# EDGAR Filing Document

**Accession Number:** 0001415726
**File Stem:** 0001213900-26-043600
**Filing Date:** 2026-4
**Character Count:** 737871
**Document Hash:** 0bd56887495acab90f9fd54e07142edd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-043600.hdr.sgml**: 20260414

**ACCESSION NUMBER**: 0001213900-26-043600

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 26

**FILED AS OF DATE**: 20260414

**DATE AS OF CHANGE**: 20260414

**EFFECTIVENESS DATE**: 20260414

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-146827
- **FILM NUMBER:** 26861506

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

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

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

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

**As filed with the Securities and Exchange Commission on April 14, 2026**

**Registration No. 333-146827**

**No. 811-22135**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-1A**

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ☐ |
| **Pre-Effective Amendment No.** | ☐ |
| **Post-Effective Amendment No. 1840** | ☒ |
|  | **and/or** |
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | ☐ |
| **Amendment No. 1841** | ☒ |

---

**Innovator ETFs** **<sup>Ò</sup> Trust**

(Exact Name of Registrant as Specified in Charter)

**200 W. Front Street<br> Wheaton, Illinois 60187**

(Address of Principal Executive Office)

Registrant's Telephone Number, including Area Code: (800) 208-5212

**Corporation Service Company**

**2711 Centerville Road, Suite 400<br> Wilmington, New Castle County, Delaware 19808**

(Name and Address of Agent for Service)

Copy to:

---

| |
|:---|
| &nbsp;&nbsp;**Morrison C. Warren, Esq.** |
| &nbsp;&nbsp;**Chapman and Cutler LLP** |
| &nbsp;&nbsp;**320 South Canal Street** |
| &nbsp;&nbsp;**Chicago, Illinois 60606** |

---

**Approximate date of Proposed Public Offering:** It is proposed that this filing will become effective immediately upon filing pursuant to Rule 462(d).

**EXPLANATORY NOTE**

This Post-Effective Amendment No. 1840 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-146827 and 811-22135) is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "*Securities Act*"), solely for the purpose of replacing certain exhibits as previously filed in Post-Effective Amendment No. 1819 of such Registration Statement. Accordingly, this Post-Effective Amendment No. 1840 consists only of a facing page, this explanatory note, Part C of the Registration Statement and Exhibits (d)(1), (d)(2), (d)(3), (d)(4), (d)(5), (d)(6), (d)(7), (d)(8), (d)(9), (d)(10), (d)(11), (d)(12), (d)(13), (d)(14), (d)(15), (d)(16), (d)(17), (d)(18), (d)(19), (d)(20), (d)(21), (d)(22), (p)(1), (p)(2) and (q). This Post-Effective Amendment No. 1840 does not modify any other part of the Registration Statement. Pursuant to Rule 462(d) under the Securities Act, this Post-Effective Amendment No. 1840 shall become effective immediately upon filing with the Securities and Exchange Commission. [Parts A and B of the Registration Statement as set forth in Post-Effective Amendment No. 1819 are hereby incorporated by reference.](https://www.sec.gov/ix?doc=/Archives/edgar/data/1415726/000121390026029249/ea0281115-01_485bpos.htm)

Item 28. Exhibits

Exhibit No. Description

---

| | |
|:---|:---|
| (a)(1) | [Amended and Restated Agreement and Declaration of Trust of Registrant, dated December 5, 2025, is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on December 17, 2025.](https://www.sec.gov/Archives/edgar/data/1415726/000121390025122909/ea026941801_ex99-a1.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Certificate of Trust of Registrant, as filed with the State of Delaware on October 17, 2007, is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on October 19, 2007.](https://www.sec.gov/Archives/edgar/data/1415726/000113743907000477/ex99a2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Certificate of Amendment to Certificate of Trust of Registrant, as filed with the State Delaware on August 11, 2017, is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on November 7, 2017.](https://www.sec.gov/Archives/edgar/data/1415726/000143774917018552/ex_99514.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [By-Laws of the Registrant is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on December 28, 2025.](https://www.sec.gov/Archives/edgar/data/1415726/000121390025122906/ea026941601_ex99-b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not Applicable

(d)(1) [Investment Management Agreement by and between the Registrant and Innovator Capital Management, LLC is filed herewith.](ea0285800-01_ex99d1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Schedule A to the Investment Management Agreement by and between the Registrant and Innovator Capital Management, LLC is filed herewith.](ea0285800-01_ex99d2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Interim Investment Management Agreement by and between the Registrant and Innovator Capital Management, LLC is filed herewith.](ea0285800-01_ex99d3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Schedule A to the Interim Investment Management Agreement by and between the Registrant and Innovator Capital Management, LLC is filed herewith.](ea0285800-01_ex99d4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Deepwater Asset Management LLC is filed herewith.](ea0285800-01_ex99d5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Schedule A to the Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Deepwater Asset Management LLC is filed herewith.](ea0285800-01_ex99d6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Milliman Financial Risk Management LLC is filed herewith.](ea0285800-01_ex99d7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Schedule A to the Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Milliman Financial Risk Management LLC is filed herewith.](ea0285800-01_ex99d8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Parametric Portfolio Associates LLC is filed herewith.](ea0285800-01_ex99d9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [Schedule A to the Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Parametric Portfolio Associates LLC is filed herewith.](ea0285800-01_ex99d10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Penserra Capital Management LLC is filed herewith.](ea0285800-01_ex99d11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [Schedule A to the Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Penserra Capital Management LLC is filed herewith.](ea0285800-01_ex99d12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [Interim Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Gradient Investments, LLC is filed herewith.](ea0285800-01_ex99d13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [Schedule A to the Interim Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Gradient Investments, LLC is filed herewith.](ea0285800-01_ex99d14.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) [Interim Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Milliman Financial Risk Management LLC is filed herewith.](ea0285800-01_ex99d15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [Schedule A to the Interim Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Milliman Financial Risk Management LLC is filed herewith.](ea0285800-01_ex99d16.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) [Interim Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Penserra Capital Management LLC is filed herewith.](ea0285800-01_ex99d17.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) [Schedule A to the Interim Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Penserra Capital Management LLC is filed herewith.](ea0285800-01_ex99d18.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) [Interim Investment Management Agreement by and between the Registrant, on behalf of Innovator IBD® 50 ETF, and Innovator Capital Management, LLC is filed herewith.](ea0285800-01_ex99d19.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) [Interim Investment Management Agreement by and between the Registrant, on behalf of Innovator IBD® Breakout Opportunities ETF, and Innovator Capital Management, LLC is filed herewith.](ea0285800-01_ex99d20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) [Interim Sub-Advisory Agreement by and between the Registrant, on behalf of Innovator IBD® 50 ETF and Innovator IBD® Breakout Opportunities ETF, Innovator Capital Management, LLC and Penserra Capital Management LLC is filed herewith.](ea0285800-01_ex99d21.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) [Schedule A to the Interim Sub-Advisory Agreement by and between the Registrant, Innovator IBD® 50 ETF and Innovator IBD® Breakout Opportunities ETF, Innovator Capital Management, LLC and Penserra Capital Management LLC is filed herewith.](ea0285800-01_ex99d22.htm)

---

| | |
|:---|:---|
| (e)(1) | [Form of Distribution Agreement by and between the Registrant and Foreside Fund Services, LLC is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on November 7, 2017.](https://www.sec.gov/Archives/edgar/data/1415726/000143774917018552/ex_99518.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Revised Exhibit A to the Distribution Agreement by and between the Registrant and Foreside Fund Services, LLC is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on March 17, 2026](https://www.sec.gov/Archives/edgar/data/1415726/000121390026029249/ea0281115-01_ex99e2.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

---

| | |
|:---|:---|
| (g)(1) | [Amended and Restated Custody Agreement by and between the Registrant and U.S. Bank National Association, dated May 13, 2019, is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on May 29, 2019.](https://www.sec.gov/Archives/edgar/data/1415726/000143774919010922/ex_145819.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Amendment to the Amended and Restated Custody Agreement by and between the Registrant and U.S. Bank National Association, dated September 25, 2020, is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on October 15, 2020.](https://www.sec.gov/Archives/edgar/data/1415726/000143774920021181/ex_206960.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Revised Exhibit B to the Custody Agreement by and between the Registrant and U.S. Bank National Association is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on March 17, 2026.](https://www.sec.gov/Archives/edgar/data/1415726/000121390026029249/ea0281115-01_ex99g3.htm)

---

| | |
|:---|:---|
| (h)(1) | [Amended and Restated Fund Accounting Servicing Agreement by and between the Registrant and U.S. Bancorp Fund Services, LLC, dated May 13, 2019, is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on May 29, 2019.](https://www.sec.gov/Archives/edgar/data/1415726/000143774919010922/ex_145820.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Amendment to the Amended and Restated Fund Accounting Servicing Agreement by and between the Registrant and U.S. Bancorp Fund Services, LLC, dated September 25, 2020, is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on October 15, 2020.](https://www.sec.gov/Archives/edgar/data/1415726/000143774920021181/ex_206962.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Revised Exhibit A to the Fund Accounting Servicing Agreement by and between the Registrant and U.S. Bancorp
Fund Services, LLC [is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on March 17, 2026.](https://www.sec.gov/Archives/edgar/data/1415726/000121390026029249/ea0281115-01_ex99h3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Amended and Restated Fund Administration Servicing Agreement by and between the Registrant and U.S. Bancorp Fund Services, LLC, dated May 13, 2019, is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on May 29, 2019.](https://www.sec.gov/Archives/edgar/data/1415726/000143774919010922/ex_145821.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Amendment to the Amended and Restated Fund Administration Servicing Agreement by and between the Registrant and U.S. Bancorp Fund Services, LLC, dated September 25, 2020, is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on October 15, 2020.](https://www.sec.gov/Archives/edgar/data/1415726/000143774920021181/ex_206963.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Revised Exhibit A to the Fund Administration Servicing Agreement by and between the Registrant and U.S.
Bancorp Fund Services, LLC [is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on March 17, 2026.](https://www.sec.gov/Archives/edgar/data/1415726/000121390026029249/ea0281115-01_ex99h6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Amended and Restated Transfer Agent Servicing Agreement by and between the Registrant and U.S. Bancorp Fund Services, LLC, dated May 13, 2019, is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on May 29, 2019.](https://www.sec.gov/Archives/edgar/data/1415726/000143774919010922/ex_145822.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Amendment to the Amended and Restated Transfer Agent Servicing Agreement by and between the Registrant and U.S. Bancorp Fund Services, LLC, dated September 25, 2020, is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on October 15, 2020.](https://www.sec.gov/Archives/edgar/data/1415726/000143774920021181/ex_206964.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Revised Exhibit A to the Transfer Agent Servicing Agreement by and between the Registrant and U.S. Bancorp
Fund Services, LLC [is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on March 17, 2026.](https://www.sec.gov/Archives/edgar/data/1415726/000121390026029249/ea0281115-01_ex99h9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [Form of Authorized Participant Agreement is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on November 7, 2017.](https://www.sec.gov/Archives/edgar/data/1415726/000143774917018552/ex_99519.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Sub-License Agreement by and between the Registrant and Innovator Capital Management, LLC, relating to
Innovator IBD® 50 ETF and Innovator IBD® Breakout Opportunities ETF [is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on September 11, 2018.](https://www.sec.gov/Archives/edgar/data/1415726/000143774918016835/ex_123666.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Form of Sub-License Agreement by and between the Registrant and Innovator Capital Management, LLC, relating
to Innovator Deepwater Frontier Tech ETF is [incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on July 20, 2018.](https://www.sec.gov/Archives/edgar/data/1415726/000143774918013563/ex_118132.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Opinion and consent of Chapman and Cutler LLP is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on March 17, 2026.](https://www.sec.gov/Archives/edgar/data/1415726/000121390026029249/ea0281115-01_ex99i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Not Applicable

(p)(1) [Code of Ethics of Innovator ETFs<sup>®</sup> Trust is filed herewith.](ea0285800-01_ex99p1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Code of Ethics of Innovator Capital Management, LLC is filed herewith.](ea0285800-01_ex99p2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Code of Ethics of Deepwater Asset Management LLC is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on December 1, 2025.](https://www.sec.gov/Archives/edgar/data/1415726/000121390025116226/ea0267303-01_ex99p4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Code of Ethics of Gradient Investments, LLC is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on November 3, 2022.](https://www.sec.gov/Archives/edgar/data/1415726/000143774922025792/ex_441861.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Code of Ethics of Milliman Financial Risk Management LLC is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on July 12, 2018.](https://www.sec.gov/Archives/edgar/data/1415726/000143774918013259/ex_117689.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Code of Ethics of Parametric Portfolio Associates LLC is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on May 20, 2022.](https://www.sec.gov/Archives/edgar/data/1415726/000143774922013159/ex_378201.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Code of Ethics of Penserra Capital Management LLC is incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-146827) filed on November 7, 2017.](https://www.sec.gov/Archives/edgar/data/1415726/000143774917018552/ex_99523.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Code of Ethics for Foreside Fund Services, LLC not applicable per Rule 17j-1(c)(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) [Powers of Attorney for James A. McNamara, Joseph F. DiMaria, Gregory G. Weaver, Cheryl K. Beebe, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, Lawrence W. Stranghoener and Brian J. Wildman is filed herewith.](ea0285800-01_ex99q.htm)

Item 29. Persons Controlled By or Under Common Control with Registrant

Not Applicable

Item 30. Indemnification

Under the terms of the Delaware Statutory Trust Act (*"DSTA"*) and the Registrant's Amended and Restated Agreement and Declaration of Trust (*"Declaration of Trust"*), no officer or trustee of the Registrant shall have any liability to the Registrant, its shareholders, or any other party for damages, except to the extent such limitation of liability is precluded by Delaware law, the Declaration of Trust or the By-Laws of the Registrant.

Subject to the standards and restrictions set forth in the Declaration of Trust, DSTA, Section 3817, permits a statutory trust to indemnify and hold harmless any trustee, beneficial owner or other person from and against any and all claims and demands whatsoever. DSTA, Section 3803 protects trustees, officers, managers and other employees, when acting in such capacity, from liability to any person other than the Registrant or beneficial owner for any act, omission or obligation of the Registrant or any trustee thereof, except as otherwise provided in the Declaration of Trust.

Item 31. Business and Other Connections of the Investment Adviser

Certain information pertaining to the business and other connections of Innovator Capital Management, LLC, the investment adviser to the Fund, is hereby incorporated by reference from the Prospectus and Statement of Additional Information contained herein. The information required by this Item with respect to any director, officer or partner of Innovator Capital Management, LLC is incorporated by reference to the Form ADV filed by Innovator Capital Management, LLC with the Securities and Exchange Commission pursuant to the Investment Advisers Act of 1940, as amended (File No. 801-110111).

Certain information pertaining to the business and other connections of Deepwater Asset Management LLC, Gradient Investments, LLC, Milliman Financial Risk Management LLC, Parametric Portfolio Associates LLC, and Penserra Capital Management LLC, the investment sub-advisers to the Funds, is hereby incorporated by reference from the Prospectus and Statement of Additional Information contained herein. The information required by this Item with respect to any director, officer or partner of Deepwater Asset Management LLC, Gradient Investments, LLC, Milliman Financial Risk Management LLC, Parametric Portfolio Associates LLC, and Penserra Capital Management LLC is incorporated by reference to the Form ADV filed by Deepwater Asset Management LLC, Gradient Investments, LLC, Milliman Financial Risk Management LLC, Parametric Portfolio Associates LLC, and Penserra Capital Management LLC with the Securities and Exchange Commission pursuant to the Investment Advisers Act of 1940, as amended (File Nos. 801-126301, 801-70812, 801-73056, 801-60485, and 801-80466, respectively).

Item 32. Principal Underwriter

(a) Foreside Fund Services, LLC (the "Distributor") serves as principal underwriter for the following
investment companies registered under the Investment Company Act of 1940, as amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AB Active ETFs, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ABS Long/Short Strategies Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. ActivePassive Core Bond ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ActivePassive Intermediate Municipal Bond ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. ActivePassive International Equity ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. ActivePassive U.S. Equity ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. AdvisorShares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. AFA Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. AGF Investments Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. AIM ETF Products Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Alexis Practical Tactical ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. AlphaCentric Prime Meridian Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. American Century ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. AMG ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Amplify ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Applied Finance Dividend Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Applied Finance Explorer Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Applied Finance Select Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Ardian Access LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. ARK ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. ARK Venture Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Bitwise Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. BondBloxx ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. Bramshill Multi-Strategy Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Bridgeway Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Brinker Capital Destinations Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Brookfield Real Assets Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Build Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Calamos Convertible and High Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. Calamos Convertible Opportunities and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. Calamos Dynamic Convertible and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. Calamos Global Dynamic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. Calamos Global Total Return Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. Calamos Strategic Total Return Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. Carlyle Tactical Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. Cascade Private Capital Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. Catalyst/Perini Strategic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. CBRE Global Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. Center Coast Brookfield MLP & Energy Infrastructure Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. Cliffwater Corporate Lending Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41. Cliffwater Enhanced Lending Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. Coatue Innovative Strategies Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. Cohen & Steers ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44. Convergence Long/Short Equity ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45. CornerCap Small-Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46. CrossingBridge Ultra-Short Duration ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47. Curasset Capital Management Core Bond Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48. Curasset Capital Management Limited Term Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49. CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF, Series of CYBER HORNET Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50. Davis Fundamental ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51. Defiance BMNR Option Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52. Defiance Connective Technologies ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53. Defiance Drone and Modern Warfare ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54. Defiance Quantum ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55. Denali Structured Return Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56. Dodge & Cox Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57. DoubleLine ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58. DoubleLine Income Solutions Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59. DoubleLine Opportunistic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60. DoubleLine Yield Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61. DriveWealth ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62. EIP Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63. Ellington Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64. ETF Opportunities Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65. Exchange Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66. Exchange Place Advisors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67. FIS Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68. FlexShares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69. Fortuna Hedged Bitcoin Fund, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70. Forum Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71. Forum Funds II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72. Forum Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73. GMO ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74. GoldenTree Opportunistic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75. Gramercy Emerging Markets Debt Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76. Grayscale Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77. Guinness Atkinson Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78. Harbor ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79. Harris Oakmark ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80. Hawaiian Tax-Free Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81. Horizon Kinetics Blockchain Development ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82. Horizon Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83. Horizon Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84. Horizon Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85. Horizon Kinetics Medical ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86. Horizon Kinetics SPAC Active ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87. Horizon Kinetics Texas ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88. Innovator ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89. Ironwood Institutional Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90. Ironwood Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91. Jensen Quality Growth ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92. John Hancock Exchange-Traded Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93. Kurv ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94. Lazard Active ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95. LDR Real Estate Value-Opportunity Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96. Lone Peak Value Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97. Mairs & Power Balanced Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98. Mairs & Power Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99. Mairs & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100. Mairs & Power Small Cap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101. Manor Investment Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102. MoA Funds Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103. Moerus Worldwide Value Fund, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104. Morgan Stanley ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105. Morgan Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106. Morgan Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107. Morningstar Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108. NEOS ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109. Niagara Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110. NXG Cushing® Midstream Energy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111. NXG NextGen Infrastructure Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112. OTG Latin American Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113. Overlay Shares Core Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114. Overlay Shares Foreign Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115. Overlay Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116. Overlay Shares Large Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117. Overlay Shares Municipal Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118. Overlay Shares Short Term Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119. Overlay Shares Small Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120. Palmer Square Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121. Palmer Square Opportunistic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122. Partners Group Private Income Opportunities, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123. Perkins Discovery Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124. Philotimo Focused Growth and Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125. Plan Investment Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126. Point Bridge America First ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127. Precidian ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128. Rareview 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129. Rareview Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130. Rareview Systematic Equity ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131. Rareview Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132. Rareview Total Return Bond ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133. Renaissance Capital Greenwich Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134. REX ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135. Reynolds Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136. RMB Investors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137. Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138. Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139. Roundhill Ball Metaverse ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140. Roundhill Cannabis ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141. Roundhill ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142. Roundhill Magnificent Seven ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143. Roundhill Sports Betting & iGaming ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144. Roundhill Video Games ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145. Rule One Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146. Russell Investments Exchange Traded Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147. Securian AM Real Asset Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148. Six Circles Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149. Sound Shore Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150. SP Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151. Sparrow Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152. Spear Alpha ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153. STF Tactical Growth & Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154. STF Tactical Growth ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155. Strategic Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156. Strategy Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157. Swan Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158. Tekla World Healthcare Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159. Tema ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160. The 2023 ETF Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161. The Community Development Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162. The Cook & Bynum Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163. The Private Shares Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164. The SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165. Third Avenue Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166. Third Avenue Variable Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167. Tidal Trust I

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168. Tidal Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169. Tidal Trust III

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170. Tidal Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171. TIFF Investment Program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172. Timothy Plan High Dividend Stock ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173. Timothy Plan International ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174. Timothy Plan Market Neutral ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175. Timothy Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176. Timothy Plan US Small Cap Core ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177. Total Fund Solution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178. Touchstone ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179. Trailmark Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180. T-Rex 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181. T-Rex 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182. T-Rex 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183. T-Rex 2x Long Ether Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184. U.S. Global Investors Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185. Union Street Partners Value Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186. Vest Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187. Vest S&P 500® Dividend Aristocrats Target Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188. Vest US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189. Vest US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190. Virtus Stone Harbor Emerging Markets Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191. Volatility Shares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192. WEBs ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193. Wedbush Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194. Wellington Global Multi-Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195. Wilshire Mutual Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196. Wilshire Variable Insurance Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197. WisdomTree Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198. XAI Octagon Floating Rate & Alternative Income Term Trust

(b) The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The
Distributor's main business address is 190 Middle Street, Suite 301, Portland, Maine 04101.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Name | &nbsp;&nbsp;Address | &nbsp;&nbsp;Position with Underwriter | &nbsp;&nbsp;Position with Registrant |
| &nbsp;&nbsp;Teresa Cowan | &nbsp;&nbsp;190 Middle Street, Suite 301, <br> Portland, ME 04101 | &nbsp;&nbsp;President/Manager |  |
| &nbsp;&nbsp; Chris Lanza | &nbsp;&nbsp; 190 Middle Street, Suite 301, <br> Portland, ME 04101 | &nbsp;&nbsp; Vice President |  |
| &nbsp;&nbsp;Kate Macchia | &nbsp;&nbsp;190 Middle Street, Suite 301, <br> Portland, ME 04101 | &nbsp;&nbsp;Vice President |  |
| &nbsp;&nbsp;Alicia Strout | &nbsp;&nbsp;190 Middle Street, Suite 301, <br> Portland, ME 04101 | &nbsp;&nbsp;Vice President and Chief Compliance Officer |  |
| &nbsp;&nbsp; Gabriel E. Edelman<br>| &nbsp;&nbsp;190 Middle Street, Suite 301, <br> Portland, ME 04101 | &nbsp;&nbsp; Secretary |  |
| &nbsp;&nbsp;Susan L. LaFond | &nbsp;&nbsp;190 Middle Street, Suite 301, <br> Portland, ME 04101 | &nbsp;&nbsp;Treasurer |  |
| &nbsp;&nbsp;Weston Sommers | &nbsp;&nbsp;190 Middle Street, Suite 301, <br> Portland, ME 04101 | &nbsp;&nbsp;Financial and Operations Principal and Chief Financial Officer |  |

---

(c) Not Applicable

Item 33. Location of Accounts and Records

All accounts, books and other documents required to be maintained by Section 31(a) of 15 U.S.C. 80a-3-(a) and rules under that section, are maintained by U.S. Bank Fund Services, LLC and U.S. Bank, N.A., with the exception of those maintained by the Registrant's investment adviser, Innovator Capital Management, LLC, 200 W. Front Street, Wheaton, Illinois 60187.

U.S. Bank Fund Services, LLC and U.S. Bank, N.A. provide general administrative, accounting, portfolio valuation, and custodian services, respectively, to the Registrant, including the coordination and monitoring of any third-party service providers and maintain all such records relating to these services.

Item 34. Management Services

Not Applicable

Item 35. Undertakings

Not Applicable

**Signatures**

Pursuant to the requirements of the Securities Act and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Wheaton, and State of Illinois, on April 14, 2026.

---

| | |
|:---|:---|
| Innovator ETFs<sup>Ò</sup> Trust | Innovator ETFs<sup>Ò</sup> Trust |
| By: | /s/ Robert Griffith |
|  | Robert Griffith |
|  | Secretary |

---

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated:

---

| | | |
|:---|:---|:---|
| Name | Title | Date |
| James A. McNamara\* | President, Principal Executive | April 14, 2026 |
| James A. McNamara | Officer and Trustee |  |
| Joseph F. DiMaria\* | Treasurer, Principal Financial Officer and | April 14, 2026 |
| Joseph F. DiMaria | Principal Accounting Officer |  |
| Gregory G. Weaver\* | Chair and Trustee | April 14, 2026 |
| Gregory G. Weaver |  |  |
| Cheryl K. Beebe\* | Trustee | April 14, 2026 |
| Cheryl K. Beebe |  |  |
| Dwight L. Bush\* | Trustee | April 14, 2026 |
| Dwight L. Bush |  |  |
| Kathryn A. Cassidy\* | Trustee | April 14, 2026 |
| Kathryn A. Cassidy |  |  |
| John G. Chou\* | Trustee | April 14, 2026 |
| John G. Chou |  |  |
| Joaquin Delgado\* | Trustee | April 14, 2026 |
| Joaquin Delgado |  |  |
| Eileen H. Dowling\* | Trustee | April 14, 2026 |
| Eileen H. Dowling |  |  |
| Lawrence Hughes\* | Trustee | April 14, 2026 |
| Lawrence Hughes |  |  |
| John F. Killian\* | Trustee | April 14, 2026 |
| John F. Killian |  |  |
| Steven D. Krichmar\* | Trustee | April 14, 2026 |
| Steven D. Krichmar |  |  |
| Michael Latham\* | Trustee | April 14, 2026 |
| Michael Latham |  |  |
| Lawrence W. Stranghoener\* | Trustee | April 14, 2026 |
| Lawrence W. Stranghoener |  |  |
|  Brian J. Wildman\* | Trustee | April 14, 2026 |
| Brian J. Wildman |  |  |

---

---

| | |
|:---|:---|
| By: | /s/ Robert Griffith |
|  | Robert Griffith |
|  | Attorney-In-Fact |

---

\* Pursuant to powers of attorney filed herewith.

**Index to Exhibits**

(d)(1) [Investment Management Agreement by and between the Registrant and Innovator Capital Management, LLC](ea0285800-01_ex99d1.htm)

(d)(2) [Schedule A to the Investment Management Agreement by and between the Registrant and Innovator Capital Management, LLC](ea0285800-01_ex99d2.htm)

(d)(3) [Interim Investment Management Agreement by and between the Registrant and Innovator Capital Management, LLC](ea0285800-01_ex99d3.htm)

(d)(4) [Schedule A to the Interim Investment Management Agreement by and between the Registrant and Innovator Capital Management, LLC](ea0285800-01_ex99d4.htm)

(d)(5) [Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Deepwater Asset Management LLC](ea0285800-01_ex99d5.htm)

(d)(6) [Schedule A to the Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Deepwater Asset Management LLC](ea0285800-01_ex99d6.htm)

(d)(7) [Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Milliman Financial Risk Management LLC](ea0285800-01_ex99d7.htm)

(d)(8) [Schedule A to the Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Milliman Financial Risk Management LLC](ea0285800-01_ex99d8.htm)

(d)(9) [Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Parametric Portfolio Associates LLC](ea0285800-01_ex99d9.htm)

(d)(10) [Schedule A to the Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Parametric Portfolio Associates LLC](ea0285800-01_ex99d10.htm)

(d)(11) [Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Penserra Capital Management LLC](ea0285800-01_ex99d11.htm)

(d)(12) [Schedule A to the Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Penserra Capital Management LLC](ea0285800-01_ex99d12.htm)

(d)(13) [Interim Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Gradient Investments, LLC](ea0285800-01_ex99d13.htm)

(d)(14) [Schedule A to the Interim Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Gradient Investments, LLC](ea0285800-01_ex99d14.htm)

(d)(15) [Interim Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Milliman Financial Risk Management LLC](ea0285800-01_ex99d15.htm)

(d)(16) [Schedule A to the Interim Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Milliman Financial Risk Management LLC](ea0285800-01_ex99d16.htm)

(d)(17) [Interim Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Penserra Capital Management LLC](ea0285800-01_ex99d17.htm)

(d)(18) [Schedule A to the Interim Sub-Advisory Agreement by and between the Registrant, Innovator Capital Management, LLC and Penserra Capital Management LLC](ea0285800-01_ex99d18.htm)

(d)(19) [Interim Investment Management Agreement by and between the Registrant, on behalf of Innovator IBD® 50 ETF, and Innovator Capital Management, LLC](ea0285800-01_ex99d19.htm)

(d)(20) [Interim Investment Management Agreement by and between the Registrant, on behalf of Innovator IBD® Breakout Opportunities ETF, and Innovator Capital Management, LLC](ea0285800-01_ex99d20.htm)

(d)(21) [Interim Sub-Advisory Agreement by and between the Registrant, on behalf of Innovator IBD® 50 ETF and Innovator IBD® Breakout Opportunities ETF, Innovator Capital Management, LLC and Penserra Capital Management LLC](ea0285800-01_ex99d21.htm)

(d)(22) [Schedule A to the Interim Sub-Advisory Agreement by and between the Registrant, Innovator IBD® 50 ETF and Innovator IBD® Breakout Opportunities ETF, Innovator Capital Management, LLC and Penserra Capital Management LLC](ea0285800-01_ex99d22.htm)

(p)(1) [Code of Ethics of Innovator ETFs Trust](ea0285800-01_ex99p1.htm)

(p)(2) [Code of Ethics of Innovator Capital Management, LLC](ea0285800-01_ex99p2.htm)

(q) [Powers of Attorney.](ea0285800-01_ex99q.htm)

## Ex-99.(D)(1)

**Exhibit (d)(1)**

**Investment Management Agreement**

Investment Management Agreement amended and made this 1st day of April, 2026, by and between Innovator ETFS<sup>®</sup> TRUST, a Delaware statutory trust (the *"Trust"*), and Innovator Capital Management, LLC, a Delaware limited liability company (the *"Adviser"*).

Whereas, the Trust is registered under the Investment Company Act of 1940, as amended (*"1940 Act"*), as an open-end management investment company;

Whereas, the Trust is authorized to issue shares in separate series, with each such series representing interests in a separate portfolio of securities and other assets;

Whereas, the Trust intends to offer shares in series as set forth on Schedule A attached hereto and any other series as to which this Agreement may hereafter be made applicable and set forth on Schedule A, which may be amended from time to time (each such series being herein referred to as a *"Fund,"* and collectively as the *"Funds"*); and

Whereas, the Trust desires to retain the Adviser as investment adviser, to furnish certain investment advisory and portfolio management services to the Trust with respect to the Funds, and the Adviser is willing to furnish such services.

**W i t n e s s e t h:**

In consideration of the mutual covenants hereinafter contained, it is hereby agreed by and between the parties hereto as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust hereby engages the Adviser to act as the investment adviser for, and to manage the investment and reinvestment of the assets of, each Fund in accordance with each Fund's investment objectives and policies and limitations, and to administer each Fund's affairs to the extent requested by and subject to the supervision of the Board of Trustees of the Trust for the period and upon the terms herein set forth. The investment of each Fund's assets shall be subject to the Fund's policies, restrictions and limitations with respect to securities investments as set forth in the Fund's then current registration statement under the 1940 Act, Declaration of Trust, By-laws of the Trust and all applicable laws and the regulations of the Securities and Exchange Commission relating to the management of registered open-end management investment companies.

The Adviser accepts such employment and agrees during such period to render such services, to furnish office facilities and equipment and clerical, bookkeeping and administrative services (other than such services, if any, provided by the Funds' transfer agent, administrator or other service providers) for the Funds, to permit any of its officers or employees to serve without compensation as trustees or officers of the Trust if elected to such positions, and to assume the obligations herein set forth for the compensation herein provided. The Adviser shall at its own expense furnish all executive and other personnel, office space, and office facilities required to render the investment management and administrative services set forth in this Agreement. In the event that the Adviser pays or assumes any expenses of a Fund not required to be paid or assumed by the Adviser under this Agreement, the Adviser shall not be obligated hereby to pay or assume the same or similar expense in the future; *provided,* that nothing contained herein shall be deemed to relieve the Adviser of any obligation to a Fund under any separate agreement or arrangement between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Adviser shall, for all purposes herein provided, be deemed to be an independent contractor and, unless otherwise expressly provided or authorized, shall neither have the authority to act for nor represent the Trust in any way, nor otherwise be deemed an agent of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. For the services and facilities described in Section 1, each Fund will pay to the Adviser, at the end of each calendar month, and the Adviser agrees to accept as full compensation therefor, an investment management fee equal to the annual rate of each Fund's average daily net assets as set forth on Schedule A.

For the month and year in which this Agreement becomes effective, or terminates, there shall be an appropriate proration on the basis of the number of days that the Agreement shall have been in effect during the month and year, respectively. The services of the Adviser to the Trust under this Agreement are not to be deemed exclusive, and the Adviser shall be free to render similar services or other services to others so long as its services hereunder are not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. During the term of this Agreement, the Adviser shall pay all of the expenses of each Fund of the Trust (including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees) but excluding the fee payment under this Agreement, interest, taxes, brokerage commissions and any other transaction-related fees and expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, acquired fund fees and expenses, the costs of holding shareholder meetings and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Adviser shall arrange for suitably qualified officers or employees of the Adviser to serve, without compensation from the Trust, as trustees, officers or agents of the Trust, if duly elected or appointed to such positions, and subject to their individual consent and to any limitations imposed by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Adviser is authorized to select the brokers or dealers that will execute the purchases and sales of a Fund's securities on behalf of the Fund, and is directed to use its commercially reasonable efforts to obtain best execution, which includes most favorable net results and execution of the Fund's orders, taking into account all appropriate factors, including price, dealer spread or commission, size and difficulty of the transaction and research or other services provided. Subject to approval by the Trust's Board of Trustees and to the extent permitted by and in conformance with applicable law (including Rule 17e-1 of the 1940 Act), the Adviser may select brokers or dealers affiliated with the Adviser. It is understood that the Adviser will not be deemed to have acted unlawfully, or to have breached a fiduciary duty to the Trust, or be in breach of any obligation owing to the Trust under this Agreement, or otherwise, solely by reason of its having caused the Fund to pay a member of a securities exchange, a broker or a dealer a commission for effecting a securities transaction for the Fund in excess of the amount of commission another member of an exchange, broker or dealer would have charged if the Adviser determined in good faith that the commission paid was reasonable in relation to the brokerage or research services provided by such member, broker or dealer, viewed in terms of that particular transaction or the Adviser's overall responsibilities with respect to its accounts, including the Fund, as to which it exercises investment discretion.

In addition, the Adviser may, to the extent permitted by applicable law, aggregate purchase and sale orders of securities with similar orders being made simultaneously for other accounts managed by the Adviser or its affiliates, if in the Adviser's reasonable judgment such aggregation shall result in an overall economic benefit to a Fund, taking into consideration the selling or purchase price, brokerage commissions and other expenses. In the event that a purchase or sale of an asset of a Fund occurs as part of any aggregate sale or purchase orders, the objective of the Adviser and any of its affiliates involved in such transaction shall be to allocate the securities so purchased or sold, as well as expenses incurred in the transaction, among the Fund and other accounts in an equitable manner. Nevertheless, each Fund acknowledges that under some circumstances, such allocation may adversely affect the Fund with respect to the price or size of the securities positions obtainable or salable. Whenever a Fund and one or more other investment advisory clients of the Adviser have available funds for investment, investments suitable and appropriate for each will be allocated in a manner believed by the Adviser to be equitable to each, although such allocation may result in a delay in one or more client accounts being fully invested that would not occur if such an allocation were not made. Moreover, it is possible that due to differing investment objectives or for other reasons, the Adviser and its affiliates may purchase securities of an issuer for one client and at approximately the same time recommend selling or sell the same or similar types of securities for another client.

The Adviser will not arrange purchases or sales of securities between a Fund and other accounts advised by the Adviser or its affiliates unless (a) such purchases or sales are in accordance with applicable law (including Rule 17a-7 of the 1940 Act) and the Trust's policies and procedures, (b) the Adviser determines the purchase or sale is in the best interests of each Fund, and (c) the Trust's Board of Trustees have approved these types of transactions.

To the extent a Fund seeks to adopt, amend or eliminate any objectives, policies, restrictions or procedures in a manner that modifies or restricts Adviser's authority regarding the execution of the Fund's portfolio transactions, the Fund agrees to use reasonable commercial efforts to consult with the Adviser regarding the modifications or restrictions prior to such adoption, amendment or elimination.

The Adviser will communicate to the officers and trustees of the Trust such information relating to transactions for the Funds as they may reasonably request. In no instance will portfolio securities be purchased by or sold to the Adviser or any affiliated person of either the Trust or the Adviser, except as may be permitted under the 1940 Act.

The Adviser further agrees that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will use the same degree of skill and care in providing such services as it uses in providing services to fiduciary accounts for which it has investment responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will conform in all material respects to all applicable rules and regulations of the Securities and Exchange Commission and comply in all material respects with all policies and procedures adopted by the Board of Trustees for the Trust and communicated to the Adviser and, in addition, will conduct its activities under this Agreement in all material respects in accordance with any applicable regulations of any governmental authority pertaining to its investment advisory activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) will report regularly to the Board of Trustees of the Trust (generally on a quarterly basis) and will make appropriate persons available for the purpose of reviewing with representatives of the Board of Trustees on a regular basis at reasonable times the management of each Fund, including, without limitation, review of the general investment strategies of each Fund, the performance of each Fund's investment portfolio in relation to relevant standard industry indices and general conditions affecting the marketplace and will provide various other reports from time to time as reasonably requested by the Board of Trustees of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) will prepare and maintain such books and records with respect to each Fund's securities and other transactions as required under applicable law and will prepare and furnish the Trust's Board of Trustees such periodic and special reports as the Board of Trustees may reasonably request. The Adviser further agrees that all records which it maintains for each Fund are the property of the Fund and the Adviser will surrender promptly to the Fund any such records upon the request of the Fund (*provided, however,* that Adviser shall be permitted to retain copies thereof); and shall be permitted to retain originals (with copies to the Fund) to the extent required under Rule 204-2 of the Investment Advisers Act of 1940 or other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Subject to applicable statutes and regulations, it is understood that officers, trustees, or agents of the Trust are, or may be, interested persons (as such term is defined in the 1940 Act and rules and regulations thereunder) of the Adviser as officers, directors, agents, shareholders or otherwise, and that the officers, directors, shareholders and agents of the Adviser may be interested persons of the Trust otherwise than as trustees, officers or agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Adviser shall not be liable for any loss sustained by reason of the purchase, sale or retention of any asset, whether or not such purchase, sale or retention shall have been based upon the investigation and research made by any other individual, firm or corporation, if such recommendation shall have been selected with due care and in good faith, except loss resulting from willful misfeasance, bad faith, or gross negligence on the part of the Adviser in the performance of its obligations and duties, or by reason of its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Subject to obtaining the initial and periodic approvals required under Section 15 of the 1940 Act (after taking into effect any exemptive order, no-action assurances or other relief upon which the respective Fund may rely), the Adviser may retain one or more sub-advisers at the Adviser's own cost and expense for the purpose of furnishing one or more of the services described in Section 1 hereof with respect to a Fund. In addition, the Adviser may adjust from time to time the duties delegated to any sub-adviser, the portion of portfolio assets of the Trust that the sub-adviser shall manage and the fees to be paid to the sub-adviser pursuant to any sub-advisory agreement or other arrangement entered into in accordance with this Agreement, subject to the approvals set forth in Section 15 of the 1940 Act if required including after taking into account any exemptive order, no-action assurances or other relief upon which the respective Fund may rely. Retention of a sub-adviser shall in no way reduce the responsibilities or obligations of the Adviser under this Agreement and the Adviser shall be responsible to a Fund for all acts or omissions of any sub-adviser in connection with the performance of the Adviser's duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Trust acknowledges that the Adviser intends in the future to act as an investment adviser to other managed accounts and as investment adviser or sub-investment adviser to one or more other investment companies that are not a series of the Trust. In addition, the Trust acknowledges that the persons employed by the Adviser to assist in the Adviser's duties under this Agreement will not devote their full time to such efforts. It is also agreed that the Adviser may use any supplemental research obtained for the benefit of the Trust in providing investment advice to its other investment advisory accounts and for managing its own accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. This Agreement, with respect to each Fund, was initially approved, and is effective, *provided* it was approved by a vote of a majority of the outstanding voting securities held by shareholders of the respective Fund in accordance with the requirements of the 1940 Act. This Agreement shall continue in effect until the termination date set forth in the attached Schedule A, unless and until terminated by either party as hereinafter provided, and shall continue in force from year to year thereafter, but only as long as such continuance is specifically approved, at least annually, in the manner required by the 1940 Act.

This Agreement shall automatically terminate in the event of its assignment, and may be terminated at any time without the payment of any penalty by a Fund or by the Adviser upon sixty (60) days' written notice to the other party. Each Fund may effect termination by action of the Board of Trustees or by vote of a majority of the outstanding voting securities of the Fund, accompanied by appropriate notice. This Agreement may be terminated, at any time, without the payment of any penalty, by the Board of Trustees of the Trust, or by vote of a majority of the outstanding voting securities of a Fund, in the event that it shall have been established by a court of competent jurisdiction that the Adviser, or any officer or director of the Adviser, has taken any action which results in a breach of the material covenants of the Adviser set forth herein. Termination of this Agreement shall not affect the right of the Adviser to receive payments on any unpaid balance of the compensation, described in Section 3, earned prior to such termination and for any additional period during which the Adviser serves as such for the Fund, subject to applicable law. The terms "assignment" and "vote of the majority of outstanding voting securities" shall have the same meanings set forth in the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. This Agreement may be amended or modified only by a written instrument executed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule, or otherwise, the remainder shall not be thereby affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Any notice under this Agreement shall be in writing, addressed and delivered or mailed, postage prepaid, to the other party at such address as such other party may designate for receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. All parties hereto are expressly put on notice of the Trust's Agreement and Declaration of Trust and all amendments thereto, a copy of which is on file with the Secretary of the State of Delaware and the limitation of shareholder and trustee liability contained therein. This Agreement is executed on behalf of the Trust by the Trust's officers as officers and not individually and the obligations imposed upon the Trust by this Agreement are not binding upon any of the Trust's Trustees, officers or shareholders individually but are binding only upon the assets and property of the Trust, and persons dealing with the Trust must look solely to the assets of the Trust and those assets belonging to the subject Trust, for the enforcement of any claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. This Agreement shall be construed in accordance with applicable federal law and (except as to Section 15 hereof which shall be construed in accordance with the laws of Delaware) the laws of the State of Illinois.

In Witness Whereof, the Trust and the Adviser have caused this Agreement to be executed on the day and year above written.

---

| | |
|:---|:---|
| Innovator etfs® Trust | Innovator etfs® Trust |
| By: | /s/ James A. McNamara |
|  | Name: James A. McNamara |
|  | Title: President, Principal Executive Officer and Trustee |
| Innovator Capital Management, LLC | Innovator Capital Management, LLC |
| By: | /s/ Bryon Lake |
|  | Name: Bryon Lake |
|  | Title: President |

---

**Schedule A**

(Listed as of April 1, 2026)

**Funds**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Series | Annual Rate<br> of Average<br> Daily Net<br> Assets | Initial Board<br> Approval <br> Date | Shareholder<br> Approval Date | Initial<br> Effective <br> Date | Termination<br> Date |
| Innovator Buffer Step Up Strategy ETF<sup>®</sup> | 0.89% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Deepwater Frontier Tech ETF | 0.70% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Defined Wealth Shield ETF | 0.69% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Emerging Markets Power Buffer ETF™ – January | 0.89% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Emerging Markets Power Buffer ETF™ – April | 0.89% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Emerging Markets Power Buffer ETF™ – July | 0.89% | 12/8/2025 | 2/24/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Emerging Markets Power Buffer ETF™ – October | 0.89% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Autocallable Income Strategy ETF | 0.79% | 12/8/2025 | 2/24/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr February | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr April | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr June | 0.79% | 12/8/2025 | 2/24/2026 | 4/1/2026 | 4/1/2028 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Series | Annual Rate<br> of Average<br> Daily Net<br> Assets | Initial Board<br> Approval <br> Date | Shareholder<br> Approval Date | Initial<br> Effective <br> Date | Termination<br> Date |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to April 2026 | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to April 2027 | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to October 2027 | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to January 2028 | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Dual Directional 5 Buffer ETF™ – Quarterly | 0.79% | 12/8/2025 | 12/29/2025 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Dual Directional 10 Buffer ETF™ – January | 0.79% | 12/8/2025 | 12/29/2025 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Dual Directional 10 Buffer ETF™ – February | 0.79% | 12/8/2025 | 1/29/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Dual Directional 10 Buffer ETF™ – March | 0.79% | 12/8/2025 | 2/26/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Dual Directional 10 Buffer ETF™ – April | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Dual Directional 10 Buffer ETF™ – November | 0.79% | 12/8/2025 | 2/24/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Dual Directional 15 Buffer ETF™ – January | 0.79% | 12/8/2025 | 12/29/2025 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Dual Directional 15 Buffer ETF™ – February | 0.79% | 12/8/2025 | 1/29/2026 | 4/1/2026 | 4/1/2028 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Series | Annual Rate<br> of Average<br> Daily Net<br> Assets | Initial Board<br> Approval <br> Date | Shareholder<br> Approval Date | Initial<br> Effective <br> Date | Termination<br> Date |
| Innovator Equity Dual Directional 15 Buffer ETF™ – March | 0.79% | 12/8/2025 | 2/26/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Dual Directional 15 Buffer ETF™ – April | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Dual Directional 15 Buffer ETF™ – September | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Dual Directional 15 Buffer ETF™ – October | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Dual Directional 15 Buffer ETF™ – December | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Managed 10 Buffer ETF™ | 0.79% | 12/8/2025 | 2/20/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Managed Floor ETF<sup>®</sup> | 0.89% | 12/8/2025 | 2/24/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Managed 100 Buffer ETF™ | 0.89% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Equity Premium Income – Daily PutWrite ETF | 0.79% | 12/8/2025 | 2/24/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Growth Accelerated Plus ETF<sup>®</sup> – April | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Growth-100 Dual Directional 5 Buffer ETF™ – Quarterly | 0.79% | 12/8/2025 | 12/29/2025 | 4/1/2026 | 4/1/2028 |
| Innovator Growth-100 Power Buffer ETFÔ – January | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Growth-100 Power Buffer ETFÔ – February | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Series | Annual Rate<br> of Average<br> Daily Net<br> Assets | Initial Board<br> Approval <br> Date | Shareholder<br> Approval Date | Initial<br> Effective <br> Date | Termination<br> Date |
| Innovator International Developed Managed 10 Buffer™ ETF | 0.85% | 12/8/2025 | 2/20/2026 | 4/1/2026 | 4/1/2028 |
| Innovator International Developed Managed Floor ETF® | 0.89% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Growth-100 Power Buffer ETF™ – March | 0.79% | 12/8/2025 | 2/24/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Growth-100 Power Buffer ETF™ – May | 0.79% | 12/8/2025 | 2/24/2026 | 4/1/2026 | 4/1/2028 |
| Innovator International Developed Power Buffer ETF™ – January | 0.85% | 12/8/2025 | 2/24/2026 | 4/1/2026 | 4/1/2028 |
| Innovator International Developed Power Buffer ETF<sup>®</sup> – April | 0.85% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator International Developed Power Buffer ETF™ – May | 0.85% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator International Developed Power Buffer ETF™ – June | 0.85% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator International Developed Power Buffer ETF™ – July | 0.85% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator International Developed Power Buffer ETF™ – August | 0.85% | 12/8/2025 | 2/24/2026 | 4/1/2026 | 4/1/2028 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Series | Annual Rate<br> of Average<br> Daily Net<br> Assets | Initial Board<br> Approval <br> Date | Shareholder<br> Approval Date | Initial<br> Effective <br> Date | Termination<br> Date |
| Innovator International Developed Power Buffer ETFÔ – September | 0.85% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator International Developed Power Buffer ETFÔ – October | 0.85% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator International Developed Power Buffer ETFÔ – November | 0.85% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator International Developed Power Buffer ETFÔ – December | 0.85% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Laddered Allocation Buffer ETF™ | 0.10% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Nasdaq-100® Managed 10 Buffer ETF™ | 0.79% | 12/8/2025 | 2/20/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Nasdaq-100<sup>®</sup> 10 Buffer ETFÔ – Quarterly | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Nasdaq-100<sup>®</sup> Managed Floor ETF<sup>®</sup> | 0.89% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Premium Income 20 Barrier ETF<sup>®</sup> – April | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Premium Income 20 Barrier ETF<sup>®</sup> – October | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Premium Income 30 Barrier ETF<sup>®</sup> – October | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator S&P Investment Grade Preferred ETF | 0.47% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Series | Annual Rate<br> of Average<br> Daily Net<br> Assets | Initial Board<br> Approval <br> Date | Shareholder<br> Approval Date | Initial<br> Effective <br> Date | Termination<br> Date |
| Innovator U.S. Equity 5 to 15 Buffer ETFÔ – Quarterly | 0.69% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity 10 Buffer ETF – Quarterly | 0.69% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Accelerated ETF<sup>®</sup> – Quarterly | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Accelerated 9 Buffer ETFÔ – April | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Accelerated 9 Buffer ETFÔ – July | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Accelerated Plus ETF<sup>®</sup> – April | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Accelerated Plus ETF<sup>®</sup> – October | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Buffer ETFÔ – January | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Buffer ETFÔ – February | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Buffer ETFÔ – March | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Buffer ETFÔ – April | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Buffer ETFÔ – May | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Buffer ETFÔ – June | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Series | Annual Rate<br> of Average<br> Daily Net<br> Assets | Initial Board<br> Approval <br> Date | Shareholder<br> Approval Date | Initial<br> Effective <br> Date | Termination<br> Date |
| Innovator U.S. Equity Buffer ETFÔ – July | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Buffer ETFÔ – August | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Buffer ETFÔ – September | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Buffer ETFÔ – October | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Buffer ETFÔ – November | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Buffer ETFÔ – December | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Power Buffer ETFÔ – January | 0.79% | 12/8/2025 | 2/24/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Power Buffer ETFÔ – February | 0.79% | 12/8/2025 | 2/24/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Power Buffer ETFÔ – March | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Power Buffer ETFÔ – April | 0.79% | 12/8/2025 | 2/24/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Power Buffer ETFÔ – May | 0.79% | 12/8/2025 | 2/24/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Power Buffer ETFÔ – June | 0.79% | 12/8/2025 | 2/24/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Power Buffer ETFÔ – July | 0.79% | 12/8/2025 | 2/24/2026 | 4/1/2026 | 4/1/2028 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Series | Annual Rate<br> of Average<br> Daily Net<br> Assets | Initial Board<br> Approval <br> Date | Shareholder<br> Approval Date | Initial<br> Effective <br> Date | Termination<br> Date |
| Innovator U.S. Equity Power Buffer ETFÔ – August | 0.79% | 12/8/2025 | 2/24/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Power Buffer ETFÔ – September | 0.79% | 12/8/2025 | 2/24/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Power Buffer ETFÔ – October | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Power Buffer ETFÔ – November | 0.79% | 12/8/2025 | 2/24/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Power Buffer ETFÔ – December | 0.79% | 12/8/2025 | 2/24/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Ultra Buffer ETFÔ – January | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Ultra Buffer ETFÔ – February | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Ultra Buffer ETFÔ – March | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Ultra Buffer ETFÔ – April | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Ultra Buffer ETFÔ – June | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Ultra Buffer ETFÔ – August | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Ultra Buffer ETFÔ – September | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Ultra Buffer ETFÔ – October | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Series | Annual Rate<br> of Average<br> Daily Net<br> Assets | Initial Board<br> Approval <br> Date | Shareholder<br> Approval Date | Initial<br> Effective <br> Date | Termination<br> Date |
| Innovator U.S. Equity Ultra Buffer ETFÔ – November | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Equity Ultra Buffer ETFÔ – December | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Small Cap Managed 10 Buffer ETF™ | 0.79% | 12/8/2025 | 2/20/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Small Cap 10 Buffer ETFÔ – Quarterly | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Small Cap Managed Floor ETF<sup>®</sup> | 0.89% | 12/8/2025 | 2/24/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Small Cap Power Buffer ETFÔ – July | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Small Cap Power Buffer ETFÔ – August | 0.79% | 12/8/2025 | 2/24/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Small Cap Power Buffer ETFÔ – September | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator U.S. Small Cap Power Buffer ETFÔ – December | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |

---

## Ex-99.(D)(2)

**Exhibit (d)(2)**

**Schedule A**

(Listed as of April 1, 2026)

**Funds**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Series | &nbsp;&nbsp;Annual Rate<br> of Average<br> Daily Net<br> Assets | &nbsp;&nbsp;Initial Board<br> Approval Date | &nbsp;&nbsp;Shareholder<br> Approval Date | &nbsp;&nbsp;Initial<br> Effective<br> Date | &nbsp;&nbsp;Termination<br> Date |
| Innovator Buffer Step Up Strategy ETF<sup>®</sup> | 0.89% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Deepwater Frontier Tech ETF | 0.70% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Defined Wealth Shield ETF | 0.69% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Emerging Markets Power Buffer ETF™ – January | 0.89% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Emerging Markets Power Buffer ETF™ – April | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Emerging Markets Power Buffer ETF™ – July | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/24/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Emerging Markets Power Buffer ETF™ – October | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Autocallable Income Strategy ETF | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/24/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr February | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr April | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr June | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/24/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Series | &nbsp;&nbsp;Annual Rate <br> of Average<br> Daily Net<br> Assets | &nbsp;&nbsp;Initial Board<br> Approval<br> Date | &nbsp;&nbsp;Shareholder<br> Approval Date | &nbsp;&nbsp;Initial<br> Effective<br> Date | &nbsp;&nbsp;Termination<br> Date |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to April 2026 | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to April 2027 | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to October 2027 | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to January 2028 | &nbsp;&nbsp;0.79% | &nbsp;&nbsp; 12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp; 4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Dual Directional 5 Buffer ETF™ – Quarterly | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;12/29/2025 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Dual Directional 10 Buffer ETF™ – January | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;12/29/2025 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Dual Directional 10 Buffer ETF™ – February | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;1/29/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Dual Directional 10 Buffer ETF™ – March | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/26/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Dual Directional 10 Buffer ETF™ – April | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Dual Directional 10 Buffer ETF™ – November | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/24/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Dual Directional 15 Buffer ETF™ – January | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;12/29/2025 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Dual Directional 15 Buffer ETF™ – February | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;1/29/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Series | &nbsp;&nbsp;Annual Rate<br> of Average<br> Daily Net<br> Assets | &nbsp;&nbsp;Initial Board<br> Approval<br> Date | &nbsp;&nbsp;Shareholder<br> Approval Date | &nbsp;&nbsp;Initial<br> Effective<br> Date | &nbsp;&nbsp;Termination<br> Date |
| Innovator Equity Dual Directional 15 Buffer ETF™ – March | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/26/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Dual Directional 15 Buffer ETF™ – April | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Dual Directional 15 Buffer ETF™ – September | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Dual Directional 15 Buffer ETF™ – October | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Dual Directional 15 Buffer ETF™ – December | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Managed 10 Buffer ETF™ | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/20/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Managed Floor ETF<sup>®</sup> | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/24/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Managed 100 Buffer ETF™ | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Equity Premium Income – Daily PutWrite ETF | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/24/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Growth Accelerated Plus ETF<sup>®</sup> – April | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Growth-100 Dual Directional 5 Buffer ETF™ – Quarterly | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;12/29/2025 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Growth-100 Power Buffer ETF™ – January | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Growth-100 Power Buffer ETF™ – February | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Series | &nbsp;&nbsp;Annual Rate<br> of Average<br> Daily Net<br> Assets | &nbsp;&nbsp;Initial Board<br> Approval<br> Date | &nbsp;&nbsp;Shareholder<br> Approval Date | &nbsp;&nbsp;Initial<br> Effective<br> Date | &nbsp;&nbsp;Termination<br> Date |
| Innovator Growth-100 Power Buffer ETF™ – March | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/24/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator Growth-100 Power Buffer ETF™ – May | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/24/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator International Developed Managed 10 Buffer™ ETF | &nbsp;&nbsp;0.85% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/20/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator International Developed Managed Floor ETF<sup>®</sup> | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator International Developed Power Buffer ETF™ – January | &nbsp;&nbsp;0.85% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/24/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator International Developed Power Buffer ETF™ – April | &nbsp;&nbsp;0.85% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator International Developed Power Buffer ETF™ – May | &nbsp;&nbsp;0.85% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator International Developed Power Buffer ETF™ – June | &nbsp;&nbsp;0.85% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator International Developed Power Buffer ETF™ – July | &nbsp;&nbsp;0.85% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator International Developed Power Buffer ETF™ – August | &nbsp;&nbsp;0.85% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/24/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Series | &nbsp;&nbsp;Annual Rate <br> of Average<br> Daily Net<br> Assets | &nbsp;&nbsp;Initial Board<br> Approval<br> Date | &nbsp;&nbsp;Shareholder<br> Approval Date | &nbsp;&nbsp;Initial<br> Effective<br> Date | &nbsp;&nbsp;Termination<br> Date |
| Innovator International Developed Power Buffer ETF™ – September | 0.85% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator International Developed Power Buffer ETF™ – October | 0.85% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator International Developed Power Buffer ETF™ – November | 0.85% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator International Developed Power Buffer ETF™ – December | 0.85% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Laddered Allocation Buffer ETF™ | 0.10% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Nasdaq-100® Managed 10 Buffer ETF™ | 0.79% | 12/8/2025 | 2/20/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Nasdaq-100<sup>®</sup> 10 Buffer ETF™ – Quarterly | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Nasdaq-100<sup>®</sup> Managed Floor ETF<sup>®</sup> | 0.89% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Premium Income 20 Barrier ETF<sup>®</sup> – April | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Premium Income 20 Barrier ETF<sup>®</sup> – October | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator Premium Income 30 Barrier ETF<sup>®</sup> – October | 0.79% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |
| Innovator S&P Investment Grade Preferred ETF | 0.47% | 12/8/2025 | 3/27/2026 | 4/1/2026 | 4/1/2028 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Series | &nbsp;&nbsp;Annual Rate <br> of Average<br> Daily Net<br> Assets | &nbsp;&nbsp;Initial Board<br> Approval<br> Date | &nbsp;&nbsp;Shareholder<br> Approval Date | &nbsp;&nbsp;Initial<br> Effective<br> Date | &nbsp;&nbsp;Termination<br> Date |
| Innovator U.S. Equity 5 to 15 Buffer ETF™ – Quarterly | &nbsp;&nbsp;0.69% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity 10 Buffer ETF™ – Quarterly | &nbsp;&nbsp;0.69% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Accelerated ETF<sup>®</sup> – Quarterly | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Accelerated 9 Buffer ETF™ – April | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Accelerated 9 Buffer ETF™ – July | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Accelerated Plus ETF<sup>®</sup> – April | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Accelerated Plus ETF<sup>®</sup> – October | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Buffer ETF™ – January | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Buffer ETF™ – February | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Buffer ETF™ – March | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Buffer ETF™ – April | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Buffer ETF™ – May | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Buffer ETF™ – June | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Series | &nbsp;&nbsp;Annual Rate <br> of Average Daily Net<br> Assets | &nbsp;&nbsp;Initial Board<br> Approval Date | &nbsp;&nbsp;Shareholder<br> Approval Date | &nbsp;&nbsp;Initial<br> Effective<br> Date | &nbsp;&nbsp;Termination<br> Date |
| Innovator U.S. Equity Buffer ETF™ – July | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Buffer ETF™ – August | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Buffer ETF™ – September | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Buffer ETF™ – October | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Buffer ETF™ – November | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Buffer ETF™ – December | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Power Buffer ETF™ – January | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/24/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Power Buffer ETF™ – February | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/24/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Power Buffer ETF™ – March | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Power Buffer ETF™ – April | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/24/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Power Buffer ETF™ – May | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/24/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Power Buffer ETF™ – June | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/24/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Power Buffer ETF™ – July | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/24/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Series | &nbsp;&nbsp;Annual Rate<br> of Average Daily Net<br> Assets | &nbsp;&nbsp;Initial Board<br> Approval Date | &nbsp;&nbsp;Shareholder<br> Approval Date | &nbsp;&nbsp;Initial<br> Effective<br> Date | &nbsp;&nbsp;Termination<br> Date |
| Innovator U.S. Equity Power Buffer ETF™ – August | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/24/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Power Buffer ETF™ – September | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/24/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Power Buffer ETF™ – October | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Power Buffer ETF™ – November | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/24/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Power Buffer ETF™ – December | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/24/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Ultra Buffer ETF™ – January | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Ultra Buffer ETF™ – February | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Ultra Buffer ETF™ – March | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Ultra Buffer ETF™ – April | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Ultra Buffer ETF™ – June | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Ultra Buffer ETF™ – August | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Ultra Buffer ETF™ – September | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Ultra Buffer ETF™ – October | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Series | &nbsp;&nbsp;Annual Rate<br> of Average<br> Daily Net<br> Assets | &nbsp;&nbsp;Initial Board<br> Approval Date | &nbsp;&nbsp;Shareholder<br> Approval Date | &nbsp;&nbsp;Initial<br> Effective<br> Date | &nbsp;&nbsp;Termination<br> Date |
| Innovator U.S. Equity Ultra Buffer ETF™ – November | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Equity Ultra Buffer ETF™ – December | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Small Cap Managed 10 Buffer ETF™ | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/20/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Small Cap 10 Buffer ETF™ – Quarterly | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Small Cap Managed Floor ETF<sup>®</sup> | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/24/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Small Cap Power Buffer ETF™ – July | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Small Cap Power Buffer ETF™ – August | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;2/24/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Small Cap Power Buffer ETF™ – September | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |
| Innovator U.S. Small Cap Power Buffer ETF™ – December | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;12/8/2025 | &nbsp;&nbsp;3/27/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;4/1/2028 |

---

## Ex-99.(D)(3)

**Exhibit (d)(3)**

**Interim Investment Management Agreement**

This Interim Investment Management Agreement is made this 1st day of April, 2026, by and between Innovator ETFs<sup>®</sup> Trust, a Delaware statutory trust (the *"Trust"*), and Innovator Capital Management, LLC, a Delaware limited liability company (the *"Adviser"*).

Whereas, the Trust is registered under the Investment Company Act of 1940, as amended (*"1940 Act"*), as an open-end management investment company;

Whereas, the Trust is authorized to issue shares in separate series, with each such series representing interests in a separate portfolio of securities and other assets;

Whereas, the Adviser entered into an investment management agreement with the Trust, on behalf of certain series of the Trust, on June 27, 2019 (the *"Advisory Agreement"*)

Whereas, the Investment Adviser has entered into a membership interest purchase agreement pursuant to which GSAM Holding, LLC will acquire substantially all of the membership interests of the Investment Adviser (the *"Transaction"*) for certain compensation;

Whereas, the consummation of the Transaction may operate as an "assignment" of the Advisory Agreement pursuant to Section 11 thereof;

Whereas, the Trust intends to offer shares in series as set forth on Schedule A attached hereto and any other series as to which this Agreement may hereafter be made applicable and set forth on Schedule A, which may be amended from time to time (each such series being herein referred to as a *"Fund,"* and collectively as the *"Funds"*);

Whereas, the Trust desires to retain the Adviser as investment adviser, to furnish certain investment advisory and portfolio management services to the Trust with respect to the Funds, and the Adviser is willing to furnish such services; and

Whereas, the Trust, on behalf of the Funds, and the Investment Adviser desire to enter into this agreement (the *"Agreement"*) pursuant to Rule 15a-4 under the 1940 Act, under which the Adviser, will furnish certain investment advisory services for the Funds upon the terms and conditions hereafter set forth.

**W i t n e s s e t h:**

In consideration of the mutual covenants hereinafter contained, it is hereby agreed by and between the parties hereto as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust hereby engages the Adviser to act as the investment adviser for, and to manage the investment and reinvestment of the assets of, each Fund in accordance with each Fund's investment objectives and policies and limitations, and to administer each Fund's affairs to the extent requested by and subject to the supervision of the Board of Trustees of the Trust for the period and upon the terms herein set forth. The investment of each Fund's assets shall be subject to the Fund's policies, restrictions and limitations with respect to securities investments as set forth in the Fund's then current registration statement under the 1940 Act, Declaration of Trust, By-laws of the Trust and all applicable laws and the regulations of the Securities and Exchange Commission relating to the management of registered open-end management investment companies.

The Adviser accepts such employment and agrees during such period to render such services, to furnish office facilities and equipment and clerical, bookkeeping and administrative services (other than such services, if any, provided by the Funds' transfer agent, administrator or other service providers) for the Funds, to permit any of its officers or employees to serve without compensation as trustees or officers of the Trust if elected to such positions, and to assume the obligations herein set forth for the compensation herein provided. The Adviser shall at its own expense furnish all executive and other personnel, office space, and office facilities required to render the investment management and administrative services set forth in this Agreement. In the event that the Adviser pays or assumes any expenses of a Fund not required to be paid or assumed by the Adviser under this Agreement, the Adviser shall not be obligated hereby to pay or assume the same or similar expense in the future; *provided,* that nothing contained herein shall be deemed to relieve the Adviser of any obligation to a Fund under any separate agreement or arrangement between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Adviser shall, for all purposes herein provided, be deemed to be an independent contractor and, unless otherwise expressly provided or authorized, shall neither have the authority to act for nor represent the Trust in any way, nor otherwise be deemed an agent of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. For the services and facilities described in Section 1, each Fund will pay to the Adviser, at the end of each calendar month, and the Adviser agrees to accept as full compensation therefor, an investment management fee equal to the annual rate of each Fund's average daily net assets as set forth on Schedule A.

The compensation earned under this Agreement will be held in an interest bearing escrow account with each Fund's custodian bank. Upon approval by affirmative vote of a majority of the outstanding voting securities of a Fund of a new investment advisory agreement with the Adviser during the term of this Agreement, the amount in the escrow account (including any interest earned) will be paid to the Adviser. If a new advisory agreement with the Adviser is not approved, the Adviser will be paid out of the escrow account, the lesser of: (a) any costs incurred by the Adviser in performing its obligations under the Agreement (plus interest earned on that amount while in escrow); or (b) the total amount in the escrow account (plus interest earned). All rights of compensation under this Agreement for services performed as of the termination date shall survive the termination of this Agreement.

For the month and year in which this Agreement becomes effective, or terminates, there shall be an appropriate proration on the basis of the number of days that the Agreement shall have been in effect during the month and year, respectively. The services of the Adviser to the Trust under this Agreement are not to be deemed exclusive, and the Adviser shall be free to render similar services or other services to others so long as its services hereunder are not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. During the term of this Agreement, the Adviser shall pay all of the expenses of each Fund of the Trust (including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees) but excluding the fee payment under this Agreement, interest, taxes, brokerage commissions and any other transaction-related fees and expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, acquired fund fees and expenses, the costs of holding shareholder meetings and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Adviser shall arrange for suitably qualified officers or employees of the Adviser to serve, without compensation from the Trust, as trustees, officers or agents of the Trust, if duly elected or appointed to such positions, and subject to their individual consent and to any limitations imposed by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Adviser is authorized to select the brokers or dealers that will execute the purchases and sales of a Fund's securities on behalf of the Fund, and is directed to use its commercially reasonable efforts to obtain best execution, which includes most favorable net results and execution of the Fund's orders, taking into account all appropriate factors, including price, dealer spread or commission, size and difficulty of the transaction and research or other services provided. Subject to approval by the Trust's Board of Trustees and to the extent permitted by and in conformance with applicable law (including Rule 17e-1 of the 1940 Act), the Adviser may select brokers or dealers affiliated with the Adviser. It is understood that the Adviser will not be deemed to have acted unlawfully, or to have breached a fiduciary duty to the Trust, or be in breach of any obligation owing to the Trust under this Agreement, or otherwise, solely by reason of its having caused the Fund to pay a member of a securities exchange, a broker or a dealer a commission for effecting a securities transaction for the Fund in excess of the amount of commission another member of an exchange, broker or dealer would have charged if the Adviser determined in good faith that the commission paid was reasonable in relation to the brokerage or research services provided by such member, broker or dealer, viewed in terms of that particular transaction or the Adviser's overall responsibilities with respect to its accounts, including the Fund, as to which it exercises investment discretion.

In addition, the Adviser may, to the extent permitted by applicable law, aggregate purchase and sale orders of securities with similar orders being made simultaneously for other accounts managed by the Adviser or its affiliates, if in the Adviser's reasonable judgment such aggregation shall result in an overall economic benefit to a Fund, taking into consideration the selling or purchase price, brokerage commissions and other expenses. In the event that a purchase or sale of an asset of a Fund occurs as part of any aggregate sale or purchase orders, the objective of the Adviser and any of its affiliates involved in such transaction shall be to allocate the securities so purchased or sold, as well as expenses incurred in the transaction, among the Fund and other accounts in an equitable manner. Nevertheless, each Fund acknowledges that under some circumstances, such allocation may adversely affect the Fund with respect to the price or size of the securities positions obtainable or salable. Whenever a Fund and one or more other investment advisory clients of the Adviser have available funds for investment, investments suitable and appropriate for each will be allocated in a manner believed by the Adviser to be equitable to each, although such allocation may result in a delay in one or more client accounts being fully invested that would not occur if such an allocation were not made. Moreover, it is possible that due to differing investment objectives or for other reasons, the Adviser and its affiliates may purchase securities of an issuer for one client and at approximately the same time recommend selling or sell the same or similar types of securities for another client.

The Adviser will not arrange purchases or sales of securities between a Fund and other accounts advised by the Adviser or its affiliates unless (a) such purchases or sales are in accordance with applicable law (including Rule 17a-7 of the 1940 Act) and the Trust's policies and procedures, (b) the Adviser determines the purchase or sale is in the best interests of each Fund, and (c) the Trust's Board of Trustees have approved these types of transactions.

To the extent a Fund seeks to adopt, amend or eliminate any objectives, policies, restrictions or procedures in a manner that modifies or restricts Adviser's authority regarding the execution of the Fund's portfolio transactions, the Fund agrees to use reasonable commercial efforts to consult with the Adviser regarding the modifications or restrictions prior to such adoption, amendment or elimination.

The Adviser will communicate to the officers and trustees of the Trust such information relating to transactions for the Funds as they may reasonably request. In no instance will portfolio securities be purchased by or sold to the Adviser or any affiliated person of either the Trust or the Adviser, except as may be permitted under the 1940 Act.

The Adviser further agrees that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will use the same degree of skill and care in providing such services as it uses in providing services to fiduciary accounts for which it has investment responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will conform in all material respects to all applicable rules and regulations of the Securities and Exchange Commission and comply in all material respects with all policies and procedures adopted by the Board of Trustees for the Trust and communicated to the Adviser and, in addition, will conduct its activities under this Agreement in all material respects in accordance with any applicable regulations of any governmental authority pertaining to its investment advisory activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) will report regularly to the Board of Trustees of the Trust (generally on a quarterly basis) and will make appropriate persons available for the purpose of reviewing with representatives of the Board of Trustees on a regular basis at reasonable times the management of each Fund, including, without limitation, review of the general investment strategies of each Fund, the performance of each Fund's investment portfolio in relation to relevant standard industry indices and general conditions affecting the marketplace and will provide various other reports from time to time as reasonably requested by the Board of Trustees of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) will prepare and maintain such books and records with respect to each Fund's securities and other transactions as required under applicable law and will prepare and furnish the Trust's Board of Trustees such periodic and special reports as the Board of Trustees may reasonably request. The Adviser further agrees that all records which it maintains for each Fund are the property of the Fund and the Adviser will surrender promptly to the Fund any such records upon the request of the Fund (*provided, however,* that Adviser shall be permitted to retain copies thereof); and shall be permitted to retain originals (with copies to the Fund) to the extent required under Rule 204-2 of the Investment Advisers Act of 1940 or other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Subject to applicable statutes and regulations, it is understood that officers, trustees, or agents of the Trust are, or may be, interested persons (as such term is defined in the 1940 Act and rules and regulations thereunder) of the Adviser as officers, directors, agents, shareholders or otherwise, and that the officers, directors, shareholders and agents of the Adviser may be interested persons of the Trust otherwise than as trustees, officers or agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Adviser shall not be liable for any loss sustained by reason of the purchase, sale or retention of any asset, whether or not such purchase, sale or retention shall have been based upon the investigation and research made by any other individual, firm or corporation, if such recommendation shall have been selected with due care and in good faith, except loss resulting from willful misfeasance, bad faith, or gross negligence on the part of the Adviser in the performance of its obligations and duties, or by reason of its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Subject to obtaining the initial and periodic approvals required under Section 15 of the 1940 Act (after taking into effect any exemptive order, no-action assurances or other relief upon which the respective Fund may rely), the Adviser may retain one or more sub-advisers at the Adviser's own cost and expense for the purpose of furnishing one or more of the services described in Section 1 hereof with respect to a Fund. In addition, the Adviser may adjust from time to time the duties delegated to any sub-adviser, the portion of portfolio assets of the Trust that the sub-adviser shall manage and the fees to be paid to the sub-adviser pursuant to any sub-advisory agreement or other arrangement entered into in accordance with this Agreement, subject to the approvals set forth in Section 15 of the 1940 Act if required including after taking into account any exemptive order, no-action assurances or other relief upon which the respective Fund may rely. Retention of a sub-adviser shall in no way reduce the responsibilities or obligations of the Adviser under this Agreement and the Adviser shall be responsible to a Fund for all acts or omissions of any sub-adviser in connection with the performance of the Adviser's duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Trust acknowledges that the Adviser intends in the future to act as an investment adviser to other managed accounts and as investment adviser or sub-investment adviser to one or more other investment companies that are not a series of the Trust. In addition, the Trust acknowledges that the persons employed by the Adviser to assist in the Adviser's duties under this Agreement will not devote their full time to such efforts. It is also agreed that the Adviser may use any supplemental research obtained for the benefit of the Trust in providing investment advice to its other investment advisory accounts and for managing its own accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. This Agreement, with respect to each Fund, was initially approved, and is effective, provided it was approved by a vote of a majority of the outstanding voting securities held by shareholders of the respective Fund in accordance with the requirements of the 1940 Act. This Agreement shall continue in effect for the lesser of: (i) the period from the effective date through the date of the approval of a new investment advisory agreement between the Adviser and the Fund by the vote of a majority of the outstanding voting securities of the Fund; or (ii) one hundred fifty (150) days; provided however that if the shareholders fail to approve a new investment advisory agreement, the Adviser may continue to serve hereunder as to a Fund in a manner consistent with the 1940 Act and the rules and regulations thereunder.

This Agreement (a) shall not become effective until the termination of the Investment Advisory Agreement by and between the Adviser and the Funds and (b) shall automatically terminate in the event of its assignment, and may be terminated at any time without the payment of any penalty by a Fund or by the Adviser upon ten (10) days' written notice to the other party. Each Fund may effect termination by action of the Board of Trustees or by vote of a majority of the outstanding voting securities of the Fund, accompanied by appropriate notice. This Agreement may be terminated, at any time, without the payment of any penalty, by the Board of Trustees of the Trust, or by vote of a majority of the outstanding voting securities of a Fund, in the event that it shall have been established by a court of competent jurisdiction that the Adviser, or any officer or director of the Adviser, has taken any action which results in a breach of the material covenants of the Adviser set forth herein. Termination of this Agreement shall not affect the right of the Adviser to receive payments on any unpaid balance of the compensation, described in Section 3, earned prior to such termination and for any additional period during which the Adviser serves as such for the Fund, subject to applicable law. The terms "assignment" and "vote of the majority of outstanding voting securities" shall have the same meanings set forth in the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. This Agreement may be amended or modified only by a written instrument executed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule, or otherwise, the remainder shall not be thereby affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Any notice under this Agreement shall be in writing, addressed and delivered or mailed, postage prepaid, to the other party at such address as such other party may designate for receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. All parties hereto are expressly put on notice of the Trust's Agreement and Declaration of Trust and all amendments thereto, a copy of which is on file with the Secretary of the State of Delaware and the limitation of shareholder and trustee liability contained therein. This Agreement is executed on behalf of the Trust by the Trust's officers as officers and not individually and the obligations imposed upon the Trust by this Agreement are not binding upon any of the Trust's Trustees, officers or shareholders individually but are binding only upon the assets and property of the Trust, and persons dealing with the Trust must look solely to the assets of the Trust and those assets belonging to the subject Trust, for the enforcement of any claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. This Agreement shall be construed in accordance with applicable federal law and (except as to Section 15 hereof which shall be construed in accordance with the laws of Delaware) the laws of the State of Illinois.

In Witness Whereof, the Trust and the Adviser have caused this Agreement to be executed on the day and year above written.

---

| | |
|:---|:---|
| Innovator etfs<sup>®</sup> Trust | Innovator etfs<sup>®</sup> Trust |
| By: | /s/ James A. McNamara |
|  | Name: James A. McNamara |
|  | Title: President, Principal Executive Officer and Trustee |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovator Capital Management, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovator Capital Management, LLC |
| By: | /s/ Bryon Lake |
|  | Name: Bryon Lake |
|  | Title: President |

---

**Schedule A**

(Listed as of April 1, 2026)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | Annual Rate of<br> Average Daily Net<br> Assets | Initial Board<br> Approval Date | Initial<br> Effective Date | Termination<br> Date |
| Innovator 20+ Year Treasury Bond 5 Floor ETF<sup>®</sup> – Quarterly | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator 20+ Year Treasury Bond 9 Buffer ETFÔ – July | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Emerging Markets 10 Buffer ETFÔ – Quarterly | 0.89% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr January | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr March | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr May | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr July | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr August | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr September | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr October | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr November | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr December | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | Annual Rate of<br> Average Daily Net<br> Assets | Initial Board<br> Approval Date | Initial<br> Effective Date | Termination<br> Date |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to July 2026 | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to October 2026 | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to January 2027 | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to July 2027 | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 6 Mo Jan/Jul | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 6 Mo Apr/Oct | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Dual Directional 10 Buffer ETF™ – July | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Dual Directional 10 Buffer ETF™ – September | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Dual Directional 10 Buffer ETF™ – October | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Dual Directional 10 Buffer ETF™ – December | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Dual Directional 15 Buffer ETF™ – July | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Dual Directional 15 Buffer ETF™ – November | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Gradient Tactical Rotation Strategy ETF | 0.80% | 12/8/2025 | 4/1/2026 | 8/29/2026 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | Annual Rate of<br> Average Daily Net<br> Assets | Initial Board<br> Approval Date | Initial<br> Effective Date | Termination<br> Date |
| Innovator Growth Accelerated ETF<sup>®</sup> – Quarterly | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Growth Accelerated Plus ETF<sup>®</sup> – January | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Growth Accelerated Plus ETF<sup>®</sup> – July | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Growth Accelerated Plus ETF<sup>®</sup> – October | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Growth-100 Power Buffer ETFÔ – April | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Growth-100 Power Buffer ETFÔ – June | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Growth-100 Power Buffer ETFÔ – July | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Growth-100 Power Buffer ETFÔ – August | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Growth-100 Power Buffer ETFÔ – September | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Growth-100 Power Buffer ETFÔ – October | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Growth-100 Power Buffer ETFÔ – November | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Growth-100 Power Buffer ETFÔ – December | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Hedged Nasdaq-100<sup>®</sup> ETF | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Index Autocallable Income Strategy ETF | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | Annual Rate of<br> Average Daily Net<br> Assets | Initial Board<br> Approval Date | Initial<br> Effective Date | Termination<br> Date |
| Innovator International Developed 10 Buffer ETFÔ – Quarterly | 0.85% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator International Developed Power Buffer ETFÔ – February | 0.85% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator International Developed Power Buffer ETFÔ – March | 0.85% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Laddered Allocation Power Buffer ETF™ | 0.10% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Power Buffer Step Up Strategy ETF<sup>®</sup> | 0.89% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Premium Income 15 Buffer ETFÔ – January | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Premium Income 15 Buffer ETFÔ – April | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Premium Income 15 Buffer ETFÔ – July | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Premium Income 15 Buffer ETFÔ – October | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Premium Income 20 Barrier ETF<sup>®</sup> – January | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Premium Income 20 Barrier ETF<sup>®</sup> – July | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Premium Income 30 Barrier ETF<sup>®</sup> – January | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Premium Income 30 Barrier ETF<sup>®</sup> – April | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | Annual Rate of<br> Average Daily Net<br> Assets | Initial Board<br> Approval Date | Initial<br> Effective Date | Termination<br> Date |
| Innovator Premium Income 30 Barrier ETF<sup>®</sup> – July | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Equity Accelerated 9 Buffer ETFÔ – January | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Equity Accelerated 9 Buffer ETFÔ – October | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Equity Accelerated Plus ETF<sup>®</sup> – January | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Equity Accelerated Plus ETF<sup>®</sup> – July | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Equity Ultra Buffer ETFÔ – May | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Equity Ultra Buffer ETFÔ – July | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Small Cap Power Buffer ETFÔ – January | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Small Cap Power Buffer ETFÔ – February | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Small Cap Power Buffer ETFÔ – March | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Small Cap Power Buffer ETFÔ – April | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Small Cap Power Buffer ETFÔ – May | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Small Cap Power Buffer ETFÔ – June | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | Annual Rate of<br> Average Daily Net<br> Assets | Initial Board<br> Approval Date | Initial<br> Effective Date | Termination<br> Date |
| Innovator U.S. Small Cap Power Buffer ETFÔ – October | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Small Cap Power Buffer ETFÔ – November | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Uncapped Accelerated U.S. Equity ETFÔ | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Uncapped Bitcoin 20 Floor ETF<sup>®</sup> – Quarterly | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |

---

## Ex-99.(D)(4)

**Exhibit (d)(4)**

**Schedule a**

(Listed as of April 1, 2026)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | Annual Rate of<br> Average Daily Net<br> Assets | Initial Board<br> Approval Date | Initial<br> Effective Date | Termination<br> Date |
| Innovator 20+ Year Treasury Bond 5 Floor ETF<sup>®</sup> – Quarterly | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator 20+ Year Treasury Bond 9 Buffer ETF<sup>™</sup> – July | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Emerging Markets 10 Buffer ETF<sup>™</sup> – Quarterly | 0.89% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr January | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr March | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr May | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr July | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr August | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr September | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr October | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr November | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr December | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | Annual Rate of<br> Average Daily Net<br> Assets | Initial Board<br> Approval Date | Initial<br> Effective Date | Termination<br> Date |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to July 2026 | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to October 2026 | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to January 2027 | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to July 2027 | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 6 Mo Jan/Jul | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Defined Protection ETF<sup>®</sup> – 6 Mo Apr/Oct | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Dual Directional 10 Buffer ETF™ – July | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Dual Directional 10 Buffer ETF™ – September | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Dual Directional 10 Buffer ETF™ – October | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Dual Directional 10 Buffer ETF™ – December | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Dual Directional 15 Buffer ETF™ – July | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Equity Dual Directional 15 Buffer ETF™ – November | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Gradient Tactical Rotation Strategy ETF | 0.80% | 12/8/2025 | 4/1/2026 | 8/29/2026 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | Annual Rate of<br> Average Daily Net<br> Assets | Initial Board<br> Approval Date | Initial<br> Effective Date | Termination<br> Date |
| Innovator Growth Accelerated ETF<sup>®</sup> – Quarterly | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Growth Accelerated Plus ETF<sup>®</sup> – January | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Growth Accelerated Plus ETF<sup>®</sup> – July | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Growth Accelerated Plus ETF<sup>®</sup> – October | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Growth-100 Power Buffer ETF<sup>™</sup> – April | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Growth-100 Power Buffer ETF<sup>™</sup> – June | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Growth-100 Power Buffer ETF<sup>™</sup> – July | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Growth-100 Power Buffer ETF<sup>™</sup> – August | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Growth-100 Power Buffer ETF<sup>™</sup> – September | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Growth-100 Power Buffer ETF<sup>™</sup> – October | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Growth-100 Power Buffer ETF<sup>™</sup> – November | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Growth-100 Power Buffer ETF<sup>™</sup> – December | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Hedged Nasdaq-100<sup>®</sup> ETF | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Index Autocallable Income Strategy ETF | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | Annual Rate of<br> Average Daily Net<br> Assets | Initial Board<br> Approval Date | Initial<br> Effective Date | Termination<br> Date |
| Innovator International Developed 10 Buffer ETF<sup>™</sup> – Quarterly | 0.85% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator International Developed Power Buffer ETF<sup>™</sup> – February | 0.85% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator International Developed Power Buffer ETF<sup>™</sup> – March | 0.85% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Laddered Allocation Power Buffer ETF™ | 0.10% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Power Buffer Step Up Strategy ETF<sup>®</sup> | 0.89% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Premium Income 15 Buffer ETF<sup>™</sup> – January | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Premium Income 15 Buffer ETF<sup>™</sup> – April | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Premium Income 15 Buffer ETF<sup>™</sup> – July | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Premium Income 15 Buffer ETF<sup>™</sup> – October | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Premium Income 20 Barrier ETF<sup>®</sup> – January | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Premium Income 20 Barrier ETF<sup>®</sup> – July | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Premium Income 30 Barrier ETF<sup>®</sup> – January | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Premium Income 30 Barrier ETF<sup>®</sup> – April | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | Annual Rate of<br> Average Daily Net<br> Assets | Initial Board<br> Approval Date | Initial<br> Effective Date | Termination<br> Date |
| Innovator Premium Income 30 Barrier ETF<sup>®</sup> – July | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Equity Accelerated 9 Buffer ETF<sup>™</sup> – January | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Equity Accelerated 9 Buffer ETF<sup>™</sup> – October | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Equity Accelerated Plus ETF<sup>®</sup> – January | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Equity Accelerated Plus ETF<sup>®</sup> – July | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Equity Ultra Buffer ETF<sup>™</sup> – May | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Equity Ultra Buffer ETF<sup>™</sup> – July | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Small Cap Power Buffer ETF<sup>™</sup> – January | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Small Cap Power Buffer ETF<sup>™</sup> – February | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Small Cap Power Buffer ETF<sup>™</sup> – March | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Small Cap Power Buffer ETF<sup>™</sup> – April | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Small Cap Power Buffer ETF<sup>™</sup> – May | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Small Cap Power Buffer ETF<sup>™</sup> – June | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | Annual Rate of<br> Average Daily Net<br> Assets | Initial Board<br> Approval Date | Initial<br> Effective Date | Termination<br> Date |
| Innovator U.S. Small Cap Power Buffer ETF<sup>™</sup> – October | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator U.S. Small Cap Power Buffer ETF<sup>™</sup> – November | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Uncapped Accelerated U.S. Equity ETF<sup>™</sup> | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |
| Innovator Uncapped Bitcoin 20 Floor ETF<sup>®</sup> – Quarterly | 0.79% | 12/8/2025 | 4/1/2026 | 8/29/2026 |

---

## Ex-99.(D)(5)

**Exhibit (d)(5)**

**INNOVATOR ETFS<sup>®</sup> TRUST**

**SUB-ADVISER**

**INVESTMENT ADVISORY AGREEMENT**

THIS INVESTMENT ADVISORY AGREEMENT, dated and effective as of the 1<sup>st</sup> day of April, 2026, is made and entered into by and among Innovator Capital Management, LLC, a Delaware limited liability company (the "Investment Adviser"), Innovator ETFs<sup>®</sup> Trust (formerly, Academy Funds Trust), a Delaware Statutory Trust (the "Trust"), and Deepwater Asset Management, LLC, a Delaware limited liability company (the "Sub-Adviser").

W I T N E S S E T H

WHEREAS, the Trust is registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Investment Adviser and the Sub-Adviser are registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and are engaged in the business of providing investment advisory and related services to certain investment companies and other clients; and

WHEREAS, the Investment Adviser is the investment adviser to the Trust pursuant to an investment advisory agreement with the Trust (the "Investment Advisory Agreement"); and

WHEREAS, the Investment Adviser and the Board of Trustees of the Trust (the "Board") desire to retain the Sub-Adviser to render investment advisory services to the investment portfolios of the Trust listed on <u>Schedule A,</u> as amended from time to time (each, a "Fund" and together, the "Funds"), in a manner and on the terms hereinafter set forth.

NOW, THEREFORE, in consideration of the promises and the mutual undertakings set forth in this Agreement, the parties covenant and agree as follows:

1. <u>Appointment</u>. The Investment Adviser and the Trust hereby appoint the Sub-Adviser to provide certain sub-advisory services to the Funds subject to the supervision of the Investment Adviser and the Board, and in accordance with the terms and conditions of this Agreement. The Sub-Adviser will be an independent contractor and will have no authority to act for or represent the Trust or the Investment Adviser in any way or otherwise be deemed an agent of the Trust or the Investment Adviser except as expressly authorized in this Agreement or another writing by the Trust, the Investment Adviser and the Sub-Adviser. The Sub-Adviser accepts such appointment and agrees to furnish the services herein set forth for the compensation herein provided.

2. <u>Structure</u>. This Agreement contemplates future execution by the Trust, Investment Adviser and Sub-Adviser of one or more statements of work relating to the Funds (each such statement of work, an "SOW" and collectively, the "SOWs"). Each SOW shall be effective when executed by an authorized representative of each of the Trust, the Investment Adviser and the Sub-Adviser. The terms of this Agreement shall be deemed to be incorporated into each SOW and the terms and conditions set forth in this Agreement shall govern Sub-Adviser's provision of Services under a SOW, except for provisions in this Agreement that are specifically excluded or modified in such SOW, which shall include a reference to the applicable section in this Agreement being excluded or modified; provided, however, that such exclusion or modification shall only be applicable to such SOW.

3. <u>Services</u>. As a sub-adviser to the Funds, the Sub-Adviser will furnish an investment program (unless otherwise delegated by the Investment Adviser to another Sub-Adviser) and manage the investment and reinvestment of that portion of the assets of each Fund allocated to the Sub-Adviser by the Investment Adviser (the "Sub-Advised Assets") and determine the composition of such assets, subject always to the supervision of the Investment Adviser and the Board. The Sub-Adviser is responsible for advising the Fund, the Adviser and any other sub-adviser to the Fund on the underlying strategy that informs the Fund's investment strategy for the Sub-Advised Assets, including the portfolio composition and constituents, underlying the Sub-Advised Assets. As part of, or associated with, the services provided hereunder the Sub-Adviser will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Take whatever steps necessary to implement the investment program of the Funds with respect to the Sub-Advised Assets by the purchase and sale of securities and other investments on behalf of the Funds. The Sub-Adviser will provide, at its own expense, all necessary investment and management facilities and investment personnel, including salaries, expenses and fees of any personnel required for it to faithfully perform its duties under this Agreement, and all administrative facilities, including bookkeeping, clerical personnel and equipment, necessary for the efficient conduct of its duties under this Agreement. The Investment Adviser will provide the Sub-Adviser with reasonable advance notice of any change in a Fund's investment objectives, policies and restrictions as stated in each Fund's Prospectus and Statement of Additional Information (together, the "Registration Statement"). Provided the Sub-Adviser has received prompt notice of the effectiveness of such changes from the Trust or the Investment Adviser, the Sub-Adviser shall maintain and adhere to an investment policy reviewed and approved by the Investment Adviser and provide Investment Adviser with notice of any material changes to its ability to implement such investment policy. The Sub-Adviser shall also provide advisory support and continuing education on the investment strategy to the Fund, Advisor and any other sub-adviser of the Fund as it relates to the Sub-Advised Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Comply with the provisions of the Trust's Declaration of Trust and By-Laws, as amended from time to time, all relevant disclosures in each Fund's Registration Statement (including, without limitation, each Fund's stated objectives, policies, strategies, risks, restrictions, results, fees, trading policies and costs, potential conflicts, valuation and description of management), as may be amended from time to time, and any other written policies and restrictions as are communicated to it by the Investment Adviser. The Sub-Adviser shall be responsible for reviewing each Fund's Registration Statement to confirm that there is no material misstatement or omission in the disclosures therein relating to the Sub-Adviser or to the services provided by Sub-Adviser to the Funds from time to time; the Investment Adviser shall be responsible for ensuring that the Sub- Adviser is provided with a copy of each Registration Statement and any other relevant materials with reasonable advance notice prior to filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Comply with, the provisions of (i) the 1940 Act, (ii) the Advisers Act, (iii) the Internal Revenue Code of 1986, as amended (the "Code"), (iv) the Commodity Exchange Act (the "CEA") and (v) all other applicable state and federal securities and other laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Monitor the performance of the Sub-Advised Assets on a continuous basis and conduct a continuous program of investment, evaluation and, if appropriate, sale and reinvestment of the Sub- Advised Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Prepare and maintain such books and records with respect to the Sub-Advised Assets and securities transactions with respect to such assets as required by the Trust's compliance policies and procedures and by applicable laws, including but not limited to the 1940 Act, the Advisers Act and the CEA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Furnish the Investment Adviser, the Trust's chief compliance officer and the Board such periodic reports, special reports and certifications as the Investment Adviser and the Sub-Adviser may mutually agree. Without limiting the generality of the foregoing, these reports will include information sufficient for the Investment Adviser to perform periodic tests of the Funds' compliance with applicable laws and regulations, applicable accounting regulations and standards, and Sub-Chapter M and, to the extent applicable, Section 817 of the Code. The Sub-Adviser will provide the Investment Adviser and the Board with financial and profitability information, as well as fee schedules for other registered investment company clients and other information reasonably required to assist the Board in reviewing the terms of Sub-Adviser's contract in accordance with applicable laws and regulations then in effect. The parties agree that the information described in this subsection will be prepared solely for the use and benefit of the Investment Adviser and the Board in accordance with statutory and regulatory requirements. Sub-Adviser recognizes that materials it delivers to the Investment Adviser and the Board may be public records subject to disclosure to third parties, however, Sub-Adviser does not intend to benefit and assumes no duty or liability to any third parties who receive Sub-Adviser's work and may include disclaimer language on its work product so stating. To the extent that Sub-Adviser's work is not subject to public disclosure, Investment Adviser agrees that it shall not disclose Sub-Adviser's work product to third parties without Sub-Adviser's prior written consent; *provided, however,* that the Investment Adviser, the Board, and the Fund may distribute Sub-Adviser's work to (i) professional service providers who are subject to a duty of confidentiality and who agree to not use Sub-Adviser's work product for any purpose other than to provide services to the Investment Adviser, the Board, or the Fund, or (ii) any applicable regulatory or governmental agency, as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Report regularly to the Investment Adviser and the Board as reasonably agreed between the Investment Adviser and the Sub-Adviser and make appropriate persons available for the purpose of reviewing with representatives of the Investment Adviser and the Board on a regular basis, at reasonable times agreed to by the Investment Adviser and the Sub-Adviser, the management of the Funds, including, without limitation, review of the general investment strategies of the Funds, the performance of the Funds and the performance and investments of the Sub- Advised Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Provide periodic performance analysis and market commentary with respect to the Sub-Advised Assets, if requested, to the Investment Adviser and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. As may be requested by the Investment Adviser, the Trust's chief compliance officer and/or the Board, provide pricing information to the Trust and the Investment Adviser with respect to the Sub-Advised Assets to assist the Trust in making determinations of the fair value of the Sub-Advised Assets when market quotations are not readily available for the purpose of calculating a Fund's net asset value in accordance with the procedures and methods established for the Funds, if such information is reasonably available to the Sub-Adviser. If the Sub-Adviser believes a valuation provided by a pricing service for an investment it has purchased for a Fund is materially inaccurate or is not indicative of the value of the investment, the Sub-Adviser will promptly notify the Investment Adviser. The Investment Adviser acknowledges that the Trust's Board, with the assistance of the Investment Adviser (and not Sub-Adviser) is responsible for pricing the Funds' investments and the Funds' daily net asset value. However, Sub-Adviser agrees, as may be requested by the Investment Adviser, the Trust's chief compliance officer and/or the Board, to support the duties of the Trust's valuation committee (as the Board's valuation designee), including but not limited to the participation by certain designated individuals of the Sub-Adviser on that committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Maintain a Code of Ethics which shall comply in all material respects with Rule 17j-1 under the 1940 Act. The Sub-Adviser, on its own behalf, and with respect to its Access Persons (as defined in Rule 17j-1), agrees to observe and comply with Rule 17j-1 and its Code of Ethics, as the same may be amended from time to time. On at least an annual basis, the Sub-Adviser will comply with the reporting requirements of Rule 17j-1, which include (i) certifying to the Investment Adviser and the Trust that the Sub-Adviser and its Access Persons have complied with the Sub- Adviser's Code of Ethics with respect to the Sub-Advised Assets and (ii) identifying any violations of such Code of Ethics which have occurred with respect to the Sub-Advised Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Maintain, implement and evaluate the effectiveness of written policies and procedures, as required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations of the Advisers Act by the Sub-Adviser, its employees, officers and agents. The Sub- Adviser has provided the Investment Adviser with a true and complete copy of its compliance policies and procedures for compliance with "federal securities laws" (as such term is defined under Rule 38a-1 of the 1940 Act) and Rule 206(4)-7 of the Advisers Act (the "Sub-Adviser Compliance Policies"), and as may be required under the exchange-listing requirements of an exchange where one or more of the Funds are listed. The Sub-Adviser's chief compliance officer ("Sub-Adviser CCO") shall provide to the Trust's chief compliance officer or his or her delegate promptly (and in no event more than 10 business days) the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. a report of any material changes to the Sub-Adviser Compliance Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. a report of any "material compliance matters," as defined by Rule
38a-1 under the 1940 Act and Rule 206(4)-7 under the Advisers Act, that have occurred in connection with the Sub-Adviser Compliance Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. a copy of the Sub-Adviser CCO's report with respect to the annual review
of the Sub-Adviser Compliance Policies pursuant to Rule 206(4)-7 under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. an
 annual (or more frequently as the Trust may request) certification regarding the Sub-Adviser's compliance with Rule 206(4)-7
 under the Advisers Act and Section 38a-1 of the 1940 Act as well as the foregoing sub-paragraphs (i) – (iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Furnish the Investment Adviser, the Trust's chief compliance officer and the Board such information as is necessary and/or as may be requested by the Investment Adviser, the Trust's chief compliance officer and/or the Board, to monitor and report under a Fund's derivative risk management program ("DRMP") pursuant to Rule 18f-4 of the 1940 Act. If determined by the Board and the Trust, the Sub-Adviser will make appropriate personnel available to serve on the Trust's derivatives risk management committee with respect to any such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Maintain, implement and evaluate the effectiveness of written policies and procedures, as may be required by Rule 6c-11 (the "ETF Rule"), including a set of written basket management policies and procedures consistent with the Trust's policies and procedures for same. The Sub- Adviser will also furnish the Investment Adviser, the Trust's chief compliance officer and the Board such information as requested for purposes of monitoring and reporting under the ETF Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. Unless otherwise approved by the Investment Adviser and the Board of Trustees, the Sub- Adviser shall have no authority to select futures commission merchants ("FCMs") and brokers or dealers ("Brokers"), open accounts with such FCMs and Brokers on behalf of the Funds, place orders for the investment and reinvestment of the Sub-Advised Assets through such FCMs and Brokers selected and approved by the Investment Adviser, or assist in the negotiation of commissions on such orders (collectively, "brokerage transactions"). To the extent the Investment Adviser and the Board of Trustees grant the Sub-Adviser such authority in the future, the Sub-Adviser is authorized to select the Brokers that will execute the purchases and sales of portfolio investments for the Funds, and is directed to use its commercially reasonable efforts to obtain best execution, which includes most favorable net results and execution of a Fund's orders, taking into account all appropriate factors, including price, dealer spread or commission, size and difficulty of the transaction and research or other services provided. Subject to approval by the Board of Trustees and compliance with the policies and procedures adopted by the Board of Trustees for the Funds and to the extent permitted by and in conformance with applicable law (including Rule 17e-1 under the 1940 Act), the Sub-Adviser may select Brokers affiliated with the Sub-Adviser. The Sub-Adviser will seek to place brokerage transactions for the Funds in accordance with the Funds' policies and practices. The Investment Adviser understands that, in directing the use of a particular FCM or Broker for all or a portion of the trades executed in the Funds' account, with respect to the percentage of trades effected by such direction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Sub-Adviser will not have authority to negotiate commissions among various FCMs or Brokers on a
trade-by-trade basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Sub-Adviser will not have authority to obtain volume discounts from FCMs or Brokers on behalf of
the Funds, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Sub-Adviser's obligation to seek best execution will be limited to the terms of the trades
it enters into with the designated FCM or Broker.

In addition, a disparity in commission charges may exist between the commissions charged to the Funds for such trades and those charged to Sub-Adviser's other clients.

If the Sub-Adviser becomes aware, from a reasonably credible source, of a potential problem with a Broker or FCM, its related parties or their associated controls (such as financial or liquidity problems or failure to appropriately segregate client assets) that, if true, could adversely affect any Fund, the Sub-Adviser shall promptly, and in any case within twenty-four (24) hours, notify the Investment Adviser of the nature of such potential problem. All securities and other property purchased or sold for the Funds shall remain in the direct or indirect custody of the Trust's custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. On occasions when the Sub-Adviser deems the purchase or sale of a security or other investment to be in the best interest of a Fund as well as other clients of the Sub-Adviser, the Sub-Adviser, to the extent applicable to the Sub-Adviser and as permitted by applicable law and regulations may, but shall be under no obligation to, aggregate the securities or other investments to be purchased or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the securities or other investments so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser in the manner the Sub-Adviser considers to be the most equitable and consistent with its fiduciary obligations to the Fund and its other clients. The Sub-Adviser shall maintain policies and procedures that are reasonably designed to fairly allocate and sequence trades among the Funds and its other clients and will provide the Investment Adviser with a copy of such policies and procedures and any material amendments thereto. The Sub-Adviser will not arrange purchases or sales of securities between a Fund and other accounts advised by the Sub-Adviser or its affiliates unless (a) such purchases or sales are in accordance with applicable law (including Rule 17a-7 under the 1940 Act) and the Fund's policies and procedures, (b) the Sub-Adviser determines the purchase or sale is in the best interests of the Fund, and (c) the Board of Trustees has approved these types of transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. To the extent applicable to the Sub-Adviser, on each business day provide to the Funds' custodian, accounting agent and Investment Adviser information relating to all transactions concerning each Fund's Sub-Advised Assets and any such additional information with respect to such assets that is reasonably requested by the Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. Cooperate with and provide reasonable assistance to the Board, the Investment Adviser, the Funds' custodian and foreign sub-custodians, the Funds' transfer agent, accounting agent, pricing agent independent auditors, collateral managers, FCMs and all other agents and representatives of the Trust or the Investment Adviser, and provide such information with respect to the Funds as any of them may reasonably request from time to time in the performance of their obligations to the Funds and the Investment Adviser, provide prompt responses to reasonable requests made by such persons and establish appropriate interfaces with each so as to promote the efficient exchange of information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. Not consult with any third party, including any other sub-adviser to a Fund or any other sub-adviser to any other portfolio of the Trust or to any other investment company or investment company series for which the Investment Adviser serves as its investment adviser, regarding transactions for any Fund in securities and other assets, unless necessary to effect such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. Maintain insurance coverages as may be required by applicable law or as agreed upon by the Sub-Adviser and the Investment Adviser in light of the Sub-Adviser's obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t. Be responsible for the maintenance and repair of any tool provided by the Sub-Adviser to the Investment Adviser to transmit portfolio level information to the Sub-Adviser for use with the services provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;u. Not take into account the investment of any other clients of the Sub-Adviser in the Funds when establishing pricing of services provided to such client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Will, to the extent the Fund is relying on an exemptive order, an amendment thereto, no-action assurances, or other relief, rule or regulation permitting, in general terms, the Fund to hire one or more sub-advisers or amend a sub-advisory agreement without shareholder approval, comply with any terms and conditions provided in such exemptive order, amendment thereto, no-action assurances, or other relief, rule or regulation applicable to it, so long as the Sub-Adviser has been promptly notified of such reliance and has been provided a copy of such exemptive order, amendment thereto, no action assurances or other relief, rule or regulation.

Unless otherwise agreed by the parties, Investment Adviser shall be responsible for: (i) directing the manner in which proxies solicited by issuers of securities held in each Fund shall be voted and (ii) for making elections relative to any mergers, acquisitions, tender offers, bankruptcy proceedings and other types of events pertaining to Fund assets. Unless otherwise agreed by the parties, Sub-Adviser shall not be responsible for: (i) directing the manner in which proxies solicited by issuers of securities held in each Fund shall be voted; or (ii) making elections relative to any mergers, acquisitions, tender offers, bankruptcy proceedings or other type events pertaining to Fund assets. If Sub-Adviser agrees to perform any of the services described in the preceding sentence, Investment Adviser shall instruct Fund custodians to forward to Sub-Adviser copies of all proxies and shareholder communications relating to Fund assets in a Fund.

4. <u>Compensation</u>. The Investment Adviser will pay the Sub-Adviser a sub-advisory fee with respect to the Funds on or before the tenth day of each month at the annual rate specified in <u>Schedule B</u> to this Agreement, as compensation for services rendered by the Sub-Adviser during the preceding month. Such fees shall be accrued daily and the daily rate shall be computed based on the actual number of days per year. For purposes hereof, the net assets of the Funds shall be determined in the manner set forth in the Trust's Declaration of Trust and Registration Statement on file with the United States Securities and Exchange Commission on Form N-1A. The Investment Adviser shall be solely responsible for paying any sub-advisory fees due and owing the Sub-Adviser and neither the Trust nor any Fund nor any other potential sub-adviser, shall incur any liability for any such sub-advisory fees.

<u>Expenses</u>. During the term of this Agreement, the Sub-Adviser will pay all expenses incurred by it in connection with its activities under this Agreement, including, but not limited to (a) expenses of all necessary investment and management facilities and investment personnel, including salaries, expenses and fees of any personnel required for it to faithfully perform its duties under this Agreement, and (b) expenses of administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the Sub-Adviser's duties under this Agreement. The Sub-Adviser shall not be responsible for the Trust's or the Funds' expenses, including, but not limited to, the cost of securities, commodities and other investments purchased for a Fund and any losses incurred therewith, brokerage commissions and other transaction charges incurred in connection with such investments, and expenses of custody of such investments. The Sub-Adviser agrees to bear any and all costs and expenses arising in connection with any actual, proposed, expected or possible assignment of this Agreement (even if a proposed, expected or possible assignment ultimately does not take place). For the avoidance of doubt, without limiting the immediately preceding sentence, if there is a termination (or possible or anticipated termination) of this Agreement as a result of an assignment (or possible or anticipated assignment), then the Sub-Adviser shall bear, without limitation, (i) the expenses and costs incurred in connection with preparing, printing, filing and mailing an information statement or proxy statement, as applicable and (ii) if relevant, solicitation and other costs associated with the use of a proxy statement. The preceding two sentences, however, shall not apply in the event of an assignment or proposed assignment by the Investment Adviser, including any termination of this Agreement that results from an assignment of the Investment Advisory Agreement or this Agreement, in each case, arising from a change in control of the Investment Adviser.

Except as set forth in this Agreement to the contrary, neither the Investment Adviser, the Sub-Adviser, nor the Trust shall be responsible for any other party's expenses.

5. <u>Arrangements</u>. The Sub-Adviser may from time to time employ or associate with itself any person it believes to be particularly fitted to assist it in providing the services to be performed by the Sub-Adviser hereunder, provided that no such person shall perform any services with respect to the Funds which would constitute an assignment of this Agreement or require a written advisory agreement pursuant to the 1940 Act. Any compensation payable to such persons shall be the sole responsibility of the Sub-Adviser, and neither the Trust, the Funds nor the Investment Adviser shall have any obligations with respect thereto. Sub-Adviser shall notify the Investment Adviser and the Trust prior to engaging any third party to perform any portion of the services of the Sub-Adviser under this Agreement; *provided,* subject to Section 11 of this Agreement that Sub-Adviser may provide certain key advisory services <u>hereunder</u> through any wholly-owned subsidiary of the Sub-Adviser or affiliated entity under common control with the Sub-Adviser with prior disclosure and written notification to the Investment Adviser and the Trust describing such engagement; *provided further* that Sub-Adviser shall remain fully responsible for all services provided for the Sub-Adviser under this Agreement by any such third party or subsidiary.

6. <u>Services to Others</u>. The services of the Sub-Adviser to the Funds and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory or other services to others (including other investment companies) and to engage in other activities.

7. <u>Information Concerning the Sub-Adviser</u>. The Sub-Adviser will inform the Investment Adviser promptly of (a) any material changes in portfolio managers responsible for the assets managed by the Sub- Adviser on behalf of the Funds, (b) the departure from the Sub-Adviser's employ of any of the persons identified as "Key Personnel" or the incapacity of any such person to perform their work functions at a reasonable level for a period in excess of thirty (30) days (any such departure or incapacity, a "Key Personnel Departure"), (c) any proposed changes in the ownership or management of the Sub-Adviser, (d) any proposed material changes in the ownership of the Sub-Adviser's direct or indirect parent companies, (e) any proposed changes in the control of the Sub-Adviser, (f) the Sub-Adviser's failure to maintain its registration as an investment adviser under the Advisers Act, (g) any material compliance matters (as defined in Rule 38a-1 under the 1940 Act including the Advisers Act and, as applicable, Regulation Best Interest) with respect to the Sub-Adviser and any material changes to the Sub-Adviser's policies and procedures related to its activities pursuant to this Agreement, including compliance and investment policies and procedures, (h) service upon the Sub-Adviser, or other receipt, of notice of any action, suit, proceeding, inquiry or investigation before any court, governmental entity, public board, or body involving the affairs of the Trust, the Funds, the Investment Adviser or the Sub-Adviser, (i) the initiation of any litigation, or threatened litigation, that could materially impair Sub-Adviser's ability to perform its obligations under this Agreement or have a material impact on the reputation or operations of the Sub- Adviser, (j) the initiation of any investigation, examination or request of the Sub-Adviser by regulators of competent jurisdiction or (k) any other actions or circumstances that could materially impair the Sub- Adviser's ability to perform its obligations under this Agreement or prevent the lawful offer or sale of shares of any of the Funds. The Sub-Adviser shall further notify the Investment Adviser promptly upon detection of any material error in connection with its management of the Sub-Advised Assets, including but not limited to any trade errors. In the event of a material error, the Sub-Adviser shall also provide a memorandum to the Investment Adviser that sufficiently describes any such error and the action to be taken to prevent future occurrences of such error or, alternatively, a statement that the Sub-Adviser has reviewed the relevant controls, and has determined those controls are reasonably designed to prevent additional errors in the future (and, to the extent relevant, that such controls are reasonably designed to prevent violations of the federal securities laws), and as such no further action is required. Further, the Sub-Adviser shall provide access to the Investment Adviser and the Trust, or their agents, to all documents and information related to any error, its analysis and correction, and the correction of all errors impacting the applicable Fund must be corrected to the satisfaction of the Investment Adviser and the Trust.

8. <u>Regulation</u>. The Sub-Adviser shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports, or other material which any such body by reason of this Agreement may request or require pursuant to applicable laws and regulations.

9. <u>Records</u>. The records relating to the services provided by the Sub-Adviser under this Agreement shall be the property of the Trust and shall be under its control; however, the Trust shall furnish to the Sub- Adviser such records and permit the Sub-Adviser to retain such records (either in original or in duplicate form) as the Sub-Adviser shall reasonably require in order to carry out its duties. In the event of the termination of this Agreement, any such records in the possession or control of the Sub-Adviser shall promptly be returned to the Trust by the Sub-Adviser, free from any claim or retention of rights therein. The Investment Adviser will endeavor to give the Sub-Adviser adequate notice of a need to obtain any such records; however, in the event of a 'surprise' regulatory examination of the Trust or the Investment Adviser, the Sub-Adviser will make all requested records available at the Investment Adviser's place of business within two (2) days of such request.

10. <u>Confidential Information</u>. Each party agrees on its behalf and on behalf of its affiliates that it shall exercise the same care that it uses to protect its own confidential and proprietary information, but no less than reasonable care, to protect the confidentiality of each other party's confidential and proprietary information. Each party further agrees that it will restrict access to each other party's confidential and proprietary information to those employees, board members and other service providers or agents of such party who will use the information for purposes of providing the services contemplated in this Agreement. Each party (the "disclosing party") will disclose such information of any other party to any other person (the "receiving party") only if the other party has authorized such disclosure or such disclosure is expressly required or requested by applicable federal or state regulatory authorities or other provisions of law. The foregoing shall not prevent a disclosing party from disclosing information to a receiving party that (a) has previously become or is generally known, unless it has become generally known through a breach of this Agreement or (to the knowledge of the disclosing party) a similar confidentiality or non-disclosure agreement; (b) was already rightfully known to the receiving party prior to being disclosed by or obtained from the disclosing party as evidenced by written records kept in the ordinary course of business of or by proof of actual use by the receiving party; (c) has been or is hereafter rightfully received by the receiving party from a third person without restriction or disclosure and without breach of a duty of confidentiality to the other party; or (d) has been independently developed by the receiving party without access to confidential or proprietary information of the other party. It will be presumed that any confidential and proprietary information in a receiving party's possession is not within exceptions (b), (c) or (d) above, and the burden will be upon the receiving party to prove otherwise by records and documentation. Sub-Adviser agrees that (i) any third party or subsidiary that provides services pursuant to Section 5 of this Agreement shall be subject to these confidentiality provisions and be provided with only the confidential and proprietary information necessary for it to perform such services and (ii) Sub-Adviser will remain responsible for the breach of this provision by such third party or subsidiary.

11. <u>Liability and Indemnity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>The Sub-Adviser</u>. Except as may otherwise be provided by the 1940 Act or any other federal securities law, the Sub-Adviser shall not be liable for any losses, claims, damages, liabilities or litigation (including legal and other expenses) incurred or suffered by the Investment Adviser or the Trust as a result of any error of judgment or mistake of law by the Sub-Adviser with respect to a Fund, except that *nothing* in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Sub-Adviser for, and the Sub-Adviser shall indemnify and hold harmless the Trust, the Investment Adviser, all affiliated persons thereof and all controlling persons thereof (as described in Section 15 of the Securities Act of 1933) (collectively, the "Investment Adviser Indemnitees") against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Investment Adviser Indemnitees may become subject under the Securities Act of 1933, the 1940 Act, the Advisers Act, the CEA or under any other statute, at common law or otherwise arising out of or based on (a) any willful misconduct, bad faith, reckless disregard or gross negligence of the Sub-Adviser in the performance of any of its duties or obligations under this Agreement or (b) any untrue statement of a material fact contained in a Fund's Registration Statement, proxy materials, reports, advertisements, sales literature, or other materials pertaining to a Fund, or the omission to state therein a material fact known to the Sub-Adviser which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished in writing to the Investment Adviser or the Trust by a Sub- Adviser Indemnitee (as defined below) for use therein. Federal and state securities laws impose liabilities under certain circumstances on persons who act in good faith, and nothing in this Agreement shall in any way constitute a waiver or limitation of any rights that any party may have under any such laws.

If indemnification is sought pursuant to this Section 11a, then the Investment Adviser Indemnitees shall promptly notify the Sub-Adviser of the assertion of any claim or the commencement of any action or proceeding in respect thereof and will keep the Sub-Adviser advised with respect to all developments concerning such claim, action or proceeding; however, the failure so to notify the Sub-Adviser shall not relieve the Sub-Adviser from any liability that it may otherwise have to the Investment Adviser Indemnitees provided such failure does not affect in a material adverse manner the position of the Sub-Adviser or the Investment Adviser Indemnitees with respect to such claim. The Investment Adviser Indemnitees shall in no case confess any claim or make any compromise in any case in which the Sub-Adviser may be required to indemnify it except with the Sub-Adviser's prior written consent, which shall not be unreasonably withheld, conditioned or delayed. Upon request and at the Sub-Adviser's expense, the Sub-Adviser shall provide reasonable assistance to the Investment Adviser Indemnitees so that the Investment Adviser Indemnitees can defend against such claim, action or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>The Investment Adviser and Trust</u>. Except as may otherwise be provided by the 1940 Act or any other federal securities law, the Investment Adviser and the Trust shall not be liable for any losses, claims, damages, liabilities or litigation (including legal and other expenses) incurred or suffered by the Sub-Adviser as a result of any error of judgment or mistake of law by the Investment Adviser with respect to a Fund, except that *nothing* in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Investment Adviser for, and the Investment Adviser shall indemnify and hold harmless the Sub-Adviser, all affiliated persons thereof and all controlling persons thereof (as described in Section 15 of the Securities Act of 1933) (collectively, the "Sub-Adviser Indemnitees") against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Sub- Adviser Indemnitees may become subject under the Securities Act of 1933, the 1940 Act, the Advisers Act, the CEA or under any other statute, at common law or otherwise arising out of or based on (a) any willful misconduct, bad faith, reckless disregard or gross negligence of the Investment Adviser in the performance of any of its duties or obligations under this Agreement or (b) any untrue statement of a material fact contained in a Fund's Registration Statement, proxy materials, reports, advertisements, sales literature, or other materials pertaining to a Fund, or the omission to state therein a material fact known to the Investment Adviser which was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon information furnished in writing to the Investment Adviser or the Trust by a Sub-Adviser Indemnitee for use therein. Federal and state securities laws impose liabilities under certain circumstances on persons who act in good faith, and nothing in this Agreement shall in any way constitute a waiver or limitation of any rights that any party may have under any such laws.

If indemnification is sought pursuant to this Section 11b, then the Sub-Adviser Indemnitees shall promptly notify the Investment Adviser of the assertion of any claim or the commencement of any action or proceeding in respect thereof and will keep the Investment Adviser advised with respect to all developments concerning such claim, action or proceeding; however, the failure so to notify the Investment Adviser shall not relieve the Investment Adviser from any liability that it may otherwise have to the Sub-Adviser Indemnitees provided such failure does not affect in a material adverse manner the position of the Investment Adviser or the Sub-Adviser Indemnitees with respect to such claim. Following such notification, the Investment Adviser may elect in writing to assume the defense of such action or proceeding, *provided* that the Investment Adviser shall not be entitled to assume the defense if a conflict exists, including that the indemnification claim is outside the scope of this indemnification provision. Upon such election, it shall not be liable for any legal costs incurred by the Sub-Adviser Indemnitees (other than reasonable costs of investigation previously incurred) in connection therewith, unless (i) the Investment Adviser has failed to provide counsel reasonably satisfactory to the Sub-Adviser Indemnitees in a timely manner or (ii) counsel provided by the Investment Adviser reasonably determines that its representation of the Sub- Adviser Indemnitees would present it with a conflict of interest. Notwithstanding the foregoing, the Sub-Adviser Indemnitees shall be entitled to employ separate counsel at their own expense and, in such even, the Sub-Adviser Indemnitees may participate in such defense as it deems necessary. The Investment Adviser shall in no case confess any claim or make any compromise in any case in which the Sub-Adviser may be required to admit fault or wrongdoing except with the Sub- Adviser's prior written consent, which shall not be unreasonably withheld, conditioned or delayed. Upon request and at the Sub-Adviser's expense, the Sub-Adviser shall provide reasonable assistance to the Investment Adviser so that the Investment Adviser can defend against such claim, action or proceeding. If the Investment Adviser does not elect to assume the defense of such action or proceeding, (i) the Sub-Adviser Indemnitees shall in no case confess any claim or make any compromise in any case in which the Investment Adviser may be required to indemnify it except with the Investment Adviser's prior written consent, which shall not be unreasonably withheld, conditioned or delayed and (ii) upon request and at the Investment Adviser's expense, the Investment Adviser shall provide reasonable assistance to the Sub-Adviser Indemnitees so that the Sub-Adviser Indemnitees can defend against such claim, action or proceeding.

12. <u>Term and Termination</u>. Unless sooner terminated in accordance with this Section 12, this Agreement shall become effective on the same date as the Investment Advisory Agreement between the Trust and the Investment Adviser becomes effective with respect to the applicable Fund (it being understood that the Investment Adviser shall notify the Sub-Adviser on the date of effectiveness of the Investment Advisory Agreement as soon as reasonably practical after effectiveness) provided that it has been approved in the manner required by the 1940 Act, and shall remain in full force until the two year anniversary of the date of its effectiveness unless sooner terminated as hereinafter provided. It may thereafter be renewed from year to year with respect to any Fund by mutual consent, provided that such renewal shall be specifically approved at least annually by the Board, or by vote of a majority of the outstanding voting securities of such Fund. In either event, any such renewal must be approved by vote of a majority of those Trustees of the Trust who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval. Notwithstanding the foregoing, each approval requirement set forth in this Section 12 shall be subject to any applicable rule, regulation, or exemptive order, no-action assurance or other relief.

This Agreement may be terminated at any time with respect to any Fund, without payment of any penalty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. by the Investment Adviser, the Board or vote of a majority of the outstanding voting securities of such Fund, on sixty (60) days' written notice to the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. by the Sub-Adviser on sixty (60) days' written notice to the Investment Adviser and the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. by any party hereto upon written notice to each of the other parties of a breach of any provision of this Agreement by any other party if the breach is not cured within thirty (30) days of notice of the breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d. immediately by Investment Adviser or the Trust upon any Key Personnel Departure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; e. immediately upon the termination of the Investment Advisory Agreement.

This Agreement shall not be assignable by any party hereto. In the event of its assignment, this Agreement shall automatically terminate forthwith.

The parties hereto agree to cooperate and give reasonable assistance to one another in effecting an orderly transition of the services contemplated in this Agreement upon any termination of this Agreement.

13. <u>Use of Names</u>. The Trust and the Investment Adviser acknowledge that the Sub-Adviser or its affiliates own all right, title and interest in and to the name, trademark and service marks "Deepwater" and own (or will own prior to use) all other tradenames, trademarks and service marks that may be used by the Sub-Adviser in performing its obligations under this Agreement (collectively the "Deepwater Licensed Marks"). The Sub-Adviser hereby grants to the Investment Adviser and the Trust and their affiliates a non-exclusive, royalty-free, worldwide license to use the Deepwater Licensed Marks in connection with the business operations of the Trust and their performance of services contemplated under this Agreement, subject to the terms and conditions set forth in this Agreement. In addition, the Investment Adviser and the Trust may refer in advertising and promotional materials to the identity of the Sub-Adviser and the services provided by the Sub-Adviser to the Investment Adviser and the Funds, which references shall not differ in substance from those included in any Fund's Registration Statement and this Agreement, with the prior permission of Sub-Adviser, which shall not be unreasonably withheld. The Investment Adviser shall submit to the Sub-Adviser for its review and approval all such public informational materials relating to the Funds that refer to any registered mark or logo or other proprietary designation of the Sub-Adviser. Approval shall not be unreasonably withheld by the Investment Adviser and notice of approval or disapproval will be provided promptly by the Sub-Adviser and in any event within ten (10) business days of receipt of such material by the Sub-Adviser; if the Sub-Adviser has not objected to such use within such period, it will be deemed to have approved such use. Upon termination of this Agreement, the Trust and the Investment Adviser shall cease to use such registered marks, logos or other proprietary designations of the Sub-Adviser and the license contained herein shall terminate.

The Trust and the Sub-Adviser acknowledge that the Investment Adviser or its affiliates own all right, title and interest in and to the name, trademark and service marks and own (or will own prior to use) all other tradenames, trademarks and service marks that may be used by the Investment Adviser in performing its obligations under this Agreement (collectively the "Investment Adviser Licensed Marks"). The Investment Adviser hereby grants to the Sub-Adviser and its affiliates a non-exclusive, royalty-free, worldwide license to use the Investment Adviser Licensed Marks in connection with Sub-Adviser's performance of the services contemplated under this Agreement, subject to the terms and conditions set forth in this Agreement. The Sub-Adviser shall submit to the Investment Adviser for its review all such public informational materials relating to the Funds, the Investment Adviser or the services provided by the Sub-Adviser under this Agreement or that refer to any registered mark or logo or other proprietary designation of the Investment Adviser or the Trust. Approval shall not be unreasonably withheld by the Investment Adviser and notice of approval or disapproval will be provided promptly and in any event within ten (10) business days of receipt of such material by the Investment Adviser; if the Investment Adviser has not objected to such use within such period, it will be deemed to have approved such use. Upon termination of this Agreement, the Sub-Adviser shall cease to use such registered marks, logos or other proprietary designations of the Investment Adviser and the Trust and the license contained herein shall terminate.

Notwithstanding the foregoing, the approval of a party shall not be required for the use of its name by any other party which (a) merely refers in accurate or factual terms to the name of such party in connection with its role with respect to the Trust or the Fund, or (b) is required by any regulatory, governmental or judicial authority.

14. <u>Representations and Warranties</u>. Each party represents and warrants to the others that: (a) it is duly organized, validly existing, and in good standing under the laws of the state of its organization and has full power, authority, and legal right to execute, deliver, and perform its duties and comply with its obligations under this Agreement; and (b) there are no actions, suits or proceedings by or before any court, administrative panel or other governmental authority pending, or to its knowledge threatened, against it which could reasonably be expected to materially impair its ability to carry out the terms of this Agreement. Each of the Investment Adviser and Sub-Adviser represents and warrants to the other parties that: (c) it is duly registered as an investment adviser under the Advisers Act and will remain duly registered as an investment adviser under all applicable federal and state securities laws; (d) it shall perform its obligations hereunder in accordance with the 1940 Act and all other applicable laws; (e) it is not disqualified pursuant to Section 9(a) of the 1940 Act to be an investment adviser to investment companies registered under the 1940 Act; and (f) the Form ADV Part 1, Part 2A, 2B and Form CRS provided by such party to the others is a true and complete copy of the form, including that part or parts of the Form ADV filed with the SEC, that part or parts maintained in the records of such party, and/or that part or parts provided or offered to clients, in each case as required under the Advisers Act and rules thereunder, and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading. The Sub-Adviser further represents and warrants that it is duly registered as a commodity trading adviser under the CEA, will remain duly registered as a commodity trading adviser under all applicable federal and state securities laws, and will perform its obligations in accordance with the CEA and rules and regulations promulgated thereunder.

15. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Amendments</u>. This Agreement may be amended by mutual consent of the parties, provided that the terms of any material amendment with respect to any Fund shall be approved by (a) the Board or a vote of the majority of the outstanding voting securities of such Fund as required by the 1940 Act (subject to any applicable rule, regulation, or exemptive order, no-action assurance or other relief), and (b) the vote of a majority of those Trustees of the Trust who are not interested persons of any party to this Agreement at a meeting called for the purpose of voting on such approval, if such approval is required by applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Entire Agreement</u>. This Agreement, together with all exhibits, schedules and attachments, and SOWs contain the entire understanding and agreement of the parties with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Headings</u>. The headings in this Agreement are inserted for convenience of reference only and shall not constitute part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Notices</u>. Any notice required or permitted to be sent under this Agreement shall be given to the following persons at the following addresses and email addresses, or such other persons, addresses or email addresses as the party receiving such notices or communications may subsequently direct in writing:

If to the Investment Adviser or the Trust:

Innovator Capital Management, LLC

200 W. Front Street

Wheaton, IL 60187

Attention: Bryon Lake

Email: Bryon.Lake@gs.com

If to the Sub-Adviser:

Deepwater Asset Management, LLC

21 N. Third Street #250

Minneapolis, MN 55401

Attention: Andrew Murphy

Email: andrew@deepwatermgmt.com

cc: mira@deepwatermgmt.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Severability</u>. Should any provision of this Agreement be held or made invalid by a court decision, statute, rule, or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York (without regard to principles of conflicts of laws) and any of the applicable provisions of the 1940 Act. In the case of any conflict, the 1940 Act shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Waiver</u>. Any failure or delay by any party to enforce at any time any of the provisions of this Agreement or to exercise any right or option which is herein provided, or to require at any time the performance of any of the provisions hereof, shall in no way be construed to be a waiver of such provision of this Agreement. No waiver of any right or remedy under this Agreement shall be deemed to be a waiver of any other or subsequent right or remedy under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Assignment</u>. No party may assign, transfer, or delegate any of its rights or obligations relating to this Agreement (including, without limitation, interests or claims relating to this Agreement) without the prior written consent of the other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Interpretation</u>. Any question of interpretation of any term or provision of this Agreement having a counterpart or otherwise derived from a term or provision of the 1940 Act shall be resolved by reference to such term or provision of the 1940 Act and to interpretations thereof, if any, by the United States courts or by rules, regulations or orders of the United States Securities and Exchange Commission under the 1940 Act. Specifically, the terms "vote of a majority of the outstanding voting securities," "interested persons," "assignment" and "affiliated persons," as used herein shall have their respective meanings as set forth in the 1940 Act. In addition, where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is altered by a rule, regulation, or exemptive order, no-action assurance or other relief, such provision shall be deemed to incorporate the effect of such rule, regulation, or exemptive order, no-action assurance or other relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. <u>Counterparts</u>. This Agreement may be executed by the parties in separate counterparts, each of which when so executed and delivered shall be an original but all of which taken together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. <u>Survival of Terms</u>. Sections 3f, 3o, 3q, 5, 9, 10, 11, 13 and 14 shall survive the termination or other expiration of this Agreement; provided, however, that all of the provisions of this Agreement shall survive the termination or other expiration of this Agreement with respect to any obligation accruing or arising before such termination or other expiration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. <u>Limitation of Shareholder, Trustee and Officer Liability</u>. The parties acknowledge and agree that the Trustees and Officers of the Trust and the shareholders of any Fund shall not be liable for any obligations of the Trust or of any Fund under this Agreement, and each party agrees that, in asserting any rights or claims under this Agreement with respect to a Fund, it shall look only to the assets and property of such Fund to which such party's rights or claims relate in settlement of such rights or claims, and not to the assets and property of any other Fund, the Trustees or Officers of the Trust or the shareholders of the Funds.

*(Signature page follows)*

 

 

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed in duplicate original by their duly authorized officers.

---

| | |
|:---|:---|
| **INNOVATOR CAPITAL MANAGEMENT, LLC** | **INNOVATOR CAPITAL MANAGEMENT, LLC** |
| By: | /s/ Bryon Lake |
| Name: | Bryon Lake |
| Title: | President |

---

---

| | |
|:---|:---|
| **INNOVATOR ETFS<sup>®</sup> TRUST** | **INNOVATOR ETFS<sup>®</sup> TRUST** |
| on behalf of the Funds listed on Schedule A | on behalf of the Funds listed on Schedule A |
| By: | /s/ James A. McNamara |
| Name: | James A. McNamara |
| Title: | President, Principal Executive Officer and Trustee |

---

---

| | |
|:---|:---|
| **DEEPWATER ASSET MANAGEMENT, LLC** | **DEEPWATER ASSET MANAGEMENT, LLC** |
| By: | /s/ Doug Clinton |
| Name: | Doug Clinton |
| Title: | Managing Partner |

---

**Schedule A**

<u>Funds Managed by Sub-Adviser</u>

Innovator Deepwater Frontier Tech ETF

**Schedule B**

<u>Fee Schedule</u>

---

| | |
|:---|:---|
| **Net Assets of all funds listed <br> on Schedule A** | **Basis Points (Bps)** |
| Up to $250M | 12 |
| Between $250M and $500M | 14 |
| Between $500M and $1B | 18 |
| Between $1B and $2B | 20 |
| Over $2B | 24 |

---

## Ex-99.(D)(6)

**Exhibit (d)(6)**

**Schedule A**

<u>Funds Managed by Sub-Adviser</u>

Innovator Deepwater Frontier Tech ETF

## Ex-99.(D)(7)

**Exhibit (d)(7)**

**SUBADVISORY AGREEMENT**

THIS AMENDED AGREEMENT, dated and effective as of the 1<sup>st</sup> day of April, 2026, is made and entered into by and among Innovator Capital Management, LLC, a Delaware limited liability company (the "Investment Adviser"), Innovator ETFs<sup>®</sup> Trust (formerly, Academy Funds Trust) (the "Trust"), and Milliman Financial Risk Management LLC, a Delaware limited liability company (the "Sub-Adviser").

WITNESSETH

WHEREAS, the Trust is registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Investment Adviser and the Sub-Adviser are registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and are engaged in the business of providing investment advisory and related services to certain investment companies and other clients; and

WHEREAS, the Investment Adviser is the investment adviser to the Trust pursuant to an investment advisory agreement with the Trust (the "Investment Advisory Agreement"); and

WHEREAS, the Investment Adviser and the Board of Trustees of the Trust (the "Board") desire to retain the Sub-Adviser to render investment advisory services to the investment portfolios of the Trust listed on <u>Schedule A</u>, as amended from time to time (each, a "Fund" and together, the "Funds"), in a manner and on the terms hereinafter set forth.

NOW, THEREFORE, in consideration of the promises and the mutual undertakings set forth in this Agreement, the parties covenant and agree as follows:

1. <u>Appointment</u>. The Investment Adviser and the Trust hereby appoint the Sub-Adviser to provide certain sub-advisory services to the Funds subject to the supervision of the Investment Adviser and the Board, and in accordance with the terms and conditions of this Agreement. The Sub-Adviser will be an independent contractor and will have no authority to act for or represent the Trust or the Investment Adviser in any way or otherwise be deemed an agent of the Trust or the Investment Adviser except as expressly authorized in this Agreement or another writing by the Trust, the Investment Adviser and the Sub-Adviser. The Sub-Adviser accepts such appointment and agrees to furnish the services herein set forth for the compensation herein provided.

2. <u>Structure</u>. This Agreement contemplates future execution by the Trust, Investment Adviser and Sub-Adviser of one more statements of work relating to the Funds (each such statement of work, an "SOW" and collectively, the "SOWs"). Each SOW shall be effective when executed by an authorized representative of each of the Trust, the Investment Adviser and the Sub-Adviser. The terms of this Agreement shall be deemed to be incorporated into each SOW and the terms and conditions set forth in this Agreement shall govern Sub-Adviser's provision of Services under a SOW, except for provisions in this Agreement that are specifically excluded or modified in such SOW, which shall include a reference to the applicable section in this Agreement being excluded or modified; *provided, however,* that such exclusion or modification shall only be applicable to such SOW.

3. <u>Services</u>. As a sub-adviser to the Funds, the Sub-Adviser will furnish an investment program and manage the investment and reinvestment of that portion of the assets of each Fund allocated to the Sub-Adviser by the Investment Adviser (the "Sub-Advised Assets") and determine the composition of such assets, subject always to the supervision of the Investment Adviser and the Board. As part of, or associated with, the services provided hereunder the Sub-Adviser will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Take whatever steps necessary to implement the investment program of the Funds with respect to the Sub-Advised Assets by the purchase and sale of securities and other investments on behalf of the Funds. The Sub-Adviser will provide, at its own expense, all necessary investment and management facilities and investment personnel, including salaries, expenses and fees of any personnel required for it to faithfully perform its duties under this Agreement, and all administrative facilities, including bookkeeping, clerical personnel and equipment, necessary for the efficient conduct of its duties under this Agreement. The Investment Adviser will provide the Sub-Adviser with reasonable advance notice of any change in a Fund's investment objectives, policies and restrictions as stated in each Fund's Prospectus and Statement of Additional Information (together, the "Registration Statement"). Provided the Sub-Adviser has received prompt notice of the effectiveness of such changes from the Trust or the Investment Adviser, the Sub-Adviser shall manage the Sub-Advised Assets consistent with such changes. The Sub-Adviser will maintain and adhere to an investment policy reviewed and approved by the Investment Adviser and provide Investment Adviser with notice of any material changes to its ability to implement such investment policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Comply with the provisions of the Trust's Declaration of Trust and By-Laws, as amended from time to time, all relevant disclosures in each Fund's Registration Statement (including, without limitation, each Fund's stated objectives, policies, strategies, risks, restrictions, results, fees, trading policies and costs, potential conflicts, valuation and description of management), as may be amended from time to time, and any other written policies and restrictions as are communicated to it by the Investment Adviser. The Sub-Adviser shall be responsible for reviewing each Fund's Registration Statement to confirm that there is no material misstatement or omission in the disclosures therein relating to the Sub-Adviser or to the services provided by Sub-Adviser to the Funds from time to time; the Investment Adviser shall be responsible for ensuring that the Sub-Adviser is provided with a copy of each Registration Statement and any other relevant materials with reasonable advance notice prior to filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Comply with, the provisions of (i) the 1940 Act, (ii) the Advisers Act, (iii) the Internal Revenue Code of 1986, as amended (the "Code"), (iv) the Commodity Exchange Act (the "CEA") and (v) all other applicable state and federal securities and other laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Monitor the performance of the Sub-Advised Assets on a continuous basis and conduct a continuous program of investment, evaluation and, if appropriate, sale and reinvestment of the Sub-Advised Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Prepare and maintain such books and records with respect to the Sub-Advised Assets and securities transactions with respect to such assets as required by the Trust's compliance policies and procedures and by applicable laws, including but not limited to the 1940 Act, the Advisers Act and the CEA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Furnish the Investment Adviser, the Trust's chief compliance officer and the Board such periodic reports, special reports and certifications as the Investment Adviser and the Sub-Adviser may mutually agree. Without limiting the generality of the foregoing, these reports will include information sufficient for the Investment Adviser to perform periodic tests of the Funds' compliance with applicable laws and regulations, applicable accounting regulations and standards, and Sub-Chapter M and, to the extent applicable, Section 817 of the Code. The Sub-Adviser will provide the Investment Adviser and the Board with financial and profitability information, as well as fee schedules for other registered investment company clients and other information reasonably required to assist the Board in reviewing the terms of Sub-Adviser's contract in accordance with applicable laws and regulations then in effect. The parties agree that the information described in this subsection will be prepared solely for the use and benefit of the Investment Adviser and the Board in accordance with statutory and regulatory requirements. Sub-Adviser recognizes that materials it delivers to the Investment Adviser and the Board may be public records subject to disclosure to third parties, however, Sub-Adviser does not intend to benefit and assumes no duty or liability to any third parties who receive Sub-Adviser's work and may include disclaimer language on its work product so stating. To the extent that Sub-Adviser's work is not subject to public disclosure, Investment Adviser agrees that it shall not disclose Sub-Adviser's work product to third parties without Sub-Adviser's prior written consent; *provided, however,* that the Investment Adviser, the Board, and the Fund may distribute Sub-Adviser's work to (i) professional service providers who are subject to a duty of confidentiality and who agree to not use Sub-Adviser's work product for any purpose other than to provide services to the Investment Adviser, the Board, or the Fund, or (ii) any applicable regulatory or governmental agency, as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Report regularly to the Investment Adviser and the Board as reasonably agreed between the Investment Adviser and the Sub-Adviser and make appropriate persons available for the purpose of reviewing with representatives of the Investment Adviser and the Board on a regular basis, at reasonable times agreed to by the Investment Adviser and the Sub-Adviser, the management of the Funds, including, without limitation, review of the general investment strategies of the Funds, the performance of the Funds and the performance and investments of the Sub-Advised Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Provide periodic performance analysis and market commentary with respect to the Sub-Advised Assets, if requested, to the Investment Adviser and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Provide pricing information to the Trust and the Investment Adviser with respect to the Sub-Advised Assets to assist the Trust in making determinations of the fair value of the Sub-Advised Assets when market quotations are not readily available for the purpose of calculating a Fund's net asset value in accordance with the procedures and methods established for the Funds, if such information is reasonably available to the Sub-Adviser. If the Sub-Adviser believes a valuation provided by a pricing service for an investment it has purchased for a Fund is materially inaccurate or is not indicative of the value of the investment, the Sub-Adviser will promptly notify the Investment Adviser. The Investment Adviser acknowledges that the Trust's Board, with the assistance of the Investment Adviser (and not Sub-Adviser) is responsible for pricing the Funds' investments and the Funds' daily net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Maintain a Code of Ethics which shall comply in all material respects with Rule 17j-1 under the 1940 Act. The Sub-Adviser, on its own behalf, and with respect to its Access Persons (as defined in Rule 17j-1), agrees to observe and comply with Rule 17j-1 and its Code of Ethics, as the same may be amended from time to time. On at least an annual basis, the Sub-Adviser will comply with the reporting requirements of Rule 17j-1, which include (i) certifying to the Investment Adviser and the Trust that the Sub-Adviser and its Access Persons have complied with the Sub-Adviser's Code of Ethics with respect to the Sub-Advised Assets and (ii) identifying any violations of such Code of Ethics which have occurred with respect to the Sub-Advised Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Maintain, implement and evaluate the effectiveness of written policies and procedures, as required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations of the Advisers Act by the Sub-Adviser, its employees, officers and agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Assist the Investment Adviser in selecting futures commission merchants ("FCMs") and brokers or dealers ("Brokers") and opening accounts with such FCMs and Brokers on behalf of the Funds, and be responsible for placing orders for the investment and reinvestment of the Sub-Advised Assets through such FCMs and Brokers selected and approved by the Investment Adviser, and assist in the negotiation of commissions on such orders (collectively, "brokerage transactions"), if applicable. The Sub-Adviser is authorized to select the brokers or dealers that will execute the purchases and sales of portfolio investments for the Funds, and is directed to use its commercially reasonable efforts to obtain best execution, which includes most favorable net results and execution of a Fund's orders, taking into account all appropriate factors, including price, dealer spread or commission, size and difficulty of the transaction and research or other services provided. Subject to approval by the Board of Trustees and compliance with the policies and procedures adopted by the Board of Trustees for the Funds and to the extent permitted by and in conformance with applicable law (including Rule 17e-1 under the 1940 Act), the Sub-Adviser may select brokers or dealers affiliated with the Sub-Adviser. The Sub-Adviser will seek to place brokerage transactions for the Funds in accordance with the Funds' policies and practices. The Investment Adviser understands that, in directing the use of a particular FCM or Broker for all or a portion of the trades executed in the Funds' account, with respect to the percentage of trades effected by such direction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Sub-Adviser will not have authority to negotiate commissions
among various FCMs or Brokers on a trade-by-trade basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Sub-Adviser will not have authority to obtain volume discounts
from FCMs or Brokers on behalf of the Funds, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Sub-Adviser's obligation to seek best execution
will be limited to the terms of the trades it enters into with the designated FCM or Broker.

In addition, a disparity in commission charges may exist between the commissions charged to the Funds for such trades and those charged to Sub-Adviser's other clients.

If the Sub-Adviser becomes aware, from a reasonably credible source, of a potential problem with a Broker or FCM, its related parties or their associated controls (such as financial or liquidity problems or failure to appropriately segregate client assets) that, if true, could adversely affect any Fund, the Sub-Adviser shall promptly, and in any case within twenty-four (24) hours, notify the Investment Adviser of the nature of such potential problem. All securities and other property purchased or sold for the Funds shall remain in the direct or indirect custody of the Trust's custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. On occasions when the Sub-Adviser deems the purchase or sale of a security or other investment to be in the best interest of a Fund as well as other clients of the Sub-Adviser, the Sub-Adviser to the extent permitted by applicable law and regulations may, but shall be under no obligation to, aggregate the securities or other investments to be purchased or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the securities or other investments so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser in the manner the Sub-Adviser considers to be the most equitable and consistent with its fiduciary obligations to the Fund and its other clients. The Sub-Adviser shall maintain policies and procedures that are reasonably designed to fairly allocate and sequence trades among the Funds and its other clients and will provide the Investment Adviser with a copy of such policies and procedures and any material amendments thereto. The Sub-Adviser will not arrange purchases or sales of securities between a Fund and other accounts advised by the Sub-Adviser or its affiliates unless (a) such purchases or sales are in accordance with applicable law (including Rule 17a-7 under the 1940 Act) and the Fund's policies and procedures, (b) the Sub-Adviser determines the purchase or sale is in the best interests of the Fund, and (c) the Board of Trustees has approved these types of transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. On each business day provide to the Funds' custodian, accounting agent and Investment Adviser information relating to all transactions concerning each Fund's Sub-Advised Assets and any such additional information with respect to such assets that is reasonably requested by the Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. Cooperate with and provide reasonable assistance to the Board, the Investment Adviser, the Funds' custodian and foreign sub-custodians, the Funds' transfer agent, accounting agent, pricing agent independent auditors, collateral managers, FCMs and all other agents and representatives of the Trust or the Investment Adviser, and provide such information with respect to the Funds as any of them may reasonably request from time to time in the performance of their obligations to the Funds and the Investment Adviser, provide prompt responses to reasonable requests made by such persons and establish appropriate interfaces with each so as to promote the efficient exchange of information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. Not consult with any third party, including any other sub-adviser to a Fund or any other sub-adviser to any other portfolio of the Trust or to any other investment company or investment company series for which the Investment Adviser serves as its investment adviser, regarding transactions for any Fund in securities and other assets, unless necessary to effect such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. Maintain insurance coverages as may be required by applicable law or as agreed upon by the Sub-Adviser and the Investment Adviser in light of the Sub-Adviser's obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. Be responsible for the maintenance and repair of any tool provided by the Sub-Adviser to the Investment Adviser to transmit portfolio level information to the Sub-Adviser for use with the services provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. Not take into account the investment of any other clients of the Sub-Adviser in the Funds when establishing pricing of services provided to such client.

Unless otherwise agreed by the parties, Investment Adviser shall be responsible for: (i) directing the manner in which proxies solicited by issuers of securities held in each Fund shall be voted and (ii) for making elections relative to any mergers, acquisitions, tender offers, bankruptcy proceedings and other types of events pertaining to Fund assets. Unless otherwise agreed by the parties, Sub-Adviser shall not be responsible for: (i) directing the manner in which proxies solicited by issuers of securities held in each Fund shall be voted; or (ii) making elections relative to any mergers, acquisitions, tender offers, bankruptcy proceedings or other type events pertaining to Fund assets. If Sub-Adviser agrees to perform any of the services described in the preceding sentence, Investment Adviser shall instruct Fund custodians to forward to Sub-Adviser copies of all proxies and shareholder communications relating to Fund assets in a Fund.

4. <u>Compensation</u>. The Investment Adviser will pay the Sub-Adviser a sub-advisory fee with respect to the Funds on or before the tenth day of each month at the annual rate specified in <u>Schedule B</u> to this Agreement, as compensation for services rendered by the Sub-Adviser during the preceding month. Such fees shall be accrued daily and the daily rate shall be computed based on the actual number of days per year. For purposes hereof, the net assets of the Funds shall be determined in the manner set forth in the Trust's Declaration of Trust and Registration Statement on file with the United States Securities and Exchange Commission on Form N-1A. The Investment Adviser shall be solely responsible for paying any sub-advisory fees due and owing the Sub-Adviser and neither the Trust nor any Fund shall incur any liability for any such sub-advisory fees.

5. <u>Expenses</u>. During the term of this Agreement, the Sub-Adviser will pay all expenses incurred by it in connection with its activities under this Agreement, including, but not limited to (a) expenses of all necessary investment and management facilities and investment personnel, including salaries, expenses and fees of any personnel required for it to faithfully perform its duties under this Agreement, and (b) expenses of administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the Sub-Adviser's duties under this Agreement. The Sub-Adviser shall not be responsible for the Trust's or the Funds' expenses, including, but not limited to, the cost of securities, commodities and other investments purchased for a Fund and any losses incurred therewith, brokerage commissions and other transaction charges incurred in connection with such investments, and expenses of custody of such investments. Except as set forth in this Agreement to the contrary, neither the Investment Adviser, the Sub-Adviser, nor the Trust shall be responsible for any other party's expenses.

6. <u>Arrangements</u>. The Sub-Adviser may from time to time employ or associate with itself any person it believes to be particularly fitted to assist it in providing the services to be performed by the Sub-Adviser hereunder, *provided* that no such person shall perform any services with respect to the Funds which would constitute an assignment of this Agreement or require a written advisory agreement pursuant to the 1940 Act. Any compensation payable to such persons shall be the sole responsibility of the Sub-Adviser, and neither the Trust, the Funds nor the Investment Adviser shall have any obligations with respect thereto. Sub-Adviser shall notify the Investment Adviser and the Trust prior to engaging any third party to perform any portion of the services of the Sub-Adviser under this Agreement; *provided,* subject to Section 12 of this Agreement that Sub-Adviser may provide certain trading services hereunder through any wholly-owned subsidiary of Milliman, Inc. (including but not limited to Milliman Pty Ltd. and Milliman Financial Strategies Ltd.) with prior notification to the Investment Adviser and/or the Trust; *provided further* that Sub-Adviser shall remain fully responsible for all services provided for the Sub-Adviser under this Agreement by any such third party or subsidiary.

7. <u>Services to Others</u>. The services of the Sub-Adviser to the Funds and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory or other services to others (including other investment companies) and to engage in other activities.

8. <u>Information Concerning the Sub-Adviser</u>. The Sub-Adviser will inform the Investment Adviser promptly of (a) any material changes in portfolio managers responsible for the assets managed by the Sub-Adviser on behalf of the Funds, (b) the departure from the Sub-Adviser's employ of any of the persons identified as "Key Personnel" or the incapacity of any such person to perform their work functions at a reasonable level for a period in excess of thirty (30) days (any such departure or incapacity, a "Key Personnel Departure"), (c) any proposed changes in the ownership or management of the Sub-Adviser, (d) any proposed material changes in the ownership of the Sub-Adviser's direct or indirect parent companies, (e) any proposed changes in the control of the Sub-Adviser, (f) the Sub-Adviser's failure to maintain its registration as an investment adviser under the Advisers Act, (g) any material compliance matters (as defined in Rule 38a-1 under the 1940 Act) with respect to the Sub-Adviser and any material changes to the Sub-Adviser's policies and procedures related to its activities pursuant to this Agreement, including compliance and investment policies and procedures, (h) service upon the Sub-Adviser, or other receipt, of notice of any action, suit, proceeding, inquiry or investigation before any court, governmental entity, public board, or body involving the affairs of the Trust, the Funds, the Investment Adviser or the Sub-Adviser, (i) the initiation of any litigation, or threatened litigation, that could materially impair Sub-Adviser's ability to perform its obligations under this Agreement or have a material impact on the reputation or operations of the Sub-Adviser, (j) the initiation of any investigation, examination or request of the Sub-Adviser by regulators of competent jurisdiction or (k) any other actions or circumstances that could materially impair the Sub-Adviser's ability to perform its obligations under this Agreement or prevent the lawful offer or sale of shares of any of the Funds. The Sub-Adviser shall further notify the Investment Adviser promptly upon detection of any material error in connection with its management of the Sub-Advised Assets, including but not limited to any trade errors. In the event of a material error, the Sub-Adviser shall also provide a memorandum to the Investment Adviser that sufficiently describes any such error and the action to be taken to prevent future occurrences of such error or, alternatively, a statement that the Sub-Adviser has reviewed the relevant controls, and has determined those controls are reasonably designed to prevent additional errors in the future (and, to the extent relevant, that such controls are reasonably designed to prevent violations of the federal securities laws), and as such no further action is required. Further, the Sub-Adviser shall provide access to the Investment Adviser and the Trust, or their agents, to all documents and information related to any error, its analysis and correction, and the correction of all errors impacting the applicable Fund must be corrected to the satisfaction of the Investment Adviser and the Trust.

9. <u>Regulation</u>. The Sub-Adviser shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports, or other material which any such body by reason of this Agreement may request or require pursuant to applicable laws and regulations.

10. <u>Records</u>. The records relating to the services provided by the Sub-Adviser under this Agreement shall be the property of the Trust and shall be under its control; however, the Trust shall furnish to the Sub-Adviser such records and permit the Sub-Adviser to retain such records (either in original or in duplicate form) as the Sub-Adviser shall reasonably require in order to carry out its duties. In the event of the termination of this Agreement, any such records in the possession or control of the Sub-Adviser shall promptly be returned to the Trust by the Sub-Adviser, free from any claim or retention of rights therein. The Investment Adviser will endeavor to give the Sub-Adviser adequate notice of a need to obtain any such records; however, in the event of a 'surprise' regulatory examination of the Trust or the Investment Adviser, the Sub-Adviser will make all requested records available at the Investment Adviser's place of business within two (2) days of such request.

11. <u>Confidential Information</u>. Each party agrees on its behalf and on behalf of its affiliates that it shall exercise the same care that it uses to protect its own confidential and proprietary information, but no less than reasonable care, to protect the confidentiality of each other party's confidential and proprietary information. Each party further agrees that it will restrict access to each other party's confidential and proprietary information to those employees, board members and other service providers or agents of such party who will use the information for purposes of providing the services contemplated in this Agreement. Each party (the "disclosing party") will disclose such information of any other party to any other person (the "receiving party") only if the other party has authorized such disclosure or such disclosure is expressly required or requested by applicable federal or state regulatory authorities or other provisions of law. The foregoing shall not prevent a disclosing party from disclosing information to a receiving party that (a) has previously become or is generally known, unless it has become generally known through a breach of this Agreement or (to the knowledge of the disclosing party) a similar confidentiality or non-disclosure agreement; (b) was already rightfully known to the receiving party prior to being disclosed by or obtained from the disclosing party as evidenced by written records kept in the ordinary course of business of or by proof of actual use by the receiving party; (c) has been or is hereafter rightfully received by the receiving party from a third person without restriction or disclosure and without breach of a duty of confidentiality to the other party; or (d) has been independently developed by the receiving party without access to confidential or proprietary information of the other party. It will be presumed that any confidential and proprietary information in a receiving party's possession is not within exceptions (b), (c) or (d) above, and the burden will be upon the receiving party to prove otherwise by records and documentation. Sub-Adviser agrees that (i) any third party or subsidiary that provides services pursuant to Section 6 of this Agreement shall be subject to these confidentiality provisions and be provided with only the confidential and proprietary information necessary for it to perform such services and (ii) Sub-Adviser will remain responsible for the breach of this provision by such third party or subsidiary.

12. <u>Liability and Indemnity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>The Sub-Adviser</u>. Except as may otherwise be provided by the 1940 Act or any other federal securities law, the Sub-Adviser shall not be liable for any losses, claims, damages, liabilities or litigation (including legal and other expenses) incurred or suffered by the Investment Adviser or the Trust as a result of any error of judgment or mistake of law by the Sub-Adviser with respect to a Fund, except that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Sub-Adviser for, and the Sub-Adviser shall indemnify and hold harmless the Trust, the Investment Adviser, all affiliated persons thereof and all controlling persons thereof (as described in Section 15 of the Securities Act of 1933) (collectively, the "Investment Adviser Indemnitees") against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Investment Adviser Indemnitees may become subject under the Securities Act of 1933, the 1940 Act, the Advisers Act, the CEA or under any other statute, at common law or otherwise arising out of or based on (a) any willful misconduct, bad faith, reckless disregard or gross negligence of the Sub-Adviser in the performance of any of its duties or obligations under this Agreement or (b) any untrue statement of a material fact contained in a Fund's Registration Statement, proxy materials, reports, advertisements, sales literature, or other materials pertaining to a Fund, or the omission to state therein a material fact known to the Sub-Adviser which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished in writing to the Investment Adviser or the Trust by a Sub-Adviser Indemnitee (as defined below) for use therein. Federal and state securities laws impose liabilities under certain circumstances on persons who act in good faith, and nothing in this Agreement shall in any way constitute a waiver or limitation of any rights that any party may have under any such laws.

If indemnification is sought pursuant to this Section 12a, then the Investment Adviser Indemnitees shall promptly notify the Sub-Adviser of the assertion of any claim or the commencement of any action or proceeding in respect thereof and will keep the Sub-Adviser advised with respect to all developments concerning such claim, action or proceeding; however, the failure so to notify the Sub-Adviser shall not relieve the Sub-Adviser from any liability that it may otherwise have to the Investment Adviser Indemnitees *provided* such failure does not affect in a material adverse manner the position of the Sub-Adviser or the Investment Adviser Indemnitees with respect to such claim. The Investment Adviser Indemnitees shall in no case confess any claim or make any compromise in any case in which the Sub-Adviser may be required to indemnify it except with the Sub-Adviser's prior written consent, which shall not be unreasonably withheld, conditioned or delayed. Upon request and at the Sub-Adviser's expense, the Sub-Adviser shall provide reasonable assistance to the Investment Adviser Indemnitees so that the Investment Adviser Indemnitees can defend against such claim, action or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>The Investment Adviser and Trust</u>. Except as may otherwise be provided by the 1940 Act or any other federal securities law, the Investment Adviser and the Trust shall not be liable for any losses, claims, damages, liabilities or litigation (including legal and other expenses) incurred or suffered by the Sub-Adviser as a result of any error of judgment or mistake of law by the Investment Adviser with respect to a Fund, except that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Investment Adviser for, and the Investment Adviser shall indemnify and hold harmless the Sub-Adviser, all affiliated persons thereof and all controlling persons thereof (as described in Section 15 of the Securities Act of 1933) (collectively, the "Sub-Adviser Indemnitees") against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Sub-Adviser Indemnitees may become subject under the Securities Act of 1933, the 1940 Act, the Advisers Act, the CEA or under any other statute, at common law or otherwise arising out of or based on (a) any willful misconduct, bad faith, reckless disregard or gross negligence of the Investment Adviser in the performance of any of its duties or obligations under this Agreement or (b) any untrue statement of a material fact contained in a Fund's Registration Statement, proxy materials, reports, advertisements, sales literature, or other materials pertaining to a Fund, or the omission to state therein a material fact known to the Investment Adviser which was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon information furnished in writing to the Investment Adviser or the Trust by a Sub-Adviser Indemnitee for use therein. Federal and state securities laws impose liabilities under certain circumstances on persons who act in good faith, and nothing in this Agreement shall in any way constitute a waiver or limitation of any rights that any party may have under any such laws.

If indemnification is sought pursuant to this Section 12b, then the Sub-Adviser Indemnitees shall promptly notify the Investment Adviser of the assertion of any claim or the commencement of any action or proceeding in respect thereof and will keep the Investment Adviser advised with respect to all developments concerning such claim, action or proceeding; however, the failure so to notify the Investment Adviser shall not relieve the Investment Adviser from any liability that it may otherwise have to the Sub-Adviser Indemnitees *provided* such failure does not affect in a material adverse manner the position of the Investment Adviser or the Sub-Adviser Indemnitees with respect to such claim. Following such notification, the Investment Adviser may elect in writing to assume the defense of such action or proceeding, *provided* that the Investment Adviser shall not be entitled to assume the defense if a conflict exists, including that the indemnification claim is outside the scope of this indemnification provision. Upon such election, it shall not be liable for any legal costs incurred by the Sub-Adviser Indemnitees (other than reasonable costs of investigation previously incurred) in connection therewith, unless (i) the Investment Adviser has failed to provide counsel reasonably satisfactory to the Sub-Adviser Indemnitees in a timely manner or (ii) counsel provided by the Investment Adviser reasonably determines that its representation of the Sub-Adviser Indemnitees would present it with a conflict of interest. Notwithstanding the foregoing, the Sub-Adviser Indemnitees shall be entitled to employ separate counsel at their own expense and, in such even, the Sub-Adviser Indemnitees may participate in such defense as it deems necessary. The Investment Adviser shall in no case confess any claim or make any compromise in any case in which the Sub-Adviser may be required to admit fault or wrongdoing except with the Sub-Adviser's prior written consent, which shall not be unreasonably withheld, condition or delayed. Upon request and at the Sub-Adviser's expense, the Sub-Adviser shall provide reasonable assistance to the Investment Adviser so that the Investment Adviser can defend against such claim, action or proceeding. If the Investment Adviser does not elect to assume the defense of such action or proceeding, (i) the Sub-Adviser Indemnitees shall in no case confess any claim or make any compromise in any case in which the Investment Adviser may be required to indemnify it except with the Investment Adviser's prior written consent, which shall not be unreasonably withheld, conditioned or delayed and (ii) upon request and at the Investment Adviser's expense, the Investment Adviser shall provide reasonable assistance to the Sub-Adviser Indemnitees so that the Sub-Adviser Indemnitees can defend against such claim, action or proceeding.

13. <u>Term and Termination</u>. Unless sooner terminated in accordance with this Section 13, this Agreement shall become effective on the same date as the Investment Advisory Agreement between the Trust and the Investment Adviser becomes effective with respect to the applicable Fund (it being understood that the Investment Adviser shall notify the Sub-Adviser on the date of effectiveness of the Investment Advisory Agreement as soon as reasonably practical after effectiveness) *provided* that it has been approved in the manner required by the 1940 Act, and shall remain in full force until the two year anniversary of the date of its effectiveness unless sooner terminated as hereinafter provided. It may thereafter be renewed from year to year with respect to any Fund by mutual consent, *provided* that such renewal shall be specifically approved at least annually by the Board, or by vote of a majority of the outstanding voting securities of such Fund. In either event, any such renewal must be approved by vote of a majority of those Trustees of the Trust who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval. Notwithstanding the foregoing, each approval requirement set forth in this Section 13 shall be subject to any applicable rule, regulation, or exemptive order, no-action assurance or other relief.

This Agreement may be terminated at any time with respect to any Fund, without payment of any penalty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. by the Investment Adviser, the Board or vote of a majority of the outstanding voting securities of such Fund, on sixty (60) days' written notice to the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. by the Sub-Adviser on sixty (60) days' written notice to the Investment Adviser and the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. by any party hereto upon written notice to each of the other parties of a breach of any provision of this Agreement by any other party if the breach is not cured within thirty (30) days of notice of the breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. immediately by Investment Adviser or the Trust upon any Key Personnel Departure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. immediately upon the termination of the Investment Advisory Agreement.

This Agreement shall not be assignable by any party hereto. In the event of its assignment, this Agreement shall automatically terminate forthwith.

The parties hereto agree to cooperate and give reasonable assistance to one another in effecting an orderly transition of the services contemplated in this Agreement upon any termination of this Agreement.

14. <u>Use of Names</u>. The Trust and the Investment Adviser acknowledge that the Sub-Adviser or its affiliates own all right, title and interest in and to the name, trademark and service marks "Milliman" and own (or will own prior to use) all other tradenames, trademarks and service marks that may be used by the Sub-Adviser in performing its obligations under this Agreement (collectively the "Milliman Licensed Marks"). The Sub-Adviser hereby grants to the Investment Adviser and the Trust and their affiliates a non-exclusive, royalty-free, worldwide license to use the Milliman Licensed Marks in connection with the business operations of the Trust and their performance of services contemplated under this Agreement, subject to the terms and conditions set forth in this Agreement. In addition, the Investment Adviser and the Trust may refer in advertising and promotional materials to the identity of the Sub-Adviser and the services provided by the Sub-Adviser to the Investment Adviser and the Funds, which references shall not differ in substance from those included in any Fund's Registration Statement and this Agreement, with the prior permission of Sub-Adviser, which shall not be unreasonably withheld. The Investment Adviser shall submit to the Sub-Adviser for its review and approval all such public informational materials relating to the Funds that refer to any registered mark or logo or other proprietary designation of the Sub-Adviser. Approval shall not be unreasonably withheld by the Investment Adviser and notice of approval or disapproval will be provided promptly by the Sub-Adviser and in any event within ten (10) business days of receipt of such material by the Sub-Adviser; if the Sub-Adviser has not objected to such use within such period, it will be deemed to have approved such use. Upon termination of this Agreement, the Trust and the Investment Adviser shall cease to use such registered marks, logos or other proprietary designations of the Sub-Adviser and the license contained herein shall terminate.

The Trust and the Sub-Adviser acknowledge that the Investment Adviser or its affiliates own all right, title and interest in and to the name, trademark and service marks and own (or will own prior to use) all other tradenames, trademarks and service marks that may be used by the Investment Adviser in performing its obligations under this Agreement (collectively the "Investment Adviser Licensed Marks"). The Investment Adviser hereby grants to the Sub-Adviser and its affiliates a non-exclusive, royalty-free, worldwide license to use the Investment Adviser Licensed Marks in connection with Sub-Adviser's performance of the services contemplated under this Agreement, subject to the terms and conditions set forth in this Agreement. The Sub-Adviser shall submit to the Investment Adviser for its review all such public informational materials relating to the Funds, the Investment Adviser or the services provided by the Sub-Adviser under this Agreement or that refer to any registered mark or logo or other proprietary designation of the Investment Adviser or the Trust. Approval shall not be unreasonably withheld by the Investment Adviser and notice of approval or disapproval will be provided promptly and in any event within ten (10) business days of receipt of such material by the Investment Adviser; if the Investment Adviser has not objected to such use within such period, it will be deemed to have approved such use. Upon termination of this Agreement, the Sub-Adviser shall cease to use such registered marks, logos or other proprietary designations of the Investment Adviser and the Trust and the license contained herein shall terminate.

Notwithstanding the foregoing, the approval of a party shall not be required for the use of its name by any other party which (a) merely refers in accurate or factual terms to the name of such party in connection with its role with respect to the Trust or the Fund, or (b) is required by any regulatory, governmental or judicial authority.

15. <u>Representations and Warranties</u>. Each party represents and warrants to the others that: (a) it is duly organized, validly existing, and in good standing under the laws of the state of its organization and has full power, authority, and legal right to execute, deliver, and perform its duties and comply with its obligations under this Agreement; and (b) there are no actions, suits or proceedings by or before any court, administrative panel or other governmental authority pending, or to its knowledge threatened, against it which could reasonably be expected to materially impair its ability to carry out the terms of this Agreement. Each of the Investment Adviser and Sub-Adviser represents and warrants to the other parties that: (c) it is duly registered as an investment adviser under the Advisers Act and will remain duly registered as an investment adviser under all applicable federal and state securities laws; (d) it shall perform its obligations hereunder in accordance with the 1940 Act and all other applicable laws; (e) it is not disqualified pursuant to Section 9(a) of the 1940 Act to be an investment adviser to investment companies registered under the 1940 Act; and (f) the Form ADV provided by such party to the others is a true and complete copy of the form, including that part or parts of the Form ADV filed with the SEC, that part or parts maintained in the records of such party, and/or that part or parts provided or offered to clients, in each case as required under the Advisers Act and rules thereunder, and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading. The Sub-Adviser further represents and warrants that it is duly registered as a commodity trading adviser under the CEA, will remain duly registered as a commodity trading adviser under all applicable federal and state securities laws, and will perform its obligations in accordance with the CEA and rules and regulations promulgated thereunder.

16. <u>Arbitration</u>. In the event of any dispute arising out of or relating to this Agreement, the parties agree that the dispute will be resolved by final and binding arbitration under the Commercial Arbitration Rules of the American Arbitration Association. The arbitration shall take place before a panel of three arbitrators in New York, New York and shall be governed by the internal laws of the State of New York. Within 30 days after the commencement of the arbitration, each party shall designate in writing a single independent arbitrator. The two arbitrators designated by the parties shall then select a third arbitrator. Each arbitrator shall have a background in either investment advisory services, actuarial science or law. The arbitrators shall have the authority to permit limited discovery, including depositions, prior to the arbitration hearing, and such discovery shall be conducted consistent with the Federal Rules of Civil Procedure. The arbitrators may, in their discretion, award the cost of the arbitration, including reasonable attorney fees, to the prevailing party. Any award made may be confirmed in any court having jurisdiction. Any arbitration shall be confidential, and except as required by law, neither party may disclose the content or results of any arbitration hereunder without the prior written consent of the other party, except that disclosure is permitted to a party's auditors, legal advisors and financial advisors.

The parties acknowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Arbitration is final and binding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· They are waiving their right to seek remedies in court, including
the right to a jury trial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pre-arbitration discovery is more limited than and different
from court proceedings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The arbitration award is not required to include factual findings
or legal reasoning, and a party's right to appeal or seek modifications of the award are strictly limited.

The parties acknowledge and agree that this Section 16 is applicable to disputes or claims brought by the parties to this Agreement and shall not be applicable to (i) shareholder litigation brought either directly or indirectly by shareholders of a Fund and (ii) claims that may not be subject to arbitration pursuant to federal, state or other laws, regulations or rules promulgated thereunder.

17. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Amendments</u>. This Agreement may be amended by mutual consent of the parties, *provided* that the terms of any material amendment with respect to any Fund shall be approved by (a) the Board or a vote of the majority of the outstanding voting securities of such Fund as required by the 1940 Act (subject to any applicable rule, regulation, or exemptive order, no-action assurance or other relief), and (b) the vote of a majority of those Trustees of the Trust who are not interested persons of any party to this Agreement at a meeting called for the purpose of voting on such approval, if such approval is required by applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Entire Agreement</u>. This Agreement, together with all exhibits, schedules and attachments, and SOWs contain the entire understanding and agreement of the parties with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Headings</u>. The headings in this Agreement are inserted for convenience of reference only and shall not constitute part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Notices</u>. Any notice required or permitted to be sent under this Agreement shall be given to the following persons at the following addresses and email addresses, or such other persons, addresses or email addresses as the party receiving such notices or communications may subsequently direct in writing:

If to the Investment Adviser or the Trust:

Innovator Capital Management LLC<br> 200 W. Front Street

Wheaton, IL 60167 <br> Attention: Bryon Lake <br> Email: Bryon.lake@gs.com

If to the Sub-Adviser:

Milliman Financial Risk Management LLC<br> 71 S. Wacker Drive, 31st Floor

Chicago, IL 60606

Attention: Adam Schenck, Managing Director <br> Email: adam.schenck@milliman.com

cc: Cassandra Becker, Practice Counsel (email: cassandra.becker@milliman.com)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Severability</u>. Should any provision of this Agreement be held or made invalid by a court decision, statute, rule, or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York (without regard to principles of conflicts of laws) and any of the applicable provisions of the 1940 Act. In the case of any conflict, the 1940 Act shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Waiver</u>. Any failure or delay by any party to enforce at any time any of the provisions of this Agreement or to exercise any right or option which is herein provided, or to require at any time the performance of any of the provisions hereof, shall in no way be construed to be a waiver of such provision of this Agreement. No waiver of any right or remedy under this Agreement shall be deemed to be a waiver of any other or subsequent right or remedy under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Assignment</u>. No party may assign, transfer, or delegate any of its rights or obligations relating to this Agreement (including, without limitation, interests or claims relating to this Agreement) without the prior written consent of the other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Interpretation</u>. Any question of interpretation of any term or provision of this Agreement having a counterpart or otherwise derived from a term or provision of the 1940 Act shall be resolved by reference to such term or provision of the 1940 Act and to interpretations thereof, if any, by the United States courts or by rules, regulations or orders of the United States Securities and Exchange Commission under the 1940 Act. Specifically, the terms "vote of a majority of the outstanding voting securities," "interested persons," "assignment" and "affiliated persons," as used herein shall have their respective meanings as set forth in the 1940 Act. In addition, where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is altered by a rule, regulation, or exemptive order, no-action assurance or other relief, such provision shall be deemed to incorporate the effect of such rule, regulation, or exemptive order, no-action assurance or other relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. <u>Counterparts</u>. This Agreement may be executed by the parties in separate counterparts, each of which when so executed and delivered shall be an original but all of which taken together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. <u>Survival of Terms</u>. Sections 3f, 3o, 3q, 6, 10, 11, 12, 14, 15, and 16 shall survive the termination or other expiration of this Agreement; *provided, however,* that all of the provisions of this Agreement shall survive the termination or other expiration of this Agreement with respect to any obligation accruing or arising before such termination or other expiration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. <u>Limitation of Shareholder, Trustee and Officer Liability</u>. The parties acknowledge and agree that the Trustees and Officers of the Trust and the shareholders of any Fund shall not be liable for any obligations of the Trust or of any Fund under this Agreement, and each party agrees that, in asserting any rights or claims under this Agreement with respect to a Fund, it shall look only to the assets and property of such Fund to which such party's rights or claims relate in settlement of such rights or claims, and not to the assets and property of any other Fund, the Trustees or Officers of the Trust or the shareholders of the Funds.

*(Signature page follows)*

 

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed in duplicate original by their duly authorized officers.

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| | |
|:---|:---|
| **INNOVATOR CAPITAL MANAGEMENT, LLC** | **INNOVATOR CAPITAL MANAGEMENT, LLC** |
| By: | /s/ Bryon Lake |
| Name: | Bryon Lake |
| Title: | President |

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| | |
|:---|:---|
| **INNOVATOR ETFS<sup>®</sup> TRUST** | **INNOVATOR ETFS<sup>®</sup> TRUST** |
| on behalf of the Funds listed on Schedule A | on behalf of the Funds listed on Schedule A |
| By: | /s/ James A. McNamara |
| Name: | James A. McNamara |
| Title: | President, Principal Executive Officer and Trustee |

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| | |
|:---|:---|
| **MILLIMAN FINANCIAL RISK MANAGEMENT LLC** | **MILLIMAN FINANCIAL RISK MANAGEMENT LLC** |
| By: | /s/ Adam Schenck |
| Name: | Adam Schenck |
| Title: | Principal & Managing Director |

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**Milliman Sub-Advisory Investment Management Agreement**

**Schedule A**

**List of Funds**

Innovator Buffer Step Up Strategy ETF<sup>®</sup> Innovator Defined Wealth Shield ETF

Innovator Emerging Markets Power Buffer ETFÔ – January<br> Innovator Emerging Markets Power Buffer ETFÔ – April <br> Innovator Emerging Markets Power Buffer ETFÔ – July <br> Innovator Emerging Markets Power Buffer ETFÔ – October<br> Innovator Equity Autocallable Income Strategy ETF <br> Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr February<br> Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr April <br> Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr June

Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to April 2026<br> Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to April 2027<br> Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to October 2027<br> Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to January 2028

Innovator Equity Dual Directional 5 Buffer ETF™ – Quarterly<br> Innovator Equity Dual Directional 10 Buffer ETF™ – January<br> Innovator Equity Dual Directional 10 Buffer ETF™ – February<br> Innovator Equity Dual Directional 10 Buffer ETF™ – March<br> Innovator Equity Dual Directional 10 Buffer ETF™ – April<br> Innovator Equity Dual Directional 10 Buffer ETF™ – November

Innovator Equity Dual Directional 15 Buffer ETF™ – January

Innovator Equity Dual Directional 15 Buffer ETF™ – February

Innovator Equity Dual Directional 15 Buffer ETF™ – March

Innovator Equity Dual Directional 15 Buffer ETF™ – April

Innovator Equity Dual Directional 15 Buffer ETF™ – September

Innovator Equity Dual Directional 15 Buffer ETF™ – October

Innovator Equity Dual Directional 15 Buffer ETF™ – December

Innovator Equity Premium Income – Daily PutWrite ETF

Innovator Growth Accelerated Plus ETF<sup>®</sup> – April

Innovator Growth-100 Dual Directional 5 Buffer ETF - Quarterly

Innovator Growth-100 Power Buffer ETFÔ – January

Innovator Growth-100 Power Buffer ETFÔ – February

Innovator Growth-100 Power Buffer ETFÔ – March

Innovator Growth-100 Power Buffer ETFÔ – May

Innovator International Developed Power Buffer ETFÔ – January

Innovator International Developed Power Buffer ETFÔ – April

Innovator International Developed Power Buffer ETFÔ – May

Innovator International Developed Power Buffer ETFÔ – June

Innovator International Developed Power Buffer ETFÔ – July

Innovator International Developed Power Buffer ETFÔ – August

Innovator International Developed Power Buffer ETFÔ – September

Innovator International Developed Power Buffer ETFÔ – October

Innovator International Developed Power Buffer ETFÔ – November

Innovator International Developed Power Buffer ETFÔ – December

Innovator Nasdaq-100<sup>®</sup> 10 Buffer ETFÔ – Quarterly

Innovator Premium Income 20 Barrier ETF<sup>®</sup> – April

Innovator Premium Income 20 Barrier ETF<sup>®</sup> – October

Innovator Premium Income 30 Barrier ETF<sup>®</sup> – October

Innovator U.S. Equity 5 to 15 Buffer ETFÔ – Quarterly

Innovator U.S. Equity 10 Buffer ETFÔ – Quarterly

Innovator U.S. Equity Accelerated ETF<sup>®</sup> – Quarterly

Innovator U.S. Equity Accelerated 9 Buffer ETFÔ – April

Innovator U.S. Equity Accelerated 9 Buffer ETFÔ – July

Innovator U.S. Equity Accelerated Plus ETF<sup>®</sup> – April

Innovator U.S. Equity Accelerated Plus ETF<sup>®</sup> – October

Innovator U.S. Equity Buffer ETFÔ – January

Innovator U.S. Equity Buffer ETFÔ – February

Innovator U.S. Equity Buffer ETFÔ – March

Innovator U.S. Equity Buffer ETFÔ – April

Innovator U.S. Equity Buffer ETFÔ – May

Innovator U.S. Equity Buffer ETFÔ – June

Innovator U.S. Equity Buffer ETFÔ – July

Innovator U.S. Equity Buffer ETFÔ – August

Innovator U.S. Equity Buffer ETFÔ – September

Innovator U.S. Equity Buffer ETFÔ – October

Innovator U.S. Equity Buffer ETFÔ – November

Innovator U.S. Equity Buffer ETFÔ – December

Innovator U.S. Equity Power Buffer ETFÔ – January

Innovator U.S. Equity Power Buffer ETFÔ – February

Innovator U.S. Equity Power Buffer ETFÔ – March

Innovator U.S. Equity Power Buffer ETFÔ – April

Innovator U.S. Equity Power Buffer ETFÔ – May

Innovator U.S. Equity Power Buffer ETFÔ – June

Innovator U.S. Equity Power Buffer ETFÔ – July

Innovator U.S. Equity Power Buffer ETFÔ – August

Innovator U.S. Equity Power Buffer ETFÔ – September

Innovator U.S. Equity Power Buffer ETFÔ – October

Innovator U.S. Equity Power Buffer ETFÔ – November

Innovator U.S. Equity Power Buffer ETFÔ – December

Innovator U.S. Equity Ultra Buffer ETFÔ – January

Innovator U.S. Equity Ultra Buffer ETFÔ – February

Innovator U.S. Equity Ultra Buffer ETFÔ – March

Innovator U.S. Equity Ultra Buffer ETFÔ – April

Innovator U.S. Equity Ultra Buffer ETFÔ – June

Innovator U.S. Equity Ultra Buffer ETFÔ – August

Innovator U.S. Equity Ultra Buffer ETFÔ – September

Innovator U.S. Equity Ultra Buffer ETFÔ – October

Innovator U.S. Equity Ultra Buffer ETFÔ – November

Innovator U.S. Equity Ultra Buffer ETFÔ – December

Innovator U.S. Small Cap 10 Buffer ETFÔ – Quarterly

Innovator U.S. Small Cap Power Buffer ETFÔ – July

Innovator U.S. Small Cap Power Buffer ETFÔ – August

Innovator U.S. Small Cap Power Buffer ETFÔ – September

Innovator U.S. Small Cap Power Buffer ETFÔ – December

**Schedule B**

<u>Funds and Fee Schedule</u>

The Adviser shall compensate the Sub-Adviser for services rendered to a Fund at the specified annual rate for all Funds in Schedule A as set forth in the table below and otherwise in accordance with the terms of this Agreement:

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| | |
|:---|:---|
| **Aggregate Assets** | **Fee** |
| First $5 billion | 12 basis points |
| Next $5 billion | 10 basis points |
| Next $5 billion | 8 basis points |
| Greater than $15 billion | 6 basis points |

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## Ex-99.(D)(8)

**Exhibit (d)(8)**

**Milliman Sub-Advisory Investment Management Agreement**

**Schedule A**

**List of Funds**

Innovator Buffer Step Up Strategy ETF<sup>®</sup>

 Innovator Defined Wealth Shield ETF

Innovator Emerging Markets Power Buffer ETFÔ – January

Innovator Emerging Markets Power Buffer ETFÔ – April

Innovator Emerging Markets Power Buffer ETFÔ – July

Innovator Emerging Markets Power Buffer ETFÔ – October

Innovator Equity Autocallable Income Strategy ETF

Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr February

Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr April

Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr June

Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to April 2026

Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to April 2027

Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to October 2027

Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to January 2028

Innovator Equity Dual Directional 5 Buffer ETF™ – Quarterly

Innovator Equity Dual Directional 10 Buffer ETF™ – January

Innovator Equity Dual Directional 10 Buffer ETF™ – February

Innovator Equity Dual Directional 10 Buffer ETF™ – March

Innovator Equity Dual Directional 10 Buffer ETF™ – April

Innovator Equity Dual Directional 10 Buffer ETF™ – November

Innovator Equity Dual Directional 15 Buffer ETF™ – January

Innovator Equity Dual Directional 15 Buffer ETF™ – February

Innovator Equity Dual Directional 15 Buffer ETF™ – March

Innovator Equity Dual Directional 15 Buffer ETF™ – April

Innovator Equity Dual Directional 15 Buffer ETF™ – September

Innovator Equity Dual Directional 15 Buffer ETF™ – October

Innovator Equity Dual Directional 15 Buffer ETF™ – December

Innovator Equity Premium Income – Daily PutWrite ETF

Innovator Growth Accelerated Plus ETF<sup>®</sup> – April

Innovator Growth-100 Dual Directional 5 Buffer ETF - Quarterly

Innovator Growth-100 Power Buffer ETFÔ – January

Innovator Growth-100 Power Buffer ETFÔ – February

Innovator Growth-100 Power Buffer ETFÔ – March

Innovator Growth-100 Power Buffer ETFÔ – May

Innovator International Developed Power Buffer ETFÔ – January

Innovator International Developed Power Buffer ETFÔ – April

Innovator International Developed Power Buffer ETFÔ – May

Innovator International Developed Power Buffer ETFÔ – June

Innovator International Developed Power Buffer ETFÔ – July

Innovator International Developed Power Buffer ETFÔ – August

Innovator International Developed Power Buffer ETFÔ – September

Innovator International Developed Power Buffer ETFÔ – October

Innovator International Developed Power Buffer ETFÔ – November

Innovator International Developed Power Buffer ETFÔ – December

Innovator Nasdaq-100<sup>®</sup> 10 Buffer ETFÔ – Quarterly

Innovator Premium Income 20 Barrier ETF<sup>®</sup> – April

Innovator Premium Income 20 Barrier ETF<sup>®</sup> – October

Innovator Premium Income 30 Barrier ETF<sup>®</sup> – October

Innovator U.S. Equity 5 to 15 Buffer ETFÔ – Quarterly

Innovator U.S. Equity 10 Buffer ETFÔ – Quarterly

Innovator U.S. Equity Accelerated ETF<sup>®</sup> – Quarterly

Innovator U.S. Equity Accelerated 9 Buffer ETFÔ – April

Innovator U.S. Equity Accelerated 9 Buffer ETFÔ – July

Innovator U.S. Equity Accelerated Plus ETF<sup>®</sup> – April

Innovator U.S. Equity Accelerated Plus ETF<sup>®</sup> – October

Innovator U.S. Equity Buffer ETFÔ – January

Innovator U.S. Equity Buffer ETFÔ – February

Innovator U.S. Equity Buffer ETFÔ – March

Innovator U.S. Equity Buffer ETFÔ – April

Innovator U.S. Equity Buffer ETFÔ – May

Innovator U.S. Equity Buffer ETFÔ – June

Innovator U.S. Equity Buffer ETFÔ – July

Innovator U.S. Equity Buffer ETFÔ – August

Innovator U.S. Equity Buffer ETFÔ – September

Innovator U.S. Equity Buffer ETFÔ – October

Innovator U.S. Equity Buffer ETFÔ – November

Innovator U.S. Equity Buffer ETFÔ – December

Innovator U.S. Equity Power Buffer ETFÔ – January

Innovator U.S. Equity Power Buffer ETFÔ – February

Innovator U.S. Equity Power Buffer ETFÔ – March

Innovator U.S. Equity Power Buffer ETFÔ – April

Innovator U.S. Equity Power Buffer ETFÔ – May

Innovator U.S. Equity Power Buffer ETFÔ – June

Innovator U.S. Equity Power Buffer ETFÔ – July

Innovator U.S. Equity Power Buffer ETFÔ – August

Innovator U.S. Equity Power Buffer ETFÔ – September

Innovator U.S. Equity Power Buffer ETFÔ – October

Innovator U.S. Equity Power Buffer ETFÔ – November

Innovator U.S. Equity Power Buffer ETFÔ – December

Innovator U.S. Equity Ultra Buffer ETFÔ – January

Innovator U.S. Equity Ultra Buffer ETFÔ – February

Innovator U.S. Equity Ultra Buffer ETFÔ – March

Innovator U.S. Equity Ultra Buffer ETFÔ – April

Innovator U.S. Equity Ultra Buffer ETFÔ – June

Innovator U.S. Equity Ultra Buffer ETFÔ – August

Innovator U.S. Equity Ultra Buffer ETFÔ – September

Innovator U.S. Equity Ultra Buffer ETFÔ – October

Innovator U.S. Equity Ultra Buffer ETFÔ – November

Innovator U.S. Equity Ultra Buffer ETFÔ – December

Innovator U.S. Small Cap 10 Buffer ETFÔ – Quarterly

Innovator U.S. Small Cap Power Buffer ETFÔ – July

Innovator U.S. Small Cap Power Buffer ETFÔ – August

Innovator U.S. Small Cap Power Buffer ETFÔ – September

Innovator U.S. Small Cap Power Buffer ETFÔ – December

## Ex-99.(D)(9)

**Exhibit (d)(9)**

**INNOVATOR ETFS<sup>®</sup> TRUST <br> SUB-ADVISER**

**INVESTMENT ADVISORY AGREEMENT**

THIS INVESTMENT ADVISORY AGREEMENT, dated and effective as of the 1<sup>st</sup> day of April, 2026, is made and entered into by and among Innovator Capital Management, LLC, Delaware liability company (the "Investment Adviser"), Innovator ETFs<sup>®</sup> Trust (formerly, Academy Funds Trust), a Delaware Statutory Trust (the "Trust"), and Parametric Portfolio Associates LLC a Delaware limited liability company (the "Sub-Adviser").

W I T N E S S E T H

WHEREAS, the Trust is registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Investment Adviser and the Sub-Adviser are registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and are engaged in the business of providing investment advisory and related services to certain investment companies and other clients; and

WHEREAS, the Investment Adviser is the investment adviser to the Trust pursuant to an investment advisory agreement with the Trust (the "Investment Advisory Agreement"); and

WHEREAS, the Investment Adviser and the Board of Trustees of the Trust (the "Board") desire to retain the Sub-Adviser to render investment advisory services to the investment portfolios of the Trust listed on <u>Schedule A</u>, as amended from time to time (each, a "Fund" and together, the "Funds"), in a manner and on the terms hereinafter set forth.

NOW, THEREFORE, in consideration of the promises and the mutual undertakings set forth in this Agreement, the parties covenant and agree as follows:

1. <u>Appointment</u>. The Investment Adviser and the Trust hereby appoint the Sub-Adviser to provide certain sub-advisory services to the Funds subject to the supervision of the Investment Adviser and the Board, and in accordance with the terms and conditions of this Agreement. The Sub-Adviser will be an independent contractor and will have no authority to act for or represent the Trust or the Investment Adviser in any way or otherwise be deemed an agent of the Trust or the Investment Adviser except as expressly authorized in this Agreement or another writing by the Trust, the Investment Adviser and the Sub-Adviser. The Sub-Adviser accepts such appointment and agrees to furnish the services herein set forth for the compensation herein provided.

2. <u>Structure</u>. This Agreement contemplates future execution by the Trust, Investment Adviser and Sub-Adviser of one more statements of work relating to the Funds (each such statement of work, an "SOW" and collectively, the "SOWs"). Each SOW shall be effective when executed by an authorized representative of each of the Trust, the Investment Adviser and the Sub-Adviser. The terms of this Agreement shall be deemed to be incorporated into each SOW and the terms and conditions set forth in this Agreement shall govern Sub-Adviser's provision of Services under a SOW, except for provisions in this Agreement that are specifically excluded or modified in such SOW, which shall include a reference to the applicable section in this Agreement being excluded or modified; *provided, however,* that such exclusion or modification shall only be applicable to such SOW.

3. <u>Services</u>. As a sub-adviser to the Funds, the Sub-Adviser will furnish an investment program and manage the investment and reinvestment of that portion of the assets of each Fund allocated to the Sub-Adviser by the Investment Adviser (the "Sub-Advised Assets") and determine the composition of such assets, subject always to the supervision of the Investment Adviser and the Board. As part of, or associated with, the services provided hereunder the Sub-Adviser will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Implement the investment program of the Funds with respect to the Sub-Advised Assets by making all decisions in regards to the purchase, retention and sale of securities and other investments on behalf of the Funds necessary to implement the sub-advisory services authorized by this Agreement. The Sub-Adviser will provide, at its own expense, all necessary investment and management facilities and investment personnel, including salaries, expenses and fees of any personnel required for it to faithfully perform its duties under this Agreement, and all administrative facilities, including bookkeeping, clerical personnel and equipment, necessary for the efficient conduct of its duties under this Agreement. The Investment Adviser will provide the Sub-Adviser with reasonable advance notice of any change in a Fund's investment objectives, policies and restrictions as stated in each Fund's Prospectus and Statement of Additional Information (together, the "Registration Statement"). Provided the Sub-Adviser has received prompt notice of the effectiveness of such changes from the Trust or the Investment Adviser, the Sub-Adviser shall manage the Sub-Advised Assets consistent with such changes. The Sub-Adviser will maintain and adhere to an investment policy reviewed and approved by the Investment Adviser and provide Investment Adviser with notice of any material changes to its ability to implement such investment policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Comply with the provisions of the Trust's Declaration of Trust and By-Laws, as amended from time to time, all relevant disclosures in each Fund's Registration Statement (including, without limitation, each Fund's stated objectives, policies, strategies, risks, restrictions, results, fees, trading policies and costs, potential conflicts, valuation and description of management), as may be amended from time to time, and any other written policies and restrictions as are communicated to it by the Investment Adviser. The Sub-Adviser shall be responsible for reviewing each Fund's Registration Statement to confirm that there is no material misstatement or omission in the disclosures therein relating to the Sub-Adviser or to the services provided by Sub-Adviser to the Funds from time to time; the Investment Adviser shall be responsible for ensuring that the Sub-Adviser is provided with a copy of each Registration Statement and any other relevant materials with reasonable advance notice prior to filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Comply with, the provisions of (i) the 1940 Act, (ii) the Advisers Act, (iii) the Internal Revenue Code of 1986, as amended (the "Code"), (iv) the Commodity Exchange Act (the "CEA") and (v) all other applicable state and federal securities and other laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Monitor the performance of the Sub-Advised Assets on a continuous basis and conduct a continuous program of investment, evaluation and, if appropriate, sale and reinvestment of the Sub-Advised Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Prepare and maintain such books and records with respect to the Sub-Advised Assets and securities transactions with respect to such assets as required by the Trust's compliance policies and procedures and by applicable laws, including but not limited to the 1940 Act, the Advisers Act and the CEA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Furnish the Investment Adviser, the Trust's chief compliance officer and the Board such periodic reports, special reports and certifications as the Investment Adviser and the Sub-Adviser may mutually agree. Without limiting the generality of the foregoing, these reports will include information sufficient for the Investment Adviser to perform periodic tests of the Funds' compliance with applicable laws and regulations, applicable accounting regulations and standards, and Sub-Chapter M and, to the extent applicable, Section 817 of the Code. The Sub-Adviser will provide the Investment Adviser and the Board with financial and profitability information relative to the Funds of the Sub-Adviser, or of its parent company, where relevant, as well as reasonable information relating to investment management fees charged to other registered investment company clients utilizing similar products and services to those contemplated by this Agreement, and other information reasonably required to assist the Board in reviewing the terms of Sub-Adviser's contract in accordance with applicable laws and regulations then in effect. The parties agree that the information described in this subsection will be prepared solely for the use and benefit of the Investment Adviser and the Board in accordance with statutory and regulatory requirements. Sub-Adviser recognizes that materials it delivers to the Investment Adviser and the Board may be public records subject to disclosure to third parties, however, Sub-Adviser does not intend to benefit and assumes no duty or liability to any third parties who receive Sub-Adviser's work and may include disclaimer language on its work product so stating. To the extent that Sub-Adviser's work is not subject to public disclosure, Investment Adviser agrees that it shall not disclose Sub-Adviser's work product to third parties without Sub-Adviser's prior written consent; *provided, however,* that the Investment Adviser, the Board, and the Fund may distribute Sub-Adviser's work to (i) professional service providers who are subject to a duty of confidentiality and who agree to not use Sub-Adviser's work product for any purpose other than to provide services to the Investment Adviser, the Board, or the Fund, or (ii) any applicable regulatory or governmental agency, as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Report regularly to the Investment Adviser and the Board as reasonably agreed between the Investment Adviser and the Sub-Adviser and make appropriate persons available for the purpose of reviewing with representatives of the Investment Adviser and the Board on a regular basis, at reasonable times agreed to by the Investment Adviser and the Sub-Adviser, the management of the Funds, including, without limitation, review of the general investment strategies of the Funds, the performance of the Funds and the performance and investments of the Sub-Advised Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Provide periodic performance analysis and market commentary with respect to the Sub-Advised Assets, if requested, to the Investment Adviser and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Provide pricing information to the Trust and the Investment Adviser with respect to the Sub-Advised Assets to assist the Trust in making determinations of the fair value of the Sub-Advised Assets when market quotations are not readily available for the purpose of calculating a Fund's net asset value in accordance with the procedures and methods established for the Funds, if such information is reasonably available to the Sub-Adviser. If the Sub-Adviser believes a valuation provided by a pricing service for an investment it has purchased for a Fund is materially inaccurate or is not indicative of the value of the investment, the Sub-Adviser will promptly notify the Investment Adviser. The Investment Adviser acknowledges that the Trust's Board, with the assistance of the Investment Adviser (and not Sub-Adviser) is responsible for pricing the Funds' investments and the Funds' daily net asset value. However, Sub-Adviser agrees, as may be requested by the Investment Adviser, the Trust's chief compliance officer and/or the Board, to support the duties of the Trust's valuation committee (as the Board's valuation designee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Maintain a Code of Ethics which shall comply in all material respects with Rule 17j-1 under the 1940 Act. The Sub-Adviser, on its own behalf, and with respect to its Access Persons (as defined in Rule 17j-1), agrees to observe and comply with Rule l7j-1 and its Code of Ethics, as the same may be amended from time to time. On at least an annual basis, the Sub-Adviser will comply with the reporting requirements of Rule 17j-1, which include (i) certifying to the Investment Adviser and the Trust that the Sub-Adviser and its Access Persons have complied with the Sub-Adviser's Code of Ethics with respect to the Sub-Advised Assets and (ii) identifying any violations of such Code of Ethics which have occurred with respect to the Sub-Advised Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Maintain, implement and evaluate the effectiveness of written policies and procedures, as required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations of the Advisers Act by the Sub-Adviser, its employees, officers and agents, and as applicable under Rule 38a-1 under the 1940 Act or otherwise may be required under the exchange-listing requirements of the exchange where one or more of the Funds are listed. The Sub-Adviser's chief compliance officer ("Sub-Adviser CCO") shall promptly provide to the Trust's chief compliance officer or his or her delegate, unless otherwise designated a shorter period of time under applicable rule or regulatory guidance, within 30 days of the occurance of such event the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. a report of any material changes to the Sub-Adviser Compliance Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. a report of any "material compliance matters," as defined by Rule 38a-1 under the 1940 Act and Rule 206(4)-7 under the Advisers Act, that have occurred in connection with the Sub-Adviser Compliance Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. a copy of the Sub-Adviser CCO's report with respect to the annual review of the Sub-Adviser Compliance Policies pursuant to Rule 206(4)-7 under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. an annual (or more frequently as the Trust may request) certification regarding the Sub-Adviser's compliance with Rule 206(4)-7 under the Advisers Act and Section 38a-1 of the 1940 Act as well as the foregoing sub-paragraphs (i) - (iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Furnish the Investment Adviser, the Trust's chief compliance officer and the Board such information as is necessary and/or as may be reasonably requested by the Investment Adviser, the Trust's chief compliance officer and/or the Board, to monitor and report under a Fund's derivative risk management program ("DRMP") pursuant to Rule 18f-4 of the 1940 Act. If determined by the Board and the Trust, the Sub-Adviser will make appropriate personnel available to consult with the Trust's derivatives risk management committee with respect to any such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Maintain, implement and evaluate the effectiveness of written policies and procedures, as may be required by Rule 6c-l l (the "ETF Rule"), including a set of written basket management policies and procedures consistent with the Trust's policies and procedures for same. The Sub-Adviser will also furnish the Investment Adviser, the Trust's chief compliance officer and the Board such information as reasonably requested for purposes of monitoring and reporting under the ETF Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. In consultation with the Investment Adviser select futures commission merchants ("FCMs") and brokers or dealers ("Brokers") and open accounts with such FCMs and Brokers on behalf of the Funds, and place orders for the investment and reinvestment of the Sub-Advised Assets through such FCMs and Brokers, and negotiate commissions on such orders (collectively, "brokerage transactions"), if applicable. The Sub-Adviser is authorized to select the Brokers that will execute the purchases and sales of portfolio investments for the Funds, and is directed to use its commercially reasonable efforts to obtain best execution, which includes most favorable net results and execution of a Fund's orders, taking into account all appropriate factors, including price, dealer spread or commission, size and difficulty of the transaction and research or other services provided. Subject to approval by the Board of Trustees and compliance with the policies and procedures adopted by the Board of Trustees for the Funds and to the extent permitted by and in conformance with applicable law (including Rule l7e-1 under the 1940 Act), the Sub-Adviser may select Brokers affiliated with the Sub-Adviser. The Sub-Adviser will seek to place brokerage transactions for the Funds in accordance with the Funds' policies and practices. The Investment Adviser understands that, in directing the use of a particular FCM or Broker for all or a portion of the trades executed in the Funds' account, with respect to the percentage of trades effected by such direction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Sub-Adviser will not have authority to negotiate commissions among various FCMs
or Brokers on a trade-by-trade basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Sub-Adviser will not have authority to obtain volume discounts from FCMs or Brokers
specifically on behalf of the Funds, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Sub-Adviser's obligation to seek best execution will be limited to the
terms of the trades it enters into with the designated FCM or Broker.

In addition, a disparity in commission charges may exist between the commissions charged to the Funds for such trades and those charged to Sub-Adviser's other clients.

If the Sub-Adviser becomes aware, from a reasonably credible source, of a potential problem with a Broker or FCM, its related parties or their associated controls (such as financial or liquidity problems or failure to appropriately segregate client assets) that, if true, could materially adversely affect any Fund, the Sub-Adviser shall promptly, and in any case within two (2) business days, notify the Investment Adviser of the nature of such potential problem. All securities and other property purchased or sold for the Funds shall remain in the direct or indirect custody of the Trust's custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. On occasions when the Sub-Adviser deems the purchase or sale of a security or other investment to be in the best interest of a Fund as well as other clients of the Sub-Adviser, the Sub-Adviser to the extent permitted by applicable law and regulations may, but shall be under no obligation to, aggregate the securities or other investments to be purchased or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the securities or other investments so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser in the manner the Sub-Adviser considers to be the most equitable and consistent with its fiduciary obligations to the Fund and its other clients. The Sub-Adviser shall maintain policies and procedures that are reasonably designed to fairly allocate and sequence trades among the Funds and its other clients and will provide the Investment Adviser with a copy of such policies and procedures and any material amendments thereto. The Sub-Adviser will not arrange purchases or sales of securities between a Fund and other accounts advised by the Sub-Adviser or its affiliates unless (a) such purchases or sales are in accordance with applicable law (including Rule 17a-7 under the 1940 Act) and the Fund's policies and procedures, (b) the Sub-Adviser determines the purchase or sale is in the best interests of the Fund, and (c) the Board of Trustees has approved these types of transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. On each business day provide to the Funds' custodian, accounting agent and Investment Adviser information relating to all transactions concerning each Fund's Sub-Advised Assets and any such additional information with respect to such assets that is reasonably requested by the Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. Cooperate with and provide reasonable assistance to the Board, the Investment Adviser, the Funds' custodian and foreign sub-custodians, the Funds' transfer agent, accounting agent, pricing agent independent auditors, collateral managers, FCMs and all other agents and representatives of the Trust or the Investment Adviser, and provide such information with respect to the Funds as any of them may reasonably request from time to time in the performance of their obligations to the Funds and the Investment Adviser, provide prompt responses to reasonable requests made by such persons and establish appropriate interfaces with each so as to promote the efficient exchange of information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. Not consult with any third party, including any other sub-adviser to a Fund or any other sub-adviser to any other portfolio of the Trust or to any other investment company or investment company series for which the Investment Adviser serves as its investment adviser, regarding transactions for any Fund in securities and other assets, unless necessary to effect such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. Maintain insurance coverages as may be required by applicable law or as agreed upon by the Sub-Adviser and the Investment Adviser in light of the Sub-Adviser's obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t. Be responsible for the maintenance and repair of any tool provided by the Sub-Adviser to the Investment Adviser to transmit portfolio level information to the Sub-Adviser for use with the services provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;u. Not take into account the investment of any other clients of the Sub-Adviser in the Funds when establishing pricing of services provided to such client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Will, to the extent the Fund is relying on an exemptive order, an amendment thereto, no-action assurances, or other relief, rule or regulation permitting, in general terms, the Fund to hire one or more sub-advisers or amend a sub-advisory agreement without shareholder approval, comply with any terms and conditions provided in such exemptive order, amendment thereto, no-action assurances, or other relief, rule or regulation applicable to it, so long as the Sub-Adviser has been promptly notified of such reliance and has been provided a copy of such exemptive order, amendment thereto, no action assurances or other relief, rule or regulation.

Investment Adviser shall be responsible for: (i) directing the manner in which proxies solicited by issuers of securities held in each Fund shall be voted and (ii) for making elections relative to any mergers, acquisitions, tender offers, bankruptcy proceedings and other types of events pertaining to Fund assets. Sub-Adviser shall not be responsible for: (i) directing the manner in which proxies solicited by issuers of securities held in each Fund shall be voted; or (ii) making elections relative to any mergers, acquisitions, tender offers, bankruptcy proceedings or other type events pertaining to Fund assets. If Sub-Adviser agrees to perform any of the services described in the preceding sentence, Investment Adviser shall instruct Fund custodians to forward to Sub-Adviser copies of all proxies and shareholder communications relating to Fund assets in a Fund.

4. <u>Compensation</u>. The Investment Adviser will pay the Sub-Adviser a sub-advisory fee with respect to the Funds on or before the tenth day of each month at the annual rate specified in <u>Schedule B</u> to this Agreement, as compensation for services rendered by the Sub-Adviser during the preceding month. Such fees shall be accrued daily and the daily rate shall be computed based on the actual number of days per year. For purposes hereof, the net assets of the Funds shall be determined in the manner set forth in the Trust's Declaration of Trust and Registration Statement on file with the United States Securities and Exchange Commission on Form N-1A. The Investment Adviser shall be solely responsible for paying any sub-advisory fees due and owing the Sub-Adviser and neither the Trust nor any Fund shall incur any liability for any such sub-advisory fees.

5. <u>Expenses</u>. During the term of this Agreement, the Sub-Adviser will pay all expenses incurred by it in connection with its activities under this Agreement, including, but not limited to (a) expenses of all necessary investment and management facilities and investment personnel, including salaries, expenses and fees of any personnel required for it to faithfully perform its duties under this Agreement, and (b) expenses of administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the Sub-Adviser's duties under this Agreement. The Sub-Adviser shall not be responsible for the Trust's or the Funds' expenses, including, but not limited to, the cost of securities, commodities and other investments purchased for a Fund and any losses incurred therewith, brokerage commissions and other transaction charges incurred in connection with such investments, and expenses of custody of such investments. The Sub-Adviser agrees to bear any and all reasonable costs and expenses directly arising in connection with any actual, proposed, expected or possible assignment of this Agreement (even if a proposed, expected or possible assignment ultimately does not take place). For the avoidance of doubt, without limiting the immediately preceding sentence, if there is a termination (or possible or anticipated termination) of this Agreement as a result of an assignment (or possible or anticipated assignment), then the Sub-Adviser shall bear, without limitation, (i) the reasonable expenses and costs incurred in connection with preparing, printing, filing and mailing an information statement or proxy statement, as applicable and (ii) if relevant, reasonable solicitation and other costs associated with the use of a proxy statement. The preceding two sentences, however, shall not apply in the event of an assignment or proposed assignment by the Investment Adviser, including any termination of this Agreement that results from an assignment of the Investment Advisory Agreement or this Agreement, in each case, arising from a change in control of the Investment Adviser.

Except as set forth in this Agreement to the contrary, neither the Investment Adviser, the Sub-Adviser, nor the Trust shall be responsible for any other party's expenses.

6. <u>Arrangements</u>. The Sub-Adviser may from time to time employ or associate with itself any person it believes to be particularly fitted to assist it in providing the services to be performed by the Sub-Adviser hereunder, *provided* that no such person shall perform any services with respect to the Funds which would constitute an assignment of this Agreement or require a written advisory agreement pursuant to the 1940 Act. Any compensation payable to such persons shall be the sole responsibility of the Sub-Adviser, and neither the Trust, the Funds nor the Investment Adviser shall have any obligations with respect thereto. Sub-Adviser shall notify the Investment Adviser and the Trust prior to engaging any third party to perform any portion of the services of the Sub-Adviser under this Agreement; *provided*, subject to Section 11 of this Agreement that Sub-Adviser may provide certain key advisory services hereunder through any wholly-owned subsidiary of the Sub-Adviser or affiliated entity under common control with the Sub-Adviser with prior disclosure and written notification to the Investment Adviser and the Trust describing such engagement; *provided further* that Sub-Adviser shall remain fully responsible for all services provided for the Sub-Adviser under this Agreement by any such third party or subsidiary.

7. <u>Services to Others</u>. The services of the Sub-Adviser to the Funds and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory or other services to others (including other investment companies) and to engage in other activities.

8. <u>Information Concerning the Sub-Adviser</u>. The Sub-Adviser will inform the Investment Adviser promptly of(a) any material changes in portfolio managers responsible for the assets managed by the Sub-Adviser on behalf of the Funds, (b) the departure from the Sub-Adviser's employ of any of the persons identified as "Key Personnel" or the incapacity of any such person to perform their work functions at a reasonable level for a period in excess of ninety (90) days (any such departure or incapacity, a "Key Personnel Departure"), (c) any proposed changes in the ownership or management of the Sub-Adviser, (d) any proposed material changes in the ownership of the Sub-Adviser's direct or indirect parent companies, (e) any proposed changes in the control of the Sub-Adviser, (f) the Sub-Adviser's failure to maintain its registration as an investment adviser under the Advisers Act, (g) any material compliance matters (as defined in Rule 38a-l under the 1940 Act) with respect to the Sub-Adviser and any material changes to the Sub-Adviser's policies and procedures related to its activities pursuant to this Agreement, including compliance and investment policies and procedures, (h) service upon the Sub-Adviser, or other receipt, of notice of any action, suit, proceeding, inquiry or investigation before any court, governmental entity, public board, or body involving the affairs of the Trust, the Funds, the Investment Adviser or the Sub-Adviser in relation to Sub-Adviser's obligations under this Agreement, (i) the initiation of any litigation that could materially impair Sub-Adviser's ability to perform its obligations under this Agreement or have a material impact on the reputation or operations of the Sub-Adviser, or (j) any other actions or circumstances that could materially impair the Sub-Adviser's ability to perform its obligations under this Agreement or prevent the lawful offer or sale of shares of any of the Funds. The Sub-Adviser shall further notify the Investment Adviser promptly upon detection of any material error in connection with its management of the Sub-Advised Assets, including but not limited to any trade errors. In the event of a material error, the Sub-Adviser shall also provide a memorandum to the Investment Adviser that sufficiently describes any such error and the action to be taken to prevent future occurrences of such error or, alternatively, a statement that the Sub-Adviser has reviewed the relevant controls, and has determined those controls are reasonably designed to prevent additional errors in the future (and, to the extent relevant, that such controls are reasonably designed to prevent violations of the federal securities laws), and as such no further action is required. Further, upon reasonable request the Sub-Adviser shall provide to the Investment Adviser and the Trust, or their agents, documents and information related to any error, its analysis and correction, which are reasonable and necessary to the parties to satisfactorily resolve the matter, and the correction of all errors impacting the applicable Fund must be corrected to the satisfaction of the Investment Adviser and the Trust.

9. <u>Regulation</u>. The Sub-Adviser shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports, or other material which any such body by reason of this Agreement may request or require pursuant to applicable laws and regulations.

10. <u>Records</u>. The records relating to the services provided by the Sub-Adviser under this Agreement shall be the property of the Trust and shall be under its control; however, the Trust shall furnish to the Sub-Adviser such records and permit the Sub-Adviser to retain such records (either in original or in duplicate form) as the Sub-Adviser shall reasonably require in order to carry out its duties. In the event of the termination of this Agreement, any such records in the possession or control of the Sub-Adviser shall promptly be returned to the Trust by the Sub-Adviser, free from any claim or retention of rights therein. The Investment Adviser will endeavor to give the Sub-Adviser adequate notice of a need to obtain any such records; however, in the event of a 'surprise' regulatory examination of the Trust or the Investment Adviser, the Sub-Adviser will make all requested records available at the Investment Adviser's place of business within two (2) business days of such request.

11. <u>Confidential Information</u>. Each party agrees on its behalf and on behalf of its affiliates that it shall exercise the same care that it uses to protect its own confidential and proprietary information, but no less than reasonable care, to protect the confidentiality of each other party's confidential and proprietary information. Each party further agrees that it will restrict access to each other party's confidential and proprietary information to those employees, board members and other service providers or agents of such party who will use the information for purposes of providing the services contemplated in this Agreement. Each party (the "disclosing party") will disclose such information of any other party to any other person (the "receiving party") only if the other party has authorized such disclosure or such disclosure is expressly required or requested by applicable federal or state regulatory authorities or other provisions of law. The foregoing shall not prevent a disclosing party from disclosing information to a receiving party that (a) has previously become or is generally known, unless it has become generally known through a breach of this Agreement or (to the knowledge of the disclosing party) a similar confidentiality or non-disclosure agreement; (b) was already rightfully known to the receiving party prior to being disclosed by or obtained from the disclosing party as evidenced by written records kept in the ordinary course of business of or by proof of actual use by the receiving party; (c) has been or is hereafter rightfully received by the receiving party from a third person without restriction or disclosure and without breach of a duty of confidentiality to the other party; or (d) has been independently developed by the receiving party without access to confidential or proprietary information of the other party. It will be presumed that any confidential and proprietary information in a receiving party's possession is not within exceptions (b), (c) or (d) above, and the burden will be upon the receiving party to prove otherwise by records and documentation. Sub-Adviser agrees that (i) any third party or subsidiary that provides services pursuant to Section 5 of this Agreement shall be subject to these confidentiality provisions and be provided with only the confidential and proprietary information necessary for it to perform such services and (ii) Sub-Adviser will remain responsible for the breach of this provision by such third party or subsidiary.

12. <u>Liability and Indemnity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>The Sub-Adviser</u>. Except as may otherwise be provided by the 1940 Act or any other federal securities law, the Sub-Adviser shall not be liable for any losses, claims, damages, liabilities or litigation (including legal and other expenses) incurred or suffered by the Investment Adviser or the Trust as a result of any error of judgment or mistake of law by the Sub-Adviser with respect to a Fund, except that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Sub-Adviser for, and the Sub-Adviser shall indemnify and hold harmless the Trust, the Investment Adviser, all affiliated persons thereof and all controlling persons thereof (as described in Section 15 of the Securities Act of 1933) (collectively, the "Investment Adviser Indemnitees") against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Investment Adviser Indemnitees may become subject under the Securities Act of 1933, the 1940 Act, the Advisers Act, the CEA or under any other statute, at common law or otherwise arising out of or based on (a) any willful misconduct, bad faith, reckless disregard or gross negligence of the Sub-Adviser in the performance of any of its duties or obligations under this Agreement or (b) any untrue statement of a material fact contained in a Fund's Registration Statement, proxy materials, reports, advertisements, sales literature, or other materials pertaining to a Fund, or the omission to state therein a material fact known to the Sub-Adviser which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished in writing to the Investment Adviser or the Trust by a Sub-Adviser Indemnitee (as defined below) for use therein. Federal and state securities laws impose liabilities under certain circumstances on persons who act in good faith, and nothing in this Agreement shall in any way constitute a waiver or limitation of any rights that any party may have under any such laws.

If indemnification is sought pursuant to this Section 11 a, then the Investment Adviser Indemnitees shall promptly notify the Sub-Adviser of the assertion of any claim or the commencement of any action or proceeding in respect thereof and will keep the Sub-Adviser advised with respect to all developments concerning such claim, action or proceeding; however, the failure so to notify the Sub-Adviser shall not relieve the Sub-Adviser from any liability that it may otherwise have to the Investment Adviser Indemnitees provided such failure does not affect in a material adverse manner the position of the Sub-Adviser or the Investment Adviser Indemnitees with respect to such claim. The Investment Adviser Indemnitees shall in no case confess any claim or make any compromise in any case in which the Sub-Adviser may be required to indemnify it except with the Sub-Adviser's prior written consent, which shall not be unreasonably withheld, conditioned or delayed. Upon request and at the Sub-Adviser's expense, the Sub-Adviser shall provide reasonable assistance to the Investment Adviser Indemnitees so that the Investment Adviser Indemnitees can defend against such claim, action or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>The Investment Adviser and Trust</u>. Except as may otherwise be provided by the 1940 Act or any other federal securities law, the Investment Adviser and the Trust shall not be liable for any losses, claims, damages, liabilities or litigation (including legal and other expenses) incurred or suffered by the Sub-Adviser as a result of any error of judgment or mistake of law by the Investment Adviser with respect to a Fund, except that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Investment Adviser for, and the Investment Adviser shall indemnify and hold harmless the Sub-Adviser, all affiliated persons thereof and all controlling persons thereof (as described in Section 15 of the Securities Act of 1933) (collectively, the "Sub-Adviser Indemnitees") against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Sub-Adviser Indemnitees may become subject under the Securities Act of 1933, the 1940 Act, the Advisers Act, the CEA or under any other statute, at common law or otherwise arising out of or based on (a) any willful misconduct, bad faith, reckless disregard or gross negligence of the Investment Adviser in the performance of any of its duties or obligations under this Agreement or (b) any untrue statement of a material fact contained in a Fund's Registration Statement, proxy materials, reports, advertisements, sales literature, or other materials pertaining to a Fund, or the omission to state therein a material fact known to the Investment Adviser which was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon information furnished in writing to the Investment Adviser or the Trust by a Sub-Adviser Indemnitee for use therein. Federal and state securities laws impose liabilities under certain circumstances on persons who act in good faith, and nothing in this Agreement shall in any way constitute a waiver or limitation of any rights that any party may have under any such laws.

If indemnification is sought pursuant to this Section 11b, then the Sub-Adviser Indemnitees shall promptly notify the Investment Adviser of the assertion of any claim or the commencement of any action or proceeding in respect thereof and will keep the Investment Adviser advised with respect to all developments concerning such claim, action or proceeding; however, the failure so to notify the Investment Adviser shall not relieve the Investment Adviser from any liability that it may otherwise have to the Sub-Adviser Indemnitees provided such failure does not affect in a material adverse manner the position of the Investment Adviser or the Sub-Adviser Indemnitees with respect to such claim.

13. <u>Term and Termination</u>. Unless sooner terminated in accordance with this Section 12, this Agreement shall become effective on the same date as the Investment Advisory Agreement between the Trust and the Investment Adviser becomes effective with respect to the applicable Fund (it being understood that the Investment Adviser shall notify the Sub-Adviser on the date of effectiveness of the Investment Advisory Agreement as soon as reasonably practical after effectiveness) *provided* that it has been approved in the manner required by the 1940 Act, and shall remain in full force until the two year anniversary of the date of its effectiveness unless sooner terminated as hereinafter provided. It may thereafter be renewed from year to year with respect to any Fund by mutual consent, *provided* that such renewal shall be specifically approved at least annually by the Board, or by vote of a majority of the outstanding voting securities of such Fund. In either event, any such renewal must be approved by vote of a majority of those Trustees of the Trust who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval. Notwithstanding the foregoing, each approval requirement set forth in this Section 12 shall be subject to any applicable rule, regulation, or exemptive order, no-action assurance or other relief.

This Agreement may be terminated at any time with respect to any Fund, without payment of any penalty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. by the Investment Adviser, the Board or vote of a majority of the outstanding voting securities of such Fund, on sixty (60) days' written notice to the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. by the Sub-Adviser on sixty (60) days' written notice to the Investment Adviser and the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. by any party hereto upon written notice to each of the other parties of a breach of any provision of this Agreement by any other party if the breach is not cured within thirty (30) days of notice of the breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. immediately by Investment Adviser or the Trust upon any Key Personnel Departure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; e. immediately upon the termination of the Investment Advisory Agreement.

This Agreement shall not be assignable by any party hereto. In the event of its assignment, this Agreement shall automatically terminate forthwith.

The parties hereto agree to cooperate and give reasonable assistance to one another in effecting an orderly transition of the services contemplated in this Agreement upon any termination of this Agreement.

14. <u>Use of Names</u>. The Trust and the Investment Adviser acknowledge that the Sub-Adviser or its affiliates own all right, title and interest in and to the name, trademark and service marks "Parametric" and own (or will own prior to use) all other tradenames, trademarks and service marks that may be used by the Sub-Adviser in performing its obligations under this Agreement (collectively the "Parametric Licensed Marks"). The Sub-Adviser hereby grants to the Investment Adviser and the Trust and their affiliates a non-exclusive, royalty-free, worldwide license to use the Parametric Licensed Marks in connection with the business operations of the Trust and their performance of services contemplated under this Agreement, subject to the terms and conditions set forth in this Agreement. In addition, the Investment Adviser and the Trust may refer in advertising and promotional materials to the identity of the Sub-Adviser and the services provided by the Sub-Adviser to the Investment Adviser and the Funds, which references shall not differ in substance from those included in any Fund's Registration Statement and this Agreement, with the prior permission of Sub-Adviser, which shall not be unreasonably withheld. The Investment Adviser shall submit to the Sub-Adviser for its review and approval all such public informational materials relating to the Funds that refer to any registered mark or logo or other proprietary designation of the Sub-Adviser. Approval shall not be unreasonably withheld by the Investment Adviser and notice of approval or disapproval will be provided promptly by the Sub-Adviser and in any event within ten (10) business days of receipt of such material by the Sub-Adviser; if the Sub-Adviser has not objected to such use within such period, it will be deemed to have approved such use. Upon termination of this Agreement, the Trust and the Investment Adviser shall cease to use such registered marks, logos or other proprietary designations of the Sub-Adviser and the license contained herein shall terminate.

The Trust and the Sub-Adviser acknowledge that the Investment Adviser or its affiliates own all right, title and interest in and to the name, trademark and service marks and own (or will own prior to use) all other tradenames, trademarks and service marks that may be used by the Investment Adviser in performing its obligations under this Agreement (collectively the "Investment Adviser Licensed Marks"). The Investment Adviser hereby grants to the Sub-Adviser and its affiliates a non-exclusive, royalty-free, worldwide license to use the Investment Adviser Licensed Marks in connection with Sub-Adviser's performance of the services contemplated under this Agreement, subject to the terms and conditions set forth in this Agreement. The Sub-Adviser shall submit to the Investment Adviser for its review all such public informational materials relating to the Funds, the Investment Adviser or the services provided by the Sub-Adviser under this Agreement or that refer to any registered mark or logo or other proprietary designation of the Investment Adviser or the Trust. Approval shall not be unreasonably withheld by the Investment Adviser and notice of approval or disapproval will be provided promptly and in any event within ten (10) business days of receipt of such material by the Investment Adviser; if the Investment Adviser has not objected to such use within such period, it will be deemed to have approved such use. Upon termination of this Agreement, the Sub-Adviser shall cease to use such registered marks, logos or other proprietary designations of the Investment Adviser and the Trust and the license contained herein shall terminate.

Notwithstanding the foregoing, the approval of a party shall not be required for the use of its name by any other party which (a) merely refers in accurate or factual terms to the name of such party in connection with its role with respect to the Trust or the Fund, or (b) is required by any regulatory, governmental or judicial authority.

15. <u>Representations and Warranties</u>. Each party represents and warrants to the others that: (a) it is duly organized, validly existing, and in good standing under the laws of the state of its organization and has full power, authority, and legal right to execute, deliver, and perform its duties and comply with its obligations under this Agreement; and (b) there are no actions, suits or proceedings by or before any court, administrative panel or other governmental authority pending, or to its knowledge threatened, against it which could reasonably be expected to materially impair its ability to carry out the terms of this Agreement. Each of the Investment Adviser and Sub-Adviser represents and warrants to the other parties that: (c) it is duly registered as an investment adviser under the Advisers Act and will remain duly registered as an investment adviser under all applicable federal and state securities laws; (d) it shall perform its obligations hereunder in accordance with the 1940 Act and all other applicable laws; (e) it is not disqualified pursuant to Section 9(a) of the 1940 Act to be an investment adviser to investment companies registered under the 1940 Act; and (f) the Form ADV provided by such party to the others is a true and complete copy of the form, including that part or parts of the Form ADV filed with the SEC, that part or parts maintained in the records of such party, and/or that part or parts provided or offered to clients, in each case as required under the Advisers Act and rules thereunder, and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading. The Sub-Adviser further represents and warrants that it is duly registered as a commodity trading adviser under the CEA, will remain duly registered as a commodity trading adviser under all applicable federal and state securities laws, and will perform its obligations in accordance with the CEA and rules and regulations promulgated thereunder.

16. <u>Intentionally Omitted</u>.

17. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Amendments</u>. This Agreement may be amended by mutual consent of the parties, *provided* that the terms of any material amendment with respect to any Fund shall be approved by (a) the Board or a vote of the majority of the outstanding voting securities of such Fund as required by the 1940 Act (subject to any applicable rule, regulation, or exemptive order, no-action assurance or other relief), and (b) the vote of a majority of those Trustees of the Trust who are not interested persons of any party to this Agreement at a meeting called for the purpose of voting on such approval, if such approval is required by applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Entire Agreement</u>. This Agreement, together with all exhibits, schedules and attachments, and SOWs contain the entire understanding and agreement of the parties with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Headings</u>. The headings in this Agreement are inserted for convenience of reference only and shall not constitute part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Notices</u>. Any notice required or permitted to be sent under this Agreement shall be given to the following persons at the following addresses and email addresses, or such other persons, addresses or email addresses as the party receiving such notices or communications may subsequently direct in writing:

If to the Investment Adviser or the Trust:

Innovator Capital Management, LLC<br> 200 W. Front Street

Wheaton, IL 60167<br> Attention: Bryon Lake <br> Email: Bryon.lake@gs.com

If to the Sub-Adviser:

Parametric Portfolio Associates LLC <br> 800 Fifth Avenue, Suite 2800

Seattle, WA 98104 <br> Attn: Legal Department

Email: PPA-LegalNotices@paraport.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Severability</u>. Should any provision of this Agreement be held or made invalid by a court decision, statute, rule, or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York (without regard to principles of conflicts of laws) and any of the applicable provisions of the 1940 Act. In the case of any conflict, the 1940 Act shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Waiver</u>. Any failure or delay by any party to enforce at any time any of the provisions of this Agreement or to exercise any right or option which is herein provided, or to require at any time the performance of any of the provisions hereof, shall in no way be construed to be a waiver of such provision of this Agreement. No waiver of any right or remedy under this Agreement shall be deemed to be a waiver of any other or subsequent right or remedy under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Assignment</u>. No party may assign, transfer, or delegate any of its rights or obligations relating to this Agreement (including, without limitation, interests or claims relating to this Agreement) without the prior written consent of the other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Interpretation</u>. Any question of interpretation of any term or provision of this Agreement having a counterpart or otherwise derived from a term or provision of the 1940 Act shall be resolved by reference to such term or provision of the 1940 Act and to interpretations thereof, if any, by the United States courts or by rules, regulations or orders of the United States Securities and Exchange Commission under the 1940 Act. Specifically, the terms "vote of a majority of the outstanding voting securities," "interested persons," "assignment" and "affiliated persons," as used herein shall have their respective meanings as set forth in the 1940 Act. In addition, where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is altered by a rule, regulation, or exemptive order, no-action assurance or other relief, such provision shall be deemed to incorporate the effect of such rule, regulation, or exemptive order, no-action assurance or other relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. <u>Counterparts</u>. This Agreement may be executed by the parties in separate counterparts, each of which when so executed and delivered shall be an original but all of which taken together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. <u>Survival of Terms</u>. Sections 3f, 3o, 3q, 5, 9, 10, 11, 13, 14, and 15 shall survive the termination or other expiration of this Agreement; *provided, however,* that all of the provisions of this Agreement shall survive the termination or other expiration of this Agreement with respect to any obligation accruing or arising before such termination or other expiration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. <u>Limitation of Shareholder, Trustee and Officer Liability</u>. The parties acknowledge and agree that the Trustees and Officers of the Trust and the shareholders of any Fund shall not be liable for any obligations of the Trust or of any Fund under this Agreement, and each party agrees that, in asserting any rights or claims under this Agreement with respect to a Fund, it shall look only to the assets and property of such Fund to which such party's rights or claims relate in settlement of such rights or claims, and not to the assets and property of any other Fund, the Trustees or Officers of the Trust or the shareholders of the Funds.

*(Signature page follows)*

 

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed in duplicate original by their duly authorized officers.

---

| | | |
|:---|:---|:---|
| **INNOVATOR CAPITAL MANAGEMENT, LLC** | **INNOVATOR CAPITAL MANAGEMENT, LLC** | **INNOVATOR CAPITAL MANAGEMENT, LLC** |
| By: | **/s/ Bryon Lake** | **/s/ Bryon Lake** |
|  | Name: | Bryon Lake |
|  | Title: | President |

---

**INNOVATOR ETFS<sup>®</sup> TRUST**

on behalf of the Funds listed on Schedule A

---

| | | |
|:---|:---|:---|
| **By:** | **/s/ James A. McNamara** | **/s/ James A. McNamara** |
|  | Name: | James A. McNamara |
|  | Title: | President, Principal Executive Officer and Trustee |

---

**PARAMETRIC PORTFOLIO ASSOCIATES LLC**

---

| | | |
|:---|:---|:---|
| By: | **/s/ Thomas Lee** | **/s/ Thomas Lee** |
|  | Name: | Thomas Lee |
|  | Title: | CIO |

---

**Signature Page to Innovator ETFs<sup>®</sup> Trust Sub-Adviser Investment Advisory Agreement**

**Schedule A**

<u>Funds Managed by Sub-Adviser</u>

Innovator Equity Managed Floor ETF<sup>®</sup>

 Innovator Equity Managed 10 Buffer ETFÔ

Innovator Equity Managed 100 Buffer ETFÔ

Innovator International Developed Managed 10 Buffer ETFÔ

Innovator International Developed Managed Floor ETF<sup>®</sup>

Innovator Nasdaq-100<sup>®</sup> Managed 10 Buffer ETFÔ

Innovator Nasdaq-100<sup>®</sup> Managed Floor ETF<sup>®</sup>

Innovator U.S Small Cap Managed 10 Buffer ETFÔ

Innovator U.S. Small Cap Managed Floor ETF<sup>®</sup>

**Schedule B**

<u>Fee Schedule</u>

The below fee schedule applies to the net assets of all funds listed on Schedule A. This fee schedule is calculated as an aggregate across all funds in total, applying the same effective rate equally across all Sub-Advised funds.

---

| | |
|:---|:---|
| First $500mm: | 18 bps |
| Next $500mm: | 15 bps |
| Next $1B: | 12 bps |
| Next $3B: | l0 bps |
| Next $5B: | 9 bps |
| Over $10B: | 8 bps |

---

## Ex-99.(D)(10)

**Exhibit (d)(10)**

**Schedule A**

<u>Funds Managed by Sub-Adviser</u>

Innovator Equity Managed Floor ETF<sup>®</sup>

Innovator Equity Managed 10 Buffer ETF<sup>™</sup>

Innovator Equity Managed 100 Buffer ETF<sup>™</sup>

Innovator International Developed Managed 10 Buffer ETF<sup>™</sup>

Innovator International Developed Managed Floor ETF<sup>®</sup>

Innovator Nasdaq-100<sup>®</sup> Managed 10 Buffer ETF<sup>™</sup>

Innovator Nasdaq-100<sup>®</sup> Managed Floor ETF<sup>®</sup>

Innovator U.S Small Cap Managed 10 Buffer ETF™

Innovator U.S. Small Cap Managed Floor ETF<sup>®</sup>

## Ex-99.(D)(11)

**Exhibit (d)(11)**

**SUB-ADVISORY AGREEMENT<br> PENSERRA CAPITAL MANAGEMENT LLC**

Sub-Advisory Agreement (this "Agreement") entered into as of the 1st day of April, 2026, by and between Innovator Capital Management, LLC, a Delaware limited liability company with its principal place of business at 200 W. Front Street, Wheaton, Illinois 60187 (the "Adviser"), and Penserra Capital Management LLC, a registered investment advisor organized under the laws of the State of New York (the "Sub-Adviser").

WHEREAS, Innovator ETFs<sup>®</sup> Trust, a Delaware statutory trust (the "Trust"), is an open-end management investment company, registered as such under the Investment Company Act of 1940 (the "1940 Act");

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act");

WHEREAS, the Adviser has entered into an Investment Advisory Agreement dated April 1, 2026 (the "Advisory Agreement") with Innovator ETFs<sup>®</sup> Trust (the "Trust"), relating to the provision of portfolio management services to each series listed on <u>Schedule A</u> hereto;

WHEREAS, the Advisory Agreement provides that the Adviser may delegate any or all of its portfolio management responsibilities under the Advisory Agreement to one or more sub-advisers;

WHEREAS, the Adviser and the Trustees of the Trust desire to retain the Sub-Adviser to render portfolio management services to the Fund in the manner and on the terms set forth in this Agreement, and the Sub-Adviser is willing to provide such services.

NOW, THEREFORE, in consideration of the premises and mutual covenants hereinafter set forth, the parties hereto agree as follows:

1. <u>Appointment and Acceptance of Appointment</u>. The Adviser hereby appoints the Sub-Adviser to act as an investment adviser to the Fund for the periods and on the terms herein set forth. The Sub-Adviser accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided.

2. <u>Sub-Advisory Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall, subject to the supervision and oversight
of the Adviser, manage the investment and reinvestment of such portion of the assets of the Fund, as the Adviser may from time to time
allocate to the Sub-Adviser for management (the "Sub-Advised Assets"). The Sub-Adviser shall manage the Sub-Advised Assets
in conformity with (i) the investment objective, policies and restrictions of the Fund set forth in the Trust's prospectus and
statement of additional information relating to the Fund, as they may be amended from time to time, any additional policies or guidelines,
including without limitation compliance policies and procedures, established by the Adviser,
the Trust's Chief Compliance Officer, or by the Trust's Board of Trustees ("Board") that have been furnished in
writing to the Sub-Adviser, (ii) the written instructions and directions received from the Adviser and the Trust as delivered; and (iii)
the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Investment Advisers Act of 1940 ("Advisers
Act"), and all other federal and state laws applicable to registered investment companies and the Sub-Adviser's duties under
this Agreement, all as may be in effect from time to time. The foregoing are referred to below together as the "Policies."

For purposes of compliance with the Policies, the Sub-Adviser shall be entitled to treat the Sub-Advised Assets as though the Sub-Advised Assets constituted the entire Fund, and the Sub-Adviser shall not be responsible in any way for the compliance of any assets of the Fund, other than the Sub-Advised Assets, with the Policies. Subject to the foregoing, the Sub-Adviser is authorized, in its discretion and without prior consultation with the Adviser, to buy, sell, lend and otherwise trade in any stocks, bonds and other securities and investment instruments on behalf of the Fund, without regard to the length of time the securities have been held and the resulting rate of portfolio turnover or any tax considerations; and the majority or the whole of the Sub-Advised Assets may be invested in such proportions of stocks, bonds, other securities or investment instruments, or cash, as the Sub-Adviser shall determine. Notwithstanding the foregoing provisions of this Section 2(a), however, (i) the Sub-Adviser shall, upon and in accordance with written instructions from the Adviser, effect such portfolio transactions for the Sub-Advised Assets as the Adviser shall determine are necessary in order for the Fund to comply with the Policies, and (ii) upon notice to the Sub-Adviser, the Adviser may effect in-kind redemptions with shareholders of the Fund with securities included within the Sub-Advised Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Absent instructions from the Adviser or the officers of the Trust to the contrary, the Sub-Adviser shall
place orders pursuant to its determinations either directly with the issuer or with any broker and/or dealer or other person who deals
in the securities in which the Fund is trading. With respect to common and preferred stocks, in executing portfolio transactions and selecting
brokers or dealers, the Sub-Adviser shall use its best judgment to obtain the best overall terms available. In assessing the best overall
terms available for any transaction, the Sub-Adviser shall consider all factors it deems relevant, including the breadth of the market
in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness
of the commission, if any, both for the specific transaction and on a continuing basis. In evaluating the best overall terms available
and in selecting the broker or dealer to execute a particular transaction, the Sub-Adviser may also consider the brokerage and research
services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934) provided to the Fund and/or other account
over which the Sub-Adviser and/or an affiliate of the Sub-Adviser exercises investment discretion. With respect to securities other than
common and preferred stocks, in placing orders with brokers, dealers or
other persons, the Sub-Adviser shall attempt to obtain the best net price and execution of its orders, provided that to the extent the
execution and price available from more than one broker, dealer or other such person are believed to be comparable, the Sub-Adviser may,
at its discretion but subject to applicable law, select the executing broker, dealer or such other person on the basis of the Sub-Adviser's
opinion of the reliability and quality of such broker, dealer or such other person; broker or dealers selected by the Sub-Adviser for
the purchase and sale of securities or other investment instruments for the Sub-Advised Assets may include brokers or dealers affiliated
with the Sub-Adviser, provided such orders comply with Rules 17e-1 and 10f-3 under the 1940 Act and the Trust's Rule 17e-1 and Rule
10f-3 Procedures, respectively, in all respects, or any other applicable exemptive rules or orders applicable to the Sub-Adviser. Notwithstanding
the foregoing, the Sub-Adviser will not effect any transaction with a broker or dealer that is an "affiliated person" (as
defined under the 1940 Act) of the Sub-Adviser or the Adviser without the prior approval of the Adviser. The Adviser shall provide the
Sub-Adviser with a list of brokers or dealers that are affiliated persons of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser acknowledges that the Adviser and the Trust may rely on Rules 17a-7, 17a-10, 10f-3 and
17e-1 under the 1940 Act, and the Sub-Adviser hereby agrees that it shall not consult with any other investment adviser to the Trust with
respect to transactions in securities for the Sub-Advised Assets or any other transactions in the Trust's assets, other than for
the purposes of complying with the conditions of paragraphs (a) and (b) of Rule 12d3-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser has provided the Adviser with a true and complete copy of its compliance policies and
procedures for compliance with "federal securities laws" (as such term is defined under Rule 38a- l of the 1940 Act) and Rule
206(4)-7 of the Advisers Act (the "Sub-Adviser Compliance Policies"). The Sub-Adviser's chief compliance officer ("Sub-Adviser
CCO") shall provide to the Trust's Chief Compliance Officer ("Trust CCO") or his or her delegate promptly (and
in no event more than 10 business days) the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a report of any material changes to the Sub-Adviser Compliance Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a report of any "material compliance matters," as defined by Rule 38a-l under the 1940 Act,
that have occurred in connection with the Sub-Adviser Compliance Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of the Sub-Adviser CCO's report with respect to the annual review of the Sub-Adviser Compliance
Policies pursuant to Rule 206(4)-7 under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an annual (or more frequently as the Trust CCO may request) certification regarding the Sub-Adviser's
compliance with Rule 206(4)-7 under the Advisers Act and Section 38a-1 of the 1940 Act as well as
the foregoing sub-paragraphs (i) - (iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser may, on occasions when it deems the purchase or sale of a security to be in the best interests
of the Fund as well as other fiduciary or agency accounts managed by the Sub-Adviser, aggregate, to the extent permitted by applicable
laws and regulations, the securities to be sold or purchased in order to obtain the best overall terms available and execution with respect
to common and preferred stocks and the best net price and execution with respect to other securities. In such event, allocation of the
securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser in the manner it
considers to be most fair and equitable over time to the Fund and to its other accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser, in connection with its rights and duties with respect to the Fund and the Trust shall
use the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and
familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The services of the Sub-Adviser hereunder are not deemed exclusive and the Sub-Adviser shall be free to
render similar services to others (including other investment companies) so long as its services under this Agreement are not impaired
thereby. The Sub-Adviser will waive enforcement of any non-compete agreement or other agreement or arrangement to which it is currently
a party that restricts, limits, or otherwise interferes with the ability of the Adviser to employ or engage any person or entity to provide
investment advisory or other services and will transmit to any person or entity notice of such waiver as may be required to give effect
to this provision; and the Sub-Adviser will not become a party to any non-compete agreement or any other agreement, arrangement, or understanding
that would restrict, limit, or otherwise interfere with the ability of the Adviser and the Trust or any of their affiliates to employ
or engage any person or organization, now or in the future, to manage the Fund or any other assets managed by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser shall furnish the Adviser reports concerning portfolio transactions and performance of
the Sub-Advised Assets as the Adviser may reasonably determine in such form as may be mutually agreed upon, and agrees to review the Sub-Advised
Assets with the Adviser and discuss the management of them. The Sub-Adviser shall promptly respond to requests by the Adviser and the
Trust CCO or their delegates for copies of the pertinent books and records maintained by the Sub-Adviser relating directly to the Fund.
The Sub-Adviser shall also provide the Adviser with such other information and reports, including information and reports related to compliance
matters, as may reasonably be requested by it from time to time, including without limitation all material requested by or required to
be delivered to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless otherwise instructed by the Adviser, the Sub-Adviser shall <u>not</u> have the power, discretion
or responsibility to vote any proxies in connection with securities in which the Sub-Advised Assets may be invested, and the Adviser shall
retain such responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser shall cooperate promptly and fully with the Adviser and/or the Trust in responding to
any regulatory or compliance examinations or inspections (including any information requests) relating to the Trust, the Fund or the Adviser
brought by any governmental or regulatory authorities. The Sub-Adviser shall provide the Trust CCO or his or her delegate with notice
within a reasonable period of any deficiencies or other issues identified by the United States Securities and Exchange Commission ("SEC")
in an examination or otherwise that relate to or that may affect the Sub-Adviser's responsibilities with respect to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Sub-Adviser shall be responsible for the preparation and filing of Schedule 13G and Form 13F on behalf
of the Sub-Advised Assets. The Sub-Adviser shall not be responsible for the preparation or filing, on behalf of the Sub-Advised Assets,
of any other reports required by a regulatory authority, except as may be expressly agreed to in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Sub-Adviser shall maintain separate detailed records of all matters pertaining to the Sub-Advised
Assets, including, without limitation, brokerage and other records of all securities transactions. Any records required to be maintained
and preserved pursuant to the provisions of Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act that are prepared or maintained by
the Sub-Adviser on behalf of the Trust are the property of the Trust and will be surrendered promptly to the Trust upon request. The Sub-Adviser
further agrees to preserve for the periods prescribed in Rule 31a-2 under the 1940 Act the records required to be maintained under Rule
31a-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Sub-Adviser shall promptly notify the Adviser of any financial condition that is likely to impair
the Sub-Adviser's ability to fulfill its commitments under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties of the Parties</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser represents and warrants to the Adviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser is a registered investment adviser under the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Form ADV that the Sub-Adviser has previously provided to the Adviser is a true and complete copy
 of the form as currently filed with the SEC, and the information contained therein is accurate and complete in all material respects
 and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading.
The Sub-Adviser will promptly provide the Adviser and the Trust with a complete copy of all subsequent amendments to its Form ADV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) This Agreement has been duly authorized and executed by the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser represents and warrants to the Sub-Adviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Adviser is registered under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Adviser and the Trust has duly authorized the execution of this Agreement by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Obligations of the Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall provide (or cause the Fund's Custodian (as defined in Section 5 hereof, the Fund's
accountant and the Fund's distributor) to provide) timely information to the Sub-Adviser regarding such matters as the composition
of the Sub-Advised Assets, cash requirements and cash available for investment in the Sub-Advised Assets, and all other information as
may be reasonably necessary for the Sub-Adviser to perform its responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser has furnished the Sub-Adviser with a copy of the prospectus and statement of additional information
of the Fund and it agrees during the continuance of this Agreement to furnish the Sub-Adviser copies of any revisions or supplements thereto
at, or, if practicable, before the time the revisions or supplements become effective. The Adviser agrees to furnish the Sub-Adviser with
copies of any financial statements or reports made by the Fund to its shareholders, and any further materials or information that the
Sub-Adviser may reasonably request to enable it to perform its functions under this Agreement.

5. <u>Custodian</u>. The Adviser shall provide the Sub-Adviser with a copy of the Fund's agreement
with the custodian designated to hold the assets of the Fund (the "Custodian") and any material modifications thereto (the
"Custody Agreement") that may affect the Sub-Adviser's duties, copies of such modifications to be provided to the Sub-Adviser
reasonably in advance of the effectiveness of such modifications. The Sub-Advised Assets shall be maintained in the custody of the Custodian
identified in, and in accordance with the terms and conditions of, the Custody Agreement (or any sub-custodian properly appointed as provided
in the Custody Agreement). The Sub-Adviser shall have no liability for the acts or omissions of the Custodian, unless such act or omission
is taken solely in reliance upon instruction given to the Custodian by a representative of the Sub-Adviser properly authorized to give
such instruction under the Custody Agreement. Any assets added to the Fund shall
be delivered directly to the Custodian.

6. <u>Use of Name</u>. During the term of this Agreement, the Adviser shall have permission to use the Sub-Adviser's
name in the offering and marketing of the Fund, and agree to furnish the Sub-Adviser, for its prior approval at its principal office all
prospectuses, brochures, advertisements, promotional materials, web-based information, proxy statements shareholder reports and other
similar informational materials that are to be made available to shareholders of the Fund or to the public and that refer to the Sub-Adviser
in any way. The Sub-Adviser agrees that the Adviser may request that the Sub-Adviser approve use of a certain type, and that the Adviser
need not provide for approval each additional piece of marketing material that is of substantially the same type.

During the term of this Agreement, the Sub-Adviser shall not use the Adviser's name or the Trust's name without the prior consent of the Adviser.

7. <u>Expenses</u>. During the Term of this Agreement, the Sub-Adviser will pay all expenses incurred by
it in connection with the performance of its duties under paragraph 2 hereof other than the cost (including taxes, brokerage commissions
and other transaction costs, if any) of the securities or other investment instruments purchased or sold for the Fund.

8. <u>Compensation of the Sub-Adviser</u>. As full compensation for all services rendered, facilities furnished
and expenses borne by the Sub-Adviser hereunder, the Sub-Adviser shall be paid the fees in the amounts and in the manner set forth in <u>Schedule B</u> hereto.

9. <u>Independent Contractor Status</u>. The Sub-Adviser shall for all purposes hereof be deemed to be an
independent contractor and shall, unless otherwise provided or authorized, have no authority to act for or represent the Trust or the
Adviser in any way or otherwise be deemed an agent of the Fund or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Liability and Indemnification.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Liability</u>. The duties of the Sub-Adviser shall be confined to those expressly set forth herein
with respect to the Sub-Advised Assets. The Sub-Adviser shall not be liable for any loss arising out of any portfolio investment or disposition
hereunder, except a loss directly resulting from willful misfeasance, bad faith or gross negligence in the performance of its duties,
or by reason of reckless disregard of its obligations and duties hereunder. The Sub-Adviser shall have no liability for any indirect,
incidental, consequential, special, exemplary or punitive damages even if the Sub-Adviser has been advised of the possibility of such
damages. Furthermore, under no circumstances shall the Sub-Adviser be liable for any loss arising out of any act or omission taken by
another sub-adviser, or any other third party, in respect of any portion of the Trust's assets not managed by the Sub-Adviser pursuant
to this Agreement. Notwithstanding the foregoing, nothing herein shall be deemed to relieve the Sub-Adviser of
any liability it would otherwise have under applicable federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser shall indemnify the Adviser, the Trust and the Fund, and their respective affiliates and
controlling persons (the "Adviser Indemnified Persons") for any liability and expenses, including reasonable attorneys'
fees, which the Adviser, the Trust or the Fund and their respective affiliates and controlling persons may sustain as a result of the
Sub-Adviser's breach of this Agreement or its representations and warranties herein or as a result of the Sub-Adviser's willful
misfeasance, bad faith, gross negligence, or reckless disregard of its duties hereunder or violation of applicable law; provided, however,
that the Adviser Indemnified Persons shall not be indemnified for any liability or expenses that may be sustained as a result of the either
of the Adviser's willful misfeasance, bad faith, gross negligence, or reckless disregard of its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Adviser shall indemnify the Sub-Adviser, its affiliates and its controlling persons (the "Sub-Adviser
Indemnified Persons") for any liability and expenses, including reasonable attorneys' fees, arising from, or in connection
with, the Adviser's breach of this Agreement or its representations and warranties herein or as a result of the Adviser's
willful misfeasance, bad faith, gross negligence, reckless disregard of their duties hereunder or violation of applicable law; provided,
however, that the Sub-Adviser Indemnified Persons shall not be indemnified for any liability or expenses that may be sustained as a result
of the Sub-Adviser's willful misfeasance, bad faith, gross negligence, or reckless disregard of its duties hereunder.

11. <u>Effective Date and Termination.</u> This Agreement shall become effective as of the date of its execution, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unless otherwise terminated, this Agreement shall continue in effect until date two years from signing
date, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board or by vote
of a majority of the outstanding voting securities of the Fund, and (ii) by vote of a majority of the Trustees of the Trust who are not
interested persons of the Trust, either of the Adviser or the Sub-Adviser, cast in person at a meeting called for the purpose of voting
on such approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) this Agreement may at any time be terminated on 60 days' written notice to the Sub-Adviser either
by vote of the Board or by vote of a majority of the outstanding voting securities of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of
the Advisory Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) this Agreement may be terminated by the Sub-Adviser on 60 days' written notice to the Adviser and
the Trust, or by the Adviser immediately upon notice to the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Termination of this Agreement pursuant to this Section 11 shall be without the payment of any penalty.

12. <u>Amendment</u>. This Agreement may be amended at any time by mutual consent of the Adviser and the Sub-Adviser,
provided that, if required by law, such amendment shall also have been approved by vote of a majority of the outstanding voting securities
of the Fund and by vote of a majority of the Trustees of the Trust who are not interested persons of the Trust, either of the Adviser,
or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval.

13. <u>Assignment</u>. The Sub-Adviser may not assign this Agreement and this Agreement shall automatically
terminate in the event of an "assignment," as such term is defined in Section 2(a)(4) of the 1940 Act. The Sub-Adviser shall
notify the Adviser in writing sufficiently in advance of any proposed change of "control," as defined in Section 2(a)(9) of
the 1940 Act, so as to enable the Trust and/or the Adviser to: (a) consider whether an assignment will occur, (b) consider whether to
enter into a new Sub-Advisory Agreement with the Sub-Adviser, and (c) prepare, file, and deliver any disclosure document to the Fund's
shareholders as may be required by applicable law.

14. <u>Miscellaneous</u>. The captions in this Agreement are included for convenience of reference only and
in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement
shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.
This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors (subject to
paragraph 11(c) hereof) and, to the extent provided in paragraph 10 hereof, each Sub-Adviser and Adviser Indemnified Person. Anything
herein to the contrary notwithstanding, this Agreement shall not be construed to require, or to impose any duty upon, either of the parties
to do anything in violation of any applicable laws or regulations. Any provision in this Agreement requiring compliance with any statute
or regulation shall mean such statute or regulation as amended and in effect from time to time.

15. <u>Regulation S-P</u>. In accordance with Regulation S-P, if non-public personal information regarding
any party's customers or consumers is disclosed to the other party in connection with this Agreement, the other party receiving
such information will not disclose or use that information other than as necessary to carry out the purposes of this Agreement.

16. <u>Confidentiality</u>. Any information or recommendations supplied by either the Adviser or the Sub-Adviser,
that are not otherwise in the public domain or previously known to the other party in connection with the performance of its obligations
and duties hereunder, including without limitation portfolio holdings of the Trust, financial information or other information relating
to a party to this Agreement, are to be regarded as confidential ("Confidential Information") and held in the strictest confidence.
Except as may be required by applicable law or rule or as requested by regulatory authorities having jurisdiction over a party to this
Agreement, Confidential Information may be used only by the party to which said information has been communicated and such other persons
as that party believes are necessary to carry out the purposes of this Agreement, the Custodian, and such persons as the Adviser may designate
in connection with the Sub-Advised Assets.

17. <u>Notices</u>. All notices required to be given pursuant to this Agreement shall be delivered or mailed
to the address listed below of each applicable party in person or by registered or certified mail or a private mail or delivery service
providing the sender with notice of receipt or such other address as specified in a notice duly given to the other parties. Notice shall
be deemed given on the date delivered or mailed in accordance with this paragraph.

**For: Innovator Capital Management, LLC**

200 W. Front Street

Wheaton, IL 60187

Attn: Bryon Lake

**For: Penserra Capital Management LLC**

4 Orinda Way Suite 100A

Orinda, CA 94563

Attn: Dustin Lewellyn

For: **Innovator ETFs<sup>®</sup> Trust**

200 W. Front Street

Wheaton, IL 60187

18. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument.

19. <u>Governing Law</u>. This Agreement shall be governed by and interpreted in accordance with the laws
of the State of New York, or any applicable provisions of the Investment Company Act. To the extent that the laws of the State of New
York, or any of the provisions in this Agreement, conflict with the applicable provisions of the Investment Company Act, the Investment
Company Act shall control.

20. <u>Severability and Survival</u>. Should any portion of this Agreement for any reason be held to be void
in law or in equity, the Agreement shall be construed, insofar as is possible, as if such portion had never been contained herein. Section
10 shall survive the termination of this Agreement.

---

| | |
|:---|:---|
| **Innovator Capital Management, LLC** | **Innovator Capital Management, LLC** |
| By: | /s/ Bryon Lake |
| Name: | Bryon Lake |
| Title: | President |

---

---

| | |
|:---|:---|
| **Penserra Capital Management LLC** | **Penserra Capital Management LLC** |
| By: | /s/ Dustin Lewellyn |
| Name: | Dustin Lewellyn |
| Title: | Chief Investment Officer |

---

Signature Page to Sub-Advisory Agreement

**Schedule A**

**(As of April 1, 2026)**

<u>**List of Funds**</u>

Innovator Deepwater Frontier Tech ETF

Innovator Laddered Allocation Buffer ETF

Innovator S&P Investment Grade Preferred ETF

**Schedule B**

**(As of april 1, 2026)**

The sub-advisory fee payable to each Fund set forth herein is calculated on an aggregate basis with each of the net assets of funds sub-advised by the Sub-Advisor in the Innovator Funds Complex excluding Innovator Gradient Tactical Rotation Strategy ETF ("IGTR") (the "Innovator Complex Sub-Advised Assets"). The sub-advisory fee is computed daily and paid monthly in an amount equal to the greater of (1) $1,667.63 per month or (2) 0.05% per annum of the Innovator Complex Sub-Advised Assets on the first $500 million, 0.04% per annum of the Innovator Complex Sub-Advised Assets from $500 million to $1 billion, and 0.03% per annum of Innovator Complex Sub-Advised Assets on assets over $1 billion. For IGTR, the Sub-Advisor will receive the greater of a $50,000 per annum minimum Sub-Advisor fee or 0.05% per annum on IGTR assets.

## Ex-99.(D)(12)

**Exhibit (d)(12)**

**Schedule A**

**(As of April 1, 2026)**

**<u>List of Funds</u>**

Innovator Deepwater Frontier Tech ETF

Innovator Laddered Allocation Buffer ETF

Innovator S&P Investment Grade Preferred ETF

## Ex-99.(D)(13)

**Exhibit (d)(13)**

**INNOVATOR ETFS<sup>®</sup> TRUST**

**SUB-ADVISER**

**INTERIM INVESTMENT ADVISORY AGREEMENT**

THIS INTERIM INVESTMENT ADVISORY AGREEMENT, dated and effective as of the 1<sup>st</sup> day of April, 2026, is made and entered into by and among Innovator Capital Management, LLC, a Delaware limited liability company (the "Investment Adviser"), Innovator ETFs<sup>®</sup> Trust (formerly, Academy Funds Trust), a Delaware Statutory Trust (the "Trust"), and Gradient Investments, LLC, a Delaware limited liability company (the "Sub-Adviser").

**WITNESSETH**

WHEREAS, the Trust is registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Investment Adviser and the Sub-Adviser are registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and are engaged in the business of providing investment advisory and related services to certain investment companies and other clients; and

WHEREAS, the Investment Adviser is the investment adviser to the Trust pursuant to an investment advisory agreement with the Trust (the "Investment Advisory Agreement"); and

WHEREAS, the Trust and the Investment Adviser have retained the Sub-Adviser to furnish investment advisory services for the Fund's investment portfolio pursuant to an Investment Sub-Advisory Agreement dated September 13, 2022 (the "Sub-Advisory Agreement");

WHEREAS, the Investment Adviser has entered into a membership interest purchase agreement pursuant to which GSAM Holding, LLC will acquire substantially all of the membership interests of the Investment Adviser (the "Transaction") for certain compensation;

WHEREAS, the consummation of the Transaction may operate as an "assignment" of the Sub-Advisory Agreement pursuant to Section 12 thereof;

WHEREAS, the Investment Adviser and the Board of Trustees of the Trust (the "Board") desire to retain the Sub-Adviser to render investment advisory services to the investment portfolios of the Trust listed on <u>Schedule A</u>, as amended from time to time (each, a "Fund" and together, the "Funds"), in a manner and on the terms hereinafter set forth;

WHEREAS, the Trust, on behalf of the Funds, the Investment Adviser and the Sub- Adviser desire to enter into this agreement (the "Agreement") pursuant to Rule 15a-4 under the 1940 Act, under which the Sub-Adviser, will furnish certain investment advisory services for the Fund upon the terms and conditions hereafter set forth.

NOW, THEREFORE, in consideration of the promises and the mutual undertakings set forth in this Agreement, the parties covenant and agree as follows:

1. <u>Appointment</u>. The Investment Adviser and the Trust hereby appoint the Sub-Adviser to provide certain sub-advisory services to the Funds subject to the supervision of the Investment Adviser and the Board, and in accordance with the terms and conditions of this Agreement. The Sub-Adviser will be an independent contractor and will have no authority to act for or represent the Trust or the Investment Adviser in any way or otherwise be deemed an agent of the Trust or the Investment Adviser except as expressly authorized in this Agreement or another writing by the Trust, the Investment Adviser and the Sub-Adviser. The Sub-Adviser accepts such appointment and agrees to furnish the services herein set forth for the compensation herein provided.

2. <u>Structure</u>. This Agreement contemplates future execution by the Trust, Investment Adviser and Sub-Adviser of one more statements of work relating to the Funds (each such statement of work, an "SOW" and collectively, the "SOWs"). Each SOW shall be effective when executed by an authorized representative of each of the Trust, the Investment Adviser and the Sub-Adviser. The terms of this Agreement shall be deemed to be incorporated into each SOW and the terms and conditions set forth in this Agreement shall govern Sub-Adviser's provision of Services under a SOW, except for provisions in this Agreement that are specifically excluded or modified in such SOW, which shall include a reference to the applicable section in this Agreement being excluded or modified; provided, however, that such exclusion or modification shall only be applicable to such SOW.

3. <u>Services</u>. As a sub-adviser to the Funds, the Sub-Adviser will furnish an investment program (unless otherwise delegated by the Investment Adviser to another Sub-Adviser) and manage the investment and reinvestment of that portion of the assets of each Fund allocated to the Sub-Adviser by the Investment Adviser (the "Sub-Advised Assets") and determine the composition of such assets, subject always to the supervision of the Investment Adviser and the Board. The Sub-Adviser is responsible for advising the Fund, the Adviser and any other sub-adviser to the Fund on the underlying strategy that informs the Fund's investment strategy for the Sub-Advised Assets, including the portfolio composition and constituents, underlying the Sub-Advised Assets. As part of, or associated with, the services provided hereunder the Sub-Adviser will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Take whatever steps necessary to implement the investment program of the Funds with respect to the Sub-Advised Assets by the purchase and sale of securities and other investments on behalf of the Funds. The Sub-Adviser will provide, at its own expense, all necessary investment and management facilities and investment personnel, including salaries, expenses and fees of any personnel required for it to faithfully perform its duties under this Agreement, and all administrative facilities, including bookkeeping, clerical personnel and equipment, necessary for the efficient conduct of its duties under this Agreement. The Investment Adviser will provide the Sub-Adviser with reasonable advance notice of any change in a Fund's investment objectives, policies and restrictions as stated in each Fund's Prospectus and Statement of Additional Information (together, the "Registration Statement"). Provided the Sub-Adviser has received prompt notice of the effectiveness of such changes from the Trust or the Investment Adviser, the Sub-Adviser shall maintain and adhere to an investment policy reviewed and approved by the Investment Adviser and provide Investment Adviser with notice of any material changes to its ability to implement such investment policy. The Sub-Adviser shall also provide advisory support and continuing education on the investment strategy to the Fund, Advisor and any other sub-adviser of the Fund as it relates to the Sub-Advised Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Comply with the provisions of the Trust's Declaration of Trust and By-Laws, as amended from time to time, all relevant disclosures in each Fund's Registration Statement (including, without limitation, each Fund's stated objectives, policies, strategies, risks, restrictions, results, fees, trading policies and costs, potential conflicts, valuation and description of management), as may be amended from time to time, and any other written policies and restrictions as are communicated to it by the Investment Adviser. The Sub-Adviser shall be responsible for reviewing each Fund's Registration Statement to confirm that there is no material misstatement or omission in the disclosures therein relating to the Sub-Adviser or to the services provided by Sub-Adviser to the Funds from time to time; the Investment Adviser shall be responsible for ensuring that the Sub-Adviser is provided with a copy of each Registration Statement and any other relevant materials with reasonable advance notice prior to filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Comply with, the provisions of (i) the 1940 Act, (ii) the Advisers Act, (iii) the Internal Revenue Code of 1986, as amended (the "Code"), (iv) the Commodity Exchange Act (the "CEA") and (v) all other applicable state and federal securities and other laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Monitor the performance of the Sub-Advised Assets on a continuous basis and conduct a continuous program of investment, evaluation and, if appropriate, sale and reinvestment of the Sub-Advised Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Prepare and maintain such books and records with respect to the Sub-Advised Assets and securities transactions with respect to such assets as required by the Trust's compliance policies and procedures and by applicable laws, including but not limited to the 1940 Act, the Advisers Act and the CEA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Furnish the Investment Adviser, the Trust's chief compliance officer and the Board such periodic reports, special reports and certifications as the Investment Adviser and the Sub-Adviser may mutually agree. Without limiting the generality of the foregoing, these reports will include information sufficient for the Investment Adviser to perform periodic tests of the Funds' compliance with applicable laws and regulations, applicable accounting regulations and standards, and Sub-Chapter M and, to the extent applicable, Section 817 of the Code. The Sub-Adviser will provide the Investment Adviser and the Board with financial and profitability information, as well as fee schedules for other registered investment company clients and other information reasonably required to assist the Board in reviewing the terms of Sub-Adviser's contract in accordance with applicable laws and regulations then in effect. The parties agree that the information described in this subsection will be prepared solely for the use and benefit of the Investment Adviser and the Board in accordance with statutory and regulatory requirements. Sub-Adviser recognizes that materials it delivers to the Investment Adviser and the Board may be public records subject to disclosure to third parties, however, Sub-Adviser does not intend to benefit and assumes no duty or liability to any third parties who receive Sub-Adviser's work and may include disclaimer language on its work product so stating. To the extent that Sub-Adviser's work is not subject to public disclosure, Investment Adviser agrees that it shall not disclose Sub-Adviser's work product to third parties without Sub-Adviser's prior written consent; *provided, however,* that the Investment Adviser, the Board, and the Fund may distribute Sub-Adviser's work to (i) professional service providers who are subject to a duty of confidentiality and who agree to not use Sub-Adviser's work product for any purpose other than to provide services to the Investment Adviser, the Board, or the Fund, or (ii) any applicable regulatory or governmental agency, as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Report regularly to the Investment Adviser and the Board as reasonably agreed between the Investment Adviser and the Sub-Adviser and make appropriate persons available for the purpose of reviewing with representatives of the Investment Adviser and the Board on a regular basis, at reasonable times agreed to by the Investment Adviser and the Sub-Adviser, the management of the Funds, including, without limitation, review of the general investment strategies of the Funds, the performance of the Funds and the performance and investments of the Sub-Advised Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Provide periodic performance analysis and market commentary with respect to the Sub-Advised Assets, if requested, to the Investment Adviser and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. As may be requested by the Investment Adviser, the Trust's chief compliance officer and/or the Board, provide pricing information to the Trust and the Investment Adviser with respect to the Sub-Advised Assets to assist the Trust in making determinations of the fair value of the Sub-Advised Assets when market quotations are not readily available for the purpose of calculating a Fund's net asset value in accordance with the procedures and methods established for the Funds, if such information is reasonably available to the Sub-Adviser. If the Sub-Adviser believes a valuation provided by a pricing service for an investment it has purchased for a Fund is materially inaccurate or is not indicative of the value of the investment, the Sub-Adviser will promptly notify the Investment Adviser. The Investment Adviser acknowledges that the Trust's Board, with the assistance of the Investment Adviser (and not Sub-Adviser) is responsible for pricing the Funds' investments and the Funds' daily net asset value. However, Sub-Adviser agrees, as may be requested by the Investment Adviser, the Trust's chief compliance officer and/or the Board, to support the duties of the Trust's valuation committee (as the Board's valuation designee), including but not limited to the participation by certain designated individuals of the Sub-Adviser on that committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Maintain a Code of Ethics which shall comply in all material respects with Rule 17j-1 under the 1940 Act. The Sub-Adviser, on its own behalf, and with respect to its Access Persons (as defined in Rule 17j-1), agrees to observe and comply with Rule 17j-1 and its Code of Ethics, as the same may be amended from time to time. On at least an annual basis, the Sub-Adviser will comply with the reporting requirements of Rule 17j-l, which include (i) certifying to the Investment Adviser and the Trust that the Sub-Adviser and its Access Persons have complied with the Sub-Adviser's Code of Ethics with respect to the Sub-Advised Assets and (ii) identifying any violations of such Code of Ethics which have occurred with respect to the Sub-Advised Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Maintain, implement and evaluate the effectiveness of written policies and procedures, as required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations of the Advisers Act by the Sub-Adviser, its employees, officers and agents. The Sub-Adviser has provided the Investment Adviser with a true and complete copy of its compliance policies and procedures for compliance with "federal securities laws" (as such term is defined under Rule 38a-1 of the 1940 Act) and Rule 206(4)-7 of the Advisers Act (the "Sub-Adviser Compliance Policies"), and as may be required under the exchange-listing requirements of an exchange where one or more of the Funds are listed. The Sub-Adviser's chief compliance officer ("Sub-Adviser CCO") shall provide to the Trust's chief compliance officer or his or her delegate promptly (and in no event more than 10 business days) the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. a report of any material changes to the Sub-Adviser Compliance
Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. a report of any "material compliance matters," as
defined by Rule 38a-1 under the 1940 Act and Rule 206(4)-7 under the Advisers Act, that have occurred in connection with the Sub-Adviser
Compliance Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. a copy of the Sub-Adviser CCO's report with respect to
the annual review of the Sub-Adviser Compliance Policies pursuant to Rule 206(4)-7 under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. an annual (or more frequently as the Trust may request) certification
regarding the Sub-Adviser's compliance with Rule 206(4)-7 under the Advisers Act and Section 38a-1 of the 1940 Act as well as the
for going sub-paragraphs (i) - (iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Furnish the Investment Adviser, the Trust's chief compliance officer and the Board such information as is necessary and/or as may be requested by the Investment Adviser, the Trust's chief compliance officer and/or the Board, to monitor and report under a Fund's derivative risk management program ("DRMP") pursuant to Rule 18f-4 of the 1940 Act. If determined by the Board and the Trust, the Sub-Adviser will make appropriate personnel available to serve on the Trust's derivatives risk management committee with respect to any such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Maintain, implement and evaluate the effectiveness of written policies and procedures, as may be required by Rule 6c-11 (the "ETF Rule"), including a set of written basket management policies and procedures consistent with the Trust's policies and procedures for same. The Sub-Adviser will also furnish the Investment Adviser, the Trust's chief compliance officer and the Board such information as requested for purposes of monitoring and reporting under the ETF Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. Unless otherwise approved by the Investment Adviser and the Board of Trustees, the Sub-Adviser shall have no authority to select futures commission merchants ("FCMs") and brokers or dealers ("Brokers"), open accounts with such FCMs and Brokers on behalf of the Funds, place orders for the investment and reinvestment of the Sub-Advised Assets through such FCMs and Brokers selected and approved by the Investment Adviser, or assist in the negotiation of commissions on such orders (collectively, "brokerage transactions"). To the extent the Investment Adviser and the Board of Trustees grant the Sub-Adviser such authority in the future, the Sub-Adviser is authorized to select the Brokers that will execute the purchases and sales of portfolio investments for the Funds, and is directed to use its commercially reasonable efforts to obtain best execution, which includes most favorable net results and execution of a Fund's orders, taking into account all appropriate factors, including price, dealer spread or commission, size and difficulty of the transaction and research or other services provided. Subject to approval by the Board of Trustees and compliance with the policies and procedures adopted by the Board of Trustees for the Funds and to the extent permitted by and in conformance with applicable law (including Rule 17e-1 under the 1940 Act), the Sub-Adviser may select Brokers affiliated with the Sub-Adviser. The Sub-Adviser will seek to place brokerage transactions for the Funds in accordance with the Funds' policies and practices. The Investment Adviser understands that, in directing the use of a particular FCM or Broker for all or a portion of the trades executed in the Funds' account, with respect to the percentage of trades effected by such direction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Sub-Adviser will not have authority to negotiate commissions
among various FCMs or Brokers on a trade-by-trade basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Sub-Adviser will not have authority to obtain volume
discounts from FCMs or Brokers on behalf of the Funds, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Sub-Adviser's obligation to seek best execution
will be limited to the terms of the trades it enters into with the designated FCM or Broker.

In addition, a disparity in commission charges may exist between the commissions charged to the Funds for such trades and those charged to Sub-Adviser's other clients.

If the Sub-Adviser becomes aware, from a reasonably credible source, of a potential problem with a Broker or FCM, its related parties or their associated controls (such as financial or liquidity problems or failure to appropriately segregate client assets) that, if true, could adversely affect any Fund, the Sub-Adviser shall promptly, and in any case within twenty-four (24) hours, notify the Investment Adviser of the nature of such potential problem. All securities and other property purchased or sold for the Funds shall remain in the direct or indirect custody of the Trust's custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. On occasions when the Sub-Adviser deems the purchase or sale of a security or other investment to be in the best interest of a Fund as well as other clients of the Sub-Adviser, the Sub-Adviser, to the extent applicable to the Sub-Adviser and as permitted by applicable law and regulations may, but shall be under no obligation to, aggregate the securities or other investments to be purchased or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the securities or other investments so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser in the manner the Sub-Adviser considers to be the most equitable and consistent with its fiduciary obligations to the Fund and its other clients. The Sub-Adviser shall maintain policies and procedures that are reasonably designed to fairly allocate and sequence trades among the Funds and its other clients and will provide the Investment Adviser with a copy of such policies and procedures and any material amendments thereto. The Sub-Adviser will not arrange purchases or sales of securities between a Fund and other accounts advised by the Sub-Adviser or its affiliates unless (a) such purchases or sales are in accordance with applicable law (including Rule 17a-7 under the 1940 Act) and the Fund's policies and procedures, (b) the Sub-Adviser determines the purchase or sale is in the best interests of the Fund, and (c) the Board of Trustees has approved these types of transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. To the extent applicable to the Sub-Adviser, on each business day provide to the Funds' custodian, accounting agent and Investment Adviser information relating to all transactions concerning each Fund's Sub-Advised Assets and any such additional information with respect to such assets that is reasonably requested by the Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. Cooperate with and provide reasonable assistance to the Board, the Investment Adviser, the Funds' custodian and foreign sub-custodians, the Funds' transfer agent, accounting agent, pricing agent independent auditors, collateral managers, FCMs and all other agents and representatives of the Trust or the Investment Adviser, and provide such information with respect to the Funds as any of them may reasonably request from time to time in the performance of their obligations to the Funds and the Investment Adviser, provide prompt responses to reasonable requests made by such persons and establish appropriate interfaces with each so as to promote the efficient exchange of information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. Not consult with any third party, including any other sub-adviser to a Fund or any other sub-adviser to any other portfolio of the Trust or to any other investment company or investment company series for which the Investment Adviser serves as its investment adviser, regarding transactions for any Fund in securities and other assets, unless necessary to effect such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. Maintain insurance coverages as may be required by applicable law or as agreed upon by the Sub-Adviser and the Investment Adviser in light of the Sub-Adviser's obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t. Be responsible for the maintenance and repair of any tool provided by the Sub-Adviser to the Investment Adviser to transmit portfolio level information to the Sub-Adviser for use with the services provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;u. Not take into account the investment of any other clients of the Sub-Adviser in the Funds when establishing pricing of services provided to such client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Will, to the extent the Fund is relying on an exemptive order, an amendment thereto, no-action assurances, or other relief, rule or regulation permitting, in general terms, the Fund to hire one or more sub-advisers or amend a sub-advisory agreement without shareholder approval, comply with any terms and conditions provided in such exemptive order, amendment thereto, no-action assurances, or other relief, rule or regulation applicable to it, so long as the Sub-Adviser has been promptly notified of such reliance and has been provided a copy of such exemptive order, amendment thereto, no action assurances or other relief, rule or regulation.

Unless otherwise agreed by the parties, Investment Adviser shall be responsible for: (i) directing the manner in which proxies solicited by issuers of securities held in each Fund shall be voted and (ii) for making elections relative to any mergers, acquisitions, tender offers, bankruptcy proceedings and other types of events pertaining to Fund assets. Unless otherwise agreed by the parties, Sub-Adviser shall not be responsible for: (i) directing the manner in which proxies solicited by issuers of securities held in each Fund shall be voted; or (ii) making elections relative to any mergers, acquisitions, tender offers, bankruptcy proceedings or other type events pertaining to Fund assets. If Sub-Adviser agrees to perform any of the services described in the preceding sentence, Investment Adviser shall instruct Fund custodians to forward to Sub-Adviser copies of all proxies and shareholder communications relating to Fund assets in a Fund.

4. <u>Compensation</u>. The Investment Adviser will pay the Sub-Adviser a sub-advisory fee with respect to the Funds on or before the tenth day of each month at the annual rate specified in <u>Schedule B</u> to this Agreement, as compensation for services rendered by the Sub-Adviser during the preceding month. Such fees shall be accrued daily and the daily rate shall be computed based on the actual number of days per year. For purposes hereof, the net assets of the Funds shall be determined in the manner set forth in the Trust's Declaration of Trust and Registration Statement on file with the United States Securities and Exchange Commission on Form N-1A. The Investment Adviser shall be solely responsible for paying any sub-advisory fees due and owing the Sub-Adviser and neither the Trust nor any Fund nor any other potential sub-adviser, shall incur any liability for any such sub-advisory fees. The compensation accrued hereunder will be held in an interest-bearing escrow account with the custodian for the Fund(s) or another bank (as defined in the 1940 Act) designated by such Fund(s). If a new investment advisory agreement (the "New Advisory Agreement") with the Adviser for the Fund is approved by the vote of a majority of the outstanding voting securities of the Fund by the end of the 150-day term of this Agreement, the amount in the escrow account (including the interest earned) will be paid to the Sub-Adviser. If a majority of the outstanding voting securities of the Fund does not approve the New Advisory Agreement with the within the 150-day period, the Sub-Adviser will be paid, out of the escrow account, the lesser of: (i) any costs incurred by the Sub-Adviser in performing this Agreement (plus interest earned on that amount while in escrow); or (ii) the total amount in the escrow account (plus interest earned).

<u>Expenses</u>. During the term of this Agreement, the Sub-Adviser will pay all expenses incurred by it in connection with its activities under this Agreement, including, but not limited to (a) expenses of all necessary investment and management facilities and investment personnel, including salaries, expenses and fees of any personnel required for it to faithfully perform its duties under this Agreement, and (b) expenses of administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the Sub-Adviser's duties under this Agreement. The Sub-Adviser shall not be responsible for the Trust's or the Funds' expenses, including, but not limited to, the cost of securities, commodities and other investments purchased for a Fund and any losses incurred therewith, brokerage commissions and other transaction charges incurred in connection with such investments, and expenses of custody of such investments. The Sub-Adviser agrees to bear any and all costs and expenses arising in connection with any actual, proposed, expected or possible assignment of this Agreement (even if a proposed, expected or possible assignment ultimately does not take place). For the avoidance of doubt, without limiting the immediately preceding sentence, if there is a termination (or possible or anticipated termination) of this Agreement as a result of an assignment (or possible or anticipated assignment), then the Sub-Adviser shall bear, without limitation, (i) the expenses and costs incurred in connection with preparing, printing, filing and mailing an information statement or proxy statement, as applicable and (ii) if relevant, solicitation and other costs associated with the use of a proxy statement. The preceding two sentences, however, shall not apply in the event of an assignment or proposed assignment by the Investment Adviser, including any termination of this Agreement that results from an assignment of the Investment Advisory Agreement or this Agreement, in each case, arising from a change in control of the Investment Adviser.

Except as set forth in this Agreement to the contrary, neither the Investment Adviser, the Sub-Adviser, nor the Trust shall be responsible for any other party's expenses.

5. <u>Arrangements</u>. The Sub-Adviser may from time to time employ or associate with itself any person it believes to be particularly fitted to assist it in providing the services to be performed by the Sub-Adviser hereunder, provided that no such person shall perform any services with respect to the Funds which would constitute an assignment of this Agreement or require a written advisory agreement pursuant to the 1940 Act. Any compensation payable to such persons shall be the sole responsibility of the Sub-Adviser, and neither the Trust, the Funds nor the Investment Adviser shall have any obligations with respect thereto. Sub-Adviser shall notify the Investment Adviser and the Trust prior to engaging any third party to perform any portion of the services of the Sub-Adviser under this Agreement; *provided,* subject to Section 11 of this Agreement that Sub-Adviser may provide certain key advisory services <u>hereunder</u> through any wholly-owned subsidiary of the Sub-Adviser or affiliated entity under common control with the Sub-Adviser with prior disclosure and written notification to the Investment Adviser and the Trust describing such engagement; *provided further* that Sub-Adviser shall remain fully responsible for all services provided for the sub-Adviser under this Agreement by any such third party or subsidiary.

6. <u>Services to Others</u>. The services of the Sub-Adviser to the Funds and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory or other services to others (including other investment companies) and to engage in other activities.

7. <u>Information Concerning the Sub-Adviser</u>. The Sub-Adviser will inform the Investment Adviser promptly of (a) any material changes in portfolio managers responsible for the assets managed by the Sub-Adviser on behalf of the Funds, (b) the departure from the Sub-Adviser's employ of any of the persons identified as "Key Personnel" or the incapacity of any such person to perform their work functions at a reasonable level for a period in excess of thirty (30) days (any such departure or incapacity, a "Key Personnel Departure"), (c) any proposed changes in the ownership or management of the Sub-Adviser, (d) any proposed material changes in the ownership of the Sub-Adviser's direct or indirect parent companies, (e) any proposed changes in the control of the Sub-Adviser, (f) the Sub-Adviser's failure to maintain its registration as an investment adviser under the Advisers Act, (g) any material compliance matters (as defined in Rule 38a-1 under the 1940 Act including the Advisers Act and, as applicable, Regulation Best Interest) with respect to the Sub-Adviser and any material changes to the Sub-Adviser's policies and procedures related to its activities pursuant to this Agreement, including compliance and investment policies and procedures, (h) service upon the Sub-Adviser, or other receipt, of notice of any action, suit, proceeding, inquiry or investigation before any court, governmental entity, public board, or body involving the affairs of the Trust, the Funds, the Investment Adviser or the Sub-Adviser, (i) the initiation of any litigation, or threatened litigation, that could materially impair Sub-Adviser's ability to perform its obligations under this Agreement or have a material impact on the reputation or operations of the Sub-Adviser, (j) the initiation of any investigation, examination or request of the Sub-Adviser by regulators of competent jurisdiction or (k) any other actions or circumstances that could materially impair the Sub-Adviser's ability to perform its obligations under this Agreement or prevent the lawful offer or sale of shares of any of the Funds. The Sub-Adviser shall further notify the Investment Adviser promptly upon detection of any material error in connection with its management of the Sub-Advised Assets, including but not limited to any trade errors. In the event of a material error, the Sub-Adviser shall also provide a memorandum to the Investment Adviser that sufficiently describes any such error and the action to be taken to prevent future occurrences of such error or, alternatively, a statement that the Sub-Adviser has reviewed the relevant controls, and has determined those controls are reasonably designed to prevent additional errors in the future (and, to the extent relevant, that such controls are reasonably designed to prevent violations of the federal securities laws), and as such no further action is required. Further, the Sub-Adviser shall provide access to the Investment Adviser and the Trust, or their agents, to all documents and information related to any error, its analysis and correction, and the correction of all errors impacting the applicable Fund must be corrected to the satisfaction of the Investment Adviser and the Trust.

8. <u>Regulation</u>. The Sub-Adviser shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports, or other material which any such body by reason of this Agreement may request or require pursuant to applicable laws and regulations.

9. <u>Records</u>. The records relating to the services provided by the Sub-Adviser under this Agreement shall be the property of the Trust and shall be under its control; however, the Trust shall furnish to the Sub-Adviser such records and permit the Sub-Adviser to retain such records (either in original or in duplicate form) as the Sub-Adviser shall reasonably require in order to carry out its duties. In the event of the termination of this Agreement, any such records in the possession or control of the Sub-Adviser shall promptly be returned to the Trust by the Sub-Adviser, free from any claim or retention of rights therein. The Investment Adviser will endeavor to give the Sub-Adviser adequate notice of a need to obtain any such records; however, in the event of a 'surprise' regulatory examination of the Trust or the Investment Adviser, the Sub-Adviser will make all requested records available at the Investment Adviser's place of business within two (2) days of such request.

10. <u>Confidential Information</u>. Each party agrees on its behalf and on behalf of its affiliates that it shall exercise the same care that it uses to protect its own confidential and proprietary information, but no less than reasonable care, to protect the confidentiality of each other party's confidential and proprietary information. Each party further agrees that it will restrict access to each other party's confidential and proprietary information to those employees, board members and other service providers or agents of such party who will use the information for purposes of providing the services contemplated in this Agreement. Each party (the "disclosing party") will disclose such information of any other party to any other person (the "receiving party") only if the other party has authorized such disclosure or such disclosure is expressly required or requested by applicable federal or state regulatory authorities or other provisions of law. The foregoing shall not prevent a disclosing party from disclosing information to a receiving party that (a) has previously become or is generally known, unless it has become generally known through a breach of this Agreement or (to the knowledge of the disclosing party) a similar confidentiality or non-disclosure agreement; (b) was already rightfully known to the receiving party prior to being disclosed by or obtained from the disclosing party as evidenced by written records kept in the ordinary course of business of or by proof of actual use by the receiving party; (c) has been or is hereafter rightfully received by the receiving party from a third person without restriction or disclosure and without breach of a duty of confidentiality to the other party; or (d) has been independently developed by the receiving party without access to confidential or proprietary information of the other party. It will be presumed that any confidential and proprietary information in a receiving party's possession is not within exceptions (b), (c) or (d) above, and the burden will be upon the receiving party to prove otherwise by records and documentation. Sub-Adviser agrees that (i) any third party or subsidiary that provides services pursuant to Section 5 of this Agreement shall be subject to these confidentiality provisions and be provided with only the confidential and proprietary information necessary for it to perform such services and

(ii) Sub-Adviser will remain responsible for the breach of this provision by such third party or

subsidiary.

11. <u>Liability and Indemnity.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>The Sub-Adviser</u>. Except as may otherwise be provided by the 1940 Act or any other federal securities law, the Sub-Adviser shall not be liable for any losses, claims, damages, liabilities or litigation (including legal and other expenses) incurred or suffered by the Investment Adviser or the Trust as a result of any error of judgment or mistake of law by the Sub-Adviser with respect to a Fund, except that *nothing* in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Sub-Adviser for, and the Sub-Adviser shall indemnify and hold harmless the Trust, the Investment Adviser, all affiliated persons thereof and all controlling persons thereof (as described in Section 15 of the Securities Act of 1933) (collectively, the "Investment Adviser Indemnitees") against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Investment Adviser Indemnitees may become subject under the Securities Act of 1933, the 1940 Act, the Advisers Act, the CEA or under any other statute, at common law or otherwise arising out of or based on (a) any willful misconduct, bad faith, reckless disregard or gross negligence of the Sub-Adviser in the performance of any of its duties or obligations under this Agreement or (b) any untrue statement of a material fact contained in a Fund's Registration Statement, proxy materials, reports, advertisements, sales literature, or other materials pertaining to a Fund, or the omission to state therein a material fact known to the Sub-Adviser which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished in writing to the Investment Adviser or the Trust by a Sub-Adviser Indemnitee (as defined below) for use therein. Federal and state securities laws impose liabilities under certain circumstances on persons who act in good faith, and nothing in this Agreement shall in any way constitute a waiver or limitation of any rights that any party may have under any such laws.

If indemnification is sought pursuant to this Section 11a, then the Investment Adviser Indemnitees shall promptly notify the Sub-Adviser of the assertion of any claim or the commencement of any action or proceeding in respect thereof and will keep the Sub-Adviser advised with respect to all developments concerning such claim, action or proceeding; however, the failure so to notify the Sub-Adviser shall not relieve the Sub-Adviser from any liability that it may otherwise have to the Investment Adviser Indemnitees provided such failure does not affect in a material adverse manner the position of the Sub-Adviser or the Investment Adviser Indemnitees with respect to such claim. The Investment Adviser Indemnitees shall in no case confess any claim or make any compromise in any case in which the Sub-Adviser may be required to indemnify it except with the Sub-Adviser's prior written consent, which shall not be unreasonably withheld, conditioned or delayed. Upon request and at the Sub-Adviser's expense, the Sub-Adviser shall provide reasonable assistance to the Investment Adviser Indemnitees so that the Investment Adviser Indemnitees can defend against such claim, action or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>The Investment Adviser and Trust</u>. Except as may otherwise be provided by the 1940 Act or any other federal securities law, the Investment Adviser and the Trust shall not be liable for any losses, claims, damages, liabilities or litigation (including legal and other expenses) incurred or suffered by the Sub-Adviser as a result of any error of judgment or mistake of law by the Investment Adviser with respect to a Fund, except that *nothing* in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Investment Adviser for, and the Investment Adviser shall indemnify and hold harmless the Sub-Adviser, all affiliated persons thereof and all controlling persons thereof (as described in Section 15 of the Securities Act of 1933) (collectively, the "Sub-Adviser Indemnitees") against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Sub-Adviser Indemnitees may become subject under the Securities Act of 1933, the 1940 Act, the Advisers Act, the CEA or under any other statute, at common law or otherwise arising out of or based on (a) any willful misconduct, bad faith, reckless disregard or gross negligence of the Investment Adviser in the performance of any of its duties or obligations under this Agreement or (b) any untrue statement of a material fact contained in a Fund's Registration Statement, proxy materials, reports, advertisements, sales literature, or other materials pertaining to a Fund, or the omission to state therein a material fact known to the Investment Adviser which was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon information furnished in writing to the Investment Adviser or the Trust by a Sub-Adviser Indemnitee for use therein. Federal and state securities laws impose liabilities under certain circumstances on persons who act in good faith, and nothing in this Agreement shall in any way constitute a waiver or limitation of any rights that any party may have under any such laws.

If indemnification is sought pursuant to this Section 11b, then the Sub-Adviser Indemnitees shall promptly notify the Investment Adviser of the assertion of any claim or the commencement of any action or proceeding in respect thereof and will keep the Investment Adviser advised with respect to all developments concerning such claim, action or proceeding; however, the failure so to notify the Investment Adviser shall not relieve the Investment Adviser from any liability that it may otherwise have to the Sub-Adviser Indemnitees provided such failure does not affect in a material adverse manner the position of the Investment Adviser or the Sub-Adviser Indemnitees with respect to such claim. Following such notification, the Investment Adviser may elect in writing to assume the defense of such action or proceeding, *provided* that the Investment Adviser shall not be entitled to assume the defense if a conflict exists, including that the indemnification claim is outside the scope of this indemnification provision. Upon such election, it shall not be liable for any legal costs incurred by the Sub-Adviser Indemnitees (other than reasonable costs of investigation previously incurred) in connection therewith, unless (i) the Investment Adviser has failed to provide counsel reasonably satisfactory to the Sub-Adviser Indemnitees in a timely manner or (ii) counsel provided by the Investment Adviser reasonably determines that its representation of the Sub-Adviser Indemnitees would present it with a conflict of interest. Notwithstanding the foregoing, the Sub-Adviser Indemnitees shall be entitled to employ separate counsel at their own expense and, in such even, the Sub-Adviser Indemnitees may participate in such defense as it deems necessary. The Investment Adviser shall in no case confess any claim or make any compromise in any case in which the Sub-Adviser may be required to admit fault· or wrongdoing except with the Sub-Adviser's prior written consent, which shall not be unreasonably withheld, condition or delayed. Upon request and at the Sub-Adviser's expense, the Sub-Adviser shall provide reasonable assistance to the Investment Adviser so that the Investment Adviser can defend against such claim, action or proceeding. If the Investment Adviser does not elect to assume the defense of such action or proceeding, (i) the Sub-Adviser Indemnitees shall in no case confess any claim or make any compromise in any case in which the Investment Adviser may be required to indemnify it except with the Investment Adviser's prior written consent, which shall not be unreasonably withheld, conditioned or delayed and (ii) upon request and at the Investment Adviser's expense, the Investment Adviser shall provide reasonable assistance to the Sub-Adviser Indemnitees so that the Sub-Adviser Indemnitees can defend against such claim, action or proceeding.

12. <u>Term and Termination</u>. This Agreement shall become effective upon the consummation of the Transaction if the New Advisory Agreement applicable to the Fund(s) are not approved by the majority of the outstanding voting securities of such Fund (the "Effective Date"), and shall remain in full force for: (i) 150 days following the Effective Date; (ii) until a vote of a majority of the outstanding voting securities of such Fund shall approve the New Advisory Agreement with the Adviser and such New Sub-Advisory Agreement is executed and effective; or (iii) unless sooner terminated as hereinafter provided, whichever occurs first.

This Agreement may be terminated at any time with respect to any Fund, without payment of any penalty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. by the Investment Adviser, the Board or the Sub-Adviser upon ten (10) calendar days' written notice to the other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. vote of a majority of the outstanding voting securities of such Fund, on ten (10) calendar days' written notice to the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. by any party hereto upon written notice to each of the other parties of a breach of any provision of this Agreement by any other party if the breach is not cured within thirty (30) days of notice of the breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. immediately by Investment Adviser or the Trust upon any Key Personnel Departure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. immediately upon the termination of the Investment Advisory Agreement.

This Agreement shall not be assignable by any party hereto. In the event of its assignment, this Agreement shall automatically terminate forthwith.

The parties hereto agree to cooperate and give reasonable assistance to one another in effecting an orderly transition of the services contemplated in this Agreement upon any termination of this Agreement.

13. <u>Use of Names</u>. The Trust and the Investment Adviser acknowledge that the Sub-Adviser or its affiliates own all right, title and interest in and to the name, trademark and service marks "Gradient" and own (or will own prior to use) all other tradenames, trademarks and service marks that may be used by the Sub-Adviser in performing its obligations under this Agreement (collectively the "Gradient Licensed Marks"). The Sub-Adviser hereby grants to the Investment Adviser and the Trust and their affiliates a non-exclusive, royalty-free, worldwide license to use the Gradient Licensed Marks in connection with the business operations of the Trust and their performance of services contemplated under this Agreement, subject to the terms and conditions set forth in this Agreement. In addition, the Investment Adviser and the Trust may refer in advertising and promotional materials to the identity of the Sub-Adviser and the services provided by the Sub-Adviser to the Investment Adviser and the Funds, which references shall not differ in substance from those included in any Fund's Registration Statement and this Agreement, with the prior permission of Sub-Adviser, which shall not be unreasonably withheld. The Investment Adviser shall submit to the Sub-Adviser for its review and approval all such public informational materials relating to the Funds that refer to any registered mark or logo or other proprietary designation of the Sub-Adviser. Approval shall not be unreasonably withheld by the Investment Adviser and notice of approval or disapproval will be provided promptly by the Sub-Adviser and in any event within ten (10) business days of receipt of such material by the Sub-Adviser; if the Sub-Adviser has not objected to such use within such period, it will be deemed to have approved such use. Upon termination of this Agreement, the Trust and the Investment Adviser shall cease to use such registered marks, logos or other proprietary designations of the Sub-Adviser and the license contained herein shall terminate.

The Trust and the Sub-Adviser acknowledge that the Investment Adviser or its affiliates own all right, title and interest in and to the name, trademark and service marks and own (or will own prior to use) all other tradenames, trademarks and service marks that may be used by the Investment Adviser in performing its obligations under this Agreement (collectively the "Investment Adviser Licensed Marks"). The Investment Adviser hereby grants to the Sub-Adviser and its affiliates a non-exclusive, royalty-free, worldwide license to use the Investment Adviser Licensed Marks in connection with Sub-Adviser's performance of the services contemplated under this Agreement, subject to the terms and conditions set forth in this Agreement. The Sub-Adviser shall submit to the Investment Adviser for its review all such public informational materials relating to the Funds, the Investment Adviser or the services provided by the Sub-Adviser under this Agreement or that refer to any registered mark or logo or other proprietary designation of the Investment Adviser or the Trust. Approval shall not be unreasonably withheld by the Investment Adviser and notice of approval or disapproval will be provided promptly and in any event within ten (10) business days of receipt of such material by the Investment Adviser; if the Investment Adviser has not objected to such use within such period, it will be deemed to have approved such use. Upon termination of this Agreement, the Sub-Adviser shall cease to use such registered marks, logos or other proprietary designations of the Investment Adviser and the Trust and the license contained herein shall terminate.

Notwithstanding the foregoing, the approval of a party shall not be required for the use of its name by any other party which (a) merely refers in accurate or factual terms to the name of such party in connection with its role with respect to the Trust or the Fund, or (b) is required by any regulatory, governmental or judicial authority.

14. <u>Representations and Warranties</u>. Each party represents and warrants to the others that: (a) it is duly organized, validly existing, and in good standing under the laws of the state of its organization and has full power, authority, and legal right to execute, deliver, and perform its duties and comply with its obligations under this Agreement; and (b) there are no actions, suits or proceedings by or before any court, administrative panel or other governmental authority pending, or to its knowledge threatened, against it which could reasonably be expected to materially impair its ability to carry out the terms of this Agreement. Each of the Investment Adviser and Sub-Adviser represents and warrants to the other parties that: (c) it is duly registered as an investment adviser under the Advisers Act and will remain duly registered as an investment adviser under all applicable federal and state securities laws; (d) it shall perform its obligations hereunder in accordance with the 1940 Act and all other applicable laws; (e) it is not disqualified pursuant to Section 9(a) of the 1940 Act to be an investment adviser to investment companies registered under the 1940 Act; and (f) the Form ADV Part 1, Part 2A, 2B and Form CRS provided by such party to the others is a true and complete copy of the form, including that part or parts of the Form ADV filed with the SEC, that part or parts maintained in the records of such party, and/or that part or parts provided or offered to clients, in each case as required under the Advisers Act and rules thereunder, and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading. The Sub-Adviser further represents and warrants that it is duly registered as a commodity trading adviser under the CEA, will remain duly registered as a commodity trading adviser under all applicable federal and state securities laws, and will perform its obligations in accordance with the CEA and rules and regulations promulgated thereunder.

15. <u>Arbitration</u>. In the event of any dispute arising out of or relating to this Agreement, the parties agree that the dispute will be resolved by final and binding arbitration under the Commercial Arbitration Rules of the American Arbitration Association. The arbitration shall take place before a panel of three arbitrators in New York, New York and shall be governed by the internal laws of the State of New York. Within 30 days after the commencement of the arbitration, each party shall designate in writing a single independent arbitrator. The two arbitrators designated by the parties shall then select a third arbitrator. Each arbitrator shall have a background in either investment advisory services, actuarial science or law. The arbitrators shall have the authority to permit limited discovery, including depositions, prior to the arbitration hearing, and such discovery shall be conducted consistent with the Federal Rules of Civil Procedure. The arbitrators may, in their discretion, award the cost of the arbitration, including reasonable attorney fees, to the prevailing party. Any award made may be confirmed in any court having jurisdiction. Any arbitration shall be confidential, and except as required by law, neither party may disclose the content or results of any arbitration hereunder without the prior written consent of the other party, except that disclosure is permitted to a party's auditors, legal advisors and financial advisors.

The parties acknowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Arbitration is final and binding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They are waiving their right to seek remedies in court, including
the right to a jury trial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-arbitration discovery is more limited than and different
from court proceedings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The arbitration award is not required to include factual
findings or legal reasoning, and a party's right to appeal or seek modifications of the award are strictly limited.

The parties acknowledge and agree that this Section 15 is applicable to disputes or claims brought by the parties to this Agreement and shall not be applicable to (i) shareholder litigation brought either directly or indirectly by shareholders of a Fund and (ii) claims that may not be subject to arbitration pursuant to federal, state or other laws, regulations or rules promulgated thereunder.

16. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Amendments</u>. This Agreement may be amended by mutual consent of the parties, provided that the terms of any material amendment with respect to any Fund shall be approved by (a) the Board or a vote of the majority of the outstanding voting securities of such Fund as required by the 1940 Act (subject to any applicable rule, regulation, or exemptive order, no-action assurance or other relief), and (b) the vote of a majority of those Trustees of the Trust who are not interested persons of any party to this Agreement at a meeting called for the purpose of voting on such approval, if such approval is required by applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Entire Agreement</u>. This Agreement, together with all exhibits, schedules and attachments, and SOWs contain the entire understanding and agreement of the parties with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Headings</u>. The headings in this Agreement are inserted for convenience of reference only and shall not constitute part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Notices. Any notice required or permitted to be sent under this Agreement shall be given to the following persons at the following addresses and email addresses, or such other persons, addresses or email addresses as the party receiving such notices or communications may subsequently direct in writing:

If to the Investment Adviser or the Trust:

Innovator Capital Management LLC

200 W. Front Street

Wheaton, IL 60167

Attention: Bryon Lake

Email: Bryon.lake@gs.com

If to the Sub-Adviser:

Gradient Investments, LLC

4105 Lexington Avenue North

Suite 320

Arden Hills, MN 55126

Email: [ ]

cc: [ ]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Severability</u>. Should any provision of this Agreement be held or made invalid by a court decision, statute, rule, or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York (without regard to principles of conflicts of laws) and any of the applicable provisions of the 1940 Act. In the case of any conflict, the 1940 Act shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Waiver</u>. Any failure or delay by any party to enforce at any time any of the provisions of this Agreement or to exercise any right or option which is herein provided, or to require at any time the performance of any of the provisions hereof, shall in no way be construed to be a waiver of such provision of this Agreement. No waiver of any right or remedy under this Agreement shall be deemed to be a waiver of any other or subsequent right or remedy under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Assignment</u>. No party may assign, transfer, or delegate any of its rights or obligations relating to this Agreement (including, without limitation, interests or claims relating to this Agreement) without the prior written consent of the other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Interpretation</u>. Any question of interpretation of any term or provision of this Agreement having a counterpart or otherwise derived from a term or provision of the 1940 Act shall be resolved by reference to such term or provision of the 1940 Act and to interpretations thereof, if any, by the United States courts or by rules, regulations or orders of the United States Securities and Exchange Commission under the 1940 Act. Specifically, the terms "vote of a majority of the outstanding voting securities," "interested persons," "assignment" and "affiliated persons," as used herein shall have their respective meanings as set forth in the 1940 Act. In addition, where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is altered by a rule, regulation, or exemptive order, no-action assurance or other relief, such provision shall be deemed to incorporate the effect of such rule, regulation, or exemptive order, no-action assurance or other relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. <u>Counterparts</u>. This Agreement may be executed by the parties in separate counterparts, each of which when so executed and delivered shall be an original but all of which taken together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. <u>Survival of Terms</u>. Sections 3f, 3o, 3q, 5, 9, 10, 11, 13, 14, and 15 shall survive the termination or other expiration of this Agreement; provided, however, that all of the provisions of this Agreement shall survive the termination or other expiration of this Agreement with respect to any obligation accruing or arising before such termination or other expiration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. <u>Limitation of Shareholder, Trustee and Officer Liability</u>. The parties acknowledge and agree that the Trustees and Officers of the Trust and the shareholders of any Fund shall not be liable for any obligations of the Trust or of any Fund under this Agreement, and each party agrees that, in asserting any rights or claims under this Agreement with respect to a Fund, it shall look only to the assets and property of such Fund to which such party's rights or claims relate in settlement of such rights or claims, and not to the assets and property of any other Fund, the Trustees or Officers of the Trust or the shareholders of the Funds.

*(Signature page follows)*

 

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed in duplicate original by their duly authorized officers.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INNOVATOR CAPITAL MANAGEMENT, LLC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INNOVATOR CAPITAL MANAGEMENT, LLC** |
| By: | /s/ Bryon Lake |
| Name: | Bryon Lake |
| Title: | President |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INNOVATOR ETFS<sup>®</sup> TRUST** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INNOVATOR ETFS<sup>®</sup> TRUST** |
| on behalf of the Funds listed on Schedule A | on behalf of the Funds listed on Schedule A |
| By: | /s/ James A. McNamara |
| Name: | James A. McNamara |
| Title: | President, Principal Executive Officer and Trustee |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**GRADIENT INVESTMENTS, LLC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**GRADIENT INVESTMENTS, LLC** |
| By: | /s/ Michael Binger |
| Name: | Michael Binger |
| Title: | President |

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**Schedule A**

<u>Funds Managed by Sub-Adviser</u>

Innovator Gradient Tactical Rotation Strategy ETF

**Schedule B**

<u>Fee Schedule</u>

20 basis points or 0.20% of net assets of all funds listed on Schedule A.

## Ex-99.(D)(14)

**Exhibit (d)(14)**

**Schedule A**

<u>Funds Managed by Sub-Adviser</u>

Innovator Gradient Tactical Rotation Strategy ETF

## Ex-99.(D)(15)

**Exhibit (d)(15)**

**INTERIM SUBADVISORY AGREEMENT**

THIS INTERIM AGREEMENT, dated and effective as of the 1<sup>st</sup> day of April, 2026, is made and entered into by and among Innovator Capital Management, LLC, a Delaware limited liability company (the "Investment Adviser"), Innovator ETFs<sup>®</sup> Trust (formerly, Academy Funds Trust) (the "Trust"), and Milliman Financial Risk Management LLC, a Delaware limited liability company (the "Sub-Adviser").

W I T N E S S E T H

WHEREAS, the Trust is registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Investment Adviser and the Sub-Adviser are registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and are engaged in the business of providing investment advisory and related services to certain investment companies and other clients; and

WHEREAS, the Investment Adviser is the investment adviser to the Trust pursuant to an investment advisory agreement with the Trust (the "Investment Advisory Agreement"); and

WHEREAS, the Trust and the Investment Adviser have retained the Sub-Adviser to furnish investment advisory services for the Fund's investment portfolio pursuant to an Investment Sub-Advisory Agreement dated June 11, 2020 (the "Sub-Advisory Agreement"); and

WHEREAS, the Investment Adviser has entered into a membership interest purchase agreement pursuant to which GSAM Holding, LLC will acquire substantially all of the membership interests of the Investment Adviser (the "Transaction") for certain compensation; and

WHEREAS, the consummation of the Transaction may operate as an "assignment" of the Sub-Advisory Agreement pursuant to Section 13 thereof; and

WHEREAS, the Investment Adviser and the Board of Trustees of the Trust (the "Board") desire to retain the Sub-Adviser to render investment advisory services to the investment portfolios of the Trust listed on <u>Schedule A</u>, as amended from time to time (each, a "Fund" and together, the "Funds"), in a manner and on the terms hereinafter set forth; and

WHEREAS, the Trust, on behalf of the Funds, the Investment Adviser and the Sub- Adviser desire to enter into this agreement (the "Agreement") pursuant to Rule 15a-4 under the 1940 Act, under which the Sub-Adviser, will furnish certain investment advisory services for the Fund upon the terms and conditions hereafter set forth.

NOW, THEREFORE, in consideration of the promises and the mutual undertakings set forth in this Agreement, the parties covenant and agree as follows:

1. <u>Appointment</u>. The Investment Adviser and the Trust hereby appoint the Sub-Adviser to provide certain sub-advisory services to the Funds subject to the supervision of the Investment Adviser and the Board, and in accordance with the terms and conditions of this Agreement. The Sub-Adviser will be an independent contractor and will have no authority to act for or represent the Trust or the Investment Adviser in any way or otherwise be deemed an agent of the Trust or the Investment Adviser except as expressly authorized in this Agreement or another writing by the Trust, the Investment Adviser and the Sub-Adviser. The Sub-Adviser accepts such appointment and agrees to furnish the services herein set forth for the compensation herein provided.

2. <u>Structure</u>. This Agreement contemplates future execution by the Trust, Investment Adviser and Sub-Adviser of one more statements of work relating to the Funds (each such statement of work, an "SOW" and collectively, the "SOWs"). Each SOW shall be effective when executed by an authorized representative of each of the Trust, the Investment Adviser and the Sub-Adviser. The terms of this Agreement shall be deemed to be incorporated into each SOW and the terms and conditions set forth in this Agreement shall govern Sub-Adviser's provision of Services under a SOW, except for provisions in this Agreement that are specifically excluded or modified in such SOW, which shall include a reference to the applicable section in this Agreement being excluded or modified; *provided, however,* that such exclusion or modification shall only be applicable to such SOW.

3. <u>Services</u>. As a sub-adviser to the Funds, the Sub-Adviser will furnish an investment program and manage the investment and reinvestment of that portion of the assets of each Fund allocated to the Sub-Adviser by the Investment Adviser (the "Sub-Advised Assets") and determine the composition of such assets, subject always to the supervision of the Investment Adviser and the Board. As part of, or associated with, the services provided hereunder the Sub-Adviser will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Take whatever steps necessary to implement the investment program of the Funds with respect to the Sub-Advised Assets by the purchase and sale of securities and other investments on behalf of the Funds. The Sub-Adviser will provide, at its own expense, all necessary investment and management facilities and investment personnel, including salaries, expenses and fees of any personnel required for it to faithfully perform its duties under this Agreement, and all administrative facilities, including bookkeeping, clerical personnel and equipment, necessary for the efficient conduct of its duties under this Agreement. The Investment Adviser will provide the Sub-Adviser with reasonable advance notice of any change in a Fund's investment objectives, policies and restrictions as stated in each Fund's Prospectus and Statement of Additional Information (together, the "Registration Statement"). Provided the Sub-Adviser has received prompt notice of the effectiveness of such changes from the Trust or the Investment Adviser, the Sub-Adviser shall manage the Sub-Advised Assets consistent with such changes. The Sub-Adviser will maintain and adhere to an investment policy reviewed and approved by the Investment Adviser and provide Investment Adviser with notice of any material changes to its ability to implement such investment policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Comply with the provisions of the Trust's Declaration of Trust and By-Laws, as amended from time to time, all relevant disclosures in each Fund's Registration Statement (including, without limitation, each Fund's stated objectives, policies, strategies, risks, restrictions, results, fees, trading policies and costs, potential conflicts, valuation and description of management), as may be amended from time to time, and any other written policies and restrictions as are communicated to it by the Investment Adviser. The Sub-Adviser shall be responsible for reviewing each Fund's Registration Statement to confirm that there is no material misstatement or omission in the disclosures therein relating to the Sub-Adviser or to the services provided by Sub-Adviser to the Funds from time to time; the Investment Adviser shall be responsible for ensuring that the Sub-Adviser is provided with a copy of each Registration Statement and any other relevant materials with reasonable advance notice prior to filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Comply with, the provisions of (i) the 1940 Act, (ii) the Advisers Act, (iii) the Internal Revenue Code of 1986, as amended (the "Code"), (iv) the Commodity Exchange Act (the "CEA") and (v) all other applicable state and federal securities and other laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Monitor the performance of the Sub-Advised Assets on a continuous basis and conduct a continuous program of investment, evaluation and, if appropriate, sale and reinvestment of the Sub-Advised Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Prepare and maintain such books and records with respect to the Sub-Advised Assets and securities transactions with respect to such assets as required by the Trust's compliance policies and procedures and by applicable laws, including but not limited to the 1940 Act, the Advisers Act and the CEA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Furnish the Investment Adviser, the Trust's chief compliance officer and the Board such periodic reports, special reports and certifications as the Investment Adviser and the Sub-Adviser may mutually agree. Without limiting the generality of the foregoing, these reports will include information sufficient for the Investment Adviser to perform periodic tests of the Funds' compliance with applicable laws and regulations, applicable accounting regulations and standards, and Sub-Chapter M and, to the extent applicable, Section 817 of the Code. The Sub-Adviser will provide the Investment Adviser and the Board with financial and profitability information, as well as fee schedules for other registered investment company clients and other information reasonably required to assist the Board in reviewing the terms of Sub-Adviser's contract in accordance with applicable laws and regulations then in effect. The parties agree that the information described in this subsection will be prepared solely for the use and benefit of the Investment Adviser and the Board in accordance with statutory and regulatory requirements. Sub-Adviser recognizes that materials it delivers to the Investment Adviser and the Board may be public records subject to disclosure to third parties, however, Sub-Adviser does not intend to benefit and assumes no duty or liability to any third parties who receive Sub-Adviser's work and may include disclaimer language on its work product so stating. To the extent that Sub-Adviser's work is not subject to public disclosure, Investment Adviser agrees that it shall not disclose Sub-Adviser's work product to third parties without Sub-Adviser's prior written consent; *provided, however,* that the Investment Adviser, the Board, and the Fund may distribute Sub-Adviser's work to (i) professional service providers who are subject to a duty of confidentiality and who agree to not use Sub-Adviser's work product for any purpose other than to provide services to the Investment Adviser, the Board, or the Fund, or (ii) any applicable regulatory or governmental agency, as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Report regularly to the Investment Adviser and the Board as reasonably agreed between the Investment Adviser and the Sub-Adviser and make appropriate persons available for the purpose of reviewing with representatives of the Investment Adviser and the Board on a regular basis, at reasonable times agreed to by the Investment Adviser and the Sub-Adviser, the management of the Funds, including, without limitation, review of the general investment strategies of the Funds, the performance of the Funds and the performance and investments of the Sub-Advised Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Provide periodic performance analysis and market commentary with respect to the Sub-Advised Assets, if requested, to the Investment Adviser and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Provide pricing information to the Trust and the Investment Adviser with respect to the Sub-Advised Assets to assist the Trust in making determinations of the fair value of the Sub-Advised Assets when market quotations are not readily available for the purpose of calculating a Fund's net asset value in accordance with the procedures and methods established for the Funds, if such information is reasonably available to the Sub-Adviser. If the Sub-Adviser believes a valuation provided by a pricing service for an investment it has purchased for a Fund is materially inaccurate or is not indicative of the value of the investment, the Sub-Adviser will promptly notify the Investment Adviser. The Investment Adviser acknowledges that the Trust's Board, with the assistance of the Investment Adviser (and not Sub-Adviser) is responsible for pricing the Funds' investments and the Funds' daily net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Maintain a Code of Ethics which shall comply in all material respects with Rule 17j-1 under the 1940 Act. The Sub-Adviser, on its own behalf, and with respect to its Access Persons (as defined in Rule 17j-1), agrees to observe and comply with Rule 17j-1 and its Code of Ethics, as the same may be amended from time to time. On at least an annual basis, the Sub-Adviser will comply with the reporting requirements of Rule 17j-1, which include (i) certifying to the Investment Adviser and the Trust that the Sub-Adviser and its Access Persons have complied with the Sub-Adviser's Code of Ethics with respect to the Sub-Advised Assets and (ii) identifying any violations of such Code of Ethics which have occurred with respect to the Sub-Advised Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Maintain, implement and evaluate the effectiveness of written policies and procedures, as required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations of the Advisers Act by the Sub-Adviser, its employees, officers and agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Assist the Investment Adviser in selecting futures commission merchants ("FCMs") and brokers or dealers ("Brokers") and opening accounts with such FCMs and Brokers on behalf of the Funds, and be responsible for placing orders for the investment and reinvestment of the Sub-Advised Assets through such FCMs and Brokers selected and approved by the Investment Adviser, and assist in the negotiation of commissions on such orders (collectively, "brokerage transactions"), if applicable. The Sub-Adviser is authorized to select the brokers or dealers that will execute the purchases and sales of portfolio investments for the Funds, and is directed to use its commercially reasonable efforts to obtain best execution, which includes most favorable net results and execution of a Fund's orders, taking into account all appropriate factors, including price, dealer spread or commission, size and difficulty of the transaction and research or other services provided. Subject to approval by the Board of Trustees and compliance with the policies and procedures adopted by the Board of Trustees for the Funds and to the extent permitted by and in conformance with applicable law (including Rule 17e-1 under the 1940 Act), the Sub-Adviser may select brokers or dealers affiliated with the Sub-Adviser. The Sub-Adviser will seek to place brokerage transactions for the Funds in accordance with the Funds' policies and practices. The Investment Adviser understands that, in directing the use of a particular FCM or Broker for all or a portion of the trades executed in the Funds' account, with respect to the percentage of trades effected by such direction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Sub-Adviser will not have authority to negotiate commissions among various FCMs or Brokers
 on a trade-by-trade basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Sub-Adviser will not have authority to obtain volume discounts from FCMs or Brokers on behalf
 of the Funds, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Sub-Adviser's obligation to seek best execution will be limited to the terms of the
 trades it enters into with the designated FCM or Broker.

In addition, a disparity in commission charges may exist between the commissions charged to the Funds for such trades and those charged to Sub-Adviser's other clients.

If the Sub-Adviser becomes aware, from a reasonably credible source, of a potential problem with a Broker or FCM, its related parties or their associated controls (such as financial or liquidity problems or failure to appropriately segregate client assets) that, if true, could adversely affect any Fund, the Sub-Adviser shall promptly, and in any case within twenty-four (24) hours, notify the Investment Adviser of the nature of such potential problem. All securities and other property purchased or sold for the Funds shall remain in the direct or indirect custody of the Trust's custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. On occasions when the Sub-Adviser deems the purchase or sale of a security or other investment to be in the best interest of a Fund as well as other clients of the Sub-Adviser, the Sub-Adviser to the extent permitted by applicable law and regulations may, but shall be under no obligation to, aggregate the securities or other investments to be purchased or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the securities or other investments so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser in the manner the Sub-Adviser considers to be the most equitable and consistent with its fiduciary obligations to the Fund and its other clients. The Sub-Adviser shall maintain policies and procedures that are reasonably designed to fairly allocate and sequence trades among the Funds and its other clients and will provide the Investment Adviser with a copy of such policies and procedures and any material amendments thereto. The Sub-Adviser will not arrange purchases or sales of securities between a Fund and other accounts advised by the Sub-Adviser or its affiliates unless (a) such purchases or sales are in accordance with applicable law (including Rule 17a-7 under the 1940 Act) and the Fund's policies and procedures, (b) the Sub-Adviser determines the purchase or sale is in the best interests of the Fund, and (c) the Board of Trustees has approved these types of transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. On each business day provide to the Funds' custodian, accounting agent and Investment Adviser information relating to all transactions concerning each Fund's Sub-Advised Assets and any such additional information with respect to such assets that is reasonably requested by the Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. Cooperate with and provide reasonable assistance to the Board, the Investment Adviser, the Funds' custodian and foreign sub-custodians, the Funds' transfer agent, accounting agent, pricing agent independent auditors, collateral managers, FCMs and all other agents and representatives of the Trust or the Investment Adviser, and provide such information with respect to the Funds as any of them may reasonably request from time to time in the performance of their obligations to the Funds and the Investment Adviser, provide prompt responses to reasonable requests made by such persons and establish appropriate interfaces with each so as to promote the efficient exchange of information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. Not consult with any third party, including any other sub-adviser to a Fund or any other sub-adviser to any other portfolio of the Trust or to any other investment company or investment company series for which the Investment Adviser serves as its investment adviser, regarding transactions for any Fund in securities and other assets, unless necessary to effect such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. Maintain insurance coverages as may be required by applicable law or as agreed upon by the Sub-Adviser and the Investment Adviser in light of the Sub-Adviser's obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. Be responsible for the maintenance and repair of any tool provided by the Sub-Adviser to the Investment Adviser to transmit portfolio level information to the Sub-Adviser for use with the services provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. Not take into account the investment of any other clients of the Sub-Adviser in the Funds when establishing pricing of services provided to such client.

Unless otherwise agreed by the parties, Investment Adviser shall be responsible for: (i) directing the manner in which proxies solicited by issuers of securities held in each Fund shall be voted and (ii) for making elections relative to any mergers, acquisitions, tender offers, bankruptcy proceedings and other types of events pertaining to Fund assets. Unless otherwise agreed by the parties, Sub-Adviser shall not be responsible for: (i) directing the manner in which proxies solicited by issuers of securities held in each Fund shall be voted; or (ii) making elections relative to any mergers, acquisitions, tender offers, bankruptcy proceedings or other type events pertaining to Fund assets. If Sub-Adviser agrees to perform any of the services described in the preceding sentence, Investment Adviser shall instruct Fund custodians to forward to Sub-Adviser copies of all proxies and shareholder communications relating to Fund assets in a Fund.

4. <u>Compensation</u>. The Investment Adviser will pay the Sub-Adviser a sub-advisory fee with respect to the Funds on or before the tenth day of each month at the annual rate specified in <u>Schedule B</u> to this Agreement, as compensation for services rendered by the Sub-Adviser during the preceding month. Such fees shall be accrued daily and the daily rate shall be computed based on the actual number of days per year. For purposes hereof, the net assets of the Funds shall be determined in the manner set forth in the Trust's Declaration of Trust and Registration Statement on file with the United States Securities and Exchange Commission on Form N-1A. The Investment Adviser shall be solely responsible for paying any sub-advisory fees due and owing the Sub-Adviser and neither the Trust nor any Fund shall incur any liability for any such sub-advisory fees. The compensation accrued hereunder will be held in an interest-bearing escrow account with the custodian for the Fund(s) or another bank (as defined in the 1940 Act) designated by such Fund(s). If a new investment advisory agreement (the "New Advisory Agreement") with the Adviser for the Fund is approved by the vote of a majority of the outstanding voting securities of the Fund by the end of the 150-day term of this Agreement, the amount in the escrow account (including the interest earned) will be paid to the Sub-Adviser. If a majority of the outstanding voting securities of the Fund does not approve the New Advisory Agreement with the within the 150-day period, the Sub-Adviser will be paid, out of the escrow account, the lesser of: (i) any costs incurred by the Sub-Adviser in performing this Agreement (plus interest earned on that amount while in escrow); or (ii) the total amount in the escrow account (plus interest earned).

5. <u>Expenses</u>. During the term of this Agreement, the Sub-Adviser will pay all expenses incurred by it in connection with its activities under this Agreement, including, but not limited to (a) expenses of all necessary investment and management facilities and investment personnel, including salaries, expenses and fees of any personnel required for it to faithfully perform its duties under this Agreement, and (b) expenses of administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the Sub-Adviser's duties under this Agreement. The Sub-Adviser shall not be responsible for the Trust's or the Funds' expenses, including, but not limited to, the cost of securities, commodities and other investments purchased for a Fund and any losses incurred therewith, brokerage commissions and other transaction charges incurred in connection with such investments, and expenses of custody of such investments. Except as set forth in this Agreement to the contrary, neither the Investment Adviser, the Sub-Adviser, nor the Trust shall be responsible for any other party's expenses.

6. <u>Arrangements</u>. The Sub-Adviser may from time to time employ or associate with itself any person it believes to be particularly fitted to assist it in providing the services to be performed by the Sub-Adviser hereunder, *provided* that no such person shall perform any services with respect to the Funds which would constitute an assignment of this Agreement or require a written advisory agreement pursuant to the 1940 Act. Any compensation payable to such persons shall be the sole responsibility of the Sub-Adviser, and neither the Trust, the Funds nor the Investment Adviser shall have any obligations with respect thereto. Sub-Adviser shall notify the Investment Adviser and the Trust prior to engaging any third party to perform any portion of the services of the Sub-Adviser under this Agreement; *provided,* subject to Section 12 of this Agreement that Sub-Adviser may provide certain trading services hereunder through any wholly-owned subsidiary of Milliman, Inc. (including but not limited to Milliman Pty Ltd. and Milliman Financial Strategies Ltd.) with prior notification to the Investment Adviser and/or the Trust; *provided further* that Sub-Adviser shall remain fully responsible for all services provided for the Sub-Adviser under this Agreement by any such third party or subsidiary.

7. <u>Services to Others</u>. The services of the Sub-Adviser to the Funds and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory or other services to others (including other investment companies) and to engage in other activities.

8. <u>Information Concerning the Sub-Adviser</u>. The Sub-Adviser will inform the Investment Adviser promptly of (a) any material changes in portfolio managers responsible for the assets managed by the Sub-Adviser on behalf of the Funds, (b) the departure from the Sub-Adviser's employ of any of the persons identified as "Key Personnel" or the incapacity of any such person to perform their work functions at a reasonable level for a period in excess of thirty (30) days (any such departure or incapacity, a "Key Personnel Departure"), (c) any proposed changes in the ownership or management of the Sub-Adviser, (d) any proposed material changes in the ownership of the Sub-Adviser's direct or indirect parent companies, (e) any proposed changes in the control of the Sub-Adviser, (f) the Sub-Adviser's failure to maintain its registration as an investment adviser under the Advisers Act, (g) any material compliance matters (as defined in Rule 38a-1 under the 1940 Act) with respect to the Sub-Adviser and any material changes to the Sub-Adviser's policies and procedures related to its activities pursuant to this Agreement, including compliance and investment policies and procedures, (h) service upon the Sub-Adviser, or other receipt, of notice of any action, suit, proceeding, inquiry or investigation before any court, governmental entity, public board, or body involving the affairs of the Trust, the Funds, the Investment Adviser or the Sub-Adviser, (i) the initiation of any litigation, or threatened litigation, that could materially impair Sub-Adviser's ability to perform its obligations under this Agreement or have a material impact on the reputation or operations of the Sub-Adviser, (j) the initiation of any investigation, examination or request of the Sub-Adviser by regulators of competent jurisdiction or (k) any other actions or circumstances that could materially impair the Sub-Adviser's ability to perform its obligations under this Agreement or prevent the lawful offer or sale of shares of any of the Funds. The Sub-Adviser shall further notify the Investment Adviser promptly upon detection of any material error in connection with its management of the Sub-Advised Assets, including but not limited to any trade errors. In the event of a material error, the Sub-Adviser shall also provide a memorandum to the Investment Adviser that sufficiently describes any such error and the action to be taken to prevent future occurrences of such error or, alternatively, a statement that the Sub-Adviser has reviewed the relevant controls, and has determined those controls are reasonably designed to prevent additional errors in the future (and, to the extent relevant, that such controls are reasonably designed to prevent violations of the federal securities laws), and as such no further action is required. Further, the Sub-Adviser shall provide access to the Investment Adviser and the Trust, or their agents, to all documents and information related to any error, its analysis and correction, and the correction of all errors impacting the applicable Fund must be corrected to the satisfaction of the Investment Adviser and the Trust.

9. <u>Regulation</u>. The Sub-Adviser shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports, or other material which any such body by reason of this Agreement may request or require pursuant to applicable laws and regulations.

10. <u>Records</u>. The records relating to the services provided by the Sub-Adviser under this Agreement shall be the property of the Trust and shall be under its control; however, the Trust shall furnish to the Sub-Adviser such records and permit the Sub-Adviser to retain such records (either in original or in duplicate form) as the Sub-Adviser shall reasonably require in order to carry out its duties. In the event of the termination of this Agreement, any such records in the possession or control of the Sub-Adviser shall promptly be returned to the Trust by the Sub-Adviser, free from any claim or retention of rights therein. The Investment Adviser will endeavor to give the Sub-Adviser adequate notice of a need to obtain any such records; however, in the event of a 'surprise' regulatory examination of the Trust or the Investment Adviser, the Sub-Adviser will make all requested records available at the Investment Adviser's place of business within two (2) days of such request.

11. <u>Confidential Information</u>. Each party agrees on its behalf and on behalf of its affiliates that it shall exercise the same care that it uses to protect its own confidential and proprietary information, but no less than reasonable care, to protect the confidentiality of each other party's confidential and proprietary information. Each party further agrees that it will restrict access to each other party's confidential and proprietary information to those employees, board members and other service providers or agents of such party who will use the information for purposes of providing the services contemplated in this Agreement. Each party (the "disclosing party") will disclose such information of any other party to any other person (the "receiving party") only if the other party has authorized such disclosure or such disclosure is expressly required or requested by applicable federal or state regulatory authorities or other provisions of law. The foregoing shall not prevent a disclosing party from disclosing information to a receiving party that (a) has previously become or is generally known, unless it has become generally known through a breach of this Agreement or (to the knowledge of the disclosing party) a similar confidentiality or non-disclosure agreement; (b) was already rightfully known to the receiving party prior to being disclosed by or obtained from the disclosing party as evidenced by written records kept in the ordinary course of business of or by proof of actual use by the receiving party; (c) has been or is hereafter rightfully received by the receiving party from a third person without restriction or disclosure and without breach of a duty of confidentiality to the other party; or (d) has been independently developed by the receiving party without access to confidential or proprietary information of the other party. It will be presumed that any confidential and proprietary information in a receiving party's possession is not within exceptions (b), (c) or (d) above, and the burden will be upon the receiving party to prove otherwise by records and documentation. Sub-Adviser agrees that (i) any third party or subsidiary that provides services pursuant to Section 6 of this Agreement shall be subject to these confidentiality provisions and be provided with only the confidential and proprietary information necessary for it to perform such services and (ii) Sub-Adviser will remain responsible for the breach of this provision by such third party or subsidiary.

12. <u>Liability and Indemnity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>The Sub-Adviser</u>. Except as may otherwise be provided by the 1940 Act or any other federal securities law, the Sub-Adviser shall not be liable for any losses, claims, damages, liabilities or litigation (including legal and other expenses) incurred or suffered by the Investment Adviser or the Trust as a result of any error of judgment or mistake of law by the Sub-Adviser with respect to a Fund, except that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Sub-Adviser for, and the Sub-Adviser shall indemnify and hold harmless the Trust, the Investment Adviser, all affiliated persons thereof and all controlling persons thereof (as described in Section 15 of the Securities Act of 1933) (collectively, the "Investment Adviser Indemnitees") against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Investment Adviser Indemnitees may become subject under the Securities Act of 1933, the 1940 Act, the Advisers Act, the CEA or under any other statute, at common law or otherwise arising out of or based on (a) any willful misconduct, bad faith, reckless disregard or gross negligence of the Sub-Adviser in the performance of any of its duties or obligations under this Agreement or (b) any untrue statement of a material fact contained in a Fund's Registration Statement, proxy materials, reports, advertisements, sales literature, or other materials pertaining to a Fund, or the omission to state therein a material fact known to the Sub-Adviser which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished in writing to the Investment Adviser or the Trust by a Sub-Adviser Indemnitee (as defined below) for use therein. Federal and state securities laws impose liabilities under certain circumstances on persons who act in good faith, and nothing in this Agreement shall in any way constitute a waiver or limitation of any rights that any party may have under any such laws.

If indemnification is sought pursuant to this Section 12a, then the Investment Adviser Indemnitees shall promptly notify the Sub-Adviser of the assertion of any claim or the commencement of any action or proceeding in respect thereof and will keep the Sub-Adviser advised with respect to all developments concerning such claim, action or proceeding; however, the failure so to notify the Sub-Adviser shall not relieve the Sub-Adviser from any liability that it may otherwise have to the Investment Adviser Indemnitees *provided* such failure does not affect in a material adverse manner the position of the Sub-Adviser or the Investment Adviser Indemnitees with respect to such claim. The Investment Adviser Indemnitees shall in no case confess any claim or make any compromise in any case in which the Sub-Adviser may be required to indemnify it except with the Sub-Adviser's prior written consent, which shall not be unreasonably withheld, conditioned or delayed. Upon request and at the Sub-Adviser's expense, the Sub-Adviser shall provide reasonable assistance to the Investment Adviser Indemnitees so that the Investment Adviser Indemnitees can defend against such claim, action or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>The Investment Adviser and Trust</u>. Except as may otherwise be provided by the 1940 Act or any other federal securities law, the Investment Adviser and the Trust shall not be liable for any losses, claims, damages, liabilities or litigation (including legal and other expenses) incurred or suffered by the Sub-Adviser as a result of any error of judgment or mistake of law by the Investment Adviser with respect to a Fund, except that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Investment Adviser for, and the Investment Adviser shall indemnify and hold harmless the Sub-Adviser, all affiliated persons thereof and all controlling persons thereof (as described in Section 15 of the Securities Act of 1933) (collectively, the "Sub-Adviser Indemnitees") against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Sub-Adviser Indemnitees may become subject under the Securities Act of 1933, the 1940 Act, the Advisers Act, the CEA or under any other statute, at common law or otherwise arising out of or based on (a) any willful misconduct, bad faith, reckless disregard or gross negligence of the Investment Adviser in the performance of any of its duties or obligations under this Agreement or (b) any untrue statement of a material fact contained in a Fund's Registration Statement, proxy materials, reports, advertisements, sales literature, or other materials pertaining to a Fund, or the omission to state therein a material fact known to the Investment Adviser which was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon information furnished in writing to the Investment Adviser or the Trust by a Sub-Adviser Indemnitee for use therein. Federal and state securities laws impose liabilities under certain circumstances on persons who act in good faith, and nothing in this Agreement shall in any way constitute a waiver or limitation of any rights that any party may have under any such laws.

If indemnification is sought pursuant to this Section 12b, then the Sub-Adviser Indemnitees shall promptly notify the Investment Adviser of the assertion of any claim or the commencement of any action or proceeding in respect thereof and will keep the Investment Adviser advised with respect to all developments concerning such claim, action or proceeding; however, the failure so to notify the Investment Adviser shall not relieve the Investment Adviser from any liability that it may otherwise have to the Sub-Adviser Indemnitees *provided* such failure does not affect in a material adverse manner the position of the Investment Adviser or the Sub-Adviser Indemnitees with respect to such claim. Following such notification, the Investment Adviser may elect in writing to assume the defense of such action or proceeding, *provided* that the Investment Adviser shall not be entitled to assume the defense if a conflict exists, including that the indemnification claim is outside the scope of this indemnification provision. Upon such election, it shall not be liable for any legal costs incurred by the Sub-Adviser Indemnitees (other than reasonable costs of investigation previously incurred) in connection therewith, unless (i) the Investment Adviser has failed to provide counsel reasonably satisfactory to the Sub-Adviser Indemnitees in a timely manner or (ii) counsel provided by the Investment Adviser reasonably determines that its representation of the Sub-Adviser Indemnitees would present it with a conflict of interest. Notwithstanding the foregoing, the Sub-Adviser Indemnitees shall be entitled to employ separate counsel at their own expense and, in such even, the Sub-Adviser Indemnitees may participate in such defense as it deems necessary. The Investment Adviser shall in no case confess any claim or make any compromise in any case in which the Sub-Adviser may be required to admit fault or wrongdoing except with the Sub-Adviser's prior written consent, which shall not be unreasonably withheld, condition or delayed. Upon request and at the Sub-Adviser's expense, the Sub-Adviser shall provide reasonable assistance to the Investment Adviser so that the Investment Adviser can defend against such claim, action or proceeding. If the Investment Adviser does not elect to assume the defense of such action or proceeding, (i) the Sub-Adviser Indemnitees shall in no case confess any claim or make any compromise in any case in which the Investment Adviser may be required to indemnify it except with the Investment Adviser's prior written consent, which shall not be unreasonably withheld, conditioned or delayed and (ii) upon request and at the Investment Adviser's expense, the Investment Adviser shall provide reasonable assistance to the Sub-Adviser Indemnitees so that the Sub-Adviser Indemnitees can defend against such claim, action or proceeding.

13. <u>Term and Termination</u>. This Agreement shall become effective upon the consummation of the Transaction if the New Advisory Agreement applicable to the Fund(s) are not approved by the majority of the outstanding voting securities of such Fund (the "Effective Date"), and shall remain in full force for: (i) 150 days following the Effective Date; (ii) until a vote of a majority of the outstanding voting securities of such Fund shall approve the New Advisory Agreement with the Adviser and such New Sub-Advisory Agreement is executed and effective; or (iii) unless sooner terminated as hereinafter provided, whichever occurs first.

This Agreement may be terminated at any time with respect to any Fund, without payment of any penalty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. by the Investment Adviser, the Board or the Sub-Adviser upon ten (10) calendar days' written notice to the other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. vote of a majority of the outstanding voting securities of such Fund, on ten (10) calendar days' written notice to the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. by any party hereto upon written notice to each of the other parties of a breach of any provision of this Agreement by any other party if the breach is not cured within thirty (30) days of notice of the breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. immediately by Investment Adviser or the Trust upon any Key Personnel Departure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. immediately upon the termination of the Investment Advisory Agreement.

This Agreement shall not be assignable by any party hereto. In the event of its assignment, this Agreement shall automatically terminate forthwith.

The parties hereto agree to cooperate and give reasonable assistance to one another in effecting an orderly transition of the services contemplated in this Agreement upon any termination of this Agreement.

14. <u>Use of Names</u>. The Trust and the Investment Adviser acknowledge that the Sub-Adviser or its affiliates own all right, title and interest in and to the name, trademark and service marks "Milliman" and own (or will own prior to use) all other tradenames, trademarks and service marks that may be used by the Sub-Adviser in performing its obligations under this Agreement (collectively the "Milliman Licensed Marks"). The Sub-Adviser hereby grants to the Investment Adviser and the Trust and their affiliates a non-exclusive, royalty-free, worldwide license to use the Milliman Licensed Marks in connection with the business operations of the Trust and their performance of services contemplated under this Agreement, subject to the terms and conditions set forth in this Agreement. In addition, the Investment Adviser and the Trust may refer in advertising and promotional materials to the identity of the Sub-Adviser and the services provided by the Sub-Adviser to the Investment Adviser and the Funds, which references shall not differ in substance from those included in any Fund's Registration Statement and this Agreement, with the prior permission of Sub-Adviser, which shall not be unreasonably withheld. The Investment Adviser shall submit to the Sub-Adviser for its review and approval all such public informational materials relating to the Funds that refer to any registered mark or logo or other proprietary designation of the Sub-Adviser. Approval shall not be unreasonably withheld by the Investment Adviser and notice of approval or disapproval will be provided promptly by the Sub-Adviser and in any event within ten (10) business days of receipt of such material by the Sub-Adviser; if the Sub-Adviser has not objected to such use within such period, it will be deemed to have approved such use. Upon termination of this Agreement, the Trust and the Investment Adviser shall cease to use such registered marks, logos or other proprietary designations of the Sub-Adviser and the license contained herein shall terminate.

The Trust and the Sub-Adviser acknowledge that the Investment Adviser or its affiliates own all right, title and interest in and to the name, trademark and service marks and own (or will own prior to use) all other tradenames, trademarks and service marks that may be used by the Investment Adviser in performing its obligations under this Agreement (collectively the "Investment Adviser Licensed Marks"). The Investment Adviser hereby grants to the Sub-Adviser and its affiliates a non-exclusive, royalty-free, worldwide license to use the Investment Adviser Licensed Marks in connection with Sub-Adviser's performance of the services contemplated under this Agreement, subject to the terms and conditions set forth in this Agreement. The Sub-Adviser shall submit to the Investment Adviser for its review all such public informational materials relating to the Funds, the Investment Adviser or the services provided by the Sub-Adviser under this Agreement or that refer to any registered mark or logo or other proprietary designation of the Investment Adviser or the Trust. Approval shall not be unreasonably withheld by the Investment Adviser and notice of approval or disapproval will be provided promptly and in any event within ten (10) business days of receipt of such material by the Investment Adviser; if the Investment Adviser has not objected to such use within such period, it will be deemed to have approved such use. Upon termination of this Agreement, the Sub-Adviser shall cease to use such registered marks, logos or other proprietary designations of the Investment Adviser and the Trust and the license contained herein shall terminate.

Notwithstanding the foregoing, the approval of a party shall not be required for the use of its name by any other party which (a) merely refers in accurate or factual terms to the name of such party in connection with its role with respect to the Trust or the Fund, or (b) is required by any regulatory, governmental or judicial authority.

15. <u>Representations and Warranties</u>. Each party represents and warrants to the others that: (a) it is duly organized, validly existing, and in good standing under the laws of the state of its organization and has full power, authority, and legal right to execute, deliver, and perform its duties and comply with its obligations under this Agreement; and (b) there are no actions, suits or proceedings by or before any court, administrative panel or other governmental authority pending, or to its knowledge threatened, against it which could reasonably be expected to materially impair its ability to carry out the terms of this Agreement. Each of the Investment Adviser and Sub-Adviser represents and warrants to the other parties that: (c) it is duly registered as an investment adviser under the Advisers Act and will remain duly registered as an investment adviser under all applicable federal and state securities laws; (d) it shall perform its obligations hereunder in accordance with the 1940 Act and all other applicable laws; (e) it is not disqualified pursuant to Section 9(a) of the 1940 Act to be an investment adviser to investment companies registered under the 1940 Act; and (f) the Form ADV provided by such party to the others is a true and complete copy of the form, including that part or parts of the Form ADV filed with the SEC, that part or parts maintained in the records of such party, and/or that part or parts provided or offered to clients, in each case as required under the Advisers Act and rules thereunder, and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading. The Sub-Adviser further represents and warrants that it is duly registered as a commodity trading adviser under the CEA, will remain duly registered as a commodity trading adviser under all applicable federal and state securities laws, and will perform its obligations in accordance with the CEA and rules and regulations promulgated thereunder.

16. <u>Arbitration</u>. In the event of any dispute arising out of or relating to this Agreement, the parties agree that the dispute will be resolved by final and binding arbitration under the Commercial Arbitration Rules of the American Arbitration Association. The arbitration shall take place before a panel of three arbitrators in New York, New York and shall be governed by the internal laws of the State of New York. Within 30 days after the commencement of the arbitration, each party shall designate in writing a single independent arbitrator. The two arbitrators designated by the parties shall then select a third arbitrator. Each arbitrator shall have a background in either investment advisory services, actuarial science or law. The arbitrators shall have the authority to permit limited discovery, including depositions, prior to the arbitration hearing, and such discovery shall be conducted consistent with the Federal Rules of Civil Procedure. The arbitrators may, in their discretion, award the cost of the arbitration, including reasonable attorney fees, to the prevailing party. Any award made may be confirmed in any court having jurisdiction. Any arbitration shall be confidential, and except as required by law, neither party may disclose the content or results of any arbitration hereunder without the prior written consent of the other party, except that disclosure is permitted to a party's auditors, legal advisors and financial advisors.

The parties acknowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Arbitration
 is final and binding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· They
 are waiving their right to seek remedies in court, including the right to a jury trial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pre-arbitration
 discovery is more limited than and different from court proceedings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 arbitration award is not required to include factual findings or legal reasoning, and a party's
 right to appeal or seek modifications of the award are strictly limited.

The parties acknowledge and agree that this Section 16 is applicable to disputes or claims brought by the parties to this Agreement and shall not be applicable to (i) shareholder litigation brought either directly or indirectly by shareholders of a Fund and (ii) claims that may not be subject to arbitration pursuant to federal, state or other laws, regulations or rules promulgated thereunder.

17. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Amendments</u>. This Agreement may be amended by mutual consent of the parties, *provided* that the terms of any material amendment with respect to any Fund shall be approved by (a) the Board or a vote of the majority of the outstanding voting securities of such Fund as required by the 1940 Act (subject to any applicable rule, regulation, or exemptive order, no-action assurance or other relief), and (b) the vote of a majority of those Trustees of the Trust who are not interested persons of any party to this Agreement at a meeting called for the purpose of voting on such approval, if such approval is required by applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Entire Agreement</u>. This Agreement, together with all exhibits, schedules and attachments, and SOWs contain the entire understanding and agreement of the parties with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Headings</u>. The headings in this Agreement are inserted for convenience of reference only and shall not constitute part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Notices</u>. Any notice required or permitted to be sent under this Agreement shall be given to the following persons at the following addresses and email addresses, or such other persons, addresses or email addresses as the party receiving such notices or communications may subsequently direct in writing:

If to the Investment Adviser or the Trust:

Innovator Capital Management LLC

200 W. Front Street

Wheaton, IL 60167

Attention: Bryon Lake

Email: Bryon.lake@gs.com

If to the Sub-Adviser:

Milliman Financial Risk Management LLC

71 S. Wacker Drive, 31st Floor

Chicago, IL 60606

Attention: Adam Schenck, Managing Director

Email: adam.schenck@milliman.com

cc: Cassandra Becker, Practice Counsel (email: cassandra.becker@milliman.com)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Severability</u>. Should any provision of this Agreement be held or made invalid by a court decision, statute, rule, or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York (without regard to principles of conflicts of laws) and any of the applicable provisions of the 1940 Act. In the case of any conflict, the 1940 Act shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Waiver</u>. Any failure or delay by any party to enforce at any time any of the provisions of this Agreement or to exercise any right or option which is herein provided, or to require at any time the performance of any of the provisions hereof, shall in no way be construed to be a waiver of such provision of this Agreement. No waiver of any right or remedy under this Agreement shall be deemed to be a waiver of any other or subsequent right or remedy under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Assignment</u>. No party may assign, transfer, or delegate any of its rights or obligations relating to this Agreement (including, without limitation, interests or claims relating to this Agreement) without the prior written consent of the other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Interpretation</u>. Any question of interpretation of any term or provision of this Agreement having a counterpart or otherwise derived from a term or provision of the 1940 Act shall be resolved by reference to such term or provision of the 1940 Act and to interpretations thereof, if any, by the United States courts or by rules, regulations or orders of the United States Securities and Exchange Commission under the 1940 Act. Specifically, the terms "vote of a majority of the outstanding voting securities," "interested persons," "assignment" and "affiliated persons," as used herein shall have their respective meanings as set forth in the 1940 Act. In addition, where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is altered by a rule, regulation, or exemptive order, no-action assurance or other relief, such provision shall be deemed to incorporate the effect of such rule, regulation, or exemptive order, no-action assurance or other relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. <u>Counterparts</u>. This Agreement may be executed by the parties in separate counterparts, each of which when so executed and delivered shall be an original but all of which taken together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. <u>Survival of Terms</u>. Sections 3f, 3o, 3q, 6, 10, 11, 12, 14, 15, and 16 shall survive the termination or other expiration of this Agreement; *provided, however,* that all of the provisions of this Agreement shall survive the termination or other expiration of this Agreement with respect to any obligation accruing or arising before such termination or other expiration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. <u>Limitation of Shareholder, Trustee and Officer Liability</u>. The parties acknowledge and agree that the Trustees and Officers of the Trust and the shareholders of any Fund shall not be liable for any obligations of the Trust or of any Fund under this Agreement, and each party agrees that, in asserting any rights or claims under this Agreement with respect to a Fund, it shall look only to the assets and property of such Fund to which such party's rights or claims relate in settlement of such rights or claims, and not to the assets and property of any other Fund, the Trustees or Officers of the Trust or the shareholders of the Funds.

*(Signature page follows)*

 

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed in duplicate original by their duly authorized officers.

---

| | |
|:---|:---|
| **INNOVATOR CAPITAL MANAGEMENT, LLC** | **INNOVATOR CAPITAL MANAGEMENT, LLC** |
| By: | /s/ Bryon Lake |
| Name: | Bryon Lake |
| Title: | President |
| **INNOVATOR ETFS<sup>®</sup> TRUST** | **INNOVATOR ETFS<sup>®</sup> TRUST** |
| on behalf of the Funds listed on Schedule A | on behalf of the Funds listed on Schedule A |
| By: | /s/ James A. McNamara |
| Name: | James A. McNamara |
| Title: | President, Principal Executive Officer and Trustee |

---

---

| | |
|:---|:---|
| **MILLIMAN FINANCIAL RISK MANAGEMENT LLC** | **MILLIMAN FINANCIAL RISK MANAGEMENT LLC** |
| By: | /s/ Adam Schenck |
| Name: | Adam Schenck |
| Title: | Principal & Managing Director |

---

**Milliman Interim Sub-Advisory Investment Management Agreement**

**Schedule A**

**List of Funds**

Innovator 20+ Year Treasury Bond 5 Floor ETF<sup>®</sup> – Quarterly

Innovator 20+ Year Treasury Bond 9 Buffer ETF™ – July

Innovator Emerging Markets 10 Buffer ETF™ – Quarterly

Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr January

Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr March

Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr May

Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr July

Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr August

Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr September

Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr October

Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr November

Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr December

Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to July 2026

Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to October 2026

Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to January 2027

Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to July 2027

Innovator Equity Defined Protection ETF<sup>®</sup> – 6 Mo Jan/Jul

Innovator Equity Defined Protection ETF<sup>®</sup> – 6 Mo Apr/Oct

Innovator Equity Dual Directional 10 Buffer ETF™ – July

Innovator Equity Dual Directional 10 Buffer ETF™ – September

Innovator Equity Dual Directional 10 Buffer ETF™ – October

Innovator Equity Dual Directional 10 Buffer ETF™ – December

Innovator Equity Dual Directional 15 Buffer ETF™ – July

Innovator Equity Dual Directional 15 Buffer ETF™ – November

Innovator Growth Accelerated ETF<sup>®</sup> – Quarterly

Innovator Growth Accelerated Plus ETF<sup>®</sup> – January

Innovator Growth Accelerated Plus ETF<sup>®</sup> – July

Innovator Growth Accelerated Plus ETF<sup>®</sup> – October

Innovator Growth-100 Power Buffer ETF™ – April

Innovator Growth-100 Power Buffer ETF™ – June

Innovator Growth-100 Power Buffer ETF™ – July

Innovator Growth-100 Power Buffer ETF™ – August

Innovator Growth-100 Power Buffer ETF™ – September

Innovator Growth-100 Power Buffer ETF™ – October

Innovator Growth-100 Power Buffer ETF™ – November

Innovator Growth-100 Power Buffer ETF™ – December

Innovator Hedged Nasdaq-100<sup>® ETF</sup>

Innovator Index Autocallable Income Strategy ETF

Innovator International Developed 10 Buffer ETF™ – Quarterly

Innovator International Developed Power Buffer ETF™ – February

Innovator International Developed Power Buffer ETF™ – March

Innovator Power Buffer Step Up Strategy ETF<sup>®</sup>

Innovator Premium Income 15 Buffer ETF™ – January

Innovator Premium Income 15 Buffer ETF™ – April

Innovator Premium Income 15 Buffer ETF™ – July

Innovator Premium Income 15 Buffer ETF™ – October

Innovator Premium Income 20 Barrier ETF<sup>®</sup> – January

Innovator Premium Income 20 Barrier ETF<sup>®</sup> – July

Innovator Premium Income 30 Barrier ETF<sup>®</sup> – January

Innovator Premium Income 30 Barrier ETF<sup>®</sup> – April

Innovator Premium Income 30 Barrier ETF<sup>®</sup> – July

Innovator U.S. Equity Accelerated 9 Buffer ETF™ – January

Innovator U.S. Equity Accelerated 9 Buffer ETF™ – October

Innovator U.S. Equity Accelerated Plus ETF<sup>®</sup> – January

Innovator U.S. Equity Accelerated Plus ETF<sup>®</sup> – July

Innovator U.S. Equity Ultra Buffer ETF™ – May

Innovator U.S. Equity Ultra Buffer ETF™ – July

Innovator U.S. Small Cap Power Buffer ETF™ – January

Innovator U.S. Small Cap Power Buffer ETF™ – February

Innovator U.S. Small Cap Power Buffer ETF™ – March

Innovator U.S. Small Cap Power Buffer ETF™ – April

Innovator U.S. Small Cap Power Buffer ETF™ – May

Innovator U.S. Small Cap Power Buffer ETF™ – June

Innovator U.S. Small Cap Power Buffer ETF™ – October

Innovator U.S. Small Cap Power Buffer ETF™ – November

Innovator Uncapped Accelerated U.S. Equity ETF™

Innovator Uncapped Bitcoin 20 Floor ETF<sup>®</sup> – Quarterly

**Schedule B**

<u>Funds and Fee Schedule</u>

The Adviser shall compensate the Sub-Adviser for services rendered to a Fund at the specified annual rate for all Funds in Schedule A as set forth in the table below and otherwise in accordance with the terms of this Agreement:

---

| | |
|:---|:---|
| **Aggregate Assets** | **Fee** |
| First $5 billion | 12 basis points |
| Next $5 billion | 10 basis points |
| Next $5 billion | 8 basis points |
| Greater than $15 billion | 6 basis points |

---

## Ex-99.(D)(16)

**Exhibit (d)(16)**

**Milliman Interim Sub-Advisory Investment Management Agreement**

**Schedule A**

**List of Funds**

Innovator 20+ Year Treasury Bond 5 Floor ETF<sup>®</sup> – Quarterly

Innovator 20+ Year Treasury Bond 9 Buffer ETF™ – July

Innovator Emerging Markets 10 Buffer ETF™ – Quarterly

Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr January

Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr March

Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr May

Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr July

Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr August

Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr September

Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr October

Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr November

Innovator Equity Defined Protection ETF<sup>®</sup> – 1 Yr December

Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to July 2026

Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to October 2026

Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to January 2027

Innovator Equity Defined Protection ETF<sup>®</sup> – 2 Yr to July 2027

Innovator Equity Defined Protection ETF<sup>®</sup> – 6 Mo Jan/Jul

Innovator Equity Defined Protection ETF<sup>®</sup> – 6 Mo Apr/Oct

Innovator Equity Dual Directional 10 Buffer ETF™ – July

Innovator Equity Dual Directional 10 Buffer ETF™ – September

Innovator Equity Dual Directional 10 Buffer ETF™ – October

Innovator Equity Dual Directional 10 Buffer ETF™ – December

Innovator Equity Dual Directional 15 Buffer ETF™ – July

Innovator Equity Dual Directional 15 Buffer ETF™ – November

Innovator Growth Accelerated ETF<sup>®</sup> – Quarterly

Innovator Growth Accelerated Plus ETF<sup>®</sup> – January

Innovator Growth Accelerated Plus ETF<sup>®</sup> – July

Innovator Growth Accelerated Plus ETF<sup>®</sup> – October

Innovator Growth-100 Power Buffer ETF™ – April

Innovator Growth-100 Power Buffer ETF™ – June

Innovator Growth-100 Power Buffer ETF™ – July

Innovator Growth-100 Power Buffer ETF™ – August

Innovator Growth-100 Power Buffer ETF™ – September

Innovator Growth-100 Power Buffer ETF™ – October

Innovator Growth-100 Power Buffer ETF™ – November

Innovator Growth-100 Power Buffer ETF™ – December

Innovator Hedged Nasdaq-100<sup>®</sup> ETF

Innovator Index Autocallable Income Strategy ETF

Innovator International Developed 10 Buffer ETF™ – Quarterly

Innovator International Developed Power Buffer ETF™ – February

Innovator International Developed Power Buffer ETF™ – March

Innovator Power Buffer Step Up Strategy ETF<sup>®</sup>

Innovator Premium Income 15 Buffer ETF™ – January

Innovator Premium Income 15 Buffer ETF™ – April

Innovator Premium Income 15 Buffer ETF™ – July

Innovator Premium Income 15 Buffer ETF™ – October

Innovator Premium Income 20 Barrier ETF<sup>®</sup> – January

Innovator Premium Income 20 Barrier ETF<sup>®</sup> – July

Innovator Premium Income 30 Barrier ETF<sup>®</sup> – January

Innovator Premium Income 30 Barrier ETF<sup>®</sup> – April

Innovator Premium Income 30 Barrier ETF<sup>®</sup> – July

Innovator U.S. Equity Accelerated 9 Buffer ETF™ – January

Innovator U.S. Equity Accelerated 9 Buffer ETF™ – October

Innovator U.S. Equity Accelerated Plus ETF<sup>®</sup> – January

Innovator U.S. Equity Accelerated Plus ETF<sup>®</sup> – July

Innovator U.S. Equity Ultra Buffer ETF™ – May

Innovator U.S. Equity Ultra Buffer ETF™ – July

Innovator U.S. Small Cap Power Buffer ETF™ – January

Innovator U.S. Small Cap Power Buffer ETF™ – February

Innovator U.S. Small Cap Power Buffer ETF™ – March

Innovator U.S. Small Cap Power Buffer ETF™ – April

Innovator U.S. Small Cap Power Buffer ETF™ – May

Innovator U.S. Small Cap Power Buffer ETF™ – June

Innovator U.S. Small Cap Power Buffer ETF™ – October

Innovator U.S. Small Cap Power Buffer ETF™ – November

Innovator Uncapped Accelerated U.S. Equity ETF™

Innovator Uncapped Bitcoin 20 Floor ETF<sup>®</sup> – Quarterly

## Ex-99.(D)(17)

**Exhibit (d)(17)**

**INTERIM SUB-ADVISORY AGREEMENT**

**PENSERRA CAPITAL MANAGEMENT LLC**

Sub-Advisory Agreement (this "Agreement") entered into as of the 1st day of April, 2026, by and between Innovator Capital Management, LLC, a Delaware limited liability company with its principal place of business at 200 W. Front Street, Wheaton, Illinois 60187 (the "Adviser"), and Penserra Capital Management LLC, a registered investment advisor organized under the laws of the State of New York (the "Sub-Adviser").

WHEREAS, Innovator ETFs<sup>®</sup> Trust, a Delaware statutory trust (the "Trust"), is an open-end management investment company, registered as such under the Investment Company Act of 1940 (the "1940 Act");

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act");

WHEREAS, the Adviser entered into an Investment Advisory Agreement dated June 27, 2019, (the "Advisory Agreement") with Innovator ETFs<sup>®</sup> Trust (the "Trust"), relating to the provision of portfolio management services to each series listed on <u>Schedule A</u> hereto (each, a "Fund" and together, the "Funds");

WHEREAS, the Advisory Agreement provides that the Adviser may delegate any or all of its portfolio management responsibilities under the Advisory Agreement to one or more sub-advisers;

WHEREAS, the Trust and the Investment Adviser have retained the Sub-Adviser to furnish investment advisory services for the Fund's investment portfolio pursuant to a Sub-Advisory Agreement dated August 7, 2017 and amended September 22, 2022 (the "Sub-Advisory Agreement);

WHEREAS, the Investment Adviser has entered into a membership interest purchase agreement pursuant to which GSAM Holding, LLC will acquire substantially all of the membership interests of the Investment Adviser (the "Transaction") for certain compensation;

WHEREAS, the consummation of the Transaction may operate as an "assignment" of the Sub-Advisory Agreement pursuant to Section 12 thereof;

WHEREAS, the Investment Adviser and the Board of Trustees of the Trust (the "Board") desire to retain the Sub-Adviser to render investment advisory services to the Funds, in a manner and on the terms hereinafter set forth;

WHEREAS, the Trust, on behalf of the Funds, the Investment Adviser and the Sub-Adviser desire to enter into this agreement (the "Agreement") pursuant to Rule 15a-4 under the 1940 Act, under which the Sub-Adviser, will furnish certain investment advisory services for the Fund upon the terms and conditions hereafter set forth.

NOW, THEREFORE, in consideration of the premises and mutual covenants hereinafter set forth, the parties hereto agree as follows:

1. <u>Appointment and Acceptance of Appointment</u>. The Adviser hereby appoints the Sub-Adviser to act as an investment adviser to the Fund for the periods and on the terms herein set forth. The Sub-Adviser accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided.

2. <u>Sub-Advisory Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall, subject to the supervision and oversight of the Adviser, manage the investment
and reinvestment of such portion of the assets of the Fund, as the Adviser may from time to time allocate to the Sub-Adviser for management
(the "Sub-Advised Assets"). The Sub-Adviser shall manage the Sub-Advised Assets in conformity with (i) the investment objective,
policies and restrictions of the Fund set forth in the Trust's prospectus and statement of additional information relating to the
Fund, as they may be amended from time to time, any additional policies or guidelines, including without limitation compliance policies
and procedures, established by the Adviser, the Trust's Chief Compliance Officer, or by the Trust's Board of Trustees ("Board")
that have been furnished in writing to the Sub-Adviser, (ii) the written instructions and directions received from the Adviser and the
Trust as delivered; and (iii) the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Investment Advisers
Act of 1940 ("Advisers Act"), and all other federal and state laws applicable to registered investment companies and the Sub-Adviser's
duties under this Agreement, all as may be in effect from time to time. The foregoing are referred to below together as the "Policies."

For purposes of compliance with the Policies, the Sub-Adviser shall be entitled to treat the Sub-Advised Assets as though the Sub-Advised Assets constituted the entire Fund, and the Sub-Adviser shall not be responsible in any way for the compliance of any assets of the Fund, other than the Sub-Advised Assets, with the Policies. Subject to the foregoing, the Sub-Adviser is authorized, in its discretion and without prior consultation with the Adviser, to buy, sell, lend and otherwise trade in any stocks, bonds and other securities and investment instruments on behalf of the Fund, without regard to the length of time the securities have been held and the resulting rate of portfolio turnover or any tax considerations; and the majority or the whole of the Sub-Advised Assets may be invested in such proportions of stocks, bonds, other securities or investment instruments, or cash, as the Sub-Adviser shall determine. Notwithstanding the foregoing provisions of this Section 2(a), however, (i) the Sub-Adviser shall, upon and in accordance with written instructions from the Adviser, effect such portfolio transactions for the Sub-Advised Assets as the Adviser shall determine are necessary in order for the Fund to comply with the Policies, and (ii) upon notice to the Sub-Adviser, the Adviser may effect in-kind redemptions with shareholders of the Fund with securities included within the Sub-Advised Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Absent instructions from the Adviser or the officers of the Trust to the contrary, the Sub-Adviser shall
place orders pursuant to its determinations either directly with the issuer or with any broker and/or dealer or other person who deals
in the securities in which the Fund is trading. With respect to common and preferred stocks, in executing portfolio transactions and selecting
brokers or dealers, the Sub-Adviser shall use its best judgment to obtain the best overall terms available. In assessing the best overall
terms available for any transaction, the Sub-Adviser shall consider all factors it deems relevant, including the breadth of the market
in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness
of the commission, if any, both for the specific transaction and on a continuing basis. In evaluating the best overall terms available
and in selecting the broker or dealer to execute a particular transaction, the Sub-Adviser may also consider the brokerage and research
services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934) provided to the Fund and/or other account
over which the Sub-Adviser and/or an affiliate of the Sub-Adviser exercises investment discretion. With respect to securities other than
common and preferred stocks, in placing orders with brokers, dealers or other persons, the Sub-Adviser shall attempt to obtain the best
net price and execution of its orders, provided that to the extent the execution and price available from more than one broker, dealer
or other such person are believed to be comparable, the Sub-Adviser may, at its discretion but subject to applicable law, select the executing
broker, dealer or such other person on the basis of the Sub-Adviser's opinion of the reliability and quality of such broker, dealer
or such other person; broker or dealers selected by the Sub-Adviser for the purchase and sale of securities or other investment instruments
for the Sub-Advised Assets may include brokers or dealers affiliated with the Sub-Adviser, provided such orders comply with Rules 17e-1
and 10f-3 under the 1940 Act and the Trust's Rule 17e-1 and Rule 10f-3 Procedures, respectively, in all respects, or any other applicable
exemptive rules or orders applicable to the Sub-Adviser. Notwithstanding the foregoing, the Sub-Adviser will not effect any transaction
with a broker or dealer that is an "affiliated person" (as defined under the 1940 Act) of the Sub-Adviser or the Adviser without
the prior approval of the Adviser. The Adviser shall provide the Sub-Adviser with a list of brokers or dealers that are affiliated persons
of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser acknowledges that the Adviser and the Trust may rely on Rules 17a-7, 17a-10, 10f-3 and
17e-1 under the 1940 Act, and the Sub-Adviser hereby agrees that it shall not consult with any other investment adviser to the Trust with
respect to transactions in securities for the Sub-Advised Assets or any other transactions in the Trust's assets, other than for
the purposes of complying with the conditions of paragraphs (a) and (b) of Rule 12d3-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser has provided the Adviser
 with a true and complete copy of its compliance policies and procedures for compliance with "federal securities laws"
 (as such term is defined under Rule 38a- l of the 1940 Act) and Rule 206(4)-7 of the Advisers Act (the "Sub-Adviser Compliance
 Policies"). The Sub-Adviser's chief compliance officer ("Sub-Adviser
CCO") shall provide to the Trust's Chief Compliance Officer ("Trust CCO") or his or her delegate promptly (and
in no event more than 10 business days) the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a report of any material changes to the Sub-Adviser Compliance Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a report of any "material compliance matters," as defined by Rule 38a-l under the 1940 Act,
that have occurred in connection with the Sub-Adviser Compliance Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of the Sub-Adviser CCO's report with respect to the annual review of the Sub-Adviser Compliance
Policies pursuant to Rule 206(4)-7 under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an annual (or more frequently as the Trust CCO may request) certification regarding the Sub-Adviser's
compliance with Rule 206(4)-7 under the Advisers Act and Section 38a-1 of the 1940 Act as well as the foregoing sub-paragraphs (i) - (iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser may, on occasions when it deems the purchase or sale of a security to be in the best interests
of the Fund as well as other fiduciary or agency accounts managed by the Sub-Adviser, aggregate, to the extent permitted by applicable
laws and regulations, the securities to be sold or purchased in order to obtain the best overall terms available and execution with respect
to common and preferred stocks and the best net price and execution with respect to other securities. In such event, allocation of the
securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser in the manner it
considers to be most fair and equitable over time to the Fund and to its other accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser, in connection with its rights and duties with respect to the Fund and the Trust shall
use the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and
familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The services of the Sub-Adviser hereunder are not deemed exclusive and the Sub-Adviser shall be free to
render similar services to others (including other investment companies) so long as its services under this Agreement are not impaired
thereby. The Sub-Adviser will waive enforcement of any non-compete agreement or other agreement or arrangement to which it is currently
a party that restricts, limits, or otherwise interferes with the ability of the Adviser to employ or engage any person or entity to provide
investment advisory or other services and will transmit to any person or entity notice of such waiver as may be required to give effect
to this provision; and the Sub-Adviser will not become a party to any non-compete agreement or any other agreement, arrangement, or understanding
that would restrict, limit, or otherwise interfere with the ability of the Adviser and the Trust or any of their affiliates
to employ or engage any person or organization, now or in the future, to manage the Fund or any other assets managed by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser shall furnish the Adviser reports concerning portfolio transactions and performance of
the Sub-Advised Assets as the Adviser may reasonably determine in such form as may be mutually agreed upon, and agrees to review the Sub-Advised
Assets with the Adviser and discuss the management of them. The Sub-Adviser shall promptly respond to requests by the Adviser and the
Trust CCO or their delegates for copies of the pertinent books and records maintained by the Sub-Adviser relating directly to the Fund.
The Sub-Adviser shall also provide the Adviser with such other information and reports, including information and reports related to compliance
matters, as may reasonably be requested by it from time to time, including without limitation all material requested by or required to
be delivered to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless otherwise instructed by the Adviser, the Sub-Adviser shall <u>not</u> have the power, discretion
or responsibility to vote any proxies in connection with securities in which the Sub-Advised Assets may be invested, and the Adviser shall
retain such responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser shall cooperate promptly and fully with the Adviser and/or the Trust in responding to
any regulatory or compliance examinations or inspections (including any information requests) relating to the Trust, the Fund or the Adviser
brought by any governmental or regulatory authorities. The Sub-Adviser shall provide the Trust CCO or his or her delegate with notice
within a reasonable period of any deficiencies or other issues identified by the United States Securities and Exchange Commission ("SEC")
in an examination or otherwise that relate to or that may affect the Sub-Adviser's responsibilities with respect to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Sub-Adviser shall be responsible for the preparation and filing of Schedule 13G and Form 13F on behalf
of the Sub-Advised Assets. The Sub-Adviser shall not be responsible for the preparation or filing, on behalf of the Sub-Advised Assets,
of any other reports required by a regulatory authority, except as may be expressly agreed to in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Sub-Adviser shall maintain separate detailed records of all matters pertaining to the Sub-Advised
Assets, including, without limitation, brokerage and other records of all securities transactions. Any records required to be maintained
and preserved pursuant to the provisions of Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act that are prepared or maintained by
the Sub-Adviser on behalf of the Trust are the property of the Trust and will be surrendered promptly to the Trust upon request. The Sub-Adviser
further agrees to preserve for the periods prescribed in Rule 31a-2 under the 1940 Act the records required to be maintained under Rule
31a-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Sub-Adviser shall promptly notify the Adviser of any financial condition that is likely to impair
the Sub-Adviser's ability to fulfill its commitments under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties of the Parties</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser represents and warrants to the Adviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser is a registered investment adviser under the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Form ADV that the Sub-Adviser has previously provided to the Adviser is a true and complete copy of
the form as currently filed with the SEC, and the information contained therein is accurate and complete in all material respects and
does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they
are made, not misleading. The Sub-Adviser will promptly provide the Adviser and the Trust with a complete copy of all subsequent amendments
to its Form ADV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability
insurance coverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) This Agreement has been duly authorized and executed by the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser represents and warrants to the Sub-Adviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Adviser is registered under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Adviser and the Trust has duly authorized the execution of this Agreement by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Obligations of the Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall provide (or cause the Fund's Custodian (as defined in Section 5 hereof, the Fund's
accountant and the Fund's distributor) to provide) timely information to the Sub-Adviser regarding such matters as the composition
of the Sub-Advised Assets, cash requirements and cash available for investment in the Sub-Advised Assets, and all other information as
may be reasonably necessary for the Sub-Adviser to perform its responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser has furnished the Sub-Adviser with a copy of the prospectus and statement of additional information
of the Fund and it agrees during the continuance of this Agreement to furnish the Sub-Adviser copies of any revisions or supplements thereto
at, or, if practicable, before the time the revisions or supplements become effective. The Adviser agrees to furnish the Sub-Adviser with
copies of any financial statements or reports made by the Fund to its shareholders, and any further materials or information that the Sub-Adviser
may reasonably request to enable it to perform its functions under this Agreement.

5. <u>Custodian</u>. The Adviser shall provide the Sub-Adviser with a copy of the Fund's agreement
with the custodian designated to hold the assets of the Fund (the "Custodian") and any material modifications thereto (the
"Custody Agreement") that may affect the Sub-Adviser's duties, copies of such modifications to be provided to the Sub-Adviser
reasonably in advance of the effectiveness of such modifications. The Sub-Advised Assets shall be maintained in the custody of the Custodian
identified in, and in accordance with the terms and conditions of, the Custody Agreement (or any sub-custodian properly appointed as provided
in the Custody Agreement). The Sub-Adviser shall have no liability for the acts or omissions of the Custodian, unless such act or omission
is taken solely in reliance upon instruction given to the Custodian by a representative of the Sub-Adviser properly authorized to give
such instruction under the Custody Agreement. Any assets added to the Fund shall be delivered directly to the Custodian.

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| | |
|:---|:---|
| 6. | <u>Use of Name</u>. During the term of this Agreement, the Adviser shall have permission to use the Sub-Adviser's name in the offering and marketing of the Fund, and agree to furnish the Sub-Adviser, for its prior approval at its principal office all prospectuses, brochures, advertisements, promotional materials, web-based information, proxy statements shareholder reports and other similar informational materials that are to be made available to shareholders of the Fund or to the public and that refer to the Sub-Adviser in any way. The Sub-Adviser agrees that the Adviser may request that the Sub-Adviser approve use of a certain type, and that the Adviser need not provide for approval each additional piece of marketing material that is of substantially the same type. |
|  | During the term of this Agreement, the Sub-Adviser shall not use the Adviser's name or the Trust's name without the prior consent of the Adviser. |

---

7. <u>Expenses</u>. During the Term of this Agreement, the Sub-Adviser will pay all expenses incurred by
it in connection with the performance of its duties under paragraph 2 hereof other than the cost (including taxes, brokerage commissions
and other transaction costs, if any) of the securities or other investment instruments purchased or sold for the Fund.

8. <u>Compensation of the Sub-Adviser</u>. As full compensation for all services rendered, facilities furnished
and expenses borne by the Sub-Adviser hereunder, the Sub-Adviser shall be paid the fees in the amounts and in the manner set forth in <u>Schedule B</u> hereto. The compensation accrued hereunder will be held in an interest-bearing escrow account with the custodian for
the Fund(s) or another bank (as defined in the 1940 Act) designated by such Fund(s). If a new investment advisory agreement (the "New
Advisory Agreement") with the Adviser for the Fund is approved by the vote of a majority of the outstanding voting securities of
the Fund by the end of the 150-day term of this Agreement, the amount in the escrow account (including the interest earned) will be paid
to the Sub-Adviser. If a majority of the outstanding voting securities of the Fund does not approve the New Advisory Agreement with the
within the 150-day period, the Sub-Adviser will be paid, out of the escrow account, the lesser of: (i) any costs incurred by the Sub-Adviser
in performing this Agreement (plus interest earned on that amount while
in escrow); or (ii) the total amount in the escrow account (plus interest earned).

9. <u>Independent Contractor Status</u>. The Sub-Adviser shall for all purposes hereof be deemed to be an
independent contractor and shall, unless otherwise provided or authorized, have no authority to act for or represent the Trust or the
Adviser in any way or otherwise be deemed an agent of the Fund or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Liability and Indemnification.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Liability</u>. The duties of the Sub-Adviser shall be confined to those expressly set forth herein
with respect to the Sub-Advised Assets. The Sub-Adviser shall not be liable for any loss arising out of any portfolio investment or disposition
hereunder, except a loss directly resulting from willful misfeasance, bad faith or gross negligence in the performance of its duties,
or by reason of reckless disregard of its obligations and duties hereunder. The Sub-Adviser shall have no liability for any indirect,
incidental, consequential, special, exemplary or punitive damages even if the Sub-Adviser has been advised of the possibility of such
damages. Furthermore, under no circumstances shall the Sub-Adviser be liable for any loss arising out of any act or omission taken by
another sub-adviser, or any other third party, in respect of any portion of the Trust's assets not managed by the Sub-Adviser pursuant
to this Agreement. Notwithstanding the foregoing, nothing herein shall be deemed to relieve the Sub-Adviser of any liability it would
otherwise have under applicable federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser shall indemnify the Adviser, the Trust and the Fund, and their respective affiliates and
controlling persons (the "Adviser Indemnified Persons") for any liability and expenses, including reasonable attorneys'
fees, which the Adviser, the Trust or the Fund and their respective affiliates and controlling persons may sustain as a result of the
Sub-Adviser's breach of this Agreement or its representations and warranties herein or as a result of the Sub-Adviser's willful
misfeasance, bad faith, gross negligence, or reckless disregard of its duties hereunder or violation of applicable law; provided, however,
that the Adviser Indemnified Persons shall not be indemnified for any liability or expenses that may be sustained as a result of the either
of the Adviser's willful misfeasance, bad faith, gross negligence, or reckless disregard of its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Adviser shall indemnify the Sub-Adviser, its affiliates and its controlling persons (the "Sub-Adviser
Indemnified Persons") for any liability and expenses, including reasonable attorneys' fees, arising from, or in connection
with, the Adviser's breach of this Agreement or its representations and warranties herein or as a result of the Adviser's
willful misfeasance, bad faith, gross negligence, reckless disregard of their duties hereunder or violation of applicable
law; provided, however, that the Sub-Adviser Indemnified Persons shall not be indemnified for any liability or expenses that may be sustained
as a result of the Sub-Adviser's willful misfeasance, bad faith, gross negligence, or reckless disregard of its duties hereunder.

11. <u>Effective Date and Termination.</u> This Agreement shall become effective upon the consummation of
the Transaction if the New Advisory Agreement applicable to the Fund(s) are not approved by the majority of the outstanding voting securities
of such Fund (the "Effective Date"), and shall remain in full force for: (i) 150 days following the Effective Date; (ii) until
a vote of a majority of the outstanding voting securities of such Fund shall approve the New Advisory Agreement with the Adviser and such
New Sub- Advisory Agreement is executed and effective; or (iii) unless sooner terminated as hereinafter provided, whichever occurs first.
This Agreement may be terminated at any time with respect to any Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the Investment Adviser, the Board or the Sub-Adviser upon ten (10) calendar days' written notice
to the other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) vote of a majority of the outstanding voting securities of such Fund, on ten (10) calendar days'
written notice to the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by any party hereto upon written notice to each of the other parties of a breach of any provision of this
Agreement by any other party if the breach is not cured within thirty (30) days of notice of the breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) immediately upon the termination of the Investment Advisory Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Termination of this Agreement pursuant to this Section 11 shall be without the payment of any penalty.

12. <u>Amendment</u>. This Agreement may be amended at any time by mutual consent of the Adviser and the Sub-Adviser,
provided that, if required by law, such amendment shall also have been approved by vote of a majority of the outstanding voting securities
of the Fund and by vote of a majority of the Trustees of the Trust who are not interested persons of the Trust, either of the Adviser,
or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval.

13. <u>Assignment</u>. The Sub-Adviser may not assign this Agreement and this Agreement shall automatically
terminate in the event of an "assignment," as such term is defined in Section 2(a)(4) of the 1940 Act. The Sub-Adviser shall
notify the Adviser in writing sufficiently in advance of any proposed change of "control," as defined in Section 2(a)(9) of
the 1940 Act, so as to enable the Trust and/or the Adviser to: (a) consider whether an assignment will occur, (b) consider whether to
enter into a new Sub-Advisory Agreement with the Sub-Adviser, and (c) prepare, file, and deliver any disclosure document to the Fund's
shareholders as may be required by applicable law.

14. <u>Miscellaneous</u>. The captions in this Agreement are included for convenience of reference only and
in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement
shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.
This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors (subject to
paragraph 11(c) hereof) and, to the extent provided in paragraph 10 hereof, each Sub-Adviser and Adviser Indemnified Person. Anything
herein to the contrary notwithstanding, this Agreement shall not be construed to require, or to impose any duty upon, either of the parties
to do anything in violation of any applicable laws or regulations. Any provision in this Agreement requiring compliance with any statute
or regulation shall mean such statute or regulation as amended and in effect from time to time.

15. <u>Regulation S-P</u>. In accordance with Regulation S-P, if non-public personal information regarding
any party's customers or consumers is disclosed to the other party in connection with this Agreement, the other party receiving
such information will not disclose or use that information other than as necessary to carry out the purposes of this Agreement.

16. <u>Confidentiality</u>. Any information or recommendations supplied by either the Adviser or the Sub-Adviser,
that are not otherwise in the public domain or previously known to the other party in connection with the performance of its obligations
and duties hereunder, including without limitation portfolio holdings of the Trust, financial information or other information relating
to a party to this Agreement, are to be regarded as confidential ("Confidential Information") and held in the strictest confidence.
Except as may be required by applicable law or rule or as requested by regulatory authorities having jurisdiction over a party to this
Agreement, Confidential Information may be used only by the party to which said information has been communicated and such other persons
as that party believes are necessary to carry out the purposes of this Agreement, the Custodian, and such persons as the Adviser may designate
in connection with the Sub-Advised Assets.

17. <u>Notices</u>. All notices required to be given pursuant to this Agreement shall be delivered or mailed
to the address listed below of each applicable party in person or by registered or certified mail or a private mail or delivery service
providing the sender with notice of receipt or such other address as specified in a notice duly given to the other parties. Notice shall
be deemed given on the date delivered or mailed in accordance with this paragraph.

**For: Innovator Capital Management, LLC**

200 W. Front Street

Wheaton, IL 60187

Attn: Bryon Lake

**For: Penserra Capital Management LLC**

4 Orinda Way Suite 100A

Orinda, CA 94563

Attn: Dustin Lewellyn

For: **Innovator ETFs<sup>®</sup> Trust**

200 W. Front Street

Wheaton, IL 60187

18. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument.

19. <u>Governing Law</u>. This Agreement shall be governed by and interpreted in accordance with the laws
of the State of New York, or any applicable provisions of the Investment Company Act. To the extent that the laws of the State of New
York, or any of the provisions in this Agreement, conflict with the applicable provisions of the Investment Company Act, the Investment
Company Act shall control.

20. <u>Severability and Survival</u>. Should any portion of this Agreement for any reason be held to be void
in law or in equity, the Agreement shall be construed, insofar as is possible, as if such portion had never been contained herein. Section
10 shall survive the termination of this Agreement.

---

| | |
|:---|:---|
| **Innovator Capital Management, LLC** | **Innovator Capital Management, LLC** |
| By: | /s/ Bryon Lake |
| Name: | Bryon Lake |
| Title: | President |
| **Penserra Capital Management LLC** | **Penserra Capital Management LLC** |
| By: | /s/ Dustin Lewellyn |
| Name: | Dustin Lewellyn |
| Title: | Chief Investment Officer |

---

Signature Page to Interim Sub-Advisory Agreement

**Schedule A**

**(As of April 1, 2026)**

<u>**List of Funds**</u>

Innovator Gradient Tactical Rotation Strategy ETF

Innovator Laddered Allocation Power Buffer ETF

**Schedule B**

**(As of April 1, 2026)**

The sub-advisory fee payable to each Fund set forth herein is calculated on an aggregate basis with each of the net assets of funds sub-advised by the Sub-Advisor in the Innovator Funds Complex excluding Innovator Gradient Tactical Rotation ETF ("IGTR") (the "Innovator Complex Sub-Advised Assets"). The sub-advisory fee is computed daily and paid monthly in an amount equal to the greater of (1) $1,667.63 per month or (2) 0.05% per annum of the Innovator Complex Sub-Advised Assets on the first $500 million, 0.04% per annum of the Innovator Complex Sub-Advised Assets from $500 million to $1 billion, and 0.03% per annum of Innovator Complex Sub-Advised Assets on assets over $1 billion. For IGTR, the Sub-Advisor will receive the greater of a $50,000 per annum minimum Sub-Advisor fee or 0.05% per annum on IGTR assets.

## Ex-99.(D)(18)

**Exhibit (d)(18)**

**Schedule A**

**(As of April 1, 2026)**

**<u>List of Funds</u>**

Innovator Gradient Tactical Rotation Strategy ETF

Innovator Laddered Allocation Power Buffer ETF

## Ex-99.(D)(19)

**Exhibit (d)(19)**

**Interim Investment Advisory Agreement**

This Interim Investment Advisory Agreement, made by and between Innovator ETFs<sup>®</sup> Trust, a Delaware statutory trust (the *"Trust"*), on behalf of the Innovator IBD 50<sup>â</sup> Fund (the *"Fund"*), and Innovator Capital Management, LLC, a Delaware limited liability company (the *"Advisor"*).

**W it n e s s e t h:**

Whereas, the Trust has been organized and operates as an investment company registered under the Investment Company Act of 1940, as amended (the *"1940 Act"*) and engages in the business of investing and reinvesting its assets in securities and other investments; and

Whereas, the Advisor is a registered investment adviser under the Investment Advisers Act of 1940, as amended (the *"Advisers Act"*), and engages in the business of providing investment management services; and

Whereas, the Advisor entered into an investment advisory agreement between the Trust, on behalf of the Fund, on August 7, 2017 (the *"Advisory Agreement"*); and

Whereas, the Advisor has entered into a membership interest purchase agreement pursuant to which GSAM Holding, LLC will acquire substantially all of the membership interests of the Advisor (the *"Transaction"*) for certain compensation;

Whereas, the consummation of the Transaction may operate as an "assignment" of the Advisory Agreement pursuant to Section 8(d) thereof;

Whereas, the Trust's Board of Trustees (the *"Board"*) desires to retain the Advisor as investment advisor, to furnish certain investment advisory and portfolio management services to the Trust with respect to the Fund, and the Advisor is willing to furnish such services; and

Whereas, the Trust, on behalf of the Fund, and the Advisor desire to enter into this agreement (the *"Agreement"*) pursuant to Rule 15a-4 under the 1940 Act, under which the Advisor will furnish certain investment advisory services for the Fund upon the terms and conditions set forth hereafter set forth.

Now, Therefore, in consideration of the mutual covenants herein contained, the sufficiency of which is hereby acknowledged, and each of the parties hereto intending to be legally bound, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust, on behalf of the Fund, hereby employs the Advisor to manage the investment and reinvestment of the Fund's assets, subject to the direction of the Board and the officers of the Trust, for the period and on the terms hereinafter set forth. The Advisor hereby accepts such employment and agrees during such period to render the services and assume the obligations herein set forth for the compensation herein provided. The Advisor shall, for all purposes herein, be deemed to be an independent contractor, and shall, unless otherwise expressly provided and authorized, have no authority to act for or to represent the Trust or the Fund in any way, or in any way be deemed an agent of the Trust or the Fund. The Advisor shall regularly make decisions as to what securities to purchase and sell on behalf of the Fund and shall record and implement such decisions and shall furnish the Board with such information and reports regarding the Fund's investments as the Advisor deems appropriate or as the Board may reasonably request. Subject to compliance with the requirements of the 1940 Act, the Advisor may retain as a sub-adviser to the Fund, at the Advisor's own expense, any investment adviser registered under the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust, on behalf of the Fund, shall conduct its own business and affairs and shall bear the expenses and salaries necessary and incidental thereto including, but not in limitation of the foregoing, the costs incurred in: the maintenance of its corporate existence; the maintenance of its registration statement under applicable federal securities laws; preparation, filing and printing of its prospectus(es), statement of additional information and sales literature; the maintenance of its compliance program; the compensation of its compliance officer(s); the maintenance of its own books, records and procedures; dealing with its own shareholders, the payment of dividends, transfer of stock, including issuance, redemption and repurchase of shares; preparation of share certificates; reports and notices to shareholders; calling and holding of shareholders' meetings; miscellaneous office expenses; brokerage commissions; custodian fees; legal and accounting fees; and taxes. Members and employees of the Advisor may be trustees, officers or employees of the Trust. In the conduct of the respective businesses of the parties hereto and in the performance of this Agreement, the Trust may obtain office space and facilities from the Advisor and will reimburse the Advisor for its rent or other expenses thereby incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. (a) The Advisor shall place and execute Fund orders for the purchase and sale of portfolio securities with broker-dealers. Subject to the obtaining the best price and execution reasonably available, the Advisor is authorized to place orders for the purchase and sale of portfolio securities for the Fund with such broker-dealers as it may select from time to time. Subject to subparagraph (b) below, the Advisor is also authorized to place transactions with brokers who provide research or statistical information or analyses to the Fund, to the Advisor, or to any other client for which the Advisor provides investment advisory services. The Advisor also agrees that it will cooperate with the Trust to allocate brokerage transactions to brokers or dealers who provide benefits directly to the Fund; *provided, however,* that such allocation comports with applicable law including, without limitation, Rule 12b-1(h) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the provisions of subparagraph (a) above and subject to such policies and procedures as may be adopted by the Board and officers of the Trust, the Advisor is authorized to cause the Fund to pay a member of an exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of an exchange, broker or dealer would have charged for effecting that transaction, in such instances where the Advisor has determined in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or the Advisor's overall responsibilities with respect to the Fund and to other funds or clients for which the Advisor exercises investment discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Advisor is authorized to direct portfolio transactions to a broker that is an affiliated person of the Advisor or the Fund in accordance with such standards and procedures as may be approved by the Board in accordance with Rule 17e-1 under the 1940 Act, or other rules promulgated by the U.S. Securities and Exchange Commission (*"SEC"*). Any transaction placed with an affiliated broker must (i) be placed at best execution, and (ii) may not be a principal transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Advisor is authorized to aggregate or "bunch" purchase or sale orders for a Fund with orders for various other clients when it believes that such action is in the best interests of the Fund and all other such clients. In such an event, allocation of the securities purchased or sold will be made by the Advisor in accordance with the Advisor's written policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. (a) As compensation for the services to be rendered to the Fund by the Advisor under the provisions of this Agreement, the Trust on behalf of the Fund shall pay to the Advisor from the Fund's assets an annual fee (based on a percentage of average daily net assets) of 0.70%, payable on a monthly basis in arrears. The compensation earned under this Agreement will be held in an interest bearing escrow account with the Fund's custodian bank. Upon approval by affirmative vote of a majority of the outstanding voting securities of a Fund of a new investment advisory agreement with the Advisor during the term of this Agreement, the amount in the escrow account (including any interest earned) will be paid to the Advisor. If a new advisory agreement with the Advisor is not approved, the Adviser will be paid out of the escrow account, the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any costs incurred by the Advisor in performing its obligations under the Agreement (plus interest earned on that amount while in escrow); or (b) the total amount in the escrow account (plus interest earned). All rights of compensation under this Agreement for services performed as of the termination date shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If this Agreement is terminated prior to the end of any calendar month, the management fee shall be prorated for the portion of any month in which this Agreement is in effect according to the proportion which the number of calendar days, during which the Agreement is in effect, bears to the number of calendar days in the month, and shall be payable within 10 days after the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Advisor shall look exclusively to the assets of the Fund for payment of the applicable advisory fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The services be rendered by the Advisor to the Trust on behalf of the Fund under the provisions of this Agreement are not to be deemed to be exclusive, and the Advisor shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Advisor, its members, employees and agents may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm, entity or individual, and may render underwriting services to the Trust on behalf of the Fund or to any other investment company, corporation, association, firm, entity or individual. In accordance with the Advisers Act, if there is a change in the membership of the Advisor, which is a limited liability company, the Advisor shall, within a reasonable time after such change, notify the Trust and the Board of the change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of its duties to the Fund, the Advisor shall not be liable to the Trust, the Fund or to any Trustee or shareholder of the Trust or the Fund for any loss or damage arising from any action or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any investment or securities, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. (a) This Agreement shall be executed and become effective as of the date written below if approved by (i) the Board, including a majority of the Trustees who are not parties to this Agreement or interested persons of such party (the *"Independent Trustees"*), cast in person at a meeting called for the purpose of voting on such approval; and (ii) the vote of a majority of the outstanding voting securities of the Fund. This Agreement shall continue in effect for the lesser of: (i) the period from the effective date through the date of the approval of a new investment advisory agreement between the Advisor and the Fund by the vote of a majority of the outstanding voting securities of the Fund; or (ii) one hundred fifty (150) days; provided however that if the shareholders fail to approve a new investment advisory agreement, the Advisor may continue to serve hereunder as to the Fund in a manner consistent with the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No amendment to this Agreement shall be effective unless the terms thereof have been approved as required by the 1940 Act (currently, by the vote of a majority of the outstanding voting securities of the Fund unless such shareholder approval would not be required under applicable interpretations by the staff of the SEC, and by the vote of a majority of Independent Trustees, cast in person at a meeting called for the purpose of voting on such approval).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with such renewal or amendment, it shall be the duty of the Board to request and evaluate, and the duty of the Advisor to furnish, such information as may be reasonably necessary to evaluate the terms of this Agreement and any amendment thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement shall not become effective until the termination of the Advisory Agreement by and between the Advisor and the Fund. Notwithstanding the foregoing, this Agreement may be terminated by the Trust at any time, without the payment of a penalty, on sixty days' written notice to the Advisor of the Trust's intention to do so, pursuant to action by the Board or pursuant to a vote of a majority of the outstanding voting securities of the Fund. The Advisor may terminate this Agreement at any time, without the payment of penalty on ten (10) days' written notice to the Trust of its intention to do so. Upon termination of this Agreement, the obligations of all the parties hereunder shall cease and terminate as of the date of such termination, except for any obligation to respond for a breach of this Agreement committed prior to such termination, and except for the obligation of the Trust to pay to the Advisor the fee provided in Paragraph 4 hereof. This Agreement shall automatically terminate in the event of its assignment unless the parties hereto, by agreement, obtain an exemption from the SEC from the provisions of the 1940 Act pertaining to the subject matter of this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Agreement shall extend to and bind the heirs, executors, administrators and successors of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. For the purpose of this Agreement, the term "vote of a majority of the outstanding voting securities"; "interested persons"; and "assignment" shall have the meaning defined in the 1940 Act and the rules and interpretations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. (a) The Trust expressly agrees and acknowledges that the name "Innovator" is the sole property of the Advisor, and, with respect to such name, that similar names may from time to time be used by other funds in the investment business that are affiliated with the Advisor. The Advisor has consented to the use by the Trust of the identifying word "INNOVATOR" and has granted to the Trust a nonexclusive license to use the name "Innovator" as part of the name of the Fund. Additionally, the "IBD<sup>â</sup>" mark has been licensed to the Advisor by Investor's Business Daily<sup>â</sup> for use in connection with the Fund under certain circumstances. The Adviser, in turn, has sublicensed to the Fund its rights to use the mark pursuant to a Sublicense Agreement. The Trust expressly agrees and acknowledges that the licenses granted herein may be terminated by the Advisor if the Trust ceases to use the Advisor, an affiliate of the Advisor or their successors as investment adviser. In such event, the licenses granted herein may be revoked by the Advisor and the Trust shall cease using the name "Innovator" and "IBD<sup>â</sup>" as part of its Fund, unless otherwise consented to by the Advisor or any successor its respective interests in such name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust further understands and agrees that so long as the Advisor and/or its affiliates shall continue to serve as the Trust's investment adviser, other mutual funds or other investment products that may be sponsored or advised by the Advisor and/or its affiliates shall have the right permanently to adopt and to use the words "Innovator" in their name and in the name of any series or class of shares of such funds or other investment products.

IN Witness Whereof, the parties hereto have this Agreement to be executed by their duly authorized officers as of this 1st day of April, 2026.

---

| | | |
|:---|:---|:---|
| Innovator etfs<sup>®</sup> Trust | Innovator etfs<sup>®</sup> Trust | Innovator etfs<sup>®</sup> Trust |
| By: | /s/ James A. McNamara | /s/ James A. McNamara |
|  | Name: | James A. McNamara |
|  | Title: | President, Principal Executive <br> Officer and Trustee |

---

---

| | | |
|:---|:---|:---|
| Innovator Capital Management, LLC | Innovator Capital Management, LLC | Innovator Capital Management, LLC |
| By: | /s/ Bryon Lake | /s/ Bryon Lake |
|  | Name: | Bryon Lake |
|  | Title: | President |

---

## Ex-99.(D)(20)

**Exhibit (d)(20)**

**Interim Investment Management Agreement**

This Interim Investment Management Agreement is made this 1st day of April, 2026, by and between Innovator ETFS® TRUST, a Delaware statutory trust (the *"Trust"*), and Innovator Capital Management, LLC, a Delaware limited liability company (the *"Adviser"*).

Whereas, the Trust is registered under the Investment Company Act of 1940, as amended (*"1940 Act"*), as an open-end management investment company;

Whereas, the Trust is authorized to issue shares in separate series, with each such series representing interests in a separate portfolio of securities and other assets;

Whereas, the Adviser entered into an investment management agreement with the Trust, on behalf of Innovator IBD<sup>®</sup> Breakout Opportunities ETF and certain other series of the Trust, on June 27, 2019 (the *"Advisory Agreement"*);

Whereas, the Adviser has entered into a membership interest purchase agreement pursuant to which GSAM Holding, LLC will acquire substantially all of the membership interests of the Investment Adviser (the *"Transaction"*) for certain compensation;

Whereas, the consummation of the Transaction may operate as an "assignment" of the Advisory Agreement pursuant to Section 11 thereof;

Whereas, the Trust intends to offer shares in series as set forth on Schedule A attached hereto and any other series as to which this Agreement may hereafter be made applicable and set forth on Schedule A, which may be amended from time to time (each such series being herein referred to as a *"Fund,"* and collectively as the *"Funds"*);

Whereas, the Trust desires to retain the Adviser as investment adviser, to furnish certain investment advisory and portfolio management services to the Trust with respect to the Funds, and the Adviser is willing to furnish such services; and

Whereas, the Trust, on behalf of the Funds, and the Investment Adviser desire to enter into this agreement (the *"Agreement"*) pursuant to Rule 15a-4 under the 1940 Act, under which the Adviser, will furnish certain investment advisory services for the Funds upon the terms and conditions hereafter set forth.

**W i t n e s s e t h:**

In consideration of the mutual covenants hereinafter contained, it is hereby agreed by and between the parties hereto as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust hereby engages the Adviser to act as the investment adviser for, and to manage the investment and reinvestment of the assets of, each Fund in accordance with each Fund's investment objectives and policies and limitations, and to administer each Fund's affairs to the extent requested by and subject to the supervision of the Board of Trustees of the Trust for the period and upon the terms herein set forth. The investment of each Fund's assets shall be subject to the Fund's policies, restrictions and limitations with respect to securities investments as set forth in the Fund's then current registration statement under the 1940 Act, Declaration of Trust, By-laws of the Trust and all applicable laws and the regulations of the Securities and Exchange Commission relating to the management of registered open-end management investment companies.

The Adviser accepts such employment and agrees during such period to render such services, to furnish office facilities and equipment and clerical, bookkeeping and administrative services (other than such services, if any, provided by the Funds' transfer agent, administrator or other service providers) for the Funds, to permit any of its officers or employees to serve without compensation as trustees or officers of the Trust if elected to such positions, and to assume the obligations herein set forth for the compensation herein provided. The Adviser shall at its own expense furnish all executive and other personnel, office space, and office facilities required to render the investment management and administrative services set forth in this Agreement. In the event that the Adviser pays or assumes any expenses of a Fund not required to be paid or assumed by the Adviser under this Agreement, the Adviser shall not be obligated hereby to pay or assume the same or similar expense in the future; *provided,* that nothing contained herein shall be deemed to relieve the Adviser of any obligation to a Fund under any separate agreement or arrangement between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Adviser shall, for all purposes herein provided, be deemed to be an independent contractor and, unless otherwise expressly provided or authorized, shall neither have the authority to act for nor represent the Trust in any way, nor otherwise be deemed an agent of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. For the services and facilities described in Section 1, each Fund will pay to the Adviser, at the end of each calendar month, and the Adviser agrees to accept as full compensation therefor, an investment management fee equal to the annual rate of each Fund's average daily net assets as set forth on Schedule A.

The compensation earned under this Agreement will be held in an interest bearing escrow account with each Fund's custodian bank. Upon approval by affirmative vote of a majority of the outstanding voting securities of a Fund of a new investment advisory agreement with the Adviser during the term of this Agreement, the amount in the escrow account (including any interest earned) will be paid to the Adviser. If a new advisory agreement with the Adviser is not approved, the Adviser will be paid out of the escrow account, the lesser of: (a) any costs incurred by the Adviser in performing its obligations under the Agreement (plus interest earned on that amount while in escrow); or (b) the total amount in the escrow account (plus interest earned). All rights of compensation under this Agreement for services performed as of the termination date shall survive the termination of this Agreement.

For the month and year in which this Agreement becomes effective, or terminates, there shall be an appropriate proration on the basis of the number of days that the Agreement shall have been in effect during the month and year, respectively. The services of the Adviser to the Trust under this Agreement are not to be deemed exclusive, and the Adviser shall be free to render similar services or other services to others so long as its services hereunder are not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. During the term of this Agreement, the Adviser shall pay all of the expenses of each Fund of the Trust (including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees) but excluding the fee payment under this Agreement, interest, taxes, brokerage commissions and any other transaction-related fees and expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, acquired fund fees and expenses, the costs of holding shareholder meetings and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Adviser shall arrange for suitably qualified officers or employees of the Adviser to serve, without compensation from the Trust, as trustees, officers or agents of the Trust, if duly elected or appointed to such positions, and subject to their individual consent and to any limitations imposed by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Adviser is authorized to select the brokers or dealers that will execute the purchases and sales of a Fund's securities on behalf of the Fund, and is directed to use its commercially reasonable efforts to obtain best execution, which includes most favorable net results and execution of the Fund's orders, taking into account all appropriate factors, including price, dealer spread or commission, size and difficulty of the transaction and research or other services provided. Subject to approval by the Trust's Board of Trustees and to the extent permitted by and in conformance with applicable law (including Rule 17e-1 of the 1940 Act), the Adviser may select brokers or dealers affiliated with the Adviser. It is understood that the Adviser will not be deemed to have acted unlawfully, or to have breached a fiduciary duty to the Trust, or be in breach of any obligation owing to the Trust under this Agreement, or otherwise, solely by reason of its having caused the Fund to pay a member of a securities exchange, a broker or a dealer a commission for effecting a securities transaction for the Fund in excess of the amount of commission another member of an exchange, broker or dealer would have charged if the Adviser determined in good faith that the commission paid was reasonable in relation to the brokerage or research services provided by such member, broker or dealer, viewed in terms of that particular transaction or the Adviser's overall responsibilities with respect to its accounts, including the Fund, as to which it exercises investment discretion.

In addition, the Adviser may, to the extent permitted by applicable law, aggregate purchase and sale orders of securities with similar orders being made simultaneously for other accounts managed by the Adviser or its affiliates, if in the Adviser's reasonable judgment such aggregation shall result in an overall economic benefit to a Fund, taking into consideration the selling or purchase price, brokerage commissions and other expenses. In the event that a purchase or sale of an asset of a Fund occurs as part of any aggregate sale or purchase orders, the objective of the Adviser and any of its affiliates involved in such transaction shall be to allocate the securities so purchased or sold, as well as expenses incurred in the transaction, among the Fund and other accounts in an equitable manner. Nevertheless, each Fund acknowledges that under some circumstances, such allocation may adversely affect the Fund with respect to the price or size of the securities positions obtainable or salable. Whenever a Fund and one or more other investment advisory clients of the Adviser have available funds for investment, investments suitable and appropriate for each will be allocated in a manner believed by the Adviser to be equitable to each, although such allocation may result in a delay in one or more client accounts being fully invested that would not occur if such an allocation were not made. Moreover, it is possible that due to differing investment objectives or for other reasons, the Adviser and its affiliates may purchase securities of an issuer for one client and at approximately the same time recommend selling or sell the same or similar types of securities for another client.

The Adviser will not arrange purchases or sales of securities between a Fund and other accounts advised by the Adviser or its affiliates unless (a) such purchases or sales are in accordance with applicable law (including Rule 17a-7 of the 1940 Act) and the Trust's policies and procedures, (b) the Adviser determines the purchase or sale is in the best interests of each Fund, and (c) the Trust's Board of Trustees have approved these types of transactions.

To the extent a Fund seeks to adopt, amend or eliminate any objectives, policies, restrictions or procedures in a manner that modifies or restricts Adviser's authority regarding the execution of the Fund's portfolio transactions, the Fund agrees to use reasonable commercial efforts to consult with the Adviser regarding the modifications or restrictions prior to such adoption, amendment or elimination.

The Adviser will communicate to the officers and trustees of the Trust such information relating to transactions for the Funds as they may reasonably request. In no instance will portfolio securities be purchased by or sold to the Adviser or any affiliated person of either the Trust or the Adviser, except as may be permitted under the 1940 Act.

The Adviser further agrees that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will use the same degree of skill and care in providing such services as it uses in providing services to fiduciary accounts for which it has investment responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will conform in all material respects to all applicable rules and regulations of the Securities and Exchange Commission and comply in all material respects with all policies and procedures adopted by the Board of Trustees for the Trust and communicated to the Adviser and, in addition, will conduct its activities under this Agreement in all material respects in accordance with any applicable regulations of any governmental authority pertaining to its investment advisory activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) will report regularly to the Board of Trustees of the Trust (generally on a quarterly basis) and will make appropriate persons available for the purpose of reviewing with representatives of the Board of Trustees on a regular basis at reasonable times the management of each Fund, including, without limitation, review of the general investment strategies of each Fund, the performance of each Fund's investment portfolio in relation to relevant standard industry indices and general conditions affecting the marketplace and will provide various other reports from time to time as reasonably requested by the Board of Trustees of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) will prepare and maintain such books and records with respect to each Fund's securities and other transactions as required under applicable law and will prepare and furnish the Trust's Board of Trustees such periodic and special reports as the Board of Trustees may reasonably request. The Adviser further agrees that all records which it maintains for each Fund are the property of the Fund and the Adviser will surrender promptly to the Fund any such records upon the request of the Fund (*provided, however,* that Adviser shall be permitted to retain copies thereof); and shall be permitted to retain originals (with copies to the Fund) to the extent required under Rule 204-2 of the Investment Advisers Act of 1940 or other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Subject to applicable statutes and regulations, it is understood that officers, trustees, or agents of the Trust are, or may be, interested persons (as such term is defined in the 1940 Act and rules and regulations thereunder) of the Adviser as officers, directors, agents, shareholders or otherwise, and that the officers, directors, shareholders and agents of the Adviser may be interested persons of the Trust otherwise than as trustees, officers or agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Adviser shall not be liable for any loss sustained by reason of the purchase, sale or retention of any asset, whether or not such purchase, sale or retention shall have been based upon the investigation and research made by any other individual, firm or corporation, if such recommendation shall have been selected with due care and in good faith, except loss resulting from willful misfeasance, bad faith, or gross negligence on the part of the Adviser in the performance of its obligations and duties, or by reason of its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Subject to obtaining the initial and periodic approvals required under Section 15 of the 1940 Act (after taking into effect any exemptive order, no-action assurances or other relief upon which the respective Fund may rely), the Adviser may retain one or more sub-advisers at the Adviser's own cost and expense for the purpose of furnishing one or more of the services described in Section 1 hereof with respect to a Fund. In addition, the Adviser may adjust from time to time the duties delegated to any sub-adviser, the portion of portfolio assets of the Trust that the sub-adviser shall manage and the fees to be paid to the sub-adviser pursuant to any sub-advisory agreement or other arrangement entered into in accordance with this Agreement, subject to the approvals set forth in Section 15 of the 1940 Act if required including after taking into account any exemptive order, no-action assurances or other relief upon which the respective Fund may rely. Retention of a sub-adviser shall in no way reduce the responsibilities or obligations of the Adviser under this Agreement and the Adviser shall be responsible to a Fund for all acts or omissions of any sub-adviser in connection with the performance of the Adviser's duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Trust acknowledges that the Adviser intends in the future to act as an investment adviser to other managed accounts and as investment adviser or sub-investment adviser to one or more other investment companies that are not a series of the Trust. In addition, the Trust acknowledges that the persons employed by the Adviser to assist in the Adviser's duties under this Agreement will not devote their full time to such efforts. It is also agreed that the Adviser may use any supplemental research obtained for the benefit of the Trust in providing investment advice to its other investment advisory accounts and for managing its own accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. This Agreement, with respect to each Fund, was initially approved, and is effective, *provided* it was approved by a vote of a majority of the outstanding voting securities held by shareholders of the respective Fund in accordance with the requirements of the 1940 Act. This Agreement shall continue in effect for the lesser of: (i) the period from the effective date through the date of the approval of a new investment advisory agreement between the Adviser and the Fund by the vote of a majority of the outstanding voting securities of the Fund; or (ii) one hundred fifty (150) days; provided however that if the shareholders fail to approve a new investment advisory agreement, the Adviser may continue to serve hereunder as to a Fund in a manner consistent with the 1940 Act and the rules and regulations thereunder.

This Agreement (a) shall not become effective until the termination of the Investment Advisory Agreement by and between the Adviser and the Funds and (b) shall automatically terminate in the event of its assignment, and may be terminated at any time without the payment of any penalty by a Fund or by the Adviser upon ten (10) days' written notice to the other party. Each Fund may effect termination by action of the Board of Trustees or by vote of a majority of the outstanding voting securities of the Fund, accompanied by appropriate notice. This Agreement may be terminated, at any time, without the payment of any penalty, by the Board of Trustees of the Trust, or by vote of a majority of the outstanding voting securities of a Fund, in the event that it shall have been established by a court of competent jurisdiction that the Adviser, or any officer or director of the Adviser, has taken any action which results in a breach of the material covenants of the Adviser set forth herein. Termination of this Agreement shall not affect the right of the Adviser to receive payments on any unpaid balance of the compensation, described in Section 3, earned prior to such termination and for any additional period during which the Adviser serves as such for the Fund, subject to applicable law. The terms "assignment" and "vote of the majority of outstanding voting securities" shall have the same meanings set forth in the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. This Agreement may be amended or modified only by a written instrument executed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule, or otherwise, the remainder shall not be thereby affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Any notice under this Agreement shall be in writing, addressed and delivered or mailed, postage prepaid, to the other party at such address as such other party may designate for receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. All parties hereto are expressly put on notice of the Trust's Agreement and Declaration of Trust and all amendments thereto, a copy of which is on file with the Secretary of the State of Delaware and the limitation of shareholder and trustee liability contained therein. This Agreement is executed on behalf of the Trust by the Trust's officers as officers and not individually and the obligations imposed upon the Trust by this Agreement are not binding upon any of the Trust's Trustees, officers or shareholders individually but are binding only upon the assets and property of the Trust, and persons dealing with the Trust must look solely to the assets of the Trust and those assets belonging to the subject Trust, for the enforcement of any claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. This Agreement shall be construed in accordance with applicable federal law and (except as to Section 15 hereof which shall be construed in accordance with the laws of Delaware) the laws of the State of Illinois.

IN Witness Whereof, the Trust and the Adviser have caused this Agreement to be executed on the day and year above written.

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| | | |
|:---|:---|:---|
| Innovator etfs<sup>®</sup> Trust | Innovator etfs<sup>®</sup> Trust | Innovator etfs<sup>®</sup> Trust |
| By: | /s/ James A. McNamara | /s/ James A. McNamara |
|  | Name: | James A. McNamara |
|  | Title: | President, Principal Executive Officer and Trustee |

---

---

| | | |
|:---|:---|:---|
| Innovator Capital Management, LLC | Innovator Capital Management, LLC | Innovator Capital Management, LLC |
| By: | /s/ Bryon Lake | /s/ Bryon Lake |
|  | Name: | Bryon Lake |
|  | Title: | President |

---

**Schedule A**

(Listed as of April 1, 2026)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series | Annual Rate of <br> Average Daily Net <br> Assets | Initial Board <br> Approval <br> Date | Initial <br> Effective Date | Termination <br> Date |
| Innovator IBD® Breakout Opportunities ETF | 0.80% | 3/27/2026 | 4/1/2026 | 8/29/2026 |

---

## Ex-99.(D)(21)

**Exhibit (d)(21)**

**INTERIM SUB-ADVISORY AGREEMENT**

**PENSERRA CAPITAL MANAGEMENT LLC**

Sub-Advisory Agreement (this "Agreement") entered into as of the 1st day of April, 2026, by and between Innovator Capital Management, LLC, a Delaware limited liability company with its principal place of business at 200 W. Front Street, Wheaton, Illinois 60187 (the "Adviser"), and Penserra Capital Management LLC, a registered investment advisor organized under the laws of the State of New York (the "Sub-Adviser").

WHEREAS, Innovator ETFs<sup>®</sup> Trust, a Delaware statutory trust (the "Trust"), is an open-end management investment company, registered as such under the Investment Company Act of 1940 (the "1940 Act");

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act");

WHEREAS, the Adviser entered into an Investment Advisory Agreement dated June 27, 2019, (the "BOUT Advisory Agreement") with Innovator ETFs<sup>®</sup> Trust (the "Trust"), relating to the provision of portfolio management services to Innovator IBD® Breakout Opportunities ETF ("BOUT" or a "Fund");

WHEREAS, the Adviser entered into an Investment Advisory Agreement dated August 7, 2017, (the "FFTY Advisory Agreement" and collectively with the BOUT Advisory Agreement, the "Advisory Agreements") with the Trust, relating to the provision of portfolio management services to Innovator IBD® Breakout Opportunities ETF ("FFTY" or a "Fund" and collectively with BOUT, the "Funds");

WHEREAS, the Advisory Agreements provide that the Adviser may delegate any or all of its portfolio management responsibilities under the Advisory Agreements to one or more sub-advisers;

WHEREAS, the Trust and the Investment Adviser have retained the Sub-Adviser to furnish investment advisory services for the Fund's investment portfolio pursuant to a Sub-Advisory Agreement dated August 7, 2017 and amended September 22, 2022 (the "Sub-Advisory Agreement);

WHEREAS, the Investment Adviser has entered into a membership interest purchase agreement pursuant to which GSAM Holding, LLC will acquire substantially all of the membership interests of the Investment Adviser (the "Transaction") for certain compensation;

WHEREAS, the consummation of the Transaction may operate as an "assignment" of the Sub-Advisory Agreement pursuant to Section 12 thereof;

WHEREAS, the Investment Adviser and the Board of Trustees of the Trust (the "Board") desire to retain the Sub-Adviser to render investment advisory services to the Funds, in a manner and on the terms hereinafter set forth;

WHEREAS, the Trust, on behalf of the Funds, the Investment Adviser and the Sub-Adviser desire to enter into this agreement (the "Agreement") pursuant to Rule 15a-4 under the 1940 Act, under which the Sub-Adviser, will furnish certain investment advisory services for the Fund upon the terms and conditions hereafter set forth.

NOW, THEREFORE, in consideration of the premises and mutual covenants hereinafter set forth, the parties hereto agree as follows:

1. <u>Appointment and Acceptance of Appointment</u>. The Adviser hereby appoints the Sub-Adviser to act as an investment adviser to the Fund for the periods and on the terms herein set forth. The Sub-Adviser accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided.

2. <u>Sub-Advisory Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall, subject to the supervision and oversight of the Adviser, manage the investment
and reinvestment of such portion of the assets of the Fund, as the Adviser may from time to time allocate to the Sub-Adviser for management
(the "Sub-Advised Assets"). The Sub-Adviser shall manage the Sub-Advised Assets in conformity with (i) the investment objective,
policies and restrictions of the Fund set forth in the Trust's prospectus and statement of additional information relating to the
Fund, as they may be amended from time to time, any additional policies or guidelines, including without limitation compliance policies
and procedures, established by the Adviser, the Trust's Chief Compliance Officer, or by the Trust's Board of Trustees ("Board")
that have been furnished in writing to the Sub-Adviser, (ii) the written instructions and directions received from the Adviser and the
Trust as delivered; and (iii) the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Investment Advisers
Act of 1940 ("Advisers Act"), and all other federal and state laws applicable to registered investment companies and the Sub-Adviser's
duties under this Agreement, all as may be in effect from time to time. The foregoing are referred to below together as the "Policies."

For purposes of compliance with the Policies, the Sub-Adviser shall be entitled to treat the Sub-Advised Assets as though the Sub-Advised Assets constituted the entire Fund, and the Sub-Adviser shall not be responsible in any way for the compliance of any assets of the Fund, other than the Sub-Advised Assets, with the Policies. Subject to the foregoing, the Sub-Adviser is authorized, in its discretion and without prior consultation with the Adviser, to buy, sell, lend and otherwise trade in any stocks, bonds and other securities and investment instruments on behalf of the Fund, without regard to the length of time the securities have been held and the resulting rate of portfolio turnover or any tax considerations; and the majority or the whole of the Sub-Advised Assets may be invested in such proportions of stocks, bonds, other securities or investment instruments, or cash, as the Sub-Adviser shall determine. Notwithstanding the foregoing provisions of this Section 2(a), however, (i) the Sub-Adviser shall, upon and in accordance with written instructions from the Adviser, effect such portfolio transactions for the Sub-Advised Assets as the Adviser shall determine are necessary in order for the Fund to comply with the Policies, and (ii) upon notice to the Sub-Adviser, the Adviser may effect in-kind redemptions with shareholders of the Fund with securities included within the Sub-Advised Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Absent instructions from the Adviser or the officers of the Trust to the contrary, the Sub-Adviser shall
place orders pursuant to its determinations either directly with the issuer or with any broker and/or dealer or other person who deals
in the securities in which the Fund is trading. With respect to common and preferred stocks, in executing portfolio transactions and selecting
brokers or dealers, the Sub-Adviser shall use its best judgment to obtain the best overall terms available. In assessing the best overall
terms available for any transaction, the Sub-Adviser shall consider all factors it deems relevant, including the breadth of the market
in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness
of the commission, if any, both for the specific transaction and on a continuing basis. In evaluating the best overall terms available
and in selecting the broker or dealer to execute a particular transaction, the Sub-Adviser may also consider the brokerage and research
services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934) provided to the Fund and/or other account
over which the Sub-Adviser and/or an affiliate of the Sub-Adviser exercises investment discretion. With respect to securities other than
common and preferred stocks, in placing orders with brokers, dealers or other persons, the Sub-Adviser shall attempt to obtain the best
net price and execution of its orders, provided that to the extent the execution and price available from more than one broker, dealer
or other such person are believed to be comparable, the Sub-Adviser may, at its discretion but subject to applicable law, select the executing
broker, dealer or such other person on the basis of the Sub-Adviser's opinion of the reliability and quality of such broker, dealer
or such other person; broker or dealers selected by the Sub-Adviser for the purchase and sale of securities or other investment instruments
for the Sub-Advised Assets may include brokers or dealers affiliated with the Sub-Adviser, provided such orders comply with Rules 17e-1
and 10f-3 under the 1940 Act and the Trust's Rule 17e-1 and Rule 10f-3 Procedures, respectively, in all respects, or any other applicable
exemptive rules or orders applicable to the Sub-Adviser. Notwithstanding the foregoing, the Sub-Adviser will not effect any transaction
with a broker or dealer that is an "affiliated person" (as defined under the 1940 Act) of the Sub-Adviser or the Adviser without
the prior approval of the Adviser. The Adviser shall provide the Sub-Adviser with a list of brokers or dealers that are affiliated persons
of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser acknowledges that the Adviser and the Trust may rely on Rules 17a-7, 17a-10, 10f-3 and
17e-1 under the 1940 Act, and the Sub-Adviser hereby agrees that it shall not consult with any other investment adviser to the Trust with
respect to transactions in securities for the Sub-Advised Assets or any other transactions in the Trust's assets, other than for the
purposes of complying with the conditions of paragraphs (a) and (b) of Rule 12d3-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser has provided the Adviser with a true and complete copy of its compliance policies and
procedures for compliance with "federal securities laws" (as such term is defined under Rule 38a- l of the 1940 Act) and Rule
206(4)-7 of the Advisers Act (the "Sub-Adviser Compliance Policies"). The Sub-Adviser's chief compliance officer ("Sub-Adviser
CCO") shall provide to the Trust's Chief Compliance Officer ("Trust CCO") or his or her delegate promptly (and
in no event more than 10 business days) the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a report of any material changes to the Sub-Adviser Compliance Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a report of any "material compliance matters," as defined by Rule 38a-l under the 1940 Act,
that have occurred in connection with the Sub-Adviser Compliance Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of the Sub-Adviser CCO's report with respect to the annual review of the Sub-Adviser Compliance
Policies pursuant to Rule 206(4)-7 under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an annual (or more frequently as the Trust CCO may request) certification regarding the Sub-Adviser's
compliance with Rule 206(4)-7 under the Advisers Act and Section 38a-1 of the 1940 Act as well as the foregoing sub-paragraphs (i) - (iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser may, on occasions when it deems the purchase or sale of a security to be in the best interests
of the Fund as well as other fiduciary or agency accounts managed by the Sub-Adviser, aggregate, to the extent permitted by applicable
laws and regulations, the securities to be sold or purchased in order to obtain the best overall terms available and execution with respect
to common and preferred stocks and the best net price and execution with respect to other securities. In such event, allocation of the
securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser in the manner it
considers to be most fair and equitable over time to the Fund and to its other accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser, in connection with its rights and duties with respect to the Fund and the Trust shall
use the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and
familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The services of the Sub-Adviser hereunder are not deemed exclusive and the Sub-Adviser shall be free to
render similar services to others (including other investment companies) so long as its services under this Agreement are not impaired
thereby. The Sub-Adviser will waive enforcement of any non-compete agreement or other agreement or arrangement
to which it is currently a party that restricts, limits, or otherwise interferes with the ability of the Adviser to employ or engage any
person or entity to provide investment advisory or other services and will transmit to any person or entity notice of such waiver as may
be required to give effect to this provision; and the Sub-Adviser will not become a party to any non-compete agreement or any other agreement,
arrangement, or understanding that would restrict, limit, or otherwise interfere with the ability of the Adviser and the Trust or any
of their affiliates to employ or engage any person or organization, now or in the future, to manage the Fund or any other assets managed
by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser shall furnish the Adviser reports concerning portfolio transactions and performance of
the Sub-Advised Assets as the Adviser may reasonably determine in such form as may be mutually agreed upon, and agrees to review the Sub-Advised
Assets with the Adviser and discuss the management of them. The Sub-Adviser shall promptly respond to requests by the Adviser and the
Trust CCO or their delegates for copies of the pertinent books and records maintained by the Sub-Adviser relating directly to the Fund.
The Sub-Adviser shall also provide the Adviser with such other information and reports, including information and reports related to compliance
matters, as may reasonably be requested by it from time to time, including without limitation all material requested by or required to
be delivered to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless otherwise instructed by the Adviser, the Sub-Adviser shall <u>not</u> have the power, discretion
or responsibility to vote any proxies in connection with securities in which the Sub-Advised Assets may be invested, and the Adviser shall
retain such responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser shall cooperate promptly and fully with the Adviser and/or the Trust in responding to
any regulatory or compliance examinations or inspections (including any information requests) relating to the Trust, the Fund or the Adviser
brought by any governmental or regulatory authorities. The Sub-Adviser shall provide the Trust CCO or his or her delegate with notice
within a reasonable period of any deficiencies or other issues identified by the United States Securities and Exchange Commission ("SEC")
in an examination or otherwise that relate to or that may affect the Sub-Adviser's responsibilities with respect to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Sub-Adviser shall be responsible for the preparation and filing of Schedule 13G and Form 13F on behalf
of the Sub-Advised Assets. The Sub-Adviser shall not be responsible for the preparation or filing, on behalf of the Sub-Advised Assets,
of any other reports required by a regulatory authority, except as may be expressly agreed to in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Sub-Adviser shall maintain separate detailed records of all matters pertaining to the Sub-Advised
Assets, including, without limitation, brokerage and other records of all securities transactions. Any records required to be maintained
and preserved pursuant to the provisions of
Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act that are prepared or maintained by the Sub-Adviser on behalf of the Trust are
the property of the Trust and will be surrendered promptly to the Trust upon request. The Sub-Adviser further agrees to preserve for the
periods prescribed in Rule 31a-2 under the 1940 Act the records required to be maintained under Rule 31a-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Sub-Adviser shall promptly notify the Adviser of any financial condition that is likely to impair
the Sub-Adviser's ability to fulfill its commitments under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties of the Parties</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser represents and warrants to the Adviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser is a registered investment adviser under the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Form ADV that the Sub-Adviser has previously provided to the Adviser is a true and complete copy of
the form as currently filed with the SEC, and the information contained therein is accurate and complete in all material respects and
does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they
are made, not misleading. The Sub-Adviser will promptly provide the Adviser and the Trust with a complete copy of all subsequent amendments
to its Form ADV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability
insurance coverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) This Agreement has been duly authorized and executed by the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser represents and warrants to the Sub-Adviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Adviser is registered under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Adviser and the Trust has duly authorized the execution of this Agreement by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Obligations of the Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall provide (or cause the Fund's Custodian (as defined in Section 5 hereof, the Fund's
accountant and the Fund's distributor) to provide) timely information to the Sub-Adviser regarding such matters as the composition
of the Sub-Advised Assets, cash requirements and cash available for investment in the Sub-Advised Assets, and all other information as
may be reasonably necessary for the Sub-Adviser to perform its responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser has furnished the Sub-Adviser with a copy of the prospectus and statement of additional information
of the Fund and it agrees during the continuance of this Agreement to furnish the Sub-Adviser copies of any revisions or supplements thereto
at, or, if practicable, before the time the revisions or supplements become effective. The Adviser agrees to furnish the Sub-Adviser with
copies of any financial statements or reports made by the Fund to its shareholders, and any further materials or information that the
Sub-Adviser may reasonably request to enable it to perform its functions under this Agreement.

5. <u>Custodian</u>. The Adviser shall provide the Sub-Adviser with a copy of the Fund's agreement
with the custodian designated to hold the assets of the Fund (the "Custodian") and any material modifications thereto (the
"Custody Agreement") that may affect the Sub-Adviser's duties, copies of such modifications to be provided to the Sub-Adviser
reasonably in advance of the effectiveness of such modifications. The Sub-Advised Assets shall be maintained in the custody of the Custodian
identified in, and in accordance with the terms and conditions of, the Custody Agreement (or any sub-custodian properly appointed as provided
in the Custody Agreement). The Sub-Adviser shall have no liability for the acts or omissions of the Custodian, unless such act or omission
is taken solely in reliance upon instruction given to the Custodian by a representative of the Sub-Adviser properly authorized to give
such instruction under the Custody Agreement. Any assets added to the Fund shall be delivered directly to the Custodian.

6. <u>Use of Name</u>. During the term of this Agreement, the Adviser shall have permission to use the Sub-Adviser's
name in the offering and marketing of the Fund, and agree to furnish the Sub-Adviser, for its prior approval at its principal office all
prospectuses, brochures, advertisements, promotional materials, web-based information, proxy statements shareholder reports and other
similar informational materials that are to be made available to shareholders of the Fund or to the public and that refer to the Sub-Adviser
in any way. The Sub-Adviser agrees that the Adviser may request that the Sub-Adviser approve use of a certain type, and that the Adviser
need not provide for approval each additional piece of marketing material that is of substantially the same type.

During the term of this Agreement, the Sub-Adviser shall not use the Adviser's name or the Trust's name without the prior consent of the Adviser.

7. <u>Expenses</u>. During the Term of this Agreement, the Sub-Adviser will pay all expenses incurred by
it in connection with the performance of its duties under paragraph 2 hereof other than the cost (including taxes, brokerage commissions
and other transaction costs, if any) of the securities or other investment instruments purchased or sold for the Fund.

8. <u>Compensation of the Sub-Adviser</u>. As full compensation for all services rendered, facilities furnished
and expenses borne by the Sub-Adviser hereunder, the Sub-Adviser shall be paid the fees in the amounts and in the manner set forth in <u>Schedule B</u> hereto. The compensation accrued hereunder will be held in an interest-bearing escrow account with the custodian for
the Fund(s) or another bank (as defined in the 1940 Act) designated by such Fund(s). If a new investment advisory agreement (each, a "New
Advisory Agreement") with the Adviser for
the Funds is approved by the vote of a majority of the outstanding voting securities of such Fund by the end of the 150-day term of this
Agreement, the amount in the escrow account (including the interest earned) will be paid to the Sub-Adviser. If a majority of the outstanding
voting securities of a Fund does not approve the New Advisory Agreement with the within the 150-day period, the Sub-Adviser will be paid,
out of the escrow account, the lesser of: (i) any costs incurred by the Sub- Adviser in performing this Agreement (plus interest earned
on that amount while in escrow); or (ii) the total amount in the escrow account (plus interest earned).

9. <u>Independent Contractor Status</u>. The Sub-Adviser shall for all purposes hereof be deemed to be an
independent contractor and shall, unless otherwise provided or authorized, have no authority to act for or represent the Trust or the
Adviser in any way or otherwise be deemed an agent of the Fund or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Liability and Indemnification.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Liability</u>. The duties of the Sub-Adviser shall be confined to those expressly set forth herein
with respect to the Sub-Advised Assets. The Sub-Adviser shall not be liable for any loss arising out of any portfolio investment or disposition
hereunder, except a loss directly resulting from willful misfeasance, bad faith or gross negligence in the performance of its duties,
or by reason of reckless disregard of its obligations and duties hereunder. The Sub-Adviser shall have no liability for any indirect,
incidental, consequential, special, exemplary or punitive damages even if the Sub-Adviser has been advised of the possibility of such
damages. Furthermore, under no circumstances shall the Sub-Adviser be liable for any loss arising out of any act or omission taken by
another sub-adviser, or any other third party, in respect of any portion of the Trust's assets not managed by the Sub-Adviser pursuant
to this Agreement. Notwithstanding the foregoing, nothing herein shall be deemed to relieve the Sub-Adviser of any liability it would
otherwise have under applicable federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser shall indemnify the Adviser, the Trust and the Fund, and their respective affiliates and
controlling persons (the "Adviser Indemnified Persons") for any liability and expenses, including reasonable attorneys'
fees, which the Adviser, the Trust or the Fund and their respective affiliates and controlling persons may sustain as a result of the
Sub-Adviser's breach of this Agreement or its representations and warranties herein or as a result of the Sub-Adviser's willful
misfeasance, bad faith, gross negligence, or reckless disregard of its duties hereunder or violation of applicable law; provided, however,
that the Adviser Indemnified Persons shall not be indemnified for any liability or expenses that may be sustained as a result of the either
of the Adviser's willful misfeasance, bad faith, gross negligence, or reckless disregard of its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Adviser shall indemnify the Sub-Adviser, its affiliates and its controlling persons (the "Sub-Adviser
Indemnified Persons") for any liability and expenses, including reasonable attorneys' fees, arising from, or in connection
with, the Adviser's breach of this Agreement or its representations and warranties herein or as a result of the Adviser's
willful misfeasance, bad faith, gross negligence, reckless disregard of their duties hereunder or violation of applicable law; provided,
however, that the Sub-Adviser Indemnified Persons shall not be indemnified for any liability or expenses that may be sustained as a result
of the Sub-Adviser's willful misfeasance, bad faith, gross negligence, or reckless disregard of its duties hereunder.

11. <u>Effective Date and Termination.</u> This Agreement shall become effective upon the consummation of
the Transaction if the New Advisory Agreement applicable to the Fund(s) are not approved by the majority of the outstanding voting securities
of such Fund (the "Effective Date"), and shall remain in full force for: (i) 150 days following the Effective Date; (ii) until
a vote of a majority of the outstanding voting securities of such Fund shall approve the New Advisory Agreement with the Adviser and such
New Sub- Advisory Agreement is executed and effective; or (iii) unless sooner terminated as hereinafter provided, whichever occurs first.
This Agreement may be terminated at any time with respect to any Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the Investment Adviser, the Board or the Sub-Adviser upon ten (10) calendar days' written notice
to the other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) vote of a majority of the outstanding voting securities of such Fund, on ten (10) calendar days'
written notice to the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by any party hereto upon written notice to each of the other parties of a breach of any provision of this
Agreement by any other party if the breach is not cured within thirty (30) days of notice of the breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) immediately upon the termination of the BOUT Advisory Agreement or FFTY Advisory Agreement, as applicable;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Termination of this Agreement pursuant to this Section 11 shall be without the payment of any penalty.

12. <u>Amendment</u>. This Agreement may be amended at any time by mutual consent of the Adviser and the Sub-Adviser,
provided that, if required by law, such amendment shall also have been approved by vote of a majority of the outstanding voting securities
of the Fund and by vote of a majority of the Trustees of the Trust who are not interested persons of the Trust, either of the Adviser,
or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval.

13. <u>Assignment</u>. The Sub-Adviser may not assign this Agreement and this Agreement shall automatically
terminate in the event of an "assignment," as such term is defined in Section 2(a)(4) of the 1940 Act. The Sub-Adviser shall
notify the Adviser in writing sufficiently in advance of any proposed change of "control," as defined in Section 2(a)(9) of
the 1940 Act, so as to enable the Trust and/or the Adviser to: (a) consider whether an assignment will occur, (b) consider whether to
enter into a new Sub-Advisory Agreement with the Sub-Adviser, and (c) prepare, file, and deliver any disclosure document to the Fund's
shareholders as may be required by applicable law.

14. <u>Miscellaneous</u>. The captions in this Agreement are included for convenience of reference only and
in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement
shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.
This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors (subject to
paragraph 11(c) hereof) and, to the extent provided in paragraph 10 hereof, each Sub-Adviser and Adviser Indemnified Person. Anything
herein to the contrary notwithstanding, this Agreement shall not be construed to require, or to impose any duty upon, either of the parties
to do anything in violation of any applicable laws or regulations. Any provision in this Agreement requiring compliance with any statute
or regulation shall mean such statute or regulation as amended and in effect from time to time.

15. <u>Regulation S-P</u>. In accordance with Regulation S-P, if non-public personal information regarding
any party's customers or consumers is disclosed to the other party in connection with this Agreement, the other party receiving
such information will not disclose or use that information other than as necessary to carry out the purposes of this Agreement.

16. <u>Confidentiality</u>. Any information or recommendations supplied by either the Adviser or the Sub-Adviser,
that are not otherwise in the public domain or previously known to the other party in connection with the performance of its obligations
and duties hereunder, including without limitation portfolio holdings of the Trust, financial information or other information relating
to a party to this Agreement, are to be regarded as confidential ("Confidential Information") and held in the strictest confidence.
Except as may be required by applicable law or rule or as requested by regulatory authorities having jurisdiction over a party to this
Agreement, Confidential Information may be used only by the party to which said information has been communicated and such other persons
as that party believes are necessary to carry out the purposes of this Agreement, the Custodian, and such persons as the Adviser may designate
in connection with the Sub-Advised Assets.

17. <u>Notices</u>. All notices required to be given pursuant to this Agreement shall be delivered or mailed
to the address listed below of each applicable party in person or by registered or certified mail or a private mail or delivery service
providing the sender with notice of receipt or such other address as specified in a notice duly given to the other parties. Notice shall
be deemed given on the date delivered or mailed in accordance with this paragraph.

**For: Innovator Capital Management, LLC**

200 W. Front Street

Wheaton, IL 60187

Attn: Bryon Lake

**For: Penserra Capital Management LLC**

4 Orinda Way Suite 100A

Orinda, CA 94563

Attn: Dustin Lewellyn

For: **Innovator ETFs<sup>®</sup> Trust**

200 W. Front Street

Wheaton, IL 60187

18. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument.

19. <u>Governing Law</u>. This Agreement shall be governed by and interpreted in accordance with the laws
of the State of New York, or any applicable provisions of the Investment Company Act. To the extent that the laws of the State of New
York, or any of the provisions in this Agreement, conflict with the applicable provisions of the Investment Company Act, the Investment
Company Act shall control.

20. <u>Severability and Survival</u>. Should any portion of this Agreement for any reason be held to be void
in law or in equity, the Agreement shall be construed, insofar as is possible, as if such portion had never been contained herein. Section
10 shall survive the termination of this Agreement.

---

| | |
|:---|:---|
| **Innovator Capital Management, LLC** | **Innovator Capital Management, LLC** |
| By: | /s/ Bryon Lake |
| Name: | Bryon Lake |
| Title: | President |
| **Penserra Capital Management LLC** | **Penserra Capital Management LLC** |
| By: | /s/ Dustin Lewellyn |
| Name: | Dustin Lewellyn |
| Title: | Chief Investment Officer |

---

Signature Page to Interim Sub-Advisory Agreement

**Schedule A**

**(As of April 1, 2026)**

<u>**List of Funds**</u>

Innovator IBD<sup>®</sup> 50 ETF

Innovator IBD<sup>®</sup> Breakout Opportunities ETF

**Schedule B**

**(As of April 1, 2026)**

The sub-advisory fee payable to each Fund set forth herein is calculated on an aggregate basis with each of the net assets of funds sub-advised by the Sub-Advisor in the Innovator Funds Complex excluding Innovator Gradient Tactical Rotation Strategy ETF ("IGTR") (the "Innovator Complex Sub-Advised Assets"). The sub-advisory fee is computed daily and paid monthly in an amount equal to the greater of (1) $1,667.63 per month or (2) 0.05% per annum of the Innovator Complex Sub-Advised Assets on the first $500 million, 0.04% per annum of the Innovator Complex Sub-Advised Assets from $500 million to $1 billion, and 0.03% per annum of Innovator Complex Sub-Advised Assets on assets over $1 billion. For IGTR, the Sub-Advisor will receive the greater of a $50,000 per annum minimum Sub-Advisor fee or 0.05% per annum on IGTR assets.

## Ex-99.(D)(22)

**Exhibit (d)(22)**

**Schedule A**

**(As of April 1, 2026)**

**<u>List of Funds</u>**

Innovator IBD<sup>®</sup> 50 ETF

Innovator IBD<sup>®</sup> Breakout Opportunities ETF

## Ex-99.(P)(1)

**Exhibit (p)(1)**

POLICY ON CODE OF ETHICS

Applicability: All GSAM

Contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. SCOPE AND SUMMARY | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. GOVERNANCE AND OVERSIGHT | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. POLICY REQUIREMENTS | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. ROLES AND RESPONSIBILITIES | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. EXCEPTIONS | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. REPORTING AND ESCALATIONS | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. IMPLEMENTATION PLAN | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. APPENDICES | 18 |

---

Publication Date Page 1

*{Policy Name}*

A. SCOPE AND SUMMARY

&nbsp;&nbsp;&nbsp;&nbsp;1. **Introduction** 

While affirming their confidence in the integrity and good faith of all of its officers and trustees,<sup>1</sup> Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust, Goldman Sachs Trust II, Goldman Sachs ETF Trust, Goldman Sachs ETF Trust II, Innovator ETFs Trust (together, the "Trusts"), Goldman Sachs BDC, Inc. and other business development companies advised by Goldman Sachs Asset Management, L.P. (together, the "AM BDCs"), and the Goldman Sachs Closed-End Funds (the "Closed-End Funds" and together with the Trusts and AM BDCs, the "Registrants") recognize that the knowledge of present or future portfolio transactions and, in certain instances, the power to influence portfolio transactions which may be possessed by certain of its officers and trustees could place such individuals, if they engage in personal securities transactions, in a position where their personal interest may conflict with that of the Registrants. In view of the foregoing and of the provisions of Rule 17j-1(b)(1) under the Investment Company Act of 1940, as amended (the "Investment Company Act"), the Registrants have adopted this Code of Ethics to specify and prohibit certain types of personal securities transactions deemed to create conflicts of interest and to establish reporting requirements and enforcement procedures.

This Code is divided into five parts. The first part contains provisions applicable to Access Persons (as defined below) of the Registrants who are also Access Persons of Goldman Sachs & Co. LLC ("GS&Co."), Goldman Sachs International ("GSI"), Goldman Sachs Asset Management, L.P. ("GSAM"), Innovator Capital Management, LLC ("Innovator") or Goldman Sachs Asset Management International ("GSAMI") or GS Investment Strategies, LLC ("GSIS") or Goldman Sachs Hedge Fund Strategies LLC ("HFS") (each of GSAM, Innovator, GSAMI, GSIS, HFS or their advisory affiliates, each referred to herein as an Adviser" and together, as the "Advisers"); the second contains certain general provisions; the third pertains to trustees who are not "interested persons" of an Adviser or the Registrants; the fourth pertains to "interested trustees" who are Access Persons of one of the Registrants but not Access Persons of an Adviser; and the fifth contains record-keeping and other provisions. Each Adviser imposes stringent reporting requirements and restrictions on the personal securities transactions of its Access Persons. The Registrants have determined that the high standards of ethics in the area of personal investing which have been established by each Adviser may, without change, be appropriately applied by the Registrants to those Access Persons of the Registrants who are also Access Persons of the Advisers. Such persons may have frequent opportunities for knowledge of and, in some cases, influence over, Registrant portfolio transactions. In the experience of the Registrants, interested trustees who are not Access Persons of an Adviser and trustees who are not "interested persons" have comparatively less current knowledge and considerably less influence over specific purchases and sales of securities by the Registrants. Therefore, this Code contains separate provisions applicable to such trustees.

<sup>1</sup> For purposes of this Code, "board of trustees" shall refer to any Board of Trustees, Board of Directors or Board of Managers of a Registrant, as applicable. Furthermore, "trustee" shall refer to director, trustee or manager, as applicable.

Publication Date Page 2

*{Policy Name}*

&nbsp;&nbsp;&nbsp;&nbsp;1. **Framework Linkages** 

This Policy has linkages to the <u>Firmwide Framework on Goldman Sachs Code of Business Conduct and Ethics</u> and <u>Firmwide Framework for Market Conduct Risk</u>.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Policy Linkages** 

This Policy has linkages to the <u>Firmwide Policy on Market Conduct Risk</u> and <u>Policy on GSAM Code of Ethics</u>.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Regulatory Linkages** 

This policy has linkages to law, rule and regulation ("LRR") obligations, including the following U.S. LRRs related to market conduct risk:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Rule 17j-1 of the Investment Company Act (17 C.F.R. § 270.17J-1 – Personal Investment activities of investment company
personnel); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Rule 31a-2 of the Investment Company Act (17 C.F.R. § 270.31A-2 - Records to be preserved by registered investment companies,
certain majority-owned subsidiaries thereof, and other persons having transactions with registered investment companies).

&nbsp;&nbsp;&nbsp;&nbsp;4. **Risk Taxonomy Linkages** 

Applicable risks for this document include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Level 2 (L2) Risks: Inappropriate Sales or Advisory Practices; Conflicts of Interest Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Level 3 (L3) Risks: Fiduciary Responsibility Risk; Client or Firm Conflicts of Interest; Advisory Practices Risk; Personal Conflicts
of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Actual or Perceived Conflicts of Interest Between or Among Client or Firm Interests

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Failure to Exercise Fiduciary Responsibility

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Incomplete or Inaccurate Materials or Disclosures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Noncompliance with Recordkeeping and Retention Laws & Regulations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Unauthorized Personal Investments or Trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Unauthorized Personal Outside Business Activity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Unauthorized Political Activity

Publication Date Page 3

*{Policy Name}*

B. GOVERNANCE AND OVERSIGHT

&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Approval of Code of Ethics and Amendments to the Code of Ethics</u>. The board of trustees, including a majority of the Disinterested
Trustees, shall approve this Code of Ethics, and any material amendments to this Code of Ethics on behalf of the Registrant that it oversees. 
Such approval must be based on a determination that this Code of Ethics contains provisions reasonably necessary to prevent Access Persons
of the relevant Registrant from engaging in any conduct prohibited under this Code of Ethics and under Rule 17j-1 under the Investment
Company Act. Before approving any material amendments to this Code, each board must receive certification from the relevant Registrant
that it has adopted procedures reasonably necessary to prevent Access Persons from violating this Code.

&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Amendments to Code of Ethics of the Advisers, GS&Co. and GSI</u> Any material amendment to the Code of Ethics of
the Advisers, GS&Co. and GSI shall be deemed an amendment to Section 3.a of this Code and must be approved by the board
of trustees of each Registrant <sup>2</sup> no later
than six months after the adoption of the material change. Before approving any material amendments to the Code of Ethics of the
Advisers and GS&Co., the board must receive a certification from the Advisers and GS&Co. that they have adopted procedures reasonably
necessary to prevent Access Persons from violating the Code of Ethics of the Advisers and GS&Co.

&nbsp;&nbsp;&nbsp;&nbsp;c. The Policy on Code of Ethics is a Tier II policy as defined in the <u>Firmwide Policy on Frameworks, Policies, Standards, Procedures and Annexes</u> and a Market Conduct Risk Document as defined in the <u>Standard for Market Conduct Risk Documents and Controls Related to Designated Market Activities</u>.
 As such, this document is required to be reviewed at least annually by AM Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;d. AM Compliance is responsible for approving this Policy. AM Compliance team owns the Policy and is responsible for maintaining and
overseeing the Policy, reviewing conformance with the Policy requirements, and providing guidance to divisions on consistency of the associated
divisional Standards / Procedures created in support of this Policy.

<sup>2</sup> Board approval of material amendments to a principal underwriter's Code of Ethics is required by Rule 17j-1(c)(1) under the Investment Company Act, where the principal underwriter is an affiliated person of the Fund or of the Fund's investment adviser or where an officer, director or general partner of the principal underwriter serves as an officer, director or general partner of the Fund or of the Fund's investment adviser. However, because the listed Closed-End Funds and AM BDCs do not have continuous relationships with a principal underwriter or placement agent, as applicable, the boards of those Registrants are only required to approve material amendments to such person's Code of Ethics made during the existence of a principal underwriting or placement agency relationship. GS&Co. (which serves as distributor or placement agent for unlisted Closed-End Funds and privately traded AM BDCs and from time to time serves as principal underwriter to certain listed Closed-End Funds and publicly traded AM BDCs) and GSI (which serves as placement agent for the privately traded AM BDCs) and the Advisers (one or more of which advise each of the Closed-End Funds and AM BDCs) are subject to the same Code of Ethics. Accordingly, in practice, the boards of the listed Closed-End Funds and AM BDCs will nevertheless review and approve material amendments to the Code of Ethics of GS&Co. and GSI, on an ongoing basis (as provided in 5.b.) in fulfilling their responsibility to review and approve material amendments to the Code of Ethics of the Advisers. GS&Co. does not serve as principal underwriter to Goldman Sachs ETF Trust.

Publication Date Page 4

*{Policy Name}*

C. POLICY REQUIREMENTS

&nbsp;&nbsp;&nbsp;&nbsp;1. **DEFINITIONS:** 

As used herein, the following terms shall have the following meanings:

"Access Person" with respect to the Registrants means any trustee and officer of a *Registrant*. "Access Person" with respect to GS&Co. and GSI means (because GS&Co. or GSI serve as distributor or placement agent, as applicable, of Goldman Sachs Trust, Goldman Sachs Trust II, Goldman Sachs Variable Insurance Trust, and privately traded AM BDCs and unlisted Closed-End Funds and is primarily engaged in a business other than advising registered investment companies or other advisory clients) only those directors, officers and general partners of GS&Co. and GSI who, in the ordinary course of business, make, participate in or obtain information regarding the purchase or sale of Covered Securities (as defined below) by Goldman Sachs Trust, Goldman Sachs Trust II, Goldman Sachs Variable Insurance Trust, or privately traded AM BDCs and unlisted Closed-End Funds or whose functions or duties in the ordinary course of business relate to the making of any recommendations to any such Registrant regarding the purchase or sale of Covered Securities. "Access Person" with respect to GSAM, Innovator, GSAMI, GSIS and HFS means any director, officer, general partner or Advisory Person of GSAM, Innovator, GSAMI, GSIS and HFS.

"Advisory Person" means: (i) any employee of GSAM, Innovator, GSAMI, GSIS, HFS or their affiliates, (and any director, officer, general partner or employee of any company in a control relationship to a Registrant, GSAM, Innovator, GSAMI, GSIS, HFS or their advisory affiliates) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding, the purchase or sale of a Covered Security by the Registrant, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (ii) any natural person in a control relationship to a Registrant, GSAM, Innovator, GSAMI, GSIS, HFS or their affiliates who obtains information concerning recommendations made on behalf of the Registrant with regard to the purchase or sale of a Covered Security.

"Automatic Investment Plan" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

"Beneficial ownership" of a security shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934, as amended ("Exchange Act"), in determining whether a person is the beneficial owner of a security for purposes of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

"Control" has the same meaning as that set forth in Section 2(a)(9) of the Investment Company Act. Section 2(a)(9) generally provides that "control" means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.

"Covered Security" has the meaning set forth in the Advisers' Code of Ethics for the Access Persons covered by that Code of Ethics. Otherwise, "Covered Security" means a security as defined in Section 2(a) (36) of the Investment Company Act, except that it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. banker's acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments (any instrument
having a maturity at issuance of less than 366 days and that is in one of the two highest rating categories of a nationally recognized
statistical rating organization), including repurchase agreements; (iii) shares of registered open-end investment companies; and (iv)qualified
tuition programs established pursuant to Section 529 of the Internal Revenue Code of 1986 ("529 Plans"), including interests
in pre-paid tuition 529 plans and college savings 529 plans.

Publication Date Page 5

*{Policy Name}*

"Disinterested Trustee" means a trustee of a Registrant who is not an "interested person" of the Registrant within the meaning of Section 2(a)(19) of the Investment Company Act.

"Purchase or sale of a Covered Security" includes, among other things, the writing of an option to purchase or sell a Covered Security or any security that is exchangeable for or convertible into another security.

"Review Officer" means the officer of a Registrant or an Adviser designated from time to time to receive and review reports of purchases and sales by Access Persons. The term "Alternative Review Officer" means the officer of the Registrant or an Adviser designated from time to time to receive and review reports of purchases and sales by the Review Officer, and who shall act in all respects in the manner prescribed herein for the Review Officer. It is recognized that a different Review Officer and Alternative Review Officer may be designated with respect to a Registrant and each of the Advisers.

A security is "being considered for purchase or sale" by a Registrant when a recommendation to purchase or sell a security has been made and communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation.

A security is "held or to be acquired" if within the most recent 15 days it (i) is or has been held by a Registrant, or (ii) is being or has been considered by an Adviser for purchase by the Registrant, and (iii) includes any option to purchase or sell and any security convertible into or exchangeable for a security described in (i) or (ii).

&nbsp;&nbsp;&nbsp;&nbsp;2. **GENERAL** 

<u>Legal Requirements</u>. Section 17(j) of the Investment Company Act provides, among other things, that it is unlawful for any affiliated person of a Registrant, including, among others, interested and Disinterested Trustees, to engage in any act, practice or course of business in connection with the purchase or sale, directly or indirectly, by such affiliated person of any security held or to be acquired by a Registrant in contravention of such rules and regulations as the Securities and Exchange Commission (the "Commission") may adopt to define and prescribe means reasonably necessary to prevent such acts, practices or courses of business as are fraudulent, deceptive or manipulative. Pursuant to Section 17(j), the Commission has adopted Rule 17j-1 which provides, among other things, that it is unlawful for any affiliated person of a Registrant in connection with the purchase or sale, directly or indirectly, by such person of a Covered Security held or to be acquired by the Registrant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. To employ any device, scheme or artifice to defraud the Registrant;

Publication Date Page 6

*{Policy Name}*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. To make any untrue statement of a material fact to the Registrant or omit to state a material fact necessary in order to make the
statement made to the Registrant, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. To engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Registrant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. To engage in any manipulative practice with respect to the Registrant.

<u>Statement of Policy</u>. It is the policy of each Registrant that no Access Person shall engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1. The fundamental position of each Registrant is, and has been, that each Access Person shall place at all times the interests of <u>the</u> Registrant and its shareholders first in conducting personal securities transactions. Accordingly, personal securities transactions by Access Persons of the Registrant must be conducted in a manner consistent with this Code and so as to avoid any actual or potential conflict of interest or any abuse of an Access Person's position of trust and responsibility. Further, Access Persons should not take inappropriate advantage of their positions with or relationship to each relevant Registrant.

Without limiting in any manner the fiduciary duty owed by Access Persons to each relevant Registrant or the provisions of this Code, it should be noted that each Registrant considers it proper that purchases and sales be made by its Access Persons in the marketplace of securities owned by the Registrant; provided, however, that such personal securities transactions comply with the spirit of, and the specific restrictions and limitations set forth in, this Code. In making personal investment decisions with respect to any security, extreme care must be exercised by Access Persons to ensure that the prohibitions of this Code are not violated. It bears emphasis that technical compliance with the procedures, prohibitions and limitations of this Code will not automatically insulate from scrutiny personal securities transactions which show a pattern of abuse by an Access Person of his or her fiduciary duty to one or more Registrants.

&nbsp;&nbsp;&nbsp;&nbsp;3. **RULES APPLICABLE TO ACCESS PERSONS OF A REGISTRANT WHO ARE ALSO ACCESS PERSONS OF THE ADVISERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Incorporation of Code of Ethics of the Advisers, GS&Co. and GSI</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The provisions of the Code of Ethics of the Advisers, GS&Co. and GSI are hereby incorporated herein by reference as the Registrants'
Code of Ethics applicable to Access Persons of the Registrants who are also Access Persons of any of the Advisers or of GS&Co. or
GSI, as applicable, except as provided in Section 3.b hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. A violation of the Code of Ethics of the Advisers, GS&Co. and GSI shall constitute a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Access Persons of the Advisers, GS& Co. and GSI shall file the initial holdings report, annual holdings report and quarterly transaction
reports required under the Code of Ethics of the Advisers, GS&Co. and GSI with the Review Officer, and the Review Officer shall submit
his or her initial holdings report, annual holdings report and quarterly transaction reports with respect to his or her personal securities
holdings and transactions to the Alternative Review Officer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. With respect to Access Persons of the Advisers, GS&Co. and GSI to the extent provided in the Code of Ethics of the Advisers, GS&Co.
and GSI, quarterly transaction reports shall be deemed made with respect to any account where such persons have made provision for transmittal
of daily trading information regarding the account to be delivered to the designated Review Officer for his or her review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. A report filed with the Review Officer (or, in the case of a report of the Review Officer, with the Alternative Review Officer) shall
be deemed to be filed with the Registrants.

&nbsp;&nbsp;&nbsp;&nbsp;4. **RULES APPLICABLE TO DISINTERESTED TRUSTEES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Prohibited Purchases and Sales</u>. While the scope of actions which may violate the Statement of Policy set forth in Section
2. b. cannot be exactly defined, such actions would always include at least the following prohibited activities. No Disinterested
Trustee shall trade in a fund for which they serve as a Trustee, or in a Covered Security, if the Disinterested Trustee is in possession
of material, non-public information ("MNPI") about the fund or the Covered Security. Furthermore, no Disinterested Trustee
shall purchase or sell, directly or indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires,
any direct or indirect beneficial ownership if such trustee, at the time of the transaction, knows or, in the ordinary course of fulfilling
his or her official duties as a trustee of a Registrant, should have known that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. during the 15-day period immediately preceding or after the date of the contemplated transaction by the trustee, the Covered Security
was or will be considered for purchase or sale by the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. during the 15-day period immediately preceding or after the date of the contemplated transaction by the trustee, the Covered Security
was or will be purchased or sold by the Registrant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. with respect to the AM BDCs, during the 6 month period immediately preceding or after the date of the contemplated transaction by
the trustee, the Covered Security will be considered for purchase or matured, was repaid, or disposed of by the Registrant.

provided that, because monitoring the publication of the portfolio holdings of series of Goldman Sachs ETF Trust is not construed to be within the ordinary course of fulfilling the duties of a trustee, the publication or availability of such portfolio holdings shall not be construed to impart actual or constructive knowledge of such series' portfolio transactions on a trustee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Reporting</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Every Disinterested Trustee shall file with the Review Officer or his or her designee a report containing the information described
below in Section 4.b.(ii) of this Code with respect to transactions in any Covered Security in which such Disinterested Trustee has,
or by reason of such transaction acquires or disposes of, any direct or indirect beneficial ownership, whether or not one of the exemptions
listed in Section 7 applies; provided, however, that a Disinterested Trustee shall not be required to file a report: (a) unless
such trustee, at the time of the transaction, knew or, in the ordinary course of fulfilling his or her official duties as a trustee of
a Registrant, should have known that, during the 15-day period immediately preceding or after the date of the transaction by the Trustee: 
(i) such Covered Security was or would be purchased or sold by the Registrant; or (ii) such Covered Security was being considered
for purchase or sale by the Registrant or an Adviser for a portfolio of the Registrant (see proviso in Section 4.a regarding publication
of portfolio holdings of series of Goldman Sachs ETF Trust and Goldman Sachs ETF Trust II); (b) unless, with respect to Disinterested
Trustees of a AM BDC, such trustee, at the time of the transaction, knew or in the ordinary course of fulfilling his or her official duties
as a trustee of the relevant Registrant, should have known, that during the 6-month period immediately preceding or after the date
of the transaction by the Trustee (i) such Covered Security was or would be purchased, was held, matured, was repaid or disposed of by
the Registrant; or (c) with respect to transactions effected for any account over which such person does not have any direct or indirect
influence or control. Notwithstanding the preceding sentence, any Disinterested Trustee may, at his or her option, report the information
described in Section 4.b.(ii) with respect to any one or more transactions in any Covered Security in which such person has, or by
reason of the transaction acquires or disposes of, any direct or indirect beneficial ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Quarterly Transaction and New Account Reports</u>. Every report shall be made not later than 30 days after the end of
the calendar quarter in which the transaction to which the report related was effected, and shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The date of the transaction, the title, the interest rate and maturity date (if applicable), the class and number of shares, and the
principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The price of the Covered Security at which the transaction was effected;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The name of the broker, dealer or bank with or through whom the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The date that the report is submitted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. With respect to any account established by a Disinterested Trustee in which any securities were held during the quarter for the direct
or indirect benefit of the Disinterested Trustee or Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the broker, dealer or bank with whom the Disinterested Trustee established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date that the report was submitted by the Disinterested Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Every report concerning a purchase or sale prohibited under Section 5.a. hereof with respect to which the reporting person relies
upon one of the exemptions provided in Section 7 shall contain a brief statement of the exemption relied upon and the circumstances of
the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that
(a) he or she has any direct or indirect beneficial ownership in the Covered Security to which the report relates (a "Subject Security")
or (b) he or she knew or should have known that, within the 15-day period described in Section 4.b.(i) above, a Subject Security
was or would be purchased or sold, or considered for purchase or sale, by the Registrant or with respect to Disinterested Trustees of
a AM BDC, he or she knew or should have known that, within the 6-month period described in Section 4.b.(i), a Subject Security will be
purchased, held or has matured or was repaid or disposed of by the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;5. **RULES APPLICABLE TO INTERESTED TRUSTEES WHO ARE NOT ACCESS PERSONS OF THE ADVISERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Prohibited Purchases and Sales</u>. While the scope of actions which may violate the Statement of Policy set forth in Section
2. b cannot be exactly defined, such actions would always include at least the following prohibited activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. No interested trustee who is not an Access Person of an Adviser ("Section 5 Reporting Person") shall purchase or sell,
directly or indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect
beneficial ownership and which to his or her actual knowledge at the time of such purchase or sale the Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. is being considered for purchase or sale by the Registrant; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. is being purchased or sold by an investment company, a Registrant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. with respect to the AM BDCs, during the 6-month period immediately preceding the date of the contemplated transaction by the trustee,
the Covered Security matured, was repaid, or disposed of by the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. No Section 5 Reporting Person shall reveal to any other person (except in the normal course of his or her duties on behalf of a Registrant)
any information regarding securities transactions by an investment company or consideration by an investment company or the Adviser of
any such securities transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. No Section 5 Reporting Person shall engage in, or permit anyone within his or her control to engage in, any act, practice or course
of conduct which would operate as a fraud or deceit upon, or constitute a manipulative practice with respect to a Registrant or any issuer
of any Covered Security owned by an investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Every Section 5 Reporting Person shall report to the Review Officer the information (a) described in Section 5.b.(iii) of this
Code with respect to transactions in any Covered Security in which such Section 5 Reporting Person has, or by reason of such transaction
acquires or disposes of, any direct or indirect beneficial ownership in the Covered Security or (b) described in Section 5.b.(iv)
and 5.b.(v) of this Code with respect to securities holdings beneficially owned by each Section 5 Reporting Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Notwithstanding Section 5.b.(i) of this Code, Section 5 Reporting Persons need not make a quarterly transaction report where
the report would duplicate information contained in broker trade confirmations or account statements received by a Registrant or an Adviser
in the time period prescribed in Section 5.b.(iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Quarterly Transaction Reports</u>. Unless quarterly transaction reports are deemed to have been made under Section 5.b.(ii)
of this Code, every quarterly transaction report shall be made not later than 30 days after the end of the calendar quarter in which the
transaction to which the report relates was effected, and shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The date of the transaction, the title, the interest rate and maturity date (if applicable), the class and number of shares, and the
principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The name of the broker, dealer or bank with or through whom the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The date that the report was submitted by a Section 5 Reporting Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. With respect to any account established by the Section 5 Reporting Person in which any securities were held during the quarter for
the direct or indirect benefit of the Section 5 Reporting Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the broker, dealer or bank with whom the Section 5 Reporting Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date that the report was submitted by the Section 5 Reporting Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Initial Holdings Reports</u>. No later than 10 days after becoming a Section 5 Reporting Person, each Section 5 Reporting
Person must submit a report containing the following information (which information must be current as of a date no more than 45 days
before becoming a Section 5 Reporting Person):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The title, number of shares and principal amount of each Covered Security in which the Section 5 Reporting Person had any direct or
indirect beneficial ownership when the person became a Section 5 Reporting Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The name of any broker, dealer or bank with whom the Section 5 Reporting Person maintained an account in which any securities were
held for the direct or indirect benefit of the Section 5 Reporting Person as of the date the person became a Section 5 Reporting Person;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The date that the report is submitted by the Section 5 Reporting Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Annual Holdings Reports</u>. Between January 1st and January 30th of each calendar year, every Section 5 Reporting Person
shall submit the following information (which information must be current as of a date no more than 45 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The title, number of shares and principal amount of each Covered Security in which the Section 5 Reporting Person had any direct or
indirect beneficial ownership;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The name of any broker, dealer or bank with whom the Section 5 Reporting Person maintains an account in which any Covered Securities
are held for the direct or indirect benefit of the Section 5 Reporting Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The date that the report is submitted by the Section 5 Reporting Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. These reporting requirements shall apply whether or not one of the exemptions listed in Section 7 applies except that an Section
5 Reporting Person shall not be required to make a report with respect to securities transactions effected for, and any Covered Securities
held in, any account over which such Section 5 Reporting Person does not have any direct or indirect influence or control. Every
report concerning a securities transaction with respect to which the reporting person relies upon one of the exemptions provided in Section
7 shall contain a brief statement of the exemption relied upon and the circumstances of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that
(a) he or she has or had any direct or indirect beneficial ownership in the Covered Security to which the report relates (a "Subject
Security") or (b) he or she knew or should have known that the Subject Security was being purchased or sold, or considered
for purchase or sale, by an investment company on the same day.

&nbsp;&nbsp;&nbsp;&nbsp;6. **MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Annual Certification of Compliance</u>. Each Access Person shall certify to the Review Officer annually that he or she (i) has
read and understands this Code of Ethics and any procedures that are adopted by the Registrants related to this Code and recognizes that
he or she is subject thereto, (ii) has complied with the requirements of this Code of Ethics and such procedures and (iii) has
disclosed or reported all personal securities transactions and beneficial holdings in Covered Securities required to be disclosed or reported
pursuant to the requirements of this Code of Ethics and any related procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Review of Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Review Officer or his or her designee shall compare the reported personal securities transactions of each Access Person with completed
and contemplated portfolio transactions of the Registrants to determine whether any transactions that violate this Code may have occurred
(a "Reviewable Transaction"). In the case of reports of personal securities transactions of the Review Officer, the Alternative
Review Officer shall perform such comparison. Before making any determination that a violation has been committed by any Access
Person, the Review Officer (or Alternative Review Officer, as the case may be) shall provide such Access Person an opportunity to supply
additional explanatory material for the purposes of demonstrating that such transactions did not violate this Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. With respect to Disinterested Trustees, if the Review Officer determines that a Reviewable Transaction may have occurred, he or she
shall submit the report and pertinent information concerning completed or contemplated portfolio transactions of the Registrant to counsel
for the Disinterested Trustees. Such counsel shall determine whether a violation of this Code may have occurred, taking into account
all the exemptions provided under Section E. Before making any determination that a violation has been committed by a Disinterested
Trustee, such counsel shall give the Disinterested Trustee an opportunity to supply additional information regarding the transaction in
question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. With respect to Access Persons who are not Disinterested Trustees, if the Review Officer determines that a Reviewable Transaction
may have occurred, he or she shall submit his or her written determination, together with the confidential quarterly report and any additional
explanatory material provided by the Access Person, to the President of each Registrant (or any Vice President of such Registrant if the
actions of the President are at issue), who shall make an independent determination of whether a violation of this Code has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Board Reports</u>. On an annual basis, the Review Officer shall prepare for the board of trustees and the board of trustees
shall consider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. A report which describes any issues arising under this Code or any related procedures adopted by the Registrants, including without
limitation information about material violations of this Code or any related procedures and sanctions imposed in response to material
violations. An Alternative Review Officer shall prepare reports with respect to compliance by the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. A report identifying any recommended changes to existing restrictions or procedures based upon the Registrant's experience under
this Code, evolving industry practices and developments in applicable laws or regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. A report certifying to the board of trustees that the Registrant has adopted procedures that are reasonably necessary to prevent Access
Persons from violating this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Sanctions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. With respect to Disinterested Trustees, if counsel for the Disinterested Trustees determines that a violation of this Code has occurred,
counsel shall so advise the President of each relevant Registrant and a committee consisting of the Disinterested Trustees, other than
the Disinterested Trustee whose transaction is under consideration, and shall provide the committee with the report, the record of pertinent
actual or contemplated portfolio transactions of the Registrant and any additional material supplied by such Disinterested Trustee. 
The committee, at its option, shall either impose such sanction(s) as it deems appropriate or refer the matter to the board of trustees,
which shall impose sanction(s) the board deems appropriate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. With respect to Access Persons who are not Disinterested Trustees, if the President (or a Vice President, as the case may be) finds
that a violation of this Code has occurred, he or she shall impose such sanctions as he or she deems appropriate and shall report the
violation and the sanction(s) imposed to the board of trustees of the relevant Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Sanctions for violation of this Code include, but are not limited to, one or more of the following: removal or suspension from
office, termination of employment, a letter of censure and/or restitution to each effected Registrant of an amount equal to the advantage
that the offending person gained by reason of such violation. In addition, as part of any sanction, the Access Person may be required
to reverse the trade(s) at issue and forfeit any profit or absorb any loss from the trade. It is noted that violations of this Code
by an Access Person may also result in criminal prosecution or civil action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Records</u>. Each Registrant shall maintain records in the manner and to the extent set forth below, which records may be
maintained electronically or on microfilm or similar medium under the conditions described in Rule 31a-2(f)(1) and Rule 17j-1 under
the Investment Company Act and shall be available for examination by representatives of the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. A copy of this Code and any other code which is, or at any time within the past five years has been, in effect shall be preserved
for a period of not less than five years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. A record of any violation of this Code and of any action taken as a result of such violation shall be preserved in an easily accessible
place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. A copy of each initial holdings report, annual holdings report and quarterly transaction report made by an Access Person pursuant
to this Code (including any information provided under Section 5.b.(ii) shall be preserved for a period of not less than five years from
the end of the fiscal year in which it is made, the first two years in an easily accessible place;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. A list of all persons who are, or within the past five years have been, required to make initial holdings, annual holdings or quarterly
transaction reports pursuant to this Code shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. A list of all persons, currently or within the past five years who are or were responsible for reviewing initial holdings, annual
holdings or quarterly transaction reports shall be maintained in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. A copy of each report required by Section 6.c. of this Code must be maintained for at least five years after the end of the fiscal
year in which it was made, the first two years in an easily accessible plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Confidentiality</u>. All reports of securities transactions, holdings reports and any other information filed with a Registrant
pursuant to this Code shall be treated as confidential, except that reports of securities transactions hereunder will be made available
to the Commission or any other regulatory or self-regulatory organization to the extent required by law or regulation or to the extent
the Registrant considers necessary or advisable in cooperating with an investigation or inquiry by the Commission or any other regulatory
or self-regulatory organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Interpretation of Provisions</u>. The board of trustees may from time to time adopt such interpretations of this Code as
it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Identification of Access Persons</u>. The Review Officer shall identify all persons who are considered to be "Access
Persons" and shall inform such persons of their respective duties and provide them with copies of this Code and any related procedures
adopted by the Registrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Supplemental Compliance and Review Procedures</u>. The Advisers may establish, in their discretion, supplemental compliance and
review procedures (the "Procedures") that are in addition to those set forth in this Code in order to provide additional assurance
that the purposes of this Code are fulfilled and/or assist the Adviser in the administration of this Code. The Procedures may be more,
but shall not be less, restrictive than the provisions of this Code. The Procedures, and any amendments thereto, do not require
the approval of the Board of Trustees of an Investment Company or other investment advisory clients.

D. ROLES AND RESPONSIBILITIES

In addition to the specific roles and responsibilities described above, Asset Management Compliance is responsible for advising on the requirements contained in this Policy and ensuring the guidance herein is revised and updated, as appropriate. All relevant Asset Management personnel are responsible for complying with, and escalating issues relating to, this policy when engaging in relevant activities. Other groups at the firm, including, but not limited to, Asset Management Legal and other control-side personnel, may, in certain instances, be involved in helping to provide advice in connection with potential concerns related to the activities covered by this policy. The relevant Asset Management businesses that engage in activities to which this policy applies are responsible for managing the risks related to those activities, including implementing relevant controls, as appropriate.

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*{Policy Name}*

E. EXCEPTIONS

Although exceptions to this Code will rarely, if ever, be granted, a designated officer of a Registrant, after consultation with the Review Officer, may make exceptions on a case by case basis, from any of the provisions of this Code upon a determination that the conduct at issue involves a negligible opportunity for abuse or otherwise merits an exception from this Code. All such exceptions must be received in writing by the person requesting the exception before becoming effective. The Review Officer shall report any exception to the board of trustees of the Registrant at the next regularly scheduled board meeting.

The Statement of Policy set forth above shall be deemed not to be violated by and the prohibitions of Section B this Code shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;i. Purchases or sales of securities effected for, or held in, any account over which the Access Person has no direct or indirect influence
or control;

&nbsp;&nbsp;&nbsp;&nbsp;ii. Purchases or sales of securities which are not eligible for purchase or sale by the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;iii. Purchases or sales of securities which are non-volitional on the part of either the Access Person or the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;iv. Purchases or sales of securities which are part of an Automatic Investment Plan provided that no adjustment is made by the Access
Person to the rate at which securities are purchased or sold, as the case may be, under such a plan during any period in which the security
is being considered for purchase or sale by the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;v. Purchases of securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities,
to the extent such rights were acquired from such issuer, and sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;vi. Tenders of securities pursuant to tender offers which are expressly conditioned on the tender offer's acquisition of all of
the securities of the same class;

&nbsp;&nbsp;&nbsp;&nbsp;vii. Purchases or sales of publicly-traded shares of companies that have a market capitalization in excess of $5 billion;

&nbsp;&nbsp;&nbsp;&nbsp;viii. Chief Investment Officer ("CIO") signature approved de minimis per day purchases or sales ($50,000 or less) of publicly
traded shares of companies that have a 10-day average daily trading volume of at least $1 million, subject to the following additional
parameters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Access Persons must submit a current (same day) printout of a Yahoo Finance, Bridge or Bloomberg (or similar service) screen with
the minimum 10-day average daily trading volume information indicated;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. No Access Person (together with related accounts) may own more than ½ of 1% of the outstanding securities of an issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Multiple trades of up to $50,000 on different days are permitted so long as each day the trade is approved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. A security purchased pursuant to this exemption must be held for a minimum of 360 days prior to sale unless it appears on the Adviser's
"$5 billion" Self Pre-Clearance Securities List or normal pre-clearance pursuant to Article VI of the Adviser's Code
of Ethics is obtained, in which case the security must be held for at least 30 days prior to sale.

&nbsp;&nbsp;&nbsp;&nbsp;ix. Purchases or sales of securities with respect to which neither an Access Person, nor any member of his or her immediate family as
defined in Rule 16a-1(c) under the Exchange Act, has any direct or indirect influence, control or prior knowledge, which purchases or
sales are effected for, or held in, a "blind account." For this purpose, a "blind account" is an account over
which an investment adviser exercises full investment discretion (subject to account guidelines) and does not consult with or seek the
approval of the Access Person, or any member of his or her immediate family, with respect to such purchases and sales.

&nbsp;&nbsp;&nbsp;&nbsp;x. Other purchases or sales which only remotely potentially impact the interest of the Registrant because the securities transaction
involves a small number of shares of an issuer with a large market capitalization and high average daily trading volume or would otherwise
be very unlikely to affect a highly institutional market; and

&nbsp;&nbsp;&nbsp;&nbsp;xi. Purchases or sales of securities previously approved by an individual appointed from time to time by the President for this purpose,
which approval shall be confirmed in writing and shall be based upon a determination that such transaction did not violate the purpose
or spirit of this Code.

F. REPORTING AND ESCALATIONS

Every Supervised Person shall promptly report any violation of this Code of Ethics to the Adviser's Chief Compliance Officer and/or the Review Officer*.*

G. IMPLEMENTATION PLAN

This Policy does not have an implementation plan.

H. APPENDICES

ADDITIONAL REVISION HISTORY:

&nbsp;&nbsp;&nbsp;&nbsp;· April 1, 2026 (Amended to add Innovator ETFs Trust)

&nbsp;&nbsp;&nbsp;&nbsp;· August 26, 2021 (Amended to add Goldman Sachs ETF Trust II)

&nbsp;&nbsp;&nbsp;&nbsp;· December 18, 2019 (Modified for unlisted closed-end funds; clarify board approval of affiliated distributor's code of ethics)

Publication Date Page 18

## Ex-99.(P)(2)

**Exhibit (p)(2)**

POLICY ON GSAM CODE OF ETHICS

Applicability: All GSAM

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **A.** | **Scope and Summary** | **2** |
| **B.** | **Governance and Oversight** | **7** |
| **C.** | **Policy Requirements** | **8** |
| **D.** | **Roles and Responsibilities** | **13** |
| **E.** | **Exceptions** | **13** |
| **F.** | **Reporting and Escalations** | **14** |
| **G.** | **Implementation Plan** | **16** |

---

*POLICY ON GSAM CODE OF ETHICS*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Scope and Summary** 

It is the policy of the Adviser that the Adviser and its Supervised Persons shall comply with applicable Federal Securities Laws and that no Supervised Person shall engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1 under the Investment Company Act or Sections 204 and 206 of the Investment Advisers Act. No Supervised Person shall engage in, or permit anyone within his or her control to engage in, any act, practice or course of conduct which would operate as a fraud or deceit upon, or constitute a manipulative practice with respect to, an Investment Company or other investment advisory clients or an issuer of any security owned by an Investment Company or other investment advisory clients. In addition, the fundamental position of the Adviser is, and has been, that each Access Person shall place at all times the interests of each Investment Company and its shareholders and all other investment advisory clients first in conducting personal securities transactions. Accordingly, private securities transactions by Access Persons of the Adviser must be conducted in a manner consistent with this Code and so as to avoid any actual or potential conflict of interest or any abuse of an Access Person's position of trust and responsibility. Further, Access Persons should not take inappropriate advantage of their positions with, or relationship to, any Investment Company, any other investment advisory client, the Adviser or any affiliated company.

Without limiting in any manner the fiduciary duty owed by Access Persons to the Investment Companies under the provisions of this Code, it should be noted that purchases and sales may be made by Access Persons in the marketplace of securities owned by the Investment Companies; provided, however, that such securities transactions comply with the spirit of, and the specific restrictions and limitations set forth in, this Code. Such personal securities transactions should also be made in amounts consistent with the normal investment practice of the person involved and with an investment, rather than a trading, outlook. Not only does this policy encourage investment freedom and result in investment experience, but it also fosters a continuing personal interest in such investments by those responsible for the continuous supervision of the Investment Companies' portfolios. It is also evidence of confidence in the investments made. In making personal investment decisions with respect to any security, however, extreme care must be exercised by Access Persons to ensure that the prohibitions of this Code are not violated. Further, personal investing by an Access Person should be conducted in such a manner so as to eliminate the possibility that the Access Person's time and attention is being devoted to his or her personal investments at the expense of time and attention that should be devoted to management of an Investment Company's or other investment advisory client's portfolio. It bears emphasis that technical compliance with the procedures, prohibitions and limitations of this Code will not automatically insulate from scrutiny personal securities transactions which show a pattern of abuse by an Access Person of his or her fiduciary duty to any Investment Company or other investment advisory clients.

&nbsp;&nbsp;&nbsp;&nbsp;1. Framework Linkages

This Policy has linkages to the following Framework(s):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· FIRMWIDE FRAMEWORK ON GOLDMAN SACHS CODE OF BUSINESS
CONDUCT AND ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· FIRMWIDE FRAMEWORK FOR MARKET CONDUCT RISK MANAGEMENT FOR COVERED BUSINESSES AND ACTIVITIES

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*POLICY ON GSAM CODE OF ETHICS*

&nbsp;&nbsp;&nbsp;&nbsp;2. Policy Linkages

This Policy has linkages to the following Tier I Policy(ies):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Firmwide Policy on Market Conduct Risk</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Firmwide Policy on Personal Trading</u> 

&nbsp;&nbsp;&nbsp;&nbsp;3. Regulatory Linkages

Section 17(j) of the Investment Company Act provides, among other things, that it is unlawful for any affiliated person of the Adviser to engage in any act, practice or course of business in connection with the purchase or sale, directly or indirectly, by such affiliated person of any security held or to be acquired by an Investment Company in contravention of such rules and regulations as the Commission may adopt to define and prescribe means reasonably necessary to prevent such acts, practices or courses of business as are fraudulent, deceptive or manipulative. Pursuant to Section 17(j), the Commission has adopted Rule 17j-1 which provides, among other things, that it is unlawful for any affiliated person of the Adviser in connection with the purchase or sale, directly or indirectly, by such person of a Covered Security held or to be acquired by an Investment Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) To employ any device, scheme or artifice to defraud such Investment Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) To make any untrue statement of a material fact to such Investment Company or omit to state a material fact necessary in order to
make the statements made to such Investment Company, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) To engage in any act, practice, or course of business that operates or would operate as a fraud or deceit upon any such Investment
Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) To engage in any manipulative practice with respect to such Investment Company.

Similarly, Section 206 of the Investment Advisers Act provides that it is unlawful for any investment adviser, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) To employ any device, scheme or artifice to defraud any client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) To engage in any transaction, practice or course of business which operates as a fraud or deceit upon any client or prospective client;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) To engage in any act, practice or course of business which is fraudulent, deceptive or manipulative.

In addition, Section 204A of the Investment Advisers Act requires the Adviser to establish written policies and procedures reasonably designed to prevent the misuse in violation of the Investment Advisers Act or Securities Exchange Act or rules or regulations thereunder of material, non-public information by the Adviser or any person associated with the Adviser. Pursuant to Section 204A, the Commission has adopted Rule 204A-1 which requires the Adviser to maintain and enforce a written code of ethics.

 

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*POLICY ON GSAM CODE OF ETHICS*

 

This Policy is governed by LRR's within multiple jurisdictions. Furthermore, the Firm may deem any other LRRs subject to this policy on a case-by-case basis.

This Policy has linkages to the following key Market Conduct Risk (MCR) Laws, Rules, and Regulations (LRR) obligations

&nbsp;&nbsp;&nbsp;&nbsp;· Rule
 17J-1 of the Investment Company Act – <u>17 C.F.R. § 270.17J-1</u> – Personal investment activities of investment company personnel

&nbsp;&nbsp;&nbsp;&nbsp;· Section
 204A-1 of the Investment Advisers Act – <u>17 C.F.R. § 204A-1</u> – Investment adviser codes of ethics

&nbsp;&nbsp;&nbsp;&nbsp;· Section
 206 of the Investment Advisers Act – <u>15 U.S.C. § 80b–6</u> – Prohibited transactions by investment advisers

&nbsp;&nbsp;&nbsp;&nbsp;4. Risk Taxonomy Linkages

Applicable risks for this document include:

&nbsp;&nbsp;&nbsp;&nbsp;· Level 2 (L2) Risk: Inappropriate Sales or Advisory Practices

&nbsp;&nbsp;&nbsp;&nbsp;· Level 3 (L3) Risk: Fiduciary Responsibility Risk

&nbsp;&nbsp;&nbsp;&nbsp;· Level 4 (L4) Risk: Failure to Exercise Fiduciary Responsibility

&nbsp;&nbsp;&nbsp;&nbsp;· Level 2 (L2) Risk:Conflicts of Interest Risk

&nbsp;&nbsp;&nbsp;&nbsp;· Level 3 (L3) Risk: Client or Firm Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;· Level 4 (L4): Client or Firm Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;· Level 3 (L3) Risk: Personal Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;· Level 4 (L4): Unauthorized Personal Outside Business Activity

&nbsp;&nbsp;&nbsp;&nbsp;· Level 4 (L4): Unauthorized Personal Investments or Trading

&nbsp;&nbsp;&nbsp;&nbsp;5. Definitions

&nbsp;&nbsp;&nbsp;&nbsp;a. "Access Person" with respect to Goldman Sachs & Co. LLC ("GS&Co.") and
Goldman Sachs International ("GSI") the principal underwriters of any Investment Company (as defined below), means any director,
officer or general partner who, in the ordinary course of business, makes, participates in or obtains information regarding the purchase
or sale of Covered Securities by any Investment Company or whose functions or duties in the ordinary course of business relate to the
making of any recommendation to the Investment Company regarding the purchase or sale of Covered Securities.

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*POLICY ON GSAM CODE OF ETHICS*

"Access Person" with respect to Goldman Sachs Asset Management, L.P. and GSAM related entities other than GS&Co. and GSI ("GSAM") means any of their Supervised Persons (as defined below) who: (1) has access to (a) non-public information regarding any client's purchase or sale of securities, or (b) non-public information regarding the portfolio holdings of any Reportable Fund (as defined below) or (2) is involved in making securities recommendations to clients or who has access to such recommendations that are non-public. For these purposes, all GSAM directors, officers and partners are considered to be Access Persons. In addition, "Access Person" means (1) any employee of GSAM (and any director, officer, general partner or employee of any company in a control relationship to GSAM) who, in connection with his or her regular functions or duties, makes, participates in or obtains information regarding the purchase or sale of a Covered Security by an Investment Company, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (2) any natural person in a control relationship to the Adviser who obtains information concerning the recommendations made to an Investment Company with regard to the purchase or sale of a Covered Security by an Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;b. "Adviser" means each GSAM related entity so long as it serves as investment adviser, sub-adviser,
or principal underwriter to any Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;c. "Automatic Investment Plan" means a program in which regular periodic purchases or withdrawals
are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment
Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;d. "Beneficial Ownership" of a security shall be interpreted in the same manner as it would be
under Rule 16a-1 (a) (2) under the Securities Exchange Act of 1934, as amended (the "Securities Exchange Act"), in determining
whether a person is the beneficial owner of a security for purposes of Section 16 of the Exchange Act and the rules and regulations promulgated
thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;e. "Board of Trustees" means the board of trustees, directors or managers, including a majority
of the disinterested trustees/directors/managers, of any Investment Company for which an Adviser serves as an investment adviser, sub-adviser
or principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;f. "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the Investment
Company Act of 1940, as amended (the "Investment Company Act"). Section 2(a)(9) generally provides that "control"
means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result
of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;g. "Covered Security" means a security as defined in Section 202(a)(18) of the Investment Advisers
Act of 1940, as amended (the "Investment Advisers Act") or Section 2(a)(36) of the Investment Company Act, and open-end ETF
shares and UIT ETF shares, except that it does not include: (1) direct obligations of the Government of the United States; (2) banker's
acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments (any instrument having a maturity
at issuance of less than 366 days and that is in one of the two highest rating categories of a nationally recognized statistical rating
organization), including repurchase agreements; (3) shares issued by money market funds registered under the Investment Company Act; (4)
shares issued by open-end investment companies registered under the Investment Company Act other than Reportable Funds; and (5) shares
issued by unit investment trusts that are invested exclusively in one or more open-end investment companies registered under the Investment
Company Act, none of which are Reportable Funds (6) qualified tuition programs established pursuant to Section 529 of the Internal Revenue
Code of 1986 ("529 Plans"), including interests in pre-paid tuition 529 plans and college savings 529 plans.

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*POLICY ON GSAM CODE OF ETHICS*

&nbsp;&nbsp;&nbsp;&nbsp;h. "Exchange-traded fund (ETF)" means an investment company registered under the Investment Company
Act as a unit investment trust ("UIT ETF") or as an open-end investment company ("open-end ETF") that is comprised
of a basket of securities to replicate a securities index or subset of securities underlying an index. ETFs are traded on securities exchanges
and in the over-the-counter markets intra-day at negotiated prices.

&nbsp;&nbsp;&nbsp;&nbsp;i. "Federal Securities Laws" means the Securities Act of 1933, the Securities Exchange Act, the
Sarbanes-Oxley Act of 2002, the Investment Company Act, the Investment Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules
adopted by the Securities and Exchange Commission (the "Commission") under any of these statutes, the Bank Secrecy Act as
it applies to investment companies and investment advisers, and any rules adopted thereunder by the Commission or the Department of the
Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;j. "Initial Public Offering" means an offering of securities registered under the Securities
Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or
15(d) of the Securities Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;k. "Investment Company" means a company registered as such under the Investment Company Act,
or any series thereof, for which the Adviser is the investment adviser, sub-adviser or principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;l. "Investment Personnel" of the Adviser means (i) any employee of the Adviser (or of any company
in a control relationship to the Adviser) who, in connection with his or her regular functions or duties, makes or participates in making
recommendations regarding the purchase or sale of securities by an Investment Company or (ii) any natural person who controls the Adviser
and who obtains information concerning recommendations made to an Investment Company regarding the purchase or sale of securities by an
Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;m. A "Limited Offering" means an offering that is exempt from registration under the Securities
Act of 1933 pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505 or Rule 506 under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;n. "Purchase or sale of Covered Security" includes, among other things, the writing of an option
to purchase or sell a Covered Security or any security that is exchangeable for or convertible into another Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;o. "Reportable Fund" means any investment company registered under the Investment Company Act
for which the Adviser serves as an investment adviser as defined in Section 2(a)(20) of the Investment Company Act or any investment company
registered under the Investment Company Act whose investment adviser or principal underwriter controls the Adviser, is controlled by the
Adviser or is under common control with the Adviser.

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*POLICY ON GSAM CODE OF ETHICS*

&nbsp;&nbsp;&nbsp;&nbsp;p. "Review Officer" means the officer of the Adviser designated from time to time by the Adviser
to receive and review reports of purchases and sales by Access Persons. The term "Alternative Review Officer" means the officer
of the Adviser designated from time to time by the Adviser to receive and review reports of purchases and sales by the Review Officer,
and who shall act in all respects in the manner prescribed herein for the Review Officer. It is recognized that a different Review Officer
and Alternative Review Officer may be designated with respect to each Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;q. "Supervised Person" means any partner, officer, director (or other person occupying a similar
status or performing similar functions), or employee of GSAM or other person who provides investment advice on behalf of GSAM and is subject
to the supervision and control of GSAM.

&nbsp;&nbsp;&nbsp;&nbsp;r. A security is "being considered for purchase or sale" when a recommendation to purchase or
sell a security has been made and communicated and, with respect to the person making the recommendation, when such person seriously considers
making such a recommendation. With respect to an analyst of the Adviser, the foregoing period shall commence on the day that he or she
decides to recommend the purchase or sale of the security to the Adviser for an Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;s. A security is "held or to be acquired" if within the most recent 15 days it (1) is or has
been held by the Investment Company, or (2) is being or has been considered by the Adviser for purchase by the Investment Company, and
(3) includes any option to purchase or sell and any security convertible into or exchangeable for a security described in (1) or (2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Governance and Oversight** 

The Board of Trustees of each Investment Company shall approve this Code of Ethics. Any material amendments to this Code of Ethics must be approved by the Board of Trustees of each Investment Company no later than six months after the adoption of the material change. Before their approval of this Code of Ethics and any material amendments hereto, the Adviser shall provide a certification to the Board of Trustees of each such Investment Company that the Adviser has adopted procedures reasonably necessary to prevent Access Persons from violating the Code of Ethics.

The Policy on GSAM Code of Ethics is a Tier II policy as defined in the <u>Firmwide Policy on Frameworks, Policies, Standards, Procedures and Annexes</u> and a Market Conduct Risk Document as defined in the <u>Standard for Market Conduct Risk Documents and Controls Related to Designated Market Activities</u>. As such, this document is required to be reviewed at least annually by Asset Management Compliance.

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*POLICY ON GSAM CODE OF ETHICS*

Asset Management Compliance is responsible for approving this Policy. The Asset Management Compliance team owns the Policy and is responsible for maintaining and overseeing the Policy, reviewing conformance with the Policy requirements, and providing guidance to divisions on consistency of the associated divisional Standards / Procedures created in support of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Policy Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;1. PROHIBITED PURCHASES AND SALES

1a. While the scope of actions which may violate the Statement of Policy set forth above cannot be exactly defined, such actions would always include at least the following prohibited activities:

&nbsp;&nbsp;&nbsp;&nbsp;I. No Access Person shall purchase or sell, directly or indirectly, any Covered Security in which he or she has, or by reason of such
transaction acquires, any direct or indirect beneficial ownership and which to his or her actual knowledge at the time of such purchase
or sale the Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;· is being considered for purchase or sale by an Investment Company or other investment advisory clients; or

&nbsp;&nbsp;&nbsp;&nbsp;· is being purchased or sold by an Investment Company or other investment advisory clients.

&nbsp;&nbsp;&nbsp;&nbsp;II. No Access Person shall enter an order for the purchase or sale of a Covered Security which an Investment Company or other investment
advisory clients is purchasing or selling or considering for purchase or sale until the later of (i) the day after the Investment
Company's or other investment advisory clients' transaction in that Covered Security is completed or (ii) such time as
the Investment Company or other investment advisory clients is no longer considering the security for purchase or sale, unless the Review
Officer determines that it is clear that, in view of the nature of the Covered Security and the market for such Covered Security, the
order of the Access Person will not adversely affect the price paid or received by the Investment Company or other investment advisory
clients. Any securities transactions by an Access Person in violation of this Subsection 2 must be unwound, if possible, and the
profits, if any, will be subject to disgorgement based on the assessment of the appropriate remedy as determined by the Adviser.

The preceding restrictions of this Section C-1 are not applicable to particular Access Persons with respect to transactions by Investment Companies or other advisory clients whose trading and holdings information is unavailable to such Access Persons due to the presence of an information barrier. Access Persons in GSAM's XIG group for example, are generally "walled off" from non-public trading and holdings information of GSAM's direct investing businesses, such as GSAM's Fixed Income or Fundamental Equity business. As a result, these Access Persons would not be subject to the restrictions of Section C-1 with respect to those particular client accounts.

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*POLICY ON GSAM CODE OF ETHICS*

&nbsp;&nbsp;&nbsp;&nbsp;III. No Access Person shall, in the absence of prior approval by the Review Officer, sell certain Covered Securities that were purchased,
or purchase certain Covered Securities that were sold, within the prior 30 calendar days (measured on a last-in first-out basis).

1b. In addition to the foregoing, the following provisions will apply to Access Persons of the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;I. No Access Person shall reveal to any other person (except in the normal course of his or her duties on behalf of an Investment Company
or other investment advisory clients) any information regarding securities transactions by an Investment Company or other investment advisory
clients or consideration by an Investment Company or other investment advisory clients or the Adviser of any such securities transaction.

&nbsp;&nbsp;&nbsp;&nbsp;II. Access Persons must, as a regulatory requirement and as a requirement of this Code, obtain prior approval before directly or indirectly
acquiring beneficial ownership in any securities in an Initial Public Offering or in a Limited Offering. In addition, Access Persons must
comply with any additional restrictions or prohibitions that may be adopted by the Adviser from time to time.

1c. In addition to the foregoing, the following provision will apply to Investment Personnel of the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;I. No Investment Personnel shall serve on the board of directors of any publicly traded company, absent prior written authorization and
determination by the Review Officer that the board service would be consistent with the interests of the Investment Companies and their
shareholders or other investment advisory clients. Such interested Investment Personnel may not participate in the decision for any Investment
Company or other investment advisory clients to purchase and sell securities of such company.

&nbsp;&nbsp;&nbsp;&nbsp;2. BROKERAGE ACCOUNTS

Access Persons are required to direct their brokers to supply for the Review Officer on a timely basis duplicate copies of confirmations of all securities transactions in which the Access Person has a beneficial ownership interest and related periodic statements, whether or not one of the exemptions listed in Section E applies. If an Access Person is unable to arrange for duplicate copies of confirmations and periodic account statements to be sent to the Review Officer, he or she must immediately notify the Review Officer.

 

&nbsp;&nbsp;&nbsp;&nbsp;3. PRECLEARANCE PROCEDURE

With such exceptions and conditions as the Adviser deems to be appropriate from time to time and consistent with the purposes of this Code (for example, exceptions based on an issuer's market capitalization, the amount of public trading activity in a security, the size of a particular transaction or other factors), prior to effecting any securities transactions in which an Access Person has a beneficial ownership interest, the Access Person must receive approval by the Adviser. Any approval is valid only for such number of day(s) as may be determined from time to time by the Adviser. If an Access Person is unable to effect the securities transaction during such period, he or she must re-obtain approval prior to effecting the securities transaction.

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*POLICY ON GSAM CODE OF ETHICS*

The Adviser will decide whether to approve a personal securities transaction for an Access Person after considering the specific restrictions and limitations set forth in, and the spirit of, this Code of Ethics, including whether the security at issue is being considered for purchase or sale for an Investment Company or other investment advisory clients (taking into account the Access Person's access to information regarding the transactions and holdings of such Investment Company or other investment advisory client). The Adviser is not required to give any explanation for refusing to approve a securities transaction.

&nbsp;&nbsp;&nbsp;&nbsp;4. ANNUAL CERTIFICATION OF COMPLIANCE

Each Supervised Person shall certify to the Review Officer annually that he or she (A) has read and understands this Code of Ethics and any procedures that are adopted by the Adviser relating to this Code, and recognizes that he or she is subject thereto; (B) has complied with the requirements of this Code of Ethics and such procedures; and (C) if an Access Person, has disclosed or reported all personal securities transactions and beneficial holdings in Covered Securities required to be disclosed or reported pursuant to the requirements of this Code of Ethics and any related procedures.

&nbsp;&nbsp;&nbsp;&nbsp;5. CONFIDENTIALITY

All reports of securities transactions, holding reports and any other information filed with the Adviser pursuant to this Code shall be treated as confidential, except that reports of securities transactions and holdings reports hereunder will be made available to the Investment Companies and to the Commission or any other regulatory or self-regulatory organization to the extent required by law or regulation or to the extent the Adviser considers necessary or advisable in cooperating with an investigation or inquiry by the Commission or any other regulatory or self-regulatory organization.

&nbsp;&nbsp;&nbsp;&nbsp;6. REVIEW OF REPORTS

6a. The Review Officer shall be responsible for the review of the quarterly transaction reports required under VIII-C, and the initial and annual holdings reports required under Sections F-4 and F-5, respectively, of this Code of Ethics. In connection with the review of these reports, the Review Officer or the Alternative Review Officer shall take appropriate measures to determine whether each reporting person has complied with the provisions of this Code of Ethics and any related procedures adopted by the Adviser. Any violations of the Code of Ethics shall be reported promptly to the Adviser's chief compliance officer by the Review Officer, or Alternate Review Officer, as applicable.

6b. On an annual basis, the Review Officer shall prepare for the Board of Trustees of each Investment Company and the Board of Trustees of each Investment Company shall consider:

&nbsp;&nbsp;&nbsp;&nbsp;I. A report which describes any issues arising under this Code or any related procedures adopted by the Adviser including without limitation
information about material violations of the Code and sanctions imposed in response to material violations. An Alternative Review Officer
shall prepare reports with respect to compliance by the Review Officer;

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&nbsp;&nbsp;&nbsp;&nbsp;II. A report identifying any recommended changes to existing restrictions or procedures based upon the Adviser's experience under
this Code, evolving industry practices and developments in applicable laws or regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;III. A report certifying to the Board of Trustees that the Adviser has adopted procedures that are reasonably necessary to prevent Access
Persons from violating this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;7. SANCTIONS

Upon discovering a violation of this Code, the Adviser may impose such sanction(s) as it deems appropriate, including, among other things, a letter of censure, suspension or termination of the employment of the violator and/or restitution to the affected Investment Company or other investment advisory client of an amount equal to the advantage that the offending person gained by reason of such violation. In addition, as part of any sanction, the Adviser may require the Access Person or other individual involved to reverse the trade(s) at issue and forfeit any profit or absorb any loss from the trade. It is noted that violations of this Code may also result in criminal prosecution or civil action. All material violations of this Code and any sanctions imposed with respect thereto shall be reported periodically to the Board of Trustees of the Investment Company with respect to whose securities the violation occurred.

&nbsp;&nbsp;&nbsp;&nbsp;8. INTERPRETATION OF PROVISIONS

The Adviser may from time to time adopt such interpretations of this Code as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;9. IDENTIFICATION OF ACCESS PERSONS AND INVESTMENT PERSONNEL; ADDITIONAL DISTRIBUTION TO SUPERVISED PERSONS

The Adviser shall identify all persons who are considered to be Access Persons and Investment Personnel and shall inform such persons of their respective duties and provide them with copies of this Code and any related procedures or amendments to this Code adopted by the Adviser. In addition, all Supervised Persons shall be provided with a copy of this Code and all amendments. All Supervised Persons (including Access Persons) shall provide the Review Officer with a written acknowledgment of their receipt of the Code and any amendments.

&nbsp;&nbsp;&nbsp;&nbsp;10. RECORDS

The Adviser shall maintain records in the manner and to the extent set forth below, which records may be maintained using micrographic or electronic storage medium under the conditions described in Rule 204-2(g) of the Investment Advisers Act and Rule 31a-2(f)(1) and Rule 17j-1 under the Investment Company Act, and shall be available for examination by representatives of the Commission.

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&nbsp;&nbsp;&nbsp;&nbsp;I. A copy of this Code and any other code which is, or at any time within the past five years has been, in effect shall be preserved
for a period of not less than five years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;II. A record of any violation of this Code and of any action taken as a result of such violation shall be preserved in an easily accessible
place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;III. A copy of each initial holdings report, annual holdings report and quarterly transaction report made by an Access Person pursuant
to this Code (including any brokerage confirmation or account statements provided in lieu of the reports) shall be preserved for a period
of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;IV. A record of the names of all persons who are, or within the past five years have been, required to make initial holdings, annual holdings
or quarterly transaction reports pursuant to this Code shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;V. A record of all written acknowledgements for each person who is currently, or within the past five years was, required to acknowledge
their receipt of this Code and any amendments thereto. All acknowledgements for a person must be kept for the period such person is a
Supervised Person of the Adviser and until five years after the person ceases to be a Supervised Person of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;VI. A record of the names of all persons, currently or within the past five years who are or were responsible for reviewing initial holdings,
annual holdings or quarterly transaction reports shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;VII. A record of any decision and the reason supporting the decision to approve the acquisition by Access Person of Initial Public Offerings
and Limited Offerings shall be maintained for at least five years after the end of the fiscal year in which the approval is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;VIII. A copy of each report required by Section C-3 of this Code shall be maintained for at least five years after the end of the fiscal
year in which it was made, the first two years in an easily accessible place.

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&nbsp;&nbsp;&nbsp;&nbsp;11. SUPPLEMENTAL COMPLIANCE AND REVIEW PROCEDURES

The Adviser may establish, in its discretion, supplemental compliance and review procedures (the "Procedures") that are in addition to those set forth in this Code in order to provide additional assurance that the purposes of this Code are fulfilled and/or assist the Adviser in the administration of this Code. The Procedures may be more, but shall not be less, restrictive than the provisions of this Code. The Procedures, and any amendments thereto, do not require the approval of the Board of Trustees of an Investment Company or other investment advisory clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Roles and Responsibilities** 

Asset Management Compliance is responsible for advising on the requirements contained in this Policy and ensuring the guidance herein is revised and updated, as appropriate. All relevant Asset Management personnel are responsible for complying with, and escalating issues relating to, this policy when engaging in relevant activities. Other groups at the firm, including, but not limited to, Asset Management Legal and other control-side personnel, may, in certain instances, be involved in helping to provide advice in connection with potential concerns related to the activities covered by this policy. The relevant Asset Management businesses that engage in activities to which this policy applies are responsible for managing the risks related to those activities, including implementing relevant controls, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Exceptions** 

Although exceptions to the Code will rarely, if ever, be granted, a designated Officer of the Adviser, after consultation with the Review Officer, may make exceptions on a case by case basis, from any of the provisions of this Code upon a determination that the conduct at issue involves a negligible opportunity for abuse or otherwise merits an exception from the Code. All such exceptions must be received in writing by the person requesting the exception before becoming effective. The Review Officer shall report any exception to the Board of Trustees of the Investment Company with respect to which the exception applies at its next regularly scheduled Board meeting.

The Statement of Policy set forth above shall be deemed not to be violated by and the prohibitions of Section C of this Code shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;I. Purchases or sales of securities effected for, or held in, any account over which the Access Person has no direct or indirect influence
or control;

&nbsp;&nbsp;&nbsp;&nbsp;II. Purchases or sales of securities which are not eligible for purchase or sale by an Investment Company or other investment advisory
clients;

&nbsp;&nbsp;&nbsp;&nbsp;III. Purchases or sales of securities which are non-volitional on the part of the Access Person, an Investment Company or other investment
advisory clients;

&nbsp;&nbsp;&nbsp;&nbsp;IV. Purchases or sales of securities which are part of an Automatic Investment Plan provided that no adjustment is made by the Access
Person to the rate at which securities are purchased or sold, as the case may be, under such a plan during any period in which the security
is being considered for purchase or sale by an Investment Company or other investment advisory clients;

&nbsp;&nbsp;&nbsp;&nbsp;V. Purchases of securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities,
to the extent such rights were acquired from such issuer, and sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;VI. Tenders of securities pursuant to tender offers which are expressly conditioned on the tender offer's acquisition of all of
the securities of the same class;

&nbsp;&nbsp;&nbsp;&nbsp;VII. Purchases or sales of publicly-traded shares of companies that have a market capitalization in excess of $5 billion;

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&nbsp;&nbsp;&nbsp;&nbsp;VIII. Chief Investment Officer ("CIO") signature approved de minimis per day purchases or sales ($50,000 or less) of publicly
traded shares of companies that have a 10-day average daily trading volume of at least $1 million, subject to the following additional
parameters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· VIII(1). Access Persons must submit a current (same day) printout of a Yahoo Finance, Bridge or Bloomberg (or similar service) screen
with the minimum 10-day average daily trading volume information indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· VIII(2). No Access Person (together with related accounts) may own more than ½ of 1% of the outstanding securities of an issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· VIII(3). Multiple trades of up to $50,000 on different days are permitted so long as each day the trade is approved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· VIII(4). A security purchased pursuant to this exemption must be held for a minimum of 360 days prior to sale unless it appears on
the Adviser's "$5 billion" Self Pre-Clearance Securities List or normal pre-clearance pursuant to Section VII of this
Code is obtained, in which case the security must be held for at least 30 days prior to sale.

&nbsp;&nbsp;&nbsp;&nbsp;IX. Purchases or sales of securities with respect to which neither an Access Person, nor any member of his or her immediate family as
defined in Rule 16a-1(c) under the Exchange Act, has any direct or indirect influence, control or prior knowledge, which purchases or
sales are effected for, or held in, a "blind account." For this purpose, a "blind account" is an account over
which an investment adviser exercises full investment discretion (subject to account guidelines) and does not consult with or seek the
approval of the Access Person, or any member of his or her immediate family, with respect to such purchases and sales; and

&nbsp;&nbsp;&nbsp;&nbsp;X. Other purchases or sales which, due to factors determined by the Adviser, only remotely potentially impact the interests of an Investment
Company or other investment advisory clients because the securities transaction involves a small number of shares of an issuer with a
large market capitalization and high average daily trading volume or would otherwise be very unlikely to affect a highly institutional
market.

&nbsp;&nbsp;&nbsp;&nbsp;XI. Transactions within a 529 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Reporting and Escalations** 

Every Supervised Person shall promptly report any violation of this Code of Ethics to the Adviser's Chief Compliance Officer and/or the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;1. Every Access Person shall report to the Review Officer the information: (1) described in Section F-3 of this Code with respect
to transactions in any Covered Security in which such Access Person has, or by reason of such transaction acquires or disposes of, any
direct or indirect beneficial ownership in the Covered Security, and (2) described in Sections F-4 or VIII-E of this Code with respect
to securities holdings beneficially owned by the Access Person.

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*POLICY ON GSAM CODE OF ETHICS*

&nbsp;&nbsp;&nbsp;&nbsp;2. Notwithstanding Section F-1 of this Code, an Access Person need not make a report to the extent the information in the report
would duplicate information recorded pursuant to Rule 204-2(a)(13) under the Investment Advisers Act or if the report would duplicate
information contained in broker trade confirmations or account statements so long as the Adviser receives confirmations or statements
no later than 30 days after the end of the applicable calendar quarter. The quarterly transaction reports required under Section F-1 shall
be deemed made with respect to (1) any account where the Access Person has made provision for transmittal of all daily trading information
regarding the account to be delivered to the designated Review Officer for his or her review or (2) any account maintained with the Adviser
or an affiliate. With respect to Investment Companies for which the Adviser does not act as investment adviser or sub-adviser, reports
required to be furnished by officers and trustees or managers of such Investment Companies who are Access Persons of the Adviser must
be made under Section F-3 of this Code and furnished to the designated review officer of the relevant investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;3. Quarterly Transaction and New Account Reports. Unless quarterly transaction reports are deemed to have been made under Section F-2
of this Code, every quarterly transaction report shall be made not later than 30 days after the end of the calendar quarter in which the
transaction to which the report relates was effected, and shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· III(1). The date of the transaction, the title, and as applicable the exchange ticker or CUSIP number, the interest rate and maturity
date, class and the number of shares, and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· III(2). The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· III(3). The price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· III(4). The name of the broker, dealer or bank with or through whom the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· III(5). The date that the report was submitted by the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· III(6). With respect to any account established by an Access Person in which any securities were held during the quarter for the direct
or indirect benefit of the Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o III(6)(a). The name of the broker, dealer or bank with whom the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o III(6)(b). The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o III(6)(c). The date that the report was submitted by the Access Person.

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*POLICY ON GSAM CODE OF ETHICS*

&nbsp;&nbsp;&nbsp;&nbsp;4. *Initial Holdings Reports.* No later than 10 days after becoming an Access Person, each Access Person must submit a report containing
the following information (which information must be current as of a date no more than 45 days prior to the date the person becomes an
Access Person):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· IV(1). The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares and principal
amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· IV(2). The name of any broker, dealer or bank with which the Access Person maintained an account in which any securities (not just
Covered Securities) were held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· IV(3). The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;5. *Annual Holdings Reports.* On an annual basis, every Access Person shall submit the following information (which information
must be current as of a date no more than 45 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· V(1). The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares and principal
amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· V(2). The name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities (not just Covered
Securities) are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· V(3). The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;6. These reporting requirements shall apply whether or not one of the exemptions listed in Section E applies except that: (1) an
Access Person shall not be required to make a report with respect to securities transactions effected for, and any Covered Securities
held in, any account over which such Access Person does not have any direct or indirect influence or control; and (2) an Access Person
need not make a quarterly transaction report with respect to the transactions effected pursuant to an Automatic Investment Plan or a 529
Plan.

&nbsp;&nbsp;&nbsp;&nbsp;7. Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that
(1) he or she has or had any direct or indirect beneficial ownership in the Covered Security to which the report relates (a "Subject
Security") or (2) he or she knew or should have known that the Subject Security was being purchased or sold, or considered
for purchase or sale, by an Investment Company or other investment advisory clients on the same day.

Anyone who believes that business has been conducted contrary to the policies and procedures set forth in this document should promptly contact their supervisor, Asset Management Compliance, and/or Asset Management Legal as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Implementation Plan** 

This Policy does not have an implementation plan.

Effective Date Page 16

## Ex-99.(Q)

**Exhibit (q)**

**INNOVATOR ETFs TRUST**

<u>Power of Attorney</u>

**Know All Persons By These Presents,** that each person whose signature appears below hereby constitutes and appoints James A. McNamara, Caroline L. Kraus, Joseph F. DiMaria and Robert Griffith, jointly and severally, and each of them, his or her true and lawful attorneys-in-fact and agents, until the earlier of his or her resignation or removal as an officer of Innovator ETFs Trust (the "Trust"), each with power and authority of substitution and resubstitution, for him or her in any and all capacities to sign the Registration Statement under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, of the Trust and any and all amendments to such Registration Statement, and to file the same, with exhibits thereto, and other instruments or documents in connection therewith, with the U.S. Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or his or her substitute or substitutes, may do or cause to be done by virtue thereof.

This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

WITNESS our hands on the date(s) set forth below.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| /s/ James A. McNamara | President, Principal Executive | April 1, 2026 |
| James A. McNamara | Officer and Trustee |  |
| /s/ Joseph F. DiMaria | Treasurer, Principal Financial Officer and | April 1, 2026 |
| Joseph F. DiMaria | Principal Accounting Officer |  |
| /s/ Gregory G. Weaver | Chair and Trustee | April 1, 2026 |
| Gregory G. Weaver |  |  |
| /s/ Cheryl K. Beebe | Trustee | April 1, 2026 |
| Cheryl K. Beebe |  |  |
| /s/ Dwight L. Bush | Trustee | April 1, 2026 |
| Dwight L. Bush |  |  |
| /s/ Kathryn A. Cassidy | Trustee | April 1, 2026 |
| Kathryn A. Cassidy |  |  |
| /s/ John G. Chou | Trustee | April 1, 2026 |
| John G. Chou |  |  |
| /s/ Joaquin Delgado | Trustee | April 1, 2026 |
| Joaquin Delgado |  |  |
| /s/ Eileen H. Dowling | Trustee | April 1, 2026 |
| Eileen H. Dowling |  |  |
| /s/ Lawrence Hughes | Trustee | April 1, 2026 |
| Lawrence Hughes |  |  |
| /s/ John F. Killian | Trustee | April 1, 2026 |
| John F. Killian |  |  |
| /s/ Steven D. Krichmar | Trustee | April 1, 2026 |
| Steven D. Krichmar |  |  |
| /s/ Michael Latham | Trustee | April 1, 2026 |
| Michael Latham |  |  |
| /s/ Lawrence W. Stranghoener | Trustee | April 1, 2026 |
| Lawrence W. Stranghoener |  |  |
| /s/ Brian J. Wildman | Trustee | April 1, 2026 |
| Brian J. Wildman |  |  |

---