer ETF - July** | **Innovator Growth-100 Power Buffer ETF - October** |
| $97570631 | $58891667 | $126415807 | $88483210 |
| 456 | 529 | 753 | 448 |
|  |  | 538 |  |
|  |  | 69447 |  |
|  |  | 1076398 |  |
| 182 | 200 | 156 | 98 |
| 97571269 | 58892396 | 127563099 | 88483756 |
| 14737979 | 5990551 | 7979202 | 7471328 |
| 55806 | 35920 | 79813 | 47570 |
|  |  | 1100232 |  |
| 14793785 | 6026471 | 9159247 | 7518898 |
| $82777484 | $52865925 | $118403852 | $80964858 |
| $114940543 | $61348298 | $132483580 | $87499382 |
| (32163059) | (8482373) | (14079728) | (6534524) |
| $82777484 | $52865925 | $118403852 | $80964858 |
| $82777484 | $52865925 | $118403852 | $80964858 |
| 2325000 | 1525000 | 2750000 | 2295000 |
| $35.60 | $34.67 | $43.06 | $35.28 |
| $105133337 | $62582200 | $130288828 | $87484965 |
| 9069044 | 5892528 | 12546787 | 7656907 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(a)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF variable fee receivable  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for options  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written, at value <sup>(b)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated deficit)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Asset Value:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding (unlimited shares without par value authorized)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value price per share  |
| <sup>(a)</sup> Cost of investments  |
| <sup>(b)</sup> Premiums received  |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S. Small** <br> **Cap Power Buffer ETF - January** | **Innovator U.S. Small** <br> **Cap Power Buffer ETF - April** | **Innovator U.S. Small** <br> **Cap Power Buffer ETF - July** | **Innovator U.S. Small** <br> **Cap Power Buffer ETF - October** |
| $83900139 | $89087689 | $84390007 | $80200595 |
| 508 | 824 | 469 | 296 |
|  |  |  | 6659 |
| 8771587 | 1351145 |  | 1323424 |
|  |  |  | 13318620 |
| 165 | 202 | 195 | 101 |
| 92672399 | 90439860 | 84390671 | 94849695 |
| 4337248 | 4188576 | 6006100 | 7259595 |
| 8327632 | 1276010 |  |  |
| 62168 | 56789 | 49695 | 32935 |
| 454412 | 63762 |  | 14619670 |
| 13181460 | 5585137 | 6055795 | 21912200 |
| $79490939 | $84854723 | $78334876 | $72937495 |
| $95729685 | $96249331 | $94073355 | $75636496 |
| (16238746) | (11394608) | (15738479) | (2699001) |
| $79490939 | $84854723 | $78334876 | $72937495 |
| $79490939 | $84854723 | $78334876 | $72937495 |
| 2625000 | 3325000 | 3200000 | 2875000 |
| $30.28 | $25.52 | $24.48 | $25.37 |
| $89941439 | $95558317 | $81108550 | $76611712 |
| 6965534 | 6836424 | 6214860 | 6230215 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(a)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for options  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written, at value <sup>(b)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated deficit)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Asset Value:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding (unlimited shares without par value authorized)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value price per share  |
| <sup>(a)</sup> Cost of investments  |
| <sup>(b)</sup> Premiums received  |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Innovator Double Stacker ETF - January** | **Innovator Double Stacker ETF - October** | **Innovator Triple Stacker ETF - January** | **Innovator Triple Stacker ETF - October** |
| $3032198 | $4702716 | $5997791 | $7192260 |
| 55 | 82 | 49 | 38 |
| 104 | 100 | 105 | 107 |
| 3032357 | 4702898 | 5997945 | 7192405 |
| 190 | 679037 | 4280 | 1912783 |
| 2230 | 2954 | 4431 | 3564 |
| 2420 | 681991 | 8711 | 1916347 |
| $3029937 | $4020907 | $5989234 | $5276058 |
| $5022624 | $10582491 | $18732021 | $14698598 |
| (1992687) | (6561584) | (12742787) | (9422540) |
| $3029937 | $4020907 | $5989234 | $5276058 |
| $3029937 | $4020907 | $5989234 | $5276058 |
| 125000 | 150000 | 250000 | 200000 |
| $24.24 | $26.81 | $23.96 | $26.38 |
| $4040990 | $4324285 | $8676769 | $6310411 |
| 312057 | 471501 | 1303254 | 1265040 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(a)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for options  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written, at value <sup>(b)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated deficit)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Asset Value:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding (unlimited shares without par value authorized)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value price per share  |
| <sup>(a)</sup> Cost of investments  |
| <sup>(b)</sup> Premiums received  |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Innovator Double Stacker 9 Buffer ETF - January** | **Innovator Double** <br> **Stacker 9 Buffer ETF - October** | **Innovator 20+ Year Treasury Bond 9 Buffer ETF - July** | **Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly** |
| $9094657 | $17801798 | $36062129 | $20381499 |
| 108 | 99 | 129 | 38 |
| 47 | 100 | 101 | 200 |
| 9094812 | 17801997 | 36062359 | 20381737 |
| 900367 | 3442423 | 3844570 | 25480 |
| 4840 | 9474 | 13562 | 8873 |
| 905207 | 3451897 | 3858132 | 34353 |
| $8189605 | $14350100 | $32204227 | $20347384 |
| $13654011 | $30126850 | $35605242 | $22909107 |
| (5464406) | (15776750) | (3401015) | (2561723) |
| $8189605 | $14350100 | $32204227 | $20347384 |
| $8189605 | $14350100 | $32204227 | $20347384 |
| 325000 | 525000 | 1725000 | 1025000 |
| $25.20 | $27.33 | $18.67 | $19.85 |
| $9959446 | $16826081 | $36668223 | $20909816 |
| 1491221 | 2920753 | 3020156 | 233448 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(a)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for options  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written, at value <sup>(b)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated deficit)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Asset Value:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding (unlimited shares without par value authorized)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value price per share  |
| <sup>(a)</sup> Cost of investments  |
| <sup>(b)</sup> Premiums received  |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S.** <br> **Equity Accelerated ETF - January** | **Innovator U.S.** <br> **Equity Accelerated ETF - April** | **Innovator U.S.** <br> **Equity Accelerated ETF - July** | **Innovator U.S.** <br> **Equity Accelerated** <br> **ETF - October** |
| $3976324 | $3768408 | $3761293 | $41514617 |
| 41 | 64 | 99 | 256 |
|  |  | 1253989 |  |
| 1 | 200 | 3 | 100 |
| 3976366 | 3768672 | 5015384 | 41514973 |
| 209 | 10729 | 286046 | 5865117 |
|  |  | 1157490 |  |
| 2550 | 2660 | 2972 | 23251 |
|  |  | 96429 |  |
| 2759 | 13389 | 1542937 | 5888368 |
| $3973607 | $3755283 | $3472447 | $35626605 |
| $4720524 | $4405705 | $4874729 | $41367898 |
| (746917) | (650422) | (1401282) | (5741293) |
| $3973607 | $3755283 | $3472447 | $35626605 |
| $3973607 | $3755283 | $3472447 | $35626605 |
| 200000 | 150000 | 150000 | 1700000 |
| $19.87 | $25.04 | $23.15 | $20.96 |
| $4851584 | $4742074 | $3772837 | $37052934 |
| 152714 | 333973 | 298659 | 3336040 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(a)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for options  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written, at value <sup>(b)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated deficit)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Asset Value:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding (unlimited shares without par value authorized)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value price per share  |
| <sup>(a)</sup> Cost of investments  |
| <sup>(b)</sup> Premiums received  |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S. Equity Accelerated Plus ETF - January** | **Innovator U.S. Equity Accelerated Plus ETF - April** | **Innovator U.S.** <br> **Equity Accelerated Plus ETF - July** | **Innovator U.S.** <br> **Equity Accelerated Plus ETF - October** |
| $4971623 | $3768778 | $15060609 | $20125584 |
| 55 | 55 | 150 | 104 |
|  | 201 | 13 | 105 |
| 4971678 | 3769034 | 15060772 | 20125793 |
| 968 | 31758 | 2347476 | 5010997 |
| 3392 | 2390 | 10712 | 6613 |
| 4360 | 34148 | 2358188 | 5017610 |
| $4967318 | $3734886 | $12702584 | $15108183 |
| $6277655 | $5659469 | $17727699 | $16103644 |
| (1310337) | (1924583) | (5025115) | (995461) |
| $4967318 | $3734886 | $12702584 | $15108183 |
| $4967318 | $3734886 | $12702584 | $15108183 |
| 250000 | 150000 | 550000 | 725000 |
| $19.87 | $24.90 | $23.10 | $20.84 |
| $6639303 | $5080095 | $15185125 | $17849746 |
| 396583 | 710604 | 2589013 | 3415465 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(a)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF variable fee receivable  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for options  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written, at value <sup>(b)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated deficit)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Asset Value:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding (unlimited shares without par value authorized)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value price per share  |
| <sup>(a)</sup> Cost of investments  |
| <sup>(b)</sup> Premiums received  |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S.** <br> **Equity Accelerated 9 Buffer ETF -** <br> **January** | **Innovator U.S.** <br> **Equity Accelerated 9 Buffer ETF -** <br> **April** | **Innovator U.S.** <br> **Equity Accelerated 9 Buffer ETF -** <br> **July** | **Innovator U.S.** <br> **Equity Accelerated 9 Buffer ETF -** <br> **October** |
| $15887627 | $21361429 | $37113178 | $44576658 |
| 124 | 225 | 274 | 166 |
|  |  |  | 856 |
|  |  |  | 407070 |
|  |  |  | 1711800 |
|  | 201 | 19 | 100 |
| 15887751 | 21361855 | 37113471 | 46696650 |
| 1578151 | 1740304 | 4851161 | 8634600 |
| 9610 | 15133 | 25356 | 14975 |
|  |  |  | 2099093 |
| 1587761 | 1755437 | 4876517 | 10748668 |
| $14299990 | $19606418 | $32236954 | $35947982 |
| $16311808 | $23271660 | $37924896 | $37731232 |
| (2011818) | (3665242) | (5687942) | (1783250) |
| $14299990 | $19606418 | $32236954 | $35947982 |
| $14299990 | $19606418 | $32236954 | $35947982 |
| 650000 | 775000 | 1275000 | 1575000 |
| $22.00 | $25.30 | $25.28 | $22.82 |
| $17836760 | $24839800 | $39814061 | $42006067 |
| 1601190 | 2923797 | 5790350 | 7111030 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(a)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for options  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written, at value <sup>(b)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated deficit)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Asset Value:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding (unlimited shares without par value authorized)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value price per share  |
| <sup>(a)</sup> Cost of investments  |
| <sup>(b)</sup> Premiums received  |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Innovator Growth Accelerated Plus ETF - January** | **Innovator Growth Accelerated Plus ETF - April** | **Innovator Growth Accelerated Plus ETF - July** | **Innovator Growth Accelerated Plus ETF - October** |
| $4404785 | $7062662 | $21370915 | $7883280 |
| 48 | 111 | 147 | 65 |
| 1 | 201 | 2 | 100 |
| 4404834 | 7062974 | 21371064 | 7883445 |
| 512 | 35462 | 3366914 | 1861216 |
| 2894 | 4618 | 11950 | 2915 |
| 3406 | 40080 | 3378864 | 1864131 |
| $4401428 | $7022894 | $17992200 | $6019314 |
| $6775965 | $13558973 | $25774273 | $7557542 |
| (2374537) | (6536079) | (7782073) | (1538228) |
| $4401428 | $7022894 | $17992200 | $6019314 |
| $4401428 | $7022894 | $17992200 | $6019314 |
| 250000 | 300000 | 900000 | 325000 |
| $17.61 | $23.41 | $19.99 | $18.52 |
| $7088897 | $11119105 | $24249430 | $7436359 |
| 354660 | 1936087 | 4997977 | 1582911 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(a)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF variable fee receivable  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for options  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written, at value <sup>(b)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets Consist of:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated deficit)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Asset Value:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest outstanding (unlimited shares without par value authorized)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value price per share  |
| <sup>(a)</sup> Cost of investments  |
| <sup>(b)</sup> Premiums received  |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | |
|:---|:---|:---|
| **Innovator Defined Wealth Shield ETF** | **Innovator U.S. Equity Accelerated ETF - Quarterly** | **Innovator Growth Accelerated ETF - Quarterly** |
| $275693095 | $12668615 | $19388290 |
| 687 | 51 | 55 |
| 1309 |  |  |
| 194230 |  |  |
| 2616950 |  |  |
| 201 | 102 | 101 |
| 278506472 | 12668768 | 19388446 |
| 19108544 | 1221385 | 1309343 |
| 132015 | 7298 | 12210 |
| 2803845 |  |  |
| 22044404 | 1228683 | 1321553 |
| $256462068 | $11440085 | $18066893 |
| $277789926 | $15759173 | $24331124 |
| (21327858) | (4319088) | (6264231) |
| $256462068 | $11440085 | $18066893 |
| $256462068 | $11440085 | $18066893 |
| 9800000 | 500000 | 850000 |
| $26.17 | $22.88 | $21.26 |
| $264819033 | $11347289 | $18544960 |
| 12157666 | 549804 | 1144887 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Operations** 

**For the Year Ended October 31, 2022**

---

| |
|:---|
| **Investment Income:** |
| Interest  |
| Total Investment Income  |
| **Expenses:** |
| Investment advisory fee  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses  |
| **Net Investment Income/(Loss)**  |
| **Realized & Unrealized Gain/(Loss):** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions sold in-kind on investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions sold in-kind on options written  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain/(Loss) on Investments and Options Written  |
| &nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting From Operations**  |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Innovator** <br> **International** <br> **Developed Power Buffer ETF - January** | **Innovator International Developed Power Buffer ETF - April** | **Innovator** <br> **International** <br> **Developed Power Buffer ETF - July** | **Innovator International Developed Power Buffer ETF - October** |
| $1868 | $2634 | $1862 | $441 |
| 1868 | 2634 | 1862 | 441 |
| 636285 | 402834 | 681087 | 166283 |
| 636285 | 402834 | 681087 | 166283 |
| (634417) | (400200) | (679225) | (165842) |
| (4328436) | (5298844) | (12429901) | (968632) |
| 4167096 | 849570 | 9582588 | 118665 |
| 2772670 | 869340 | 1585358 | 78644 |
| (377605) | (1637405) | (2306945) | (1394201) |
| (5814010) | (789209) | (3000404) | 2548723 |
| (5788644) | (1100062) | 307758 | (146036) |
| (9368929) | (7106610) | (6261546) | 237163 |
| $(10003346) | $(7506810) | $(6940771) | $71321 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Operations** 

**For the Year Ended October 31, 2022** 

---

| |
|:---|
| **Investment Income:** |
| Interest  |
| Total Investment Income  |
| **Expenses:** |
| Investment advisory fee  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses  |
| **Net Investment Income/(Loss)**  |
| **Realized & Unrealized Gain/(Loss):** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions sold in-kind on investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions sold in-kind on options written  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain/(Loss) on Investments and Options Written  |
| &nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting From Operations**  |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Innovator Emerging Markets Power Buffer ETF - January** | **Innovator Emerging Markets Power Buffer ETF - April** | **Innovator Emerging Markets Power Buffer ETF - July** | **Innovator Emerging Markets Power Buffer ETF - October** |
| $1717 | $1864 | $519 | $152 |
| 1717 | 1864 | 519 | 152 |
| 758031 | 343568 | 337991 | 79451 |
| 758031 | 343568 | 337991 | 79451 |
| (756314) | (341704) | (337472) | (79299) |
| (11089903) | (5305708) | (8428905) | (632653) |
| (722453) | 2686457 | 5867882 | 62401 |
| 133500 | 720674 | 986627 | 46322 |
| 7690572 | 715944 | (2756544) | (808251) |
| 2124039 | (1393113) | (1450145) | (414505) |
| (13046061) | (2848513) | (1052999) | (141829) |
| (14910306) | (5424259) | (6834084) | (1888515) |
| $(15666620) | $(5765963) | $(7171556) | $(1967814) |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Operations** 

**For the Year Ended October 31, 2022** 

---

| |
|:---|
| **Investment Income:** |
| Interest  |
| Total Investment Income  |
| **Expenses:** |
| Investment advisory fee  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses  |
| **Net Investment Income/(Loss)**  |
| **Realized & Unrealized Gain/(Loss):** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions sold in-kind on investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions sold in-kind on options written  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain/(Loss) on Investments and Options Written  |
| &nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting From Operations**  |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Innovator Growth-**<br> **100 Power Buffer** <br> **ETF - January** | **Innovator Growth-100 Power Buffer ETF - April** | **Innovator Growth-**<br> **100 Power Buffer** <br> **ETF - July** | **Innovator Growth-100 Power Buffer ETF - October** |
| $2265 | $2123 | $1890 | $879 |
| 2265 | 2123 | 1890 | 879 |
| 831841 | 401638 | 564644 | 520940 |
| 831841 | 401638 | 564644 | 520940 |
| (829576) | (399515) | (562754) | (520061) |
| (10068228) | (2513951) | (12953168) | (6082414) |
| 18959529 | 2640609 | 6861415 | 459566 |
| 3777186 | 2750154 | 2281179 | 414726 |
| (8140468) | (1833406) | (1331662) | (1222224) |
| (19115275) | (8677360) | (6333579) | (2315347) |
| (4383350) | 1908619 | 5196942 | 1448187 |
| (18970606) | (5725335) | (6278873) | (7297506) |
| $(19800182) | $(6124850) | $(6841627) | $(7817567) |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Operations** 

**For the Year Ended October 31, 2022** 

---

| |
|:---|
| **Investment Income:** |
| Interest  |
| Total Investment Income  |
| **Expenses:** |
| Investment advisory fee  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses  |
| **Net Investment Income/(Loss)**  |
| **Realized & Unrealized Gain/(Loss):** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions sold in-kind on investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions sold in-kind on options written  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain/(Loss) on Investments and Options Written  |
| &nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting From Operations**  |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Innovator** <br> **U.S. Small Cap Power** <br> **Buffer ETF - January** | **Innovator** <br> **U.S. Small Cap Power** <br> **Buffer ETF - April** | **Innovator** <br> **U.S. Small Cap Power**<br> **Buffer ETF - July** | **Innovator** <br> **U.S. Small Cap Power** <br> **Buffer ETF - October** |
| $2370 | $3316 | $1151 | $603 |
| 2370 | 3316 | 1151 | 603 |
| 858322 | 683989 | 515955 | 320681 |
| 858322 | 683989 | 515955 | 320681 |
| (855952) | (680673) | (514804) | (320078) |
| (13245104) | (7342879) | (14826737) | (4251621) |
| 11154585 | 825769 | 9873372 | 248031 |
| 7462534 | 7231416 | 2079260 | 161208 |
| 1161437 | 333858 | (3987030) | (741793) |
| (13132900) | (5889386) | 3613025 | 2787947 |
| (1573452) | (1107317) | (1103007) | (1154402) |
| (8172900) | (5948539) | (4351117) | (2950630) |
| $(9028852) | $(6629212) | $(4865921) | $(3270708) |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Operations** 

**For the Year Ended October 31, 2022**

---

| |
|:---|
| **Investment Income:** |
| Interest  |
| Total Investment Income  |
| **Expenses:** |
| Investment advisory fee  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses  |
| **Net Investment Income/(Loss)**  |
| **Realized & Unrealized Gain/(Loss):** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions sold in-kind on investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions sold in-kind on options written  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain/(Loss) on Investments and Options Written  |
| &nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting From Operations**  |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Innovator Double Stacker ETF - January** | **Innovator Double Stacker ETF - October** | **Innovator Triple Stacker ETF - January** | **Innovator Triple Stacker ETF - October** |
| $181 | $217 | $282 | $168 |
| 181 | 217 | 282 | 168 |
| 39325 | 55771 | 146508 | 81919 |
| 39325 | 55771 | 146508 | 81919 |
| (39144) | (55554) | (146226) | (81751) |
| 67712 | (1741073) | (4631250) | (3098613) |
| 1636823 | 20960 | 11117071 | 13322 |
| 93020 | 57842 | 2200177 | 305284 |
| (1333674) | 520765 | (6644410) | 1494496 |
| (2691920) | (614229) | (14097399) | (1231837) |
| 1251090 | 359671 | 8577866 | 796342 |
| (976949) | (1396064) | (3477945) | (1721006) |
| $(1016093) | $(1451618) | $(3624171) | $(1802757) |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Operations** 

**For the Year Ended October 31, 2022** 

---

| |
|:---|
| **Investment Income:** |
| Interest  |
| Total Investment Income  |
| **Expenses:** |
| Investment advisory fee  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses  |
| **Net Investment Income/(Loss)**  |
| **Realized & Unrealized Gain/(Loss):** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions sold in-kind on investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions sold in-kind on options written  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain/(Loss) on Investments and Options Written  |
| &nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting From Operations**  |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Innovator Double Stacker 9 Buffer ETF - January** | **Innovator Double Stacker 9 Buffer ETF - October** | **Innovator 20+ Year Treasury Bond 9 Buffer ETF - July** | **Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly** |
| $352 | $253 | $207 | $78 |
| 352 | 253 | 207 | 78 |
| 91701 | 143022 | 59138 | 67607 |
| 91701 | 143022 | 59138 | 67607 |
| (91349) | (142769) | (58931) | (67529) |
| (2323713) | (2969024) | (1180247) | (1413374) |
| 4124022 | (68696) | 752711 | (76221) |
| 607399 | 239455 | 23286 | 103277 |
| (2610907) | 1425276 | (484843) | 204787 |
| (3864358) | (818405) | (552727) | (709321) |
| 2606484 | 700909 | (870351) | 246619 |
| (1461073) | (1490485) | (2312171) | (1644233) |
| $(1552422) | $(1633254) | $(2371102) | $(1711762) |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Operations** 

**For the Year or Period Ended October 31, 2022** 

---

| |
|:---|
| **Investment Income:** |
| Interest  |
| Total Investment Income  |
| **Expenses:** |
| Investment advisory fee  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses  |
| **Net Investment Income/(Loss)**  |
| **Realized & Unrealized Gain/(Loss):** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions sold in-kind on investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions sold in-kind on options written  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain/(Loss) on Investments and Options Written  |
| &nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting From Operations**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Since Commencement of Operations on December 31, 2021.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S. Equity Accelerated ETF - January <sup>(a)</sup>** | **Innovator U.S. Equity Accelerated ETF -** <br> **April** | **Innovator U.S. Equity Accelerated ETF -** <br> **July** | **Innovator U.S. Equity Accelerated ETF - October** |
| $154 | $228 | $275 | $435 |
| 154 | 228 | 275 | 435 |
| 24316 | 52104 | 37062 | 72173 |
| 24316 | 52104 | 37062 | 72173 |
| (24162) | (51876) | (36787) | (71738) |
|  | 1001994 | (1365662) | (7838392) |
|  | (100818) | 112244 | 1855 |
|  | 498715 | 508678 | (4685) |
|  | (548497) | (5474) | 233716 |
| (875261) | (2555542) | (376663) | 4278027 |
| 152506 | 1197748 | 184956 | (2429691) |
| (722755) | (506400) | (941921) | (5759170) |
| $(746917) | $(558276) | $(978708) | $(5830908) |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Operations** 

**For the Year or Period Ended October 31, 2022**

---

| |
|:---|
| **Investment Income:** |
| Interest  |
| Total Investment Income  |
| **Expenses:** |
| Investment advisory fee  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses  |
| **Net Investment Income/(Loss)**  |
| **Realized & Unrealized Gain/(Loss):** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions sold in-kind on investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions sold in-kind on options written  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain/(Loss) on Investments and Options Written  |
| &nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting From Operations**  |

---

(a) Since Commencement of Operations on December 31, 2021.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S. Equity** <br> **Accelerated Plus ETF -** <br> **January <sup>(a)</sup>** | **Innovator U.S. Equity** <br> **Accelerated Plus ETF -** <br> **April** | **Innovator U.S. Equity** <br> **Accelerated Plus ETF -** <br> **July** | **Innovator U.S. Equity** <br> **Accelerated Plus ETF -** <br> **October** |
| $219 | $249 | $422 | $184 |
| 219 | 249 | 422 | 184 |
| 38491 | 75551 | 105644 | 50852 |
| 38491 | 75551 | 105644 | 50852 |
| (38272) | (75302) | (105222) | (50668) |
|  | 610289 | (5271226) | (2406874) |
| (426717) | 1525174 | (398287) | (886205) |
| 421270 | 958333 | 2748721 | 949967 |
|  | (1838337) | 221705 | 777367 |
| (1667680) | (3198889) | (1262919) | 2096224 |
| 395615 | 2039593 | 993667 | (1473460) |
| (1277512) | 96163 | (2968339) | (942981) |
| $(1315784) | $20861 | $(3073561) | $(993649) |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Operations** 

**For the Year or Period Ended October 31, 2022** 

---

| |
|:---|
| **Investment Income:** |
| Interest  |
| Total Investment Income  |
| **Expenses:** |
| Investment advisory fee  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses  |
| **Net Investment Income/(Loss)**  |
| **Realized & Unrealized Gain/(Loss):** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions sold in-kind on investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions sold in-kind on options written  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain/(Loss) on Investments and Options Written  |
| &nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting From Operations**  |

---

(a) Since Commencement of Operations on December 31, 2021.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S. Equity** <br> **Accelerated 9 Buffer ETF - January <sup>(a)</sup>** | **Innovator U.S. Equity**<br> **Accelerated 9 Buffer ETF - April** | **Innovator U.S. Equity** <br> **Accelerated 9 Buffer ETF - July** | **Innovator U.S. Equity** <br> **Accelerated 9 Buffer ETF - October** |
| $465 | $1050 | $746 | $261 |
| 465 | 1050 | 746 | 261 |
| 86189 | 184677 | 158569 | 68732 |
| 86189 | 184677 | 158569 | 68732 |
| (85724) | (183627) | (157823) | (68471) |
|  | 175783 | (3479538) | (2309214) |
| 439875 | 745777 | 573432 | 790054 |
| 363484 | 1708043 | 3503014 | 929564 |
|  | (1389065) | (303223) | (459544) |
| (1949133) | (6444099) | (3459157) | 2299466 |
| 23039 | 3518834 | 1390287 | (1340367) |
| (1122735) | (1684727) | (1775185) | (90041) |
| $(1208459) | $(1868354) | $(1933008) | $(158512) |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Operations** 

**For the Year or Period Ended October 31, 2022**

---

| |
|:---|
| **Investment Income:** |
| Interest  |
| Total Investment Income  |
| **Expenses:** |
| Investment advisory fee  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses  |
| **Net Investment Income/(Loss)**  |
| **Realized & Unrealized Gain/(Loss):** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions sold in-kind on investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions sold in-kind on options written  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain/(Loss) on Investments and Options Written  |
| &nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting From Operations**  |

---

(a) Since Commencement of Operations on December 31, 2021.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| **Innovator Growth Accelerated Plus ETF - January <sup>(a)</sup>** | **Innovator Growth Accelerated Plus ETF - April** | **Innovator Growth Accelerated Plus ETF - July** | **Innovator Growth Accelerated Plus ETF - October** |
| $217 | $447 | $358 | $124 |
| 217 | 447 | 358 | 124 |
| 44790 | 103262 | 104430 | 36475 |
| 44790 | 103262 | 104430 | 36475 |
| (44573) | (102815) | (104072) | (36351) |
|  | (1954567) | (6437575) | (2581041) |
| (920665) | 188134 | (266445) | (615466) |
| 863874 | 4412741 | 3044676 | 653779 |
|  | (2347338) | (4818) | 905527 |
| (2684113) | (6862302) | (3950457) | 53998 |
| 354149 | 5348486 | 2269958 | (4774) |
| (2386755) | (1214846) | (5344661) | (1587977) |
| $(2431328) | $(1317661) | $(5448733) | $(1624328) |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Operations** 

**For the Year Ended October 31, 2022** 

---

| |
|:---|
| **Investment Income:** |
| Interest  |
| Total Investment Income  |
| **Expenses:** |
| Investment advisory fee  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses  |
| **Net Investment Income/(Loss)**  |
| **Realized & Unrealized Gain/(Loss):** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions sold in-kind on investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemptions sold in-kind on options written  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain/(Loss) on Investments and Options Written  |
| &nbsp;&nbsp;&nbsp; **Net Increase/(Decrease) in Net Assets Resulting From Operations**  |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | |
|:---|:---|:---|
| **Innovator Defined Wealth Shield ETF** | **Innovator U.S. Equity Accelerated ETF - Quarterly** | **Innovator Growth Accelerated ETF - Quarterly** |
| $1692 | $202 | $194 |
| 1692 | 202 | 194 |
| 796873 | 91953 | 116347 |
| 796873 | 91953 | 116347 |
| (795181) | (91751) | (116153) |
| (30785348) | (3359420) | (6572650) |
| 18857496 | 1887836 | 1462144 |
| 5655584 | 268782 | 654828 |
| 6489506 | (959436) | (23553) |
| 9854709 | (154381) | (1022533) |
| (6079121) | 234299 | 890445 |
| 3992826 | (2082320) | (4611319) |
| $3197645 | $(2174071) | $(4727472) |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Innovator International** <br> **Developed Power Buffer ETF - January** | **Innovator International** <br> **Developed Power Buffer ETF - January** |
|  | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment income/(loss)  | $(634417) | $(639373) |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss)  | 2233725 | (129492) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation)  | (11602654) | 9423414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase/(Decrease) in Net Assets Resulting from Operations  | (10003346) | 8654549 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 99555597 | 117183723 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed  | (81343988) | (120840580) |
| &nbsp;&nbsp;&nbsp; Transaction fees (see Note 5)  | 29709 | 37205 |
| &nbsp;&nbsp;&nbsp; Net Increase/(Decrease) in Net Assets from Capital Share Transactions  | 18241318 | (3619652) |
| &nbsp;&nbsp;&nbsp; Total Increase/(Decrease) in Net Assets  | $8237972 | $5034897 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  | $57449594 | $52414697 |
| &nbsp;&nbsp;&nbsp; End of the period  | $65687566 | $57449594 |
| **Change in Shares Outstanding:** |  |  |
| Shares sold  | 3725000 | 4650000 |
| Shares redeemed  | (3125000) | (4725000) |
| Net Increase/(Decrease)  | 600000 | (75000) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Since Commencement of Operations on March 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Since Commencement of Operations on September 30, 2021.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Innovator International Developed Power Buffer ETF - April** | **Innovator International Developed Power Buffer ETF - April** | **Innovator International Developed Power Buffer ETF - July** | **Innovator International Developed Power Buffer ETF - July** | **Innovator International Developed Power Buffer ETF - October** | **Innovator International Developed Power Buffer ETF - October** |
| **Year Ended** <br> **October 31,** <br> **2022** | **Period Ended** <br> **October 31,** <br> **2021 <sup>(a)</sup>** | **Year Ended**<br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** | **Year Ended** <br> **October 31,** <br> **2022** | **Period Ended**<br> **October 31,** <br> **2021 <sup>(b)</sup>** |
| $(400200) | $(107854) | $(679225) | $(442845) | $(165842) | $(4901) |
| (5217339) | (83171) | (3568900) | 4876158 | (2165524) |  |
| (1889271) | 668567 | (2692646) | 737007 | 2402687 | 169045 |
| (7506810) | 477542 | (6940771) | 5170320 | 71321 | 164144 |
| 116462668 | 27887895 | 222082910 | 55548080 | 88356625 | 9359728 |
| (85837085) | (8335145) | (82609017) | (74492673) | (3641725) |  |
| 70891 | 16511 | 82748 | 31757 | 43222 | 1243 |
| 30696474 | 19569261 | 139556641 | (18912836) | 84758122 | 9360971 |
| $23189664 | $20046803 | $132615870 | $(13742516) | $84829443 | $9525115 |
| $20046803 | $– | $56140699 | $69883215 | $9525115 | $– |
| $43236467 | $20046803 | $188756569 | $56140699 | $94354558 | $9525115 |
| 4825000 | 1100000 | 9925000 | 2275000 | 4025000 | 375000 |
| (3675000) | (325000) | (3650000) | (3075000) | (150000) |  |
| 1150000 | 775000 | 6275000 | (800000) | 3875000 | 375000 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Innovator Emerging Markets Power Buffer ETF - January** | **Innovator Emerging Markets Power Buffer ETF - January** |
|  | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment income/(loss) | $(756314) | $(845506) |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) | (3988284) | 142266 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (10922022) | 3517067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase/(Decrease) in Net Assets Resulting from Operations | (15666620) | 2813827 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 18399455 | 153950840 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (53166152) | (78448160) |
| &nbsp;&nbsp;&nbsp; Transaction fees (see Note 5) | 28194 | 63524 |
| &nbsp;&nbsp;&nbsp; Net Increase/(Decrease) in Net Assets from Capital Share Transactions | (34738503) | 75566204 |
| &nbsp;&nbsp;&nbsp; Total Increase/(Decrease) in Net Assets | $(50405123) | $78380031 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | $106319684 | $27939653 |
| &nbsp;&nbsp;&nbsp; End of the period | $55914561 | $106319684 |
| **Change in Shares Outstanding:** |  |  |
| Shares sold | 625000 | 5150000 |
| Shares redeemed | (1900000) | (2625000) |
| Net Increase/(Decrease) | (1275000) | 2525000 |

---

(a) Since Commencement of Operations on March 31, 2021.

(b) Since Commencement of Operations on September 30, 2021.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Innovator Emerging Markets Power Buffer ETF - April** | **Innovator Emerging Markets Power Buffer ETF - April** | **Innovator Emerging Markets Power Buffer ETF - July** | **Innovator Emerging Markets Power Buffer ETF - July** | **Innovator Emerging Markets Power Buffer ETF - October** | **Innovator Emerging Markets Power Buffer ETF - October** |
| **Year Ended** <br> **October 31,**<br> **2022** | **Period Ended** <br> **October 31,** <br> **2021 <sup>(a)</sup>** | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,**<br> **2021** | **Year Ended** <br> **October 31,** <br> **2022** | **Period Ended** <br> **October 31,** <br> **2021 <sup>(b)</sup>** |
| $(341704) | $(135817) | $(337472) | $(246717) | $(79299) | $(2576) |
| (1182633) | (259419) | (4330940) | 2059886 | (1332181) |  |
| (4241626) | (284255) | (2503144) | (1622015) | (556334) | 35021 |
| (5765963) | (679491) | (7171556) | 191154 | (1967814) | 32445 |
| 59000490 | 39049253 | 62185197 | 28219658 | 23128578 | 5013670 |
| (56630658) | (4355405) | (41632505) | (22384255) | (590100) |  |
| 20970 | 16635 | 24537 | 13475 | 10934 | 632 |
| 2390802 | 34710483 | 20577229 | 5848878 | 22549412 | 5014302 |
| $(3375161) | $34030992 | $13405673 | $6040032 | $20581598 | $5046747 |
| $34030992 | $– | $41237126 | $35197094 | $5046747 | $– |
| $30655831 | $34030992 | $54642799 | $41237126 | $25628345 | $5046747 |
| 2475000 | 1550000 | 2750000 | 1075000 | 1075000 | 200000 |
| (2425000) | (175000) | (1775000) | (850000) | (25000) |  |
| 50000 | 1375000 | 975000 | 225000 | 1050000 | 200000 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Innovator Growth-100 Power Buffer ETF - January** | **Innovator Growth-100 Power Buffer ETF - January** |
|  | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment income/(loss) | $(829576) | $(743793) |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) | 4528019 | (25357578) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (23498625) | 37986539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase/(Decrease) in Net Assets Resulting from Operations | (19800182) | 11885168 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 150131645 | 93359980 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (134907370) | (57334337) |
| &nbsp;&nbsp;&nbsp; Transaction fees (see Note 5) | 56240 | 71233 |
| &nbsp;&nbsp;&nbsp; Net Increase/(Decrease) in Net Assets from Capital Share Transactions | 15280515 | 36096876 |
| &nbsp;&nbsp;&nbsp; Total Increase/(Decrease) in Net Assets | $(4519667) | $47982044 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | $87297151 | $39315107 |
| &nbsp;&nbsp;&nbsp; End of the period | $82777484 | $87297151 |
| **Change in Shares Outstanding:** |  |  |
| Shares sold | 3600000 | 2450000 |
| Shares redeemed | (3350000) | (1425000) |
| Net Increase/(Decrease) | 250000 | 1025000 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Innovator Growth-100 Power** <br> **Buffer ETF - April** | **Innovator Growth-100 Power** <br> **Buffer ETF - April** | **Innovator Growth-100 Power** <br> **Buffer ETF - July** | **Innovator Growth-100 Power** <br> **Buffer ETF - July** | **Innovator Growth-100 Power** <br> **Buffer ETF - October** | **Innovator Growth-100 Power** <br> **Buffer ETF - October** |
| **Year Ended October 31, 2022** | **Year Ended October 31, 2021** | **Year Ended October 31, 2022** | **Year Ended October 31, 2021** | **Year Ended October 31, 2022** | **Year Ended October 31, 2021** |
| $(399515) | $(259193) | $(562754) | $(353207) | $(520061) | $(473273) |
| 1043406 | (5192739) | (5142236) | (8900142) | (6430346) | 8113007 |
| (6768741) | 8891577 | (1136637) | 15325242 | (867160) | 2671177 |
| (6124850) | 3439645 | (6841627) | 6071893 | (7817567) | 10310911 |
| 80087048 | 45954157 | 156075852 | 43936683 | 43011748 | 105332633 |
| (62385170) | (23886215) | (86882000) | (51069408) | (32185163) | (78309172) |
| 35216 | 28936 | 65452 | 35903 | 27345 | 28393 |
| 17737094 | 22096878 | 69259304 | (7096822) | 10853930 | 27051854 |
| $11612244 | $25536523 | $62417677 | $(1024929) | $3036363 | $37362765 |
| $41253681 | $15717158 | $55986175 | $57011104 | $77928495 | $40565730 |
| $52865925 | $41253681 | $118403852 | $55986175 | $80964858 | $77928495 |
| 2125000 | 1275000 | 3550000 | 950000 | 1190000 | 2765000 |
| (1675000) | (650000) | (1975000) | (1125000) | (840000) | (2030000) |
| 450000 | 625000 | 1575000 | (175000) | 350000 | 735000 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Innovator U.S. Small Cap Power Buffer ETF - January** | **Innovator U.S. Small Cap Power Buffer ETF - January** |
|  | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment income/(loss) | $(855952) | $(816225) |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) | 6533452 | (15176409) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (14706352) | 37851116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase/(Decrease) in Net Assets Resulting from Operations | (9028852) | 21858482 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 147439086 | 76744195 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (143934103) | (179357805) |
| &nbsp;&nbsp;&nbsp; Transaction fees (see Note 5) | 56466 | 125315 |
| &nbsp;&nbsp;&nbsp; Net Increase/(Decrease) in Net Assets from Capital Share Transactions | 3561449 | (102488295) |
| &nbsp;&nbsp;&nbsp; Total Increase/(Decrease) in Net Assets | $(5467403) | $(80629813) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | $84958342 | $165588155 |
| &nbsp;&nbsp;&nbsp; End of the period | $79490939 | $84958342 |
| **Change in Shares Outstanding:** |  |  |
| Shares sold | 4650000 | 2625000 |
| Shares redeemed | (4700000) | (6275000) |
| Net Increase/(Decrease) | (50000) | (3650000) |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Innovator U.S. Small Cap Power**<br> **Buffer ETF - April** | **Innovator U.S. Small Cap Power**<br> **Buffer ETF - April** | **Innovator U.S. Small Cap Power**<br> **Buffer ETF - July** | **Innovator U.S. Small Cap Power**<br> **Buffer ETF - July** | **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,** <br> **2022** | **Year Ended** <br> **October 31,**<br> **2021** | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** |
| $(680673) | $(420234) | $(514804) | $(277526) | $(320078) | $(353995) |
| 1048164 | (13477350) | (6861135) | (2478038) | (4584175) | 5704801 |
| (6996703) | 17637722 | 2510018 | 6142194 | 1633545 | 1008753 |
| (6629212) | 3740138 | (4865921) | 3386630 | (3270708) | 6359559 |
| 124453680 | 78380790 | 95308208 | 74488070 | 57505679 | 52802615 |
| (117880038) | (30438550) | (86223780) | (27119307) | (17965585) | (70724897) |
| 34641 | 46320 | 32925 | 12499 | 36450 | 24735 |
| 6608283 | 47988560 | 9117353 | 47381262 | 39576544 | (17897547) |
| $(20929) | $51728698 | $4251432 | $50767892 | $36305836 | $(11537988) |
| $84875652 | $33146954 | $74083444 | $23315552 | $36631659 | $48169647 |
| $84854723 | $84875652 | $78334876 | $74083444 | $72937495 | $36631659 |
| 4750000 | 2900000 | 4025000 | 2825000 | 2275000 | 1975000 |
| (4475000) | (1125000) | (3600000) | (1025000) | (725000) | (2650000) |
| 275000 | 1775000 | 425000 | 1800000 | 1550000 | (675000) |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Innovator Double Stacker ETF - January** | **Innovator Double Stacker ETF - January** |
|  | **Year Ended** <br> **October 31,** <br> **2022** | **Period Ended** <br> **October 31,** <br> **2021 <sup>(a)</sup>** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment income/(loss) | $(39144) | $(31076) |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) | 463881 |  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (1440830) | 743906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase/(Decrease) in Net Assets Resulting from Operations | (1016093) | 712830 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 7264468 | 5982432 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (9916322) |  |
| &nbsp;&nbsp;&nbsp; Transaction fees (see Note 5) | 1248 | 1374 |
| &nbsp;&nbsp;&nbsp; Net Increase/(Decrease) in Net Assets from Capital Share Transactions | (2650606) | 5983806 |
| &nbsp;&nbsp;&nbsp; Total Increase/(Decrease) in Net Assets | $(3666699) | $6696636 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | $6696636 | $– |
| &nbsp;&nbsp;&nbsp; End of the period | $3029937 | $6696636 |
| **Change in Shares Outstanding:** |  |  |
| Shares sold | 250000 | 225000 |
| Shares redeemed | (350000) |  |
| Net Increase/(Decrease) | (100000) | 225000 |

---

(a) Since Commencement of Operations on December 31, 2020.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Innovator Double Stacker ETF -** <br> **October** | **Innovator Double Stacker ETF -** <br> **October** | **Innovator Triple Stacker ETF -** <br> **January** | **Innovator Triple Stacker ETF -** <br> **January** | **Innovator Triple Stacker ETF -** <br> **October** | **Innovator Triple Stacker ETF -** <br> **October** |
| **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** | **Year Ended** <br> **October 31,** <br> **2022** | **Period Ended** <br> **October 31,** <br> **2021 <sup>(a)</sup>** | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** |
| $(55554) | $(146729) | $(146226) | $(205245) | $(81751) | $(147376) |
| (1141506) | 3658901 | 2041588 | 286847 | (1285511) | 2658174 |
| (254558) | 628446 | (5519533) | 4139528 | (435495) | 886143 |
| (1451618) | 4140618 | (3624171) | 4221130 | (1802757) | 3396941 |
| 2231755 | 27220648 | 48692803 | 40589770 | 5265070 | 33894632 |
| (5736838) | (34197275) | (83205767) | (722005) | (14897395) | (27477210) |
| 2891 | 9655 | 19488 | 17986 | 9032 | 12359 |
| (3502192) | (6966972) | (34493476) | 39885751 | (9623293) | 6429781 |
| $(4953810) | $(2826354) | $(38117647) | $44106881 | $(11426050) | $9826722 |
| $8974717 | $11801071 | $44106881 | $– | $16702108 | $6875386 |
| $4020907 | $8974717 | $5989234 | $44106881 | $5276058 | $16702108 |
| 75000 | 900000 | 1650000 | 1525000 | 175000 | 1150000 |
| (200000) | (1100000) | (2900000) | (25000) | (500000) | (900000) |
| (125000) | (200000) | (1250000) | 1500000 | (325000) | 250000 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Innovator Double Stacker 9 Buffer ETF - January** | **Innovator Double Stacker 9 Buffer ETF - January** |
|  | **Year Ended** <br> **October 31, 2022** | **Period Ended** <br> **October 31,** <br> **2021 <sup>(a)</sup>** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment income/(loss) | $(91349) | $(85113) |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) | (203199) | 421370 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (1257874) | 983940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase/(Decrease) in Net Assets Resulting from Operations | (1552422) | 1320197 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 18636238 | 16804323 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (22243630) | (4790635) |
| &nbsp;&nbsp;&nbsp; Transaction fees (see Note 5) | 7400 | 8134 |
| &nbsp;&nbsp;&nbsp; Net Increase/(Decrease) in Net Assets from Capital Share Transactions | (3599992) | 12021822 |
| &nbsp;&nbsp;&nbsp; Total Increase/(Decrease) in Net Assets | $(5152414) | $13342019 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | $13342019 | $– |
| &nbsp;&nbsp;&nbsp; End of the period | $8189605 | $13342019 |
| **Change in Shares Outstanding:** |  |  |
| Shares sold | 675000 | 650000 |
| Shares redeemed | (825000) | (175000) |
| Net Increase/(Decrease) | (150000) | 475000 |

---

(a) Since Commencement of Operations on December 31, 2020.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Innovator Double Stacker 9** <br> **Buffer ETF - October** | **Innovator Double Stacker 9** <br> **Buffer ETF - October** | **Innovator 20+ Year Treasury Bond 9 Buffer ETF - July** | **Innovator 20+ Year Treasury Bond 9 Buffer ETF - July** | **Innovator 20+ Year Treasury** <br>**Bond 5 Floor ETF - Quarterly** | **Innovator 20+ Year Treasury** <br>**Bond 5 Floor ETF - Quarterly** |
| **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** |
| $(142769) | $(296560) | $(58931) | $(31134) | $(67529) | $(97060) |
| (1372989) | 5046668 | (889093) | (175573) | (1181531) | (958106) |
| (117496) | 1224826 | (1423078) | 102436 | (462702) | 204383 |
| (1633254) | 5974934 | (2371102) | (104271) | (1711762) | (850783) |
| 2162377 | 42706835 | 36476380 | 4293060 | 32030360 | 24917011 |
| (7744912) | (58341173) | (6808675) | (4772485) | (19476665) | (17650788) |
| 4275 | 16769 | 15893 | 2409 | 16141 | 20696 |
| (5578260) | (15617569) | 29683598 | (477016) | 12569836 | 7286919 |
| $(7211514) | $(9642635) | $27312496 | $(581287) | $10858074 | $6436136 |
| $21561614 | $31204249 | $4891731 | $5473018 | $9489310 | $3053174 |
| $14350100 | $21561614 | $32204227 | $4891731 | $20347384 | $9489310 |
| 75000 | 1500000 | 1850000 | 175000 | 1500000 | 1025000 |
| (275000) | (2025000) | (325000) | (200000) | (875000) | (750000) |
| (200000) | (525000) | 1525000 | (25000) | 625000 | 275000 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Innovator U.S. Equity Accelerated ETF - January** |
|  | **Period Ended** <br> **October 31,**<br> **2022 <sup>(a)</sup>** |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment income/(loss) | $(24162) |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) |  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (722755) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase/(Decrease) in Net Assets Resulting from Operations | (746917) |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 4718782 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed |  |
| &nbsp;&nbsp;&nbsp; Transaction fees (see Note 5) | 1742 |
| &nbsp;&nbsp;&nbsp; Net Increase/(Decrease) in Net Assets from Capital Share Transactions | 4720524 |
| &nbsp;&nbsp;&nbsp; Total Increase/(Decrease) in Net Assets | $3973607 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | $– |
| &nbsp;&nbsp;&nbsp; End of the period | $3973607 |
| **Change in Shares Outstanding:** |  |
| Shares sold | 200000 |
| Shares redeemed |  |
| Net Increase/(Decrease) | 200000 |

---

(a) Since Commencement of Operations on December 31, 2021.

(b) Since Commencement of Operations on March 31, 2021.

(c) Since Commencement of Operations on June 30, 2021.

(d) Since Commencement of Operations on September 30, 2021.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Innovator U.S. Equity**<br> **Accelerated ETF - April** | **Innovator U.S. Equity**<br> **Accelerated ETF - April** | **Innovator U.S. Equity** <br> **Accelerated ETF - July** | **Innovator U.S. Equity** <br> **Accelerated ETF - July** | **Innovator U.S. Equity** <br> **Accelerated ETF - October** | **Innovator U.S. Equity** <br> **Accelerated ETF - October** |
| **Year Ended** <br> **October 31,**<br> **2022** | **Period Ended** <br> **October 31,**<br> **2021 <sup>(b)</sup>** | **Year Ended** <br> **October 31,** <br> **2022** | **Period Ended** <br> **October 31,** <br> **2021 <sup>(c)</sup>** | **Year Ended** <br> **October 31,** <br> **2022** | **Period Ended** <br> **October 31,** <br> **2021 <sup>(d)</sup>** |
| $(51876) | $(32349) | $(36787) | $(8145) | $(71738) | $(1098) |
| 851394 |  | (750214) |  | (7607506) |  |
| (1357794) | 707372 | (191707) | 192775 | 1848336 | 84269 |
| (558276) | 675023 | (978708) | 184630 | (5830908) | 83171 |
| 6852325 | 71225955 | 7340348 | 3218420 | 40034238 | 1812710 |
| (10342673) |  | (6293922) |  | (492623) |  |
|  | 2929 | 1357 | 322 | 20017 |  |
| (3490348) | 7128884 | 1047783 | 3218742 | 39561632 | 1812710 |
| $(4048624) | $7803907 | $69075 | $3403372 | $33730724 | $1895881 |
| $7803907 | $– | $3403372 | $– | $1895881 | $– |
| $3755283 | $7803907 | $3472447 | $3403372 | $35626605 | $1895881 |
| 250000 | 275000 | 300000 | 125000 | 1650000 | 75000 |
| (375000) |  | (275000) |  | (25000) |  |
| (125000) | 275000 | 25000 | 125000 | 1625000 | 75000 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Innovator** <br> **U.S. Equity Accelerated Plus ETF - January** |
|  | **Period Ended**<br> **October 31,** <br> **2022 <sup>(a)</sup>** |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment income/(loss) | $(38272) |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) | (5447) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (1272065) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase/(Decrease) in Net Assets Resulting from Operations | (1315784) |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 10027000 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (3748603) |
| &nbsp;&nbsp;&nbsp; Transaction fees (see Note 5) | 4705 |
| &nbsp;&nbsp;&nbsp; Net Increase/(Decrease) in Net Assets from Capital Share Transactions | 6283102 |
| &nbsp;&nbsp;&nbsp; Total Increase/(Decrease) in Net Assets | $4967318 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | $– |
| &nbsp;&nbsp;&nbsp; End of the period | $4967318 |
| **Change in Shares Outstanding:** |  |
| Shares sold | 425000 |
| Shares redeemed | (175000) |
| Net Increase/(Decrease) | 250000 |

---

(a) Since Commencement of Operations on December 31, 2021.

(b) Since Commencement of Operations on March 31, 2021.

(c) Since Commencement of Operations on June 30, 2021.

(d) Since Commencement of Operations on September 30, 2021.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Innovator U.S. Equity** <br> **Accelerated Plus ETF - April** | **Innovator U.S. Equity** <br> **Accelerated Plus ETF - April** | **Innovator U.S. Equity** <br> **Accelerated Plus ETF - July** | **Innovator U.S. Equity** <br> **Accelerated Plus ETF - July** | **Innovator U.S. Equity** <br> **Accelerated Plus ETF - October** | **Innovator U.S. Equity** <br> **Accelerated Plus ETF - October** |
| **Year Ended**<br> **October 31,**<br> **2022** | **Period Ended** <br> **October 31,** <br> **2021 <sup>(b)</sup>** | **Year Ended** <br> **October 31,** <br> **2022** | **Period Ended** <br> **October 31,** <br> **2021 <sup>(c)</sup>** | **Year Ended** <br> **October 31,** <br> **2022** | **Period Ended** <br> **October 31,** <br> **2021 <sup>(d)</sup>** |
| $(75302) | $(25914) | $(105222) | $(18095) | $(50668) | $(793) |
| 1255459 |  | (2699087) |  | (1565745) |  |
| (1159296) | 526824 | (269252) | 386272 | 622764 | 57542 |
| 20861 | 500910 | (3073561) | 368177 | (993649) | 56749 |
| 41673345 | 7953698 | 30897257 | 9116830 | 17446092 | 2473085 |
| (46427730) |  | (24618888) |  | (3882815) |  |
| 11466 | 2336 | 10156 | 2613 | 8721 |  |
| (4742919) | 7956034 | 6288525 | 9119443 | 13571998 | 2473085 |
| $(4722058) | $8456944 | $3214964 | $9487620 | $12578349 | $2529834 |
| $8456944 | $– | $9487620 | $– | $2529834 | $– |
| $3734886 | $8456944 | $12702584 | $9487620 | $15108183 | $2529834 |
| 1500000 | 300000 | 1300000 | 350000 | 800000 | 100000 |
| (1650000) |  | (1100000) |  | (175000) |  |
| (150000) | 300000 | 200000 | 350000 | 625000 | 100000 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Innovator U.S.** <br> **Equity Accelerated 9 Buffer ETF - January** |
|  | **Period Ended** <br> **October 31,**<br> **2022 <sup>(a)</sup>** |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment income/(loss) | $(85724) |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) | 803359 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (1926094) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase/(Decrease) in Net Assets Resulting from Operations | (1208459) |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 20627440 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (5128687) |
| &nbsp;&nbsp;&nbsp; Transaction fees (see Note 5) | 9696 |
| &nbsp;&nbsp;&nbsp; Net Increase/(Decrease) in Net Assets from Capital Share Transactions | 15508449 |
| &nbsp;&nbsp;&nbsp; Total Increase/(Decrease) in Net Assets | $14299990 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | $– |
| &nbsp;&nbsp;&nbsp; End of the period | $14299990 |
| **Change in Shares Outstanding:** |  |
| Shares sold | 875000 |
| Shares redeemed | (225000) |
| Net Increase/(Decrease) | 650000 |

---

(a) Since Commencement of Operations on December 31, 2021.

(b) Since Commencement of Operations on March 31, 2021.

(c) Since Commencement of Operations on June 30, 2021.

(d) Since Commencement of Operations on September 30, 2021.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Innovator U.S. Equity** <br> **Accelerated 9 Buffer ETF - April** | **Innovator U.S. Equity** <br> **Accelerated 9 Buffer ETF - April** | **Innovator U.S. Equity** <br> **Accelerated 9 Buffer ETF - July** | **Innovator U.S. Equity** <br> **Accelerated 9 Buffer ETF - July** | **Innovator U.S. Equity** <br> **Accelerated 9 Buffer ETF - October** | **Innovator U.S. Equity** <br> **Accelerated 9 Buffer ETF - October** |
| **Year Ended** <br> **October 31, 2022** | **Period Ended** <br> **October 31, 2021 <sup>(b)</sup>** | **Year Ended** <br> **October 31, 2022** | **Period Ended** <br> **October 31, 2021 <sup>(c)</sup>** | **Year Ended** <br> **October 31, 2022** | **Period Ended** <br> **October 31, 2021 <sup>(d)</sup>** |
| $(183627) | $(109217) | $(157823) | $(25133) | $(68471) | $(1939) |
| 1240538 | 778138 | 293685 |  | (1049140) |  |
| (2925265) | 630387 | (2068870) | 307176 | 959099 | 87922 |
| (1868354) | 1299308 | (1933008) | 282043 | (158512) | 85983 |
| 38821274 | 28287998 | 54270900 | 10311808 | 40696985 | 4247592 |
| (36994890) | (9961575) | (30717853) |  | (8941070) |  |
| 9471 | 13186 | 20163 | 2901 | 16088 | 916 |
| 1835855 | 18339609 | 23573210 | 10314709 | 31772003 | 4248508 |
| $(32499) | $19638917 | $21640202 | $10596752 | $31613491 | $4334491 |
| $19638917 | $– | $10596752 | $– | $4334491 | $– |
| $19606418 | $19638917 | $32236954 | $10596752 | $35947982 | $4334491 |
| 1425000 | 1100000 | 2125000 | 400000 | 1800000 | 175000 |
| (1375000) | (375000) | (1250000) |  | (400000) |  |
| 50000 | 725000 | 875000 | 400000 | 1400000 | 175000 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Innovator** <br> **Growth** <br> **Accelerated Plus ETF - January** |
|  | **Period Ended** <br> **October 31,**<br> **2022 <sup>(a)</sup>** |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp; Net Investment income/(loss) | $(44573) |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) | (56791) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) | (2329964) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase/(Decrease) in Net Assets Resulting from Operations | (2431328) |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 11747653 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (4920453) |
| &nbsp;&nbsp;&nbsp; Transaction fees (see Note 5) | 5556 |
| &nbsp;&nbsp;&nbsp; Net Increase/(Decrease) in Net Assets from Capital Share Transactions | 6832756 |
| &nbsp;&nbsp;&nbsp; Total Increase/(Decrease) in Net Assets | $4401428 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | $– |
| &nbsp;&nbsp;&nbsp; End of the period | $4401428 |
| **Change in Shares Outstanding:** |  |
| Shares sold | 500000 |
| Shares redeemed | (250000) |
| Net Increase/(Decrease) | 250000 |

---

(a) Since Commencement of Operations on December 31, 2021.

(b) Since Commencement of Operations on March 31, 2021.

(c) Since Commencement of Operations on June 30, 2021.

(d) Since Commencement of Operations on September 30, 2021.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Innovator Growth Accelerated** <br> **Plus ETF - April** | **Innovator Growth Accelerated** <br> **Plus ETF - April** | **Innovator Growth Accelerated** <br> **Plus ETF - July** | **Innovator Growth Accelerated** <br> **Plus ETF - July** | **Innovator Growth Accelerated** <br> **Plus ETF - October** | **Innovator Growth Accelerated** <br> **Plus ETF - October** |
| **Year Ended**<br> **October 31,** <br> **2022** | **Period Ended** <br> **October 31,** <br> **2021 <sup>(b)</sup>** | **Year Ended** <br> **October 31,** <br> **2022** | **Period Ended** <br> **October 31,** <br> **2021 <sup>(c)</sup>** | **Year Ended** <br> **October 31,** <br> **2022** | **Period Ended**<br> **October 31,** <br> **2021 <sup>(d)</sup>** |
| $(102815) | $(84706) | $(104072) | $(15166) | $(36351) | $(1155) |
| 298970 | 2084328 | (3664162) |  | (1637201) |  |
| (1513816) | (642001) | (1680499) | 433046 | 49224 | 119391 |
| (1317661) | 1357621 | (5448733) | 417880 | (1624328) | 118236 |
| 19390637 | 36990110 | 38276508 | 7831830 | 6543125 | 2451895 |
| (29506305) | (19903855) | (23097298) |  | (1472862) |  |
| 1853 | 10494 | 12013 |  | 2946 | 302 |
| (10113815) | 17096749 | 15191223 | 7831830 | 5073209 | 2452197 |
| $(11431476) | $18454370 | $9742490 | $8249710 | $3448881 | $2570433 |
| $18454370 | $– | $8249710 | $– | $2570433 | $– |
| $7022894 | $18454370 | $17992200 | $8249710 | $6019314 | $2570433 |
| 725000 | 1325000 | 1750000 | 300000 | 300000 | 100000 |
| (1050000) | (700000) | (1150000) |  | (75000) |  |
| (325000) | 625000 | 600000 | 300000 | 225000 | 100000 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Statements of Changes in Net Assets**

---

| |
|:---|
| **Operations:** |
| &nbsp;&nbsp;&nbsp; Net Investment income/(loss)  |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation)  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase/(Decrease) in Net Assets Resulting from Operations  |
| **Capital Share Transactions:** |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed  |
| &nbsp;&nbsp;&nbsp; Transaction fees (see Note 5)  |
| &nbsp;&nbsp;&nbsp; Net Increase/(Decrease) in Net Assets from Capital Share Transactions  |
| &nbsp;&nbsp;&nbsp; Total Increase/(Decrease) in Net Assets  |
| **Net Assets:** |
| &nbsp;&nbsp;&nbsp; Beginning of the period  |
| &nbsp;&nbsp;&nbsp; End of the period  |
| **Change in Shares Outstanding:** |
| Shares sold  |
| Shares redeemed  |
| Net Increase/(Decrease)  |

---

(a) Since Commencement of Operations on June 30, 2021.

(b) Since Commencement of Operations on March 31, 2021.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Innovator Defined Wealth** <br> **Shield ETF** | **Innovator Defined Wealth** <br> **Shield ETF** | **Innovator U.S. Equity Accelerated ETF - Quarterly** | **Innovator U.S. Equity Accelerated ETF - Quarterly** | **Innovator Growth Accelerated ETF - Quarterly** | **Innovator Growth Accelerated ETF - Quarterly** |
| **Year Ended** <br> **October 31,**<br> **2022** | **Period Ended** <br> **October 31,** <br> **2021 <sup>(a)</sup>** | **Year Ended** <br> **October 31,** <br> **2022** | **Period Ended** <br> **October 31,** <br> **2021 <sup>(b)</sup>** | **Year Ended** <br> **October 31,** <br> **2022** | **Period Ended** <br> **October 31,** <br> **2021 <sup>(b)</sup>** |
| $(795181) | $(24714) | $(91751) | $(49539) | $(116153) | $(57511) |
| 217238 | (3059) | (2162238) | 544033 | (4479231) | 1165038 |
| 3775588 | 147596 | 79918 | 569826 | (132088) | 810963 |
| 3197645 | 119823 | (2174071) | 1064320 | (4727472) | 1918490 |
| 523189050 | 36050398 | 32813970 | 36522835 | 39819130 | 42864637 |
| (299145558) | (7095248) | (32627833) | (24171698) | (32716332) | (29104648) |
| 133414 | 12544 | 6952 | 5610 | 6810 | 6278 |
| 224176906 | 28967694 | 193089 | 12356747 | 7109608 | 13766267 |
| $227374551 | $29087517 | $(1980982) | $13421067 | $2382136 | $15684757 |
| $29087517 | $– | $13421067 | $– | $15684757 | $– |
| $256462068 | $29087517 | $11440085 | $13421067 | $18066893 | $15684757 |
| 20250000 | 1400000 | 1275000 | 1350000 | 1600000 | 1550000 |
| (11575000) | (275000) | (1250000) | (875000) | (1275000) | (1025000) |
| 8675000 | 1125000 | 25000 | 475000 | 325000 | 525000 |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Financial Highlights**

**Per Share Operating Performance (For a share outstanding throughout each period)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share Transactions: |  |
|  | Net Asset Value, Beginning of Period | Net investment income/(loss) <sup>(b)</sup> | Net realized and unrealized gain/(loss) | Total From Investment Operations | Transaction fees (see Note 5) | Distributions Paid to Shareholders: Paid from realized gains |
| **Innovator International Developed Power Buffer ETF - January** |  |  |  |  |  |  |
| For the year ended 10/31/2022 | $27.04 | (0.22) | (2.72) | (2.94) | 0.01 |  |
| For the year ended 10/31/2021 | $23.82 | (0.22) | 3.43 | 3.21 | 0.01 |  |
| For the period 12/31/2019 <sup>(d)</sup> - 10/31/2020 | $24.44 | (0.17) | (0.47) | (0.64) | 0.02 |  |
| **Innovator International Developed Power Buffer ETF - April** |  |  |  |  |  |  |
| For the year ended 10/31/2022 | $25.87 | (0.20) | (3.25) | (3.45) | 0.04 |  |
| For the period 3/31/2021 <sup>(d)</sup> - 10/31/2021 | $24.90 | (0.13) | 1.08 | 0.95 | 0.02 |  |
| **Innovator International Developed Power Buffer ETF - July** |  |  |  |  |  |  |
| For the year ended 10/31/2022 | $24.68 | (0.20) | (2.42) | (2.62) | 0.02 |  |
| For the year ended 10/31/2021 | $22.73 | (0.21) | 2.15 | 1.94 | 0.01 |  |
| For the year ended 10/31/2020 | $23.43 | (0.19) | (0.30) | (0.49) | 0.02 | (0.23) |
| For the period 6/28/2019 <sup>(d)</sup> - 10/31/2019 | $23.04 | (0.06) | 0.43 | 0.37 | 0.02 |  |
| **Innovator International Developed Power Buffer ETF - October** |  |  |  |  |  |  |
| For the year ended 10/31/2022 | $25.40 | (0.20) | (3.05) <sup>(g)</sup> | (3.25) | 0.05 |  |
| For the period 9/30/2021 <sup>(d)</sup> - 10/31/2021 | $24.97 | (0.02) | 0.45 | 0.43 | – <sup>(f)</sup> |  |

---

<sup>(a)</sup> Annualized for periods less than one year.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Commencement of operations.

<sup>(e)</sup> Includes broker interest expense of 0.01%.

<sup>(f)</sup> Amount represents less than $0.01 per share.

<sup>(g)</sup> Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Ratios/Supplemental Data:** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Change in Net Asset Value for the Period | Net Asset Value, End of Period | Total return <sup>(c)</sup> | Net assets, end of period (000) | Expenses | Net investment income/(loss) | Portfolio turnover rate <sup>(c)</sup> |
| (2.93) | $24.11 | (10.84)% | $65688 | 0.85% | (0.85)% | 0% |
| 3.22 | $27.04 | 13.47% | $57450 | 0.85% | (0.85)% | 0% |
| (0.62) | $23.82 | (2.52)% | $52415 | 0.85% | (0.85)% | 0% |
| (3.41) | $22.46 | (13.17)% | $43236 | 0.85% | (0.84)% | 0% |
| 0.97 | $25.87 | 3.88% | $20047 | 0.85% | (0.85)% | 0% |
| (2.60) | $22.08 | (10.54)% | $188757 | 0.85% | (0.85)% | 0% |
| 1.95 | $24.68 | 8.58% | $56141 | 0.85% | (0.85)% | 0% |
| (0.70) | $22.73 | (2.04)% | $69883 | 0.86% <sup>(e)</sup> | (0.86)% | 0% |
| 0.39 | $23.43 | 1.70% | $63851 | 0.85% | (0.85)% | 99% |
| (3.20) | $22.20 | (12.60)% | $94355 | 0.85% | (0.85)% | 0% |
| 0.43 | $25.40 | 1.72% | $9525 | 0.85% | (0.85)% | 0% |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Financial Highlights**

**Per Share Operating Performance (For a share outstanding throughout each period)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share<br> Transactions: |  |
|  | Net Asset Value, Beginning of Period | Net investment income/(loss) <sup>(b)</sup> | Net realized and unrealized gain/(loss) | Total From Investment Operations | Transaction fees (see Note 5) | Distributions Paid to Shareholders: Paid from realized gains |
| **Innovator Emerging Markets Power Buffer ETF - January** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $29.95 | (0.25) | (5.13) | (5.38) | 0.01 | – |
| For the year ended 10/31/2021  | $27.26 | (0.27) | 2.94<br> <sup>(e)</sup> | 2.67 | 0.02 | – |
| For the period 12/31/2019 <sup>(d)</sup> - 10/31/2020  | $26.80 | (0.19) | 0.62<br> <sup>(e)</sup> | 0.43 | 0.03 | – |
| **Innovator Emerging Markets Power Buffer ETF - April** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $24.75 | (0.21) | (3.04) | (3.25) | 0.01 | – |
| For the period 3/31/2021 <sup>(d)</sup> - 10/31/2021  | $24.96 | (0.13) | (0.10) <sup>(e)</sup> | (0.23) | 0.02 | – |
| **Innovator Emerging Markets Power Buffer ETF - July** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $25.77 | (0.21) | (4.36) | (4.57) | 0.02 | – |
| For the year ended 10/31/2021  | $25.60 | (0.23) | 0.39 | 0.16 | 0.01 | – |
| For the year ended 10/31/2020  | $25.25 | (0.22) | 0.71<br> <sup>(e)</sup> | 0.49 | 0.03 | (0.17) |
| For the period 6/28/2019 <sup>(d)</sup> - 10/31/2019  | $25.28 | (0.07) | 0.02<br> <sup>(e)</sup> | (0.05) | 0.02 | – |
| **Innovator Emerging Markets Power Buffer ETF - October** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $25.23 | (0.20) | (4.56) | (4.76) | 0.03 | – |
| For the period 9/30/2021 <sup>(d)</sup> - 10/31/2021  | $24.99 | (0.02) | (0.26) | 0.24 | –<br> <sup>(g)</sup> | – |

---

<sup>(a)</sup> Annualized for periods less than one year.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Commencement of operations.

<sup>(e)</sup> Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.

<sup>(f)</sup> Includes broker interest expense of 0.01%.

<sup>(g)</sup> Amount represents less than $0.01 per share.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Ratios/Supplemental Data:** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Change in Net Asset Value for the Period | Net Asset Value, End of Period | Total return <sup>(c)</sup> | Net assets, end of period (000) | Expenses | Net investment income/(loss) | Portfolio turnover rate <sup>(c)</sup> |
| (5.37) | $24.58 | (17.93)% | $55915 | 0.89% | (0.89)% | 0% |
| 2.69 | $29.95 | 9.87% | $106320 | 0.89% | (0.89)% | 0% |
| 0.46 | $27.26 | 1.71% | $27940 | 0.89% | (0.89)% | 0% |
| (3.24) | $21.51 | (13.08)% | $30656 | 0.89% | (0.89)% | 0% |
| (0.21) | $24.75 | (0.84)% | $34031 | 0.89% | (0.89)% | 0% |
| (4.55) | $21.22 | (17.66)% | $54643 | 0.89% | (0.89)% | 0% |
| 0.17 | $25.77 | 0.68% | $41237 | 0.89% | (0.89)% | 0% |
| 0.35 | $25.60 | 2.04% | $35197 | 0.90% <sup>(f)</sup> | (0.90)% | 0% |
| (0.03) | $25.25 | (0.11)% | $43559 | 0.89% | (0.89)% | 31% |
| (4.73) | $20.50 | (18.75)% | $25628 | 0.89% | (0.89)% | 0% |
| 0.24 | $25.23 | 0.98% | $5047 | 0.89% | (0.89)% | 0% |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Financial Highlights**

**Per Share Operating Performance (For a share outstanding throughout each period)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share Transactions: | |
|  | <br>Net Asset Value, Beginning of Period | Net investment income/(loss) <sup>(b)</sup> | Net realized and unrealized gain/(loss) | Total From Investment Operations | Transaction fees (see Note 5) | <br>Distributions Paid to Shareholders: Paid from realized gains |
| **Innovator Growth-100 Power Buffer ETF - January** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $42.07 | (0.30) | (6.19) | (6.49) | 0.02 | – |
| For the year ended 10/31/2021  | $37.44 | (0.31) | 4.91 | 4.60 | 0.03 | – |
| For the period 12/31/2019 <sup>(d)</sup> - 10/31/2020  | $34.94 | (0.24) | 2.69 | 2.45 | 0.05 | – |
| **Innovator Growth-100 Power Buffer ETF - April** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $38.38 | (0.29) | (3.45) | (3.74) | 0.03 | – |
| For the year ended 10/31/2021  | $34.93 | (0.29) | 3.71 | 3.42 | 0.03 | – |
| For the period 3/31/2020 <sup>(d)</sup> - 10/31/2020  | $31.27 | (0.16) | 3.77 | 3.61 | 0.05 | – |
| **Innovator Growth-100 Power Buffer ETF - July** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $47.65 | (0.35) | (4.28) | (4.63) | 0.04 | – |
| For the year ended 10/31/2021  | $42.23 | (0.36) | 5.74 | 5.38 | 0.04 | – |
| For the period 6/30/2020 <sup>(d)</sup> - 10/31/2020  | $40.64 | (0.11) | 1.67 | 1.56 | 0.03 | – |
| **Innovator Growth-100 Power Buffer ETF - October** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $40.07 | (0.30) | (4.51) | (4.81) | 0.02 | – |
| For the year ended 10/31/2021  | $33.53 | (0.30) | 6.82 | 6.52 | 0.02 | – |
| For the year ended 10/31/2020  | $31.70 | (0.26) | 2.39 | 2.13 | 0.05 | (0.35) |
| For the period 9/30/2019 <sup>(d)</sup> - 10/31/2019  | $31.01 | (0.02) | 0.70 | 0.68 | 0.01 | – |

---

<sup>(a)</sup> Annualized for periods less than one year.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Commencement of operations.

<sup>(e)</sup> Includes broker interest expense of $0.02%.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Ratios/Supplemental Data:** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Change in Net Asset Value for the Period | Net Asset Value, End of Period | Total return <sup>(c)</sup> | Net assets, end of period (000) | Expenses | Net investment income/(loss) | Portfolio turnover rate <sup>(c)</sup> |
| (6.47) | $35.60 | (15.37)% | $82777 | 0.79% | (0.79)% | 0% |
| 4.63 | $42.07 | 12.36% | $87297 | 0.79% | (0.79)% | 0% |
| 2.50 | $37.44 | 7.16% | $39315 | 0.79% | (0.79)% | 0% |
| (3.71) | $34.67 | (9.67)% | $52866 | 0.79% | (0.79)% | 0% |
| 3.45 | $38.38 | 9.87% | $41254 | 0.79% | (0.79)% | 0% |
| 3.66 | $34.93 | 11.69% | $15717 | 0.79% | (0.79)% | 0% |
| (4.59) | $43.06 | (9.64)% | $118404 | 0.79% | (0.79)% | 0% |
| 5.42 | $47.65 | 12.83% | $55986 | 0.79% | (0.79)% | 0% |
| 1.59 | $42.23 | 3.91% | $57011 | 0.79% | (0.79)% | 0% |
| (4.79) | $35.28 | (11.95)% | $80965 | 0.79% | (0.79)% | 0% |
| 6.54 | $40.07 | 19.51% | $77928 | 0.79% | (0.79)% | 0% |
| 1.83 | $33.53 | 6.92% | $40566 | 0.81% <sup>(e)</sup> | (0.81)% | 0% |
| 0.69 | $31.70 | 2.21% | $26149 | 0.79% | (0.79)% | 0% |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Financial Highlights**

**Per Share Operating Performance (For a share outstanding throughout each period)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share Transactions: | |
|  | <br>Net Asset Value, Beginning of Period | Net investment income/(loss) <sup>(b)</sup> | Net realized and unrealized gain/(loss) | Total From Investment Operations | Transaction fees (see Note 5) | <br>Distributions Paid to Shareholders: Paid from realized gains |
| **Innovator U.S. Small Cap Power Buffer ETF - January** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $31.76 | (0.24) | (1.26) | (1.50) | 0.02 | – |
| For the year ended 10/31/2021  | $26.18 | (0.24) | 5.78 | 5.54 | 0.04 | – |
| For the period 12/31/2019 <sup>(d)</sup> - 10/31/2020  | $26.70 | (0.17) | (0.40) | (0.57) | 0.05 | – |
| **Innovator U.S. Small Cap Power Buffer ETF - April** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $27.83 | (0.20) | (2.12) | (2.32) | 0.01 | – |
| For the year ended 10/31/2021  | $26.00 | (0.22) | 2.03 | 1.81 | 0.02 | – |
| For the period 3/31/2020 <sup>(d)</sup> - 10/31/2020  | $23.05 | (0.12) | 3.05 | 2.93 | 0.02 | – |
| **Innovator U.S. Small Cap Power Buffer ETF - July** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $26.70 | (0.20) | (2.03) | (2.23) | 0.01 | – |
| For the year ended 10/31/2021  | $23.91 | (0.21) | 2.99 | 2.78 | 0.01 | – |
| For the period 6/30/2020 <sup>(d)</sup> - 10/31/2020  | $23.07 | (0.06) | 0.89 | 0.83 | 0.01 | – |
| **Innovator U.S. Small Cap Power Buffer ETF - October** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $27.65 | (0.20) | (2.10) | (2.30) | 0.02 | – |
| For the year ended 10/31/2021  | $24.08 | (0.21) | 3.77 | 3.56 | 0.01 | – |
| For the year ended 10/31/2020  | $24.71 | (0.19) | (0.26) | (0.45) | 0.02 | (0.20) |
| For the period 9/30/2019 <sup>(d)</sup> - 10/31/2019  | $24.38 | (0.01) | 0.33 | 0.32 | 0.01 | – |

---

<sup>(a)</sup> Annualized for periods less than one year.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Ratios/Supplemental Data:** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Change in Net Asset Value for the Period | Net Asset Value, End of Period | Total return <sup>(c)</sup> | Net assets, end of period (000) | Expenses | Net investment income/(loss) | Portfolio turnover rate <sup>(c)</sup> |
| (1.48) | $30.28 | (4.65)% | $79491 | 0.79% | (0.79)% | 0% |
| 5.58 | $31.76 | 21.31% | $84958 | 0.79% | (0.79)% | 0% |
| (0.52) | $26.18 | (1.95)% | $165588 | 0.79% | (0.79)% | 0% |
| (2.31) | $25.52 | (8.29)% | $84855 | 0.79% | (0.79)% | 0% |
| 1.83 | $27.83 | 7.04% | $84876 | 0.79% | (0.79)% | 0% |
| 2.95 | $26.00 | 12.79% | $33147 | 0.79% | (0.79)% | 0% |
| (2.22) | $24.48 | (8.30)% | $78335 | 0.79% | (0.79)% | 0% |
| 2.79 | $26.70 | 11.64% | $74083 | 0.79% | (0.79)% | 0% |
| 0.84 | $23.91 | 3.66% | $23316 | 0.79% | (0.79)% | 0% |
| (2.28) | $25.37 | (8.24)% | $72937 | 0.79% | (0.79)% | 0% |
| 3.57 | $27.65 | 14.79% | $36632 | 0.79% | (0.79)% | 0% |
| (0.63) | $24.08 | (1.73)% | $48170 | 0.79% | (0.79)% | 0% |
| 0.33 | $24.71 | 1.35% | $27179 | 0.79% | (0.74)% | 0% |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Financial Highlights**

**Per Share Operating Performance (For a share outstanding throughout each period)**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share Transactions: |
|  | <br>Net Asset Value, Beginning of Period | Net investment income/(loss) <sup>(b)</sup> | Net realized and unrealized gain/(loss) | Total From Investment Operations | Transaction fees (see Note 5) |
| **Innovator Double Stacker ETF - January** |  |  |  |  |  |
| For the year ended 10/31/2022  | $29.76 | (0.21) | (5.32) | (5.53) | 0.01 |
| For the period 12/31/2020 <sup>(d)</sup> - 10/31/2021  | $25.43 | (0.18) | 4.50 | 4.32 | 0.01 |
| **Innovator Double Stacker ETF - October** |  |  |  |  |  |
| For the year ended 10/31/2022  | $32.64 | (0.24) | (5.60) | (5.84) | 0.01 |
| For the year ended 10/31/2021  | $24.84 | (0.23) | 8.01 | 7.78 | 0.02 |
| For the period 9/30/2020 <sup>(d)</sup> - 10/31/2020  | $25.47 | (0.02) | (0.64) | (0.66) | 0.03 |
| **Innovator Triple Stacker ETF - January** |  |  |  |  |  |
| For the year ended 10/31/2022  | $29.40 | (0.22) | (5.25) | (5.47) | 0.03 |
| For the period 12/31/2020 <sup>(d)</sup> - 10/31/2021  | $25.42 | (0.18) | 4.14 | 3.96 | 0.02 |
| **Innovator Triple Stacker ETF - October** |  |  |  |  |  |
| For the year ended 10/31/2022  | $31.81 | (0.24) | (5.22) | (5.46) | 0.03 |
| For the year ended 10/31/2021  | $25.00 | (0.23) | 7.02 | 6.79 | 0.02 |
| For the period 9/30/2020 <sup>(d)</sup> - 10/31/2020  | $25.46 | (0.02) | (0.45) | (0.47) | 0.01 |

---

<sup>(a)</sup> Annualized for periods less than one year.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Commencement of operations.

<sup>(e)</sup> Includes broker interest expense of 0.01%.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Ratios/Supplemental Data:** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Change in Net Asset Value for the Period | Net Asset Value, End of Period | Total return <sup>(c)</sup> | Net assets, end of period (000) | Expenses | Net investment income/(loss) | Portfolio turnover rate <sup>(c)</sup> |
| (5.52) | $24.24 | (18.56)% | $3030 | 0.79% | (0.79)% | 0% |
| 4.33 | $29.76 | 17.04% | $6697 | 0.79% | (0.79)% | 0% |
| (5.83) | $26.81 | (17.86)% | $4021 | 0.79% | (0.79)% | 0% |
| 7.80 | $32.64 | 31.36% | $8975 | 0.79% | (0.79)% | 0% |
| (0.63) | $24.84 | (2.46)% | $11801 | 0.80% <sup>(e)</sup> | (0.80)% | 0% |
| (5.44) | $23.96 | (18.53)% | $5989 | 0.79% | (0.79)% | 0% |
| 3.98 | $29.40 | 15.68% | $44107 | 0.79% | (0.79)% | 0% |
| (5.43) | $26.38 | (17.08)% | $5276 | 0.79% | (0.79)% | 0% |
| 6.81 | $31.81 | 27.25% | $16702 | 0.79% | (0.79)% | 0% |
| (0.46) | $25.00 | (1.80)% | $6875 | 0.79% | (0.79)% | 0% |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Financial Highlights**

**Per Share Operating Performance (For a share outstanding throughout each period)**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share Transactions: |
|  | <br>Net Asset Value, Beginning of Period | Net investment income/(loss) <sup>(b)</sup> | Net realized and unrealized gain/(loss) | Total From Investment Operations | Transaction fees (see Note 5) |
| **Innovator Double Stacker 9 Buffer ETF - January** |  |  |  |  |  |
| For the year ended 10/31/2022  | $28.09 | (0.21) | (2.70) | (2.91) | 0.02 |
| For the period 12/31/2020 <sup>(d)</sup> - 10/31/2021  | $25.42 | (0.18) | 2.83 | 2.65 | 0.02 |
| **Innovator Double Stacker 9 Buffer ETF - October** |  |  |  |  |  |
| For the year ended 10/31/2022  | $29.74 | (0.23) | (2.19) | (2.42) | 0.01 |
| For the year ended 10/31/2021  | $24.96 | (0.22) | 4.99 | 4.77 | 0.01 |
| For the period 9/30/2020 <sup>(d)</sup> - 10/31/2020  | $25.46 | (0.02) | (0.51) | (0.53) | 0.03 |
| **Innovator 20+ Year Treasury Bond 9 Buffer ETF - July** |  |  |  |  |  |
| For the year ended 10/31/2022  | $24.46 | (0.17) | (5.67) | (5.84) | 0.05 |
| For the year ended 10/31/2021  | $24.32 | (0.17) | 0.30<br> <sup>(f)</sup> | 0.13 | 0.01 |
| For the period 8/17/2020 <sup>(d)</sup> - 10/31/2020  | $24.87 | (0.04) | (0.52) | (0.56) | 0.01 |
| **Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly** |  |  |  |  |  |
| For the year ended 10/31/2022  | $23.72 | (0.17) | (3.74) | (3.91) | 0.04 |
| For the year ended 10/31/2021  | $24.43 | (0.19) | (0.56) <sup>(f)</sup> | (0.75) | 0.04 |
| For the period 8/17/2020 <sup>(d)</sup> - 10/31/2020  | $24.87 | (0.04) | (0.42) | (0.46) | 0.02 |

---

<sup>(a)</sup> Annualized for periods less than one year.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Commencement of operations.

<sup>(e)</sup> Includes broker interest expense of 0.01%.

<sup>(f)</sup> Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Ratios/Supplemental Data:** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Change in Net Asset Value for the Period | Net Asset Value, End of Period | Total return <sup>(c)</sup> | Net assets, end of period (000) | Expenses | Net investment income/(loss) | Portfolio turnover rate <sup>(c)</sup> |
| (2.89) | $25.20 | (10.29)% | $8190 | 0.79% | (0.79)% | 0% |
| 2.67 | $28.09 | 10.50% | $13342 | 0.79% | (0.79)% | 0% |
| (2.41) | $27.33 | (8.09)% | $14350 | 0.79% | (0.79)% | 0% |
| 4.78 | $29.74 | 19.14% | $21562 | 0.79% | (0.79)% | 0% |
| (0.50) | $24.96 | (1.95)% | $31204 | 0.79% | (0.79)% | 0% |
| (5.79) | $18.67 | (23.67)% | $32204 | 0.79% | (0.79)% | 0% |
| 0.14 | $24.46 | 0.55% | $4892 | 0.79% | (0.72)% | 0% |
| (0.55) | $24.32 | (2.19)% | $5473 | 0.79% | (0.79)% | 0% |
| (3.87) | $19.85 | (16.32)% | $20347 | 0.79% | (0.79)% | 0% |
| (0.71) | $23.72 | (2.87)% | $9489 | 0.79% | (0.79)% | 0% |
| (0.44) | $24.43 | (1.79)% | $3053 | 0.80% <sup>(e)</sup> | (0.80)% | 0% |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Financial Highlights**

**Per Share Operating Performance (For a share outstanding throughout**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share Transactions: |
|  | <br>Net Asset Value, Beginning of Period | Net investment income/(loss) <sup>(b)</sup> | Net realized and unrealized gain/(loss) | Total From Investment Operations | Transaction fees (see Note 5) |
| **Innovator U.S. Equity Accelerated ETF - January** |  |  |  |  |  |
| For the period 12/31/2021 <sup>(d)</sup> - 10/31/2022  | $24.71 | (0.14) | (4.71) | (4.85) | 0.01 |
| **Innovator U.S. Equity Accelerated ETF - April** |  |  |  |  |  |
| For the year ended 10/31/2022  | $28.38 | (0.21) | (3.13) | (3.34) | –<br> <sup>(e)</sup> |
| For the period 3/31/2021 <sup>(d)</sup> - 10/31/2021  | $25.37 | (0.13) | 3.13 | 3.00 | 0.01 |
| **Innovator U.S. Equity Accelerated ETF - July** |  |  |  |  |  |
| For the year ended 10/31/2022  | $27.23 | (0.20) | (3.89) | (4.09) | 0.01 |
| For the period 6/30/2021 <sup>(d)</sup> - 10/31/2021  | $25.69 | (0.07) | 1.61 | 1.54 | –<br> <sup>(e)</sup> |
| **Innovator U.S. Equity Accelerated ETF - October** |  |  |  |  |  |
| For the year ended 10/31/2022  | $25.28 | (0.17) | (4.20) | (4.37) | 0.05 |
| For the period 9/30/2021 <sup>(d)</sup> - 10/31/2021  | $24.05 | (0.02) | 1.25 | 1.23 | – |

---

<sup>(a)</sup> Annualized for periods less than one year.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Commencement of operations.

<sup>(e)</sup> Amount represents less than $0.01 per share.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | |
|:---|:---|
| **each period)** | **Ratios/Supplemental Data:**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Change in Net Asset Value for the Period | Net Asset Value, End of Period | Total return <sup>(c)</sup> | Net assets, end of period (000) | Expenses | Net investment income/(loss) | Portfolio turnover rate <sup>(c)</sup> |
| (4.84) | $19.87 | (19.60)% | $3974 | 0.79% | (0.79)% | 0% |
| (3.34) | $25.04 | (11.78)% | $3755 | 0.79% | (0.79)% | 0% |
| 3.01 | $28.38 | 11.86% | $7804 | 0.79% | (0.79)% | 0% |
| (4.08) | $23.15 | (14.97)% | $3472 | 0.79% | (0.78)% | 0% |
| 1.54 | $27.23 | 5.98% | $3403 | 0.79% | (0.79)% | 0% |
| (4.32) | $20.96 | (17.10)% | $35627 | 0.79% | (0.79)% | 0% |
| 1.23 | $25.28 | 5.11% | $1896 | 0.79% | (0.85)% | 0% |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Financial Highlights**

**Per Share Operating Performance (For a share outstanding throughout**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share Transactions: |
|  | <br>Net Asset Value, Beginning of Period | Net investment income/(loss) <sup>(b)</sup> | Net realized and unrealized gain/(loss) | Total From Investment Operations | Transaction fees (see Note 5) |
| **Innovator U.S. Equity Accelerated Plus ETF - January** |  |  |  |  |  |
| For the period 12/31/2021 <sup>(d)</sup> - 10/31/2022  | $24.71 | (0.14) | (4.72) | (4.86) | 0.02 |
| **Innovator U.S. Equity Accelerated Plus ETF - April** |  |  |  |  |  |
| For the year ended 10/31/2022  | $28.19 | (0.22) | (3.10) <sup>(e)</sup> | (3.32) | 0.03 |
| For the period 3/31/2021 <sup>(d)</sup> - 10/31/2021  | $25.37 | (0.13) | 2.94 | 2.81 | 0.01 |
| **Innovator U.S. Equity Accelerated Plus ETF - July** |  |  |  |  |  |
| For the year ended 10/31/2022  | $27.11 | (0.19) | (3.84) | (4.03) | 0.02 |
| For the period 6/30/2021 <sup>(d)</sup> - 10/31/2021  | $25.68 | (0.07) | 1.49 | 1.42 | 0.01 |
| **Innovator U.S. Equity Accelerated Plus ETF - October** |  |  |  |  |  |
| For the year ended 10/31/2022  | $25.30 | (0.18) | (4.31) | (4.49) | 0.03 |
| For the period 9/30/2021 <sup>(d)</sup> - 10/31/2021  | $24.05 | (0.02) | 1.27 | 1.25 | – |

---

<sup>(a)</sup> Annualized for periods less than one year.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Commencement of operations.

<sup>(e)</sup> Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | |
|:---|:---|
| **each period)** | **Ratios/Supplemental Data:**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Change in Net Asset Value for the Period | Net Asset Value, End of Period | Total return <sup>(c)</sup> | Net assets, end of period (000) | Expenses | Net investment income/(loss) | Portfolio turnover rate <sup>(c)</sup> |
| (4.84) | $19.87 | (19.59)% | $4967 | 0.79% | (0.79)% | 0% |
| (3.29) | $24.90 | (11.67)% | $3735 | 0.79% | (0.79)% | 0% |
| 2.82 | $28.19 | 11.11% | $8457 | 0.79% | (0.79)% | 0% |
| (4.01) | $23.10 | (14.80)% | $12703 | 0.79% | (0.79)% | 0% |
| 1.43 | $27.11 | 5.56% | $9488 | 0.79% | (0.79)% | 0% |
| (4.46) | $20.84 | (17.63)% | $15108 | 0.79% | (0.79)% | 0% |
| 1.25 | $25.30 | 5.20% | $2530 | 0.79% | (0.83)% | 0% |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Financial Highlights**

**Per Share Operating Performance (For a share outstanding throughout**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share Transactions: |
|  | <br>Net Asset Value, Beginning of Period | Net investment income/(loss) <sup>(b)</sup> | Net realized and unrealized gain/(loss) | Total From Investment Operations | Transaction fees (see Note 5) |
| **Innovator U.S. Equity Accelerated 9 Buffer ETF - January** |  |  |  |  |  |
| For the period 12/31/2021 <sup>(d)</sup> - 10/31/2022  | $24.70 | (0.15) | (2.57) | (2.72) | 0.02 |
| **Innovator U.S. Equity Accelerated 9 Buffer ETF - April** |  |  |  |  |  |
| For the year ended 10/31/2022  | $27.09 | (0.21) | (1.59) | (1.80) | 0.01 |
| For the period 3/31/2021 <sup>(d)</sup> - 10/31/2021  | $25.37 | (0.12) | 1.83 | 1.71 | 0.01 |
| **Innovator U.S. Equity Accelerated 9 Buffer ETF - July** |  |  |  |  |  |
| For the year ended 10/31/2022...  | $26.49 | (0.20) | (1.04) | (1.24) | 0.03 |
| For the period 6/30/2021 <sup>(d)</sup> - 10/31/2021  | $25.68 | (0.07) | 0.87 | 0.80 | 0.01 |
| **Innovator U.S. Equity Accelerated 9 Buffer ETF - October** |  |  |  |  |  |
| For the year ended 10/31/2022  | $24.77 | (0.19) | (1.80) <sup>(e)</sup> | (1.99) | 0.04 |
| For the period 9/30/2021 <sup>(d)</sup> - 10/31/2021  | $24.04 | (0.02) | 0.74 | 0.72 | 0.01 |

---

<sup>(a)</sup> Annualized for periods less than one year.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Commencement of operations.

<sup>(e)</sup> Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | |
|:---|:---|
| **each period)** | **Ratios/Supplemental Data:**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Change in Net Asset Value for the Period | Net Asset Value, End of Period | Total return <sup>(c)</sup> | Net assets, end of period (000) | Expenses | Net investment income/(loss) | Portfolio turnover rate <sup>(c)</sup> |
| (2.70) | $22.00 | (10.93)% | $14300 | 0.79% | (0.79)% | 0% |
| (1.79) | $25.30 | (6.61)% | $19606 | 0.79% | (0.79)% | 0% |
| 1.72 | $27.09 | 6.77% | $19639 | 0.79% | (0.79)% | 0% |
| (1.21) | $25.28 | (4.56)% | $32237 | 0.79% | (0.79)% | 0% |
| 0.81 | $26.49 | 3.16% | $10597 | 0.79% | (0.79)% | 0% |
| (1.95) | $22.82 | (7.85)% | $35948 | 0.79% | (0.79)% | 0% |
| 0.73 | $24.77 | 3.03% | $4334 | 0.79% | (0.82)% | 0% |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Financial Highlights**

**Per Share Operating Performance (For a share outstanding throughout**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share Transactions: |
|  | <br>Net Asset Value, Beginning of Period | Net investment income/(loss) <sup>(b)</sup> | Net realized and unrealized gain/(loss) | Total From Investment Operations | Transaction fees (see Note 5) |
| **Innovator Growth Accelerated Plus ETF - January** |  |  |  |  |  |
| For the period 12/31/2021 <sup>(d)</sup> - 10/31/2022  | $25.46 | (0.13) | (7.74) | (7.87) | 0.02 |
| **Innovator Growth Accelerated Plus ETF - April** |  |  |  |  |  |
| For the year ended 10/31/2022  | $29.53 | (0.22) | (5.90) | (6.12) | –<br> <sup>(e)</sup> |
| For the period 3/31/2021 <sup>(d)</sup> - 10/31/2021  | $25.53 | (0.13) | 4.11 | 3.98 | 0.02 |
| **Innovator Growth Accelerated Plus ETF - July** |  |  |  |  |  |
| For the year ended 10/31/2022  | $27.50 | (0.18) | (7.35) | (7.53) | 0.02 |
| For the period 6/30/2021 <sup>(d)</sup> - 10/31/2021  | $25.52 | (0.07) | 2.05 | 1.98 | – |
| **Innovator Growth Accelerated Plus ETF - October** |  |  |  |  |  |
| For the year ended 10/31/2022  | $25.70 | (0.18) | (7.01) | (7.19) | 0.01 |
| For the period 9/30/2021 <sup>(d)</sup> - 10/31/2021  | $24.32 | (0.02) | 1.40 | 1.38 | –<br> <sup>(e)</sup> |

---

<sup>(a)</sup> Annualized for periods less than one year.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Commencement of operations.

<sup>(e)</sup> Amount represents less than $0.01 per share.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | |
|:---|:---|
| **each period)** | **Ratios/Supplemental Data:**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Change in Net Asset Value for the Period | Net Asset Value, End of Period | Total return <sup>(c)</sup> | Net assets, end of period (000) | Expenses | Net investment income/(loss) | Portfolio turnover rate <sup>(c)</sup> |
| (7.85) | $17.61 | (30.85)% | $4401 | 0.79% | (0.79)% | 0% |
| (6.12) | $23.41 | (20.72)% | $7023 | 0.79% | (0.79)% | 0% |
| 4.00 | $29.53 | 15.66% | $18454 | 0.79% | (0.79)% | 0% |
| (7.51) | $19.99 | (27.30)% | $17992 | 0.79% | (0.79)% | 0% |
| 1.98 | $27.50 | 7.75% | $8250 | 0.79% | (0.79)% | 0% |
| (7.18) | $18.52 | (27.95)% | $6019 | 0.79% | (0.79)% | 0% |
| 1.38 | $25.70 | 5.69% | $2570 | 0.79% | (0.82)% | 0% |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Financial Highlights**

**Per Share Operating Performance (For a share outstanding throughout**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share Transactions: |
|  | <br>Net Asset Value, Beginning of Period | Net investment income/(loss) <sup>(b)</sup> | Net realized and unrealized gain/(loss) | Total From Investment Operations | Transaction fees (see Note 5) |
| **Innovator Defined Wealth Shield ETF** |  |  |  |  |  |
| For the year ended 10/31/2022  | $25.86 | (0.18) | 0.46 | 0.28 | 0.03 |
| For the period 6/30/2021 <sup>(d)</sup> - 10/31/2021  | $25.69 | (0.06) | 0.20<br> <sup>(e)</sup> | 0.14 | 0.03 |
| **Innovator U.S. Equity Accelerated ETF - Quarterly** |  |  |  |  |  |
| For the year ended 10/31/2022  | $28.25 | (0.20) | (5.19) | (5.39) | 0.02 |
| For the period 3/31/2021 <sup>(d)</sup> - 10/31/2021  | $25.37 | (0.13) | 3.00 | 2.87 | 0.01 |
| **Innovator Growth Accelerated ETF - Quarterly** |  |  |  |  |  |
| For the year ended 10/31/2022  | $29.88 | (0.20) | (8.43) | (8.63) | 0.01 |
| For the period 3/31/2021 <sup>(d)</sup> - 10/31/2021  | $25.53 | (0.13) | 4.47 | 4.34 | 0.01 |

---

<sup>(a)</sup> Annualized for periods less than one year.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Commencement of operations.

<sup>(e)</sup> Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

---

| | |
|:---|:---|
| **each period)** | **Ratios/Supplemental Data:**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Change in Net Asset Value for the Period | Net Asset Value, End of Period | Total return <sup>(c)</sup> | Net assets, end of period (000) | Expenses | Net investment income/(loss) | Portfolio turnover rate <sup>(c)</sup> |
| 0.31 | $26.17 | 1.21% | $256462 | 0.69% | (0.69)% | 0% |
| 0.17 | $25.86 | 0.65% | $29088 | 0.69% | (0.69)% | 0% |
| (5.37) | $22.88 | (19.02)% | $11440 | 0.79% | (0.79)% | 0% |
| 2.88 | $28.25 | 11.37% | $13421 | 0.79% | (0.79)% | 0% |
| (8.62) | $21.26 | (28.85)% | $18067 | 0.79% | (0.79)% | 0% |
| 4.35 | $29.88 | 17.02% | $15685 | 0.79% | (0.79)% | 0% |

---

The accompanying notes are an integral part of these financial statements.

------

INNOVATOR ETFs TRUST

**Notes to Financial Statements** 

**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 forty-three are covered in this report, collectively the ("Funds"):

---

| | | | |
|:---|:---|:---|:---|
| Name | Ticker | Commencement of Operations | Tracking Fund |
| Innovator International Developed Power Buffer ETF - January  | IJAN | December 31, 2019 | 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 - July  | IJUL | June 28, 2019 | iShares MSCI EAFE ETF |
| Innovator International Developed Power Buffer ETF - October  | IOCT | September 30, 2021 | iShares MSCI EAFE ETF |
| Innovator Emerging Markets Power Buffer ETF - January  | EJAN | December 31, 2019 | 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 - 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 Growth-100 Power Buffer ETF - January  | NJAN | December 31, 2019 | Invesco QQQ Trust |
| Innovator Growth-100 Power Buffer ETF - April  | NAPR | March 31, 2020 | Invesco QQQ Trust |
| Innovator Growth-100 Power Buffer ETF - July  | NJUL | June 30, 2020 | Invesco QQQ Trust |
| Innovator Growth-100 Power Buffer ETF - October  | NOCT | September 30, 2019 | Invesco QQQ Trust |
| 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 - April  | KAPR | March 31, 2020 | 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 - October  | KOCT | September 30, 2019 | iShares Russell 2000 ETF |
| Innovator Double Stacker ETF - January  | DSJA | December 31, 2020 | SPDR S&P 500® ETF Trust and Invesco QQQ Trust |
| Innovator Double Stacker ETF - October  | DSOC | September 30, 2020 | SPDR S&P 500® ETF Trust and Invesco QQQ Trust |
| Innovator Triple Stacker ETF - January  | TSJA | December 31, 2020 | SPDR S&P 500® ETF Trust, Invesco QQQ Trust and iShares Russell 2000 ETF |
| Innovator Triple Stacker ETF - October  | TSOC | September 30, 2020 | SPDR S&P 500® ETF Trust, Invesco QQQ Trust and iShares Russell 2000 ETF |
| Innovator Double Stacker 9 Buffer ETF - January  | DBJA | December 31, 2020 | SPDR S&P 500® ETF Trust and Invesco QQQ Trust |
| Innovator Double Stacker 9 Buffer ETF - October  | DBOC | September 30, 2020 | SPDR S&P 500® ETF Trust and Invesco QQQ Trust |
| Innovator U.S. Equity Accelerated ETF - January  | XDJA | December 31, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated ETF - April  | XDAP | March 31, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated ETF - July  | XDJL | June 30, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated ETF - October  | XDOC | September 30, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated Plus ETF - January  | XTJA | December 31, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated Plus ETF - April  | XTAP | March 31, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated Plus ETF - July  | XTJL | June 30, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated Plus ETF - October  | XTOC | September 30, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - January  | XBJA | December 31, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - April  | XBAP | March 31, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - July  | XBJL | June 30, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - October  | XBOC | September 30, 2021 | SPDR S&P 500® ETF Trust |
| Innovator Growth Accelerated Plus ETF - January  | QTJA | December 31, 2021 | Invesco QQQ Trust |
| Innovator Growth Accelerated Plus ETF - April  | QTAP | March 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 20+ Year Treasury Bond 9 Buffer ETF - July  | TBJL | August 17, 2020 | iShares 20+ Year Treasury Bond ETF |
| Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  | TFJL | August 17, 2020 | iShares 20+ Year Treasury Bond ETF |
| Innovator Defined Wealth Shield ETF  | BALT | June 30, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated ETF - Quarterly  | XDSQ | March 31, 2021 | SPDR S&P 500® ETF Trust |
| Innovator Growth Accelerated ETF - Quarterly  | XDQQ | March 31, 2021 | Invesco QQQ Trust |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The operational series of the Trust covered outside of this report consist of:

---

| | | | |
|:---|:---|:---|:---|
| Name | Ticker | Commencement of Operations | Tracking Index/Fund |
| Innovator IBD® 50 ETF  | FFTY | April 8, 2015 | IBD® 50 Index |
| Innovator IBD® Breakout Opportunities ETF  | BOUT | September 12, 2018 | IBD® Breakout Stocks Index |
| Innovator Loup Frontier Tech ETF  | LOUP | July 24, 2018 | Loup Frontier Tech Index |
| Innovator S&P Investment Grade Preferred ETF  | EPRF | May 23, 2016 | S&P U.S. High Quality Preferred Stock Index |
| Innovator Laddered Allocation Power Buffer ETF  | BUFF | October 19, 2016 | Refinitiv Laddered Power Buffer Strategy Index |
| Innovator Laddered Allocation Buffer ETF  | BUFB | February 8, 2022 | MerQube U.S. Large Cap Equity Buffer Laddered Index |
| Innovator Buffer Step-Up Strategy ETF  | BSTP | March 7, 2022 | SPDR S&P 500® ETF Trust |
| Innovator Power Buffer Step-Up Strategy ETF  | PSTP | March 7, 2022 | SPDR S&P 500® ETF Trust |
| Innovator Hedged TSLA Strategy ETF  | TSLH | July 25, 2022 | Tesla, Inc. |
| Innovator Uncapped Accelerated U.S. Equity ETF  | XUSP | August 10, 2022 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – January  | BJAN | December 31, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – February  | BFEB | January 31, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – March  | BMAR | February 28, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – April  | BAPR | March 29, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – May  | BMAY | April 30, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – June  | BJUN | May 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – July  | BJUL | August 28, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – August  | BAUG | July 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – September  | BSEP | August 30, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – October  | BOCT | September 28, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – November  | BNOV | October 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – December  | BDEC | November 29, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – January  | PJAN | December 31, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – February  | PFEB | January 31, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – March  | PMAR | February 28, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – April  | PAPR | March 29, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – May  | PMAY | April 30, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – June  | PJUN | May 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – July  | PJUL | August 7, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – August  | PAUG | July 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – September  | PSEP | August 30, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – October  | POCT | September 28, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – November  | PNOV | October 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – December  | PDEC | November 29, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – January  | UJAN | December 31, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – February  | UFEB | January 31, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – March  | UMAR | February 28, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – April  | UAPR | March 29, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – May  | UMAY | April 30, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – June  | UJUN | May 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – July  | UJUL | August 7, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – August  | UAUG | July 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – September  | USEP | August 30, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – October  | UOCT | September 28, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – November  | UNOV | October 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – December  | UDEC | November 29, 2019 | SPDR S&P 500® ETF Trust |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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"). 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 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".

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

**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.

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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. If the exchange on which the option is traded is unable to provide a model price, FLEX Options prices will be provided by backup provider Super Derivatives. 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 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.

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INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

**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.

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INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The following table summarizes valuation of the Funds' investments under the fair value hierarchy levels as of October 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **IJAN** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $73649549 | $– | $73649549 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 129380 | – | – | 129380 |
| **Total Assets**  | $129380 | $73649549 | $– | $73778929 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $8044360 | $– | $8044360 |
| **Total Liabilities**  | $– | $8044360 | $– | $8044360 |
| **IAPR** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $46301191 | $– | $46301191 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 188647 | – | – | 188647 |
| **Total Assets**  | $188647 | $46301191 | $– | $46489838 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $3217700 | $– | $3217700 |
| **Total Liabilities**  | $– | $3217700 | $– | $3217700 |
| **IJUL** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $196672703 | $– | $196672703 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 415631 | – | – | 415631 |
| **Total Assets**  | $415631 | $196672703 | $– | $197088334 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $8201782 | $– | $8201782 |
| **Total Liabilities**  | $– | $8201782 | $– | $8201782 |
| **IOCT** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $99300490 | $– | $99300490 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 182249 | – | – | 182249 |
| **Total Assets**  | $182249 | $99300490 | $– | $99482739 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $5080822 | $– | $5080822 |
| **Total Liabilities**  | $– | $5080822 | $– | $5080822 |
| **EJAN** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $66475506 | $– | $66475506 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 130016 | – | – | 130016 |
| **Total Assets**  | $130016 | $66475506 | $– | $66605522 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $10647020 | $– | $10647020 |
| **Total Liabilities**  | $– | $10647020 | $– | $10647020 |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EAPR** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $34480307 | $– | $34480307 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 141663 | – | – | 141663 |
| **Total Assets**  | $141663 | $34480307 | $– | $34621970 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $3939456 | $– | $3939456 |
| **Total Liabilities**  | $– | $3939456 | $– | $3939456 |
| **EJUL** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $58942611 | $– | $58942611 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 99697 | – | – | 99697 |
| **Total Assets**  | $99697 | $58942611 | $– | $59042308 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $4359262 | $– | $4359262 |
| **Total Liabilities**  | $– | $4359262 | $– | $4359262 |
| **EOCT** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $27256676 | $– | $27256676 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 40427 | – | – | 40427 |
| **Total Assets**  | $40427 | $27256676 | $– | $27297103 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $1652821 | $– | $1652821 |
| **Total Liabilities**  | $– | $1652821 | $– | $1652821 |
| **NJAN** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $97438111 | $– | $97438111 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 132520 | – | – | 132520 |
| **Total Assets**  | $132520 | $97438111 | $– | $97570631 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $14737979 | $– | $14737979 |
| **Total Liabilities**  | $– | $14737979 | $– | $14737979 |
| **NAPR** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $58691234 | $– | $58691234 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 200433 | – | – | 200433 |
| **Total Assets**  | $200433 | $58691234 | $– | $58891667 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $5990551 | $– | $5990551 |
| **Total Liabilities**  | $– | $5990551 | $– | $5990551 |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NJUL** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $126123144 | $– | $126123144 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 292663 | – | – | 292663 |
| **Total Assets**  | $292663 | $126123144 | $– | $126415807 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $7979202 | $– | $7979202 |
| **Total Liabilities**  | $– | $7979202 | $– | $7979202 |
| **NOCT** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $88263285 | $– | $88263285 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 219925 | – | – | 219925 |
| **Total Assets**  | $219925 | $88263285 | $– | $88483210 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $7471328 | $– | $7471328 |
| **Total Liabilities**  | $– | $7471328 | $– | $7471328 |
| **KJAN** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $83724922 | $– | $83724922 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 175217 | – | – | 175217 |
| **Total Assets**  | $175217 | $83724922 | $– | $83900139 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $4337248 | $– | $4337248 |
| **Total Liabilities**  | $– | $4337248 | $– | $4337248 |
| **KAPR** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $88766592 | $– | $88766592 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 321097 | – | – | 321097 |
| **Total Assets**  | $321097 | $88766592 | $– | $89087689 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $4188576 | $– | $4188576 |
| **Total Liabilities**  | $– | $4188576 | $– | $4188576 |
| **KJUL** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $84195787 | $– | $84195787 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 194220 | – | – | 194220 |
| **Total Assets**  | $194220 | $84195787 | $– | $84390007 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $6006100 | $– | $6006100 |
| **Total Liabilities**  | $– | $6006100 | $– | $6006100 |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **KOCT** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $80046030 | $– | $80046030 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 154565 | – | – | 154565 |
| **Total Assets**  | $154565 | $80046030 | $– | $80200595 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $7259595 | $– | $7259595 |
| **Total Liabilities**  | $– | $7259595 | $– | $7259595 |
| **DSJA** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $3006426 | $– | $3006426 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 25772 | – | – | 25772 |
| **Total Assets**  | $25772 | $3006426 | $– | $3032198 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $190 | $– | $190 |
| **Total Liabilities**  | $– | $190 | $– | $190 |
| **DSOC** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $4667559 | $– | $4667559 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 35157 | – | – | 35157 |
| **Total Assets**  | $35157 | $4667559 | $– | $4702716 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $679037 | $– | $679037 |
| **Total Liabilities**  | $– | $679037 | $– | $679037 |
| **TSJA** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $5985217 | $– | $5985217 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 12574 | – | – | 12574 |
| **Total Assets**  | $12574 | $5985217 | $– | $5997791 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $4280 | $– | $4280 |
| **Total Liabilities**  | $– | $4280 | $– | $4280 |
| **TSOC** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $7171517 | $– | $7171517 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 20743 | – | – | 20743 |
| **Total Assets**  | $20743 | $7171517 | $– | $7192260 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $1912783 | $– | $1912783 |
| **Total Liabilities**  | $– | $1912783 | $– | $1912783 |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DBJA** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $9044888 | $– | $9044888 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 49769 | – | – | 49769 |
| **Total Assets**  | $49769 | $9044888 | $– | $9094657 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $900367 | $– | $900367 |
| **Total Liabilities**  | $– | $900367 | $– | $900367 |
| **DBOC** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $17762739 | $– | $17762739 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 39059 | – | – | 39059 |
| **Total Assets**  | $39059 | $17762739 | $– | $17801798 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $3442423 | $– | $3442423 |
| **Total Liabilities**  | $– | $3442423 | $– | $3442423 |
| **TBJL** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $35974058 | $– | $35974058 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 88071 | – | – | 88071 |
| **Total Assets**  | $88071 | $35974058 | $– | $36062129 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $3844570 | $– | $3844570 |
| **Total Liabilities**  | $– | $3844570 | $– | $3844570 |
| **TFJL** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $20363419 | $– | $20363419 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 18080 | – | – | 18080 |
| **Total Assets**  | $18080 | $20363419 | $– | $20381499 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $25480 | $– | $25480 |
| **Total Liabilities**  | $– | $25480 | $– | $25480 |
| **XDJA** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $3959644 | $– | $3959644 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 16680 | – | – | 16680 |
| **Total Assets**  | $16680 | $3959644 | $– | $3976324 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $209 | $– | $209 |
| **Total Liabilities**  | $– | $209 | $– | $209 |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **XDAP** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $3751331 | $– | $3751331 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 17077 | – | – | 17077 |
| **Total Assets**  | $17077 | $3751331 | $– | $3768408 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $10729 | $– | $10729 |
| **Total Liabilities**  | $– | $10729 | $– | $10729 |
| **XDJL** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $3720200 | $– | $3720200 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 41093 | – | – | 41093 |
| **Total Assets**  | $41093 | $3720200 | $– | $3761293 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $286046 | $– | $286046 |
| **Total Liabilities**  | $– | $286046 | $– | $286046 |
| **XDOC** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $41396066 | $– | $41396066 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 118551 | – | – | 118551 |
| **Total Assets**  | $118551 | $41396066 | $– | $41514617 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $5865117 | $– | $5865117 |
| **Total Liabilities**  | $– | $5865117 | $– | $5865117 |
| **XTJA** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $4950595 | $– | $4950595 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 21028 | – | – | 21028 |
| **Total Assets**  | $21028 | $4950595 | $– | $4971623 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $968 | $– | $968 |
| **Total Liabilities**  | $– | $968 | $– | $968 |
| **XTAP** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $3746568 | $– | $3746568 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 22210 | – | – | 22210 |
| **Total Assets**  | $22210 | $3746568 | $– | $3768778 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $31758 | $– | $31758 |
| **Total Liabilities**  | $– | $31758 | $– | $31758 |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **XTJL** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $15002672 | $– | $15002672 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 57937 | – | – | 57937 |
| **Total Assets**  | $57937 | $15002672 | $– | $15060609 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $2347476 | $– | $2347476 |
| **Total Liabilities**  | $– | $2347476 | $– | $2347476 |
| **XTOC** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $20076584 | $– | $20076584 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 49000 | – | – | 49000 |
| **Total Assets**  | $49000 | $20076584 | $– | $20125584 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $5010997 | $– | $5010997 |
| **Total Liabilities**  | $– | $5010997 | $– | $5010997 |
| **XBJA** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $15841134 | $– | $15841134 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 46493 | – | – | 46493 |
| **Total Assets**  | $46493 | $15841134 | $– | $15887627 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $1578151 | $– | $1578151 |
| **Total Liabilities**  | $– | $1578151 | $– | $1578151 |
| **XBAP** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $21277646 | $– | $21277646 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 83783 | – | – | 83783 |
| **Total Assets**  | $83783 | $21277646 | $– | $21361429 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $1740304 | $– | $1740304 |
| **Total Liabilities**  | $– | $1740304 | $– | $1740304 |
| **XBJL** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $36991149 | $– | $36991149 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 122029 | – | – | 122029 |
| **Total Assets**  | $122029 | $36991149 | $– | $37113178 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $4851161 | $– | $4851161 |
| **Total Liabilities**  | $– | $4851161 | $– | $4851161 |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **XBOC** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $44485350 | $– | $44485350 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 91308 | – | – | 91308 |
| **Total Assets**  | $91308 | $44485350 | $– | $44576658 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $8634600 | $– | $8634600 |
| **Total Liabilities**  | $– | $8634600 | $– | $8634600 |
| **QTJA** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $4385283 | $– | $4385283 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 19502 | – | – | 19502 |
| **Total Assets**  | $19502 | $4385283 | $– | $4404785 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $512 | $– | $512 |
| **Total Liabilities**  | $– | $512 | $– | $512 |
| **QTAP** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $7017372 | $– | $7017372 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 45290 | – | – | 45290 |
| **Total Assets**  | $45290 | $7017372 | $– | $7062662 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $35462 | $– | $35462 |
| **Total Liabilities**  | $– | $35462 | $– | $35462 |
| **QTJL** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $21315166 | $– | $21315166 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 55749 | – | – | 55749 |
| **Total Assets**  | $55749 | $21315166 | $– | $21370915 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $3366914 | $– | $3366914 |
| **Total Liabilities**  | $– | $3366914 | $– | $3366914 |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **QTOC** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $7854714 | $– | $7854714 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 28566 | – | – | 28566 |
| **Total Assets**  | $28566 | $7854714 | $– | $7883280 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $1861216 | $– | $1861216 |
| **Total Liabilities**  | $– | $1861216 | $– | $1861216 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BALT** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $275369536 | $– | $275369536 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 323559 | – | – | 323559 |
| **Total Assets**  | $323559 | $275369536 | $– | $275693095 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $19108544 | $– | $19108544 |
| **Total Liabilities**  | $– | $19108544 | $– | $19108544 |
| **XDSQ** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $12621727 | $– | $12621727 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 46888 | – | – | 46888 |
| **Total Assets**  | $46888 | $12621727 | $– | $12668615 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $1221385 | $– | $1221385 |
| **Total Liabilities**  | $– | $1221385 | $– | $1221385 |
| **XDQQ** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $19375777 | $– | $19375777 |
| &nbsp;&nbsp;&nbsp; Short Term Investments  | 12513 | – | – | 12513 |
| **Total Assets**  | $12513 | $19375777 | $– | $19388290 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $1309343 | $– | $1309343 |
| **Total Liabilities**  | $– | $1309343 | $– | $1309343 |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

There were no Level 3 investments for the Funds during the year or period ended October 31, 2022.

**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 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.

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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.

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The value of derivative instruments on the Statements of Assets and Liabilities for the Funds as of October 31, 2022 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments** | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments** |
|  | **Asset** <br> **Derivatives**  | **Liability** <br> **Derivatives**  |
|  | Investments, at value | Options written, at value |
| **IJAN**  | $73649549 | $8044360 |
| **IAPR**  | 46301191 | 3217700 |
| **IJUL**  | 196672703 | 8201782 |
| **IOCT**  | 99300490 | 5080822 |
| **EJAN**  | 66475506 | 10647020 |
| **EAPR**  | 34480307 | 3939456 |
| **EJUL**  | 58942611 | 4359262 |
| **EOCT**  | 27256676 | 1652821 |
| **NJAN**  | 97438111 | 14737979 |
| **NAPR**  | 58691234 | 5990551 |
| **NJUL**  | 126123144 | 7979202 |
| **NOCT**  | 88263285 | 7471328 |
| **KJAN**  | 83724922 | 4337248 |
| **KAPR**  | 88766592 | 4188576 |
| **KJUL**  | 84195787 | 6006100 |
| **KOCT**  | 80046030 | 7259595 |
| **DSJA**  | 3006426 | 190 |
| **DSOC**  | 4667559 | 679037 |
| **TSJA**  | 5985217 | 4280 |
| **TSOC**  | 7171517 | 1912783 |
| **DBJA**  | 9044888 | 900367 |
| **DBOC**  | 17762739 | 3442423 |
| **TBJL**  | 35974058 | 3844570 |
| **TFJL**  | 20363419 | 25480 |
| **XDJA**  | 3959644 | 209 |
| **XDAP**  | 3751331 | 10729 |
| **XDJL**  | 3720200 | 286046 |
| **XDOC**  | 41396066 | 5865117 |
| **XTJA**  | 4950595 | 968 |
| **XTAP**  | 3746568 | 31758 |
| **XTJL**  | 15002672 | 2347476 |
| **XTOC**  | 20076584 | 5010997 |
| **XBJA**  | 15841134 | 1578151 |
| **XBAP**  | 21277646 | 1740304 |
| **XBJL**  | 36991149 | 4851161 |
| **XBOC**  | 44485350 | 8634600 |
| **QTJA**  | 4385283 | 512 |
| **QTAP**  | 7017372 | 35462 |
| **QTJL**  | 21315166 | 3366914 |
| **QTOC**  | 7854714 | 1861216 |
| **BALT**  | 275369536 | 19108544 |
| **XDSQ**  | 12621727 | 1221385 |
| **XDQQ**  | 19375777 | 1309343 |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The effect of derivative instruments on the Statements of Operations for the year or period ended October 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments** | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments** | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments** | **Equity Risk - Call and Put Options not Accounted for as 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** |
|  | Investments | Investments in-kind | Options written | Options written<br> in-kind |
| **IJAN** | $(4328436) | $4167096 | $(377605) | $2772670 |
| **IAPR** | (5298844) | 849570 | (1637405) | 869340 |
| **IJUL** | (12429901) | 9582588 | (2306945) | 1585358 |
| **IOCT** | (968632) | 118665 | (1394201) | 78644 |
| **EJAN** | (11089903) | (722453) | 7690572 | 133500 |
| **EAPR** | (5305708) | 2686457 | 715943 | 720674 |
| **EJUL** | (8428905) | 5867882 | (2756544) | 986627 |
| **EOCT** | (632653) | 62401 | (808251) | 46322 |
| **NJAN** | (10068228) | 18959529 | (8140468) | 3777186 |
| **NAPR** | (2513951) | 2640609 | (1833406) | 2750154 |
| **NJUL** | (12953168) | 6861415 | (1331662) | 2281179 |
| **NOCT** | (6082414) | 459566 | (1222224) | 414726 |
| **KJAN** | (13245104) | 11154585 | 1161437 | 7462534 |
| **KAPR** | (7342879) | 825769 | 333858 | 7231416 |
| **KJUL** | (14826737) | 9873372 | (3987030) | 2079260 |
| **KOCT** | (4251621) | 248031 | (741793) | 161208 |
| **DSJA** | 67712 | 1636823 | (1333674) | 93020 |
| **DSOC** | (1741073) | 20960 | 520765 | 57842 |
| **TSJA** | (4631250) | 11117071 | (6644410) | 2200177 |
| **TSOC** | (3098613) | 13322 | 1494496 | 305284 |
| **DBJA** | (2323713) | 4124022 | (2610907) | 607399 |
| **DBOC** | (2969024) | (68696) | 1425276 | 239455 |
| **TBJL** | (1180247) | 752711 | (484843) | 23286 |
| **TFJL** | (1413374) | (76221) | 204787 | 103277 |
| **XDJA** |  |  |  |  |
| **XDAP** | 1001994 | (100818) | (548497) | 498715 |
| **XDJL** | (1365662) | 112244 | (5474) | 508678 |
| **XDOC** | (7838392) | 1855 | 233716 | (4685) |
| **XTJA** |  | (426717) |  | 421270 |
| **XTAP** | 610289 | 1525174 | (1838337) | 958333 |
| **XTJL** | (5271226) | (398287) | 221705 | 2748721 |
| **XTOC** | (2406874) | (886205) | 777367 | 949967 |
| **XBJA** |  | 439875 |  | 363484 |
| **XBAP** | 175783 | 745777 | (1389065) | 1708043 |
| **XBJL** | (3479538) | 573432 | (303223) | 3503014 |
| **XBOC** | (2309214) | 790054 | (459544) | 929564 |
| **QTJA** |  | (920665) |  | 863874 |
| **QTAP** | (1954567) | 188134 | (2347338) | 4412741 |
| **QTJL** | (6437575) | (266445) | (4818) | 3044676 |
| **QTOC** | (2581041) | (615466) | 905527 | 653779 |
| **BALT** | (30785348) | 18857496 | 6489506 | 5655584 |
| **XDSQ** | (3359420) | 1887836 | (959436) | 268782 |
| **XDQQ** | (6572650) | 1462144 | (23553) | 654828 |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments** | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments** |
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** |
|  | Investments | Options written |
| **IJAN**  | $(5814010) | $(5788644) |
| **IAPR**  | (789209) | (1100062) |
| **IJUL**  | (3000404) | 307758 |
| **IOCT**  | 2548723 | (146036) |
| **EJAN**  | 2124039 | (13046061) |
| **EAPR**  | (1393113) | (2848513) |
| **EJUL**  | (1450145) | (1052999) |
| **EOCT**  | (414505) | (141829) |
| **NJAN**  | (19115275) | (4383350) |
| **NAPR**  | (8677360) | 1908619 |
| **NJUL**  | (6333579) | 5196942 |
| **NOCT**  | (2315347) | 1448187 |
| **KJAN**  | (13132900) | (1573452) |
| **KAPR**  | (5889386) | (1107317) |
| **KJUL**  | 3613025 | (1103007) |
| **KOCT**  | 2787947 | (1154402) |
| **DSJA**  | (2691920) | 1251090 |
| **DSOC**  | (614229) | 359671 |
| **TSJA**  | (14097399) | 8577866 |
| **TSOC**  | (1231837) | 796342 |
| **DBJA**  | (3864358) | 2606484 |
| **DBOC**  | (818405) | 700909 |
| **TBJL**  | (552727) | (870351) |
| **TFJL**  | (709321) | 246619 |
| **XDJA**  | (875261) | 152506 |
| **XDAP**  | (2555542) | 1197748 |
| **XDJL**  | (376663) | 184956 |
| **XDOC**  | 4278027 | (2429691) |
| **XTJA**  | (1667680) | 395615 |
| **XTAP**  | (3198889) | 2039593 |
| **XTJL**  | (1262919) | 993667 |
| **XTOC**  | 2096224 | (1473460) |
| **XBJA**  | (1949133) | 23039 |
| **XBAP**  | (6444099) | 3518834 |
| **XBJL**  | (3459157) | 1390287 |
| **XBOC**  | 2299466 | (1340367) |
| **QTJA**  | (2684113) | 354149 |
| **QTAP**  | (6862302) | 5348486 |
| **QTJL**  | (3950457) | 2269958 |
| **QTOC**  | 53998 | (4774) |
| **BALT**  | 9854709 | (6079121) |
| **XDSQ**  | (154381) | 234299 |
| **XDQQ**  | (1022533) | 890445 |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The average volume of derivative activity during the year or period ended October 31, 2022, is as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchased Options** | **Options Written** |
|  | Average Monthly Market Value | Average Monthly Market Value |
| **IJAN**  | $79798342 | $(5712130) |
| **IAPR**  | 51792494 | (2928683) |
| **IJUL**  | 90145282 | (3797931) |
| **IOCT**  | 23890825 | (1223608) |
| **EJAN**  | 90015885 | (6749245) |
| **EAPR**  | 41076688 | (2519115) |
| **EJUL**  | 40973202 | (2558576) |
| **EOCT**  | 10364253 | (683807) |
| **NJAN**  | 117549200 | (12547755) |
| **NAPR**  | 56208520 | (5337537) |
| **NJUL**  | 78920494 | (5585274) |
| **NOCT**  | 70853187 | (5119045) |
| **KJAN**  | 115312253 | (8887658) |
| **KAPR**  | 89685539 | (5012259) |
| **KJUL**  | 68924865 | (4204652) |
| **KOCT**  | 45433119 | (2909012) |
| **DSJA**  | 4999479 | (234708) |
| **DSOC**  | 7354586 | (519895) |
| **TSJA**  | 18602420 | (2261944) |
| **TSOC**  | 11533607 | (1460321) |
| **DBJA**  | 12788518 | (1541491) |
| **DBOC**  | 20084639 | (2427637) |
| **TBJL**  | 8996529 | (641948) |
| **TFJL**  | 9319324 | (61704) |
| **XDJA**  | 3655792 | (34448) |
| **XDAP**  | 6769462 | (478961) |
| **XDJL**  | 5048361 | (345033) |
| **XDOC**  | 11202570 | (857831) |
| **XTJA**  | 5652696 | (138243) |
| **XTAP**  | 10413237 | (1404556) |
| **XTJL**  | 15295189 | (2105228) |
| **XTOC**  | 8318559 | (1074402) |
| **XBJA**  | 14239923 | (1461031) |
| **XBAP**  | 26630919 | (3438154) |
| **XBJL**  | 23959916 | (3041896) |
| **XBOC**  | 11682463 | (1519950) |
| **QTJA**  | 6414817 | (179561) |
| **QTAP**  | 14840035 | (2473280) |
| **QTJL**  | 16263726 | (2270404) |
| **QTOC**  | 5461855 | (706710) |
| **BALT**  | 129763998 | (5343241) |
| **XDSQ**  | 11584103 | (493405) |
| **XDQQ**  | 15585383 | (914336) |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

**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 substantially 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 year or period ended October 31, 2022, 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, 2022, the Funds did not have a liability for any unrecognized tax benefits. As of October 31, 2022, 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. The Funds are subject to examination by U.S. Federal tax authorities for all tax years since inception.

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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, 2022, the Funds made the following permanent book-to-tax reclassifications due to deemed distributions, net operating losses, and redemption in-kind transactions:

---

| | | |
|:---|:---|:---|
|  | **Distributable Earnings/ (Accumulated Deficit)** | **Paid-In Capital** |
| **IJAN** | $(6859436) | $6859436 |
| **IAPR** | (1582655) | 1582655 |
| **IJUL** | (10925880) | 10925880 |
| **IOCT** | (174292) | 174292 |
| **EJAN** | 1540336 | (1540336) |
| **EAPR** | (3220258) | 3220258 |
| **EJUL** | (6595221) | 6595221 |
| **EOCT** | (96774) | 96774 |
| **NJAN** | (22629861) | 22629861 |
| **NAPR** | (5099640) | 5099640 |
| **NJUL** | (9069301) | 9069301 |
| **NOCT** | (767941) | 767941 |
| **KJAN** | (18503230) | 18503230 |
| **KAPR** | (7804265) | 7804265 |
| **KJUL** | (11852758) | 11852758 |
| **KOCT** | (354251) | 354251 |
| **DSJA** | (1689424) | 1689424 |
| **DSOC** | 59974 | (59974) |
| **TSJA** | (13052901) | 13052901 |
| **TSOC** | (161467) | 161467 |
| **DBJA** | (4628219) | 4628219 |
| **DBOC** | 104027 | (104027) |
| **TBJL** | (745914) | 745914 |
| **TFJL** | 76042 | (76042) |
| **XDJA** |  |  |
| **XDAP** | (767169) | 767169 |
| **XDJL** | (608206) | 608206 |
| **XDOC** | 6444 | (6444) |
| **XTJA** | 5447 | (5447) |
| **XTAP** | (2446354) | 2446354 |
| **XTJL** | (2319729) | 2319729 |
| **XTOC** | (58560) | 58560 |
| **XBJA** | (803359) | 803359 |
| **XBAP** | (2338191) | 2338191 |
| **XBJL** | (4036977) | 4036977 |
| **XBOC** | (1710721) | 1710721 |
| **QTJA** | 56791 | (56791) |
| **QTAP** | (4491711) | 4491711 |
| **QTJL** | (2751220) | 2751220 |
| **QTOC** | (32136) | 32136 |
| **BALT** | (24450011) | 24450011 |
| **XDSQ** | (2088648) | 2088648 |
| **XDQQ** | (2038586) | 2038586 |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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, IAPR, IJUL, and IOCT 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 and EOCT 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 pays 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.

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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.

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **INVESTMENT TRANSACTIONS** 

For the year or period ended October 31, 2022, there were no purchases or proceeds from long-term sales of investment securities.

For the year or period ended October 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-Kind**<br>**Creations** | **In-Kind**<br>**Redemptions** |
| **IJAN**  | $- | $70173819 |
| **IAPR**  | - | 12859447 |
| **IJUL**  | 1323390 | 24749837 |
| **IOCT**  | 2082772 | 3931456 |
| **EJAN**  | - | 17453302 |
| **EAPR**  | 647457 | 25706629 |
| **EJUL**  | - | 11832380 |
| **EOCT**  | 1411808 | 645771 |
| **NJAN**  | - | 106252502 |
| **NAPR**  | - | 39089915 |
| **NJUL**  | 1450883 | 21121430 |
| **NOCT**  | 3451744 | 15582934 |
| **KJAN**  | - | 102811208 |
| **KAPR**  | 1525064 | 24887799 |
| **KJUL**  | 2147817 | 31928026 |
| **KOCT**  | 784020 | 2064927 |
| **DSJA**  | - | 9578001 |
| **DSOC**  | - | 2413132 |
| **TSJA**  | - | 67188050 |
| **TSOC**  | - | 2466638 |
| **DBJA**  | - | 17707842 |
| **DBOC**  | - | 1440977 |
| **TBJL**  | - | 3653100 |
| **TFJL**  | - | 8208348 |
| **XDJA**  | - | - |
| **XDAP**  | - | 10293146 |
| **XDJL**  | - | 2002805 |
| **XDOC**  | - | 557609 |
| **XTJA**  | - | 3927124 |
| **XTAP**  | - | 47021633 |
| **XTJL**  | - | 8660236 |
| **XTOC**  | 988350 | 3960620 |
| **XBJA**  | - | 6337654 |
| **XBAP**  | 1066040 | 41428586 |
| **XBJL**  | - | 18676776 |
| **XBOC**  | - | 2588885 |
| **QTJA**  | - | 5002692 |
| **QTAP**  | 1533880 | 13954555 |
| **QTJL**  | 1084788 | 13824106 |
| **QTOC**  | 1106702 | 1479416 |
| **BALT**  | 7727258 | 75532896 |
| **XDSQ**  | - | 17773829 |
| **XDQQ**  | - | 24138681 |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

**5. CREATION AND REDEMPTION TRANSACTIONS**

There were 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 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.

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

**6.** **FEDERAL INCOME TAX INFORMATION** 

At October 31, 2022, the cost of investments including options written and net unrealized appreciation/(depreciation) for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of Portfolio** | **Gross Unrealized Appreciation** | **Gross Unrealized Depreciation** | **Net Unrealized Appreciation / (Depreciation)** |
| **IJAN**  | $73864650 | $14176153 | $(22306234) | $(8130081) |
| **IAPR**  | 44492842 | 5134901 | (6355605) | (1220704) |
| **IJUL**  | 190670252 | 1102504 | (2886204) | (1783700) |
| **IOCT**  | 91830185 | 5914227 | (3342496) | 2571731 |
| **EJAN**  | 66999880 | 16616465 | (27657843) | (11041378) |
| **EAPR**  | 35208394 | 5447738 | (9973618) | (4525880) |
| **EJUL**  | 58141481 | 4009097 | (7467532) | (3458435) |
| **EOCT**  | 26165595 | 459404 | (980717) | (521313) |
| **NJAN**  | 96064293 | 23736429 | (36968071) | (13231642) |
| **NAPR**  | 56689672 | 10514872 | (14303428) | (3788556) |
| **NJUL**  | 117742041 | 4567585 | (3873021) | 694564 |
| **NOCT**  | 79828058 | 3203602 | (2019778) | 1183824 |
| **KJAN**  | 82975905 | 9896078 | (13309092) | (3413014) |
| **KAPR**  | 88721893 | 3308950 | (7131730) | (3822780) |
| **KJUL**  | 74893690 | 7601640 | (4111423) | 3490217 |
| **KOCT**  | 70381497 | 6381980 | (3822477) | 2559503 |
| **DSJA**  | 3728933 | 311867 | (1008792) | (696925) |
| **DSOC**  | 3852784 | 378431 | (207536) | 170895 |
| **TSJA**  | 7373515 | 1298974 | (2678978) | (1380004) |
| **TSOC**  | 5045371 | 881849 | (647743) | 234106 |
| **DBJA**  | 8468225 | 1470789 | (1744724) | (273935) |
| **DBOC**  | 13905328 | 1677280 | (1223233) | 454047 |
| **TBJL**  | 33648067 | 1429756 | (2860264) | (1430508) |
| **TFJL**  | 20676368 | 439064 | (759413) | (320349) |
| **XDJA**  | 4698870 | 152506 | (875260) | (722754) |
| **XDAP**  | 4408101 | 323244 | (973666) | (650422) |
| **XDJL**  | 3474178 | 12613 | (11544) | 1069 |
| **XDOC**  | 33716894 | 4461683 | (2529077) | 1932606 |
| **XTJA**  | 6242720 | 395615 | (1667680) | (1272065) |
| **XTAP**  | 4369491 | 678846 | (1311317) | (632471) |
| **XTJL**  | 12596112 | 347847 | (230826) | 117021 |
| **XTOC**  | 14434281 | 2275838 | (1595532) | 680306 |
| **XBJA**  | 16235570 | 1526457 | (3452551) | (1926094) |
| **XBAP**  | 21916003 | 3010963 | (5305842) | (2294879) |
| **XBJL**  | 34023711 | 939189 | (2700883) | (1761694) |
| **XBOC**  | 34895037 | 3852525 | (2805504) | 1047021 |
| **QTJA**  | 6734237 | 354148 | (2684112) | (2329964) |
| **QTAP**  | 9183018 | 1900625 | (4056443) | (2155818) |
| **QTJL**  | 19251453 | 1631063 | (2878515) | (1247452) |
| **QTOC**  | 5853448 | 446921 | (278305) | 168616 |
| **BALT**  | 252661367 | 20562185 | (16639001) | 3923184 |
| **XDSQ**  | 10797485 | 1321326 | (671581) | 649745 |
| **XDQQ**  | 17400073 | 843330 | (164456) | 678874 |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

At October 31, 2022, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Accumulated Capital and Other Losses**  | **Undistributed**<br> **Capital Gains** | **Undistributed Net Ordinary Income**  | **Unrealized Appreciation / (Depreciation) on Investments** | **Total Distributable Earnings /(Accumulated Deficit)**  |
| **IJAN**  | $(5260128) | $- | $- | $(8130081) | $(13390209) |
| **IAPR**  | (7451944) | - | - | (1220704) | (8672648) |
| **IJUL**  | (15337226) | - | - | (1783700) | (17120926) |
| **IOCT**  | (2510557) | - | - | 2571731 | 61174 |
| **EJAN**  | (3996921) | - | - | (11041378) | (15038299) |
| **EAPR**  | (5181808) | - | - | (4525880) | (9707688) |
| **EJUL**  | (13281445) | - | - | (3458435) | (16739880) |
| **EOCT**  | (1510830) | - | - | (521313) | (2032143) |
| **NJAN**  | (18931417) | - | - | (13231642) | (32163059) |
| **NAPR**  | (4693817) | - | - | (3788556) | (8482373) |
| **NJUL**  | (14774292) | - | - | 694564 | (14079728) |
| **NOCT**  | (7718348) | - | - | 1183824 | (6534524) |
| **KJAN**  | (12825732) | - | - | (3413014) | (16238746) |
| **KAPR**  | (7571828) | - | - | (3822780) | (11394608) |
| **KJUL**  | (19228696) | - | - | 3490217 | (15738479) |
| **KOCT**  | (5258504) | - | - | 2559503 | (2699001) |
| **DSJA**  | (1295762) | - | - | (696925) | (1992687) |
| **DSOC**  | (6732479) | - | - | 170895 | (6561584) |
| **TSJA**  | (11362783) | - | - | (1380004) | (12742787) |
| **TSOC**  | (9656646) | - | - | 234106 | (9422540) |
| **DBJA**  | (5190471) | - | - | (273935) | (5464406) |
| **DBOC**  | (16230797) | - | - | 454047 | (15776750) |
| **TBJL**  | (1970507) | - | - | (1430508) | (3401015) |
| **TFJL**  | (2241374) | - | - | (320349) | (2561723) |
| **XDJA**  | (24163) | - | - | (722754) | (746917) |
| **XDAP**  | - | - | - | (650422) | (650422) |
| **XDJL**  | (1403351) | - | - | 1069 | (1402282) |
| **XDOC**  | (7673899) | - | - | 1932606 | (5741293) |
| **XTJA**  | (38272) | - | - | (1272065) | (1310337) |
| **XTAP**  | (1292112) | - | - | (632471) | (1924583) |
| **XTJL**  | (5142136) | - | - | 117021 | (5025115) |
| **XTOC**  | (1675767) | - | - | 680306 | (995461) |
| **XBJA**  | (85724) | - | - | (1926094) | (2011818) |
| **XBAP**  | (1370363) | - | - | (2294879) | (3665242) |
| **XBJL**  | (3926248) | - | - | (1761694) | (5687942) |
| **XBOC**  | (2830271) | - | - | 1047021 | (1783250) |
| **QTJA**  | (44573) | - | - | (2329964) | (2374537) |
| **QTAP**  | (4380261) | - | - | (2155818) | (6536079) |
| **QTJL**  | (6534621) | - | - | (1247452) | (7782073) |
| **QTOC**  | (1706844) | - | - | 168616 | (1538228) |
| **BALT**  | (25251042) | - | - | 3923184 | (21327858) |
| **XDSQ**  | (4968833) | - | - | 649745 | (4319088) |
| **XDQQ**  | (6943105) | - | - | 678874 | (6264231) |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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, 2022, the Funds deferred the following qualified late year ordinary losses:

---

| | |
|:---|:---|
|  | **Late Year Ordinary Losses** |
| **IJAN**  | $554087 |
| **IAPR**  | 371799 |
| **IJUL**  | 600381 |
| **IOCT**  | 147726 |
| **EJAN**  | 597590 |
| **EAPR**  | 290648 |
| **EJUL**  | 275632 |
| **EOCT**  | 69926 |
| **NJAN**  | 722722 |
| **NAPR**  | 346461 |
| **NJUL**  | 489461 |
| **NOCT**  | 413710 |
| **KJAN**  | 742063 |
| **KAPR**  | 562807 |
| **KJUL**  | 414930 |
| **KOCT**  | 265090 |
| **DSJA**  | 29801 |
| **DSOC**  | 43618 |
| **TSJA**  | 87124 |
| **TSOC**  | 59346 |
| **DBJA**  | 73260 |
| **DBOC**  | 114227 |
| **TBJL**  | 52455 |
| **TFJL**  | 55023 |
| **XDJA**  | 24162 |
| **XDAP**  | - |
| **XDJL**  | 32216 |
| **XDOC**  | 69222 |
| **XTJA**  | 38272 |
| **XTAP**  | 64063 |
| **XTJL**  | 92612 |
| **XTOC**  | 46259 |
| **XBJA**  | 85724 |
| **XBAP**  | 157081 |
| **XBJL**  | 143487 |
| **XBOC**  | 61513 |
| **QTJA**  | 44573 |
| **QTAP**  | 78357 |
| **QTJL**  | 92227 |
| **QTOC**  | 31329 |
| **BALT**  | 756826 |
| **XDSQ**  | 73320 |
| **XDQQ**  | 95278 |

---

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

At October 31, 2022, 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 Short-Term** | **Indefinite Long-Term** |
| **IJAN**  | $4706041 | $- |
| **IAPR**  | 7080146 | - |
| **IJUL**  | 14736846 | - |
| **IOCT**  | 2362833 | - |
| **EJAN**  | 3399331 | - |
| **EAPR**  | 4891158 | - |
| **EJUL**  | 11928277 | 1077537 |
| **EOCT**  | 1440904 | - |
| **NJAN**  | 18208696 | - |
| **NAPR**  | 4347357 | - |
| **NJUL**  | 14284830 | - |
| **NOCT**  | 7304638 | - |
| **KJAN**  | 12083667 | - |
| **KAPR**  | 7009021 | - |
| **KJUL**  | 18813767 | - |
| **KOCT**  | 4993414 | - |
| **DSJA**  | 1265962 | - |
| **DSOC**  | 6688860 | - |
| **TSJA**  | 11275660 | - |
| **TSOC**  | 9597302 | - |
| **DBJA**  | 5117214 | - |
| **DBOC**  | 16116570 | - |
| **TBJL**  | 1918050 | - |
| **TFJL**  | 2186352 | - |
| **XDJA**  | - | - |
| **XDAP**  | - | - |
| **XDJL**  | 1371136 | - |
| **XDOC**  | 7604677 | - |
| **XTJA**  | - | - |
| **XTAP**  | 1228048 | - |
| **XTJL**  | 5049521 | - |
| **XTOC**  | 1629507 | - |
| **XBJA**  | - | - |
| **XBAP**  | 1213282 | - |
| **XBJL**  | 3782761 | - |
| **XBOC**  | 2768758 | - |
| **QTJA**  | - | - |
| **QTAP**  | 4301905 | - |
| **QTJL**  | 6442393 | - |
| **QTOC**  | 1675514 | - |
| **BALT**  | 24494216 | - |
| **XDSQ**  | 4895511 | - |
| **XDQQ**  | 6847827 | - |

---

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, 2022, no capital loss carryforwards available were utilized.

------

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The Funds did not pay any distributions during the fiscal years or periods ended October 31, 2022 and October 31, 2021, respectively.

**7. NEW ACCOUNTING PRONOUNCEMENTS**

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **SUBSEQUENT EVENT** 

Management has evaluated the impact of all subsequent events of the Funds through the date of the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

------

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 International Developed Power Buffer ETF - January, Innovator International Developed Power Buffer ETF - April, Innovator International Developed Power Buffer ETF - July, Innovator International Developed Power Buffer ETF - October, Innovator Emerging Markets Power Buffer ETF - January, Innovator Emerging Markets Power Buffer ETF - April, Innovator Emerging Markets Power Buffer ETF - July, Innovator Emerging Markets Power Buffer ETF - October, Innovator Growth-100 Power Buffer ETF - January, Innovator Growth-100 Power Buffer ETF - April, Innovator Growth-100 Power Buffer ETF - July, Innovator Growth-100 Power Buffer ETF - October, Innovator U.S. Small Cap Power Buffer ETF - January, Innovator U.S. Small Cap Power Buffer ETF - April, Innovator U.S. Small Cap Power Buffer ETF - July, Innovator U.S. Small Cap Power Buffer ETF - October, Innovator Double Stacker ETF - January, Innovator Double Stacker ETF - October, Innovator Triple Stacker ETF - January, Innovator Triple Stacker ETF - October, Innovator Double Stacker 9 Buffer ETF - January, Innovator Double Stacker 9 Buffer ETF - October, Innovator U.S. Equity Accelerated ETF - April, Innovator U.S. Equity Accelerated ETF - July, Innovator U.S. Equity Accelerated ETF - October, Innovator U.S. Equity Accelerated Plus ETF - April, Innovator U.S. Equity Accelerated Plus ETF - July, Innovator U.S. Equity Accelerated Plus ETF - October, Innovator U.S. Equity Accelerated 9 Buffer ETF - April, Innovator U.S. Equity Accelerated 9 Buffer ETF - July, Innovator U.S. Equity Accelerated 9 Buffer ETF - October, Innovator Growth Accelerated Plus ETF - April, Innovator Growth Accelerated Plus ETF - July, Innovator Growth Accelerated Plus ETF - October, Innovator 20+ Year Treasury Bond 9 Buffer ETF - July, Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly, Innovator Defined Wealth Shield ETF, Innovator U.S. Equity Accelerated ETF - Quarterly, Innovator Growth Accelerated ETF – Quarterly, Innovator U.S. Equity Accelerated ETF – January, Innovator U.S. Equity Accelerated Plus ETF – January, Innovator U.S. Equity Accelerated 9 Buffer ETF – January, and Innovator Growth Accelerated Plus ETF - January (the "Funds"), each a series of Innovator ETFs Trust, as of October 31, 2022, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (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, 2022, 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.

------

INNOVATOR ETFs TRUST

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Statements of Operations | Statements of Changes in Net Assets | Financial Highlights |
| Innovator International Developed Power Buffer ETF - July and Innovator Emerging Markets Power Buffer ETF - July | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022, 2021 and 2020 and for the period from June 28, 2019 (commencement of operations) through October 31, 2019<br>|
| Innovator Growth-100 Power Buffer ETF - October and Innovator U.S. Small Cap Power Buffer ETF - October | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022, 2021 and 2020 and for the period from September 30, 2019 (commencement of operations) through October 31, 2019 |
| Innovator Growth-100 Power Buffer ETF - January, Innovator U.S. Small Cap Power Buffer ETF - January, Innovator International Developed Power Buffer ETF - January, and Innovator Emerging Markets Power Buffer ETF - January | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022 and 2021 and for the period from December 31, 2019 (commencement of operations) through October 31, 2020 |
| Innovator Growth-100 Power Buffer ETF - April and Innovator U.S. Small Cap Power Buffer ETF - April | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022 and 2021 and for the period from March 31, 2020 (commencement of operations) through October 31, 2020 |
| Innovator Growth-100 Power Buffer ETF - July and Innovator U.S. Small Cap Power Buffer ETF - July | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022 and 2021 and for the period from June 30, 2020 (commencement of operations) through October 31, 2020 |
| Innovator 20+ Year Treasury Bond 9 Buffer ETF - July and Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022 and 2021 and for the period from August 17, 2020 (commencement of operations) through October 31, 2020 |
| Innovator Double Stacker ETF - October, Innovator Triple Stacker ETF - October, and Innovator Double Stacker 9 Buffer ETF - October | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022 and 2021 and for the period from September 30, 2020 (commencement of operations) through October 31, 2020 |

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INNOVATOR ETFs TRUST

---

| | | |
|:---|:---|:---|
| Innovator Double Stacker ETF - January, Innovator Triple Stacker ETF - January, and Innovator Double Stacker 9 Buffer ETF – January | For the year ended October 31, 2022 | For the year ended October 31, 2022, and for the period from December 31, 2020 (commencement of operations) through October 31, 2021 |
| Innovator International Developed Power Buffer ETF - April, Innovator Emerging Markets Power Buffer ETF - April, Innovator U.S. Equity Accelerated ETF - April, Innovator U.S. Equity Accelerated Plus ETF - April, Innovator U.S. Equity Accelerated 9 Buffer ETF - April, Innovator Growth Accelerated Plus ETF - April, Innovator U.S. Equity Accelerated ETF - Quarterly, and Innovator Growth Accelerated ETF - Quarterly | For the year ended October 31, 2022 | For the year ended October 31, 2022, and for the period from March 31, 2021 (commencement of operations) through October 31, 2021 |
| Innovator U.S. Equity Accelerated ETF - July, Innovator U.S. Equity Accelerated Plus ETF - July, Innovator U.S. Equity Accelerated 9 Buffer ETF - July, Innovator Growth Accelerated Plus ETF - July, and Innovator Defined Wealth Shield ETF | For the year ended October 31, 2022 | For the year ended October 31, 2022, and for the period from June 30, 2021 (commencement of operations) through October 31, 2021 |
| Innovator International Developed Power Buffer ETF - October, Innovator Emerging Markets Power Buffer ETF - October, Innovator U.S. Equity Accelerated ETF - October, Innovator U.S. Equity Accelerated Plus ETF - October, Innovator U.S. Equity Accelerated 9 Buffer ETF - October, and Innovator Growth Accelerated Plus ETF - October | For the year ended October 31, 2022 | For the year ended October 31, 2022, and for the period from September 30, 2021 (commencement of operations) through October 31, 2021 |
| Innovator U.S. Equity Accelerated ETF – January, Innovator U.S. Equity Accelerated Plus ETF – January,<br> Innovator U.S. Equity Accelerated 9 Buffer ETF – January, and Innovator Growth Accelerated Plus ETF - January | For the period from December 31, 2021 (commencement of operations) through October 31, 2022 | For the period from December 31, 2021 (commencement of operations) through October 31, 2022 |

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INNOVATOR ETFs TRUST

<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, 2022, by correspondence with the custodian and brokers. 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.

![ex_459265img045.jpg](ex_459265img045.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

December 22, 2022

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INNOVATOR ETFs TRUST

**Trustees and Officers (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Name, Address*** <br> ***and Year of Birth*** | ***Position with***<br> ***the Trust*** | ***Length of***<br> ***Time***<br> ***Served\**** | ***Principal Occupation(s)***<br> ***During Past 5 Years*** | ***Number*** <br> ***of***<br> ***Portfolios in Fund***<br> ***Complex<sup>(a)</sup>***<br> ***Overseen by Trustee or Officer*** | ***Other***<br> ***Directorships***<br> ***Held by Trustee***<br> ***or Officer in the Past Five Years*** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Mark Berg<br> 109 N. Hale Street,<br> Wheaton, IL 60187<br> Year of Birth: 1971 | Trustee | Since 2017 | Founding Principal (2001-present), Chief Executive Officer (2019-present), President (2001-2019), Timothy Financial Counsel, Inc. | 89 | Tortazo, LLC (2018-present) |
| Joe Stowell<br> 109 N. Hale Street,<br> Wheaton, IL0187<br> Year of Birth: 1968 | Trustee | Since 2017 | Chief Operating Officer, Woodmen Valley Chapel (2015-present). | 89 | Board of Advisors, Westmont College (2016-2021). |
| Brian J. Wildman<br> 109 N. Hale Street,<br> Wheaton, IL 60187<br> Year of Birth: 1963 | Trustee | Since 2017 | President, Timothy Financial Counsel, Inc. (2019-present);<br> Executive Vice President, Consumer Banking (2016-2019), Chief Risk Officer (2013-2016), MB Financial Bank. | 89 | Missionary Furlough Homes, Inc. (since 2008); MB Financial Bank (2003-2019). |

---

------

INNOVATOR ETFs TRUST

**Trustees and Officers (Unaudited) (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Interested Trustee & Officer** | **Interested Trustee & Officer** | **Interested Trustee & Officer** | **Interested Trustee & Officer** | **Interested Trustee & Officer** | **Interested Trustee & Officer** |
| H. Bruce Bond <sup>(b)</sup><br> 109 N. Hale Street,<br> Wheaton, IL 60187<br> Year of Birth: 1963 | Interested Trustee, President and Principal Executive Officer | Since 2017 | Chief Executive Officer, Innovator Capital Management, LLC (2017-present). | 89 |  |
| **Officers** | **Officers** | **Officers** | **Officers** | **Officers** | **Officers** |
| John W. Southard<br> 109 N. Hale Street,<br> Wheaton, IL 60187<br> Year of Birth: 1969 | Vice President, Treasurer and Principal Financial Accounting Officer <sup>(c)</sup> | Since 2017 | Chief Investment Officer, Innovator Capital Management, LLC (2017-2022); Director and Co-Founder, T2 Capital Management, LLC (2010-present). | 89 | Independent Trustee, ETF Managers Group, LLC (2012-2018) |
| Kevin Gustafson<br> 109 N. Hale Street<br> Wheaton, IL 60187<br> Year of Birth: 1965 | Chief Compliance Officer and Anti-Money Laundering Officer | Since 2020 | Chief Compliance Officer, Innovator Capital Management LLC (2019-2022); General Counsel, Innovator Capital Management LLC (2019-present); Chief Compliance Officer, General Counsel and Chief Risk Officer, Americas, Eastspring Investments, Inc. (2012 - 2019). | 89 |  |

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\* The Funds' Trustees serve for an indefinite term until their resignation, death or removal. The Funds' officers are elected annually by the Board and serve at the Board's pleasure.

<sup>(a)</sup> The Fund Complex includes the Funds, each series of Innovator ETFs Trust.

<sup>(b)</sup> H. Bruce Bond is deemed to be an interested person of the Trust (as defined in the 1940 Act) because of his affiliation with the Adviser.

<sup>(c)</sup> Kathleen I. Meyer is deemed the Principal Financial Accounting Officer as of November 1, 2022.

The Statement of Additional Information includes additional information about the Trustees and is available upon request, without charge, by calling 1-877-386-3890.

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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 International Developed Power Buffer ETF** – **January, April, July, October**

**Innovator Emerging Markets Power Buffer ETF** – **January, April, July, October**

**Innovator Growth-100 Power Buffer ETF** – **January, April, July, October**

**Innovator U.S. Small Cap Power Buffer ETF** – **January, April, July, October**

**Innovator Double Stacker ETF** – **January & October**

**Innovator Triple Stacker ETF** – **January & October**

**Innovator Double Stacker 9 Buffer ETF** – **January & October**

**Innovator 20+ Year Treasury Bond 9 Buffer ETF** – **July**

**Innovator 20+ Year Treasury Bond 5 Floor ETF** – **Quarterly**

**Innovator U.S. Equity Accelerated ETF** – **January, April, July, October**

**Innovator U.S. Equity Accelerated Plus ETF** – **January, April, July, October**

**Innovator U.S. Equity Accelerated 9 Buffer ETF** – **January, April, July, October**

**Innovator Growth Accelerated Plus ETF** – **January, April, July, October**

**Innovator U.S. Equity Accelerated ETF** – **Quarterly**

**Innovator Growth Accelerated ETF** – **Quarterly**

At a quarterly Board meeting held on June 16, 2022, the Trust's Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the "Adviser"), on behalf of the Innovator International Developed Power Buffer ETF – January, April, July, October, Innovator Emerging Markets Power Buffer ETF – January, April, July, October, Innovator Growth-100 Power Buffer ETF – January, April, July, October, Innovator U.S. Small Cap Power Buffer ETF – January, April, July, October, Innovator Double Stacker ETF – January & October, Innovator Triple Stacker ETF – January & October, Innovator Double Stacker 9 Buffer ETF – January & October, Innovator 20+ Year Treasury Bond 9 Buffer ETF – July, Innovator 20+ Year Treasury Bond 5 Floor ETF – Quarterly, Innovator U.S. Equity Accelerated ETF – January, April, July, October, Innovator U.S. Equity Accelerated Plus ETF – January, April, July, October, Innovator U.S. Equity Accelerated 9 Buffer ETF – January, April, July, October, Innovator Growth Accelerated Plus ETF – January, April, July, October, Innovator U.S. Equity Accelerated ETF – Quarterly, and Innovator Growth Accelerated ETF – Quarterly (the "Funds"), and the Sub– Advisory Agreement among the Trust, on behalf of the Funds, the Adviser and Milliman Financial Risk Management LLC ("Milliman" or the "Sub–Adviser"), 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.

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INNOVATOR ETFs TRUST

**Board Considerations Regarding Approval of Investment Management** 

**Agreement (Unaudited) (Continued)**

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.

------

INNOVATOR ETFs TRUST

**Board Considerations Regarding Approval of Investment Management** 

**Agreement (Unaudited) (Continued)**

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, 2022 including NAV, market, and respective index returns.

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.

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 approval of the agreements.

------

INNOVATOR ETFs TRUST

**Board Considerations Regarding Approval of Investment Management** 

**Agreement (Unaudited) (Continued)**

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.

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INNOVATOR ETFs TRUST

**Additional Information (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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>.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

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INNOVATOR ETFs TRUST

**Additional Information (Unaudited) (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **TAX NOTICE** 

For the fiscal year ended October 31, 2022, 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, 2022, 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, 2022, the percentage of ordinary income distributions that were designated as short-term capital gain distributions under Internal Revenue Section 871(k)2(c) was 0.00%.

**7. LIQUIDITY RISK MANAGEMENT PROGRAM**

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Innovator ETFs Trust ("Trust"), on behalf of each of its series (each a "Fund" and, collectively, the "Funds"), has established a liquidity risk management program to govern the Funds' approach to managing liquidity risk (the "Program"). The Program is overseen by the Trust's Valuation Committee as the Program Administrator, a committee comprised of representatives of the Trust's investment adviser, Innovator Capital Management LLC and representatives of Milliman Financial Risk Management LLC, the sub-adviser for certain of the Funds (the "Committee"). The Trust's Board of Trustees (the "Board") has approved the designation of the Committee to administer the Program.

The Program's principal objectives include supporting the Funds' compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence each Fund's liquidity and the periodic classification and re-classification of certain Funds' investments into groupings that reflect the Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on September 13, 2022, the Trustees received a written report from the Committee regarding the design and operational effectiveness of the Program which has been in operation since September 2019. The Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage the Funds' liquidity risk and has operated adequately and effectively to manage the Funds' liquidity risk since implementation. The Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Committee also noted no Fund has filed a Form N-LIQUID with the SEC.

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**INVESTMENT ADVISOR**

Innovator Capital Management, LLC

109 North Hale Street

Wheaton, IL 60187

**INVESTMENT SUB-ADVISOR**

Milliman Financial Risk Management LLC

71 S. 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

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

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![usequitycover.jpg](usequitycover.jpg)

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| Letter to Shareholders  | 3 |
| Fund Performance  | 5 |
| Expense Example  | 77 |
| Schedules of Investments and Options Written  | 80 |
| Statements of Assets and Liabilities  | 152 |
| Statements of Operations  | 170 |
| Statements of Changes in Net Assets  | 188 |
| Financial Highlights  | 206 |
| Notes to Financial Statements  | 224 |
| Report of Independent Registered Public Accounting Firm  | 254 |
| Trustees and Officers  | 259 |
| Board Considerations Regarding Approval of Investment Management Agreement  | 261 |
| Additional Information  | 264 |

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**Letter to Shareholders (Unaudited)**

Dear Valued Shareholders,

Thank you for your interest in Innovator ETFs.

During the year ended October 31, 2022, the U.S. equity market continued its pull-back on the heels of the swiftest interest rate hike in U.S. history. For more than a decade, we witnessed the Federal Reserve institute Quantitative Easing in an effort to spur economic growth and keep interest rates artificially low; and for the most part it worked. However, as the country emerged from the COVID-19 lockdowns and restrictions, there were a few key factors that we believe have contributed to a slowdown and to the elevated market volatility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Record high inflation resulting both from supply chain disruptions and money supply growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A sharp and swift reversal in Fed policy, from highly accommodative to increasingly restrictive

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A process of revaluing future corporate earnings in light of the new interest rate regime

Yet, while it's important to identify short-term risks facing the economy, we believe that higher interest rates may ultimately lead to higher stock prices over time, as the increased prices of goods and services make their way through to the stock prices of the underlying companies. To that end, we think it's important to maintain a diversified approach to investing that includes tools that both focus on growth, as well as those that seek to defend against market loss.

At Innovator, we are rooted in the development of risk-managed, growth, and income-oriented ETF solutions. Today, I'm happy to announce that more advisors are using Innovator ETFs than ever before. 2022 was a year of tremendous growth for the firm, with our flagship line of Defined Outcome ETFs™ garnering more than $5b in net flows, nearly doubling Innovator's assets under management since this time last year.

On behalf of the team at Innovator, thank you for your confidence in us and in the products we offer. May the Lord grant all of us wisdom and peace in the months ahead.

![bond01.jpg](bond01.jpg)

Bruce Bond

Chief Executive Officer

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**Letter to Shareholders (Unaudited) (Continued)**

*The views in this report were those of the Fund*'*s CEO as of October 31, 2022 and may not reflect his views on the date that this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.* 

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**INNOVATOR U.S. EQUITY BUFFER ETF** – **JANUARY**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF - January from its inception (December 31, 2018) to October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

![usequityjanchart.jpg](usequityjanchart.jpg)

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| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total**<br> **Returns as of**<br> **October 31, 2022**  | **Average Annual Total**<br> **Returns as of**<br> **October 31, 2022**  | **Average Annual Total**<br> **Returns as of**<br> **October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Buffer ETF - January |  |  |  |
| NAV Return  | -10.03% | 5.37% | 8.87% |
| Market Return  | -10.23% | 5.36% | 8.85% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 12.01% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 13.94% |

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<sup>(a)</sup> Inception date is December 31, 2018.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

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**INNOVATOR U.S. EQUITY BUFFER ETF** – **JANUARY**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/BJAN.

------

**INNOVATOR U.S. EQUITY BUFFER ETF** – **FEBRUARY**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – February from its inception (January 31, 2020) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

![usequityfebchart.jpg](usequityfebchart.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total**<br> **Returns as of** <br> **October 31, 2022**  | **Average Annual Total**<br> **Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Buffer ETF - February |  |  |
| NAV Return  | -6.37% | 7.11% |
| Market Return  | -6.32% | 7.09% |
| S&P 500® Index - Price Return  | -15.92% | 6.87% |
| S&P 500® Index - Total Return  | -14.61% | 8.59% |

---

<sup>(a)</sup> Inception date is January 31, 2020.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR U.S. EQUITY BUFFER ETF** – **FEBRUARY**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/BFEB.

------

**INNOVATOR U.S. EQUITY BUFFER ETF** – **MARCH**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – March from its inception (February 28, 2020) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

![usequitymarchart.jpg](usequitymarchart.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total**<br> **Returns as of** <br> **October 31, 2022**  | **Average Annual Total**<br> **Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Buffer ETF - March |  |  |
| NAV Return  | -6.26% | 7.97% |
| Market Return  | -6.30% | 7.93% |
| S&P 500® Index - Price Return  | -15.92% | 10.65% |
| S&P 500® Index - Total Return  | -14.61% | 12.41% |

---

<sup>(a)</sup> Inception date is February 28, 2020.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR U.S. EQUITY BUFFER ETF** – **MARCH**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/BMAR.

------

**INNOVATOR U.S. EQUITY BUFFER ETF** – **APRIL**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – April from its inception (March 29, 2019) to October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

![usequityaprilchart.jpg](usequityaprilchart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of October 31, 2022**  | **Average Annual Total Returns as of October 31, 2022**  | **Average Annual Total Returns as of October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Buffer ETF - April |  |  |  |
| NAV Return  | -5.99% | 4.98% | 6.06% |
| Market Return  | -6.39% | 4.94% | 5.99% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 9.07% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 10.92% |

---

<sup>(a)</sup> Inception date is March 29, 2019.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.* 

------

**INNOVATOR U.S. EQUITY BUFFER ETF** – **APRIL**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/BAPR.

------

**INNOVATOR U.S. EQUITY BUFFER ETF** – **MAY**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – May from its inception (April 30, 2020) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

![usequitymaychart.jpg](usequitymaychart.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total**<br> **Returns as of** <br> **October 31, 2022**  | **Average Annual Total**<br> **Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Buffer ETF - May |  |  |
| NAV Return  | -10.70% | 5.15% |
| Market Return  | -10.67% | 5.19% |
| S&P 500® Index - Price Return  | -15.92% | 12.04% |
| S&P 500® Index - Total Return  | -14.61% | 13.81% |

---

<sup>(a)</sup> Inception date is April 30, 2020.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.* 

------

**INNOVATOR U.S. EQUITY BUFFER ETF** – **MAY**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/BMAY.

------

**INNOVATOR U.S. EQUITY BUFFER ETF** – **JUNE**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – June from its inception (May 31, 2019) to October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

![usequityjunechart.jpg](usequityjunechart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Buffer ETF - June |  |  |  |
| NAV Return  | -9.93% | 3.76% | 5.67% |
| Market Return  | -9.97% | 3.76% | 5.67% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 10.50% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 12.35% |

---

<sup>(a)</sup> Inception date is May 31, 2019.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.* 

------

**INNOVATOR U.S. EQUITY BUFFER ETF** – **JUNE**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/BJUN.

------

**INNOVATOR U.S. EQUITY BUFFER ETF** – **JULY**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – July from its inception (August 28, 2018) to October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

![usequityjulychart.jpg](usequityjulychart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Buffer ETF - July |  |  |  |
| NAV Return  | -5.69% | 5.11% | 4.64% |
| Market Return  | -6.08% | 5.12% | 4.64% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 7.19% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 9.06% |

---

<sup>(a)</sup> Inception date is August 28, 2018.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com*

------

**INNOVATOR U.S. EQUITY BUFFER ETF** – **JULY**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/BJUL.

------

**INNOVATOR U.S. EQUITY BUFFER ETF** – **AUGUST**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – August from its inception (July 31, 2019) to October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

![usequityaugchart.jpg](usequityaugchart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Buffer ETF - August |  |  |  |
| NAV Return  | -8.13% | 5.53% | 5.72% |
| Market Return  | -8.11% | 5.66% | 5.77% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 8.38% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 10.20% |

---

<sup>(a)</sup> Inception date is July 31, 2019.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.* 

------

**INNOVATOR U.S. EQUITY BUFFER ETF** – **AUGUST**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/BAUG.

------

**INNOVATOR U.S. EQUITY BUFFER ETF** – **SEPTEMBER**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – September from its inception (August 30, 2019) to October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

![usequityseptchart.jpg](usequityseptchart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of October 31, 2022**  | **Average Annual Total Returns as of October 31, 2022**  | **Average Annual Total Returns as of October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Buffer ETF - September |  |  |  |
| NAV Return  | -7.13% | 6.72% | 7.32% |
| Market Return  | -7.25% | 6.72% | 7.29% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 9.23% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 11.03% |

---

<sup>(a)</sup> Inception date is August 30, 2019.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.* 

------

**INNOVATOR U.S. EQUITY BUFFER ETF** – **SEPTEMBER**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/BSEP.

------

**INNOVATOR U.S. EQUITY BUFFER ETF** – **OCTOBER**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – October from its inception (September 28, 2018) to October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

![usequityoctchart.jpg](usequityoctchart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Buffer ETF - October |  |  |  |
| NAV Return  | -7.29% | 7.75% | 6.34% |
| Market Return  | -7.37% | 7.70% | 6.37% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 7.20% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 9.06% |

---

<sup>(a)</sup> Inception date is September 28, 2018.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.* 

------

**INNOVATOR U.S. EQUITY BUFFER ETF** – **OCTOBER**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Return shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/BOCT.

------

**INNOVATOR U.S. EQUITY BUFFER ETF** – **NOVEMBER**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – November from its inception (October 31, 2019) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

![usequitynovchart.jpg](usequitynovchart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total**<br> **Returns as of**<br> **October 31, 2022**  | **Average Annual Total**<br> **Returns as of**<br> **October 31, 2022**  | **Average Annual Total**<br> **Returns as of**<br> **October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Buffer ETF - November |  |  |  |
| NAV Return  | -7.65% | 5.23% | 5.23% |
| Market Return  | -7.61% | 5.28% | 5.28% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 8.43% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 10.22% |

---

<sup>(a)</sup> Inception date is October 31, 2019.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR U.S. EQUITY BUFFER ETF** – **NOVEMBER**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/BNOV.

------

**INNOVATOR U.S. EQUITY BUFFER ETF** – **DECEMBER**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – December from its inception (November 29, 2019) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

![usequitydecchart.jpg](usequitydecchart.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Buffer ETF - December |  |  |
| NAV Return  | -6.97% | 6.42% |
| Market Return  | -6.89% | 6.42% |
| S&P 500® Index - Price Return  | -15.92% | 7.42% |
| S&P 500® Index - Total Return  | -14.61% | 9.16% |

---

<sup>(a)</sup> Inception date is November 29, 2019.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR U.S. EQUITY BUFFER ETF** – **DECEMBER**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/BDEC.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **JANUARY**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – January from its inception (December 31, 2018) to October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

![useqpowjanchart.jpg](useqpowjanchart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of October 31, 2022**  | **Average Annual Total Returns as of October 31, 2022**  | **Average Annual Total Returns as of October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Power Buffer ETF - January |  |  |  |
| NAV Return  | -5.83% | 3.48% | 5.83% |
| Market Return  | -5.92% | 3.48% | 5.80% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 12.01% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 13.94% |

---

<sup>(a)</sup> Inception date is December 31, 2018.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.* 

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **JANUARY**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/PJAN.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **FEBRUARY**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – February from its inception (January 31, 2020) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

![useqpowfebchart.jpg](useqpowfebchart.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of October 31, 2022**  | **Average Annual Total Returns as of October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Power Buffer ETF - February |  |  |
| NAV Return  | -4.02% | 4.72% |
| Market Return  | -4.01% | 4.68% |
| S&P 500® Index - Price Return  | -15.92% | 6.87% |
| S&P 500® Index - Total Return  | -14.61% | 8.59% |

---

<sup>(a)</sup> Inception date is January 31, 2020.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **FEBRUARY**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/PFEB.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **MARCH**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – March from its inception (February 28, 2020) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

![useqpowmarchart.jpg](useqpowmarchart.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of October 31, 2022**  | **Average Annual Total Returns as of October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Power Buffer ETF - March |  |  |
| NAV Return  | -2.72% | 5.97% |
| Market Return  | -3.18% | 5.88% |
| S&P 500® Index - Price Return  | -15.92% | 10.65% |
| S&P 500® Index - Total Return  | -14.61% | 12.41% |

---

<sup>(a)</sup> Inception date is February 28, 2020.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **MARCH**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/PMAR.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **APRIL**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – April from its inception (March 29, 2019) to October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

![useqpowaprilchart.jpg](useqpowaprilchart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of October 31, 2022**  | **Average Annual Total Returns as of October 31, 2022**  | **Average Annual Total Returns as of October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Power Buffer ETF - April |  |  |  |
| NAV Return  | -4.29% | 2.90% | 3.93% |
| Market Return  | -4.49% | 2.91% | 3.92% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 9.07% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 10.92% |

---

<sup>(a)</sup> Inception date is March 29, 2019.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **APRIL**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/PAPR.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **MAY**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – May from its inception (April 30, 2020) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

![useqpowmaychart.jpg](useqpowmaychart.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total**<br> **Returns as of** <br> **October 31, 2022**  | **Average Annual Total**<br> **Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Power Buffer ETF - May |  |  |
| NAV Return  | -7.30% | 3.62% |
| Market Return  | -7.22% | 3.68% |
| S&P 500® Index - Price Return  | -15.92% | 12.04% |
| S&P 500® Index - Total Return  | -14.61% | 13.81% |

---

<sup>(a)</sup> Inception date is April 30, 2020.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **MAY**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/PMAY.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **JUNE**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – June from its inception (May 31, 2019) to October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

![useqpowjunechart.jpg](useqpowjunechart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Power Buffer ETF - June |  |  |  |
| NAV Return  | -6.84% | 3.54% | 4.75% |
| Market Return  | -6.93% | 3.53% | 4.73% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 10.50% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 12.35% |

---

<sup>(a)</sup> Inception date is May 31, 2019.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.* 

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **JUNE**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/PJUN.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **JULY**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – July from its inception (August 7, 2018) to October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

![useqpowjulychart.jpg](useqpowjulychart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Power Buffer ETF - July |  |  |  |
| NAV Return  | -1.59% | 4.57% | 4.36% |
| Market Return  | -1.77% | 4.66% | 4.39% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 7.43% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 9.33% |

---

<sup>(a)</sup> Inception date is August 7, 2018.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **JULY**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/PJUL.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **AUGUST**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – August from its inception (July 31, 2019) to October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

![useqpowaugchart.jpg](useqpowaugchart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of October 31, 2022**  | **Average Annual Total Returns as of October 31, 2022**  | **Average Annual Total Returns as of October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Power Buffer ETF - August |  |  |  |
| NAV Return  | -5.98% | 3.94% | 4.15% |
| Market Return  | -5.90% | 3.91% | 4.21% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 8.38% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 10.20% |

---

<sup>(a)</sup> Inception date is July 31, 2019.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **AUGUST**

**Fund Performance**

**October 31, 2022 (Unaudited) (Continued)**

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/PAUG.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **SEPTEMBER**

**Fund Performance**

**October 31, 2022 (Unaudited)**

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – September from its inception (August 30, 2019) to October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

![useqpowseptchart.jpg](useqpowseptchart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Power Buffer ETF - September |  |  |  |
| NAV Return  | -2.90% | 4.98% | 5.46% |
| Market Return  | -2.94% | 4.94% | 5.43% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 9.23% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 11.03% |

---

<sup>(a)</sup> Inception date is August 30, 2019.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **SEPTEMBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/PSEP.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – October from its inception (September 28, 2018) to October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

![useqpowoctchart.jpg](useqpowoctchart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Power Buffer ETF - October |  |  |  |
| NAV Return  | -1.05% | 6.50% | 5.42% |
| Market Return  | -1.39% | 6.46% | 5.40% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 7.20% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 9.06% |

---

<sup>(a)</sup> Inception date is September 28, 2018.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)**  |

---

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/POCT.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **NOVEMBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)** |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – November from its inception (October 31, 2019) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

![useqpownovchart.jpg](useqpownovchart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Power Buffer ETF - November |  |  |  |
| NAV Return  | -1.67% | 5.54% | 5.54% |
| Market Return  | -1.62% | 5.61% | 5.61% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 8.43% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 10.22% |

---

<sup>(a)</sup> Inception date is October 31, 2019.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **NOVEMBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/PNOV.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **DECEMBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – December from its inception (November 29, 2019) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

![useqpowdecchart.jpg](useqpowdecchart.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of October 31, 2022**  | **Average Annual Total Returns as of October 31, 2022**  |
|  | **One Year** | **Since Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Power Buffer ETF - December |  |  |
| NAV Return  | -3.16% | 4.50% |
| Market Return  | -3.33% | 4.43% |
| S&P 500® Index - Price Return  | -15.92% | 7.42% |
| S&P 500® Index - Total Return  | -14.61% | 9.16% |

---

<sup>(a)</sup> Inception date is November 29, 2019.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF** – **DECEMBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/PDEC.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JANUARY**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – January from its inception (December 31, 2018) to October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

![usequltjanchart.jpg](usequltjanchart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Ultra Buffer ETF - January |  |  |  |
| NAV Return  | -5.82% | 2.19% | 4.37% |
| Market Return  | -5.88% | 2.27% | 4.41% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 12.01% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 13.94% |

---

<sup>(a)</sup> Inception date is December 31, 2018.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JANUARY**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/UJAN.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - FEBRUARY**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)** |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – February from its inception (January 31, 2020) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

![usequltfebchart.jpg](usequltfebchart.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Ultra Buffer ETF - February |  |  |
| NAV Return  | -5.21% | 2.65% |
| Market Return  | -5.37% | 2.61% |
| S&P 500® Index - Price Return  | -15.92% | 6.87% |
| S&P 500® Index - Total Return  | -14.61% | 8.59% |

---

<sup>(a)</sup> Inception date is January 31, 2020.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - FEBRUARY**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/UFEB.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - MARCH**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – March from its inception (February 28, 2020) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

![usequltmarchart.jpg](usequltmarchart.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Ultra Buffer ETF - March |  |  |
| NAV Return  | -4.15% | 3.25% |
| Market Return  | -4.14% | 3.30% |
| S&P 500® Index - Price Return  | -15.92% | 10.65% |
| S&P 500® Index - Total Return  | -14.61% | 12.41% |

---

<sup>(a)</sup> Inception date is February 28, 2020.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - MARCH**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/UMAR.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - APRIL**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – April from its inception (March 29, 2019) to October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

![usequltaprchart.jpg](usequltaprchart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Ultra Buffer ETF - April |  |  |  |
| NAV Return  | -4.59% | -1.09% | 0.47% |
| Market Return  | -4.85% | -1.07% | 0.47% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 9.07% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 10.92% |

---

<sup>(a)</sup> Inception date is March 29, 2019.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.* 

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - APRIL**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/UAPR.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - MAY**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)** |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – May from its inception (April 30, 2020) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

![usequltmaychart.jpg](usequltmaychart.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Ultra Buffer ETF - May |  |  |
| NAV Return  | -7.67% | 1.08% |
| Market Return  | -7.84% | 1.02% |
| S&P 500® Index - Price Return  | -15.92% | 12.04% |
| S&P 500® Index - Total Return  | -14.61% | 13.81% |

---

<sup>(a)</sup> Inception date is April 30, 2020.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.* 

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - MAY**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/UMAY.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JUNE**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – June from its inception (May 31, 2019) to October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

![usequltjunechart.jpg](usequltjunechart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Ultra Buffer ETF - June |  |  |  |
| NAV Return  | -7.92% | 1.57% | 2.89% |
| Market Return  | -7.91% | 1.61% | 2.92% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 10.50% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 12.35% |

---

<sup>(a)</sup> Inception date is May 31, 2019.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JUNE**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/UJUN.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JULY**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – July from its inception (August 7, 2018) to October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

![usequltjulychart.jpg](usequltjulychart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Ultra Buffer ETF - July |  |  |  |
| NAV Return  | -6.41% | 1.21% | 1.92% |
| Market Return  | -6.59% | 1.26% | 1.93% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 7.43% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 9.33% |

---

<sup>(a)</sup> Inception date is August 7, 2018.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.* 

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JULY**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/UJUL.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - AUGUST**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – August from its inception (July 31, 2019) to October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

![usequltaugchart.jpg](usequltaugchart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Ultra Buffer ETF - August |  |  |  |
| NAV Return  | -9.87% | 1.16% | 1.58% |
| Market Return  | -9.76% | 1.27% | 1.66% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 8.38% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 10.20% |

---

<sup>(a)</sup> Inception date is July 31, 2019.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - AUGUST**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/UAUG.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - SEPTEMBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – September from its inception (August 30, 2019) to October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

![usequltseptchart.jpg](usequltseptchart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Ultra Buffer ETF - September |  |  |  |
| NAV Return  | -7.54% | 1.87% | 2.33% |
| Market Return  | -7.68% | 1.86% | 2.32% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 9.23% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 11.03% |

---

<sup>(a)</sup> Inception date is August 30, 2019.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - SEPTEMBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/USEP.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – October from its inception (September 28, 2018) to October 31, 2022 as compared with the S&P 500® Index – Price Return and Total Return.

![usequltoctchart.jpg](usequltoctchart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Ultra Buffer ETF - October |  |  |  |
| NAV Return  | -4.52% | 3.27% | 2.96% |
| Market Return  | -4.66% | 3.33% | 3.00% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 7.20% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 9.06% |

---

<sup>(a)</sup> Inception date is September 28, 2018.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.* 

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - OCTOBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index – Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index – Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization–weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange–traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/UOCT.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - NOVEMBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – November from its inception (October 31, 2019) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

![usequltnocchart.jpg](usequltnocchart.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  | **Average Annual Total Returns as of**<br> **October 31, 2022**  |
|  | **One Year** | **Three Years** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Ultra Buffer ETF - November |  |  |  |
| NAV Return  | -5.76% | 2.64% | 2.64% |
| Market Return  | -5.80% | 2.65% | 2.65% |
| S&P 500® Index - Price Return  | -15.92% | 8.43% | 8.43% |
| S&P 500® Index - Total Return  | -14.61% | 10.22% | 10.22% |

---

<sup>(a)</sup> Inception date is October 31, 2019.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - NOVEMBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index - Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/UNOV.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - DECEMBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited)**  |

---

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – December from its inception (November 29, 2019) to October 31, 2022 as compared with the S&P 500® Index - Price Return and Total Return.

![usequltdecchart.jpg](usequltdecchart.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns as of** <br> **October 31, 2022**  | **Average Annual Total Returns as of** <br> **October 31, 2022**  |
|  | **One Year** | **Since**<br> **Inception <sup>(a)</sup>** |
| Innovator U.S. Equity Ultra Buffer ETF - December |  |  |
| NAV Return  | -5.88% | 2.12% |
| Market Return  | -5.86% | 2.09% |
| S&P 500® Index - Price Return  | -15.92% | 7.42% |
| S&P 500® Index - Total Return  | -14.61% | 9.16% |

---

<sup>(a)</sup> Inception date is November 29, 2019.

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor*'*s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.79%. For the most recent performance, please visit the Fund*'*s website at innovatoretfs.com.*

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - DECEMBER**

---

| |
|:---|
| **Fund Performance**  |
| **October 31, 2022 (Unaudited) (Continued)** |

---

The line graph and performance table do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of Fund shares. Returns shown for the Fund and S&P 500® Index - Total Return include the reinvestment of all dividends, if any. Returns shown for the S&P 500® Index -Price Return do not include the reinvestment of dividends, if any.

The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks.

The Fund's portfolio holdings may differ significantly from the securities held in the relevant index and, unlike an exchange-traded fund, the performance of an unmanaged index does not reflect deductions for transaction costs, taxes, management fees or other expenses.

You cannot invest directly in an index.

Premium/Discount Information:

Information regarding the differences between the price of the Fund's shares on the secondary market and the Fund's net asset value is available at Innovatoretfs.com/UDEC.

------

**INNOVATOR ETFs TRUST**

**Expense Example**

**For the Period Ended October 31, 2022 (Unaudited)**

As a shareholder of the Funds, you incur two types of costs: (1) ongoing costs, including management fees, and other Fund expenses; and (2) transaction costs, including brokerage commissions on the purchase and sale of Fund shares. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at the beginning of the respective period and held for the entire period from May 1, 2022 to October 31, 2022 for each Fund.

**Actual Expenses**

The following table provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 equals 8.6), then multiply the result by the number in the applicable line under the heading titled "Expenses Paid During the Period" to estimate the expenses you paid on your account during the period.

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Beginning** <br>**Account Value** | <br>**Ending**<br>**Account Value** | **Expenses Paid**<br>**During the**<br>**Period <sup>(a)</sup>** |
| Innovator U.S. Equity Buffer ETF - January (NAV)  | $1000.00 | $979.70 | $3.94 |
| Innovator U.S. Equity Buffer ETF - February (NAV)  | 1000.00 | 979.60 | 3.94 |
| Innovator U.S. Equity Buffer ETF - March (NAV)  | 1000.00 | 973.20 | 3.93 |
| Innovator U.S. Equity Buffer ETF - April (NAV)  | 1000.00 | 974.10 | 3.93 |
| Innovator U.S. Equity Buffer ETF - May (NAV)  | 1000.00 | 964.10 | 3.91 |
| Innovator U.S. Equity Buffer ETF - June (NAV)  | 1000.00 | 951.60 | 3.89 |
| Innovator U.S. Equity Buffer ETF - July (NAV)  | 1000.00 | 995.00 | 3.97 |
| Innovator U.S. Equity Buffer ETF - August (NAV)  | 1000.00 | 978.20 | 3.94 |
| Innovator U.S. Equity Buffer ETF - September (NAV)  | 1000.00 | 991.90 | 3.97 |
| Innovator U.S. Equity Buffer ETF - October (NAV)  | 1000.00 | 983.60 | 3.95 |
| Innovator U.S. Equity Buffer ETF - November (NAV)  | 1000.00 | 988.50 | 3.96 |
| Innovator U.S. Equity Buffer ETF - December (NAV)  | 1000.00 | 989.70 | 3.96 |
| Innovator U.S. Equity Power Buffer ETF - January (NAV)  | 1000.00 | 1005.30 | 3.99 |
| Innovator U.S. Equity Power Buffer ETF - February (NAV)  | 1000.00 | 996.40 | 3.98 |
| Innovator U.S. Equity Power Buffer ETF - March (NAV)  | 1000.00 | 988.20 | 3.96 |
| Innovator U.S. Equity Power Buffer ETF - April (NAV)  | 1000.00 | 988.40 | 3.96 |
| Innovator U.S. Equity Power Buffer ETF - May (NAV)  | 1000.00 | 977.80 | 3.94 |
| Innovator U.S. Equity Power Buffer ETF - June (NAV)  | 1000.00 | 960.40 | 3.90 |
| Innovator U.S. Equity Power Buffer ETF - July (NAV)  | 1000.00 | 1015.10 | 4.01 |
| Innovator U.S. Equity Power Buffer ETF - August (NAV)  | 1000.00 | 974.70 | 3.93 |
| Innovator U.S. Equity Power Buffer ETF - September (NAV)  | 1000.00 | 1015.10 | 4.01 |
| Innovator U.S. Equity Power Buffer ETF - October (NAV)  | 1000.00 | 1026.90 | 4.04 |
| Innovator U.S. Equity Power Buffer ETF - November (NAV)  | 1000.00 | 1031.30 | 4.04 |
| Innovator U.S. Equity Power Buffer ETF - December (NAV)  | 1000.00 | 1012.50 | 4.01 |

---

------

**INNOVATOR ETFs TRUST**

**Expense Example**

**For the Period Ended October 31, 2022 (Unaudited) (Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Beginning** <br>**Account Value** | <br>**Ending**<br>**Account Value** | **Expenses Paid**<br>**During the**<br>**Period <sup>(a)</sup>** |
| Innovator U.S. Equity Ultra Buffer ETF - January (NAV)  | 1000.00 | 995.40 | 3.97 |
| Innovator U.S. Equity Ultra Buffer ETF - February (NAV)  | 1000.00 | 977.00 | 3.94 |
| Innovator U.S. Equity Ultra Buffer ETF - March (NAV)  | 1000.00 | 975.30 | 3.93 |
| Innovator U.S. Equity Ultra Buffer ETF - April (NAV)  | 1000.00 | 977.50 | 3.94 |
| Innovator U.S. Equity Ultra Buffer ETF - May (NAV)  | 1000.00 | 974.00 | 3.93 |
| Innovator U.S. Equity Ultra Buffer ETF - June (NAV)  | 1000.00 | 956.30 | 3.90 |
| Innovator U.S. Equity Ultra Buffer ETF - July (NAV)  | 1000.00 | 970.70 | 3.92 |
| Innovator U.S. Equity Ultra Buffer ETF - August (NAV)  | 1000.00 | 939.20 | 3.86 |
| Innovator U.S. Equity Ultra Buffer ETF - September (NAV)  | 1000.00 | 969.00 | 3.92 |
| Innovator U.S. Equity Ultra Buffer ETF - October (NAV)  | 1000.00 | 987.00 | 3.96 |
| Innovator U.S. Equity Ultra Buffer ETF - November (NAV)  | 1000.00 | 986.40 | 3.96 |
| Innovator U.S. Equity Ultra Buffer ETF - December (NAV)  | 1000.00 | 981.60 | 3.95 |

---

<sup>(a)</sup> Expenses are equal to the Fund's annualized expense ratio (0.79%), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six month period).

**Hypothetical Example for Comparison Purposes**

The following table provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds' actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions on the purchase and sale of Fund shares with respect to the Funds. Therefore, the table below is useful in comparing the ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs could have been higher.

------

**INNOVATOR ETFs TRUST**

**Expense Example**

**For the Period Ended October 31, 2022 (Unaudited) (Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Expenses Paid** |
|  | **Beginning**  | **Ending** | **During the** |
|  | **Account Value** | **Account Value** | **Period <sup>(a)</sup>** |
| Innovator U.S. Equity Buffer ETF - January (NAV) | $1000.00 | $1021.22 | $4.02 |
| Innovator U.S. Equity Buffer ETF - February (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Buffer ETF - March (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Buffer ETF - April (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Buffer ETF - May (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Buffer ETF - June (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Buffer ETF - July (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Buffer ETF - August (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Buffer ETF - September (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Buffer ETF - October (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Buffer ETF - November (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Buffer ETF - December (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Power Buffer ETF - January (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Power Buffer ETF - February (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Power Buffer ETF - March (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Power Buffer ETF - April (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Power Buffer ETF - May (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Power Buffer ETF - June (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Power Buffer ETF - July (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Power Buffer ETF - August (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Power Buffer ETF - September (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Power Buffer ETF - October (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Power Buffer ETF - November (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Power Buffer ETF - December (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Ultra Buffer ETF - January (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Ultra Buffer ETF - February (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Ultra Buffer ETF - March (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Ultra Buffer ETF - April (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Ultra Buffer ETF - May (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Ultra Buffer ETF - June (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Ultra Buffer ETF - July (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Ultra Buffer ETF - August (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Ultra Buffer ETF - September (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Ultra Buffer ETF - October (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Ultra Buffer ETF - November (NAV) | 1000.00 | 1021.22 | 4.02 |
| Innovator U.S. Equity Ultra Buffer ETF - December (NAV) | 1000.00 | 1021.22 | 4.02 |

---

<sup>(a)</sup> Expenses are equal to the Fund's annualized expense ratio (0.79%), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six month period).

------

**INNOVATOR U.S. EQUITY BUFFER ETF – JANUARY**

**Schedule of Investments**

**October 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 110.87% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 90.18%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $3.81 | 3379 | $130500359 | $128625014 |
|  |  |  | 128625014 |
| **PUT OPTIONS - 20.69%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $474.97 | 3379 | 130500359 | 29505428 |
|  |  |  | 29505428 |
| TOTAL PURCHASED OPTIONS (Cost $167,043,461) |  |  | 158130442 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.20%** |  |  |  |
| **Money Market Deposit Account - 0.20%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup> | $278144 |  | 278144 |
| TOTAL SHORT TERM INVESTMENTS (Cost $278,144) |  |  | 278144 |
| **Total Investments (Cost $167,321,605) - 111.07%** |  |  | 158408586 |
| **Liabilities in Excess of Other Assets - (11.07)%** |  |  | (15772764) |
| TOTAL NET ASSETS - 100.00% |  |  | $142635822 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net** <br> **Assets** |
| Purchased Options | 110.87% |
| Short Term Investments | 0.20 |
| **Total Investments** | 111.07 |
| **Liabilities in Excess of Other Assets** | (11.07) |
| Net Assets | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – JANUARY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 12/30/2022 | $539.27 | 3379 | $(130500359) | $(20274) |
|  |  |  |  |  | (20274) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 12/30/2022 | 432.21 | 3379 | (130500359) | (15658286) |
|  |  |  |  |  | (15658286) |
| Total Options Written (Premiums Received $11,365,064)  | Total Options Written (Premiums Received $11,365,064)  |  |  |  | $(15678560) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – FEBRUARY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 107.08% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 92.01%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 1/31/2023, Strike Price $3.61  | 1664 | $64265344 | $63360757 |
|  |  |  | 63360757 |
| **PUT OPTIONS - 15.07%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 1/31/2023, Strike Price $449.92  | 1664 | 64265344 | 10378714 |
|  |  |  | 10378714 |
| TOTAL PURCHASED OPTIONS (Cost $79,750,061)  |  |  | 73739471 |
|  | **Principal**<br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.30%** |  |  |  |
| **Money Market Deposit Account - 0.30%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $203891 |  | 203891 |
| TOTAL SHORT TERM INVESTMENTS (Cost $203,891)  |  |  | 203891 |
| **Total Investments (Cost $79,953,952) - 107.38%**  |  |  | 73943362 |
| **Liabilities in Excess of Other Assets - (7.38)%**  |  |  | (5083126) |
| TOTAL NET ASSETS - 100.00%  |  |  | $68860236 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net** <br> **Assets** |
| Purchased Options  | 107.08% |
| Short Term Investments  | 0.30 |
| **Total Investments**  | 107.38 |
| **Liabilities in Excess of Other Assets**  | (7.38) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – FEBRUARY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike**<br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 1/31/2023 | $516.59 | 1664 | $(64265344) | $(7791) |
|  |  |  |  |  | (7791) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 1/31/2023 | 409.42 | 1664 | (64265344) | (5020745) |
|  |  |  |  |  | (5020745) |
| Total Options Written (Premiums Received $5,184,595)  | Total Options Written (Premiums Received $5,184,595)  |  |  |  | $(5028536) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – MARCH**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional**<br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 105.80% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 93.34%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 2/28/2023, Strike Price $3.51  | 1878 | $72530238 | $71529030 |
|  |  |  | 71529030 |
| **PUT OPTIONS - 12.46%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 2/28/2023, Strike Price $436.64  | 1878 | 72530238 | 9549794 |
|  |  |  | 9549794 |
| TOTAL PURCHASED OPTIONS (Cost $87,263,683)  |  |  | 81078824 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.35%** |  |  |  |
| **Money Market Deposit Account - 0.35%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $269999 |  | 269999 |
| TOTAL SHORT TERM INVESTMENTS (Cost $269,999)  |  |  | 269999 |
| **Total Investments (Cost $87,533,682) - 106.15%**  |  |  | 81348823 |
| **Liabilities in Excess of Other Assets - (6.15)%**  |  |  | (4713819) |
| TOTAL NET ASSETS - 100.00%  |  |  | $76635004 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net** <br> **Assets** |
| Purchased Options  | 105.80% |
| Short Term Investments  | 0.35 |
| **Total Investments**  | 106.15 |
| **Liabilities in Excess of Other Assets**  | (6.15) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – MARCH**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike**<br> **Price** | **Contracts** | **Notional**<br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 2/28/2023 | $509.24 | 1878 | $(72530238) | $(25894) |
|  |  |  |  |  | (25894) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 2/28/2023 | 397.33 | 1878 | (72530238) | (4637342) |
|  |  |  |  |  | (4637342) |
| Total Options Written (Premiums Received $6,144,359)  | Total Options Written (Premiums Received $6,144,359)  |  |  |  | $(4663236) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – APRIL**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 108.16% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 92.49%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $3.63  | 2819 | $108872599 | $106911184 |
|  |  |  | 106911184 |
| **PUT OPTIONS - 15.67%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $451.65  | 2819 | 108872599 | 18119206 |
|  |  |  | 18119206 |
| TOTAL PURCHASED OPTIONS (Cost $133,825,539)  |  |  | 125030390 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.37%** |  |  |  |
| **Money Market Deposit Account - 0.37%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $427587 |  | 427587 |
| TOTAL SHORT TERM INVESTMENTS (Cost $427,587)  |  |  | 427587 |
| **Total Investments (Cost $134,253,126) - 108.53%**  |  |  | 125457977 |
| **Liabilities in Excess of Other Assets - (8.53)%**  |  |  | (9862800) |
| TOTAL NET ASSETS - 100.00%  |  |  | $115595177 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net** <br> **Assets** |
| Purchased Options  | 108.16% |
| Short Term Investments  | 0.37 |
| **Total Investments**  | 108.53 |
| **Liabilities in Excess of Other Assets**  | (8.53) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – APRIL**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional**<br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 3/31/2023 | $525.26 | 2819 | $(108872599) | $(43235) |
|  |  |  |  |  | (43235) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 3/31/2023 | 410.99 | 2819 | (108872599) | (9745617) |
|  |  |  |  |  | (9745617) |
| Total Options Written (Premiums Received $8,508,915)  | Total Options Written (Premiums Received $8,508,915)  |  |  |  | $(9788852) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – MAY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 104.91% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 95.74%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 4/28/2023, Strike Price $4.13  | 4445 | $171670345 | $168366140 |
|  |  |  | 168366140 |
| **PUT OPTIONS - 9.17%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 4/28/2023, Strike Price $412.01  | 4445 | 171670345 | 16126512 |
|  |  |  | 16126512 |
| TOTAL PURCHASED OPTIONS (Cost $193,403,962)  |  |  | 184492652 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.29%** |  |  |  |
| **Money Market Deposit Account - 0.29%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $507380 |  | 507380 |
| TOTAL SHORT TERM INVESTMENTS (Cost $507,380)  |  |  | 507380 |
| **Total Investments (Cost $193,911,342) - 105.20%**  |  |  | 185000032 |
| **Liabilities in Excess of Other Assets - (5.20)%**  |  |  | (9141725) |
| TOTAL NET ASSETS - 100.00%  |  |  | $175858307 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net**<br> **Assets** |
| Purchased Options  | 104.91% |
| Short Term Investments  | 0.29 |
| **Total Investments**  | 105.20 |
| **Liabilities in Excess of Other Assets**  | (5.20) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – MAY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike**<br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 4/28/2023 | $496.67 | 4445 | $(171670345) | $(361781) |
|  |  |  |  |  | (361781) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 4/28/2023 | 374.92 | 4445 | (171670345) | (8664928) |
|  |  |  |  |  | (8664928) |
| Total Options Written (Premiums Received $13,426,016)  | Total Options Written (Premiums Received $13,426,016)  |  |  |  | $(9026709) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – JUNE**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional**<br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 105.59% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 96.09%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 5/31/2023, Strike Price $4.14  | 1940 | $74924740 | $73484273 |
|  |  |  | 73484273 |
| **PUT OPTIONS - 9.50%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 5/31/2023, Strike Price $412.94  | 1940 | 74924740 | 7267284 |
|  |  |  | 7267284 |
| TOTAL PURCHASED OPTIONS (Cost $85,095,649)  |  |  | 80751557 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.22%** |  |  |  |
| **Money Market Deposit Account - 0.22%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $165550 |  | 165550 |
| TOTAL SHORT TERM INVESTMENTS (Cost $165,550)  |  |  | 165550 |
| **Total Investments (Cost $85,261,199) - 105.81%**  |  |  | 80917107 |
| **Liabilities in Excess of Other Assets - (5.81)%**  |  |  | (4442871) |
| TOTAL NET ASSETS - 100.00%  |  |  | $76474236 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 105.59% |
| Short Term Investments  | 0.22 |
| **Total Investments**  | 105.81 |
| **Liabilities in Excess of Other Assets**  | (5.81) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – JUNE**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional**<br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 5/31/2023 | $494.28 | 1940 | $(74924740) | $(307926) |
|  |  |  |  |  | (307926) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 5/31/2023 | 375.77 | 1940 | (74924740) | (4084192) |
|  |  |  |  |  | (4084192) |
| Total Options Written (Premiums Received $5,684,018)  | Total Options Written (Premiums Received $5,684,018)  |  |  |  | $(4392118) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – JULY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 104.67% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 98.53%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $3.78  | 4447 | $171747587 | $167840106 |
|  |  |  | 167840106 |
| **PUT OPTIONS - 6.14%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $377.26  | 4447 | 171747587 | 10459995 |
|  |  |  | 10459995 |
| TOTAL PURCHASED OPTIONS (Cost $176,604,348)  |  |  | 178300101 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.27%** |  |  |  |
| **Money Market Deposit Account - 0.27%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $457456 |  | 457456 |
| TOTAL SHORT TERM INVESTMENTS (Cost $457,456)  |  |  | 457456 |
| **Total Investments (Cost $177,061,804) - 104.94%**  |  |  | 178757557 |
| **Liabilities in Excess of Other Assets - (4.94)%**  |  |  | (8416446) |
| TOTAL NET ASSETS - 100.00%  |  |  | $170341111 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net**<br> **Assets** |
| Purchased Options  | 104.67% |
| Short Term Investments  | 0.27 |
| **Total Investments**  | 104.94 |
| **Liabilities in Excess of Other Assets**  | (4.94) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – JULY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 6/30/2023 | $466.66 | 4447 | $(171747587) | $(2222322) |
|  |  |  |  |  | (2222322) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 6/30/2023 | 343.30 | 4447 | (171747587) | (6095133) |
|  |  |  |  |  | (6095133) |
| Total Options Written (Premiums Received $11,818,126)  | Total Options Written (Premiums Received $11,818,126)  |  |  |  | $(8317455) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – AUGUST**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 106.35% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 96.26%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 7/31/2023, Strike Price $4.13  | 2623 | $101302883 | $98913279 |
|  |  |  | 98913279 |
| **PUT OPTIONS - 10.09%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 7/31/2023, Strike Price $412.00  | 2623 | 101302883 | 10366808 |
|  |  |  | 10366808 |
| TOTAL PURCHASED OPTIONS (Cost $114,003,581)  |  |  | 109280087 |
|  | **Principal**<br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.29%** |  |  |  |
| **Money Market Deposit Account - 0.29%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $296282 |  | 296282 |
| TOTAL SHORT TERM INVESTMENTS (Cost $296,282)  |  |  | 296282 |
| **Total Investments (Cost $114,299,863) - 106.64%**  |  |  | 109576369 |
| **Liabilities in Excess of Other Assets - (6.64)%**  |  |  | (6822682) |
| TOTAL NET ASSETS - 100.00%  |  |  | $102753687 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net Assets** |
| Purchased Options  | 106.35% |
| Short Term Investments  | 0.29 |
| **Total Investments**  | 106.64 |
| **Liabilities in Excess of Other Assets**  | (6.64) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – AUGUST**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 7/31/2023 | $504.52 | 2623 | $(101302883) | $(506134) |
|  |  |  |  |  | (506134) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 7/31/2023 | 374.91 | 2623 | (101302883) | (6244974) |
|  |  |  |  |  | (6244974) |
| Total Options Written (Premiums Received $6,865,911)  | Total Options Written (Premiums Received $6,865,911)  |  |  |  | $(6751108) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – SEPTEMBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 106.04% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 97.66%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 8/31/2023, Strike Price $3.96  | 4298 | $165993058 | $162154999 |
|  |  |  | 162154999 |
| **PUT OPTIONS - 8.38%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 8/31/2023, Strike Price $395.19  | 4298 | 165993058 | 13922101 |
|  |  |  | 13922101 |
| TOTAL PURCHASED OPTIONS (Cost $179,476,421)  |  |  | 176077100 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.28%** |  |  |  |
| **Money Market Deposit Account - 0.28%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $463790 |  | 463790 |
| TOTAL SHORT TERM INVESTMENTS (Cost $463,790)  |  |  | 463790 |
| **Total Investments (Cost $179,940,211) - 106.32%**  |  |  | 176540890 |
| **Liabilities in Excess of Other Assets - (6.32)%**  |  |  | (10492360) |
| TOTAL NET ASSETS - 100.00%  |  |  | $166048530 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net** <br> **Assets** |
| Purchased Options  | 106.04% |
| Short Term Investments  | 0.28 |
| **Total Investments**  | 106.32 |
| **Liabilities in Excess of Other Assets**  | (6.32) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – SEPTEMBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description**  | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional**<br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 8/31/2023 | $490.38 | 4298 | $(165993058) | $(1799687) |
|  |  |  |  |  | (1799687) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 8/31/2023 | 359.61 | 4298 | (165993058) | (8577112) |
|  |  |  |  |  | (8577112) |
| Total Options Written (Premiums Received $11,217,954)  | Total Options Written (Premiums Received $11,217,954)  |  |  |  | $(10376799) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – OCTOBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 106.26% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 100.65%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.58  | 6060 | $234043260 | $227777493 |
|  |  |  | 227777493 |
| **PUT OPTIONS - 5.61%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $357.19  | 6060 | 234043260 | 12699138 |
|  |  |  | 12699138 |
| TOTAL PURCHASED OPTIONS (Cost $231,311,224)  |  |  | 240476631 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.26%** |  |  |  |
| **Money Market Deposit Account - 0.26%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $584821 |  | 584821 |
| TOTAL SHORT TERM INVESTMENTS (Cost $584,821)  |  |  | 584821 |
| **Total Investments (Cost $231,896,045) - 106.52%**  |  |  | 241061452 |
| **Liabilities in Excess of Other Assets - (6.52)%**  |  |  | (14759571) |
| TOTAL NET ASSETS - 100.00%  |  |  | $226301881 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net**<br> **Assets** |
| Purchased Options  | 106.26% |
| Short Term Investments  | 0.26 |
| **Total Investments**  | 106.52 |
| **Liabilities in Excess of Other Assets**  | (6.52) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – OCTOBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike**<br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 9/29/2023 | $458.80 | 6060 | $(234043260) | $(6584170) |
|  |  |  |  |  | (6584170) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 9/29/2023 | 325.03 | 6060 | (234043260) | (8050323) |
|  |  |  |  |  | (8050323) |
| Total Options Written (Premiums Received $15,533,032)  | Total Options Written (Premiums Received $15,533,032)  |  |  |  | $(14634493) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – NOVEMBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 106.32% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 98.07%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 10/31/2023, Strike Price $3.87  | 1611 | $62218431 | $60520437 |
|  |  |  | 60520437 |
| **PUT OPTIONS - 8.25%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 10/31/2023, Strike Price $386.22  | 1611 | 62218431 | 5090760 |
|  |  |  | 5090760 |
| TOTAL PURCHASED OPTIONS (Cost $65,618,121)  |  |  | 65611197 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.03%** |  |  |  |
| **Money Market Deposit Account - 0.03%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $20740 |  | 20740 |
| TOTAL SHORT TERM INVESTMENTS (Cost $20,740)  |  |  | 20740 |
| **Total Investments (Cost $65,638,861) - 106.35%**  |  |  | 65631937 |
| **Liabilities in Excess of Other Assets - (6.35)%**  |  |  | (3921510) |
| TOTAL NET ASSETS - 100.00%  |  |  | $61710427 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net** <br> **Assets** |
| Purchased Options  | 106.32% |
| Short Term Investments  | 0.03 |
| **Total Investments**  | 106.35 |
| **Liabilities in Excess of Other Assets**  | (6.35) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – NOVEMBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional**<br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 10/31/2023 | 497.01 | 1611 | (62218431) | $(724950) |
|  |  |  |  |  | (724950) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 10/31/2023 | 351.45 | 1611 | (62218431) | (3291273) |
|  |  |  |  |  | (3291273) |
| Total Options Written (Premiums Received $4,009,206)  | Total Options Written (Premiums Received $4,009,206)  |  |  |  | $(4016223) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – DECEMBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 106.75% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 90.55%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 11/30/2022, Strike Price $3.66  | 2455 | $94814555 | $93918791 |
|  |  |  | 93918791 |
| **PUT OPTIONS - 16.20%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 11/30/2022, Strike Price $455.57  | 2455 | 94814555 | 16809010 |
|  |  |  | 16809010 |
| TOTAL PURCHASED OPTIONS (Cost $114,475,514)  |  |  | 110727801 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.15%** |  |  |  |
| **Money Market Deposit Account - 0.15%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $158729 |  | 158729 |
| TOTAL SHORT TERM INVESTMENTS (Cost $158,729)  |  |  | 158729 |
| **Total Investments (Cost $114,634,243) - 106.90%**  |  |  | 110886530 |
| **Liabilities in Excess of Other Assets - (6.90)%**  |  |  | (7164515) |
| TOTAL NET ASSETS - 100.00%  |  |  | $103722015 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net** <br> **Assets** |
| Purchased Options  | 106.75% |
| Short Term Investments  | 0.15 |
| **Total Investments**  | 106.90 |
| **Liabilities in Excess of Other Assets**  | (6.90) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY BUFFER ETF – DECEMBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 11/30/2022 | $523.76 | 2455 | $(94814555) | $(281) |
|  |  |  |  |  | (281) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 11/30/2022 | 414.56 | 2455 | (94814555) | (7097584) |
|  |  |  |  |  | (7097584) |
| Total Options Written (Premiums Received $7,526,023)  | Total Options Written (Premiums Received $7,526,023)  |  |  |  | $(7097865) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – JANUARY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 105.35% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 85.56%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $3.80  | 10090 | $389685890 | $384000664 |
|  |  |  | 384000664 |
| **PUT OPTIONS - 19.79%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $474.96  | 10090 | 389685890 | 88819219 |
|  |  |  | 88819219 |
| TOTAL PURCHASED OPTIONS (Cost $497,537,522)  |  |  | 472819883 |
|  | **Principal**<br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.20%** |  |  |  |
| **Money Market Deposit Account - 0.20%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $889152 |  | 889152 |
| TOTAL SHORT TERM INVESTMENTS (Cost $889,152)  |  |  | 889152 |
| **Total Investments (Cost $498,426,674) - 105.55%**  |  |  | 473709035 |
| **Liabilities in Excess of Other Assets - (5.55)%**  |  |  | (24914526) |
| TOTAL NET ASSETS - 100.00%  |  |  | $448794509 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net**<br> **Assets** |
| Purchased Options  | 105.35% |
| Short Term Investments  | 0.20 |
| **Total Investments**  | 105.55 |
| **Liabilities in Excess of Other Assets**  | (5.55) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – JANUARY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike**<br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 12/30/2022 | $517.66 | 10090 | $(389685890) | $(10099) |
|  |  |  |  |  | (10099) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 12/30/2022 | 403.72 | 10090 | (389685890) | (24601929) |
|  |  |  |  |  | (24601929) |
| Total Options Written (Premiums Received $32,315,787)  | Total Options Written (Premiums Received $32,315,787)  |  |  |  | $(24612028) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – FEBRUARY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 103.58% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 89.00%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 1/31/2023, Strike Price $3.60  | 5596 | $216123116 | $213086543 |
|  |  |  | 213086543 |
| **PUT OPTIONS - 14.58%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 1/31/2023, Strike Price $449.91  | 5596 | 216123116 | 34898238 |
|  |  |  | 34898238 |
| TOTAL PURCHASED OPTIONS (Cost $265,127,885)  |  |  | 247984781 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.27%** |  |  |  |
| **Money Market Deposit Account - 0.27%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $653988 |  | 653988 |
| TOTAL SHORT TERM INVESTMENTS (Cost $653,988)  |  |  | 653988 |
| **Total Investments (Cost $265,781,873) - 103.85%**  |  |  | 248638769 |
| **Liabilities in Excess of Other Assets - (3.85)%**  |  |  | (9223265) |
| TOTAL NET ASSETS - 100.00%  |  |  | $239415504 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net**<br> **Assets** |
| Purchased Options  | 103.58% |
| Short Term Investments  | 0.27 |
| **Total Investments**  | 103.85 |
| **Liabilities in Excess of Other Assets**  | (3.85) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – FEBRUARY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike**<br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 1/31/2023 | $495.80 | 5596 | $(216123116) | $(64041) |
|  |  |  |  |  | (64041) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 1/31/2023 | 382.42 | 5596 | (216123116) | (9002185) |
|  |  |  |  |  | (9002185) |
| Total Options Written (Premiums Received $17,553,442)  | Total Options Written (Premiums Received $17,553,442)  |  |  |  | $(9066226) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – MARCH**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 103.18% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 91.03%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 2/28/2023, Strike Price $3.49  | 5408 | $208862368 | $205989894 |
|  |  |  | 205989894 |
| **PUT OPTIONS - 12.15%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 2/28/2023, Strike Price $436.63  | 5408 | 208862368 | 27495776 |
|  |  |  | 27495776 |
| TOTAL PURCHASED OPTIONS (Cost $250,164,701)  |  |  | 233485670 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.33%** |  |  |  |
| **Money Market Deposit Account - 0.33%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $746173 |  | 746173 |
| TOTAL SHORT TERM INVESTMENTS (Cost $746,173)  |  |  | 746173 |
| **Total Investments (Cost $250,910,874) - 103.51%**  |  |  | 234231843 |
| **Liabilities in Excess of Other Assets - (3.51)%**  |  |  | (7936655) |
| TOTAL NET ASSETS - 100.00%  |  |  | $226295188 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net** <br> **Assets** |
| Purchased Options  | 103.18% |
| Short Term Investments  | 0.33 |
| **Total Investments**  | 103.51 |
| **Liabilities in Excess of Other Assets**  | (3.51) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – MARCH**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike**<br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 2/28/2023 | $487.76 | 5408 | $(208862368) | $(207140) |
|  |  |  |  |  | (207140) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 2/28/2023 | 371.14 | 5408 | (208862368) | (7582169) |
|  |  |  |  |  | (7582169) |
| Total Options Written (Premiums Received $16,833,386)  | Total Options Written (Premiums Received $16,833,386)  |  |  |  | $(7789309) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – APRIL**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 104.77% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 89.59%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $3.61  | 7288 | $281469848 | $276413285 |
|  |  |  | 276413285 |
| **PUT OPTIONS - 15.18%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $451.64  | 7288 | 281469848 | 46837708 |
|  |  |  | 46837708 |
| TOTAL PURCHASED OPTIONS (Cost $343,405,587)  |  |  | 323250993 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.40%** |  |  |  |
| **Money Market Deposit Account - 0.40%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $1223639 |  | 1223639 |
| TOTAL SHORT TERM INVESTMENTS (Cost $1,223,639)  |  |  | 1223639 |
| **Total Investments (Cost $344,629,226) - 105.17%**  |  |  | 324474632 |
| **Liabilities in Excess of Other Assets - (5.17)%**  |  |  | (15940692) |
| TOTAL NET ASSETS - 100.00%  |  |  | $308533940 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net** <br> **Assets** |
| Purchased Options  | 104.77% |
| Short Term Investments  | 0.40 |
| **Total Investments**  | 105.17 |
| **Liabilities in Excess of Other Assets**  | (5.17) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – APRIL**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 3/31/2023 | $503.99 | 7288 | $(281469848) | $(253402) |
|  |  |  |  |  | (253402) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 3/31/2023 | 383.89 | 7288 | (281469848) | (15447408) |
|  |  |  |  |  | (15447408) |
| Total Options Written (Premiums Received $21,670,505)  | Total Options Written (Premiums Received $21,670,505)  |  |  |  | $(15700810) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – MAY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 103.40% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 94.47%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 4/28/2023, Strike Price $4.12  | 9793 | $378215453 | $371262423 |
|  |  |  | 371262423 |
| **PUT OPTIONS - 8.93%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 4/28/2023, Strike Price $412.00  | 9793 | 378215453 | 35117698 |
|  |  |  | 35117698 |
| TOTAL PURCHASED OPTIONS (Cost $428,095,220)  |  |  | 406380121 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.28%** |  |  |  |
| **Money Market Deposit Account - 0.28%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $1080907 |  | 1080907 |
| TOTAL SHORT TERM INVESTMENTS (Cost $1,080,907)  |  |  | 1080907 |
| **Total Investments (Cost $429,176,127) - 103.68%**  |  |  | 407461028 |
| **Liabilities in Excess of Other Assets - (3.68)%**  |  |  | (14493865) |
| TOTAL NET ASSETS - 100.00%  |  |  | $392967163 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net** <br> **Assets** |
| Purchased Options  | 103.40% |
| Short Term Investments  | 0.28 |
| **Total Investments**  | 103.68 |
| **Liabilities in Excess of Other Assets**  | (3.68) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – MAY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike**<br> **Price** | **Contracts** | **Notional**<br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 4/28/2023 | $471.78 | 9793 | $(378215453) | $(2252390) |
|  |  |  |  |  | (2252390) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 4/28/2023 | 350.20 | 9793 | (378215453) | (12025804) |
|  |  |  |  |  | (12025804) |
| Total Options Written (Premiums Received $27,938,573)  | Total Options Written (Premiums Received $27,938,573)  |  |  |  | $(14278194) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – JUNE**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 104.15% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 94.79%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 5/31/2023, Strike Price $4.13  | 8608 | $332449568 | $326415360 |
|  |  |  | 326415360 |
| **PUT OPTIONS - 9.36%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 5/31/2023, Strike Price $412.93  | 8608 | 332449568 | 32219744 |
|  |  |  | 32219744 |
| TOTAL PURCHASED OPTIONS (Cost $374,145,748)  |  |  | 358635104 |
|  | **Principal**<br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.27%** |  |  |  |
| **Money Market Deposit Account - 0.27%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $935421 |  | 935421 |
| TOTAL SHORT TERM INVESTMENTS (Cost $935,421)  |  |  | 935421 |
| **Total Investments (Cost $375,081,169) - 104.42%**  |  |  | 359570525 |
| **Liabilities in Excess of Other Assets - (4.42)%**  |  |  | (15205239) |
| TOTAL NET ASSETS - 100.00%  |  |  | $344365286 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net** <br> **Assets** |
| Purchased Options  | 104.15% |
| Short Term Investments  | 0.27 |
| **Total Investments**  | 104.42 |
| **Liabilities in Excess of Other Assets**  | (4.42) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – JUNE**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 5/31/2023 | $472.02 | 8608 | $(332449568) | $(2935328) |
|  |  |  |  |  | (2935328) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 5/31/2023 | 350.99 | 8608 | (332449568) | (12077024) |
|  |  |  |  |  | (12077024) |
| Total Options Written (Premiums Received $23,917,979)  | Total Options Written (Premiums Received $23,917,979)  |  |  |  | $(15012352) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – JULY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 104.87% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 98.72%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $3.77  | 13178 | $508947538 | $497381100 |
|  |  |  | 497381100 |
| **PUT OPTIONS - 6.15%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $377.25  | 13178 | 508947538 | 30992291 |
|  |  |  | 30992291 |
| TOTAL PURCHASED OPTIONS (Cost $529,455,847)  |  |  | 528373391 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.27%** |  |  |  |
| **Money Market Deposit Account - 0.27%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $1336172 |  | 1336172 |
| TOTAL SHORT TERM INVESTMENTS (Cost $1,336,172)  |  |  | 1336172 |
| **Total Investments (Cost $530,792,019) - 105.14%**  |  |  | 529709563 |
| **Liabilities in Excess of Other Assets - (5.14)%**  |  |  | (25881389) |
| TOTAL NET ASSETS - 100.00%  |  |  | $503828174 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net** <br> **Assets** |
| Purchased Options  | 104.87% |
| Short Term Investments  | 0.27 |
| **Total Investments**  | 105.14 |
| **Liabilities in Excess of Other Assets**  | (5.14) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – JULY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike**<br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 6/30/2023 | $443.00 | 13178 | $(508947538) | $(13262744) |
|  |  |  |  |  | (13262744) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 6/30/2023 | 320.66 | 13178 | (508947538) | (12308372) |
|  |  |  |  |  | (12308372) |
| Total Options Written (Premiums Received $34,449,736)  | Total Options Written (Premiums Received $34,449,736)  |  |  |  | $(25571116) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – AUGUST**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 105.14% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 95.17%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 7/31/2023, Strike Price $4.12  | 10998 | $424753758 | $414744990 |
|  |  |  | 414744990 |
| **PUT OPTIONS - 9.97%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 7/31/2023, Strike Price $411.99  | 10998 | 424753758 | 43461403 |
|  |  |  | 43461403 |
| TOTAL PURCHASED OPTIONS (Cost $475,860,675)  |  |  | 458206393 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.28%** |  |  |  |
| **Money Market Deposit Account - 0.28%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $1227533 |  | 1227533 |
| TOTAL SHORT TERM INVESTMENTS (Cost $1,227,533)  |  |  | 1227533 |
| **Total Investments (Cost $477,088,208) - 105.42%**  |  |  | 459433926 |
| **Liabilities in Excess of Other Assets - (5.42)%**  |  |  | (23662132) |
| TOTAL NET ASSETS - 100.00%  |  |  | $435771794 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net** <br> **Assets** |
| Purchased Options  | 105.14% |
| Short Term Investments  | 0.28 |
| **Total Investments**  | 105.42 |
| **Liabilities in Excess of Other Assets**  | (5.42) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – AUGUST**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike**<br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 7/31/2023 | $476.22 | 10998 | $(424753758) | $(5289347) |
|  |  |  |  |  | (5289347) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 7/31/2023 | 350.19 | 10998 | (424753758) | (18094042) |
|  |  |  |  |  | (18094042) |
| Total Options Written (Premiums Received $29,489,670)  | Total Options Written (Premiums Received $29,489,670)  |  |  |  | $(23383389) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – SEPTEMBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional**<br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 105.64% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 97.15%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 8/31/2023, Strike Price $3.95  | 14084 | $543938164 | $531558328 |
|  |  |  | 531558328 |
| **PUT OPTIONS - 8.49%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 8/31/2023, Strike Price $395.18  | 14084 | 543938164 | 46449032 |
|  |  |  | 46449032 |
| TOTAL PURCHASED OPTIONS (Cost $587,182,959)  |  |  | 578007360 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.28%** |  |  |  |
| **Money Market Deposit Account - 0.28%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $1526325 |  | 1526325 |
| TOTAL SHORT TERM INVESTMENTS (Cost $1,526,325)  |  |  | 1526325 |
| **Total Investments (Cost $588,709,284) - 105.92%**  |  |  | 579533685 |
| **Liabilities in Excess of Other Assets - (5.92)%**  |  |  | (32390556) |
| TOTAL NET ASSETS - 100.00%  |  |  | $547143129 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net**<br> **Assets** |
| Purchased Options  | 105.64% |
| Short Term Investments  | 0.28 |
| **Total Investments**  | 105.92 |
| **Liabilities in Excess of Other Assets**  | (5.92) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – SEPTEMBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 8/31/2023 | $464.34 | 14084 | $(543938164) | $(11548880) |
|  |  |  |  |  | (11548880) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 8/31/2023 | 335.90 | 14084 | (543938164) | (20520388) |
|  |  |  |  |  | (20520388) |
| Total Options Written (Premiums Received $36,064,146)  | Total Options Written (Premiums Received $36,064,146)  |  |  |  | $(32069268) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – OCTOBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 107.62% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 101.88%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.57  | 17591 | $679382011 | $661667874 |
|  |  |  | 661667874 |
| **PUT OPTIONS - 5.74%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $357.18  | 17591 | 679382011 | 37257738 |
|  |  |  | 37257738 |
| TOTAL PURCHASED OPTIONS (Cost $673,935,763)  |  |  | 698925612 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.26%** |  |  |  |
| **Money Market Deposit Account - 0.26%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $1703158 |  | 1703158 |
| TOTAL SHORT TERM INVESTMENTS (Cost $1,703,158)  |  |  | 1703158 |
| **Total Investments (Cost $675,638,921) - 107.88%**  |  |  | 700628770 |
| **Liabilities in Excess of Other Assets - (7.88)%**  |  |  | (51140802) |
| TOTAL NET ASSETS - 100.00%  |  |  | $649487968 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net** <br> **Assets** |
| Purchased Options  | 107.62% |
| Short Term Investments  | 0.26 |
| **Total Investments**  | 107.88 |
| **Liabilities in Excess of Other Assets**  | (7.88) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – OCTOBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 9/29/2023 | $431.22 | 17591 | $(679382011) | $(34003403) |
|  |  |  |  |  | (34003403) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 9/29/2023 | 303.60 | 17591 | (679382011) | (16799405) |
|  |  |  |  |  | (16799405) |
| Total Options Written (Premiums Received $46,318,444)  | Total Options Written (Premiums Received $46,318,444)  |  |  |  | $(50802808) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – NOVEMBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 106.31% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 98.07%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 10/31/2023, Strike Price $3.86  | 8283 | $319897743 | $311266857 |
|  |  |  | 311266857 |
| **PUT OPTIONS - 8.24%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 10/31/2023, Strike Price $386.21  | 8283 | 319897743 | 26141148 |
|  |  |  | 26141148 |
| TOTAL PURCHASED OPTIONS (Cost $337,443,386)  |  |  | 337408005 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.04%** |  |  |  |
| **Money Market Deposit Account - 0.04%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $139984 |  | 139984 |
| TOTAL SHORT TERM INVESTMENTS (Cost $139,984)  |  |  | 139984 |
| **Total Investments (Cost $337,583,370) - 106.35%**  |  |  | 337547989 |
| **Liabilities in Excess of Other Assets - (6.35)%**  |  |  | (20158835) |
| TOTAL NET ASSETS - 100.00%  |  |  | $317389154 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net**<br> **Assets** |
| Purchased Options  | 106.31% |
| Short Term Investments  | 0.04 |
| **Total Investments**  | 106.35 |
| **Liabilities in Excess of Other Assets**  | (6.35) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – NOVEMBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 10/31/2023 | 465.46 | 8283 | (319897743) | $(8721999) |
|  |  |  |  |  | (8721999) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 10/31/2023 | 328.28 | 8283 | (319897743) | (11993784) |
|  |  |  |  |  | (11993784) |
| Total Options Written (Premiums Received $20,679,927)  | Total Options Written (Premiums Received $20,679,927)  |  |  |  | $(20715783) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – DECEMBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 102.35% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 86.81%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 11/30/2022, Strike Price $3.64  | 4718 | $182213878 | $180501812 |
|  |  |  | 180501812 |
| **PUT OPTIONS - 15.54%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 11/30/2022, Strike Price $455.56  | 4718 | 182213878 | 32298728 |
|  |  |  | 32298728 |
| TOTAL PURCHASED OPTIONS (Cost $228,062,391)  |  |  | 212800540 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.13%** |  |  |  |
| **Money Market Deposit Account - 0.13%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $275953 |  | 275953 |
| TOTAL SHORT TERM INVESTMENTS (Cost $275,953)  |  |  | 275953 |
| **Total Investments (Cost $228,338,344) - 102.48%**  |  |  | 213076493 |
| **Liabilities in Excess of Other Assets - (2.48)%**  |  |  | (5147862) |
| TOTAL NET ASSETS - 100.00%  |  |  | $207928631 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net**<br> **Assets** |
| Purchased Options  | 102.35% |
| Short Term Investments  | 0.13 |
| **Total Investments**  | 102.48 |
| **Liabilities in Excess of Other Assets**  | (2.48) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY POWER BUFFER ETF – DECEMBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 11/30/2022 | $502.30 | 4718 | $(182213878) | $(1120) |
|  |  |  |  |  | (1120) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 11/30/2022 | 387.23 | 4718 | (182213878) | (5010788) |
|  |  |  |  |  | (5010788) |
| Total Options Written (Premiums Received $16,051,824)  | Total Options Written (Premiums Received $16,051,824)  |  |  |  | $(5011908) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JANUARY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 100.07% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 85.61%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $3.79  | 6385 | $246595085 | $242821551 |
|  |  |  | 242821551 |
| **PUT OPTIONS - 14.46%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 12/30/2022, Strike Price $451.21  | 6385 | 246595085 | 41004470 |
|  |  |  | 41004470 |
| TOTAL PURCHASED OPTIONS (Cost $298,523,806)  |  |  | 283826021 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.21%** |  |  |  |
| **Money Market Deposit Account - 0.21%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $598443 |  | 598443 |
| TOTAL SHORT TERM INVESTMENTS (Cost $598,443)  |  |  | 598443 |
| **Total Investments (Cost $299,122,249) - 100.28%**  |  |  | 284424464 |
| **Liabilities in Excess of Other Assets - (0.28)%**  |  |  | (786585) |
| TOTAL NET ASSETS - 100.00%  |  |  | $283637879 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net**<br> **Assets** |
| Purchased Options  | 100.07% |
| Short Term Investments  | 0.21 |
| **Total Investments**  | 100.28 |
| **Liabilities in Excess of Other Assets**  | (0.28) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JANUARY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 12/30/2022 | $507.73 | 6385 | $(246595085) | $(38310) |
|  |  |  |  |  | (38310) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 12/30/2022 | 308.72 | 6385 | (246595085) | (529955) |
|  |  |  |  |  | (529955) |
| Total Options Written (Premiums Received $8,011,102)  | Total Options Written (Premiums Received $8,011,102)  |  |  |  | $(568265) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – FEBRUARY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 100.18% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 89.99%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 1/31/2023, Strike Price $3.59  | 1261 | $48701081 | $48018069 |
|  |  |  | 48018069 |
| **PUT OPTIONS - 10.19%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 1/31/2023, Strike Price $427.41  | 1261 | 48701081 | 5437888 |
|  |  |  | 5437888 |
| TOTAL PURCHASED OPTIONS (Cost $58,326,977)  |  |  | 53455957 |
|  | **Principal**<br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.27%** |  |  |  |
| **Money Market Deposit Account - 0.27%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $144447 |  | 144447 |
| TOTAL SHORT TERM INVESTMENTS (Cost $144,447)  |  |  | 144447 |
| **Total Investments (Cost $58,471,424) - 100.45%**  |  |  | 53600404 |
| **Liabilities in Excess of Other Assets - (0.45)%**  |  |  | (242842) |
| TOTAL NET ASSETS - 100.00%  |  |  | $53357562 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net** <br> **Assets** |
| Purchased Options  | 100.18% |
| Short Term Investments  | 0.27 |
| **Total Investments**  | 100.45 |
| **Liabilities in Excess of Other Assets**  | (0.45) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – FEBRUARY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 1/31/2023 | $485.54 | 1261 | $(48701081) | $(23514) |
|  |  |  |  |  | (23514) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 1/31/2023 | 292.44 | 1261 | (48701081) | (183947) |
|  |  |  |  |  | (183947) |
| Total Options Written (Premiums Received $2,221,358)  | Total Options Written (Premiums Received $2,221,358)  |  |  |  | $(207461) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – MARCH**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional**<br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 100.31% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 91.99%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 2/28/2023, Strike Price $3.48  | 1677 | $64767417 | $63848421 |
|  |  |  | 63848421 |
| **PUT OPTIONS - 8.32%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 2/28/2023, Strike Price $414.80  | 1677 | 64767417 | 5777265 |
|  |  |  | 5777265 |
| TOTAL PURCHASED OPTIONS (Cost $74,612,993)  |  |  | 69625686 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.31%** |  |  |  |
| **Money Market Deposit Account - 0.31%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $212603 |  | 212603 |
| TOTAL SHORT TERM INVESTMENTS (Cost $212,603)  |  |  | 212603 |
| **Total Investments (Cost $74,825,596) - 100.62%**  |  |  | 69838289 |
| **Liabilities in Excess of Other Assets - (0.62)%**  |  |  | (432323) |
| TOTAL NET ASSETS - 100.00%  |  |  | $69405966 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net**<br> **Assets** |
| Purchased Options  | 100.31% |
| Short Term Investments  | 0.31 |
| **Total Investments**  | 100.62 |
| **Liabilities in Excess of Other Assets**  | (0.62) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – MARCH**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 2/28/2023 | $475.32 | 1677 | $(64767417) | $(110682) |
|  |  |  |  |  | (110682) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 2/28/2023 | 283.81 | 1677 | (64767417) | (288444) |
|  |  |  |  |  | (288444) |
| Total Options Written (Premiums Received $2,510,967)  | Total Options Written (Premiums Received $2,510,967)  |  |  |  | $(399126) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – APRIL**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 100.58% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 89.60%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $3.60  | 2903 | $112116763 | $110105453 |
|  |  |  | 110105453 |
| **PUT OPTIONS - 10.98%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 3/31/2023, Strike Price $429.06  | 2903 | 112116763 | 13486489 |
|  |  |  | 13486489 |
| TOTAL PURCHASED OPTIONS (Cost $127,126,411)  |  |  | 123591942 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.39%** |  |  |  |
| **Money Market Deposit Account - 0.39%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $479583 |  | 479583 |
| TOTAL SHORT TERM INVESTMENTS (Cost $479,583)  |  |  | 479583 |
| **Total Investments (Cost $127,605,994) - 100.97%**  |  |  | 124071525 |
| **Liabilities in Excess of Other Assets - (0.97)%**  |  |  | (1185965) |
| TOTAL NET ASSETS - 100.00%  |  |  | $122885560 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net** <br> **Assets** |
| Purchased Options  | 100.58% |
| Short Term Investments  | 0.39 |
| **Total Investments**  | 100.97 |
| **Liabilities in Excess of Other Assets**  | (0.97) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – APRIL**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 3/31/2023 | $494.14 | 2903 | $(112116763) | $(155854) |
|  |  |  |  |  | (155854) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 3/31/2023 | 293.57 | 2903 | (112116763) | (948380) |
|  |  |  |  |  | (948380) |
| Total Options Written (Premiums Received $4,297,110)  | Total Options Written (Premiums Received $4,297,110)  |  |  |  | $(1104234) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – MAY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional**<br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 101.26% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 94.77%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 4/28/2023, Strike Price $4.11  | 2487 | $96050427 | $94192638 |
|  |  |  | 94192638 |
| **PUT OPTIONS - 6.49%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 4/28/2023, Strike Price $391.40  | 2487 | 96050427 | 6446304 |
|  |  |  | 6446304 |
| TOTAL PURCHASED OPTIONS (Cost $102,975,515)  |  |  | 100638942 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.25%** |  |  |  |
| **Money Market Deposit Account - 0.25%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $253107 |  | 253107 |
| TOTAL SHORT TERM INVESTMENTS (Cost $253,107)  |  |  | 253107 |
| **Total Investments (Cost $103,228,622) - 101.51%**  |  |  | 100892049 |
| **Liabilities in Excess of Other Assets - (1.51)%**  |  |  | (1498465) |
| TOTAL NET ASSETS - 100.00%  |  |  | $99393584 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net** <br> **Assets** |
| Purchased Options  | 101.26% |
| Short Term Investments  | 0.25 |
| **Total Investments**  | 101.51 |
| **Liabilities in Excess of Other Assets**  | (1.51) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – MAY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 4/28/2023 | $459.79 | 2487 | $(96050427) | $(853041) |
|  |  |  |  |  | (853041) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 4/28/2023 | 267.80 | 2487 | (96050427) | (601854) |
|  |  |  |  |  | (601854) |
| Total Options Written (Premiums Received $4,348,417)  | Total Options Written (Premiums Received $4,348,417)  |  |  |  | $(1454895) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JUNE**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 101.82% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 94.95%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 5/31/2023, Strike Price $4.12  | 2879 | $111189859 | $109057783 |
|  |  |  | 109057783 |
| **PUT OPTIONS - 6.87%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 5/31/2023, Strike Price $392.28  | 2879 | 111189859 | 7896278 |
|  |  |  | 7896278 |
| TOTAL PURCHASED OPTIONS (Cost $119,063,510)  |  |  | 116954061 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.27%** |  |  |  |
| **Money Market Deposit Account - 0.27%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $307300 |  | 307300 |
| TOTAL SHORT TERM INVESTMENTS (Cost $307,300)  |  |  | 307300 |
| **Total Investments (Cost $119,370,810) - 102.09%**  |  |  | 117261361 |
| **Liabilities in Excess of Other Assets - (2.09)%**  |  |  | (2401223) |
| TOTAL NET ASSETS - 100.00%  |  |  | $114860138 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net**<br> **Assets** |
| Purchased Options  | 101.82% |
| Short Term Investments  | 0.27 |
| **Total Investments**  | 102.09 |
| **Liabilities in Excess of Other Assets**  | (2.09) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JUNE**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional**<br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 5/31/2023 | $462.07 | 2879 | $(111189859) | $(1406942) |
|  |  |  |  |  | (1406942) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 5/31/2023 | 268.40 | 2879 | (111189859) | (919478) |
|  |  |  |  |  | (919478) |
| Total Options Written (Premiums Received $4,428,526)  | Total Options Written (Premiums Received $4,428,526)  |  |  |  | $(2326420) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JULY**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 104.10% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 99.47%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $3.76  | 1941 | $74963361 | $73261612 |
|  |  |  | 73261612 |
| **PUT OPTIONS - 4.63%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 6/30/2023, Strike Price $358.39  | 1941 | 74963361 | 3406139 |
|  |  |  | 3406139 |
| TOTAL PURCHASED OPTIONS (Cost $76,137,468)  |  |  | 76667751 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.24%** |  |  |  |
| **Money Market Deposit Account - 0.24%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $176879 |  | 176879 |
| TOTAL SHORT TERM INVESTMENTS (Cost $176,879)  |  |  | 176879 |
| **Total Investments (Cost $76,314,347) - 104.34%**  |  |  | 76844630 |
| **Liabilities in Excess of Other Assets - (4.34)%**  |  |  | (3194986) |
| TOTAL NET ASSETS - 100.00%  |  |  | $73649644 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net** <br> **Assets** |
| Purchased Options  | 104.10% |
| Short Term Investments  | 0.24 |
| **Total Investments**  | 104.34 |
| **Liabilities in Excess of Other Assets**  | (4.34) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – JULY**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike**<br> **Price** | **Contracts** | **Notional**<br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 6/30/2023 | $431.61 | 1941 | $(74963361) | $(2628474) |
|  |  |  |  |  | (2628474) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 6/30/2023 | 245.21 | 1941 | (74963361) | (520411) |
|  |  |  |  |  | (520411) |
| Total Options Written (Premiums Received $3,740,166)  | Total Options Written (Premiums Received $3,740,166)  |  |  |  | $(3148885) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – AUGUST**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional**<br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 102.49% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 94.93%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 7/31/2023, Strike Price $4.11  | 2072 | $80022712 | $78139083 |
|  |  |  | 78139083 |
| **PUT OPTIONS - 7.56%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 7/31/2023, Strike Price $391.39  | 2072 | 80022712 | 6221059 |
|  |  |  | 6221059 |
| TOTAL PURCHASED OPTIONS (Cost $86,758,691)  |  |  | 84360142 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.29%** |  |  |  |
| **Money Market Deposit Account - 0.29%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $239046 |  | 239046 |
| TOTAL SHORT TERM INVESTMENTS (Cost $239,046)  |  |  | 239046 |
| **Total Investments (Cost $86,997,737) - 102.78%**  |  |  | 84599188 |
| **Liabilities in Excess of Other Assets - (2.78)%**  |  |  | (2291662) |
| TOTAL NET ASSETS - 100.00%  |  |  | $82307526 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net** <br> **Assets** |
| Purchased Options  | 102.49% |
| Short Term Investments  | 0.29 |
| **Total Investments**  | 102.78 |
| **Liabilities in Excess of Other Assets**  | (2.78) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – AUGUST**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike**<br> **Price** | **Contracts** | **Notional**<br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 7/31/2023 | $466.17 | 2072 | $(80022712) | $(1335530) |
|  |  |  |  |  | (1335530) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 7/31/2023 | 267.79 | 2072 | (80022712) | (904117) |
|  |  |  |  |  | (904117) |
| Total Options Written (Premiums Received $3,648,515)  | Total Options Written (Premiums Received $3,648,515)  |  |  |  | $(2239647) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – SEPTEMBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 103.69% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 97.17%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 8/31/2023, Strike Price $3.94  | 4095 | $158152995 | $154487970 |
|  |  |  | 154487970 |
| **PUT OPTIONS - 6.52%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 8/31/2023, Strike Price $375.42  | 4095 | 158152995 | 10360350 |
|  |  |  | 10360350 |
| TOTAL PURCHASED OPTIONS (Cost $163,806,808)  |  |  | 164848320 |
|  | **Principal**<br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.27%** |  |  |  |
| **Money Market Deposit Account - 0.27%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $432894 |  | 432894 |
| TOTAL SHORT TERM INVESTMENTS (Cost $432,894)  |  |  | 432894 |
| **Total Investments (Cost $164,239,702) - 103.96%**  |  |  | 165281214 |
| **Liabilities in Excess of Other Assets - (3.96)%**  |  |  | (6295201) |
| TOTAL NET ASSETS - 100.00%  |  |  | $158986013 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net** <br> **Assets** |
| Purchased Options  | 103.69% |
| Short Term Investments  | 0.27 |
| **Total Investments**  | 103.96 |
| **Liabilities in Excess of Other Assets**  | (3.96) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – SEPTEMBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 8/31/2023 | $452.16 | 4095 | $(158152995) | $(4578210) |
|  |  |  |  |  | (4578210) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 8/31/2023 | 256.87 | 4095 | (158152995) | (1633905) |
|  |  |  |  |  | (1633905) |
| Total Options Written (Premiums Received $6,536,739)  | Total Options Written (Premiums Received $6,536,739)  |  |  |  | $(6212115) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – OCTOBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 107.56% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 103.08%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $3.56  | 3105 | $119918205 | $116713727 |
|  |  |  | 116713727 |
| **PUT OPTIONS - 4.48%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 9/29/2023, Strike Price $339.32  | 3105 | 119918205 | 5073020 |
|  |  |  | 5073020 |
| TOTAL PURCHASED OPTIONS (Cost $116,381,522)  |  |  | 121786747 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.28%** |  |  |  |
| **Money Market Deposit Account - 0.28%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $313582 |  | 313582 |
| TOTAL SHORT TERM INVESTMENTS (Cost $313,582)  |  |  | 313582 |
| **Total Investments (Cost $116,695,104) - 107.84%**  |  |  | 122100329 |
| **Liabilities in Excess of Other Assets - (7.84)%**  |  |  | (8879320) |
| TOTAL NET ASSETS - 100.00%  |  |  | $113221009 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net**<br> **Assets** |
| Purchased Options  | 107.56% |
| Short Term Investments  | 0.28 |
| **Total Investments**  | 107.84 |
| **Liabilities in Excess of Other Assets**  | (7.84) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – OCTOBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike**<br> **Price** | **Contracts** | **Notional**<br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 9/29/2023 | $418.22 | 3105 | $(119918205) | $(7801711) |
|  |  |  |  |  | (7801711) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 9/29/2023 | 232.17 | 3105 | (119918205) | (1007137) |
|  |  |  |  |  | (1007137) |
| Total Options Written (Premiums Received $6,057,966)  | Total Options Written (Premiums Received $6,057,966)  |  |  |  | $(8808848) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – NOVEMBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 104.61% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 98.14%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 10/31/2023, Strike Price $3.85  | 1386 | $53528706 | $52137162 |
|  |  |  | 52137162 |
| **PUT OPTIONS - 6.47%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 10/31/2023, Strike Price $366.90  | 1386 | 53528706 | 3435894 |
|  |  |  | 3435894 |
| TOTAL PURCHASED OPTIONS (Cost $55,579,014)  |  |  | 55573056 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.02%** |  |  |  |
| **Money Market Deposit Account - 0.02%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $9695 |  | 9695 |
| TOTAL SHORT TERM INVESTMENTS (Cost $9,695)  |  |  | 9695 |
| **Total Investments (Cost $55,588,709) - 104.63%**  |  |  | 55582751 |
| **Liabilities in Excess of Other Assets - (4.63)%**  |  |  | (2456829) |
| TOTAL NET ASSETS - 100.00%  |  |  | $53125922 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net** <br> **Assets** |
| Purchased Options  | 104.61% |
| Short Term Investments  | 0.02 |
| **Total Investments**  | 104.63 |
| **Liabilities in Excess of Other Assets**  | (4.63) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets. |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – NOVEMBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 10/31/2023 | 452.21 | 1386 | (53528706) | $(1959804) |
|  |  |  |  |  | (1959804) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 10/31/2023 | 251.04 | 1386 | (53528706) | (618156) |
|  |  |  |  |  | (618156) |
| Total Options Written (Premiums Received $2,571,944)  | Total Options Written (Premiums Received $2,571,944)  |  |  |  | $(2577960) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – DECEMBER**

---

| |
|:---|
| **Schedule of Investments** |
| **October 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **PURCHASED OPTIONS - 99.99% <sup>(a)(b)</sup>** |  |  |  |
| **CALL OPTIONS - 89.31%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 11/30/2022, Strike Price $3.63  | 1081 | $41749301 | $41358106 |
|  |  |  | 41358106 |
| **PUT OPTIONS - 10.68%** |  |  |  |
| SPY SPDR S&P 500® Trust ETF, Expires 11/30/2022, Strike Price $432.78  | 1081 | 41749301 | 4948017 |
|  |  |  | 4948017 |
| TOTAL PURCHASED OPTIONS (Cost $50,938,020)  |  |  | 46306123 |
|  | **Principal** <br> **Amount** |  |  |
| **SHORT TERM INVESTMENTS - 0.12%** |  |  |  |
| **Money Market Deposit Account - 0.12%** |  |  |  |
| U.S. Bank Money Market Deposit Account, 2.750% <sup>(c)</sup>  | $54327 |  | 54327 |
| TOTAL SHORT TERM INVESTMENTS (Cost $54,327)  |  |  | 54327 |
| **Total Investments (Cost $50,992,347) - 100.11%**  |  |  | 46360450 |
| **Liabilities in Excess of Other Assets - (0.11)%**  |  |  | (49108) |
| TOTAL NET ASSETS - 100.00%  |  |  | $46311342 |

---

---

| | |
|:---|:---|
| **Asset Type** | **% of Net** <br> **Assets** |
| Purchased Options  | 99.99% |
| Short Term Investments  | 0.12 |
| **Total Investments**  | 100.11 |
| **Liabilities in Excess of Other Assets**  | (0.11) |
| Net Assets  | 100.00% |
| Percentages are stated as a percent of net assets |  |

---

<sup>(a)</sup> Exchange-Traded.

<sup>(b)</sup> Purchased option contracts are held in connection with corresponding option contracts written short.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF – DECEMBER**

---

| |
|:---|
| **Schedule of Options Written <sup>(a)</sup>**  |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike** <br> **Price** | **Contracts** | **Notional** <br> **Amount** | **Value** |
| **Call Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 11/30/2022 | $489.18 | 1081 | $(41749301) | $(587) |
|  |  |  |  |  | (587) |
| **Put Options** |  |  |  |  |  |
| SPY SPDR S&P 500® Trust ETF  | 11/30/2022 | 296.11 | 1081 | (41749301) | (18266) |
|  |  |  |  |  | (18266) |
| Total Options Written (Premiums Received $2,316,961)  | Total Options Written (Premiums Received $2,316,961)  |  |  |  | $(18853) |

---

<sup>(a)</sup> Exchange-Traded.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| |
|:---|
| **Assets:** |
| Investments, at value <sup>(a)</sup>  |
| Interest receivable  |
| Receivable for investments sold  |
| Deposit at broker for options  |
| Total Assets  |
| **Liabilities:** |
| Options written, at value <sup>(b)</sup>  |
| Payable for fund shares redeemed  |
| Payable to Adviser  |
| Payable for investments purchased  |
| Total Liabilities  |
| **Net Assets**  |
| **Net Assets Consist of:** |
| Capital stock  |
| Total distributable earnings/(accumulated deficit)  |
| **Net Assets**  |
| **Net Asset Value:** |
| Net assets  |
| Shares of beneficial interest outstanding (unlimited shares without par value authorized)  |
| Net asset value price per share  |
| <sup>(a)</sup> Cost of investments  |
| <sup>(b)</sup> Premiums received  |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S.** <br> **Equity Buffer ETF -** <br> **January** | **Innovator U.S.** <br> **Equity Buffer ETF -** <br> **February** | **Innovator U.S.** <br> **Equity Buffer ETF -** <br> **March** | **Innovator U.S.** <br> **Equity Buffer ETF -** <br> **April** |
| $158408586 | $73943362 | $81348823 | $125457977 |
| 740 | 614 | 658 | 1067 |
| 2761071 | – | – | – |
| 150 | 203 | 200 | 201 |
| 161170547 | 73944179 | 81349681 | 125459245 |
| 15678560 | 5028536 | 4663236 | 9788852 |
| 2487832 | – | – | – |
| 94564 | 55407 | 51441 | 75216 |
| 273769 | – | – | – |
| 18534725 | 5083943 | 4714677 | 9864068 |
| $142635822 | $68860236 | $76635004 | $115595177 |
| $185587196 | $78295460 | $84614006 | $126456779 |
| (42951374) | (9435224) | (7979002) | (10861602) |
| $142635822 | $68860236 | $76635004 | $115595177 |
| $142635822 | $68860236 | $76635004 | $115595177 |
| 4300000 | 2325000 | 2400000 | 3750000 |
| $33.17 | $29.62 | $31.93 | $30.83 |
| $167321605 | $79953952 | $87533682 | $134253126 |
| 11365064 | 5184595 | 6144359 | 8508915 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| |
|:---|
| **Assets:** |
| Investments, at value <sup>(a)</sup>  |
| Interest receivable  |
| Deposit at broker for options  |
| Total Assets  |
| **Liabilities:** |
| Options written, at value <sup>(b)</sup>  |
| Payable to Adviser  |
| Total Liabilities  |
| **Net Assets**  |
| **Net Assets Consist of:** |
| Capital stock  |
| Total distributable earnings/(accumulated deficit)  |
| **Net Assets**  |
| **Net Asset Value:** |
| Net assets  |
| Shares of beneficial interest outstanding (unlimited shares without par value authorized)  |
| Net asset value price per share  |
| <sup>(a)</sup> Cost of investments  |
| <sup>(b)</sup> Premiums received  |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S.** <br> **Equity Buffer ETF -** <br> **May** | **Innovator U.S.** <br> **Equity Buffer ETF -**<br> **June** | **Innovator U.S.** <br> **Equity Buffer ETF -** <br> **July** | **Innovator U.S.** <br> **Equity Buffer ETF -** <br> **August** |
| $185000032 | $80917107 | $178757557 | $109576369 |
| 1174 | 468 | 965 | 723 |
| 101 | 116 | 203 | 190 |
| 185001307 | 80917691 | 178758725 | 109577282 |
| 9026709 | 4392118 | 8317455 | 6751108 |
| 116291 | 51337 | 100159 | 72487 |
| 9143000 | 4443455 | 8417614 | 6823595 |
| $175858307 | $76474236 | $170341111 | $102753687 |
| $185983068 | $82870980 | $171810987 | $116187265 |
| (10124761) | (6396744) | (1469876) | (13433578) |
| $175858307 | $76474236 | $170341111 | $102753687 |
| $175858307 | $76474236 | $170341111 | $102753687 |
| 6050000 | 2500000 | 5525000 | 3425000 |
| $29.07 | $30.59 | $30.83 | $30.00 |
| $193911342 | $85261199 | $177061804 | $114299863 |
| 13426016 | 5684018 | 11818126 | 6865911 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| |
|:---|
| **Assets:** |
| Investments, at value <sup>(a)</sup>  |
| Interest receivable  |
| Receivable for investments sold  |
| Deposit at broker for options  |
| Total Assets  |
| **Liabilities:** |
| Options written, at value <sup>(b)</sup>  |
| Payable to Adviser  |
| Payable for investments purchased  |
| Total Liabilities  |
| **Net Assets**  |
| **Net Assets Consist of:** |
| Capital stock  |
| Total distributable earnings/(accumulated deficit)  |
| **Net Assets**  |
| **Net Asset Value:** |
| Net assets  |
| Shares of beneficial interest outstanding (unlimited shares without par value authorized)  |
| Net asset value price per share  |
| <sup>(a)</sup> Cost of investments  |
| <sup>(b)</sup> Premiums received  |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S.** <br> **Equity Buffer ETF -** <br> **September** | **Innovator U.S.** <br> **Equity Buffer ETF -** <br> **October** | **Innovator U.S.** <br> **Equity Buffer ETF -** <br> **November** | **Innovator U.S.** <br> **Equity Buffer ETF -** <br> **December** |
| $176540890 | $241061452 | $65631937 | $110886530 |
| 1274 | 1105 | 87 | 374 |
| – | – | 70377973 | – |
| 111 | 99 | 78 | 201 |
| 176542275 | 241062656 | 136010075 | 110887105 |
| 10376799 | 14634493 | 4016223 | 7097865 |
| 116946 | 126282 | 42025 | 67225 |
| – | – | 70241400 | – |
| 10493745 | 14760775 | 74299648 | 7165090 |
| $166048530 | $226301881 | $61710427 | $103722015 |
| $179404510 | $231268646 | $72839199 | $111906944 |
| (13355980) | (4966765) | (11128772) | (8184929) |
| $166048530 | $226301881 | $61710427 | $103722015 |
| $166048530 | $226301881 | $61710427 | $103722015 |
| 5475000 | 7200000 | 2075000 | 3275000 |
| $30.33 | $31.43 | $29.74 | $31.67 |
| $179940211 | $231896045 | $65638861 | $114634243 |
| 11217954 | 15533032 | 4009206 | 7526023 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| |
|:---|
| **Assets:** |
| Investments, at value <sup>(a)</sup>  |
| Interest receivable  |
| Receivable for investments sold  |
| Deposit at broker for options  |
| Total Assets  |
| **Liabilities:** |
| Options written, at value <sup>(b)</sup>  |
| Payable for fund shares redeemed  |
| Payable to Adviser  |
| Payable for investments purchased  |
| Total Liabilities  |
| **Net Assets**  |
| **Net Assets Consist of:** |
| Capital stock  |
| Total distributable earnings/(accumulated deficit)  |
| **Net Assets**  |
| **Net Asset Value:** |
| Net assets  |
| Shares of beneficial interest outstanding (unlimited shares without par value authorized)  |
| Net asset value price per share  |
| <sup>(a)</sup> Cost of investments  |
| <sup>(b)</sup> Premiums received  |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S.** <br> **Equity Power Buffer**<br> **ETF - January** | **Innovator U.S.** <br> **Equity Power Buffer** <br> **ETF - February** | **Innovator U.S.**<br> **Equity Power Buffer** <br> **ETF - March** | **Innovator U.S.** <br> **Equity Power Buffer**<br> **ETF - April** |
| $473709035 | $248638769 | $234231843 | $324474632 |
| 2424 | 1632 | 1890 | 3234 |
| – | – | – | 1419324 |
| 132 | 180 | 233 | 200 |
| 473711591 | 248640581 | 234233966 | 325897390 |
| 24612028 | 9066226 | 7789309 | 15700810 |
| – | – | – | 1389795 |
| 305054 | 158851 | 149469 | 203906 |
| – | – | – | 68939 |
| 24917082 | 9225077 | 7938778 | 17363450 |
| $448794509 | $239415504 | $226295188 | $308533940 |
| $538914204 | $262899939 | $243803219 | $333382299 |
| (90119695) | (23484435) | (17508031) | (24848359) |
| $448794509 | $239415504 | $226295188 | $308533940 |
| $448794509 | $239415504 | $226295188 | $308533940 |
| 14400000 | 8600000 | 7450000 | 11100000 |
| $31.17 | $27.84 | $30.38 | $27.80 |
| $498426674 | $265781873 | $250910874 | $344629226 |
| 32315787 | 17553442 | 16833386 | 21670505 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| |
|:---|
| **Assets:** |
| Investments, at value <sup>(a)</sup>  |
| Interest receivable  |
| Receivable for investments sold  |
| Deposit at broker for options  |
| Total Assets  |
| **Liabilities:** |
| Options written, at value <sup>(b)</sup>  |
| Payable for fund shares redeemed  |
| Payable to Adviser  |
| Payable for investments purchased  |
| Total Liabilities  |
| **Net Assets**  |
| **Net Assets Consist of:** |
| Capital stock  |
| Total distributable earnings/(accumulated deficit)  |
| **Net Assets**  |
| **Net Asset Value:** |
| Net assets  |
| Shares of beneficial interest outstanding (unlimited shares without par value authorized)  |
| Net asset value price per share  |
| <sup>(a)</sup> Cost of investments  |
| <sup>(b)</sup> Premiums received  |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S.**<br> **Equity Power Buffer** <br> **ETF - May** | **Innovator U.S.** <br> **Equity Power Buffer** <br> **ETF - June** | **Innovator U.S.** <br> **Equity Power Buffer**<br> **ETF - July** | **Innovator U.S.** <br> **Equity Power Buffer** <br> **ETF - August** |
| $407461028 | $359570525 | $529709563 | $459433926 |
| 2604 | 2233 | 2960 | 2760 |
| 1493882 | 1583183 | – | – |
| 72 | 215 | 194 | 173 |
| 408957586 | 361156156 | 529712717 | 459436859 |
| 14278194 | 15012352 | 25571116 | 23383389 |
| 1400950 | 1484335 | – | – |
| 258783 | 227903 | 313427 | 281676 |
| 52496 | 66280 | – | – |
| 15990423 | 16790870 | 25884543 | 23665065 |
| $392967163 | $344365286 | $503828174 | $435771794 |
| $419420174 | $358292205 | $512944706 | $460784070 |
| (26453011) | (13926919) | (9116532) | (25012276) |
| $392967163 | $344365286 | $503828174 | $435771794 |
| $392967163 | $344365286 | $503828174 | $435771794 |
| 14025000 | 11600000 | 16850000 | 15450000 |
| $28.02 | $29.69 | $29.90 | $28.21 |
| $429176127 | $375081169 | $530792019 | $477088208 |
| 27938573 | 23917979 | 34449736 | 29489670 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| |
|:---|
| **Assets:** |
| Investments, at value <sup>(a)</sup>  |
| Interest receivable  |
| ETF variable fee receivable  |
| Receivable for investments sold  |
| Receivable for fund shares sold  |
| Deposit at broker for options  |
| Total Assets  |
| **Liabilities:** |
| Options written, at value <sup>(b)</sup>  |
| Payable to Adviser  |
| Payable for investments purchased  |
| Total Liabilities  |
| **Net Assets**  |
| **Net Assets Consist of:** |
| Capital stock  |
| Total distributable earnings/(accumulated deficit)  |
| **Net Assets**  |
| **Net Asset Value:** |
| Net assets  |
| Shares of beneficial interest outstanding (unlimited shares without par value authorized)  |
| Net asset value price per share  |
| <sup>(a)</sup> Cost of investments  |
| <sup>(b)</sup> Premiums received  |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S.**<br> **Equity Power Buffer** <br> **ETF - September** | **Innovator U.S.** <br> **Equity Power Buffer** <br> **ETF - October** | **Innovator U.S.**<br> **Equity Power Buffer**<br> **ETF - November** | **Innovator U.S.**<br> **Equity Power Buffer**<br> **ETF - December** |
| $579533685 | $700628770 | $337547989 | $213076493 |
| 3298 | 3086 | 355 | 819 |
| 728 | 743 | 75789 | – |
| 84088 | 115346 | 187994878 | – |
| 1455165 | 1486240 | 151577265 | – |
| 7 | 97 | 97 | 200 |
| 581076971 | 702234282 | 677196373 | 213077512 |
| 32069268 | 50802808 | 20715783 | 5011908 |
| 345935 | 354054 | 115879 | 136973 |
| 1518639 | 1589452 | 338975557 | – |
| 33933842 | 52746314 | 359807219 | 5148881 |
| $547143129 | $649487968 | $317389154 | $207928631 |
| $565451467 | $659574858 | $335392900 | $216909979 |
| (18308338) | (10086890) | (18003746) | (8981348) |
| $547143129 | $649487968 | $317389154 | $207928631 |
| $547143129 | $649487968 | $317389154 | $207928631 |
| 18800000 | 21850000 | 10575000 | 6925000 |
| $29.10 | $29.72 | $30.01 | $30.03 |
| $588709284 | $675638921 | $337583370 | $228338344 |
| 36064146 | 46318444 | 20679927 | 16051824 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| |
|:---|
| **Assets:** |
| Investments, at value <sup>(a)</sup>  |
| Interest receivable  |
| ETF variable fee receivable  |
| Receivable for investments sold  |
| Receivable for fund shares sold  |
| Deposit at broker for options  |
| Total Assets  |
| **Liabilities:** |
| Options written, at value <sup>(b)</sup>  |
| Payable for fund shares redeemed  |
| Payable to Adviser  |
| Payable for investments purchased  |
| Total Liabilities  |
| **Net Assets**  |
| **Net Assets Consist of:** |
| Capital stock  |
| Total distributable earnings/(accumulated deficit)  |
| **Net Assets**  |
| **Net Asset Value:** |
| Net assets  |
| Shares of beneficial interest outstanding (unlimited shares without par value authorized)  |
| Net asset value price per share  |
| <sup>(a)</sup> Cost of investments  |
| <sup>(b)</sup> Premiums received  |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S.** <br> **Equity Ultra Buffer** <br> **ETF - January** | **Innovator U.S.** <br> **Equity Ultra Buffer**<br> **ETF - February** | **Innovator U.S.** <br> **Equity Ultra Buffer**<br> **ETF - March** | **Innovator U.S.** <br> **Equity Ultra Buffer** <br> **ETF - April** |
| $284424464 | $53600404 | $69838289 | $124071525 |
| 1555 | 386 | 456 | 1203 |
| 1477 | – | 354 | – |
| 5695107 | – | 3973 | – |
| 2954550 | – | 708222 | – |
| 195 | 201 | 200 | 200 |
| 293077348 | 53600991 | 70551494 | 124072928 |
| 568265 | 207461 | 399126 | 1104234 |
| 5909100 | – | – | – |
| 194422 | 35968 | 40523 | 83134 |
| 2767682 | – | 705879 | – |
| 9439469 | 243429 | 1145528 | 1187368 |
| $283637879 | $53357562 | $69405966 | $122885560 |
| $319039482 | $58926467 | $74161619 | $127194628 |
| (35401603) | (5568905) | (4755653) | (4309068) |
| $283637879 | $53357562 | $69405966 | $122885560 |
| $283637879 | $53357562 | $69405966 | $122885560 |
| 9600000 | 2025000 | 2450000 | 4950000 |
| $29.55 | $26.35 | $28.33 | $24.83 |
| $299122249 | $58471424 | $74825596 | $127605994 |
| 8011102 | 2221358 | 2510967 | 4297110 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| |
|:---|
| **Assets:** |
| Investments, at value <sup>(a)</sup>  |
| Interest receivable  |
| ETF variable fee receivable  |
| Receivable for investments sold  |
| Receivable for fund shares sold  |
| Deposit at broker for options  |
| Total Assets  |
| **Liabilities:** |
| Options written, at value <sup>(b)</sup>  |
| Payable to Adviser  |
| Payable for investments purchased  |
| Total Liabilities  |
| **Net Assets**  |
| **Net Assets Consist of:** |
| Capital stock  |
| Total distributable earnings/(accumulated deficit)  |
| **Net Assets**  |
| **Net Asset Value:** |
| Net assets  |
| Shares of beneficial interest outstanding (unlimited shares without par value authorized)  |
| Net asset value price per share  |
| <sup>(a)</sup> Cost of investments  |
| <sup>(b)</sup> Premiums received  |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S.** <br> **Equity Ultra Buffer** <br> **ETF - May** | **Innovator U.S.** <br> **Equity Ultra Buffer** <br> **ETF - June** | **Innovator U.S.** <br> **Equity Ultra Buffer**<br> **ETF - July** | **Innovator U.S.** <br> **Equity Ultra Buffer**<br> **ETF - August** |
| $100892049 | $117261361 | $76844630 | $84599188 |
| 639 | 736 | 419 | 490 |
| 329 | – | – | – |
| 9291 | – | – | – |
| 658235 | – | – | – |
| 157 | 100 | 196 | 194 |
| 101560700 | 117262197 | 76845245 | 84599872 |
| 1454895 | 2326420 | 3148885 | 2239647 |
| 64696 | 75639 | 46716 | 52699 |
| 647525 | – | – | – |
| 2167116 | 2402059 | 3195601 | 2292346 |
| $99393584 | $114860138 | $73649644 | $82307526 |
| $102529712 | $116036998 | $76791203 | $86451111 |
| (3136128) | (1176860) | (3141559) | (4143585) |
| $99393584 | $114860138 | $73649644 | $82307526 |
| $99393584 | $114860138 | $73649644 | $82307526 |
| 3775000 | 4275000 | 2875000 | 3150000 |
| $26.33 | $26.87 | $25.62 | $26.13 |
| $103228622 | $119370810 | $76314347 | $86997737 |
| 4348417 | 4428526 | 3740166 | 3648515 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Assets and Liabilities** 

**October 31, 2022** 

---

| |
|:---|
| **Assets:** |
| Investments, at value <sup>(a)</sup>  |
| Interest receivable  |
| ETF variable fee receivable  |
| Receivable for investments sold  |
| Receivable for fund shares sold  |
| Deposit at broker for options  |
| Total Assets  |
| **Liabilities:** |
| Options written, at value <sup>(b)</sup>  |
| Payable for fund shares redeemed  |
| Payable to Adviser  |
| Payable for investments purchased  |
| Total Liabilities  |
| **Net Assets**  |
| **Net Assets Consist of:** |
| Capital stock  |
| Total distributable earnings/(accumulated deficit)  |
| **Net Assets**  |
| **Net Asset Value:** |
| Net assets  |
| Shares of beneficial interest outstanding (unlimited shares without par value authorized)  |
| Net asset value price per share  |
| <sup>(a)</sup> Cost of investments  |
| <sup>(b)</sup> Premiums received  |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S.** <br> **Equity Ultra Buffer**<br> **ETF - September** | **Innovator U.S.** <br> **Equity Ultra Buffer**<br> **ETF - October** | **Innovator U.S.** <br> **Equity Ultra Buffer** <br> **ETF - November** | **Innovator U.S.** <br> **Equity Ultra Buffer**<br> **ETF - December** |
| $165281214 | $122100329 | $55582751 | $46360450 |
| 835 | 619 | 78 | 164 |
| 328 | – | – | – |
| 1310882 | – | 55735670 | – |
| 656965 | – | – | – |
| 105 | 100 | 99 | 200 |
| 167250329 | 122101048 | 111318598 | 46360814 |
| 6212115 | 8808848 | 2577960 | 18853 |
| 1313930 | – | – | – |
| 85823 | 71191 | 35703 | 30619 |
| 652448 | – | 55579013 | – |
| 8264316 | 8880039 | 58192676 | 49472 |
| $158986013 | $113221009 | $53125922 | $46311342 |
| $162824493 | $121415477 | $59385081 | $49373786 |
| (3838480) | (8194468) | (6259159) | (3062444) |
| $158986013 | $113221009 | $53125922 | $46311342 |
| $158986013 | $113221009 | $53125922 | $46311342 |
| 6050000 | 4200000 | 1925000 | 1650000 |
| $26.28 | $26.96 | $27.60 | $28.07 |
| $164239702 | $116695104 | $55588709 | $50992347 |
| 6536739 | 6057966 | 2571944 | 2316961 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Operations** 

**For the Year Ended October 31, 2022** 

---

| |
|:---|
| **Investment Income:** |
| Interest  |
| Total Investment Income  |
| **Expenses:** |
| Investment advisory fee  |
| Total Expenses  |
| **Net Investment Income/(Loss)**  |
| **Realized & Unrealized Gain/(Loss):** |
| Net realized gain/(loss) on: |
| Investments  |
| Redemptions sold in-kind on investments  |
| Redemptions sold in-kind on options written  |
| Options written  |
| Net change in unrealized appreciation/(depreciation) on: |
| Investments  |
| Options written  |
| Net Realized and Unrealized Gain/(Loss) on Investments and Options Written  |
| **Net Increase/(Decrease) in Net Assets Resulting From Operations**  |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S. Equity** <br> **Buffer ETF - January** | **Innovator U.S. Equity** <br> **Buffer ETF - February** | **Innovator U.S. Equity** <br> **Buffer ETF - March** | **Innovator U.S. Equity** <br> **Buffer ETF - April** |
| $3709 | $3015 | $2790 | $4374 |
| 3709 | 3015 | 2790 | 4374 |
| 1396134 | 777228 | 603103 | 949806 |
| 1396134 | 777228 | 603103 | 949806 |
| (1392425) | (774213) | (600313) | (945432) |
| (13751675) | (887883) | (2512563) | 428275 |
| 34814146 | 7332267 | 6705787 | 8229528 |
| 6767974 | 3389866 | 4067872 | 6740740 |
| (14773707) | (2012669) | (241419) | (388153) |
| (32140101) | (17518388) | (13805609) | (19767672) |
| (1980335) | 151128 | 1122779 | (577056) |
| (21063698) | (9545679) | (4663153) | (5334338) |
| $(22456123) | $(10319892) | $(5263466) | $(6279770) |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Operations** 

**For the Year Ended October 31, 2022**

---

| |
|:---|
| **Investment Income:** |
| Interest  |
| Total Investment Income  |
| **Expenses:** |
| Investment advisory fee  |
| Total Expenses  |
| **Net Investment Income/(Loss)**  |
| **Realized & Unrealized Gain/(Loss):** |
| Net realized gain/(loss) on: |
| Investments  |
| Redemptions sold in-kind on investments  |
| Redemptions sold in-kind on options written  |
| Options written  |
| Net change in unrealized appreciation/(depreciation) on: |
| Investments  |
| Options written  |
| Net Realized and Unrealized Gain/(Loss) on Investments and Options Written  |
| **Net Increase/(Decrease) in Net Assets Resulting From Operations**  |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S. Equity** <br> **Buffer ETF - May** | **Innovator U.S. Equity** <br> **Buffer ETF - June** | **Innovator U.S. Equity** <br> **Buffer ETF - July** | **Innovator U.S. Equity** <br> **Buffer ETF - August** |
| $3458 | $1515 | $2391 | $2015 |
| 3458 | 1515 | 2391 | 2015 |
| 956516 | 573887 | 880697 | 816067 |
| 956516 | 573887 | 880697 | 816067 |
| (953058) | (572372) | (878306) | (814052) |
| (4949542) | (3036271) | (6647374) | (8710324) |
| 3568402 | 486809 | 6154268 | (138463) |
| 4388885 | 3604388 | 2566414 | 4130726 |
| 187032 | 168134 | 700949 | 590213 |
| (13731303) | (8990334) | (5252599) | (6785804) |
| 3136412 | 1147396 | 3063491 | (540363) |
| (7400114) | (6619878) | 585149 | (11454015) |
| $(8353172) | $(7192250) | $(293157) | $(12268067) |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Operations** 

**For the Year Ended October 31, 2022** 

---

| |
|:---|
| **Investment Income:** |
| Interest  |
| Total Investment Income  |
| **Expenses:** |
| Investment advisory fee  |
| Total Expenses  |
| **Net Investment Income/(Loss)**  |
| **Realized & Unrealized Gain/(Loss):** |
| Net realized gain/(loss) on: |
| Investments  |
| Redemptions sold in-kind on investments  |
| Redemptions sold in-kind on options written  |
| Options written  |
| Net change in unrealized appreciation/(depreciation) on: |
| Investments  |
| Options written  |
| Net Realized and Unrealized Gain/(Loss) on Investments and Options Written  |
| **Net Increase/(Decrease) in Net Assets Resulting From Operations**  |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S. Equity** <br> **Buffer ETF** – <br> **September** | **Innovator U.S. Equity**<br> **Buffer ETF** – <br> **October** | **Innovator U.S. Equity** <br> **Buffer ETF** – <br> **November** | **Innovator U.S. Equity**<br> **Buffer ETF** – <br> **December** |
| $2531 | $2235 | $848 | $2584 |
| 2531 | 2235 | 848 | 2584 |
| 1136579 | 857360 | 582390 | 677921 |
| 1136579 | 857360 | 582390 | 677921 |
| (1134048) | (855125) | (581542) | (675337) |
| (11287463) | (12226172) | (9377958) | (17021818) |
| 3053659 | 5806146 | 3857363 | 455994 |
| 2178569 | 1186989 | 800633 | 277129 |
| 1423476 | (2099840) | (1262288) | (7693979) |
| (5115314) | 5217464 | (3206) | 8140075 |
| (375596) | 902049 | (3287) | 8977718 |
| (10122669) | (1213364) | (5988743) | (6864881) |
| $(11256717) | $(2068489) | $(6570285) | $(7540218) |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Operations** 

**For the Year Ended October 31, 2022** 

---

| |
|:---|
| **Investment Income:** |
| Interest  |
| Total Investment Income  |
| **Expenses:** |
| Investment advisory fee  |
| Total Expenses  |
| **Net Investment Income/(Loss)**  |
| **Realized & Unrealized Gain/(Loss):** |
| Net realized gain/(loss) on: |
| Investments  |
| Redemptions sold in-kind on investments  |
| Redemptions sold in-kind on options written  |
| Options written  |
| Net change in unrealized appreciation/(depreciation) on: |
| Investments  |
| Options written  |
| Net Realized and Unrealized Gain/(Loss) on Investments and Options Written  |
| **Net Increase/(Decrease) in Net Assets Resulting From Operations**  |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S. Equity**<br> **Power Buffer ETF -** <br> **January** | **Innovator U.S. Equity**<br> **Power Buffer ETF -** <br> **February** | **Innovator U.S. Equity** <br> **Power Buffer ETF -** <br> **March** | **Innovator U.S. Equity**<br> **Power Buffer ETF -** <br> **April** |
| $11726 | $7200 | $7553 | $11735 |
| 11726 | 7200 | 7553 | 11735 |
| 3808107 | 1892954 | 1517833 | 2112738 |
| 3808107 | 1892954 | 1517833 | 2112738 |
| (3796381) | (1885754) | (1510280) | (2101003) |
| (24360730) | (4442100) | (6687873) | 1739349 |
| 73111469 | 20987669 | 14520864 | 17284926 |
| 11780836 | 6464941 | 6008335 | 10737753 |
| (45320618) | (8709654) | (1821416) | (10599638) |
| (68831630) | (42757976) | (31788094) | (44704704) |
| 24009478 | 15790484 | 13452755 | 14456203 |
| (29611195) | (12666636) | (6315429) | (11086111) |
| $(33407576) | $(14552390) | $(7825709) | $(13187114) |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Operations** 

**For the Year Ended October 31, 2022** 

---

| |
|:---|
| **Investment Income:** |
| Interest  |
| Total Investment Income  |
| **Expenses:** |
| Investment advisory fee  |
| Total Expenses  |
| **Net Investment Income/(Loss)**  |
| **Realized & Unrealized Gain/(Loss):** |
| Net realized gain/(loss) on: |
| Investments  |
| Redemptions sold in-kind on investments  |
| Redemptions sold in-kind on options written  |
| Options written  |
| Net change in unrealized appreciation/(depreciation) on: |
| Investments  |
| Options written  |
| Net Realized and Unrealized Gain/(Loss) on Investments and Options Written  |
| **Net Increase/(Decrease) in Net Assets Resulting From Operations**  |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S. Equity** <br> **Power Buffer ETF** – <br> **May** | **Innovator U.S. Equity** <br> **Power Buffer ETF** – <br> **June** | **Innovator U.S. Equity** <br> **Power Buffer ETF** – <br> **July** | **Innovator U.S. Equity** <br> **Power Buffer ETF** – <br> **August** |
| $7827 | $6379 | $7678 | $6234 |
| 7827 | 6379 | 7678 | 6234 |
| 2399749 | 1768219 | 2114066 | 1830356 |
| 2399749 | 1768219 | 2114066 | 1830356 |
| (2391922) | (1761840) | (2106388) | (1824122) |
| (16193229) | (5493153) | (16682807) | (11829423) |
| 9634734 | (656480) | 9555018 | 654607 |
| 13623784 | 9957591 | 9827854 | 11140749 |
| (120362) | (264386) | 1590148 | (50374) |
| (36133555) | (24995957) | (10574066) | (22195992) |
| 15324605 | 11586758 | 11424468 | 6563266 |
| (13864023) | (9865627) | 5140615 | (15717167) |
| $(16255945) | $(11627467) | $3034227 | $(17541289) |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Operations** 

**For the Year Ended October 31, 2022** 

---

| |
|:---|
| **Investment Income:** |
| Interest  |
| Total Investment Income  |
| **Expenses:** |
| Investment advisory fee  |
| Total Expenses  |
| **Net Investment Income/(Loss)**  |
| **Realized & Unrealized Gain/(Loss):** |
| Net realized gain/(loss) on: |
| Investments  |
| Redemptions sold in-kind on investments  |
| Redemptions sold in-kind on options written  |
| Options written  |
| Net change in unrealized appreciation/(depreciation) on: |
| Investments  |
| Options written  |
| Net Realized and Unrealized Gain/(Loss) on Investments and Options Written  |
| **Net Increase/(Decrease) in Net Assets Resulting From Operations**  |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S. Equity** <br> **Power Buffer ETF -** <br> **September** | **Innovator U.S. Equity** <br> **Power Buffer ETF -**<br> **October** | **Innovator U.S. Equity** <br> **Power Buffer ETF -** <br> **November** | **Innovator U.S. Equity**<br> **Power Buffer ETF -** <br> **December** |
| $6407 | $5024 | $2516 | $4016 |
| 6407 | 5024 | 2516 | 4016 |
| 2343565 | 1885936 | 1531858 | 1650243 |
| 2343565 | 1885936 | 1531858 | 1650243 |
| (2337158) | (1880912) | (1529342) | (1646227) |
| (20975671) | (26981941) | (23154455) | (29571822) |
| 5162575 | 13524440 | 9393317 | 658769 |
| 6248712 | 11845588 | 3737760 | 522892 |
| 9818420 | (2004520) | 6501395 | (18557216) |
| (12040099) | 17334670 | (25732) | 8694184 |
| 2821210 | (1874195) | (26179) | 31901559 |
| (8964853) | 11844042 | (3573894) | (6351634) |
| $(11302011) | $9963130 | $(5103236) | $(7997861) |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Operations** 

**For the Year Ended October 31, 2022** 

---

| |
|:---|
| **Investment Income:** |
| Interest  |
| Total Investment Income  |
| **Expenses:** |
| Investment advisory fee  |
| Total Expenses  |
| **Net Investment Income/(Loss)**  |
| **Realized & Unrealized Gain/(Loss):** |
| Net realized gain/(loss) on: |
| Investments  |
| Redemptions sold in-kind on investments  |
| Redemptions sold in-kind on options written  |
| Options written  |
| Net change in unrealized appreciation/(depreciation) on: |
| Investments  |
| Options written  |
| Net Realized and Unrealized Gain/(Loss) on Investments and Options Written  |
| **Net Increase/(Decrease) in Net Assets Resulting From Operations**  |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S. Equity**<br> **Ultra Buffer ETF -** <br> **January** | **Innovator U.S. Equity** <br> **Ultra Buffer ETF -** <br> **February** | **Innovator U.S. Equity** <br> **Ultra Buffer ETF -** <br> **March** | **Innovator U.S. Equity** <br> **Ultra Buffer ETF -** <br> **April** |
| $7764 | $1546 | $1721 | $3985 |
| 7764 | 1546 | 1721 | 3985 |
| 1856980 | 326843 | 336827 | 576087 |
| 1856980 | 326843 | 336827 | 576087 |
| (1849216) | (325297) | (335106) | (572102) |
| (14758248) | (522370) | (221902) | 164792 |
| 26985765 | 4288540 | 4278833 | 3633780 |
| 4145071 | 672752 | 837559 | 1680867 |
| (11651701) | (1898688) | (1364346) | (3616427) |
| (30618961) | (9376764) | (9974497) | (10068796) |
| 15921053 | 4445641 | 4636952 | 6569710 |
| (9977021) | (2390889) | (1807401) | (1636074) |
| $(11826237) | $(2716186) | $(2142507) | $(2208176) |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Operations** 

**For the Year Ended October 31, 2022** 

---

| |
|:---|
| **Investment Income:** |
| Interest  |
| Total Investment Income  |
| **Expenses:** |
| Investment advisory fee  |
| Total Expenses  |
| **Net Investment Income/(Loss)**  |
| **Realized & Unrealized Gain/(Loss):** |
| Net realized gain/(loss) on: |
| Investments  |
| Redemptions sold in-kind on investments  |
| Redemptions sold in-kind on options written  |
| Options written  |
| Net change in unrealized appreciation/(depreciation) on: |
| Investments  |
| Options written  |
| Net Realized and Unrealized Gain/(Loss) on Investments and Options Written  |
| **Net Increase/(Decrease) in Net Assets Resulting From Operations**  |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S. Equity** <br> **Ultra Buffer ETF -** <br> **May** | **Innovator U.S. Equity** <br> **Ultra Buffer ETF -** <br> **June** | **Innovator U.S. Equity** <br> **Ultra Buffer ETF -** <br> **July** | **Innovator U.S. Equity** <br> **Ultra Buffer ETF -** <br> **August** |
| $1769 | $1998 | $1071 | $1100 |
| 1769 | 1998 | 1071 | 1100 |
| 495003 | 427883 | 396699 | 328282 |
| 495003 | 427883 | 396699 | 328282 |
| (493234) | (425885) | (395628) | (327182) |
| (3161905) | (717552) | (3442181) | (2473522) |
| 1432082 | 351430 | 935669 | 83160 |
| 1733807 | 917053 | 1723186 | 1389163 |
| (92660) | (52678) | (494300) | (401421) |
| (5189753) | (3596513) | (1906213) | (3648405) |
| 4065671 | 2813018 | 1983487 | 2025570 |
| (1212758) | (285242) | (1200352) | (3025455) |
| $(1705992) | $(711127) | $(1595980) | $(3352637) |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Operations** 

**For the Year Ended October 31, 2022** 

---

| |
|:---|
| **Investment Income:** |
| Interest  |
| Total Investment Income  |
| **Expenses:** |
| Investment advisory fee  |
| Total Expenses  |
| **Net Investment Income/(Loss)**  |
| **Realized & Unrealized Gain/(Loss):** |
| Net realized gain/(loss) on: |
| Investments  |
| Redemptions sold in-kind on investments  |
| Redemptions sold in-kind on options written  |
| Options written  |
| Net change in unrealized appreciation/(depreciation) on: |
| Investments  |
| Options written  |
| Net Realized and Unrealized Gain/(Loss) on Investments and Options Written  |
| **Net Increase/(Decrease) in Net Assets Resulting From Operations**  |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | |
|:---|:---|:---|:---|
| **Innovator U.S. Equity** <br> **Ultra Buffer ETF -** <br> **September** | **Innovator U.S. Equity** <br> **Ultra Buffer ETF -** <br> **October** | **Innovator U.S. Equity**<br> **Ultra Buffer ETF -** <br> **November** | **Innovator U.S. Equity** <br> **Ultra Buffer ETF -** <br> **December** |
| $1411 | $1224 | $603 | $816 |
| 1411 | 1224 | 603 | 816 |
| 539449 | 575479 | 329976 | 345008 |
| 539449 | 575479 | 329976 | 345008 |
| (538038) | (574255) | (329373) | (344192) |
| (6228055) | (10390764) | (6410736) | 3150968 |
| 471273 | 3944079 | 1984567 | (173573) |
| 1382086 | 3723916 | 1767804 | 360079 |
| 1476905 | 25210 | 449963 | (5408910) |
| 245436 | 2756317 | (4623) | (9010082) |
| 511620 | (980773) | (4679) | 8503269 |
| (2140735) | (922015) | (2217704) | (2578249) |
| $(2678773) | $(1496270) | $(2547077) | $(2922441) |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Innovator U.S. Equity** <br> **Buffer ETF - January** | **Innovator U.S. Equity** <br> **Buffer ETF - January** |
|  | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** |
| **Operations:** |  |  |
| Net Investment income/(loss)  | $(1392425) | $(1185596) |
| Net realized gain/(loss)  | 13056738 | 3578517 |
| Net change in unrealized appreciation/(depreciation)  | (34120436) | 28868519 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | (22456123) | 31261440 |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares sold  | 264258187 | 184391120 |
| Cost of shares redeemed  | (249518483) | (191274643) |
| Transaction fees (see Note 5)  | 112606 | 94546 |
| Net Increase/(Decrease) in Net Assets from Capital Share Transactions  | 14852310 | (6788977) |
| Total Increase/(Decrease) in Net Assets  | $(7603813) | $24472463 |
| **Net Assets:** |  |  |
| Beginning of the period  | $150239635 | $125767172 |
| End of the period  | $142635822 | $150239635 |
| **Change in Shares Outstanding:** |  |  |
| Shares sold  | 7225000 | 5650000 |
| Shares redeemed  | (7000000) | (5800000) |
| Net Increase/(Decrease)  | 225000 | (150000) |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Innovator U.S. Equity** <br> **Buffer ETF - February** | **Innovator U.S. Equity** <br> **Buffer ETF - February** | **Innovator U.S. Equity** <br> **Buffer ETF - March** | **Innovator U.S. Equity** <br> **Buffer ETF - March** | **Innovator U.S. Equity** <br> **Buffer ETF - April** | **Innovator U.S. Equity** <br> **Buffer ETF - April** |
| **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,**<br> **2021** |
| $(774213) | $(561816) | $(600313) | $(402184) | $(945432) | $(761390) |
| 7821581 | (2653750) | 8019677 | (5818816) | 15010390 | (30367943) |
| (17367260) | 17371227 | (12682830) | 15766764 | (20344728) | 44492247 |
| (10319892) | 14155661 | (5263466) | 9545764 | (6279770) | 13362914 |
| 135143030 | 88951570 | 96744935 | 72173690 | 166719955 | 77380390 |
| (142224700) | (53948647) | (77037963) | (43325395) | (167876110) | (37447975) |
| 59259 | 36390 | 27371 | 34858 | 75410 | 51547 |
| (7022411) | 35039313 | 19734343 | 28883153 | (1080745) | 39983962 |
| $(17342303) | $49194974 | $14470877 | $38428917 | $(7360515) | $53346876 |
| $86202539 | $37007565 | $62164127 | $23735210 | $122955692 | $69608816 |
| $68860236 | $86202539 | $76635004 | $62164127 | $115595177 | $122955692 |
| 4275000 | 3175000 | 2900000 | 2375000 | 5225000 | 2525000 |
| (4675000) | (1925000) | (2325000) | (1400000) | (5225000) | (1225000) |
| (400000) | 1250000 | 575000 | 975000 | – | 1300000 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Innovator U.S. Equity** <br> **Buffer ETF - May** | **Innovator U.S. Equity** <br> **Buffer ETF - May** |
|  | **Year Ended** <br> **October 31,**<br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** |
| **Operations:** |  |  |
| Net Investment income/(loss) | $(953058) | $(386125) |
| Net realized gain/(loss) | 3194777 | (4594201) |
| Net change in unrealized appreciation/(depreciation) | (10594891) | 12281286 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (8353172) | 7300960 |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares sold | 204029287 | 88101790 |
| Cost of shares redeemed | (102090475) | (29299918) |
| Transaction fees (see Note 5) | 82306 | 32898 |
| Net Increase/(Decrease) in Net Assets from Capital Share Transactions | 102021118 | 58834770 |
| Total Increase/(Decrease) in Net Assets | $93667946 | $66135730 |
| **Net Assets:** |  |  |
| Beginning of the period | $82190361 | $16054631 |
| End of the period | $175858307 | $82190361 |
| **Change in Shares Outstanding:** |  |  |
| Shares sold | 6850000 | 2900000 |
| Shares redeemed | (3325000) | (950000) |
| Net Increase/(Decrease) | 3525000 | 1950000 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Innovator U.S. Equity** <br> **Buffer ETF - June** | **Innovator U.S. Equity** <br> **Buffer ETF - June** | **Innovator U.S. Equity** <br> **Buffer ETF - July** | **Innovator U.S. Equity** <br> **Buffer ETF - July** | **Innovator U.S. Equity** <br> **Buffer ETF - August** | **Innovator U.S. Equity** <br> **Buffer ETF - August** |
| **Year Ended**<br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,**<br> **2021** | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended**<br> **October 31,** <br> **2021** |
| $(572372) | $(425960) | $(878306) | $(773597) | $(814052) | $(394447) |
| 1223060 | (4635923) | 2774257 | 9975739 | (4127848) | 1922924 |
| (7842938) | 12698416 | (2189108) | 5702775 | (7326167) | 7414735 |
| (7192250) | 7636533 | (293157) | 14904917 | (12268067) | 8943212 |
| 110271314 | 92524980 | 230534290 | 200680682 | 202934790 | 88707932 |
| (108154937) | (50852033) | (243100360) | (100360368) | (174555855) | (59252027) |
| 41315 | 27423 | 134739 | 85318 | 107383 | 37169 |
| 2157692 | 41700370 | (12431331) | 100405632 | 28486318 | 29493074 |
| $(5034558) | $49336903 | $(12724488) | $115310549 | $16218251 | $38436286 |
| $81508794 | $32171891 | $183065599 | $67755050 | $86535436 | $48099150 |
| $76474236 | $81508794 | $170341111 | $183065599 | $102753687 | $86535436 |
| 3475000 | 2875000 | 7675000 | 6375000 | 6475000 | 2800000 |
| (3375000) | (1575000) | (7750000) | (3200000) | (5700000) | (1900000) |
| 100000 | 1300000 | (75000) | 3175000 | 775000 | 900000 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Innovator U.S. Equity** <br> **Buffer ETF - September** | **Innovator U.S. Equity** <br> **Buffer ETF - September** |
|  | **Year Ended** <br> **October 31,**<br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** |
| **Operations:** |  |  |
| Net Investment income/(loss) | $(1134048) | $(718733) |
| Net realized gain/(loss) | (4631759) | 10780549 |
| Net change in unrealized appreciation/(depreciation) | (5490910) | 9685559 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (11256717) | 19747375 |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares sold | 163473610 | 195271855 |
| Cost of shares redeemed | (143014130) | (136244920) |
| Transaction fees (see Note 5) | 96491 | 83130 |
| Net Increase/(Decrease) in Net Assets from Capital Share Transactions | 20555971 | 59110065 |
| Total Increase/(Decrease) in Net Assets | $9299254 | $78857440 |
| **Net Assets:** |  |  |
| Beginning of the period | $156749276 | $77891836 |
| End of the period | $166048530 | $156749276 |
| **Change in Shares Outstanding:** |  |  |
| Shares sold | 5325000 | 6225000 |
| Shares redeemed | (4650000) | (4375000) |
| Net Increase/(Decrease) | 675000 | 1850000 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Innovator U.S. Equity** <br> **Buffer ETF - October** | **Innovator U.S. Equity** <br> **Buffer ETF - October** | **Innovator U.S. Equity** <br> **Buffer ETF - November** | **Innovator U.S. Equity** <br> **Buffer ETF - November** | **Innovator U.S. Equity** <br> **Buffer ETF - December** | **Innovator U.S. Equity** <br> **Buffer ETF - December** |
| **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended**<br> **October 31,**<br> **2021** | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended**<br> **October 31,** <br> **2021** | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** |
| $(855125) | $(657252) | $(581542) | $(173282) | $(675337) | $(603516) |
| (7332877) | 11163815 | (5982250) | 3634536 | (23982674) | 28529207 |
| 6119513 | 7718734 | (6493) | (5539) | 17117793 | (14999717) |
| (2068489) | 18225297 | (6570285) | 3455715 | (7540218) | 12925974 |
| 235324437 | 111675225 | 106444640 | 43864835 | 97437537 | 176963223 |
| (118936245) | (91657535) | (68807962) | (31758055) | (44121098) | (157048647) |
| 107477 | 18784 | 45349 | 13267 | 71769 | 75094 |
| 116495669 | 20036474 | 37682027 | 12120047 | 53388208 | 19989670 |
| $114427180 | $38261771 | $31111742 | $15575762 | $45847990 | $32915644 |
| $111874701 | $73612930 | $30598685 | $15022923 | $57874025 | $24958381 |
| $226301881 | $111874701 | $61710427 | $30598685 | $103722015 | $57874025 |
| 7700000 | 3425000 | 3400000 | 1400000 | 2950000 | 5625000 |
| (3800000) | (2825000) | (2275000) | (1000000) | (1375000) | (4825000) |
| 3900000 | 600000 | 1125000 | 400000 | 1575000 | 800000 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Innovator U.S. Equity Power** <br> **Buffer ETF - January** | **Innovator U.S. Equity Power** <br> **Buffer ETF - January** |
|  | **Year Ended** <br> **October 31,**<br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** |
| **Operations:** |  |  |
| Net Investment income/(loss) | $(3796381) | $(2676286) |
| Net realized gain/(loss) | 15210957 | (16726748) |
| Net change in unrealized appreciation/(depreciation) | (44822152) | 63542764 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (33407576) | 44139730 |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares sold | 712865811 | 313352247 |
| Cost of shares redeemed | (525540307) | (351745125) |
| Transaction fees (see Note 5) | 315853 | 217229 |
| Net Increase/(Decrease) in Net Assets from Capital Share Transactions | 187641357 | (38175649) |
| Total Increase/(Decrease) in Net Assets | $154233781 | $5964081 |
| **Net Assets:** |  |  |
| Beginning of the period | $294560728 | $288596647 |
| End of the period | $448794509 | $294560728 |
| **Change in Shares Outstanding:** |  |  |
| Shares sold | 21850000 | 10250000 |
| Shares redeemed | (16350000) | (11275000) |
| Net Increase/(Decrease) | 5500000 | (1025000) |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Innovator U.S. Equity Power** <br> **Buffer ETF - February** | **Innovator U.S. Equity Power** <br> **Buffer ETF - February** | **Innovator U.S. Equity Power**<br> **Buffer ETF - March** | **Innovator U.S. Equity Power**<br> **Buffer ETF - March** | **Innovator U.S. Equity Power** <br> **Buffer ETF - April** | **Innovator U.S. Equity Power** <br> **Buffer ETF - April** |
| **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,**<br> **2021** | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended**<br> **October 31,** <br> **2021** | **Year Ended** <br> **October 31,**<br> **2022** | **Year Ended** <br> **October 31,**<br> **2021** |
| $(1885754) | $(1314741) | $(1510280) | $(800814) | $(2101003) | $(1692975) |
| 14300856 | (24473389) | 12019910 | (23155114) | 19162390 | (99453461) |
| (26967492) | 48615397 | (18335339) | 37044072 | (30248501) | 120950615 |
| (14552390) | 22827267 | (7825709) | 13088144 | (13187114) | 19804179 |
| 346725900 | 220910615 | 287366113 | 86166745 | 388545420 | 193061285 |
| (263323423) | (188560837) | (171226173) | (53344082) | (309481353) | (157605677) |
| 158673 | 108516 | 106314 | 68994 | 153742 | 165496 |
| 83561150 | 32458294 | 116246254 | 32891657 | 79217809 | 35621104 |
| $69008760 | $55285561 | $108420545 | $45979801 | $66030695 | $55425283 |
| $170406744 | $115121183 | $117874643 | $71894842 | $242503245 | $187077962 |
| $239415504 | $170406744 | $226295188 | $117874643 | $308533940 | $242503245 |
| 11950000 | 8275000 | 9175000 | 2975000 | 13500000 | 6950000 |
| (9225000) | (7000000) | (5500000) | (1825000) | (10750000) | (5650000) |
| 2725000 | 1275000 | 3675000 | 1150000 | 2750000 | 1300000 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Innovator U.S. Equity Power** <br> **Buffer ETF - May** | **Innovator U.S. Equity Power** <br> **Buffer ETF - May** |
|  | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** |
| **Operations:** |  |  |
| Net Investment income/(loss)  | $(2391922) | $(1237109) |
| Net realized gain/(loss)  | 6944927 | (23700562) |
| Net change in unrealized appreciation/(depreciation)  | (20808950) | 40806512 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | (16255945) | 15868841 |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares sold  | 500467810 | 226991957 |
| Cost of shares redeemed  | (330230175) | (69826345) |
| Transaction fees (see Note 5)  | 205825 | 118881 |
| Net Increase/(Decrease) in Net Assets from Capital Share Transactions  | 170443460 | 157284493 |
| Total Increase/(Decrease) in Net Assets  | $154187515 | $173153334 |
| **Net Assets:** |  |  |
| Beginning of the period  | $238779648 | $65626314 |
| End of the period  | $392967163 | $238779648 |
| **Change in Shares Outstanding:** |  |  |
| Shares sold  | 17475000 | 7875000 |
| Shares redeemed  | (11350000) | (2375000) |
| Net Increase/(Decrease)  | 6125000 | 5500000 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Innovator U.S. Equity Power** <br> **Buffer ETF - June** | **Innovator U.S. Equity Power** <br> **Buffer ETF - June** | **Innovator U.S. Equity Power** <br> **Buffer ETF - July** | **Innovator U.S. Equity Power** <br> **Buffer ETF - July** | **Innovator U.S. Equity Power** <br> **Buffer ETF - August** | **Innovator U.S. Equity Power** <br> **Buffer ETF - August** |
| **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,**<br> **2021** | **Year Ended** <br> **October 31,**<br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** |
| $(1761840) | $(894828) | $(2106388) | $(1079931) | $(1824122) | $(937008) |
| 3543572 | (22617650) | 4290213 | 8829473 | (84441) | (18700) |
| (13409199) | 35205333 | 850402 | 5743600 | (15632726) | 14335167 |
| (11627467) | 11692855 | 3034227 | 13493142 | (17541289) | 13379459 |
| 428015688 | 153923730 | 552054235 | 263914680 | 490066589 | 191780793 |
| (225145245) | (107358325) | (270255030) | (170525447) | (222920795) | (128696635) |
| 156573 | 119083 | 239304 | 114217 | 175874 | 69818 |
| 203027016 | 46684488 | 282038509 | 93503450 | 267321668 | 63153976 |
| $191399549 | $58377343 | $285072736 | $106996592 | $249780379 | $76533435 |
| $152965737 | $94588394 | $218755438 | $111758846 | $185991415 | $109457980 |
| $344365286 | $152965737 | $503828174 | $218755438 | $435771794 | $185991415 |
| 14200000 | 5000000 | 18800000 | 8900000 | 16900000 | 6525000 |
| (7400000) | (3475000) | (9150000) | (5775000) | (7650000) | (4400000) |
| 6800000 | 1525000 | 9650000 | 3125000 | 9250000 | 2125000 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Innovator U.S. Equity Power** <br> **Buffer ETF - September** | **Innovator U.S. Equity Power** <br> **Buffer ETF - September** |
|  | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended**<br> **October 31,** <br> **2021** |
| **Operations:** |  |  |
| Net Investment income/(loss)  | $(2337158) | $(2075118) |
| Net realized gain/(loss)  | 254036 | 32783140 |
| Net change in unrealized appreciation/(depreciation)  | (9218889) | 10523646 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | (11302011) | 41231668 |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares sold  | 502832858 | 365752667 |
| Cost of shares redeemed  | (248135755) | (391085960) |
| Transaction fees (see Note 5)  | 275109 | 186618 |
| Net Increase/(Decrease) in Net Assets from Capital Share Transactions  | 254972212 | (25146675) |
| Total Increase/(Decrease) in Net Assets  | $243670201 | $16084993 |
| **Net Assets:** |  |  |
| Beginning of the period  | $303472928 | $287387935 |
| End of the period  | $547143129 | $303472928 |
| **Change in Shares Outstanding:** |  |  |
| Shares sold  | 17200000 | 12525000 |
| Shares redeemed  | (8525000) | (13450000) |
| Net Increase/(Decrease)  | 8675000 | (925000) |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Innovator U.S. Equity Power** <br> **Buffer ETF - October** | **Innovator U.S. Equity Power** <br> **Buffer ETF - October** | **Innovator U.S. Equity Power Buffer ETF - November** | **Innovator U.S. Equity Power Buffer ETF - November** | **Innovator U.S. Equity Power Buffer ETF - December** | **Innovator U.S. Equity Power Buffer ETF - December** |
| **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** | **Year Ended** <br> **October 31,**<br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** |
| $(1880912) | $(1260844) | $(1529342) | $(487244) | $(1646227) | $(1205400) |
| (3616433) | 19677482 | (3521983) | 7219597 | (46947377) | 47736905 |
| 15460475 | 7595535 | (51911) | (14825) | 40595743 | (29573550) |
| 9963130 | 26012173 | (5103236) | 6717528 | (7997861) | 16957955 |
| 678118137 | 220029025 | 417456003 | 108673042 | 150588793 | 352113070 |
| (248418882) | (226560945) | (174482237) | (74295220) | (43274947) | (325826193) |
| 292559 | 86230 | 175984 | 30075 | 92161 | 164217 |
| 429991814 | (6445690) | 243149750 | 34407897 | 107406007 | 26451094 |
| $439954944 | $19566483 | $238046514 | $41125425 | $99408146 | $43409049 |
| $209533024 | $189966541 | $79342640 | $38217215 | $108520485 | $65111436 |
| $649487968 | $209533024 | $317389154 | $79342640 | $207928631 | $108520485 |
| 23450000 | 7525000 | 13850000 | 3650000 | 4875000 | 12000000 |
| (8575000) | (7850000) | (5875000) | (2450000) | (1450000) | (10875000) |
| 14875000 | (325000) | 7975000 | 1200000 | 3425000 | 1125000 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Innovator U.S. Equity Ultra**<br> **Buffer ETF - January** | **Innovator U.S. Equity Ultra**<br> **Buffer ETF - January** |
|  | **Year Ended** <br> **October 31,**<br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** |
| **Operations:** |  |  |
| Net Investment income/(loss)  | $(1849216) | $(819851) |
| Net realized gain/(loss)  | 4720887 | (31184196) |
| Net change in unrealized appreciation/(depreciation)  | (14697908) | 43010224 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | (11826237) | 11006177 |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares sold  | 431531228 | 45707263 |
| Cost of shares redeemed  | (222552470) | (82526250) |
| Transaction fees (see Note 5)  | 211171 | 63731 |
| Net Increase/(Decrease) in Net Assets from Capital Share Transactions  | 209189929 | (36755256) |
| Total Increase/(Decrease) in Net Assets  | $197363692 | $(25749079) |
| **Net Assets:** |  |  |
| Beginning of the period  | $86274187 | $112023266 |
| End of the period  | $283637879 | $86274187 |
| **Change in Shares Outstanding:** |  |  |
| Shares sold  | 14200000 | 1525000 |
| Shares redeemed  | (7350000) | (2725000) |
| Net Increase/(Decrease)  | 6850000 | (1200000) |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Innovator U.S. Equity Ultra** <br> **Buffer ETF - February** | **Innovator U.S. Equity Ultra** <br> **Buffer ETF - February** | **Innovator U.S. Equity Ultra** <br> **Buffer ETF - March** | **Innovator U.S. Equity Ultra** <br> **Buffer ETF - March** | **Innovator U.S. Equity Ultra** <br> **Buffer ETF - April** | **Innovator U.S. Equity Ultra** <br> **Buffer ETF - April** |
| **Year Ended** <br> **October 31,**<br> **2022** | **Year Ended**<br> **October 31,** <br> **2021** | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended**<br> **October 31,** <br> **2021** |
| $(325297) | $(242936) | $(335106) | $(261730) | $(572102) | $(365577) |
| 2540234 | (11951173) | 3530144 | (16471145) | 1863012 | (9760218) |
| (4931123) | 15595512 | (5337545) | 19672888 | (3499086) | 12961820 |
| (2716186) | 3401403 | (2142507) | 2940013 | (2208176) | 2836025 |
| 62813015 | 17846370 | 80205350 | 21852792 | 146114520 | 65050742 |
| (33169010) | (26618438) | (41937333) | (19837095) | (78334945) | (41288300) |
| 21232 | 22233 | 29319 | 20845 | 71856 | 50300 |
| 29665237 | (8749835) | 38297336 | 2036542 | 67851431 | 23812742 |
| $26949051 | $(5348432) | $36154829 | $4976555 | $65643255 | $26648767 |
| $26408511 | $31756943 | $33251137 | $28274582 | $57242305 | $30593538 |
| $53357562 | $26408511 | $69405966 | $33251137 | $122885560 | $57242305 |
| 2275000 | 675000 | 2750000 | 775000 | 5800000 | 2575000 |
| (1200000) | (1000000) | (1425000) | (700000) | (3050000) | (1625000) |
| 1075000 | (325000) | 1325000 | 75000 | 2750000 | 950000 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Innovator U.S. Equity Ultra** <br> **Buffer ETF - May** | **Innovator U.S. Equity Ultra** <br> **Buffer ETF - May** |
|  | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** |
| **Operations:** |  |  |
| Net Investment income/(loss)  | $(493234) | $(209424) |
| Net realized gain/(loss)  | (88676) | (3930524) |
| Net change in unrealized appreciation/(depreciation)  | (1124082) | 5947782 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | (1705992) | 1807834 |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares sold  | 121467737 | 46252428 |
| Cost of shares redeemed  | (61062960) | (18111840) |
| Transaction fees (see Note 5)  | 60756 | 16999 |
| Net Increase/(Decrease) in Net Assets from Capital Share Transactions  | 60465533 | 28157587 |
| Total Increase/(Decrease) in Net Assets  | $58759541 | $29965421 |
| **Net Assets:** |  |  |
| Beginning of the period  | $40634043 | $10668622 |
| End of the period  | $99393584 | $40634043 |
| **Change in Shares Outstanding:** |  |  |
| Shares sold  | 4550000 | 1675000 |
| Shares redeemed  | (2200000) | (650000) |
| Net Increase/(Decrease)  | 2350000 | 1025000 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Innovator U.S. Equity Ultra Buffer ETF - June** | **Innovator U.S. Equity Ultra Buffer ETF - June** | **Innovator U.S. Equity Ultra Buffer ETF - July** | **Innovator U.S. Equity Ultra Buffer ETF - July** | **Innovator U.S. Equity Ultra Buffer ETF - August** | **Innovator U.S. Equity Ultra Buffer ETF - August** |
| **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,**<br> **2021** | **Year Ended** <br> **October 31,**<br> **2022** | **Year Ended**<br> **October 31,** <br> **2021** |
| $(425885) | $(157929) | $(395628) | $(299631) | $(327182) | $(250772) |
| 498253 | 862371 | (1277626) | 2105744 | (1402620) | 1419071 |
| (783495) | 664338 | 77274 | 871090 | (1622835) | 1656959 |
| (711127) | 1368780 | (1595980) | 2677203 | (3352637) | 2825258 |
| 119789758 | 39052202 | 89725618 | 60542613 | 111274400 | 47249040 |
| (25425937) | (34268610) | (67210810) | (50137815) | (72056085) | (49394117) |
| 52913 | 18176 | 41955 | 23382 | 59049 | 24001 |
| 94416734 | 4801768 | 22556763 | 10428180 | 39277364 | (2121076) |
| $93705607 | $6170548 | $20960783 | $13105383 | $35924727 | $704182 |
| $21154531 | $14983983 | $52688861 | $39583478 | $46382799 | $45678617 |
| $114860138 | $21154531 | $73649644 | $52688861 | $82307526 | $46382799 |
| 4475000 | 1375000 | 3525000 | 2250000 | 4175000 | 1650000 |
| (925000) | (1200000) | (2575000) | (1875000) | (2625000) | (1750000) |
| 3550000 | 175000 | 950000 | 375000 | 1550000 | (100000) |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Innovator U.S. Equity Ultra** <br> **Buffer ETF - September** | **Innovator U.S. Equity Ultra** <br> **Buffer ETF - September** |
|  | **Year Ended**<br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** |
| **Operations:** |  |  |
| Net Investment income/(loss)  | $(538038) | $(425362) |
| Net realized gain/(loss)  | (2897791) | 4899842 |
| Net change in unrealized appreciation/(depreciation)  | 757056 | 1339852 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations  | (2678773) | 5814332 |
| **Capital Share Transactions:** |  |  |
| Proceeds from shares sold  | 154017692 | 87776507 |
| Cost of shares redeemed  | (59931218) | (91360843) |
| Transaction fees (see Note 5)  | 75835 | 51506 |
| Net Increase/(Decrease) in Net Assets from Capital Share Transactions  | 94162309 | (3532830) |
| Total Increase/(Decrease) in Net Assets  | $91483536 | $2281502 |
| **Net Assets:** |  |  |
| Beginning of the period  | $67502477 | $65220975 |
| End of the period  | $158986013 | $67502477 |
| **Change in Shares Outstanding:** |  |  |
| Shares sold  | 5900000 | 3150000 |
| Shares redeemed  | (2225000) | (3300000) |
| Net Increase/(Decrease)  | 3675000 | (150000) |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Innovator U.S. Equity Ultra** <br> **Buffer ETF - October** | **Innovator U.S. Equity Ultra** <br> **Buffer ETF - October** | **Innovator U.S. Equity Ultra Buffer ETF - November** | **Innovator U.S. Equity Ultra Buffer ETF - November** | **Innovator U.S. Equity Ultra Buffer ETF - December** | **Innovator U.S. Equity Ultra Buffer ETF - December** |
| **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,**<br> **2021** | **Year Ended** <br> **October 31,** <br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** | **Year Ended** <br> **October 31,**<br> **2022** | **Year Ended** <br> **October 31,** <br> **2021** |
| $(574255) | $(569928) | $(329373) | $(105883) | $(344192) | $(326715) |
| (2697559) | 6545657 | (2208402) | 1040225 | (2071436) | (5389132) |
| 1775544 | 1856858 | (9302) | (1547) | (506813) | 9205471 |
| (1496270) | 7832587 | (2547077) | 932795 | (2922441) | 3489624 |
| 152701155 | 65441403 | 80750695 | 20065740 | 30094508 | 67298308 |
| (100855685) | (115868045) | (36086448) | (18890845) | (12938490) | (62526630) |
| 53330 | 36725 | 26502 | 7761 | 18723 | 42052 |
| 51898800 | (50389917) | 44690749 | 1182656 | 17174741 | 4813730 |
| $50402530 | $(42557330) | $42143672 | $2115451 | $14252300 | $8303354 |
| $62818479 | $105375809 | $10982250 | $8866799 | $32059042 | $23755688 |
| $113221009 | $62818479 | $53125922 | $10982250 | $46311342 | $32059042 |
| 5775000 | 2350000 | 2850000 | 700000 | 1025000 | 2375000 |
| (3800000) | (4225000) | (1300000) | (650000) | (450000) | (2175000) |
| 1975000 | (1875000) | 1550000 | 50000 | 575000 | 200000 |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Financial Highlights**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** |
|  |  | Investment Operations: | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share<br> Transactions: |  |
|  | Net Asset<br> Value,<br> Beginning of<br> Period | Net investment<br> income/(loss) <sup>(b)</sup> | Net realized<br> and<br> unrealized<br> gain/(loss) | Net realized<br> and<br> unrealized<br> gain/(loss) | Total From<br> Investment<br> Operations | Transaction fees<br> (see Note 5) | Distributions Paid<br> to Shareholders:<br> Paid from realized<br> gains |
| **Innovator U.S. Equity Buffer ETF - January** |  |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $36.87 | (0.27) |  | (3.45) | (3.72) | 0.02 | – |
| For the year ended 10/31/2021  | $29.77 | (0.27) |  | 7.35 | 7.08 | 0.02 | – |
| For the year ended 10/31/2020  | $29.69 | (0.23) | 1.63 | 1.63<br> <sup>(d)</sup> | 1.40 | 0.04 | (1.36) |
| For the period 12/31/2018 <sup>(e)</sup> - 10/31/2019  | $25.08 | (0.19) |  | 4.75 | 4.56 | 0.05 | – |
| **Innovator U.S. Equity Buffer ETF - February** |  |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $31.63 | (0.24) |  | (1.79) | (2.03) | 0.02 | – |
| For the year ended 10/31/2021  | $25.09 | (0.23) |  | 6.75 | 6.52 | 0.02 | – |
| For the period 1/31/2020 <sup>(e)</sup> - 10/31/2020  | $24.52 | (0.14) |  | 0.69 | 0.55 | 0.02 | – |
| **Innovator U.S. Equity Buffer ETF - March** |  |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $34.06 | (0.26) |  | (1.88) | (2.14) | 0.01 | – |
| For the year ended 10/31/2021  | $27.92 | (0.25) |  | 6.37 | 6.12 | 0.02 | – |
| For the period 2/28/2020 <sup>(e)</sup> - 10/31/2020  | $26.01 | (0.14) |  | 2.03 | 1.89 | 0.02 | – |
| **Innovator U.S. Equity Buffer ETF - April** |  |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $32.79 | (0.25) |  | (1.73) | (1.98) | 0.02 | – |
| For the year ended 10/31/2021  | $28.41 | (0.25) |  | 4.61 | 4.36 | 0.02 | – |
| For the year ended 10/31/2020  | $26.64 | (0.22) |  | 1.95 | 1.73 | 0.04 | – |
| For the period 3/29/2019 <sup>(e)</sup> - 10/31/2019  | $24.95 | (0.12) |  | 1.79 | 1.67 | 0.02 | – |

---

<sup>(a)</sup> Annualized for periods less than one year.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.

<sup>(e)</sup> Commencement of operations.

<sup>(f)</sup> Includes broker interest expense of 0.01%.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Change in Net Asset Value for the Period | Net Asset Value, End of Period | Total<br> return <sup>(c)</sup> | Net assets, end of period (000) | Expenses | Expenses | Net investment income/(loss) | Portfolio turnover<br> rate <sup>(c)</sup> |
| (3.70) | $33.17 | (10.03)% | $142636 |  | 0.79% | (0.79)% | 0% |
| 7.10 | $36.87 | 23.85% | $150240 |  | 0.79% | (0.79)% | 0% |
| 0.08 | $29.77 | 4.99% | $125767 |  | 0.79% | (0.79)% | 0% |
| 4.61 | $29.69 | 18.38% | $22267 | 0.80% | 0.80%<br> <sup>(f)</sup> | (0.80)% | 0% |
| (2.01) | $29.62 | (6.37)% | $68860 |  | 0.79% | (0.79)% | 0% |
| 6.54 | $31.63 | 26.08% | $86203 |  | 0.79% | (0.79)% | 0% |
| 0.57 | $25.09 | 2.32% | $37008 |  | 0.79% | (0.79)% | 0% |
| (2.13) | $31.93 | (6.26)% | $76635 |  | 0.79% | (0.79)% | 0% |
| 6.14 | $34.06 | 21.98% | $62164 |  | 0.79% | (0.79)% | 0% |
| 1.91 | $27.92 | 7.36% | $23735 |  | 0.79% | (0.79)% | 0% |
| (1.96) | $30.83 | (5.99)% | $115595 |  | 0.79% | (0.79)% | 0% |
| 4.38 | $32.79 | 15.40% | $122956 |  | 0.79% | (0.79)% | 0% |
| 1.77 | $28.41 | 6.65% | $69609 |  | 0.79% | (0.79)% | 0% |
| 1.69 | $26.64 | 6.78% | $41295 |  | 0.79% | (0.79)% | 121% |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** |
|  |  | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share<br> Transactions: |
|  | Net Asset<br> Value,<br> Beginning of<br> Period | Net investment<br> income/(loss) <sup>(b)</sup> | Net realized and<br> unrealized<br> gain/(loss) | Total From<br> Investment<br> Operations | Transaction fees<br> (see Note 5) |
| **Innovator U.S. Equity Buffer ETF - May** |  |  |  |  |  |
| For the year ended 10/31/2022  | $32.55 | (0.24) | (3.26) | (3.50) | 0.02 |
| For the year ended 10/31/2021  | $27.92 | (0.25) | 4.86 | 4.61 | 0.02 |
| For the period 4/30/2020 <sup>(d)</sup> - 10/31/2020  | $25.63 | (0.11) | 2.39 | 2.28 | 0.01 |
| **Innovator U.S. Equity Buffer ETF - June** |  |  |  |  |  |
| For the year ended 10/31/2022  | $33.96 | (0.25) | (3.14) | (3.39) | 0.02 |
| For the year ended 10/31/2021  | $29.25 | (0.26) | 4.95 | 4.69 | 0.02 |
| For the year ended 10/31/2020  | $27.38 | (0.22) | 2.03 | 1.81 | 0.06 |
| For the period 5/31/2019 <sup>(d)</sup> - 10/31/2019  | $25.33 | (0.09) | 2.11 | 2.02 | 0.03 |
| **Innovator U.S. Equity Buffer ETF - July** |  |  |  |  |  |
| For the year ended 10/31/2022  | $32.69 | (0.25) | (1.65) <sup>(h)</sup> | (1.90) | 0.04 |
| For the year ended 10/31/2021  | $27.94 | (0.25) | 4.97 | 4.72 | 0.03 |
| For the year ended 10/31/2020  | $26.55 | (0.21) | 1.56 | 1.35 | 0.04 |
| For the year ended 10/31/2019  | $24.61 | (0.21) | 2.09 | 1.88 | 0.06 |
| For the period 8/28/2018 <sup>(d)</sup> - 10/31/2018  | $25.51 | (0.03) | (0.90) | (0.93) | 0.03 |
| **Innovator U.S. Equity Buffer ETF - August** |  |  |  |  |  |
| For the year ended 10/31/2022  | $32.65 | (0.25) | (2.43) | (2.68) | 0.03 |
| For the year ended 10/31/2021  | $27.49 | (0.24) | 5.38 | 5.14 | 0.02 |
| For the year ended 10/31/2020  | $25.53 | (0.21) | 2.15 | 1.94 | 0.02 |
| For the period 7/31/2019 <sup>(d)</sup> - 10/31/2019  | $25.04 | (0.05) | 0.52 | 0.47 | 0.02 |

---

<sup>(a)</sup> Annualized for periods less than one year.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Commencement of operations.

<sup>(e)</sup> Includes broker interest expense of 0.01%.

<sup>(f)</sup> The total return for the period includes the impact of financial statement adjustments. This return differs from the actual performance a shareholder experienced over the period.

<sup>(g)</sup> Includes extraordinary expense of 0.01%.

<sup>(h)</sup> Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  |  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Change in<br> Net Asset<br> Value for<br> the Period | Net Asset<br> Value, End<br> of Period | Total<br> return <sup>(c)</sup> | Total<br> return <sup>(c)</sup> | Net assets, end<br> of period (000) | Expenses | Expenses | Net investment<br> income/(loss) | Portfolio<br> turnover<br> rate <sup>(c)</sup> |
| (3.48) | $29.07 |  | (10.70)% | $175858 |  | 0.79% | (0.79)% | 0% |
| 4.63 | $32.55 |  | 16.58% | $82190 |  | 0.79% | (0.79)% | 0% |
| 2.29 | $27.92 |  | 8.94% | $16055 |  | 0.79% | (0.79)% | 0% |
| (3.37) | $30.59 |  | (9.93)% | $76474 |  | 0.79% | (0.79)% | 0% |
| 4.71 | $33.96 |  | 16.12% | $81509 |  | 0.79% | (0.79)% | 0% |
| 1.87 | $29.25 |  | 6.81% | $32172 |  | 0.79% | (0.79)% | 0% |
| 2.05 | $27.38 |  | 8.10% | $4792 | 0.80 | 0.80<br> %<sup>(e)</sup> | (0.80)% | 0% |
| (1.86) | $30.83 |  | (5.69)% | $170341 |  | 0.79% | (0.79)% | 0% |
| 4.75 | $32.69 |  | 17.53% | $183066 |  | 0.79% | (0.79)% | 0% |
| 1.39 | $27.94 | 5.24 | 5.24<br> %<sup>(f)</sup> | $67755 |  | 0.79% | (0.79)% | 4% |
| 1.94 | $26.55 |  | 7.89% | $83639 | 0.81 | 0.81<br> %<sup>(e)(g)</sup> | (0.80)% | 106% |
| (0.90) | $24.61 |  | 3.53% | $3691 |  | 0.79% | (0.78)% | 0% |
| (2.65) | $30.00 |  | (8.13)% | $102754 |  | 0.79% | (0.79)% | 0% |
| 5.16 | $32.65 |  | 18.81% | $86535 |  | 0.79% | (0.79)% | 0% |
| 1.96 | $27.49 |  | 7.68% | $48099 |  | 0.79% | (0.79)% | 0% |
| 0.49 | $25.53 |  | 1.94% | $47221 |  | 0.79% | (0.79)% | 0% |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Financial Highlights**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** |
|  |  | Investment Operations: | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share<br> Transactions: |  |
|  | Net Asset<br> Value,<br> Beginning of<br> Period | Net investment<br> income/(loss) <sup>(b)</sup> | Net realized<br> and<br> unrealized<br> gain/(loss) | Net realized<br> and<br> unrealized<br> gain/(loss) | Total From<br> Investment<br> Operations | Transaction fees<br> (see Note 5) | Distributions Paid<br> to Shareholders:<br> Paid from realized<br> gains |
| **Innovator U.S. Equity Buffer ETF - September** |  |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $32.66 | (0.25) |  | (2.10) | (2.35) | 0.02 | – |
| For the year ended 10/31/2021  | $26.40 | (0.24) |  | 6.47 | 6.23 | 0.03 | – |
| For the year ended 10/31/2020  | $25.31 | (0.21) | 1.59 | 1.59<br> <sup>(d)</sup> | 1.38 | 0.07 | (0.36) |
| For the period 8/30/2019 <sup>(e)</sup> - 10/31/2019  | $24.59 | (0.03) |  | 0.73 | 0.70 | 0.02 | – |
| **Innovator U.S. Equity Buffer ETF - October** |  |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $33.90 | (0.26) |  | (2.24) | (2.50) | 0.03 | – |
| For the year ended 10/31/2021  | $27.26 | (0.25) |  | 6.88 | 6.63 | 0.01 | – |
| For the year ended 10/31/2020  | $25.18 | (0.20) |  | 2.31 | 2.11 | 0.02 | (0.05) |
| For the year ended 10/31/2019  | $23.42 | (0.20) |  | 1.92 | 1.72 | 0.04 | – |
| For the period 9/28/2018 <sup>(e)</sup> - 10/31/2018  | $24.49 | (0.01) |  | (1.07) | (1.08) | 0.01 | – |
| **Innovator U.S. Equity Buffer ETF - November** |  |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $32.21 | (0.24) |  | (2.25) | (2.49) | 0.02 | – |
| For the year ended 10/31/2021  | $27.31 | (0.24) |  | 5.12 | 4.88 | 0.02 | – |
| For the year ended 10/31/2020  | $25.53 | (0.20) |  | 1.92 | 1.72 | 0.06 | – |
| For the period 10/31/2019 <sup>(e)</sup> - 10/31/2019  | $25.53 | – |  | – | – | – | – |
| **Innovator U.S. Equity Buffer ETF - December** |  |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $34.04 | (0.26) |  | (2.14) | (2.40) | 0.03 | – |
| For the year ended 10/31/2021  | $27.73 | (0.25) |  | 6.53 | 6.28 | 0.03 | – |
| For the period 11/29/2019 <sup>(e)</sup> - 10/31/2020  | $26.40 | (0.19) |  | 1.47 | 1.28 | 0.05 | – |

---

<sup>(a)</sup> Annualized for periods less than one year.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.

<sup>(e)</sup> Commencement of operations.

<sup>(f)</sup> Includes broker interest expense of 0.01%.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Change in<br> Net Asset<br> Value for the<br> Period | Net Asset<br> Value, End<br> of Period | Total<br> return <sup>(c)</sup> | Net assets, end<br> of period (000) | Expenses | Expenses | Net investment<br> income/(loss) | Portfolio<br> turnover<br> rate <sup>(c)</sup> |
| (2.33) | $30.33 | (7.13)% | $166049 |  | 0.79% | (0.79)% | 0% |
| 6.26 | $32.66 | 23.68% | $156749 |  | 0.79% | (0.79)% | 0% |
| 1.09 | $26.40 | 5.81% | $77892 |  | 0.79% | (0.79)% | 0% |
| 0.72 | $25.31 | 2.91% | $4429 |  | 0.79% | (0.79)% | 186% |
| (2.47) | $31.43 | (7.29)% | $226302 |  | 0.79% | (0.79)% | 0% |
| 6.64 | $33.90 | 24.34% | $111875 |  | 0.79% | (0.79)% | 0% |
| 2.08 | $27.26 | 8.51% | $73613 |  | 0.79% | (0.79)% | 0% |
| 1.76 | $25.18 | 7.48% | $173098 | 0.80 | 0.80<br> %<sup>(f)</sup> | (0.80)% | 25% |
| (1.07) | $23.42 | (4.35)% | $21082 |  | 0.79% | (0.79)% | 4% |
| (2.47) | $29.74 | (7.65)% | $61710 |  | 0.79% | (0.79)% | 0% |
| 4.90 | $32.21 | 17.93% | $30599 |  | 0.79% | (0.79)% | 0% |
| 1.78 | $27.31 | 7.00% | $15023 |  | 0.79% | (0.79)% | 0% |
| – | $25.53 | – | $2553 |  | – | – | –% |
| (2.37) | $31.67 | (6.97)% | $103722 |  | 0.79% | (0.79)% | 0% |
| 6.31 | $34.04 | 22.76% | $57874 |  | 0.79% | (0.79)% | 0% |
| 1.33 | $27.73 | 5.04% | $24958 |  | 0.79% | (0.79)% | 146% |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** |
|  |  | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share<br> Transactions: |  |
|  | Net Asset<br> Value,<br> Beginning of<br> Period | Net investment<br> income/(loss) <sup>(b)</sup> | Net realized<br> and<br> unrealized<br> gain/(loss) | Total From<br> Investment<br> Operations | Transaction fees<br> (see Note 5) | Distributions Paid<br> to Shareholders:<br> Paid from realized<br> gains |
| **Innovator U.S. Equity Power Buffer ETF - January** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $33.10 | (0.25) | (1.70) | (1.95) | 0.02 | – |
| For the year ended 10/31/2021  | $29.08 | (0.25) | 4.25 | 4.00 | 0.02 | – |
| For the year ended 10/31/2020  | $28.13 | (0.22) | 1.14 | 0.92 | 0.03 | – |
| For the period 12/31/2018 <sup>(d)</sup> - 10/31/2019  | $25.08 | (0.18) | 3.20 | 3.02 | 0.03 | – |
| **Innovator U.S. Equity Power Buffer ETF - February** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $29.01 | (0.22) | (0.97) | (1.19) | 0.02 | – |
| For the year ended 10/31/2021  | $25.03 | (0.22) | 4.18 | 3.96 | 0.02 | – |
| For the period 1/31/2020 <sup>(d)</sup> - 10/31/2020  | $24.52 | (0.14) | 0.63 | 0.49 | 0.02 | – |
| **Innovator U.S. Equity Power Buffer ETF - March** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $31.23 | (0.24) | (0.63) | (0.87) | 0.02 | – |
| For the year ended 10/31/2021  | $27.39 | (0.24) | 4.06 | 3.82 | 0.02 | – |
| For the period 2/28/2020 <sup>(d)</sup> - 10/31/2020  | $26.01 | (0.14) | 1.50 | 1.36 | 0.02 | – |
| **Innovator U.S. Equity Power Buffer ETF - April** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $29.04 | (0.22) | (1.04) | (1.26) | 0.02 | – |
| For the year ended 10/31/2021  | $26.54 | (0.22) | 2.70 | 2.48 | 0.02 | – |
| For the year ended 10/31/2020  | $26.31 | (0.20) | 1.20 | 1.00 | 0.03 | (0.80) |
| For the period 3/29/2019 <sup>(d)</sup> - 10/31/2019  | $24.95 | (0.12) | 1.46 | 1.34 | 0.02 | – |

---

<sup>(a)</sup> Annualized for periods less than one year.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Change in<br> Net Asset<br> Value for the<br> Period | Net Asset<br> Value, End<br> of Period | Total<br> return <sup>(c)</sup> | Net assets, end<br> of period (000) | Expenses | Net investment<br> income/(loss) | Portfolio<br> turnover<br> rate <sup>(c)</sup> |
| (1.93) | $31.17 | (5.83)% | $448795 | 0.79% | (0.79)% | 0% |
| 4.02 | $33.10 | 13.82% | $294561 | 0.79% | (0.79)% | 0% |
| 0.95 | $29.08 | 3.38% | $288597 | 0.79% | (0.79)% | 0% |
| 3.05 | $28.13 | 12.15% | $67507 | 0.79% | (0.79)% | 0% |
| (1.17) | $27.84 | (4.02)% | $239416 | 0.79% | (0.79)% | 0% |
| 3.98 | $29.01 | 15.90% | $170407 | 0.79% | (0.79)% | 0% |
| 0.51 | $25.03 | 2.06% | $115121 | 0.79% | (0.79)% | 0% |
| (0.85) | $30.38 | (2.72)% | $226295 | 0.79% | (0.79)% | 0% |
| 3.84 | $31.23 | 14.01% | $117875 | 0.79% | (0.79)% | 0% |
| 1.38 | $27.39 | 5.30% | $71895 | 0.79% | (0.79)% | 0% |
| (1.24) | $27.80 | (4.29)% | $308534 | 0.79% | (0.79)% | 0% |
| 2.50 | $29.04 | 9.45% | $242503 | 0.79% | (0.79)% | 0% |
| 0.23 | $26.54 | 4.00% | $187078 | 0.79% | (0.79)% | 0% |
| 1.36 | $26.31 | 5.44% | $129561 | 0.79% | (0.79)% | 126% |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** |
|  |  | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share Transactions: |  |
|  | Net Asset<br> Value,<br> Beginning of<br> Period | Net investment<br> income/(loss) <sup>(b)</sup> | Net realized<br> and<br> unrealized<br> gain/(loss) | Total From<br> Investment<br> Operations | Transaction fees<br> (see Note 5) | Distributions Paid<br> to Shareholders:<br> Paid from realized<br> gains |
| **Innovator U.S. Equity Power Buffer ETF - May** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $30.23 | (0.23) | (2.00) | (2.23) | 0.02 | – |
| For the year ended 10/31/2021  | $27.34 | (0.23) | 3.10 | 2.87 | 0.02 | – |
| For the period 4/30/2020 <sup>(d)</sup> - 10/31/2020  | $25.63 | (0.11) | 1.80 | 1.69 | 0.02 | – |
| **Innovator U.S. Equity Power Buffer ETF - June** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $31.87 | (0.24) | (1.96) | (2.20) | 0.02 | – |
| For the year ended 10/31/2021  | $28.88 | (0.24) | 3.20 | 2.96 | 0.03 | – |
| For the year ended 10/31/2020  | $26.74 | (0.22) | 2.30 | 2.08 | 0.06 | – |
| For the period 5/31/2019 <sup>(d)</sup> - 10/31/2019  | $25.33 | (0.09) | 1.48 | 1.39 | 0.02 | – |
| **Innovator U.S. Equity Power Buffer ETF - July** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $30.38 | (0.24) | (0.27) <sup>(e)</sup> | (0.51) | 0.03 | – |
| For the year ended 10/31/2021  | $27.43 | (0.23) | 3.16 | 2.93 | 0.02 | – |
| For the year ended 10/31/2020  | $26.36 | (0.21) | 1.46 | 1.25 | 0.04 | (0.22) |
| For the year ended 10/31/2019  | $24.75 | (0.20) | 1.77 | 1.57 | 0.04 | – |
| For the period 8/7/2018 <sup>(d)</sup> - 10/31/2018  | $25.17 | (0.04) | (0.39) | (0.43) | 0.01 | – |
| **Innovator U.S. Equity Power Buffer ETF - August** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $30.00 | (0.23) | (1.58) | (1.81) | 0.02 | – |
| For the year ended 10/31/2021  | $26.86 | (0.23) | 3.35 | 3.12 | 0.02 | – |
| For the year ended 10/31/2020  | $25.45 | (0.21) | 1.93 | 1.72 | 0.03 | (0.34) |
| For the period 7/31/2019 <sup>(d)</sup> - 10/31/2019  | $25.04 | (0.05) | 0.44 | 0.39 | 0.02 | – |

---

<sup>(a)</sup> Annualized for periods less than one year.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Commencement of operations.

<sup>(e)</sup> Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Change in<br> Net Asset<br> Value for the<br> Period | Net Asset<br> Value, End<br> of Period | Total<br> return <sup>(c)</sup> | Net assets, end<br> of period (000) | Expenses | Net investment<br> income/(loss) | Portfolio<br> turnover<br> rate <sup>(c)</sup> |
| (2.21) | $28.02 | (7.30)% | $392967 | 0.79% | (0.79)% | 0% |
| 2.89 | $30.23 | 10.54% | $238780 | 0.79% | (0.79)% | 0% |
| 1.71 | $27.34 | 6.69% | $65626 | 0.79% | (0.79)% | 0% |
| (2.18) | $29.69 | (6.84)% | $344365 | 0.79% | (0.79)% | 0% |
| 2.99 | $31.87 | 10.34% | $152966 | 0.79% | (0.79)% | 0% |
| 2.14 | $28.88 | 8.00% | $94588 | 0.79% | (0.79)% | 0% |
| 1.41 | $26.74 | 5.58% | $20057 | 0.79% | (0.79)% | 0% |
| (0.48) | $29.90 | (1.59)% | $503828 | 0.79% | (0.79)% | 0% |
| 2.95 | $30.38 | 10.78% | $218755 | 0.79% | (0.79)% | 0% |
| 1.07 | $27.43 | 4.89% | $111759 | 0.79% | (0.79)% | 15% |
| 1.61 | $26.36 | 6.53% | $92273 | 0.79% | (0.79)% | 137% |
| (0.42) | $24.75 | (1.68)% | $3712 | 0.79% | (0.79)% | 0% |
| (1.79) | $28.21 | (5.98)% | $435772 | 0.79% | (0.79)% | 0% |
| 3.14 | $30.00 | 11.68% | $185991 | 0.79% | (0.79)% | 0% |
| 1.41 | $26.86 | 6.95% | $109458 | 0.79% | (0.79)% | 0% |
| 0.41 | $25.45 | 1.65% | $116446 | 0.79% | (0.79)% | 0% |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Financial Highlights**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** |
|  |  | Investment Operations: | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share<br> Transactions: |  |
|  | Net Asset<br> Value,<br> Beginning of<br> Period | Net investment<br> income/(loss) <sup>(b)</sup> | Net realized<br> and<br> unrealized<br> gain/(loss) | Net realized<br> and<br> unrealized<br> gain/(loss) | Total From<br> Investment<br> Operations | Transaction fees<br> (see Note 5) | Distributions Paid<br> to Shareholders:<br> Paid from realized<br> gains |
| **Innovator U.S. Equity Power Buffer ETF - September** |  |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $29.97 | (0.23) |  | (0.67) | (0.90) | 0.03 | – |
| For the year ended 10/31/2021  | $26.01 | (0.23) |  | 4.17 | 3.94 | 0.02 | – |
| For the year ended 10/31/2020  | $25.15 | (0.21) | 1.01 | 1.01<br> <sup>(d)</sup> | 0.80 | 0.06 | – |
| For the period 8/30/2019 <sup>(e)</sup> - 10/31/2019  | $24.59 | (0.03) |  | 0.58 | 0.55 | 0.01 | – |
| **Innovator U.S. Equity Power Buffer ETF - October** |  |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $30.04 | (0.23) |  | (0.13)<sup>(g)</sup> | (0.36) | 0.04 | – |
| For the year ended 10/31/2021  | $26.02 | (0.23) |  | 4.23 | 4.00 | 0.02 | – |
| For the year ended 10/31/2020  | $25.16 | (0.20) |  | 1.60 | 1.40 | 0.02 | (0.56) |
| For the year ended 10/31/2019  | $23.54 | (0.20) |  | 1.79 | 1.59 | 0.03 | – |
| For the period 9/28/2018 <sup>(e)</sup> - 10/31/2018  | $24.49 | (0.01) |  | (0.95) | (0.96) | 0.01 | – |
| **Innovator U.S. Equity Power Buffer ETF - November** |  |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $30.52 | (0.23) |  | (0.31) | (0.54) | 0.03 | – |
| For the year ended 10/31/2021  | $27.30 | (0.23) |  | 3.44 | 3.21 | 0.01 | – |
| For the year ended 10/31/2020  | $25.53 | (0.21) |  | 1.94 | 1.73 | 0.04 | – |
| For the period 10/31/2019 <sup>(e)</sup> - 10/31/2019  | $25.53 | – |  | – | – | – | – |
| **Innovator U.S. Equity Power Buffer ETF - December** |  |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $31.01 | (0.24) |  | (0.75) | (0.99) | 0.01 | – |
| For the year ended 10/31/2021  | $27.42 | (0.24) |  | 3.80 | 3.56 | 0.03 | – |
| For the period 11/29/2019 <sup>(e)</sup> - 10/31/2020  | $26.40 | (0.19) |  | 1.17 | 0.98 | 0.04 | – |

---

<sup>(a)</sup> Annualized for periods less than one year.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.

<sup>(e)</sup> Commencement of operations.

<sup>(f)</sup> Includes broker interest expense of 0.01%.

<sup>(g)</sup> Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Change in<br> Net Asset<br> Value for the<br> Period | Net Asset<br> Value, End<br> of Period | Total<br> return <sup>(c)</sup> | Net assets, end<br> of period (000) | Expenses | Expenses | Net investment<br> income/(loss) | Portfolio<br> turnover rate<br> <sup>(c)</sup> |
| (0.87) | $29.10 | (2.90)% | $547143 |  | 0.79% | (0.79)% | 0% |
| 3.96 | $29.97 | 15.24% | $303473 |  | 0.79% | (0.79)% | 0% |
| 0.86 | $26.01 | 3.40% | $287388 |  | 0.79% | (0.79)% | 3% |
| 0.56 | $25.15 | 2.29% | $20122 |  | 0.79% | (0.79)% | 127% |
| (0.32) | $29.72 | (1.05)% | $649488 |  | 0.79% | (0.79)% | 0% |
| 4.02 | $30.04 | 15.44% | $209533 |  | 0.79% | (0.79)% | 0% |
| 0.86 | $26.02 | 5.74% | $189967 |  | 0.79% | (0.79)% | 0% |
| 1.62 | $25.16 | 6.90% | $311363 | 0.80 | 0.80<br> %<sup>(f)</sup> | (0.79)% | 3% |
| (0.95) | $23.54 | (3.89)% | $11180 |  | 0.79% | (0.79)% | 4% |
| (0.51) | $30.01 | (1.67)% | $317389 |  | 0.79% | (0.79)% | 0% |
| 3.22 | $30.52 | 11.80% | $79343 |  | 0.79% | (0.79)% | 0% |
| 1.77 | $27.30 | 6.94% | $38217 |  | 0.79% | (0.79)% | 0% |
| – | $25.53 | – | $2553 |  | – | – | –% |
| (0.98) | $30.03 | (3.16)% | $207929 |  | 0.79% | (0.79)% | 0% |
| 3.59 | $31.01 | 13.10% | $108520 |  | 0.79% | (0.79)% | 0% |
| 1.02 | $27.42 | 3.85% | $65111 |  | 0.79% | (0.79)% | 141% |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Financial Highlights**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** |
|  |  | Investment Operations: | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share<br> Transactions: |  |
|  | Net Asset<br> Value,<br> Beginning of<br> Period | Net investment<br> income/(loss) <sup>(b)</sup> | Net realized<br> and<br> unrealized<br> gain/(loss) | Net realized<br> and<br> unrealized<br> gain/(loss) | Total From<br> Investment<br> Operations | Transaction fees<br> (see Note 5) | Distributions Paid<br> to Shareholders:<br> Paid from realized<br> gains |
| **Innovator U.S. Equity Ultra Buffer ETF - January** |  |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $31.37 | (0.23) |  | (1.62) | (1.85) | 0.03 | – |
| For the year ended 10/31/2021  | $28.36 | (0.24) |  | 3.23 | 2.99 | 0.02 | – |
| For the year ended 10/31/2020  | $27.69 | (0.22) |  | 0.86 | 0.64 | 0.03 | – |
| For the period 12/31/2018 <sup>(d)</sup> - 10/31/2019  | $25.08 | (0.18) |  | 2.77 | 2.59 | 0.02 | – |
| **Innovator U.S. Equity Ultra Buffer ETF - February** |  |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $27.80 | (0.21) |  | (1.25) | (1.46) | 0.01 | – |
| For the year ended 10/31/2021  | $24.91 | (0.21) |  | 3.08 | 2.87 | 0.02 | – |
| For the period 1/31/2020 <sup>(d)</sup> - 10/31/2020  | $24.52 | (0.14) |  | 0.50 | 0.36 | 0.03 | – |
| **Innovator U.S. Equity Ultra Buffer ETF - March** |  |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $29.56 | (0.23) |  | (1.02) | (1.25) | 0.02 | – |
| For the year ended 10/31/2021  | $26.93 | (0.23) |  | 2.84 | 2.61 | 0.02 | – |
| For the period 2/28/2020 <sup>(d)</sup> - 10/31/2020  | $26.01 | (0.14) |  | 1.03 | 0.89 | 0.03 | – |
| **Innovator U.S. Equity Ultra Buffer ETF - April** |  |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $26.02 | (0.20) |  | (1.01) | (1.21) | 0.02 | – |
| For the year ended 10/31/2021  | $24.47 | (0.20) |  | 1.72 | 1.52 | 0.03 | – |
| For the year ended 10/31/2020  | $26.22 | (0.19) | (1.01 | (1.01)<sup>(e)</sup> | (1.20) | 0.02 | (0.57) |
| For the period 3/29/2019 <sup>(d)</sup> - 10/31/2019  | $24.95 | (0.12) |  | 1.37 | 1.25 | 0.02 | – |

---

<sup>(a)</sup> Annualized for periods less than one year.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Commencement of operations.

<sup>(e)</sup> Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Change in<br> Net Asset<br> Value for the<br> Period | Net Asset<br> Value, End<br> of Period | Total<br> return <sup>(c)</sup> | Net assets, end<br> of period (000) | Expenses | Net investment<br> income/(loss) | Portfolio<br> turnover<br> rate <sup>(c)</sup> |
| (1.82) | $29.55 | (5.82)% | $283638 | 0.79% | (0.79)% | 0% |
| 3.01 | $31.37 | 10.62% | $86274 | 0.79% | (0.79)% | 0% |
| 0.67 | $28.36 | 2.44% | $112023 | 0.79% | (0.79)% | 0% |
| 2.61 | $27.69 | 10.39% | $30455 | 0.79% | (0.79)% | 0% |
| (1.45) | $26.35 | (5.21)% | $53358 | 0.79% | (0.79)% | 0% |
| 2.89 | $27.80 | 11.61% | $26409 | 0.79% | (0.79)% | 0% |
| 0.39 | $24.91 | 1.58% | $31757 | 0.79% | (0.79)% | 0% |
| (1.23) | $28.33 | (4.15)% | $69406 | 0.79% | (0.79)% | 0% |
| 2.63 | $29.56 | 9.76% | $33251 | 0.79% | (0.79)% | 0% |
| 0.92 | $26.93 | 3.53% | $28275 | 0.79% | (0.79)% | 0% |
| (1.19) | $24.83 | (4.59)% | $122886 | 0.79% | (0.78)% | 0% |
| 1.55 | $26.02 | 6.31% | $57242 | 0.79% | (0.79)% | 0% |
| (1.75) | $24.47 | (4.59)% | $30594 | 0.79% | (0.79)% | 0% |
| 1.27 | $26.22 | 5.07% | $19006 | 0.79% | (0.79)% | 106% |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** |
|  |  | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share<br> Transactions: |  |
|  | Net Asset<br> Value,<br> Beginning of<br> Period | Net investment<br> income/(loss) <sup>(b)</sup> | Net realized<br> and<br> unrealized<br> gain/(loss) | Total From<br> Investment<br> Operations | Transaction fees<br> (see Note 5) | Distributions Paid<br> to Shareholders:<br> Paid from realized<br> gains |
| **Innovator U.S. Equity Ultra Buffer ETF - May** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $28.52 | (0.21) | (2.01) | (2.22) | 0.03 | – |
| For the year ended 10/31/2021  | $26.67 | (0.22) | 2.05 | 1.83 | 0.02 | – |
| For the period 4/30/2020 <sup>(d)</sup> - 10/31/2020  | $25.63 | (0.11) | 1.14 | 1.03 | 0.01 | – |
| **Innovator U.S. Equity Ultra Buffer ETF - June** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $29.18 | (0.21) | (2.13) <sup>(f)</sup> | (2.34) | 0.03 | – |
| For the year ended 10/31/2021  | $27.24 | (0.23) | 2.14 | 1.91 | 0.03 | – |
| For the year ended 10/31/2020  | $26.65 | (0.21) | 1.74 | 1.53 | 0.08 | (1.02) |
| For the period 5/31/2019 <sup>(d)</sup> - 10/31/2019  | $25.33 | (0.09) | 1.37 | 1.28 | 0.04 | – |
| **Innovator U.S. Equity Ultra Buffer ETF - July** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $27.37 | (0.21) | (1.56) | (1.77) | 0.02 | – |
| For the year ended 10/31/2021  | $25.54 | (0.21) | 2.02 | 1.81 | 0.02 | – |
| For the year ended 10/31/2020  | $26.31 | (0.20) | 1.01 | 0.81 | 0.04 | (1.62) |
| For the year ended 10/31/2019  | $24.68 | (0.20) | 1.78 | 1.58 | 0.05 | – |
| For the period 8/7/2018 <sup>(d)</sup> - 10/31/2018  | $25.17 | (0.04) | (0.46) | (0.50) | 0.01 | – |
| **Innovator U.S. Equity Ultra Buffer ETF - August** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $28.99 | (0.22) | (2.68) | (2.90) | 0.04 | – |
| For the year ended 10/31/2021  | $26.87 | (0.22) | 2.32 | 2.10 | 0.02 | – |
| For the year ended 10/31/2020  | $25.45 | (0.21) | 1.81 | 1.60 | 0.03 | (0.21) |
| For the period 7/31/2019 <sup>(d)</sup> - 10/31/2019  | $25.04 | (0.05) | 0.44 | 0.39 | 0.02 | – |

---

<sup>(a)</sup> Annualized for periods less than one year.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Commencement of operations.

<sup>(e)</sup> Includes broker interest expense of 0.01%.

<sup>(d)</sup> Net realized and unrealized gain/(loss) per share includes balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain/(loss) in the Statement of Operations due to share transactions for the period.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Change in<br> Net Asset<br> Value for the<br> Period | Net Asset<br> Value, End<br> of Period | Total<br> return <sup>(c)</sup> | Net assets, end<br> of period (000) | Expenses | Expenses | Net investment<br> income/(loss) | Portfolio<br> turnover<br> rate <sup>(c)</sup> |
| (2.19) | $26.33 | (7.67)% | $99394 |  | 0.79% | (0.79)% | 0% |
| 1.85 | $28.52 | 6.91% | $40634 |  | 0.79% | (0.79)% | 0% |
| 1.04 | $26.67 | 4.06% | $10669 |  | 0.79% | (0.79)% | 0% |
| (2.31) | $26.87 | (7.92)% | $114860 |  | 0.79% | (0.79)% | 0% |
| 1.94 | $29.18 | 7.10% | $21155 |  | 0.79% | (0.79)% | 0% |
| 0.59 | $27.24 | 6.26% | $14984 |  | 0.79% | (0.79)% | 0% |
| 1.32 | $26.65 | 5.19% | $2665 | 0.80 | 0.80<br> %<sup>(e)</sup> | (0.80)% | 0% |
| (1.75) | $25.62 | (6.41)% | $73650 |  | 0.79% | (0.79)% | 0% |
| 1.83 | $27.37 | 7.18% | $52689 |  | 0.79% | (0.79)% | 0% |
| (0.77) | $25.54 | 3.37% | $39583 |  | 0.79% | (0.79)% | 1% |
| 1.63 | $26.31 | 6.62% | $38809 |  | 0.79% | (0.79)% | 27% |
| (0.49) | $24.68 | (1.95)% | $3702 |  | 0.79% | (0.79)% | 0% |
| (2.86) | $26.13 | (9.87)% | $82308 |  | 0.79% | (0.79)% | 0% |
| 2.12 | $28.99 | 7.89% | $46383 |  | 0.79% | (0.79)% | 0% |
| 1.42 | $26.87 | 6.46% | $45679 |  | 0.79% | (0.79)% | 0% |
| 0.41 | $25.45 | 1.64% | $18452 |  | 0.79% | (0.79)% | 0% |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** | **Per Share Operating Performance (For a share outstanding throughout each period)** |
|  |  | Investment Operations: | Investment Operations: | Investment Operations: | Capital Share<br> Transactions: |  |
|  | Net Asset<br> Value,<br> Beginning of<br> Period | Net investment<br> income/(loss) <sup>(b)</sup> | Net realized<br> and<br> unrealized<br> gain/(loss) | Total From<br> Investment<br> Operations | Transaction fees<br> (see Note 5) | Distributions Paid<br> to Shareholders:<br> Paid from realized<br> gains |
| **Innovator U.S. Equity Ultra Buffer ETF - September** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $28.42 | (0.21) | (1.96) | (2.17) | 0.03 | – |
| For the year ended 10/31/2021  | $25.83 | (0.22) | 2.78 | 2.56 | 0.03 | – |
| For the year ended 10/31/2020  | $25.02 | (0.20) | 1.09 | 0.89 | 0.08 | (0.16) |
| For the period 8/30/2019 <sup>(d)</sup> - 10/31/2019  | $24.59 | (0.03) | 0.43 | 0.40 | 0.03 | – |
| **Innovator U.S. Equity Ultra Buffer ETF - October** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $28.23 | (0.22) | (1.07) | (1.29) | 0.02 | – |
| For the year ended 10/31/2021  | $25.70 | (0.22) | 2.74 | 2.52 | 0.01 | – |
| For the year ended 10/31/2020  | $25.05 | (0.20) | 1.41 | 1.21 | 0.02 | (0.58) |
| For the year ended 10/31/2019  | $23.64 | (0.19) | 1.58 | 1.39 | 0.02 | – |
| For the period 9/28/2018 <sup>(d)</sup> - 10/31/2018  | $24.49 | (0.01) | (0.85) | (0.86) | 0.01 | – |
| **Innovator U.S. Equity Ultra Buffer ETF - November** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $29.29 | (0.22) | (1.49) | (1.71) | 0.02 | – |
| For the year ended 10/31/2021  | $27.28 | (0.23) | 2.22 | 1.99 | 0.02 | – |
| For the year ended 10/31/2020  | $25.53 | (0.21) | 1.94 | 1.73 | 0.02 | – |
| For the period 10/31/2019 <sup>(d)</sup> - 10/31/2019  | $25.53 | – | – | – | – | – |
| **Innovator U.S. Equity Ultra Buffer ETF - December** |  |  |  |  |  |  |
| For the year ended 10/31/2022  | $29.82 | (0.23) | (1.53) | (1.76) | 0.01 | – |
| For the year ended 10/31/2021  | $27.15 | 0.23 | 2.87 | 2.64 | 0.03 | – |
| For the period 11/29/2019 <sup>(d)</sup> - 10/31/2020  | $26.40 | (0.19) | 0.91 | 0.72 | 0.03 | – |

---

<sup>(a)</sup> Annualized for periods less than one year.

<sup>(b)</sup> Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Commencement of operations.

<sup>(e)</sup> Includes broker interest expense of 0.01%.

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  |  |  |  | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> | Ratio to Average Net Assets of: <sup>(a)</sup> |  |
| Change in<br> Net Asset<br> Value for the<br> Period | Net Asset<br> Value, End<br> of Period | Total<br> return <sup>(c)</sup> | Net assets, end<br> of period (000) | Expenses | Expenses | Net investment<br> income/(loss) | Portfolio<br> turnover<br> rate <sup>(c)</sup> |
| (2.14) | $26.28 | (7.54)% | $158986 |  | 0.79% | (0.79)% | 0% |
| 2.59 | $28.42 | 10.03% | $67502 |  | 0.79% | (0.79)% | 0% |
| 0.81 | $25.83 | 3.90% | $65221 |  | 0.79% | (0.79)% | 35% |
| 0.43 | $25.02 | 1.76% | $5005 |  | 0.79% | (0.79)% | 152% |
| (1.27) | $26.96 | (4.52)% | $113221 |  | 0.79% | (0.79)% | 0% |
| 2.53 | $28.23 | 9.85% | $62818 |  | 0.79% | (0.79)% | 0% |
| 0.65 | $25.70 | 5.00% | $105376 |  | 0.79% | (0.79)% | 0% |
| 1.41 | $25.05 | 5.98% | $135912 | 0.80 | 0.80<br> %<sup>(e)</sup>  | (0.79)% | 4% |
| (0.85) | $23.64 | (3.47)% | $13593 |  | 0.79% | (0.79)% | 3% |
| (1.69) | $27.60 | (5.76)% | $53126 |  | 0.79% | (0.79)% | 0% |
| 2.01 | $29.29 | 7.36% | $10982 |  | 0.79% | (0.79)% | 0% |
| 1.75 | $27.28 | 6.88% | $8867 |  | 0.79% | (0.79)% | 0% |
| – | $25.53 | – | $2553 |  | – | – | –% |
| (1.75) | $28.07 | (5.88)% | $46311 |  | 0.79% | (0.79)% | 0% |
| 2.67 | $29.82 | 9.85% | $32059 |  | 0.79% | (0.79)% | 0% |
| 0.75 | $27.15 | 2.84% | $23756 |  | 0.79% | (0.79)% | 160% |

---

The accompanying notes are an integral part of these financial statements.

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements**

**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 thirty-six are covered in this report, collectively the ("Funds"):

---

| | | | |
|:---|:---|:---|:---|
| Name | Ticker | Commencement of<br> Operations | Tracking Fund <sup>(a)</sup> |
| Innovator U.S. Equity Buffer ETF – January  | BJAN | December 31, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – February  | BFEB | January 31, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – March  | BMAR | February 28, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – April  | BAPR | March 29, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – May  | BMAY | April 30, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – June  | BJUN | May 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – July  | BJUL | August 28, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – August  | BAUG | July 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – September  | BSEP | August 30, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – October  | BOCT | September 28, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – November  | BNOV | October 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Buffer ETF – December  | BDEC | November 29, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – January  | PJAN | December 31, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – February  | PFEB | January 31, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – March  | PMAR | February 28, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – April  | PAPR | March 29, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – May  | PMAY | April 30, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – June  | PJUN | May 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – July  | PJUL | August 7, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – August  | PAUG | July 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – September  | PSEP | August 30, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – October  | POCT | September 28, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – November  | PNOV | October 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Power Buffer ETF – December  | PDEC | November 29, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – January  | UJAN | December 31, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – February  | UFEB | January 31, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – March  | UMAR | February 28, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – April  | UAPR | March 29, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – May  | UMAY | April 30, 2020 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – June  | UJUN | May 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – July  | UJUL | August 7, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – August  | UAUG | July 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – September  | USEP | August 30, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – October  | UOCT | September 28, 2018 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – November  | UNOV | October 31, 2019 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Ultra Buffer ETF – December  | UDEC | November 29, 2019 | SPDR S&P 500® ETF Trust |

---

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

The operational series of the Trust covered outside of this report consist of:

---

| | | | |
|:---|:---|:---|:---|
| Name | Ticker | Commencement of<br> Operations | Tracking Index/Fund |
| Innovator IBD® 50 ETF  | FFTY | April 8, 2015 | IBD® 50 Index |
| Innovator IBD® Breakout Opportunities ETF  | BOUT | September 12, 2018 | IBD® Breakout Stocks Index |
| Innovator Loup Frontier Tech ETF  | LOUP | July 24, 2018 | Loup Frontier Tech Index |
| Innovator S&P Investment Grade Preferred ETF  | EPRF | May 23, 2016 | S&P U.S. High Quality Preferred Stock Index |
| Innovator Laddered Allocation Buffer ETF  | BUFB | February 8, 2022 | MerQube U.S. Large Cap Equity Buffer Laddered Index |
| Innovator Laddered Allocation Power Buffer ETF  | BUFF | October 19, 2016 | Refinitiv Laddered Power Buffer Strategy Index |
| Innovator Buffer Step-Up Strategy ETF  | BSTP | March 7, 2022 | SPDR S&P 500® ETF Trust |
| Innovator Power Buffer Step-Up Strategy ETF  | PSTP | March 7, 2022 | SPDR S&P 500® ETF Trust |
| Innovator Hedged TSLA Strategy ETF  | TSLH | July 25, 2022 | Tesla, Inc. |
| Innovator Uncapped Accelerated U.S. Equity ETF  | XUSP | August 10, 2022 | SPDR S&P 500® ETF Trust |
| Innovator International Developed Power Buffer ETF - January  | IJAN | December 31, 2019 | 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 - July  | IJUL | June 28, 2019 | iShares MSCI EAFE ETF |
| Innovator International Developed Power Buffer ETF - October  | IOCT | September 30, 2021 | iShares MSCI EAFE ETF |
| Innovator Emerging Markets Power Buffer ETF - January  | EJAN | December 31, 2019 | 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 - 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 Growth-100 Power Buffer ETF - January  | NJAN | December 31, 2019 | Invesco QQQ Trust |
| Innovator Growth-100 Power Buffer ETF - April  | NAPR | March 31, 2020 | Invesco QQQ Trust |
| Innovator Growth-100 Power Buffer ETF - July  | NJUL | June 30, 2020 | Invesco QQQ Trust |
| Innovator Growth-100 Power Buffer ETF - October  | NOCT | September 30, 2019 | Invesco QQQ Trust |
| 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 - April  | KAPR | March 31, 2020 | 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 - October  | KOCT | September 30, 2019 | iShares Russell 2000 ETF |
| Innovator Double Stacker ETF - January  | DSJA | December 31, 2020 | SPDR S&P 500® ETF Trust and Invesco QQQ Trust |
| Innovator Double Stacker ETF - October  | DSOC | September 30, 2020 | SPDR S&P 500® ETF Trust and Invesco QQQ Trust |
| Innovator Triple Stacker ETF - January  | TSJA | December 31, 2020 | SPDR S&P 500® ETF Trust, Invesco QQQ Trust and iShares Russell 2000 ETF |
| Innovator Triple Stacker ETF - October  | TSOC | September 30, 2020 | SPDR S&P 500® ETF Trust, Invesco QQQ Trust and iShares Russell 2000 ETF |
| Innovator Double Stacker 9 Buffer ETF - January  | DBJA | December 31, 2020 | SPDR S&P 500® ETF Trust and Invesco QQQ Trust |
| Innovator Double Stacker 9 Buffer ETF - October  | DBOC | September 30, 2020 | SPDR S&P 500® ETF Trust and Invesco QQQ Trust |
| Innovator 20+ Year Treasury Bond 9 Buffer ETF - July  | TBJL | August 17, 2020 | iShares 20+ Year Treasury Bond ETF |
| Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  | TFJL | August 17, 2020 | iShares 20+ Year Treasury Bond ETF |
| Innovator U.S. Equity Accelerated ETF - January  | XDJA | December 31, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated ETF - April  | XDAP | March 31, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated ETF - July  | XDJL | June 30, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated ETF - October  | XDOC | September 30, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated Plus ETF - January  | XTJA | December 31, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated Plus ETF - April  | XTAP | March 31, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated Plus ETF - July  | XTJL | June 30, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated Plus ETF - October  | XTOC | September 30, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - January  | XBJA | December 31, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - April  | XBAP | March 31, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - July  | XBJL | June 30, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - October  | XBOC | September 30, 2021 | SPDR S&P 500® ETF Trust |
| Innovator Growth Accelerated Plus ETF - January  | QTJA | December 31, 2021 | Invesco QQQ Trust |
| Innovator Growth Accelerated Plus ETF - April  | QTAP | March 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 Defined Wealth Shield ETF  | BALT | June 30, 2021 | SPDR S&P 500® ETF Trust |
| Innovator U.S. Equity Accelerated ETF - Quarterly  | XDSQ | March 31, 2021 | SPDR S&P 500® ETF Trust |
| Innovator Growth Accelerated ETF - Quarterly  | XDQQ | March 31, 2021 | Invesco QQQ Trust |

---

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

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 Funds list and principally trade their shares on Cboe BZX Exchange, Inc. ("Cboe BZX" or the "Exchange").

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 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".

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

**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. If the exchange on which the option is traded is unable to provide a model price, FLEX Options prices will be provided by backup provider Super Derivatives. 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 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.

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

**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.

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

The following table summarizes valuation of the Funds' investments under the fair value hierarchy levels as of October 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BJAN** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $158130442 | $– | $158130442 |
| Short Term Investments  | 278144 | – | – | 278144 |
| **Total Assets**  | $278144 | $158130442 | $– | $158408586 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $15678560 | $– | $15678560 |
| **Total Liabilities**  | $– | $15678560 | $– | $15678560 |
| **BFEB** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $73739471 | $– | $73739471 |
| Short Term Investments  | 203891 | – | – | 203891 |
| **Total Assets**  | $203891 | $73739471 | $– | $73943362 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $5028536 | $– | $5028536 |
| **Total Liabilities**  | $– | $5028536 | $– | $5028536 |
| **BMAR** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $81078824 | $– | $81078824 |
| Short Term Investments  | 269999 | – | – | 269999 |
| **Total Assets**  | $269999 | $81078824 | $– | $81348823 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $4663236 | $– | $4663236 |
| **Total Liabilities**  | $– | $4663236 | $– | $4663236 |
| **BAPR** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $125030390 | $– | $125030390 |
| Short Term Investments  | 427587 | – | – | 427587 |
| **Total Assets**  | $427587 | $125030390 | $– | $125457977 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $9788852 | $– | $9788852 |
| **Total Liabilities**  | $– | $9788852 | $– | $9788852 |
| **BMAY** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $184492652 | $– | $184492652 |
| Short Term Investments  | 507380 | – | – | 507380 |
| **Total Assets**  | $507380 | $184492652 | $– | $185000032 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $9026709 | $– | $9026709 |
| **Total Liabilities**  | $– | $9026709 | $– | $9026709 |

---

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BJUN** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $80751557 | $– | $80751557 |
| Short Term Investments  | 165550 | – | – | 165550 |
| **Total Assets**  | $165550 | $80751557 | $– | $80917107 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $4392118 | $– | $4392118 |
| **Total Liabilities**  | $– | $4392118 | $– | $4392118 |
| **BJUL** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $178300101 | $– | $178300101 |
| Short Term Investments  | 457456 | – | – | 457456 |
| **Total Assets**  | $457456 | $178300101 | $– | $178757557 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $8317455 | $– | $8317455 |
| **Total Liabilities**  | $– | $8317455 | $– | $8317455 |
| **BAUG** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $109280087 | $– | $109280087 |
| Short Term Investments  | 296282 | – | – | 296282 |
| **Total Assets**  | $296282 | $109280087 | $– | $109576369 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $6751108 | $– | $6751108 |
| **Total Liabilities**  | $– | $6751108 | $– | $6751108 |
| **BSEP** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $176077100 | $– | $176077100 |
| Short Term Investments  | 463790 | – | – | 463790 |
| **Total Assets**  | $463790 | $176077100 | $– | $176540890 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $10376799 | $– | $10376799 |
| **Total Liabilities**  | $– | $10376799 | $– | $10376799 |
| **BOCT** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $240476631 | $– | $240476631 |
| Short Term Investments  | 584821 | – | – | 584821 |
| **Total Assets**  | $584821 | $240476631 | $– | $241061452 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $14634493 | $– | $14634493 |
| **Total Liabilities**  | $– | $14634493 | $– | $14634493 |

---

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BNOV** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $65611197 | $– | $65611197 |
| Short Term Investments  | 20740 | – | – | 20740 |
| **Total Assets**  | $20740 | $65611197 | $– | $65631937 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $4016223 | $– | $4016223 |
| **Total Liabilities**  | $– | $4016223 | $– | $4016223 |
| **BDEC** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $110727801 | $– | $110727801 |
| Short Term Investments  | 158729 | – | – | 158729 |
| **Total Assets**  | $158729 | $110727801 | $– | $110886530 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $7097865 | $– | $7097865 |
| **Total Liabilities**  | $– | $7097865 | $– | $7097865 |
| **PJAN** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $472819883 | $– | $472819883 |
| Short Term Investments  | 889152 | – | – | 889152 |
| **Total Assets**  | $889152 | $472819883 | $– | $473709035 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $24612028 | $– | $24612028 |
| **Total Liabilities**  | $– | $24612028 | $– | $24612028 |
| **PFEB** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $247984781 | $– | $247984781 |
| Short Term Investments  | 653988 | – | – | 653988 |
| **Total Assets**  | $653988 | $247984781 | $– | $248638769 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $9066226 | $– | $9066226 |
| **Total Liabilities**  | $– | $9066226 | $– | $9066226 |
| **PMAR** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $233485670 | $– | $233485670 |
| Short Term Investments  | 746173 | – | – | 746173 |
| **Total Assets**  | $746173 | $233485670 | $– | $234231843 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $7789309 | $– | $7789309 |
| **Total Liabilities**  | $– | $7789309 | $– | $7789309 |

---

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PAPR** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $323250993 | $– | $323250993 |
| Short Term Investments  | 1223639 | – | – | 1223639 |
| **Total Assets**  | $1223639 | $323250993 | $– | $324474632 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $15700810 | $– | $15700810 |
| **Total Liabilities**  | $– | $15700810 | $– | $15700810 |
| **PMAY** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $406380121 | $– | $406380121 |
| Short Term Investments  | 1080907 | – | – | 1080907 |
| **Total Assets**  | $1080907 | $406380121 | $– | $407461028 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $14278194 | $– | $14278194 |
| **Total Liabilities**  | $– | $14278194 | $– | $14278194 |
| **PJUN** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $358635104 | $– | $358635104 |
| Short Term Investments  | 935421 | – | – | 935421 |
| **Total Assets**  | $935421 | $358635104 | $– | $359570525 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $15012352 | $– | $15012352 |
| **Total Liabilities**  | $– | $15012352 | $– | $15012352 |
| **PJUL** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $528373391 | $– | $528373391 |
| Short Term Investments  | 1336172 | – | – | 1336172 |
| **Total Assets**  | $1336172 | $528373391 | $– | $529709563 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $25571116 | $– | $25571116 |
| **Total Liabilities**  | $– | $25571116 | $– | $25571116 |
| **PAUG** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $458206393 | $– | $458206393 |
| Short Term Investments  | 1227533 | – | – | 1227533 |
| **Total Assets**  | $1227533 | $458206393 | $– | $459433926 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $23383389 | $– | $23383389 |
| **Total Liabilities**  | $– | $23383389 | $– | $23383389 |

---

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PSEP** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $578007360 | $– | $578007360 |
| Short Term Investments  | 1526325 | – | – | 1526325 |
| **Total Assets**  | $1526325 | $578007360 | $– | $579533685 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $32069268 | $– | $32069268 |
| **Total Liabilities**  | $– | $32069268 | $– | $32069268 |
| **POCT** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $698925612 | $– | $698925612 |
| Short Term Investments  | 1703158 | – | – | 1703158 |
| **Total Assets**  | $1703158 | $698925612 | $– | $700628770 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $50802808 | $– | $50802808 |
| **Total Liabilities**  | $– | $50802808 | $– | $50802808 |
| **PNOV** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $337408005 | $– | $337408005 |
| Short Term Investments  | 139984 | – | – | 139984 |
| **Total Assets**  | $139984 | $337408005 | $– | $337547989 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $20715783 | $– | $20715783 |
| **Total Liabilities**  | $– | $20715783 | $– | $20715783 |
| **PDEC** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $212800540 | $– | $212800540 |
| Short Term Investments  | 275953 | – | – | 275953 |
| **Total Assets**  | $275953 | $212800540 | $– | $213076493 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $5011908 | $– | $5011908 |
| **Total Liabilities**  | $– | $5011908 | $– | $5011908 |

---

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **UJAN** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $283826021 | $– | $283826021 |
| Short Term Investments  | 598443 | – | – | 598443 |
| **Total Assets**  | $598443 | $283826021 | $– | $284424464 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $568265 | $– | $568265 |
| **Total Liabilities**  | $– | $568265 | $– | $568265 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **UFEB** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $53455957 | $– | $53455957 |
| Short Term Investments  | 144447 | – | – | 144447 |
| **Total Assets**  | $144447 | $53455957 | $– | $53600404 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $207461 | $– | $207461 |
| **Total Liabilities**  | $– | $207461 | $– | $207461 |
| **UMAR** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $69625686 | $– | $69625686 |
| Short Term Investments  | 212603 | – | – | 212603 |
| **Total Assets**  | $212603 | $69625686 | $– | $69838289 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $399126 | $– | $399126 |
| **Total Liabilities**  | $– | $399126 | $– | $399126 |
| **UAPR** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $123591942 | $– | $123591942 |
| Short Term Investments  | 479583 | – | – | 479583 |
| **Total Assets**  | $479583 | $123591942 | $– | $124071525 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $1104234 | $– | $1104234 |
| **Total Liabilities**  | $– | $1104234 | $– | $1104234 |

---

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **UMAY** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $100638942 | $– | $100638942 |
| Short Term Investments  | 253107 | – | – | 253107 |
| **Total Assets**  | $253107 | $100638942 | $– | $100892049 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $1454895 | $– | $1454895 |
| **Total Liabilities**  | $– | $1454895 | $– | $1454895 |
| **UJUN** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $116954061 | $– | $116954061 |
| Short Term Investments  | 307300 | – | – | 307300 |
| **Total Assets**  | $307300 | $116954061 | $– | $117261361 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $2326420 | $– | $2326420 |
| **Total Liabilities**  | $– | $2326420 | $– | $2326420 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **UJUL** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $76667751 | $– | $76667751 |
| Short Term Investments  | 176879 | – | – | 176879 |
| **Total Assets**  | $176879 | $76667751 | $– | $76844630 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $3148885 | $– | $3148885 |
| **Total Liabilities**  | $– | $3148885 | $– | $3148885 |
| **UAUG** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $84360142 | $– | $84360142 |
| Short Term Investments  | 239046 | – | – | 239046 |
| **Total Assets**  | $239046 | $84360142 | $– | $84599188 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $2239647 | $– | $2239647 |
| **Total Liabilities**  | $– | $2239647 | $– | $2239647 |

---

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **USEP** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $164848320 | $– | $164848320 |
| Short Term Investments  | 432894 | – | – | 432894 |
| **Total Assets**  | $432894 | $164848320 | $– | $165281214 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $6212115 | $– | $6212115 |
| **Total Liabilities**  | $– | $6212115 | $– | $6212115 |
| **UOCT** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $121786747 | $– | $121786747 |
| Short Term Investments  | 313582 | – | – | 313582 |
| **Total Assets**  | $313582 | $121786747 | $– | $122100329 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $8808848 | $– | $8808848 |
| **Total Liabilities**  | $– | $8808848 | $– | $8808848 |
| **UNOV** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $55573056 | $– | $55573056 |
| Short Term Investments  | 9695 | – | – | 9695 |
| **Total Assets**  | $9695 | $55573056 | $– | $55582751 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $2577960 | $– | $2577960 |
| **Total Liabilities**  | $– | $2577960 | $– | $2577960 |
| **UDEC** |  |  |  |  |
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| Purchased Options  | $– | $46306123 | $– | $46306123 |
| Short Term Investments  | 54327 | – | – | 54327 |
| **Total Assets**  | $54327 | $46306123 | $– | $46360450 |
| **Liabilities** |  |  |  |  |
| Options Written  | $– | $18853 | $– | $18853 |
| **Total Liabilities**  | $– | $18853 | $– | $18853 |

---

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

There were no Level 3 investments for the Funds during the year ended October 31, 2022.

**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 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.

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

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.

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

The value of derivative instruments on the Statements of Assets and Liabilities for the Funds as of October 31, 2022 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not** <br> **Accounted for as Hedging**<br> **Instruments** | **Equity Risk - Call and Put Options not** <br> **Accounted for as Hedging**<br> **Instruments** |
|  | **Asset Derivatives**  | **Liability** <br> **Derivatives**  |
|  | Investments, at<br> value | Options written,<br> at value |
| **BJAN**  | $158130442 | $15678560 |
| **BFEB**  | 73739471 | 5028536 |
| **BMAR**  | 81078824 | 4663236 |
| **BAPR**  | 125030390 | 9788852 |
| **BMAY**  | 184492652 | 9026709 |
| **BJUN**  | 80751557 | 4392118 |
| **BJUL**  | 178300101 | 8317455 |
| **BAUG**  | 109280087 | 6751108 |
| **BSEP**  | 176077100 | 10376799 |
| **BOCT**  | 240476631 | 14634493 |
| **BNOV**  | 65611197 | 4016223 |
| **BDEC**  | 110727801 | 7097865 |
| **PJAN**  | 472819883 | 24612028 |
| **PFEB**  | 247984781 | 9066226 |
| **PMAR**  | 233485670 | 7789309 |
| **PAPR**  | 323250993 | 15700810 |
| **PMAY**  | 406380121 | 14278194 |
| **PJUN**  | 358635104 | 15012352 |
| **PJUL**  | 528373390 | 25571116 |
| **PAUG**  | 458206393 | 23383389 |
| **PSEP**  | 578007360 | 32069268 |
| **POCT**  | 698925612 | 50802808 |
| **PNOV**  | 337408005 | 20715783 |
| **PDEC**  | 212800540 | 5011908 |
| **UJAN**  | 283826021 | 568265 |
| **UFEB**  | 53455957 | 207461 |
| **UMAR**  | 69625686 | 399126 |
| **UAPR**  | 123591942 | 1104234 |
| **UMAY**  | 100638942 | 1454895 |
| **UJUN**  | 116954061 | 2326420 |
| **UJUL**  | 76667751 | 3148885 |
| **UAUG**  | 84360142 | 2239647 |
| **USEP**  | 164848320 | 6212115 |
| **UOCT**  | 121786747 | 8808848 |
| **UNOV**  | 55573056 | 2577960 |
| **UDEC**  | 46306123 | 18853 |

---

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

The effect of derivative instruments on the Statements of Operations for the year ended October 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not Accounted for as Hedging**<br> **Instruments** | **Equity Risk - Call and Put Options not Accounted for as Hedging**<br> **Instruments** | **Equity Risk - Call and Put Options not Accounted for as Hedging**<br> **Instruments** | **Equity Risk - Call and Put Options not Accounted for as Hedging**<br> **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** |
|  | Investments | Investments<br> in-kind | Options written | Options written<br> in-kind |
| **BJAN**  | $(13751675) | $34814146 | $(14773707) | $6767974 |
| **BFEB**  | (887883) | 7332267 | (2012669) | 3389866 |
| **BMAR**  | (2512563) | 6705787 | (241419) | 4067872 |
| **BAPR**  | 428275 | 8229528 | (388153) | 6740740 |
| **BMAY**  | (4949542) | 3568402 | 187032 | 4388885 |
| **BJUN**  | (3036271) | 486809 | 168134 | 3604388 |
| **BJUL**  | (6647374) | 6154268 | 700949 | 2566414 |
| **BAUG**  | (8710324) | (138463) | 590213 | 4130726 |
| **BSEP**  | (11287463) | 3053659 | 1423476 | 2178569 |
| **BOCT**  | (12226172) | 5806146 | (2099840) | 1186989 |
| **BNOV**  | (9377958) | 3857363 | (1262288) | 800633 |
| **BDEC**  | (17021818) | 455994 | (7693979) | 277129 |
| **PJAN**  | (24360730) | 73111469 | (45320618) | 11780836 |
| **PFEB**  | (4442100) | 20987669 | (8709654) | 6464941 |
| **PMAR**  | (6687873) | 14520864 | (1821416) | 6008335 |
| **PAPR**  | 1739349 | 17284926 | (10599638) | 10737753 |
| **PMAY**  | (16193229) | 9634734 | (120362) | 13623784 |
| **PJUN**  | (5493153) | (656480) | (264386) | 9957591 |
| **PJUL**  | (16682807) | 9555018 | 1590148 | 9827854 |
| **PAUG**  | (11829423) | 654607 | (50374) | 11140749 |
| **PSEP**  | (20975671) | 5162575 | 9818420 | 6248712 |
| **POCT**  | (26981941) | 13524440 | (2004520) | 11845588 |
| **PNOV**  | (23154455) | 9393317 | 6501395 | 3737760 |
| **PDEC**  | (29571822) | 658769 | (18557216) | 522892 |
| **UJAN**  | (14758248) | 26985765 | (11651701) | 4145071 |
| **UFEB**  | (522370) | 4288540 | (1898688) | 672752 |
| **UMAR**  | (221902) | 4278833 | (1364346) | 837559 |
| **UAPR**  | 164792 | 3633780 | (3616427) | 1680867 |
| **UMAY**  | (3161905) | 1432082 | (92660) | 1733807 |
| **UJUN**  | (717552) | 351430 | (52678) | 917053 |
| **UJUL**  | (3442181) | 935669 | (494300) | 1723186 |
| **UAUG**  | (2473522) | 83160 | (401421) | 1389163 |
| **USEP**  | (6228055) | 471273 | 1476905 | 1382086 |
| **UOCT**  | (10390764) | 3944079 | 25210 | 3723916 |
| **UNOV**  | (6410736) | 1984567 | 449963 | 1767804 |
| **UDEC**  | 3150968 | (173573) | (5408910) | 360079 |

---

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not** <br> **Accounted for as Hedging** <br> **Instruments** | **Equity Risk - Call and Put Options not** <br> **Accounted for as Hedging** <br> **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** |
|  | Investments | Options written |
| **BJAN**  | $(32140101) | $(1980335) |
| **BFEB**  | (17518388) | 151128 |
| **BMAR**  | (13805609) | 1122779 |
| **BAPR**  | (19767672) | (577056) |
| **BMAY**  | (13731303) | 3136412 |
| **BJUN**  | (8990334) | 1147396 |
| **BJUL**  | (5252599) | 3063491 |
| **BAUG**  | (6785804) | (540363) |
| **BSEP**  | (5115314) | (375596) |
| **BOCT**  | 5217464 | 902049 |
| **BNOV**  | (3206) | (3287) |
| **BDEC**  | 8140075 | 8977718 |
| **PJAN**  | (68831630) | 24009478 |
| **PFEB**  | (42757976) | 15790484 |
| **PMAR**  | (31788094) | 13452755 |
| **PAPR**  | (44704704) | 14456203 |
| **PMAY**  | (36133555) | 15324605 |
| **PJUN**  | (24995957) | 11586758 |
| **PJUL**  | (10574066) | 11424468 |
| **PAUG**  | (22195992) | 6563266 |
| **PSEP**  | (12040099) | 2821210 |
| **POCT**  | 17334670 | (1874195) |
| **PNOV**  | (25732) | (26179) |
| **PDEC**  | 8694184 | 31901559 |
| **UJAN**  | (30618961) | 15921053 |
| **UFEB**  | (9376764) | 4445641 |
| **UMAR**  | (9974497) | 4636952 |
| **UAPR**  | (10068796) | 6569710 |
| **UMAY**  | (5189753) | 4065671 |
| **UJUN**  | (3596513) | 2813018 |
| **UJUL**  | (1906213) | 1983487 |
| **UAUG**  | (3648405) | 2025570 |
| **USEP**  | 245436 | 511620 |
| **UOCT**  | 2756317 | (980773) |
| **UNOV**  | (4623) | (4679) |
| **UDEC**  | (9010082) | 8503269 |

---

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

The average volume of derivative activity during the year ended October 31, 2022, is as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchased**<br> **Options** | **Options Written** |
|  | Average Monthly<br> Market Value | Average Monthly<br> Market Value |
| **BJAN**  | $189319254 | $(16218765) |
| **BFEB**  | 104262020 | (7835213) |
| **BMAR**  | 81341969 | (5380683) |
| **BAPR**  | 127745441 | (9143670) |
| **BMAY**  | 130133548 | (7106084) |
| **BJUN**  | 74614758 | (4031860) |
| **BJUL**  | 115949753 | (5479915) |
| **BAUG**  | 105000626 | (5357848) |
| **BSEP**  | 151764713 | (8114053) |
| **BOCT**  | 120942625 | (6335624) |
| **BNOV**  | 79322537 | (5332052) |
| **BDEC**  | 93824530 | (6455814) |
| **PJAN**  | 523925345 | (33372474) |
| **PFEB**  | 254197574 | (15904111) |
| **PMAR**  | 203917645 | (12375971) |
| **PAPR**  | 289443294 | (19110453) |
| **PMAY**  | 324795481 | (16648864) |
| **PJUN**  | 241893344 | (13090887) |
| **PJUL**  | 296194440 | (16223056) |
| **PAUG**  | 254747261 | (12820397) |
| **PSEP**  | 326237840 | (15508636) |
| **POCT**  | 265213456 | (13931669) |
| **PNOV**  | 217271748 | (11306180) |
| **PDEC**  | 223782660 | (10986503) |
| **UJAN**  | 248245760 | (5008741) |
| **UFEB**  | 43724484 | (1582999) |
| **UMAR**  | 46048693 | (1926770) |
| **UAPR**  | 78900233 | (2782927) |
| **UMAY**  | 66668546 | (2373748) |
| **UJUN**  | 59471631 | (1998368) |
| **UJUL**  | 53058861 | (2555154) |
| **UAUG**  | 43070113 | (1371589) |
| **USEP**  | 74512362 | (2143862) |
| **UOCT**  | 78825645 | (3532197) |
| **UNOV**  | 43792071 | (1084689) |
| **UDEC**  | 45298982 | (1061765) |

---

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

**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 substantially 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 ended October 31, 2022, 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, 2022, the Funds did not have a liability for any unrecognized tax benefits. As of October 31, 2022, 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. The Funds are subject to examination by U.S. Federal tax authorities for all tax years since inception.

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

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 ended October 31, 2022, the Funds made the following permanent book-to-tax reclassifications due to deemed distributions, net operating losses, and redemption in-kind transactions:

---

| | | |
|:---|:---|:---|
|  | **Distributable**<br> **Earnings/** <br> **(Accumulated** <br> **Deficit)** | **Paid-In** <br> **Capital** |
| **BJAN**  | $(40359803) | $40359803 |
| **BFEB**  | (10628062) | 10628062 |
| **BMAR**  | (10694631) | 10694631 |
| **BAPR**  | (14851474) | 14851474 |
| **BMAY**  | (7854475) | 7854475 |
| **BJUN**  | (3995240) | 3995240 |
| **BJUL**  | (8562248) | 8562248 |
| **BAUG**  | (3882987) | 3882987 |
| **BSEP**  | (5032006) | 5032006 |
| **BOCT**  | (6842709) | 6842709 |
| **BNOV**  | (4551039) | 4551039 |
| **BDEC**  | (644711) | 644711 |
| **PJAN**  | (84520389) | 84520389 |
| **PFEB**  | (26838024) | 26838024 |
| **PMAR**  | (20382706) | 20382706 |
| **PAPR**  | (27265785) | 27265785 |
| **PMAY**  | (22951297) | 22951297 |
| **PJUN**  | (9103635) | 9103635 |
| **PJUL**  | (19096521) | 19096521 |
| **PAUG**  | (11555712) | 11555712 |
| **PSEP**  | (11044495) | 11044495 |
| **POCT**  | (25095030) | 25095030 |
| **PNOV**  | (12881183) | 12881183 |
| **PDEC**  | (983489) | 983489 |
| **UJAN**  | (31018328) | 31018328 |
| **UFEB**  | (4926720) | 4926720 |
| **UMAR**  | (4957353) | 4957353 |
| **UAPR**  | (4919223) | 4919223 |
| **UMAY**  | (2990120) | 2990120 |
| **UJUN**  | (1241885) | 1241885 |
| **UJUL**  | (2589870) | 2589870 |
| **UAUG**  | (1424101) | 1424101 |
| **USEP**  | (1768784) | 1768784 |
| **UOCT**  | (7576998) | 7576998 |
| **UNOV**  | (3709410) | 3709410 |
| **UDEC**  | (140004) | 140004 |

---

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

**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, each respective Fund pays monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the 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.

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

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.

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

**4.** **INVESTMENT TRANSACTIONS** 

For the year ended October 31, 2022, there were no purchases or proceeds from long-term sales of investment securities.

For the year ended October 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-Kind**<br>**Creations** | **In-Kind**<br>**Redemptions** |
| **BJAN**  | $- | $170793747 |
| **BFEB**  | - | 107353334 |
| **BMAR**  | - | 64004081 |
| **BAPR**  | - | 119862647 |
| **BMAY**  | - | 81844411 |
| **BJUN**  | - | 32608841 |
| **BJUL**  | - | 27486812 |
| **BAUG**  | - | 40806837 |
| **BSEP**  | - | 46887778 |
| **BOCT**  | 1935758 | 44565320 |
| **BNOV**  | 26424129 | 14339841 |
| **BDEC**  | - | 4295569 |
| **PJAN**  | - | 383003907 |
| **PFEB**  | - | 180899775 |
| **PMAR**  | - | 139967250 |
| **PAPR**  | - | 211512997 |
| **PMAY**  | - | 248615100 |
| **PJUN**  | - | 46431773 |
| **PJUL**  | - | 46139275 |
| **PAUG**  | - | 22443175 |
| **PSEP**  | 824689 | 54075139 |
| **POCT**  | 1769564 | 45547555 |
| **PNOV**  | 43055424 | 79344470 |
| **PDEC**  | - | 10411382 |
| **UJAN**  | - | 161183200 |
| **UFEB**  | - | 30970192 |
| **UMAR**  | - | 37772071 |
| **UAPR**  | - | 44146058 |
| **UMAY**  | - | 31607399 |
| **UJUN**  | - | 4155640 |
| **UJUL**  | - | 4889042 |
| **UAUG**  | - | 3372670 |
| **USEP**  | 756630 | 19379858 |
| **UOCT**  | 1648205 | 43972323 |
| **UNOV**  | 6838530 | 8120527 |
| **UDEC**  | - | 5536384 |

---

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

**5. CREATION AND REDEMPTION TRANSACTIONS**

There were 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 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 25,000 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.

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

**6.** **FEDERAL INCOME TAX INFORMATION** 

At October 31, 2022, 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<br> Unrealized<br> Appreciation /<br> (Depreciation) |
| **BJAN**  | $155956541 | $18541277 | $(31767792) | $(13226515) |
| **BFEB**  | 74769357 | 4910943 | (10765474) | (5854531) |
| **BMAR**  | 81389323 | 3785872 | (8489608) | (4703736) |
| **BAPR**  | 125744211 | 9526575 | (19601661) | (10075086) |
| **BMAY**  | 180485326 | 4399307 | (8911310) | (4512003) |
| **BJUN**  | 79577181 | 1486513 | (4538705) | (3052192) |
| **BJUL**  | 165243678 | 9328015 | (4131591) | 5196424 |
| **BAUG**  | 107433952 | 2448332 | (7057023) | (4608691) |
| **BSEP**  | 168722257 | 841155 | (3399321) | (2558166) |
| **BOCT**  | 216363013 | 19003350 | (8939404) | 10063946 |
| **BNOV**  | 61629655 | - | (13941) | (13941) |
| **BDEC**  | 107108220 | 8299575 | (11619130) | (3319555) |
| **PJAN**  | 466110887 | 60542393 | (77556273) | (17013880) |
| **PFEB**  | 248228431 | 21833683 | (30489571) | (8655888) |
| **PMAR**  | 234077488 | 15245854 | (22880808) | (7634954) |
| **PAPR**  | 322958721 | 27956494 | (42141393) | (14184899) |
| **PMAY**  | 401237554 | 13660379 | (21715099) | (8054720) |
| **PJUN**  | 351163190 | 8905627 | (15510644) | (6605017) |
| **PJUL**  | 496342283 | 19062749 | (11266585) | 7796164 |
| **PAUG**  | 447598538 | 13131870 | (24679871) | (11548001) |
| **PSEP**  | 552645138 | 3994878 | (9175599) | (5180721) |
| **POCT**  | 629320477 | 47579909 | (27074424) | 20505485 |
| **PNOV**  | 316903443 | - | (71237) | (71237) |
| **PDEC**  | 212286520 | 24687748 | (28909683) | (4221935) |
| **UJAN**  | 291111147 | 21043957 | (28298905) | (7254948) |
| **UFEB**  | 56250066 | 3455930 | (6313053) | (2857123) |
| **UMAR**  | 72314629 | 2111841 | (4987307) | (2875466) |
| **UAPR**  | 123308884 | 4621086 | (4962679) | (341593) |
| **UMAY**  | 98880205 | 2893522 | (2336573) | 556949 |
| **UJUN**  | 114942284 | 2338070 | (2345413) | (7343) |
| **UJUL**  | 72574181 | 2698838 | (1577274) | 1121564 |
| **UAUG**  | 83349222 | 1542348 | (2532029) | (989681) |
| **USEP**  | 157702963 | 4396817 | (3030681) | 1366136 |
| **UOCT**  | 110637138 | 8656408 | (6002065) | 2654343 |
| **UNOV**  | 53016765 | - | (11975) | (11975) |
| **UDEC**  | 48675386 | 3555647 | (5889436) | (2333789) |

---

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

At October 31, 2022, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Accumulated<br> Capital and<br> Other Losses | Undistributed<br> Net Ordinary<br> Income | Undistributed<br> Capital Gains | Unrealized<br> Appreciation /<br> (Depreciation)<br> on<br> Investments | Total<br> Distributable<br> Earnings<br> /(Accumulated<br> Deficit) |
| **BJAN**  | $(29724859) | $- | $- | $(13226515) | $(42951374) |
| **BFEB**  | (3580693) | - | - | (5854531) | (9435224) |
| **BMAR**  | (3275266) | - | - | (4703736) | (7979002) |
| **BAPR**  | (786516) | - | - | (10075086) | (10861602) |
| **BMAY**  | (5612758) | - | - | (4512003) | (10124761) |
| **BJUN**  | (3344552) | - | - | (3052192) | (6396744) |
| **BJUL**  | (6666300) | - | - | 5196424 | (1469876) |
| **BAUG**  | (8824887) | - | - | (4608691) | (13433578) |
| **BSEP**  | (10797814) | - | - | (2558166) | (13355980) |
| **BOCT**  | (15030711) | - | - | 10063946 | (4966765) |
| **BNOV**  | (11114831) | - | - | (13941) | (11128772) |
| **BDEC**  | (4865374) | - | - | (3319555) | (8184929) |
| **PJAN**  | (73105815) | - | - | (17013880) | (90119695) |
| **PFEB**  | (14828547) | - | - | (8655888) | (23484435) |
| **PMAR**  | (9873077) | - | - | (7634954) | (17508031) |
| **PAPR**  | (10663460) | - | - | (14184899) | (24848359) |
| **PMAY**  | (18398291) | - | - | (8054720) | (26453011) |
| **PJUN**  | (7321902) | - | - | (6605017) | (13926919) |
| **PJUL**  | (16912696) | - | - | 7796164 | (9116532) |
| **PAUG**  | (13464275) | - | - | (11548001) | (25012276) |
| **PSEP**  | (13127617) | - | - | (5180721) | (18308338) |
| **POCT**  | (30592375) | - | - | 20505485 | (10086890) |
| **PNOV**  | (17932509) | - | - | (71237) | (18003746) |
| **PDEC**  | (4759413) | - | - | (4221935) | (8981348) |
| **UJAN**  | (28146655) | - | - | (7254948) | (35401603) |
| **UFEB**  | (2711782) | - | - | (2857123) | (5568905) |
| **UMAR**  | (1880187) | - | - | (2875466) | (4755653) |
| **UAPR**  | (3967474) | - | - | (341593) | (4309068) |
| **UMAY**  | (3693077) | - | - | 556949 | (3136128) |
| **UJUN**  | (1169517) | - | - | (7343) | (1176860) |
| **UJUL**  | (4263123) | - | - | 1121564 | (3141559) |
| **UAUG**  | (3153904) | - | - | (989681) | (4143585) |
| **USEP**  | (5204616) | - | - | 1366136 | (3838480) |
| **UOCT**  | (10848811) | - | - | 2654343 | (8194468) |
| **UNOV**  | (6247184) | - | - | (11975) | (6259159) |
| **UDEC**  | (728655) | - | - | (2333789) | (3062444) |

---

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

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, 2022, the Funds deferred the following qualified late year ordinary losses:

---

| | |
|:---|:---|
|  | Late Year<br> Ordinary<br> Losses |
| **BJAN**  | $1199475 |
| **BFEB**  | 680142 |
| **BMAR**  | 521285 |
| **BAPR**  | 786516 |
| **BMAY**  | 850246 |
| **BJUN**  | 476415 |
| **BJUL**  | 719872 |
| **BAUG**  | 704776 |
| **BSEP**  | 933826 |
| **BOCT**  | 704699 |
| **BNOV**  | 474585 |
| **BDEC**  | 586925 |
| **PJAN**  | 3424465 |
| **PFEB**  | 1676791 |
| **PMAR**  | 1363787 |
| **PAPR**  | 1803172 |
| **PMAY**  | 2084701 |
| **PJUN**  | 1564364 |
| **PJUL**  | 1820037 |
| **PAUG**  | 1584478 |
| **PSEP**  | 1970366 |
| **POCT**  | 1605914 |
| **PNOV**  | 1279448 |
| **PDEC**  | 1448055 |
| **UJAN**  | 1736708 |
| **UFEB**  | 290725 |
| **UMAR**  | 293938 |
| **UAPR**  | 503744 |
| **UMAY**  | 438513 |
| **UJUN**  | 399287 |
| **UJUL**  | 326643 |
| **UAUG**  | 278960 |
| **USEP**  | 453463 |
| **UOCT**  | 483258 |
| **UNOV**  | 286412 |
| **UDEC**  | 297690 |

---

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

At October 31, 2022, 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 |
| **BJAN**  | $28525382 |
| **BFEB**  | 2900552 |
| **BMAR**  | 2753982 |
| **BAPR**  | - |
| **BMAY**  | 4762510 |
| **BJUN**  | 2868137 |
| **BJUL**  | 5946425 |
| **BAUG**  | 8120111 |
| **BSEP**  | 9863987 |
| **BOCT**  | 14326012 |
| **BNOV**  | 10640246 |
| **BDEC**  | 4278448 |
| **PJAN**  | 69681348 |
| **PFEB**  | 13151754 |
| **PMAR**  | 8509289 |
| **PAPR**  | 8860289 |
| **PMAY**  | 16313591 |
| **PJUN**  | 5757539 |
| **PJUL**  | 15092659 |
| **PAUG**  | 11879797 |
| **PSEP**  | 11157251 |
| **POCT**  | 28986461 |
| **PNOV**  | 16653060 |
| **PDEC**  | 3311359 |
| **UJAN**  | 26409949 |
| **UFEB**  | 2421058 |
| **UMAR**  | 1586248 |
| **UAPR**  | 3463730 |
| **UMAY**  | 3254565 |
| **UJUN**  | 770230 |
| **UJUL**  | 3936481 |
| **UAUG**  | 2874943 |
| **USEP**  | 4751150 |
| **UOCT**  | 10365554 |
| **UNOV**  | 5960773 |
| **UDEC**  | 430966 |

---

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, 2022, no capital loss carryforwards available were utilized.

The Funds did not pay any distributions during the fiscal years ended October 31, 2022 and October 31, 2021, respectively.

------

**INNOVATOR ETFs TRUST**

**Notes to Financial Statements (Continued)**

**7. NEW ACCOUNTING PRONOUNCEMENTS**

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

**8. SUBSEQUENT EVENT**

Management has evaluated the impact of all subsequent events of the Funds through the date of the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

------

**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 U.S. Equity Buffer ETF - January, Innovator U.S. Equity Buffer ETF - February, Innovator U.S. Equity Buffer ETF - March, Innovator U.S. Equity Buffer ETF - April, Innovator U.S. Equity Buffer ETF - May, Innovator U.S. Equity Buffer ETF - June, Innovator U.S. Equity Buffer ETF - July, Innovator U.S. Equity Buffer ETF - August, Innovator U.S. Equity Buffer ETF - September, Innovator U.S. Equity Buffer ETF - October, Innovator U.S. Equity Buffer ETF - November, Innovator U.S. Equity Buffer ETF - December, Innovator U.S. Equity Power Buffer ETF - January, Innovator U.S. Equity Power Buffer ETF - February, Innovator U.S. Equity Power Buffer ETF - March, Innovator U.S. Equity Power Buffer ETF - April, Innovator U.S. Equity Power Buffer ETF - May, Innovator U.S. Equity Power Buffer ETF - June, Innovator U.S. Equity Power Buffer ETF - July, Innovator U.S. Equity Power Buffer ETF - August, Innovator U.S. Equity Power Buffer ETF - September, Innovator U.S. Equity Power Buffer ETF - October, Innovator U.S. Equity Power Buffer ETF - November, Innovator U.S. Equity Power Buffer ETF - December, Innovator U.S. Equity Ultra Buffer ETF - January, Innovator U.S. Equity Ultra Buffer ETF - February, Innovator U.S. Equity Ultra Buffer ETF - March, Innovator U.S. Equity Ultra Buffer ETF - April, Innovator U.S. Equity Ultra Buffer ETF - May, Innovator U.S. Equity Ultra Buffer ETF - June, Innovator U.S. Equity Ultra Buffer ETF - July, Innovator U.S. Equity Ultra Buffer ETF - August, Innovator U.S. Equity Ultra Buffer ETF - September, Innovator U.S. Equity Ultra Buffer ETF - October, Innovator U.S. Equity Ultra Buffer ETF - November, and Innovator U.S. Equity Ultra Buffer ETF - December (the "Funds"), each a series of Innovator ETFs Trust, as of October 31, 2022 , the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (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, 2022, 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.

------

**INNOVATOR ETFs TRUST**

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Statements of<br> Operations | Statements of<br> Changes in Net<br> Assets | Financial<br> Highlights |
| Innovator U.S. Equity Power Buffer ETF – July and Innovator U.S. Equity Ultra Buffer ETF – July | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022, 2021, 2020 and 2019, and for the period from August 7, 2018 (commencement of operations) through October 31, 2018 |
| Innovator U.S. Equity Buffer ETF – July | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022, 2021, 2020 and 2019, and for the period from August 28, 2018 (commencement of operations) through October 31, 2018 |
| Innovator U.S. Equity Buffer ETF – October, Innovator U.S. Equity Power Buffer ETF – October, and Innovator U.S. Equity Ultra Buffer ETF – October | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022, 2021, 2020 and 2019, and for the period from September 28, 2018 (commencement of operations) through October 31, 2018 |
| Innovator U.S. Equity Buffer ETF – January, Innovator U.S. Equity Power Buffer ETF – January, and Innovator U.S. Equity Ultra Buffer ETF – January | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022, 2021 and 2020, and for the period from December 31, 2018 (commencement of operations) through October 31, 2019 |

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------

**INNOVATOR ETFs TRUST**

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| | | | |
|:---|:---|:---|:---|
| Innovator U.S. Equity Buffer ETF – April, Innovator U.S. Equity Power Buffer ETF – April, and Innovator U.S. Equity Ultra Buffer ETF – April | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022, 2021 and 2020, and for the period from March 29, 2019 (commencement of operations) through October 31, 2019 |
| Innovator U.S. Equity Buffer ETF – June, Innovator U.S. Equity Power Buffer ETF – June, and Innovator U.S. Equity Ultra Buffer ETF – June | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022, 2021 and 2020, and for the period from May 31, 2019 (commencement of operations) through October 31, 2019 |
| Innovator U.S. Equity Buffer ETF – August, Innovator U.S. Equity Power Buffer ETF – August, and Innovator U.S. Equity Ultra Buffer ETF – August | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022, 2021 and 2020, and for the period from July 31, 2019 (commencement of operations) through October 31, 2019 |
| Innovator U.S. Equity Buffer ETF – September, Innovator U.S. Equity Power Buffer ETF – September, and Innovator U.S. Equity Ultra Buffer ETF – September | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022, 2021 and 2020, and for the period from August 30, 2019 (commencement of operations) through October 31, 2019 |

---

------

**INNOVATOR ETFs TRUST**

---

| | | | |
|:---|:---|:---|:---|
| Innovator U.S. Equity Buffer ETF – November, Innovator U.S. Equity Power Buffer ETF – November, and Innovator U.S. Equity Ultra Buffer ETF – November | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022, 2021 and 2020, and for the period from October 31, 2019 (commencement of operations) through October 31, 2019 |
| Innovator U.S. Equity Buffer ETF – December, Innovator U.S. Equity Power Buffer ETF – December, and Innovator U.S. Equity Ultra Buffer ETF – December | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022 and 2021, and for the period from November 29, 2019 (commencement of operations) through October 31, 2020 |
| Innovator U.S. Equity Buffer ETF – February, Innovator U.S. Equity Power Buffer ETF – February, and Innovator U.S. Equity Ultra Buffer ETF – February | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022 and 2021, and for the period from January 31, 2020 (commencement of operations) through October 31, 2020 |
| Innovator U.S. Equity Buffer ETF – March, Innovator U.S. Equity Power Buffer ETF – March, and Innovator U.S. Equity Ultra Buffer ETF – March | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022 and 2021, and for the period from February 28, 2020 (commencement of operations) through October 31, 2020 |
| Innovator U.S. Equity Buffer ETF – May, Innovator U.S. Equity Power Buffer ETF – May, and Innovator U.S. Equity Ultra Buffer ETF – May | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022 and 2021, and for the period from April 30, 2020 (commencement of operations) through October 31, 2020 |

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------

**INNOVATOR ETFs TRUST**

<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, 2022, by correspondence with the custodian and brokers. 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.

![ex_459266img038.jpg](ex_459266img038.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

December 22, 2022

------

**INNOVATOR ETFs TRUST**

**Trustees and Officers (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Name, Address*** <br> ***and Year of***<br> ***Birth*** | ***Position***<br> ***with***<br> ***the Trust*** | ***Length of***<br> ***Time***<br> ***Served\**** | ***Principal*** <br> ***Occupation(s)***<br> ***During Past 5*** <br> ***Years*** | ***Number*** <br> ***of***<br> ***Portfolios***<br> ***in Fund***<br> ***Complex<sup>(a)</sup>***<br> ***Overseen*** <br> ***by***<br> ***Trustee or***<br> ***Officer*** | ***Other***<br> ***Directorships***<br> ***Held by***<br> ***Trustee***<br> ***or Officer in*** <br> ***the Past Five***<br> ***Years*** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Mark Berg<br> 109 N. Hale Street,<br> Wheaton, IL 60187<br> Year of Birth: 1971 | Trustee | Since 2017 | Founding Principal (2001-present), Chief Executive Officer (2019-present), President (2001-2019), Timothy Financial Counsel, Inc. | 89 | Tortazo, LLC (2018-present) |
| Joe Stowell<br> 109 N. Hale Street,<br> Wheaton, IL 60187<br> Year of Birth: 1968 | Trustee | Since 2017 | Chief Operating Officer, Woodmen Valley Chapel (2015-present). | 89 | Board of Advisors, Westmont College (2016-2021). |
| Brian J. Wildman<br> 109 N. Hale Street,<br> Wheaton, IL 60187<br> Year of Birth: 1963 | Trustee | Since 2017 | President, Timothy Financial Counsel, Inc. (2019-present);<br> Executive Vice President, Consumer Banking (2016-2019), Chief Risk Officer (2013-2016), MB Financial Bank. | 89 | Missionary Furlough Homes, Inc. (since 2008); MB Financial Bank (2003-2019). |

---

------

**INNOVATOR ETFs TRUST**

**Trustees and Officers (Unaudited) (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Interested Trustee & Officer** | **Interested Trustee & Officer** | **Interested Trustee & Officer** | **Interested Trustee & Officer** | **Interested Trustee & Officer** | **Interested Trustee & Officer** |
| H. Bruce Bond <sup>(b)</sup><br> 109 N. Hale Street,<br> Wheaton, IL 60187<br> Year of Birth: 1963 | Interested Trustee, President and Principal Executive Officer | Since 2017 | Chief Executive Officer, Innovator Capital Management, LLC (2017-present). | 89 |  |
| **Officers** | **Officers** | **Officers** | **Officers** | **Officers** | **Officers** |
| John W. Southard<br> 109 N. Hale Street,<br> Wheaton, IL 60187<br> Year of Birth: 1969 | Vice President, Treasurer and Principal Financial Accounting Officer <sup>(c)</sup> | Since 2017 | Chief Investment Officer, Innovator Capital Management, LLC (2017-2022); Director and Co-Founder, T2 Capital Management, LLC (2010-present). | 89 | Independent Trustee, ETF Managers Group, LLC (2012-2018) |
| Kevin Gustafson<br> 109 N. Hale Street<br> Wheaton, IL 60187<br> Year of Birth: 1965 | Chief Compliance Officer and Anti-Money Laundering Officer | Since 2020 | Chief Compliance Officer, Innovator Capital Management LLC (2019 - 2022); General Counsel, Innovator Capital Management LLC (2019 - present); Chief Compliance Officer, General Counsel and Chief Risk Officer, Americas, Eastspring Investments, Inc. (2012 - 2019). | 89 |  |

---

\* The Funds' Trustees serve for an indefinite term until their resignation, death or removal. The Funds' officers are elected annually by the Board and serve at the Board's pleasure.

<sup>(a)</sup> The Fund Complex includes the Funds, each series of Innovator ETFs Trust.

<sup>(b)</sup> H. Bruce Bond is deemed to be an interested person of the Trust (as defined in the 1940 Act) because of his affiliation with the Adviser.

<sup>(c)</sup> Kathleen I. Meyer is deemed the Principal Financial Accounting Officer as of November 1, 2022.

The Statement of Additional Information includes additional information about the Trustees and is available upon request, without charge, by calling 1-877-386-3890.

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**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 ETF** – **January, February, March, April, May, June, July, August, September, October, November, December**

**Innovator U.S. Equity Power Buffer ETF** – **January, February, March, April, May, June, July, August, September, October, November, December**

**Innovator U.S. Equity Ultra Buffer ETF** – **January, February, March, April, May, June, July, August, September, October, November, December**

At a quarterly Board meeting held on June 16, 2022, 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 ETF – January, February, March, April, May, June, July, August, September, October, November, December, Innovator U.S. Equity Power Buffer ETF – January, February, March, April, May, June, July, August, September, October, November, December and Innovator U.S. Equity Ultra Buffer ETF – January, February, March, April, May, June, July, August, September, October, November, December ETFs (the "Funds"), and the Sub– Advisory Agreement among the Trust, on behalf of the Funds, the Adviser and Milliman Financial Risk Management LLC ("Milliman" or the "Sub–Adviser"), 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–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.

------

**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 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, 2022 including NAV, market, and respective index returns.

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.

------

**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 approval 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.

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**INNOVATOR ETFs TRUST**

**Additional Information (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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>.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

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**INNOVATOR ETFs TRUST**

**Additional Information (Unaudited) (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **TAX NOTICE** 

For the fiscal year ended October 31, 2022, 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, 2022, 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, 2022, the percentage of ordinary income distributions that were designated as short-term capital gain distributions under Internal Revenue Section 871(k)2(c) was 0.00%.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **LIQUIDITY RISK MANAGEMENT PROGRAM** 

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, Innovator ETFs Trust ("Trust"), on behalf of each of its series (each a "Fund" and, collectively, the "Funds"), has established a liquidity risk management program to govern the Funds' approach to managing liquidity risk (the "Program"). The Program is overseen by the Trust's Valuation Committee as the Program Administrator, a committee comprised of representatives of the Trust's investment adviser, Innovator Capital Management LLC and representatives of Milliman Financial Risk Management LLC, the sub-adviser for certain of the Funds (the "Committee"). The Trust's Board of Trustees (the "Board") has approved the designation of the Committee to administer the Program.

The Program's principal objectives include supporting the Funds' compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence each Fund's liquidity and the periodic classification and re-classification of certain Funds' investments into groupings that reflect the Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on September 13, 2022, the Trustees received a written report from the Committee regarding the design and operational effectiveness of the Program which has been in operation since September 2019. The Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage the Funds' liquidity risk and has operated adequately and effectively to manage the Funds' liquidity risk since implementation. The Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Committee also noted no Fund has filed a Form N-LIQUID with the SEC.

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(This Page Intentionally Left Blank.)

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**INVESTMENT ADVISOR**

Innovator Capital Management, LLC

109 North Hale Street

Wheaton, IL 60187

**INVESTMENT SUB-ADVISOR**

Milliman Financial Risk Management LLC

71 S. 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

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

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**<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.

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| | | |
|:---|:---|:---|
|  | FYE 10/31/2022 | FYE 10/31/2021 |
| (a) Audit Fees | $605500 | $548500 |
| (b) Audit-Related Fees |  |  |
| (c) Tax Fees | $311500 | $280000 |
| (d) All Other Fees |  |  |

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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.

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The percentage of fees billed by the principal accountant applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

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| | | |
|:---|:---|:---|
|  | FYE 10/31/2022 | FYE 10/31/2021 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

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All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

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.

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| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 10/31/2022 | FYE 10/31/2021 |
| Registrant | $311500 | $280000 |
| Registrant's Investment Adviser |  |  |

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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>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

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**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 9. Purchases of Equity Securities by Closed</u>**<u>-</u>**<u>End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 10. 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 11. 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 13. 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.

(2) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* [Filed herewith](ex_477401.htm).

(3) *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 to open-end investment companies.<br>

(4) *Change in the registrant*'*s independent public accountant.* There was no change in the registrant's independent public accountant for the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Certifications pursuant to Section 906 of the Sarbanes* - *Oxley Act of 2002.* [Furnished herewith](ex_477402.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) <u>Innovator ETFs Trust</u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u>

By (Signature and Title)\* <u>/s/ Bruce Bond</u> <u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u>

Bruce Bond, Principal Executive Officer

Date <u>02/16/2023</u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </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) \* <u>/s/ Bruce Bond</u> <u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u>

Bruce Bond, Principal Executive Officer

Date <u>02/16/2023</u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u>

By (Signature and Title)\* <u>/s/ Kathleen Meyer</u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u>

Kathy Meyer, Principal Financial Officer

Date <u>02/16/2023</u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u><u> </u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.A2

**Exhibit (a)(2)**

**<u>CERTIFICATIONS</u>**

I, Bruce Bond, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Innovator ETFs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: | 02/16/2023 | /s/ Bruce Bond |
|  |  | Bruce Bond |
|  |  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Kathy Meyer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Innovator ETFs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: | 02/16/2023 | /s/ Kathleen Meyer |
|  |  | Kathy Meyer |
|  |  | Principal Financial Officer |

---

## Ex-99.B

**Exhibit (b)**

**<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, 2022 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 | Kathy Meyer |
| Principal Executive Officer, | Principal Financial Officer, |
| Innovator ETFs Trust | Innovator ETFs Trust |

---

Dated: <u>02/16/2023</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.