# EDGAR Filing Document

**Accession Number:** 0001415726
**File Stem:** 0001133228-25-007033
**Filing Date:** 2025-7
**Character Count:** 2261422
**Document Hash:** 6f66bce52777618018df481842e74011
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-007033.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001133228-25-007033

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 329

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22135
- **FILM NUMBER:** 251101756

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Innovator U.S. Equity Accelerated ETF - July (Series ID: S000072375)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000230744 | Innovator U.S. Equity Accelerated ETF - October |  |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Innovator Premium Income 10 Barrier ETF - July (Series ID: S000080755)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000243288 | Innovator Premium Income 10 Barrier ETF - July |  |

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

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

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

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

### Innovator Premium Income 40 Barrier ETF - July (Series ID: S000080758)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000243291 | Innovator Premium Income 40 Barrier ETF - July |  |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Innovator Premium Income 9 Buffer ETF - October (Series ID: S000081984)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000245150 | Innovator Premium Income 9 Buffer ETF - October |  |

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

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

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

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

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

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

### Innovator Premium Income 10 Barrier ETF - October (Series ID: S000082310)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000245609 | Innovator Premium Income 10 Barrier ETF - October |  |

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

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

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

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

### Innovator Premium Income 40 Barrier ETF - October (Series ID: S000082313)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000245612 | Innovator Premium Income 40 Barrier ETF - October |  |

### Innovator Equity Defined Protection ETF - 2 Yr to January 2026 (Series ID: S000083544)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000247286 | Innovator Equity Defined Protection ETF - 2 Yr to January 2026 |  |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Innovator Premium Income 9 Buffer ETF - July (Series ID: S000085649)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000250978 | Innovator Premium Income 9 Buffer ETF - July |  |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2025-05-06193911_InnovatorBufferStep-UpStrategyETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

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

(Exact name of registrant as specified in charter)

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

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

(Address of principal executive offices) (Zip code)

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

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

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

(Name and address of agent for service)

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

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

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

**<u>Chicago, Illinois 60606</u>**

Registrant's telephone number, including area code

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

Date of reporting period: **<u>April 30, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](i202412191526983.jpg) | **Innovator Buffer Step-Up Strategy ETF®**  | ![image](i202410282023961.jpg) |
| ![image](i202412191526983.jpg) | BSTP (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412191526983.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Buffer Step-Up Strategy ETF® for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BSTP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Buffer Step-Up Strategy ETF® | $44 | 0.89% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $54638992 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $308093 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.85% |
| **30-Day SEC Yield Unsubsidized** | -0.85% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $5.58  | 98.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $554.57  | 6.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $656.08  | -1.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $504.66  | -4.2% |

---

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

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191552604.jpg) | **Innovator Deepwater Frontier Tech ETF**  | ![image](i202410282023961.jpg) |
| ![image](i202412191552604.jpg) | LOUP (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412191552604.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Deepwater Frontier Tech ETF for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=LOUP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Deepwater Frontier Tech ETF | $34 | 0.70% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $77027069 |
| **Number of Holdings** | 31 |
| **Net Advisory Fee** | $247296 |
| **Portfolio Turnover** | 66% |
| **30-Day SEC Yield** | -0.43% |
| **30-Day SEC Yield Unsubsidized** | -0.43% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 51.3% |
|  Communications  | 21.3% |
|  Industrial  | 12.6% |
|  Consumer, Non-cyclical  | 8.3% |
|  Financial  | 3.1% |
|  Basic Materials  | 3.1% |
|  Cash & Other  | 0.3% |

---

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

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191548384.jpg) | **Innovator Equity Managed Floor ETF®**  | ![image](i202410282023961.jpg) |
| ![image](i202412191548384.jpg) | SFLR (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412191548384.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Equity Managed Floor ETF® for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=SFLR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Equity Managed Floor ETF® | $44 | 0.89% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $795683227 |
| **Number of Holdings** | 237 |
| **Net Advisory Fee** | $2955307 |
| **Portfolio Turnover** | 8% |
| **30-Day SEC Yield** | 0.51% |
| **30-Day SEC Yield Unsubsidized** | 0.51% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 28.3% |
|  Communications  | 15.4% |
|  Financial  | 14.5% |
|  Consumer, Non-cyclical  | 14.7% |
|  Consumer, Cyclical  | 8.1% |
|  Industrial  | 6.9% |
|  Energy  | 3.1% |
|  Utilities  | 2.6% |
|  Finance and Insurance  | 1.9% |
|  Cash & Other  | 4.5% |

---

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

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

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](i202506101828111.jpg) | **Innovator Equity Premium Income - Daily** **PutWrite ETF**  | ![image](i202410282023961.jpg) |
| ![image](i202506101828111.jpg) | SPUT (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202506101828111.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Equity Premium Income - Daily PutWrite ETF for the period of March 13, 2025, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=SPUT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

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

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4878070 |
| **Number of Holdings** | 507 |
| **Net Advisory Fee** | $4380 |
| **Portfolio Turnover** | 27% |
| **30-Day SEC Yield** | 6.99% |
| **30-Day SEC Yield Unsubsidized** | 6.99% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financial  | 26.4% |
|  Technology  | 15.3% |
|  Consumer, Non-cyclical  | 8.7% |
|  Communications  | 8.1% |
|  Consumer, Cyclical  | 4.4% |
|  Industrial  | 3.8% |
|  Energy  | 1.7% |
|  Utilities  | 1.2% |
|  Basic Materials  | 0.8% |
|  Cash & Other  | 29.6% |

---

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

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

Innovator Equity Premium Income - Daily PutWrite ETF PAGE 1 TSR-SAR-45784N403

------

**HOUSEHOLDING**

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

Innovator Equity Premium Income - Daily PutWrite ETF PAGE 2 TSR-SAR-45784N403

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| | | |
|:---|:---|:---|
| ![image](i202412182246469.jpg) | **Innovator Gradient Tactical Rotation** **Strategy ETF**  | ![image](i202410282023961.jpg) |
| ![image](i202412182246469.jpg) | IGTR (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412182246469.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Gradient Tactical Rotation Strategy ETF for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IGTR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Gradient Tactical Rotation Strategy ETF | $38 | 0.80% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $74137234 |
| **Number of Holdings** | 101 |
| **Net Advisory Fee** | $451164 |
| **Portfolio Turnover** | 188% |
| **30-Day SEC Yield** | 1.51% |
| **30-Day SEC Yield Unsubsidized** | 1.51% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Consumer, Non-cyclical  | 23.2% |
|  Financial  | 22.9% |
|  Utilities  | 17.5% |
|  Industrial  | 12.8% |
|  Consumer, Cyclical  | 6.8% |
|  Technology  | 6.3% |
|  Communications  | 4.8% |
|  Basic Materials  | 3.6% |
|  Energy  | 1.7% |
|  Cash & Other  | 0.4% |

---

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

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

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

------

**HOUSEHOLDING**

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

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

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---

| | | |
|:---|:---|:---|
| ![image](i202412182234890.jpg) | **Innovator Hedged Nasdaq-100® ETF**  | ![image](i202410282023961.jpg) |
| ![image](i202412182234890.jpg) | QHDG (Principal U.S. Listing Exchange: NASDAQ) | ![image](i202410282023961.jpg) |
| ![image](i202412182234890.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Hedged Nasdaq-100® ETF for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=QHDG. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Hedged Nasdaq-100® ETF | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $9602638 |
| **Number of Holdings** | 105 |
| **Net Advisory Fee** | $35543 |
| **Portfolio Turnover** | 11% |
| **30-Day SEC Yield** | 0.07% |
| **30-Day SEC Yield Unsubsidized** | 0.07% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 48.1% |
|  Communications  | 26.4% |
|  Consumer, Non-cyclical  | 10.8% |
|  Consumer, Cyclical  | 9.1% |
|  Industrial  | 1.8% |
|  Utilities  | 1.5% |
|  Basic Materials  | 1.5% |
|  Energy  | 0.5% |
|  Financial  | 0.2% |
|  Cash & Other  | 0.1% |

---

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

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

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191537210.jpg) | **Innovator IBD® 50 ETF**  | ![image](i202410282023961.jpg) |
| ![image](i202412191537210.jpg) | FFTY (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412191537210.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator IBD® 50 ETF for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=FFTY. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator IBD® 50 ETF | $40 | 0.80% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $60915460 |
| **Number of Holdings** | 51 |
| **Net Advisory Fee** | $151890 |
| **Portfolio Turnover** | 721% |
| **30-Day SEC Yield** | -0.19% |
| **30-Day SEC Yield Unsubsidized** | -0.46% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Consumer, Non-cyclical  | 32.8% |
|  Financial  | 18.9% |
|  Technology  | 18.1% |
|  Basic Materials  | 11.6% |
|  Industrial  | 8.9% |
|  Communications  | 3.6% |
|  Energy  | 2.5% |
|  Utilities  | 2.0% |
|  Consumer, Cyclical  | 1.5% |
|  Cash & Other  | 0.1% |

---

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

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

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

------

**HOUSEHOLDING**

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

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

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---

| | | |
|:---|:---|:---|
| ![image](i202412191555359.jpg) | **Innovator IBD® Breakout Opportunities ETF**  | ![image](i202410282023961.jpg) |
| ![image](i202412191555359.jpg) | BOUT (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412191555359.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator IBD® Breakout Opportunities ETF for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BOUT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator IBD® Breakout Opportunities ETF | $38 | 0.80% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $11760126 |
| **Number of Holdings** | 102 |
| **Net Advisory Fee** | $53537 |
| **Portfolio Turnover** | 981% |
| **30-Day SEC Yield** | 1.08% |
| **30-Day SEC Yield Unsubsidized** | 1.08% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Consumer, Non-cyclical  | 28.8% |
|  Financial  | 22.0% |
|  Consumer, Cyclical  | 13.0% |
|  Technology  | 10.2% |
|  Industrial  | 9.9% |
|  Communications  | 4.9% |
|  Utilities  | 4.5% |
|  Energy  | 3.5% |
|  Basic Materials  | 2.0% |
|  Cash & Other  | 1.2% |

---

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

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

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191553307.jpg) | **Innovator Laddered Allocation Buffer ETF** **™**  | ![image](i202410282023961.jpg) |
| ![image](i202412191553307.jpg) | BUFB (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191553307.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Laddered Allocation Buffer ETF™ for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BUFB. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Laddered Allocation Buffer ETF™ | $5 | 0.10% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $205988488 |
| **Number of Holdings** | 12 |
| **Net Advisory Fee** | $97275 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.06% |
| **30-Day SEC Yield Unsubsidized** | -0.06% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

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

---

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

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

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191530436.jpg) | **Innovator Laddered Allocation Power** **Buffer ETF** **™**  | ![image](i202410282023961.jpg) |
| ![image](i202412191530436.jpg) | BUFF (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191530436.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Laddered Allocation Power Buffer ETF™ for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BUFF. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Laddered Allocation Power Buffer ETF™ | $5 | 0.10% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $578030840 |
| **Number of Holdings** | 13 |
| **Net Advisory Fee** | $270006 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.05% |
| **30-Day SEC Yield Unsubsidized** | -0.05% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

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

---

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

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

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191335962.jpg) | **Innovator Nasdaq-100 Managed Floor ETF®**  | ![image](i202410282023961.jpg) |
| ![image](i202412191335962.jpg) | QFLR (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412191335962.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Nasdaq-100 Managed Floor ETF® for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=QFLR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Nasdaq-100 Managed Floor ETF® | $44 | 0.89% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $282808026 |
| **Number of Holdings** | 54 |
| **Net Advisory Fee** | $1162660 |
| **Portfolio Turnover** | 19% |
| **30-Day SEC Yield** | -0.01% |
| **30-Day SEC Yield Unsubsidized** | -0.01% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Apple, Inc.  | 8.8% |
|  Microsoft Corp.  | 8.6% |
|  NVIDIA Corp.  | 7.2% |
|  Amazon.com, Inc.  | 6.0% |
|  Broadcom, Inc.  | 4.9% |
|  Meta Platforms, Inc. - Class A  | 3.8% |
|  Netflix, Inc.  | 3.8% |
|  Costco Wholesale Corp.  | 3.7% |
|  Tesla, Inc.  | 3.0% |
|  Alphabet, Inc. - Class A  | 2.7% |

---

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

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

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191533882.jpg) | **Innovator Power Buffer Step-Up Strategy** **ETF®**  | ![image](i202410282023961.jpg) |
| ![image](i202412191533882.jpg) | PSTP (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412191533882.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Power Buffer Step-Up Strategy ETF® for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PSTP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Power Buffer Step-Up Strategy ETF® | $44 | 0.89% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $103568956 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $461477 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.85% |
| **30-Day SEC Yield Unsubsidized** | -0.85% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $5.67  | 96.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $573.73  | 6.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $640.14  | -0.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $487.68  | -1.9% |

---

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

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191548606.jpg) | **Innovator S&P Investment Grade Preferred** **ETF**  | ![image](i202410282023961.jpg) |
| ![image](i202412191548606.jpg) | EPRF (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191548606.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator S&P Investment Grade Preferred ETF for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=EPRF. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator S&P Investment Grade Preferred ETF | $23 | 0.47% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $86445903 |
| **Number of Holdings** | 76 |
| **Portfolio Turnover** | 14% |
| **Net Advisory Fee** | $227505 |
| **Average Credit Quality** | AAA |
| **Effective Duration** | 2 yrs |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Ares Management Corp.  | 4.8% |
|  Apollo Global Management, Inc.  | 4.7% |
|  KKR & Co., Inc.  | 4.5% |
|  Enstar Group Ltd.  | 4.1% |
|  Axis Capital Holdings Ltd.  | 4.0% |
|  Hartford Insurance Group, Inc.  | 3.9% |
|  Voya Financial, Inc.  | 3.9% |
|  Bank of New York Mellon Corp.  | 3.9% |
|  Northern Trust Corp.  | 3.9% |
|  Agree Realty Corp.  | 3.9% |

---

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

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

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

------

**HOUSEHOLDING**

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

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

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---

| | | |
|:---|:---|:---|
| ![image](i202412191610371.jpg) | **Innovator U.S. Small Cap Managed Floor** **ETF®**  | ![image](i202410282023961.jpg) |
| ![image](i202412191610371.jpg) | RFLR (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412191610371.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Small Cap Managed Floor ETF® for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=RFLR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Small Cap Managed Floor ETF® | $43 | 0.89% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $19042302 |
| **Number of Holdings** | 1337 |
| **Net Advisory Fee** | $52489 |
| **Portfolio Turnover** | 22% |
| **30-Day SEC Yield** | 0.85% |
| **30-Day SEC Yield Unsubsidized** | 0.85% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financial  | 23.1% |
|  Consumer, Non-cyclical  | 20.4% |
|  Industrial  | 12.2% |
|  Consumer, Cyclical  | 11.1% |
|  Technology  | 8.9% |
|  Finance and Insurance  | 4.5% |
|  Energy  | 4.3% |
|  Communications  | 4.1% |
|  Basic Materials  | 3.0% |
|  Cash & Other  | 8.4% |

---

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

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

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182218398.jpg) | **Innovator Uncapped Accelerated U.S.** **Equity ETF** **™**  | ![image](i202410282023961.jpg) |
| ![image](i202412182218398.jpg) | XUSP (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182218398.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Uncapped Accelerated U.S. Equity ETF™ for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XUSP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Uncapped Accelerated U.S. Equity ETF™ | $38 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $35130333 |
| **Number of Holdings** | 12 |
| **Net Advisory Fee** | $186905 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $5.79  | 26.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $5.88  | 25.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $5.49  | 24.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $5.62  | 24.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $587.36  | 2.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $615.38  | 1.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $602.45  | 0.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $571.43  | 0.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $573.78  | -1.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $544.24  | -1.2% |

---

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

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

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182227252.jpg) | **Innovator 20+ Year Treasury Bond 5 Floor** **ETF® - Quarterly**  | ![image](i202410282023961.jpg) |
| ![image](i202412182227252.jpg) | TFJL (Principal U.S. Listing Exchange: Cboe BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182227252.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator 20+ Year Treasury Bond 5 Floor ETF® - Quarterly for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=TFJL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator 20+ Year Treasury Bond 5 Floor ETF® - Quarterly | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $34905046 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $134859 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 06/30/2025; Exercise Price: $0.23  | 98.6% |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 06/30/2025; Exercise Price: $86.48  | 1.4% |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 06/30/2025; Exercise Price: $114.34  | 0.0% |

---

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

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191310641.jpg) | **Innovator 20+ Year Treasury Bond 9 Buffer** **ETF** **™** **- July**  | ![image](i202410282023961.jpg) |
| ![image](i202412191310641.jpg) | TBJL (Principal U.S. Listing Exchange: Cboe BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191310641.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator 20+ Year Treasury Bond 9 Buffer ETF™ - July for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=TBJL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator 20+ Year Treasury Bond 9 Buffer ETF™ - July | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $35056947 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $84615 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 06/30/2025; Exercise Price: $0.92  | 96.2% |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 06/30/2025; Exercise Price: $92.12  | 4.4% |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 06/30/2025; Exercise Price: $114.64  | -0.1% |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 06/30/2025; Exercise Price: $83.83  | -0.7% |

---

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

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

**HOUSEHOLDING**

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

Innovator 20+ Year Treasury Bond 9 Buffer ETF™- July PAGE 1 TSR-SAR-45782C235

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182241766.jpg) | **Innovator Defined Wealth Shield ETF**  | ![image](i202410282023961.jpg) |
| ![image](i202412182241766.jpg) | BALT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182241766.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Defined Wealth Shield ETF for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BALT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Defined Wealth Shield ETF | $35 | 0.69% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1398533550 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $3811991 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.67% |
| **30-Day SEC Yield Unsubsidized** | -0.67% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $1.40  | 98.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $559.39  | 3.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $447.51  | -0.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $573.23  | -1.8% |

---

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

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

**HOUSEHOLDING**

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

Innovator Defined Wealth Shield ETF PAGE 1 TSR-SAR-45783Y855

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182225872.jpg) | **Innovator Emerging Markets 10 Buffer** **ETF** **™** **- Quarterly**  | ![image](i202410282023961.jpg) |
| ![image](i202412182225872.jpg) | EBUF (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412182225872.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Emerging Markets 10 Buffer ETF™ - Quarterly for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=EBUF. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Emerging Markets 10 Buffer ETF - Quarterly | $45 | 0.89% |

---

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $5963649 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $34507 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.85% |
| **30-Day SEC Yield Unsubsidized** | -0.85% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI Emerging Markets ETF, Expiration: 06/30/2025; Exercise Price: $0.11  | 99.1% |
|  iShares MSCI Emerging Markets ETF, Expiration: 06/30/2025; Exercise Price: $43.70  | 2.9% |
|  iShares MSCI Emerging Markets ETF, Expiration: 06/30/2025; Exercise Price: $39.33  | -0.6% |
|  iShares MSCI Emerging Markets ETF, Expiration: 06/30/2025; Exercise Price: $45.33  | -1.5% |

---

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

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

**HOUSEHOLDING**

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

Innovator Emerging Markets 10 Buffer ETF™- Quarterly PAGE 1 TSR-SAR-45783Y210

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---

| | | |
|:---|:---|:---|
| ![image](i202412182226164.jpg) | **Innovator Emerging Markets Power Buffer** **ETF** **™** **- April**  | ![image](i202410282023961.jpg) |
| ![image](i202412182226164.jpg) | EAPR (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412182226164.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Emerging Markets Power Buffer ETF™ - April for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=EAPR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Emerging Markets Power Buffer ETF™ - April | $44 | 0.89% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $72635194 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $269458 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.85% |
| **30-Day SEC Yield Unsubsidized** | -0.85% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI Emerging Markets ETF, Expiration: 03/31/2026; Exercise Price: $0.44  | 97.6% |
|  iShares MSCI Emerging Markets ETF, Expiration: 03/31/2026; Exercise Price: $43.70  | 6.8% |
|  iShares MSCI Emerging Markets ETF, Expiration: 03/31/2026; Exercise Price: $50.12  | -2.2% |
|  iShares MSCI Emerging Markets ETF, Expiration: 03/31/2026; Exercise Price: $37.15  | -2.4% |

---

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

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

**HOUSEHOLDING**

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

Innovator Emerging Markets Power Buffer ETF™- April PAGE 1 TSR-SAR-45782C359

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191311668.jpg) | **Innovator Emerging Markets Power Buffer** **ETF** **™** **- January**  | ![image](i202410282023961.jpg) |
| ![image](i202412191311668.jpg) | EJAN (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412191311668.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Emerging Markets Power Buffer ETF™ - January for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=EJAN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Emerging Markets Power Buffer ETF™ - January | $44 | 0.89% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $110401452 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $523353 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.85% |
| **30-Day SEC Yield Unsubsidized** | -0.85% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $0.42  | 99.5% |
|  iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $41.82  | 4.3% |
|  iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $35.55  | -1.5% |
|  iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $48.22  | -2.4% |

---

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

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

**HOUSEHOLDING**

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

Innovator Emerging Markets Power Buffer ETF™- January PAGE 1 TSR-SAR-45782C516

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| | | |
|:---|:---|:---|
| ![image](i202506181751379.jpg) | **Innovator Emerging Markets Power Buffer** **ETF** **™** **- July**  | ![image](i202410282023961.jpg) |
| ![image](i202506181751379.jpg) | EJUL (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202506181751379.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Emerging Markets Power Buffer ETF™ - July for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=EJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Emerging Markets Power Buffer ETF™ - July | $44 | 0.89% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $71226607 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $338938 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.85% |
| **30-Day SEC Yield Unsubsidized** | -0.85% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI Emerging Markets ETF, Expiration: 06/30/2025; Exercise Price: $0.43  | 98.4% |
|  iShares MSCI Emerging Markets ETF, Expiration: 06/30/2025; Exercise Price: $42.59  | 2.0% |
|  iShares MSCI Emerging Markets ETF, Expiration: 06/30/2025; Exercise Price: $49.15  | -0.2% |
|  iShares MSCI Emerging Markets ETF, Expiration: 06/30/2025; Exercise Price: $36.20  | -0.3% |

---

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

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

**HOUSEHOLDING**

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

Innovator Emerging Markets Power Buffer ETF™- July PAGE 1 TSR-SAR-45782C714

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| | | |
|:---|:---|:---|
| ![image](i202412191559579.jpg) | **Innovator Emerging Markets Power Buffer** **ETF** **™** **- October**  | ![image](i202410282023961.jpg) |
| ![image](i202412191559579.jpg) | EOCT (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412191559579.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Emerging Markets Power Buffer ETF™ - October for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=EOCT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Emerging Markets Power Buffer ETF™ - October | $44 | 0.89% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $61098663 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $282670 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.86% |
| **30-Day SEC Yield Unsubsidized** | -0.86% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI Emerging Markets ETF, Expiration: 09/30/2025; Exercise Price: $0.46  | 95.1% |
|  iShares MSCI Emerging Markets ETF, Expiration: 09/30/2025; Exercise Price: $45.86  | 6.7% |
|  iShares MSCI Emerging Markets ETF, Expiration: 09/30/2025; Exercise Price: $53.10  | -0.3% |
|  iShares MSCI Emerging Markets ETF, Expiration: 09/30/2025; Exercise Price: $38.98  | -1.6% |

---

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

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

**HOUSEHOLDING**

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

Innovator Emerging Markets Power Buffer ETF™- October PAGE 1 TSR-SAR-45782C623

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| | | |
|:---|:---|:---|
| ![image](i202506101812148.jpg) | **Innovator Equity Defined Protection ETF** **™** **-** **1 Yr April**  | ![image](i202410282023961.jpg) |
| ![image](i202506101812148.jpg) | ZAPR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202506101812148.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Equity Defined Protection ETF™ - 1 Yr April for the period of March 31, 2025, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZAPR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Equity Defined Protection ETF™ - 1 Yr April | $7 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $42293293 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $17075 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 0.00% |
| **30-Day SEC Yield Unsubsidized** | 0.00% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $5.63  | 97.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $559.42  | 6.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $601.51  | -4.5% |

---

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

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

**HOUSEHOLDING**

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

Innovator Equity Defined Protection ETF™- 1 Yr April PAGE 1 TSR-SAR-45784N726

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| | | |
|:---|:---|:---|
| ![image](i202412182211562.jpg) | **Innovator Equity Defined Protection ETF** **™** **-** **1 Yr August**  | ![image](i202410282023961.jpg) |
| ![image](i202412182211562.jpg) | ZAUG (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182211562.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Equity Defined Protection ETF™ - 1 Yr August for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZAUG. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Equity Defined Protection ETF™ - 1 Yr August | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $73399987 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $287708 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise Price: $5.54  | 97.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise Price: $550.84  | 3.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise Price: $599.39  | -1.0% |

---

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

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

**HOUSEHOLDING**

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

Innovator Equity Defined Protection ETF™- 1 Yr August PAGE 1 TSR-SAR-45783Y111

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| | | |
|:---|:---|:---|
| ![image](i202506101815268.jpg) | **Innovator Equity Defined Protection ETF** **™** **-** **1 Yr December**  | ![image](i202410282023961.jpg) |
| ![image](i202506101815268.jpg) | ZDEK (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202506101815268.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Equity Defined Protection ETF™ - 1 Yr December for the period of November 29, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZDEK. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Equity Defined Protection ETF™ - 1 Yr December | $32 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $168175133 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $376749 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $6.05  | 91.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $602.57  | 8.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $649.49  | -0.6% |

---

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

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

**HOUSEHOLDING**

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

Innovator Equity Defined Protection ETF™- 1 Yr December PAGE 1 TSR-SAR-45784N858

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| | | |
|:---|:---|:---|
| ![image](i202506101816192.jpg) | **Innovator Equity Defined Protection ETF** **™** **-** **1 Yr February**  | ![image](i202410282023961.jpg) |
| ![image](i202506101816192.jpg) | ZFEB (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202506101816192.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Equity Defined Protection ETF™ - 1 Yr February for the period of January 31, 2025, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZFEB. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Equity Defined Protection ETF™ - 1 Yr February | $19 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $135087103 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $184979 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $6.04  | 91.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $601.84  | 9.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $647.86  | -1.0% |

---

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

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

**HOUSEHOLDING**

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

Innovator Equity Defined Protection ETF™- 1 Yr February PAGE 1 TSR-SAR-45784N775

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| | | |
|:---|:---|:---|
| ![image](i202506101818578.jpg) | **Innovator Equity Defined Protection ETF** **™** **-** **1 Yr January**  | ![image](i202410282023961.jpg) |
| ![image](i202506101818578.jpg) | ZJAN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202506101818578.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Equity Defined Protection ETF™ - 1 Yr January for the period of December 31, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZJAN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Equity Defined Protection ETF™ - 1 Yr January | $26 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $53705093 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $116758 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $5.90  | 93.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $586.12  | 7.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $630.27  | -1.4% |

---

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

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

**HOUSEHOLDING**

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

Innovator Equity Defined Protection ETF™- 1 Yr January PAGE 1 TSR-SAR-45784N817

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---

| | | |
|:---|:---|:---|
| ![image](i202412182244511.jpg) | **Innovator Equity Defined Protection ETF** **™** **-** **1 Yr July**  | ![image](i202410282023961.jpg) |
| ![image](i202412182244511.jpg) | ZJUL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182244511.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Equity Defined Protection ETF™ - 1 Yr July for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Equity Defined Protection ETF™ - 1 Yr July | $39 | 0.79% |

---

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $112895089 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $415473 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $5.51  | 97.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $544.25  | 2.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $595.92  | -0.5% |

---

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

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

**HOUSEHOLDING**

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

Innovator Equity Defined Protection ETF™- 1 Yr July PAGE 1 TSR-SAR-45783Y251

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---

| | | |
|:---|:---|:---|
| ![image](ir20250610182261.jpg) | **Innovator Equity Defined Protection ETF** **™** **-** **1 Yr March**  | ![image](i202410282023961.jpg) |
| ![image](ir20250610182261.jpg) | ZMAR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](ir20250610182261.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Equity Defined Protection ETF™ - 1 Yr March for the period of February 28, 2025, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZMAR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Equity Defined Protection ETF™ - 1 Yr March | $13 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $105170642 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $114391 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $5.97  | 92.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $594.20  | 8.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $640.41  | -1.6% |

---

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

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

**HOUSEHOLDING**

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

Innovator Equity Defined Protection ETF™- 1 Yr March PAGE 1 TSR-SAR-45784N742

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---

| | | |
|:---|:---|:---|
| ![image](i202506101823129.jpg) | **Innovator Equity Defined Protection ETF** **™** **-** **1 Yr May**  | ![image](i202410282023961.jpg) |
| ![image](i202506101823129.jpg) | ZMAY (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202506101823129.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Equity Defined Protection ETF™ - 1 Yr May for the period of April 30, 2025, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZMAY. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Equity Defined Protection ETF™ - 1 Yr May | $0 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1210961 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 0.00% |
| **30-Day SEC Yield Unsubsidized** | 0.00% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $5.57  | 98.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $554.56  | 6.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $594.58  | -5.7% |

---

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

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

**HOUSEHOLDING**

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

Innovator Equity Defined Protection ETF™- 1 Yr May PAGE 1 TSR-SAR-45784N650

------

---

| | | |
|:---|:---|:---|
| ![image](i202506121339901.jpg) | **Innovator Equity Defined Protection ETF** **™** **-** **1 Yr November**  | ![image](i202410282023961.jpg) |
| ![image](i202506121339901.jpg) | ZNOV (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202506121339901.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Equity Defined Protection ETF™ - 1 Yr November for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZNOV. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Equity Defined Protection ETF™ - 1 Yr November | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $50148946 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $179198 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise Price: $5.72  | 95.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise Price: $568.67  | 6.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise Price: $611.29  | -1.7% |

---

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

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

**HOUSEHOLDING**

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

Innovator Equity Defined Protection ETF™- 1 Yr November PAGE 1 TSR-SAR-45784N809

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191550642.jpg) | **Innovator Equity Defined Protection ETF** **™** **-** **1 Yr October**  | ![image](i202410282023961.jpg) |
| ![image](i202412191550642.jpg) | ZOCT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191550642.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Equity Defined Protection ETF™ - 1 Yr October for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZOCT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Equity Defined Protection ETF™ - 1 Yr October | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $73202170 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $279737 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $5.81  | 94.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $573.79  | 6.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $612.66  | -1.2% |

---

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

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

**HOUSEHOLDING**

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

Innovator Equity Defined Protection ETF™- 1 Yr October PAGE 1 TSR-SAR-45784N700

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182229405.jpg) | **Innovator Equity Defined Protection ETF** **™** **-** **1 Yr September**  | ![image](i202410282023961.jpg) |
| ![image](i202412182229405.jpg) | ZSEP (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182229405.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Equity Defined Protection ETF™ - 1 Yr September for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZSEP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Equity Defined Protection ETF™ - 1 Yr September | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $81687413 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $355358 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise Price: $5.67  | 96.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise Price: $563.71  | 4.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise Price: $606.18  | -1.1% |

---

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

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

**HOUSEHOLDING**

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

Innovator Equity Defined Protection ETF™- 1 Yr September PAGE 1 TSR-SAR-45784N106

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182241636.jpg) | **Innovator Equity Defined Protection ETF** **™** **-** **2 Yr to April 2026**  | ![image](i202410282023961.jpg) |
| ![image](i202412182241636.jpg) | AAPR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182241636.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Equity Defined Protection ETF™ - 2 Yr to April 2026 for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=AAPR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Equity Defined Protection ETF - 2 Yr to April 2026 | $39 | 0.79% |

---

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $60218808 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $265360 |
| **Portfolio Turnover** | 2% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $9.42  | 98.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $523.07  | 4.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $617.22  | -3.3% |

---

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

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

**HOUSEHOLDING**

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

Innovator Equity Defined Protection ETF™- 2 Yr to April 2026 PAGE 1 TSR-SAR-45783Y335

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---

| | | |
|:---|:---|:---|
| ![image](i202506101826233.jpg) | **Innovator Equity Defined Protection ETF** **™** **-** **2 Yr to April 2027**  | ![image](i202410282023961.jpg) |
| ![image](i202506101826233.jpg) | TAPR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202506101826233.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Equity Defined Protection ETF™ - 2 Yr to April 2027 for the period of March 31, 2025, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=TAPR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Equity Defined Protection ETF™ - 2 Yr to April 2027 | $7 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $5491352 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $2178 |
| **Portfolio Turnover** | 7% |
| **30-Day SEC Yield** | 0.00% |
| **30-Day SEC Yield Unsubsidized** | 0.00% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2027; Exercise Price: $10.07  | 96.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2027; Exercise Price: $559.39  | 8.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2027; Exercise Price: $645.09  | -5.3% |

---

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

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

**HOUSEHOLDING**

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

Innovator Equity Defined Protection ETF™- 2 Yr to April 2027 PAGE 1 TSR-SAR-45784N734

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191321234.jpg) | **Innovator Equity Defined Protection ETF** **™** **-** **2 Yr to January 2026**  | ![image](i202410282023961.jpg) |
| ![image](i202412191321234.jpg) | AJAN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191321234.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Equity Defined Protection ETF™ - 2 Yr to January 2026 for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=AJAN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Equity Defined Protection ETF™ - 2 Yr to January 2026 | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $49264503 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $213475 |
| **Portfolio Turnover** | 4% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF, Expiration: 12/31/2025; Exercise Price: $8.56  | 106.0% |
|  SPDR S&P 500 ETF, Expiration: 12/31/2025; Exercise Price: $475.31  | 2.6% |
|  SPDR S&P 500 ETF, Expiration: 12/31/2025; Exercise Price: $550.46  | -8.9% |

---

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

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

**HOUSEHOLDING**

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

Innovator Equity Defined Protection ETF™- 2 Yr to January 2026 PAGE 1 TSR-SAR-45783Y418

------

---

| | | |
|:---|:---|:---|
| ![image](i202506101827266.jpg) | **Innovator Equity Defined Protection ETF** **™** **-** **2 Yr to January 2027**  | ![image](i202410282023961.jpg) |
| ![image](i202506101827266.jpg) | TJAN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202506101827266.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Equity Defined Protection ETF™ - 2 Yr to January 2027 for the period of December 31, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=TJAN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Equity Defined Protection ETF™ - 2 Yr to January 2027 | $26 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $54084878 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $106631 |
| **Portfolio Turnover** | 6% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2026; Exercise Price: $10.55  | 92.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2026; Exercise Price: $586.08  | 9.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2026; Exercise Price: $679.50  | -2.4% |

---

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

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

**HOUSEHOLDING**

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

Innovator Equity Defined Protection ETF™- 2 Yr to January 2027 PAGE 1 TSR-SAR-45784N825

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---

| | | |
|:---|:---|:---|
| ![image](i202412191339610.jpg) | **Innovator Equity Defined Protection ETF** **™** **-** **2 Yr to July 2025**  | ![image](i202410282023961.jpg) |
| ![image](i202412191339610.jpg) | TJUL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191339610.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Equity Defined Protection ETF™ - 2 Yr to July 2025 for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=TJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Equity Defined Protection ETF™ - 2 Yr to July 2025 | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $158433430 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $772951 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF, Expiration: 06/30/2025; Exercise Price: $8.12  | 107.3% |
|  SPDR S&P 500 ETF, Expiration: 06/30/2025; Exercise Price: $450.84  | 0.3% |
|  SPDR S&P 500 ETF, Expiration: 06/30/2025; Exercise Price: $525.81  | -8.0% |

---

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

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

**HOUSEHOLDING**

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

Innovator Equity Defined Protection ETF™- 2 Yr to July 2025 PAGE 1 TSR-SAR-45783Y541

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---

| | | |
|:---|:---|:---|
| ![image](i202412182246837.jpg) | **Innovator Equity Defined Protection ETF** **™** **-** **2 Yr to July 2026**  | ![image](i202410282023961.jpg) |
| ![image](i202412182246837.jpg) | AJUL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182246837.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Equity Defined Protection ETF™ - 2 Yr to July 2026 for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=AJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Equity Defined Protection ETF - 2 Yr to July 2026 | $39 | 0.79% |

---

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $67632718 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $262763 |
| **Portfolio Turnover** | 2% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $9.80  | 95.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $544.22  | 6.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise Price: $643.27  | -2.7% |

---

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

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

**HOUSEHOLDING**

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

Innovator Equity Defined Protection ETF™- 2 Yr to July 2026 PAGE 1 TSR-SAR-45783Y236

------

---

| | | |
|:---|:---|:---|
| ![image](it20241219155240.jpg) | **Innovator Equity Defined Protection ETF** **™** **-** **2 Yr to October 2026**  | ![image](i202410282023961.jpg) |
| ![image](it20241219155240.jpg) | AOCT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](it20241219155240.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Equity Defined Protection ETF™ - 2 Yr to October 2026 for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=AOCT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Equity Defined Protection ETF™ - 2 Yr to October 2026 | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $84823327 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $294888 |
| **Portfolio Turnover** | 3% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $10.33  | 94.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $573.76  | 8.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise Price: $648.12  | -3.2% |

---

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

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

**HOUSEHOLDING**

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

Innovator Equity Defined Protection ETF™- 2 Yr to October 2026 PAGE 1 TSR-SAR-45784N601

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191729578.jpg) | **Innovator Equity Defined Protection ETF** **™** **-** **6 Mo Apr/Oct**  | ![image](i202410282023961.jpg) |
| ![image](i202412191729578.jpg) | APOC (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191729578.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Equity Defined Protection ETF™ - 6 Mo Apr/Oct for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=APOC. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Equity Defined Protection ETF™ - 6 Mo Apr/Oct | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $72873612 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $296312 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $2.80  | 98.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $559.39  | 5.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $580.26  | -3.4% |

---

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

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

**HOUSEHOLDING**

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

Innovator Equity Defined Protection ETF™- 6 Mo Apr/Oct PAGE 1 TSR-SAR-45784N882

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182243984.jpg) | **Innovator Equity Defined Protection ETF** **™** **-** **6 Mo Jan/Jul**  | ![image](i202410282023961.jpg) |
| ![image](i202412182243984.jpg) | JAJL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182243984.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Equity Defined Protection ETF™ - 6 Mo Jan/Jul for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=JAJL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul | $40 | 0.79% |

---

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $246463770 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $738576 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.77% |
| **30-Day SEC Yield Unsubsidized** | -0.77% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $2.93  | 94.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $586.08  | 5.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $608.06  | -0.2% |

---

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

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

**HOUSEHOLDING**

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

Innovator Equity Defined Protection ETF™- 6 Mo Jan/Jul PAGE 1 TSR-SAR-45783Y244

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---

| | | |
|:---|:---|:---|
| ![image](i202412182242686.jpg) | **Innovator Growth Accelerated ETF® -** **Quarterly**  | ![image](i202410282023961.jpg) |
| ![image](i202412182242686.jpg) | XDQQ (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182242686.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Growth Accelerated ETF® - Quarterly for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XDQQ. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Growth Accelerated ETF-Quarterly | $39 | 0.79% |

---

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $33867669 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $149187 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise Price: $1.17  | 99.7% |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise Price: $468.92  | 5.3% |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise Price: $492.18  | -5.2% |

---

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

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

**HOUSEHOLDING**

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

Innovator Growth Accelerated ETF® - Quarterly PAGE 1 TSR-SAR-45783Y608

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191336784.jpg) | **Innovator Growth Accelerated Plus ETF® -** **April**  | ![image](i202410282023961.jpg) |
| ![image](i202412191336784.jpg) | QTAP (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191336784.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Growth Accelerated Plus ETF® - April for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=QTAP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Growth Accelerated Plus ETF® - April | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $14279700 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $58532 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.73% |
| **30-Day SEC Yield Unsubsidized** | -0.73% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise Price: $4.70  | 100.3% |
|  Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise Price: $468.92  | 24.2% |
|  Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise Price: $501.98  | -24.7% |

---

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

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

**HOUSEHOLDING**

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

Innovator Growth Accelerated Plus ETF® - April PAGE 1 TSR-SAR-45783Y509

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182253116.jpg) | **Innovator Growth Accelerated Plus ETF® -** **January**  | ![image](i202410282023961.jpg) |
| ![image](i202412182253116.jpg) | QTJA (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182253116.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Growth Accelerated Plus ETF® - January for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=QTJA. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Growth Accelerated Plus ETF® - January | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $14263068 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $74825 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.72% |
| **30-Day SEC Yield Unsubsidized** | -0.72% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $5.13  | 97.4% |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $511.23  | 10.9% |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $544.36  | -8.6% |

---

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

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

**HOUSEHOLDING**

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

Innovator Growth Accelerated Plus ETF® - January PAGE 1 TSR-SAR-45783Y798

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191319707.jpg) | **Innovator Growth Accelerated Plus ETF® -** **July**  | ![image](i202410282023961.jpg) |
| ![image](i202412191319707.jpg) | QTJL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191319707.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Growth Accelerated Plus ETF® - July for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=QTJL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Growth Accelerated Plus ETF® - July | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $12404833 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $62654 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.73% |
| **30-Day SEC Yield Unsubsidized** | -0.73% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise Price: $4.81  | 95.5% |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise Price: $479.11  | 7.8% |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise Price: $510.20  | -3.4% |

---

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

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

**HOUSEHOLDING**

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

Innovator Growth Accelerated Plus ETF® - July PAGE 1 TSR-SAR-45783Y871

------

---

| | | |
|:---|:---|:---|
| ![image](ic20241219160804.jpg) | **Innovator Growth Accelerated Plus ETF® -** **October**  | ![image](i202410282023961.jpg) |
| ![image](ic20241219160804.jpg) | QTOC (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](ic20241219160804.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Growth Accelerated Plus ETF® - October for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=QTOC. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Growth Accelerated Plus ETF® - October | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $13968642 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $47440 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.72% |
| **30-Day SEC Yield Unsubsidized** | -0.72% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 09/30/2025; Exercise Price: $4.90  | 96.5% |
|  Invesco QQQ Trust Series 1, Expiration: 09/30/2025; Exercise Price: $488.07  | 11.5% |
|  Invesco QQQ Trust Series 1, Expiration: 09/30/2025; Exercise Price: $520.14  | -8.3% |

---

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

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

**HOUSEHOLDING**

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

Innovator Growth Accelerated Plus ETF® - October PAGE 1 TSR-SAR-45782C128

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182231695.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **April**  | ![image](i202410282023961.jpg) |
| ![image](i202412182231695.jpg) | NAPR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182231695.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - April for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=NAPR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Growth-100 Power Buffer ETF™ - April | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $235834686 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $750763 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise Price: $4.69  | 100.3% |
|  Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise Price: $468.92  | 7.5% |
|  Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise Price: $398.58  | -3.3% |
|  Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise Price: $541.18  | -4.7% |

---

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

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

**HOUSEHOLDING**

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

Innovator Growth-100 Power Buffer ETF™- April PAGE 1 TSR-SAR-45782C334

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191309354.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **August**  | ![image](i202410282023961.jpg) |
| ![image](i202412191309354.jpg) | NAUG (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191309354.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - August for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=NAUG. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Growth-100 Power Buffer ETF™ - August | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $18790274 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $67324 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.73% |
| **30-Day SEC Yield Unsubsidized** | -0.73% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 07/31/2025; Exercise Price: $4.71  | 97.1% |
|  Invesco QQQ Trust Series 1, Expiration: 07/31/2025; Exercise Price: $471.07  | 4.3% |
|  Invesco QQQ Trust Series 1, Expiration: 07/31/2025; Exercise Price: $545.31  | -0.5% |
|  Invesco QQQ Trust Series 1, Expiration: 07/31/2025; Exercise Price: $400.41  | -1.1% |

---

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

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

**HOUSEHOLDING**

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

Innovator Growth-100 Power Buffer ETF™- August PAGE 1 TSR-SAR-45783Y129

------

---

| | | |
|:---|:---|:---|
| ![image](ic20250610183291.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **December**  | ![image](i202410282023961.jpg) |
| ![image](ic20250610183291.jpg) | NDEC (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](ic20250610183291.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - December for the period of November 29, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=NDEC. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Growth-100 Power Buffer ETF™ - December | $32 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $75349603 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $217846 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 11/28/2025; Exercise Price: $5.10  | 94.7% |
|  Invesco QQQ Trust Series 1, Expiration: 11/28/2025; Exercise Price: $509.74  | 9.5% |
|  Invesco QQQ Trust Series 1, Expiration: 11/28/2025; Exercise Price: $583.91  | -0.8% |
|  Invesco QQQ Trust Series 1, Expiration: 11/28/2025; Exercise Price: $433.28  | -3.7% |

---

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

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

**HOUSEHOLDING**

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

Innovator Growth-100 Power Buffer ETF™- December PAGE 1 TSR-SAR-45784N841

------

---

| | | |
|:---|:---|:---|
| ![image](i202506101833522.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **February**  | ![image](i202410282023961.jpg) |
| ![image](i202506101833522.jpg) | NFEB (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202506101833522.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - February for the period of January 31, 2025, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=NFEB. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Growth-100 Power Buffer ETF™ - February | $18 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $48385474 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $76590 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 01/30/2026; Exercise Price: $5.22  | 94.1% |
|  Invesco QQQ Trust Series 1, Expiration: 01/30/2026; Exercise Price: $522.29  | 11.3% |
|  Invesco QQQ Trust Series 1, Expiration: 01/30/2026; Exercise Price: $599.54  | -0.9% |
|  Invesco QQQ Trust Series 1, Expiration: 01/30/2026; Exercise Price: $443.95  | -4.8% |

---

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

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

**HOUSEHOLDING**

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

Innovator Growth-100 Power Buffer ETF™- February PAGE 1 TSR-SAR-45784N791

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191315966.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **January**  | ![image](i202410282023961.jpg) |
| ![image](i202412191315966.jpg) | NJAN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191315966.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - January for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=NJAN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Growth-100 Power Buffer ETF™ - January | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $275681418 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1017960 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $5.11  | 94.8% |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $511.23  | 10.0% |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $587.91  | -0.9% |
|  Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise Price: $434.55  | -4.1% |

---

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

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

**HOUSEHOLDING**

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

Innovator Growth-100 Power Buffer ETF™- January PAGE 1 TSR-SAR-45782C466

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191350132.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **July**  | ![image](i202410282023961.jpg) |
| ![image](i202412191350132.jpg) | NJUL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191350132.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - July for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=NJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Growth-100 Power Buffer ETF™ - July | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $200990621 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $915921 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise Price: $4.79  | 96.6% |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise Price: $479.11  | 4.0% |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise Price: $556.73  | -0.1% |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise Price: $407.24  | -0.7% |

---

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

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

**HOUSEHOLDING**

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

Innovator Growth-100 Power Buffer ETF™- July PAGE 1 TSR-SAR-45782C276

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191352369.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **June**  | ![image](i202410282023961.jpg) |
| ![image](i202412191352369.jpg) | NJUN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191352369.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - June for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=NJUN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Growth-100 Power Buffer ETF - June | $39 | 0.79% |

---

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $39815702 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $106554 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.73% |
| **30-Day SEC Yield Unsubsidized** | -0.73% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 05/30/2025; Exercise Price: $4.51  | 98.7% |
|  Invesco QQQ Trust Series 1, Expiration: 05/30/2025; Exercise Price: $450.71  | 1.2% |
|  Invesco QQQ Trust Series 1, Expiration: 05/30/2025; Exercise Price: $523.23  | -0.1% |
|  Invesco QQQ Trust Series 1, Expiration: 05/30/2025; Exercise Price: $383.10  | -0.2% |

---

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

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

**HOUSEHOLDING**

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

Innovator Growth-100 Power Buffer ETF™- June PAGE 1 TSR-SAR-45783Y269

------

---

| | | |
|:---|:---|:---|
| ![image](i202506101834965.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **March**  | ![image](i202410282023961.jpg) |
| ![image](i202506101834965.jpg) | NMAR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202506101834965.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - March for the period of February 28, 2025, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=NMAR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Growth-100 Power Buffer ETF™ - March | $13 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $33150282 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $32724 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 02/27/2026; Exercise Price: $5.08  | 95.6% |
|  Invesco QQQ Trust Series 1, Expiration: 02/27/2026; Exercise Price: $508.17  | 10.2% |
|  Invesco QQQ Trust Series 1, Expiration: 02/27/2026; Exercise Price: $585.21  | -1.7% |
|  Invesco QQQ Trust Series 1, Expiration: 02/27/2026; Exercise Price: $431.94  | -4.4% |

---

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

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

**HOUSEHOLDING**

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

Innovator Growth-100 Power Buffer ETF™- March PAGE 1 TSR-SAR-45784N767

------

---

| | | |
|:---|:---|:---|
| ![image](i202506101819674.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **May**  | ![image](i202410282023961.jpg) |
| ![image](i202506101819674.jpg) | NMAY (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202506101819674.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - May for the period of April 30, 2025, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=NMAY. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Growth-100 Power Buffer ETF™ - May | $0 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1226273 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 0.00% |
| **30-Day SEC Yield Unsubsidized** | 0.00% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 04/30/2026; Exercise Price: $4.75  | 99.4% |
|  Invesco QQQ Trust Series 1, Expiration: 04/30/2026; Exercise Price: $475.47  | 8.2% |
|  Invesco QQQ Trust Series 1, Expiration: 04/30/2026; Exercise Price: $404.15  | -3.7% |
|  Invesco QQQ Trust Series 1, Expiration: 04/30/2026; Exercise Price: $556.30  | -4.1% |

---

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

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

**HOUSEHOLDING**

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

Innovator Growth-100 Power Buffer ETF™- May PAGE 1 TSR-SAR-45784N676

------

---

| | | |
|:---|:---|:---|
| ![image](i202506101828400.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **November**  | ![image](i202410282023961.jpg) |
| ![image](i202506101828400.jpg) | NNOV (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202506101828400.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - November for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=NNOV. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Growth-100 Power Buffer ETF™ - November | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $25833521 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $95856 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 10/31/2025; Exercise Price: $4.84  | 96.6% |
|  Invesco QQQ Trust Series 1, Expiration: 10/31/2025; Exercise Price: $483.85  | 6.8% |
|  Invesco QQQ Trust Series 1, Expiration: 10/31/2025; Exercise Price: $560.49  | -1.2% |
|  Invesco QQQ Trust Series 1, Expiration: 10/31/2025; Exercise Price: $411.27  | -2.5% |

---

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

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

**HOUSEHOLDING**

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

Innovator Growth-100 Power Buffer ETF™- November PAGE 1 TSR-SAR-45784N874

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191605376.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **October**  | ![image](i202410282023961.jpg) |
| ![image](i202412191605376.jpg) | NOCT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191605376.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - October for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=NOCT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Growth-100 Power Buffer ETF™ - October | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $151753749 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $623864 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 09/30/2025; Exercise Price: $4.88  | 96.2% |
|  Invesco QQQ Trust Series 1, Expiration: 09/30/2025; Exercise Price: $488.07  | 6.7% |
|  Invesco QQQ Trust Series 1, Expiration: 09/30/2025; Exercise Price: $558.84  | -0.8% |
|  Invesco QQQ Trust Series 1, Expiration: 09/30/2025; Exercise Price: $414.86  | -2.3% |

---

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

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

**HOUSEHOLDING**

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

Innovator Growth-100 Power Buffer ETF™- October PAGE 1 TSR-SAR-45782C615

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182231670.jpg) | **Innovator Growth-100 Power Buffer ETF** **™** **-** **September**  | ![image](i202410282023961.jpg) |
| ![image](i202412182231670.jpg) | NSEP (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182231670.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Growth-100 Power Buffer ETF™ - September for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=NSEP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Growth-100 Power Buffer ETF™ - September | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $28247516 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $140646 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 08/29/2025; Exercise Price: $4.76  | 96.9% |
|  Invesco QQQ Trust Series 1, Expiration: 08/29/2025; Exercise Price: $476.27  | 5.2% |
|  Invesco QQQ Trust Series 1, Expiration: 08/29/2025; Exercise Price: $546.42  | -0.9% |
|  Invesco QQQ Trust Series 1, Expiration: 08/29/2025; Exercise Price: $404.83  | -1.6% |

---

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

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

**HOUSEHOLDING**

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

Innovator Growth-100 Power Buffer ETF™- September PAGE 1 TSR-SAR-45784N205

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182223297.jpg) | **Innovator International Developed 10** **Buffer ETF** **™** **- Quarterly**  | ![image](i202410282023961.jpg) |
| ![image](i202412182223297.jpg) | IBUF (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412182223297.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator International Developed 10 Buffer ETF™ - Quarterly for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IBUF. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator International Developed 10 Buffer ETF™ - Quarterly | $43 | 0.85% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $23547593 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $60526 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.81% |
| **30-Day SEC Yield Unsubsidized** | -0.81% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 06/30/2025; Exercise Price: $0.20  | 100.3% |
|  iShares MSCI EAFE ETF, Expiration: 06/30/2025; Exercise Price: $81.73  | 1.8% |
|  iShares MSCI EAFE ETF, Expiration: 06/30/2025; Exercise Price: $73.56  | -0.5% |
|  iShares MSCI EAFE ETF, Expiration: 06/30/2025; Exercise Price: $85.60  | -1.7% |

---

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

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

**HOUSEHOLDING**

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

Innovator International Developed 10 Buffer ETF™- Quarterly PAGE 1 TSR-SAR-45783Y178

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182228251.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- April**  | ![image](i202410282023961.jpg) |
| ![image](i202412182228251.jpg) | IAPR (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412182228251.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - April for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IAPR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator International Developed Power Buffer ETF™ - April | $43 | 0.85% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $238856627 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $808874 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.79% |
| **30-Day SEC Yield Unsubsidized** | -0.79% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 03/31/2026; Exercise Price: $0.82  | 99.9% |
|  iShares MSCI EAFE ETF, Expiration: 03/31/2026; Exercise Price: $81.73  | 3.9% |
|  iShares MSCI EAFE ETF, Expiration: 03/31/2026; Exercise Price: $69.47  | -1.5% |
|  iShares MSCI EAFE ETF, Expiration: 03/31/2026; Exercise Price: $94.64  | -2.4% |

---

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

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

**HOUSEHOLDING**

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

Innovator International Developed Power Buffer ETF™- April PAGE 1 TSR-SAR-45782C367

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182228872.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- August**  | ![image](i202410282023961.jpg) |
| ![image](i202412182228872.jpg) | IAUG (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412182228872.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - August for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IAUG. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator International Developed Power Buffer ETF™ - August | $44 | 0.85% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $16930977 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $60154 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.79% |
| **30-Day SEC Yield Unsubsidized** | -0.79% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 07/31/2025; Exercise Price: $0.80  | 98.8% |
|  iShares MSCI EAFE ETF, Expiration: 07/31/2025; Exercise Price: $80.36  | 1.9% |
|  iShares MSCI EAFE ETF, Expiration: 07/31/2025; Exercise Price: $68.31  | -0.4% |
|  iShares MSCI EAFE ETF, Expiration: 07/31/2025; Exercise Price: $93.35  | -0.4% |

---

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

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

**HOUSEHOLDING**

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

Innovator International Developed Power Buffer ETF™- August PAGE 1 TSR-SAR-45783Y145

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191326264.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- December**  | ![image](i202410282023961.jpg) |
| ![image](i202412191326264.jpg) | IDEC (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412191326264.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - December for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IDEC. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator International Developed Power Buffer ETF™ - December | $43 | 0.85% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $22154838 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $78282 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.80% |
| **30-Day SEC Yield Unsubsidized** | -0.80% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 11/28/2025; Exercise Price: $0.79  | 99.4% |
|  iShares MSCI EAFE ETF, Expiration: 11/28/2025; Exercise Price: $78.97  | 2.5% |
|  iShares MSCI EAFE ETF, Expiration: 11/28/2025; Exercise Price: $67.12  | -0.8% |
|  iShares MSCI EAFE ETF, Expiration: 11/28/2025; Exercise Price: $93.45  | -1.3% |

---

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

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

**HOUSEHOLDING**

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

Innovator International Developed Power Buffer ETF™- December PAGE 1 TSR-SAR-45783Y426

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191337676.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- February**  | ![image](i202410282023961.jpg) |
| ![image](i202412191337676.jpg) | IFEB (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412191337676.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - February for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IFEB. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator International Developed Power Buffer ETF - February | $43 | 0.85% |

---

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $27914146 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $77300 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.80% |
| **30-Day SEC Yield Unsubsidized** | -0.80% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 01/30/2026; Exercise Price: $0.79  | 100.1% |
|  iShares MSCI EAFE ETF, Expiration: 01/30/2026; Exercise Price: $79.24  | 3.2% |
|  iShares MSCI EAFE ETF, Expiration: 01/30/2026; Exercise Price: $67.35  | -1.3% |
|  iShares MSCI EAFE ETF, Expiration: 01/30/2026; Exercise Price: $92.69  | -2.2% |

---

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

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

**HOUSEHOLDING**

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

Innovator International Developed Power Buffer ETF™- February PAGE 1 TSR-SAR-45783Y350

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182259231.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- January**  | ![image](i202410282023961.jpg) |
| ![image](i202412182259231.jpg) | IJAN (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412182259231.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - January for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IJAN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator International Developed Power Buffer ETF™ - January | $43 | 0.85% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $203474115 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $754201 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.80% |
| **30-Day SEC Yield Unsubsidized** | -0.80% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise Price: $0.76  | 100.8% |
|  iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise Price: $75.61  | 2.3% |
|  iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise Price: $64.27  | -1.0% |
|  iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise Price: $90.92  | -2.2% |

---

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

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

**HOUSEHOLDING**

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

Innovator International Developed Power Buffer ETF™- January PAGE 1 TSR-SAR-45782C524

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191304111.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- July**  | ![image](i202410282023961.jpg) |
| ![image](i202412191304111.jpg) | IJUL (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412191304111.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - July for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator International Developed Power Buffer ETF™ - July | $44 | 0.85% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $143679734 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $637686 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.80% |
| **30-Day SEC Yield Unsubsidized** | -0.80% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 06/30/2025; Exercise Price: $0.78  | 99.2% |
|  iShares MSCI EAFE ETF, Expiration: 06/30/2025; Exercise Price: $78.33  | 1.0% |
|  iShares MSCI EAFE ETF, Expiration: 06/30/2025; Exercise Price: $66.58  | -0.2% |
|  iShares MSCI EAFE ETF, Expiration: 06/30/2025; Exercise Price: $91.49  | -0.1% |

---

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

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

**HOUSEHOLDING**

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

Innovator International Developed Power Buffer ETF™- July PAGE 1 TSR-SAR-45782C722

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191345805.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- June**  | ![image](i202410282023961.jpg) |
| ![image](i202412191345805.jpg) | IJUN (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412191345805.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - June for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IJUN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator International Developed Power Buffer ETF™ - June | $43 | 0.85% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $30131232 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $98973 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.80% |
| **30-Day SEC Yield Unsubsidized** | -0.80% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 05/30/2025; Exercise Price: $0.81  | 99.1% |
|  iShares MSCI EAFE ETF, Expiration: 05/30/2025; Exercise Price: $81.18  | 0.7% |
|  iShares MSCI EAFE ETF, Expiration: 05/30/2025; Exercise Price: $98.02  | 0.0% |
|  iShares MSCI EAFE ETF, Expiration: 05/30/2025; Exercise Price: $69.00  | 0.1% |

---

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

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

**HOUSEHOLDING**

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

Innovator International Developed Power Buffer ETF™- June PAGE 1 TSR-SAR-45783Y285

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191339449.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- March**  | ![image](i202410282023961.jpg) |
| ![image](i202412191339449.jpg) | IMAR (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412191339449.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - March for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IMAR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator International Developed Power Buffer ETF - March | $43 | 0.85% |

---

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $40423575 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $132937 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.80% |
| **30-Day SEC Yield Unsubsidized** | -0.80% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 02/27/2026; Exercise Price: $0.82  | 99.0% |
|  iShares MSCI EAFE ETF, Expiration: 02/27/2026; Exercise Price: $81.58  | 3.7% |
|  iShares MSCI EAFE ETF, Expiration: 02/27/2026; Exercise Price: $69.34  | -1.2% |
|  iShares MSCI EAFE ETF, Expiration: 02/27/2026; Exercise Price: $94.73  | -1.7% |

---

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

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

**HOUSEHOLDING**

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

Innovator International Developed Power Buffer ETF™- March PAGE 1 TSR-SAR-45783Y343

------

---

| | | |
|:---|:---|:---|
| ![image](i202506121338521.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- May**  | ![image](i202410282023961.jpg) |
| ![image](i202506121338521.jpg) | IMAY (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202506121338521.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - May for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IMAY. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator International Developed Power Buffer ETF™ - May | $43 | 0.85% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $12164312 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $37868 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.78% |
| **30-Day SEC Yield Unsubsidized** | -0.78% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 04/30/2026; Exercise Price: $0.85  | 96.9% |
|  iShares MSCI EAFE ETF, Expiration: 04/30/2026; Exercise Price: $84.75  | 6.3% |
|  iShares MSCI EAFE ETF, Expiration: 04/30/2026; Exercise Price: $98.29  | -1.1% |
|  iShares MSCI EAFE ETF, Expiration: 04/30/2026; Exercise Price: $72.04  | -2.4% |

---

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

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

**HOUSEHOLDING**

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

Innovator International Developed Power Buffer ETF™- May PAGE 1 TSR-SAR-45783Y293

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191317396.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- November**  | ![image](i202410282023961.jpg) |
| ![image](i202412191317396.jpg) | INOV (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412191317396.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - November for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=INOV. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator International Developed Power Buffer ETF™ - November | $43 | 0.85% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $13816560 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $52614 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.80% |
| **30-Day SEC Yield Unsubsidized** | -0.80% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 10/31/2025; Exercise Price: $0.79  | 99.8% |
|  iShares MSCI EAFE ETF, Expiration: 10/31/2025; Exercise Price: $79.22  | 2.4% |
|  iShares MSCI EAFE ETF, Expiration: 10/31/2025; Exercise Price: $67.34  | -0.8% |
|  iShares MSCI EAFE ETF, Expiration: 10/31/2025; Exercise Price: $91.55  | -1.5% |

---

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

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

**HOUSEHOLDING**

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

Innovator International Developed Power Buffer ETF™- November PAGE 1 TSR-SAR-45783Y459

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191601170.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- October**  | ![image](i202410282023961.jpg) |
| ![image](i202412191601170.jpg) | IOCT (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412191601170.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - October for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=IOCT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator International Developed Power Buffer ETF™ - October | $43 | 0.85% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $124050186 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $501715 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.80% |
| **30-Day SEC Yield Unsubsidized** | -0.80% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 09/30/2025; Exercise Price: $0.84  | 97.6% |
|  iShares MSCI EAFE ETF, Expiration: 09/30/2025; Exercise Price: $83.63  | 3.5% |
|  iShares MSCI EAFE ETF, Expiration: 09/30/2025; Exercise Price: $95.88  | -0.5% |
|  iShares MSCI EAFE ETF, Expiration: 09/30/2025; Exercise Price: $71.09  | -0.8% |

---

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

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

**HOUSEHOLDING**

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

Innovator International Developed Power Buffer ETF™- October PAGE 1 TSR-SAR-45782C631

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191342538.jpg) | **Innovator International Developed Power** **Buffer ETF** **™** **- September**  | ![image](i202410282023961.jpg) |
| ![image](i202412191342538.jpg) | ISEP (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](i202410282023961.jpg) |
| ![image](i202412191342538.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator International Developed Power Buffer ETF™ - September for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ISEP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator International Developed Power Buffer ETF™ - September | $43 | 0.85% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $79556770 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $286200 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.81% |
| **30-Day SEC Yield Unsubsidized** | -0.81% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares MSCI EAFE ETF, Expiration: 08/29/2025; Exercise Price: $0.83  | 98.2% |
|  iShares MSCI EAFE ETF, Expiration: 08/29/2025; Exercise Price: $82.98  | 2.7% |
|  iShares MSCI EAFE ETF, Expiration: 08/29/2025; Exercise Price: $95.53  | -0.5% |
|  iShares MSCI EAFE ETF, Expiration: 08/29/2025; Exercise Price: $70.53  | -0.6% |

---

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

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

**HOUSEHOLDING**

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

Innovator International Developed Power Buffer ETF™- September PAGE 1 TSR-SAR-45783Y533

------

---

| | | |
|:---|:---|:---|
| ![image](if20241219172931.jpg) | **Innovator Nasdaq-100 10 Buffer ETF** **™** **-** **Quarterly**  | ![image](i202410282023961.jpg) |
| ![image](if20241219172931.jpg) | QBUF (Principal U.S. Listing Exchange: NASDAQ) | ![image](i202410282023961.jpg) |
| ![image](if20241219172931.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Nasdaq-100 10 Buffer ETF™ - Quarterly for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=QBUF. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Nasdaq-100 10 Buffer ETF™ - Quarterly | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $92287300 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $416345 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise Price: $1.19  | 100.4% |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise Price: $468.92  | 3.4% |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise Price: $422.03  | -1.1% |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise Price: $491.48  | -2.7% |

---

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

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

**HOUSEHOLDING**

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

Innovator Nasdaq-100 10 Buffer ETF™- Quarterly PAGE 1 TSR-SAR-45783Y160

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191402117.jpg) | **Innovator Premium Income 10 Barrier ETF** **™** **- July**  | ![image](i202410282023961.jpg) |
| ![image](i202412191402117.jpg) | JULD (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191402117.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Premium Income 10 Barrier ETF™ - July for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=JULD. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Premium Income 10 Barrier ETF™ - July | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $5568144 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $19860 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.65% |
| **30-Day SEC Yield Unsubsidized** | 3.65% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 101.7% |
|  S&P 500 Index, Expiration: 06/30/2025; Exercise Price: $4,860.03  | 6.9% |
|  S&P 500 Mini Index, Expiration: 06/30/2025; Exercise Price: $491.46  | -0.1% |
|  S&P 500 Index, Expiration: 06/30/2025; Exercise Price: $4,914.64  | -8.5% |

---

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

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

**HOUSEHOLDING**

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

Innovator Premium Income 10 Barrier ETF™- July PAGE 1 TSR-SAR-45783Y574

------

---

| | | |
|:---|:---|:---|
| ![image](id20241219155680.jpg) | **Innovator Premium Income 10 Barrier ETF** **™** **- October**  | ![image](i202410282023961.jpg) |
| ![image](id20241219155680.jpg) | OCTD (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](id20241219155680.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Premium Income 10 Barrier ETF™ - October for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=OCTD. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Premium Income 10 Barrier ETF™ - October | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $5231545 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $18278 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.58% |
| **30-Day SEC Yield Unsubsidized** | 3.58% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 103.1% |
|  S&P 500 Index, Expiration: 09/30/2025; Exercise Price: $5,128.54  | 26.2% |
|  United States Treasury Bill  | 1.9% |
|  S&P 500 Mini Index, Expiration: 09/30/2025; Exercise Price: $518.62  | -0.1% |
|  S&P 500 Index, Expiration: 09/30/2025; Exercise Price: $5,186.16  | -31.1% |

---

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

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

**HOUSEHOLDING**

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

Innovator Premium Income 10 Barrier ETF™- October PAGE 1 TSR-SAR-45783Y517

------

---

| | | |
|:---|:---|:---|
| ![image](i202506121340428.jpg) | **Innovator Premium Income 15 Buffer ETF** **™** **- April**  | ![image](i202410282023961.jpg) |
| ![image](i202506121340428.jpg) | LAPR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202506121340428.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Premium Income 15 Buffer ETF™ - April for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=LAPR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Premium Income 15 Buffer ETF - April | $40 | 0.79% |

---

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $5574660 |
| **Number of Holdings** | 12 |
| **Net Advisory Fee** | $16118 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.42% |
| **30-Day SEC Yield Unsubsidized** | 3.42% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 98.6% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |

---

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

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

Innovator Premium Income 15 Buffer ETF™- April PAGE 1 TSR-SAR-45783Y319

------

**HOUSEHOLDING**

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

Innovator Premium Income 15 Buffer ETF™- April PAGE 2 TSR-SAR-45783Y319

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191329915.jpg) | **Innovator Premium Income 15 Buffer ETF** **™** **- January**  | ![image](i202410282023961.jpg) |
| ![image](i202412191329915.jpg) | LJAN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191329915.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Premium Income 15 Buffer ETF™ - January for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=LJAN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Premium Income 15 Buffer ETF™ - January | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $13300119 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $43899 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.34% |
| **30-Day SEC Yield Unsubsidized** | 3.34% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 100.2% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $499.43  | -3.0% |

---

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

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

Innovator Premium Income 15 Buffer ETF™- January PAGE 1 TSR-SAR-45783Y368

------

**HOUSEHOLDING**

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

Innovator Premium Income 15 Buffer ETF™- January PAGE 2 TSR-SAR-45783Y368

------

---

| | | |
|:---|:---|:---|
| ![image](il20241218224969.jpg) | **Innovator Premium Income 15 Buffer ETF** **™** **- July**  | ![image](i202410282023961.jpg) |
| ![image](il20241218224969.jpg) | LJUL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](il20241218224969.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Premium Income 15 Buffer ETF™ - July for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=LJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Premium Income 15 Buffer ETF™ - July | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2379168 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $9365 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.78% |
| **30-Day SEC Yield Unsubsidized** | 3.78% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 100.0% |
|  United States Treasury Bill  | 0.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $462.60  | -0.4% |

---

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

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

**HOUSEHOLDING**

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

Innovator Premium Income 15 Buffer ETF™- July PAGE 1 TSR-SAR-45783Y186

------

---

| | | |
|:---|:---|:---|
| ![image](it20241218221985.jpg) | **Innovator Premium Income 15 Buffer ETF** **™** **- October**  | ![image](i202410282023961.jpg) |
| ![image](it20241218221985.jpg) | LOCT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](it20241218221985.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Premium Income 15 Buffer ETF™ - October for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=LOCT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Premium Income 15 Buffer ETF™ - October | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $19406645 |
| **Number of Holdings** | 6 |
| **Net Advisory Fee** | $74337 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.44% |
| **30-Day SEC Yield Unsubsidized** | 3.44% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 100.3% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  United States Treasury Bill  | 0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $487.71  | -1.9% |

---

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

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

**HOUSEHOLDING**

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

Innovator Premium Income 15 Buffer ETF™- October PAGE 1 TSR-SAR-45783Y434

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182220960.jpg) | **Innovator Premium Income 20 Barrier ETF** **™** **- April**  | ![image](i202410282023961.jpg) |
| ![image](i202412182220960.jpg) | APRH (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182220960.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Premium Income 20 Barrier ETF™ - April for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=APRH. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Premium Income 20 Barrier ETF™ - April | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $26739913 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $106484 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.38% |
| **30-Day SEC Yield Unsubsidized** | 3.38% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 99.9% |
|  S&P 500 Index, Expiration: 03/31/2026; Exercise Price: $4,433.42  | 41.1% |
|  United States Treasury Bill  | 1.6% |
|  United States Treasury Bill  | 1.6% |
|  United States Treasury Bill  | 1.6% |
|  S&P 500 Mini Index, Expiration: 03/31/2026; Exercise Price: $448.95  | -0.2% |
|  S&P 500 Index, Expiration: 03/31/2026; Exercise Price: $4,489.54  | -45.6% |

---

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

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

**HOUSEHOLDING**

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

Innovator Premium Income 20 Barrier ETF™- April PAGE 1 TSR-SAR-45783Y624

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191335269.jpg) | **Innovator Premium Income 20 Barrier ETF** **™** **- January**  | ![image](i202410282023961.jpg) |
| ![image](i202412191335269.jpg) | JANH (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191335269.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Premium Income 20 Barrier ETF™ - January for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=JANH. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Premium Income 20 Barrier ETF™ - January | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $12033137 |
| **Number of Holdings** | 6 |
| **Net Advisory Fee** | $40663 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.42% |
| **30-Day SEC Yield Unsubsidized** | 3.42% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 101.8% |
|  S&P 500 Index, Expiration: 12/31/2025; Exercise Price: $4,657.38  | 39.8% |
|  United States Treasury Bill  | 1.6% |
|  United States Treasury Bill  | 1.6% |
|  S&P 500 Mini Index, Expiration: 12/31/2025; Exercise Price: $471.63  | -0.1% |
|  S&P 500 Index, Expiration: 12/31/2025; Exercise Price: $4,716.34  | -44.7% |

---

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

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

**HOUSEHOLDING**

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

Innovator Premium Income 20 Barrier ETF™- January PAGE 1 TSR-SAR-45783Y657

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191403795.jpg) | **Innovator Premium Income 20 Barrier ETF** **™** **- July**  | ![image](i202410282023961.jpg) |
| ![image](i202412191403795.jpg) | JULH (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191403795.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Premium Income 20 Barrier ETF™ - July for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=JULH. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Premium Income 20 Barrier ETF™ - July | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $18053975 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $78425 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.87% |
| **30-Day SEC Yield Unsubsidized** | 3.87% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 100.7% |
|  S&P 500 Index, Expiration: 06/30/2025; Exercise Price: $4,313.96  | 4.5% |
|  S&P 500 Mini Index, Expiration: 06/30/2025; Exercise Price: $436.86  | 0.0% |
|  S&P 500 Index, Expiration: 06/30/2025; Exercise Price: $4,368.57  | -5.2% |

---

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

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

**HOUSEHOLDING**

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

Innovator Premium Income 20 Barrier ETF™- July PAGE 1 TSR-SAR-45783Y582

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191558133.jpg) | **Innovator Premium Income 20 Barrier ETF** **™** **- October**  | ![image](i202410282023961.jpg) |
| ![image](i202412191558133.jpg) | OCTH (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191558133.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Premium Income 20 Barrier ETF™ - October for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=OCTH. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Premium Income 20 Barrier ETF™ - October | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $18837382 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $78338 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.52% |
| **30-Day SEC Yield Unsubsidized** | 3.52% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 101.5% |
|  S&P 500 Index, Expiration: 09/30/2025; Exercise Price: $4,552.30  | 22.8% |
|  United States Treasury Bill  | 1.6% |
|  S&P 500 Mini Index, Expiration: 09/30/2025; Exercise Price: $460.99  | 0.0% |
|  S&P 500 Index, Expiration: 09/30/2025; Exercise Price: $4,609.92  | -25.9% |

---

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

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

**HOUSEHOLDING**

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

Innovator Premium Income 20 Barrier ETF™- October PAGE 1 TSR-SAR-45783Y525

------

---

| | | |
|:---|:---|:---|
| ![image](ij20241218222208.jpg) | **Innovator Premium Income 30 Barrier ETF** **™** **- April**  | ![image](i202410282023961.jpg) |
| ![image](ij20241218222208.jpg) | APRJ (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](ij20241218222208.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Premium Income 30 Barrier ETF™ - April for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=APRJ. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Premium Income 30 Barrier ETF™ - April | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $37768140 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $139687 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.32% |
| **30-Day SEC Yield Unsubsidized** | 3.32% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 99.3% |
|  S&P 500 Index, Expiration: 03/31/2026; Exercise Price: $3,872.23  | 34.4% |
|  United States Treasury Bill  | 1.3% |
|  United States Treasury Bill  | 1.3% |
|  United States Treasury Bill  | 1.3% |
|  S&P 500 Mini Index, Expiration: 03/31/2026; Exercise Price: $392.83  | -0.1% |
|  S&P 500 Index, Expiration: 03/31/2026; Exercise Price: $3,928.35  | -37.5% |

---

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

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

**HOUSEHOLDING**

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

Innovator Premium Income 30 Barrier ETF™- April PAGE 1 TSR-SAR-45783Y616

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191317354.jpg) | **Innovator Premium Income 30 Barrier ETF** **™** **- January**  | ![image](i202410282023961.jpg) |
| ![image](i202412191317354.jpg) | JANJ (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191317354.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Premium Income 30 Barrier ETF™ - January for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=JANJ. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Premium Income 30 Barrier ETF™ - January | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $17633790 |
| **Number of Holdings** | 6 |
| **Net Advisory Fee** | $76678 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.32% |
| **30-Day SEC Yield Unsubsidized** | 3.32% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 100.5% |
|  S&P 500 Index, Expiration: 12/31/2025; Exercise Price: $4,067.84  | 30.1% |
|  United States Treasury Bill  | 1.3% |
|  United States Treasury Bill  | 1.3% |
|  S&P 500 Mini Index, Expiration: 12/31/2025; Exercise Price: $412.68  | -0.1% |
|  S&P 500 Index, Expiration: 12/31/2025; Exercise Price: $4,126.79  | -33.1% |

---

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

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

**HOUSEHOLDING**

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

Innovator Premium Income 30 Barrier ETF™- January PAGE 1 TSR-SAR-45783Y376

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182250527.jpg) | **Innovator Premium Income 30 Barrier ETF** **™** **- July**  | ![image](i202410282023961.jpg) |
| ![image](i202412182250527.jpg) | JULJ (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182250527.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Premium Income 30 Barrier ETF™ - July for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=JULJ. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Premium Income 30 Barrier ETF™ - July | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $19963827 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $85426 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.85% |
| **30-Day SEC Yield Unsubsidized** | 3.85% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 100.4% |
|  S&P 500 Index, Expiration: 06/30/2025; Exercise Price: $3,767.89  | 3.1% |
|  S&P 500 Mini Index, Expiration: 06/30/2025; Exercise Price: $382.25  | 0.0% |
|  S&P 500 Index, Expiration: 06/30/2025; Exercise Price: $3,822.50  | -3.4% |

---

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

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

**HOUSEHOLDING**

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

Innovator Premium Income 30 Barrier ETF™- July PAGE 1 TSR-SAR-45783Y566

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191354984.jpg) | **Innovator Premium Income 30 Barrier ETF** **™** **- October**  | ![image](i202410282023961.jpg) |
| ![image](i202412191354984.jpg) | OCTJ (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191354984.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Premium Income 30 Barrier ETF™ - October for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=OCTJ. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Premium Income 30 Barrier ETF™ - October | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $19608193 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $87843 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.43% |
| **30-Day SEC Yield Unsubsidized** | 3.43% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 100.3% |
|  S&P 500 Index, Expiration: 09/30/2025; Exercise Price: $3,976.06  | 16.2% |
|  United States Treasury Bill  | 1.3% |
|  S&P 500 Mini Index, Expiration: 09/30/2025; Exercise Price: $403.37  | 0.0% |
|  S&P 500 Index, Expiration: 09/30/2025; Exercise Price: $4,033.68  | -17.8% |

---

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

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

**HOUSEHOLDING**

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

Innovator Premium Income 30 Barrier ETF™- October PAGE 1 TSR-SAR-45783Y491

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182252746.jpg) | **Innovator Premium Income 40 Barrier ETF** **™** **- July**  | ![image](i202410282023961.jpg) |
| ![image](i202412182252746.jpg) | JULQ (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182252746.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Premium Income 40 Barrier ETF™ - July for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=JULQ. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Premium Income 40 Barrier ETF™ - July | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $7481959 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $30945 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.79% |
| **30-Day SEC Yield Unsubsidized** | 3.79% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 100.2% |
|  S&P 500 Index, Expiration: 06/30/2025; Exercise Price: $3,221.82  | 2.3% |
|  S&P 500 Mini Index, Expiration: 06/30/2025; Exercise Price: $327.64  | 0.0% |
|  S&P 500 Index, Expiration: 06/30/2025; Exercise Price: $3,276.43  | -2.5% |

---

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

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

**HOUSEHOLDING**

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

Innovator Premium Income 40 Barrier ETF™- July PAGE 1 TSR-SAR-45783Y558

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191356441.jpg) | **Innovator Premium Income 40 Barrier ETF** **™** **- October**  | ![image](i202410282023961.jpg) |
| ![image](i202412191356441.jpg) | OCTQ (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191356441.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Premium Income 40 Barrier ETF™ - October for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=OCTQ. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Premium Income 40 Barrier ETF™ - October | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $15490453 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $50934 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.43% |
| **30-Day SEC Yield Unsubsidized** | 3.43% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 99.8% |
|  S&P 500 Index, Expiration: 09/30/2025; Exercise Price: $3,399.82  | 12.1% |
|  United States Treasury Bill  | 1.1% |
|  S&P 500 Mini Index, Expiration: 09/30/2025; Exercise Price: $345.74  | 0.0% |
|  S&P 500 Index, Expiration: 09/30/2025; Exercise Price: $3,457.44  | -13.1% |

---

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

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

**HOUSEHOLDING**

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

Innovator Premium Income 40 Barrier ETF™- October PAGE 1 TSR-SAR-45783Y483

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182247753.jpg) | **Innovator Premium Income 9 Buffer ETF** **™** **-** **July**  | ![image](i202410282023961.jpg) |
| ![image](i202412182247753.jpg) | HJUL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182247753.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Premium Income 9 Buffer ETF™ - July for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=HJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator Premium Income 9 Buffer ETF - July | $40 | 0.79% |

---

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1185320 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $4680 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.91% |
| **30-Day SEC Yield Unsubsidized** | 3.91% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 100.4% |
|  United States Treasury Bill  | 0.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $495.26  | -0.9% |

---

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

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

**HOUSEHOLDING**

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

Innovator Premium Income 9 Buffer ETF™- July PAGE 1 TSR-SAR-45783Y194

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182236753.jpg) | **Innovator Premium Income 9 Buffer ETF** **™** **-** **October**  | ![image](i202410282023961.jpg) |
| ![image](i202412182236753.jpg) | HOCT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182236753.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Premium Income 9 Buffer ETF™ - October for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=HOCT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Premium Income 9 Buffer ETF™ - October | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $12837809 |
| **Number of Holdings** | 6 |
| **Net Advisory Fee** | $56091 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.50% |
| **30-Day SEC Yield Unsubsidized** | 3.50% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 101.1% |
|  United States Treasury Bill  | 0.5% |
|  United States Treasury Bill  | 0.5% |
|  United States Treasury Bill  | 0.5% |
|  United States Treasury Bill  | 0.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $522.14  | -3.1% |

---

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

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

**HOUSEHOLDING**

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

Innovator Premium Income 9 Buffer ETF™- October PAGE 1 TSR-SAR-45783Y467

------

---

| | | |
|:---|:---|:---|
| ![image](i202506121337291.jpg) | **Innovator U.S. Equity 10 Buffer ETF** **™** **-** **Quarterly**  | ![image](i202410282023961.jpg) |
| ![image](i202506121337291.jpg) | ZALT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202506121337291.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity 10 Buffer ETF™ - Quarterly for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=ZALT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity 10 Buffer ETF™ - Quarterly | $35 | 0.69% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $431700925 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1222882 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.66% |
| **30-Day SEC Yield Unsubsidized** | -0.66% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $1.39  | 98.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $559.38  | 3.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $503.45  | -1.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $580.48  | -1.2% |

---

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

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

**HOUSEHOLDING**

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

Innovator U.S. Equity 10 Buffer ETF™- Quarterly PAGE 1 TSR-SAR-45783Y442

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182238273.jpg) | **Innovator U.S. Equity 5 to 15 Buffer ETF** **™** **-** **Quarterly**  | ![image](i202410282023961.jpg) |
| ![image](i202412182238273.jpg) | EALT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182238273.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity 5 to 15 Buffer ETF™ - Quarterly for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=EALT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity 5 to 15 Buffer ETF™ - Quarterly | $34 | 0.69% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $133165890 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $394553 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.66% |
| **30-Day SEC Yield Unsubsidized** | -0.66% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $1.38  | 99.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $531.42  | 2.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $594.69  | -0.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $475.48  | -0.6% |

---

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

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

**HOUSEHOLDING**

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

Innovator U.S. Equity 5 to 15 Buffer ETF™- Quarterly PAGE 1 TSR-SAR-45783Y475

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191342827.jpg) | **Innovator U.S. Equity Accelerated 9 Buffer** **ETF** **™** **- April**  | ![image](i202410282023961.jpg) |
| ![image](i202412191342827.jpg) | XBAP (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191342827.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Accelerated 9 Buffer ETF™ - April for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XBAP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Accelerated 9 Buffer ETF™ - April | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $236964981 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $457286 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.73% |
| **30-Day SEC Yield Unsubsidized** | -0.73% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $5.57  | 98.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $559.37  | 8.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $559.37  | 6.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $509.02  | -4.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $595.14  | -10.2% |

---

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

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

**HOUSEHOLDING**

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

Innovator U.S. Equity Accelerated 9 Buffer ETF™- April PAGE 1 TSR-SAR-45783Y301

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182251139.jpg) | **Innovator U.S. Equity Accelerated 9 Buffer** **ETF** **™** **- January**  | ![image](i202410282023961.jpg) |
| ![image](i202412182251139.jpg) | XBJA (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182251139.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Accelerated 9 Buffer ETF™ - January for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XBJA. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Accelerated 9 Buffer ETF™ - January | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $93357101 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $381820 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $5.84  | 95.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $586.06  | 8.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $586.06  | 4.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $620.37  | -3.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $533.31  | -4.5% |

---

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

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

**HOUSEHOLDING**

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

Innovator U.S. Equity Accelerated 9 Buffer ETF™- January PAGE 1 TSR-SAR-45783Y780

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191313404.jpg) | **Innovator U.S. Equity Accelerated 9 Buffer** **ETF** **™** **- July**  | ![image](i202410282023961.jpg) |
| ![image](i202412191313404.jpg) | XBJL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191313404.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Accelerated 9 Buffer ETF™ - July for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XBJL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - July | $39 | 0.79% |

---

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $107189433 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $660432 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $5.41  | 96.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $544.20  | 4.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $544.20  | 2.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $495.22  | -0.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $577.74  | -2.8% |

---

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

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

**HOUSEHOLDING**

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

Innovator U.S. Equity Accelerated 9 Buffer ETF™- July PAGE 1 TSR-SAR-45783Y889

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191615497.jpg) | **Innovator U.S. Equity Accelerated 9 Buffer** **ETF** **™** **- October**  | ![image](i202410282023961.jpg) |
| ![image](i202412191615497.jpg) | XBOC (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191615497.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Accelerated 9 Buffer ETF™ - October for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XBOC. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Accelerated 9 Buffer ETF™ - October | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $194853745 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $365147 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.72% |
| **30-Day SEC Yield Unsubsidized** | -0.72% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $5.70  | 95.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $573.74  | 6.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $573.74  | 4.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $605.95  | -3.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $522.10  | -3.1% |

---

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

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

**HOUSEHOLDING**

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

Innovator U.S. Equity Accelerated 9 Buffer ETF™- October PAGE 1 TSR-SAR-45783Y848

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191317860.jpg) | **Innovator U.S. Equity Accelerated ETF® -** **July**  | ![image](i202410282023961.jpg) |
| ![image](i202412191317860.jpg) | XDJL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191317860.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Accelerated ETF® - July for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XDJL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Accelerated ETF® - July | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4204517 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $34473 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.72% |
| **30-Day SEC Yield Unsubsidized** | -0.72% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $5.47  | 96.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $544.22  | 4.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $588.85  | -1.6% |

---

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

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

**HOUSEHOLDING**

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

Innovator U.S. Equity Accelerated ETF® - July PAGE 1 TSR-SAR-45783Y707

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191622619.jpg) | **Innovator U.S. Equity Accelerated ETF® -** **October**  | ![image](i202410282023961.jpg) |
| ![image](i202412191622619.jpg) | XDOC (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191622619.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Accelerated ETF® - October for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XDOC. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Accelerated ETF® - October | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2902987 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $20094 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $5.77  | 97.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $573.76  | 4.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $617.71  | -2.0% |

---

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

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

**HOUSEHOLDING**

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

Innovator U.S. Equity Accelerated ETF® - October PAGE 1 TSR-SAR-45782C110

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182243285.jpg) | **Innovator U.S. Equity Accelerated ETF® -** **Quarterly**  | ![image](i202410282023961.jpg) |
| ![image](i202412182243285.jpg) | XDSQ (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182243285.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Accelerated ETF® - Quarterly for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XDSQ. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Accelerated ETF® - Quarterly | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $51792072 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $221374 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $1.41  | 99.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $559.39  | 3.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $580.98  | -2.5% |

---

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

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

**HOUSEHOLDING**

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

Innovator U.S. Equity Accelerated ETF® - Quarterly PAGE 1 TSR-SAR-45783Y103

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182226865.jpg) | **Innovator U.S. Equity Accelerated Plus** **ETF® - April**  | ![image](i202410282023961.jpg) |
| ![image](i202412182226865.jpg) | XTAP (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182226865.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Accelerated Plus ETF® - April for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XTAP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Accelerated Plus ETF® - April | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $27314115 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $54121 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.73% |
| **30-Day SEC Yield Unsubsidized** | -0.73% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $5.56  | 99.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $559.36  | 17.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $590.44  | -16.6% |

---

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

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

**HOUSEHOLDING**

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

Innovator U.S. Equity Accelerated Plus ETF® - April PAGE 1 TSR-SAR-45783Y400

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182251582.jpg) | **Innovator U.S. Equity Accelerated Plus** **ETF® - January**  | ![image](i202410282023961.jpg) |
| ![image](i202412182251582.jpg) | XTJA (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182251582.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Accelerated Plus ETF® - January for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XTJA. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Accelerated Plus ETF® - January | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $16577917 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $58958 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $5.83  | 97.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $586.04  | 9.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $614.68  | -7.0% |

---

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

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

**HOUSEHOLDING**

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

Innovator U.S. Equity Accelerated Plus ETF® - January PAGE 1 TSR-SAR-45783Y772

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191315768.jpg) | **Innovator U.S. Equity Accelerated Plus** **ETF® - July**  | ![image](i202410282023961.jpg) |
| ![image](i202412191315768.jpg) | XTJL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191315768.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Accelerated Plus ETF® - July for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XTJL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Equity Accelerated Plus ETF - July | $39 | 0.79% |

---

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $14825314 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $45466 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.73% |
| **30-Day SEC Yield Unsubsidized** | -0.73% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $5.39  | 95.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $544.19  | 9.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $571.92  | -5.6% |

---

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

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

**HOUSEHOLDING**

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

Innovator U.S. Equity Accelerated Plus ETF® - July PAGE 1 TSR-SAR-45783Y806

------

---

| | | |
|:---|:---|:---|
| ![image](ic20241219162687.jpg) | **Innovator U.S. Equity Accelerated Plus** **ETF® - October**  | ![image](i202410282023961.jpg) |
| ![image](ic20241219162687.jpg) | XTOC (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](ic20241219162687.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Accelerated Plus ETF® - October for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=XTOC. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Accelerated Plus ETF® - October | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $13420014 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $51601 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.73% |
| **30-Day SEC Yield Unsubsidized** | -0.73% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $5.69  | 97.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $573.73  | 8.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $601.01  | -5.5% |

---

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

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

**HOUSEHOLDING**

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

Innovator U.S. Equity Accelerated Plus ETF® - October PAGE 1 TSR-SAR-45783Y830

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182225691.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **- April**  | ![image](i202410282023961.jpg) |
| ![image](i202412182225691.jpg) | BAPR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182225691.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - April for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BAPR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Buffer ETF™ - April | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $364691873 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $992514 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.73% |
| **30-Day SEC Yield Unsubsidized** | -0.73% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $5.61  | 98.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $559.40  | 6.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $649.62  | -1.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $509.06  | -4.2% |

---

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

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

**HOUSEHOLDING**

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

Innovator U.S. Equity Buffer ETF™- April PAGE 1 TSR-SAR-45782C888

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191557625.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **- August**  | ![image](i202410282023961.jpg) |
| ![image](i202412191557625.jpg) | BAUG (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191557625.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - August for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BAUG. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Buffer ETF™ - August | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $153729239 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $694730 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise Price: $5.52  | 97.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise Price: $550.83  | 3.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise Price: $639.44  | -0.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise Price: $501.24  | -1.5% |

---

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

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

**HOUSEHOLDING**

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

Innovator U.S. Equity Buffer ETF™- August PAGE 1 TSR-SAR-45782C698

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191318378.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **-** **December**  | ![image](i202410282023961.jpg) |
| ![image](i202412191318378.jpg) | BDEC (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191318378.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - December for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BDEC. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Buffer ETF™ - December | $38 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $191252566 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $895966 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $6.04  | 95.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $602.56  | 9.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $692.72  | -0.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $548.32  | -5.0% |

---

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

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

**HOUSEHOLDING**

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

Innovator U.S. Equity Buffer ETF™- December PAGE 1 TSR-SAR-45782C557

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191321644.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **-** **February**  | ![image](i202410282023961.jpg) |
| ![image](i202412191321644.jpg) | BFEB (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191321644.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - February for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BFEB. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Buffer ETF™ - February | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $186508562 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $598077 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $6.03  | 95.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $601.83  | 9.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $693.30  | -0.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $547.66  | -5.5% |

---

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

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

**HOUSEHOLDING**

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

Innovator U.S. Equity Buffer ETF™- February PAGE 1 TSR-SAR-45782C433

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182254691.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **- January**  | ![image](i202410282023961.jpg) |
| ![image](i202412182254691.jpg) | BJAN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182254691.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - January for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BJAN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Buffer ETF™ - January | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $289476946 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1065053 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $5.87  | 96.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $586.09  | 8.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $677.16  | -0.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $533.34  | -4.6% |

---

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

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

**HOUSEHOLDING**

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

Innovator U.S. Equity Buffer ETF™- January PAGE 1 TSR-SAR-45782C409

------

---

| | | |
|:---|:---|:---|
| ![image](il20241218225329.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **- July**  | ![image](i202410282023961.jpg) |
| ![image](il20241218225329.jpg) | BJUL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](il20241218225329.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - July for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Buffer ETF™ - July | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $244327380 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $929961 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $5.46  | 98.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $544.24  | 2.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $638.97  | 0.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $495.24  | -0.9% |

---

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

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

**HOUSEHOLDING**

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

Innovator U.S. Equity Buffer ETF™- July PAGE 1 TSR-SAR-45782C789

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191344308.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **- June**  | ![image](i202410282023961.jpg) |
| ![image](i202412191344308.jpg) | BJUN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191344308.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - June for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BJUN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Buffer ETF™ - June | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $133380584 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $523895 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise Price: $5.28  | 99.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise Price: $527.38  | 1.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise Price: $615.18  | 0.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise Price: $479.91  | -0.3% |

---

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

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

**HOUSEHOLDING**

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

Innovator U.S. Equity Buffer ETF™- June PAGE 1 TSR-SAR-45782C755

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191548821.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **- March**  | ![image](i202410282023961.jpg) |
| ![image](i202412191548821.jpg) | BMAR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191548821.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - March for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BMAR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Buffer ETF™ - March | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $182054264 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $696567 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $5.95  | 96.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $594.19  | 9.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $688.42  | -0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $540.70  | -5.3% |

---

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

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

**HOUSEHOLDING**

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

Innovator U.S. Equity Buffer ETF™- March PAGE 1 TSR-SAR-45782C391

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182220191.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **- May**  | ![image](i202410282023961.jpg) |
| ![image](i202412182220191.jpg) | BMAY (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182220191.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - May for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BMAY. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Buffer ETF™ - May | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $119875454 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $507488 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $5.56  | 98.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $554.55  | 6.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $655.13  | -1.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $504.63  | -4.2% |

---

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

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

**HOUSEHOLDING**

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

Innovator U.S. Equity Buffer ETF™- May PAGE 1 TSR-SAR-45782C326

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191321960.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **-** **November**  | ![image](i202410282023961.jpg) |
| ![image](i202412191321960.jpg) | BNOV (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191321960.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - November for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BNOV. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Buffer ETF™ - November | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $150095682 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $614257 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

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

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise Price: $5.70  | 97.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise Price: $568.66  | 6.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise Price: $659.11  | -0.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise Price: $517.46  | -3.2% |

---

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

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Buffer ETF™- November PAGE 1 TSR-SAR-45782C581

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---

| | | |
|:---|:---|:---|
| ![image](i202412191557200.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **-** **October**  | ![image](i202410282023961.jpg) |
| ![image](i202412191557200.jpg) | BOCT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191557200.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - October for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BOCT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Buffer ETF™ - October | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $232378888 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $970843 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=BOCT for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $5.75  | 96.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $573.78  | 6.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $658.73  | -0.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $522.12  | -3.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=BOCT.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Buffer ETF™- October PAGE 1 TSR-SAR-45782C771

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191345489.jpg) | **Innovator U.S. Equity Buffer ETF** **™** **-** **September**  | ![image](i202410282023961.jpg) |
| ![image](i202412191345489.jpg) | BSEP (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191345489.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Buffer ETF™ - September for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=BSEP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Buffer ETF™ - September | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $157832249 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $727262 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=BSEP for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise Price: $5.65  | 97.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise Price: $563.70  | 4.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise Price: $648.34  | -0.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise Price: $512.95  | -2.3% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=BSEP.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Buffer ETF™- September PAGE 1 TSR-SAR-45782C664

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191327254.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **April**  | ![image](i202410282023961.jpg) |
| ![image](i202412191327254.jpg) | PAPR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191327254.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - April for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PAPR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Power Buffer ETF™ - April | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $772330268 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $2872336 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PAPR for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $5.59  | 98.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $559.39  | 6.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $628.70  | -2.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $475.48  | -2.9% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PAPR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- April PAGE 1 TSR-SAR-45782C870

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---

| | | |
|:---|:---|:---|
| ![image](i202412191304840.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **August**  | ![image](i202410282023961.jpg) |
| ![image](i202412191304840.jpg) | PAUG (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191304840.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - August for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PAUG. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Power Buffer ETF™ - August | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $753949160 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $3167125 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PAUG for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise Price: $5.51  | 97.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise Price: $550.81  | 3.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise Price: $621.37  | -0.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise Price: $468.19  | -0.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PAUG.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- August PAGE 1 TSR-SAR-45782C680

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---

| | | |
|:---|:---|:---|
| ![image](i202412191321991.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **December**  | ![image](i202410282023961.jpg) |
| ![image](i202412191321991.jpg) | PDEC (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191321991.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - December for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PDEC. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Power Buffer ETF™ - December | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $979866636 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $3709496 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PDEC for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $6.03  | 94.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $602.55  | 8.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $674.31  | -0.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $512.17  | -3.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PDEC.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- December PAGE 1 TSR-SAR-45782C540

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---

| | | |
|:---|:---|:---|
| ![image](i202506121341986.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **February**  | ![image](i202410282023961.jpg) |
| ![image](i202506121341986.jpg) | PFEB (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202506121341986.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - February for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PFEB. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Power Buffer ETF™ - February | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $825565607 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $2717947 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PFEB for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $6.02  | 94.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $601.82  | 9.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $672.89  | -0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $511.55  | -3.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PFEB.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- February PAGE 1 TSR-SAR-45782C417

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---

| | | |
|:---|:---|:---|
| ![image](i202412182258631.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **January**  | ![image](i202410282023961.jpg) |
| ![image](i202412182258631.jpg) | PJAN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182258631.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - January for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PJAN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Power Buffer ETF™ - January | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1200913529 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $4366270 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PJAN for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $5.86  | 95.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $586.08  | 7.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $656.64  | -0.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $498.17  | -2.9% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PJAN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- January PAGE 1 TSR-SAR-45782C508

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182254488.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **July**  | ![image](i202410282023961.jpg) |
| ![image](i202412182254488.jpg) | PJUL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182254488.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - July for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Power Buffer ETF™ - July | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $850610752 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $3572411 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PJUL for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $5.44  | 97.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $544.22  | 2.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $618.78  | -0.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $462.59  | -0.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PJUL.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- July PAGE 1 TSR-SAR-45782C813

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191358635.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **June**  | ![image](i202410282023961.jpg) |
| ![image](i202412191358635.jpg) | PJUN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191358635.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - June for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PJUN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Power Buffer ETF™ - June | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $577089301 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $2267971 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PJUN for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise Price: $5.27  | 99.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise Price: $527.37  | 1.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise Price: $597.98  | -0.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise Price: $448.26  | -0.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PJUN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- June PAGE 1 TSR-SAR-45782C748

------

---

| | | |
|:---|:---|:---|
| ![image](ir20241219135938.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **March**  | ![image](i202410282023961.jpg) |
| ![image](ir20241219135938.jpg) | PMAR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](ir20241219135938.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - March for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PMAR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Power Buffer ETF™ - March | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $587882439 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $2127055 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PMAR for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $5.94  | 95.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $594.18  | 8.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $666.31  | -0.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $505.05  | -3.6% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PMAR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- March PAGE 1 TSR-SAR-45782C383

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182223172.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **May**  | ![image](i202410282023961.jpg) |
| ![image](i202412182223172.jpg) | PMAY (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182223172.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - May for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PMAY. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Power Buffer ETF™ - May | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $486088587 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $2027924 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PMAY for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $5.55  | 98.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $554.54  | 6.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $631.51  | -2.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $471.36  | -3.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PMAY.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- May PAGE 1 TSR-SAR-45782C318

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191325485.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **November**  | ![image](i202410282023961.jpg) |
| ![image](i202412191325485.jpg) | PNOV (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191325485.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - November for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PNOV. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Power Buffer ETF™ - November | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $655089615 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $3040251 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PNOV for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise Price: $5.69  | 96.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise Price: $568.64  | 6.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise Price: $639.44  | -0.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise Price: $483.34  | -2.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PNOV.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- November PAGE 1 TSR-SAR-45782C573

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191600479.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **October**  | ![image](i202410282023961.jpg) |
| ![image](i202412191600479.jpg) | POCT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191600479.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - October for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=POCT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Power Buffer ETF™ - October | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $788108860 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $3317657 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=POCT for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $5.74  | 95.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $573.76  | 6.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $638.94  | -0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $487.70  | -1.9% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=POCT.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- October PAGE 1 TSR-SAR-45782C797

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191315747.jpg) | **Innovator U.S. Equity Power Buffer ETF** **™** **-** **September**  | ![image](i202410282023961.jpg) |
| ![image](i202412191315747.jpg) | PSEP (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191315747.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Power Buffer ETF™ - September for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=PSEP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Power Buffer ETF™ - September | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $685900757 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $3274578 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=PSEP for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise Price: $5.64  | 96.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise Price: $563.68  | 4.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise Price: $630.19  | -0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise Price: $479.13  | -1.3% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=PSEP.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Power Buffer ETF™- September PAGE 1 TSR-SAR-45782C656

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191338705.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **April**  | ![image](i202410282023961.jpg) |
| ![image](i202412191338705.jpg) | UAPR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191338705.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - April for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=UAPR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Ultra Buffer ETF™ - April | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $148317599 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $551177 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=UAPR for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $5.58  | 98.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $531.42  | 5.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $363.60  | -0.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $627.97  | -2.6% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=UAPR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- April PAGE 1 TSR-SAR-45782C805

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191312156.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **August**  | ![image](i202410282023961.jpg) |
| ![image](i202412191312156.jpg) | UAUG (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191312156.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - August for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=UAUG. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Ultra Buffer ETF™ - August | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $145681469 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $773581 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=UAUG for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise Price: $5.49  | 97.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise Price: $523.27  | 2.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise Price: $358.03  | -0.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise Price: $624.84  | -0.2% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=UAUG.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- August PAGE 1 TSR-SAR-45782C672

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191324924.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **December**  | ![image](i202410282023961.jpg) |
| ![image](i202412191324924.jpg) | UDEC (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191324924.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - December for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=UDEC. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Ultra Buffer ETF™ - December | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $398720394 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $772064 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=UDEC for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $6.01  | 94.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $572.42  | 6.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $674.55  | -0.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise Price: $391.66  | -0.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=UDEC.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- December PAGE 1 TSR-SAR-45782C532

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191330937.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **February**  | ![image](i202410282023961.jpg) |
| ![image](i202412191330937.jpg) | UFEB (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191330937.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - February for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=UFEB. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Ultra Buffer ETF™ - February | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $242551688 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $414810 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=UFEB for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $6.01  | 94.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $571.73  | 7.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $672.35  | -0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise Price: $391.18  | -1.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=UFEB.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- February PAGE 1 TSR-SAR-45782C425

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182257753.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **January**  | ![image](i202410282023961.jpg) |
| ![image](i202412182257753.jpg) | UJAN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182257753.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - January for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=UJAN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Ultra Buffer ETF™ - January | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $247625337 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $762519 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=UJAN for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $5.85  | 95.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $556.78  | 5.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $655.35  | -0.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $380.95  | -0.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=UJAN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- January PAGE 1 TSR-SAR-45782C300

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191300322.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **July**  | ![image](i202410282023961.jpg) |
| ![image](i202412191300322.jpg) | UJUL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191300322.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - July for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=UJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Ultra Buffer ETF™ - July | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $135621294 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $522159 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=UJUL for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $5.43  | 98.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $517.01  | 1.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $353.74  | -0.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $622.48  | -0.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=UJUL.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- July PAGE 1 TSR-SAR-45782C839

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191400323.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **June**  | ![image](i202410282023961.jpg) |
| ![image](i202412191400323.jpg) | UJUN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191400323.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - June for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=UJUN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Ultra Buffer ETF™ - June | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $62388486 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $276530 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=UJUN for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise Price: $5.26  | 99.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise Price: $501.00  | 0.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise Price: $342.79  | 0.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise Price: $602.89  | -0.1% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=UJUN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- June PAGE 1 TSR-SAR-45782C730

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191523388.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **March**  | ![image](i202410282023961.jpg) |
| ![image](i202412191523388.jpg) | UMAR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191523388.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - March for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=UMAR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Ultra Buffer ETF™ - March | $40 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $127922258 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $346157 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=UMAR for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $5.93  | 94.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $564.47  | 6.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $663.88  | -0.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise Price: $386.22  | -1.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=UMAR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- March PAGE 1 TSR-SAR-45782C375

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182225500.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **May**  | ![image](i202410282023961.jpg) |
| ![image](i202412182225500.jpg) | UMAY (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182225500.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - May for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=UMAY. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Ultra Buffer ETF™ - May | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $45040195 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $193973 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=UMAY for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $5.53  | 98.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $526.81  | 5.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $360.45  | -1.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $624.36  | -3.3% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=UMAY.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- May PAGE 1 TSR-SAR-45782C292

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191319925.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **November**  | ![image](i202410282023961.jpg) |
| ![image](i202412191319925.jpg) | UNOV (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191319925.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - November for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=UNOV. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Ultra Buffer ETF™ - November | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $139068356 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $402054 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=UNOV for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise Price: $5.67  | 96.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise Price: $540.21  | 4.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise Price: $369.62  | -0.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise Price: $635.57  | -0.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=UNOV.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- November PAGE 1 TSR-SAR-45782C565

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191610384.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **October**  | ![image](i202410282023961.jpg) |
| ![image](i202412191610384.jpg) | UOCT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191610384.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - October for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=UOCT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Ultra Buffer ETF™ - October | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $206447159 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $745402 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=UOCT for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $5.72  | 96.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $545.07  | 4.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $636.54  | -0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $372.94  | -0.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=UOCT.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- October PAGE 1 TSR-SAR-45782C821

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| | | |
|:---|:---|:---|
| ![image](i202412191312239.jpg) | **Innovator U.S. Equity Ultra Buffer ETF** **™** **-** **September**  | ![image](i202410282023961.jpg) |
| ![image](i202412191312239.jpg) | USEP (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191312239.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Equity Ultra Buffer ETF™ - September for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=USEP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Equity Ultra Buffer ETF™ - September | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $130322991 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $614563 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=USEP for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise Price: $5.62  | 97.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise Price: $535.50  | 3.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise Price: $366.39  | -0.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise Price: $630.59  | -0.3% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=USEP.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Equity Ultra Buffer ETF™- September PAGE 1 TSR-SAR-45782C649

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---

| | | |
|:---|:---|:---|
| ![image](i202412191728677.jpg) | **Innovator U.S. Small Cap 10 Buffer ETF** **™** **-** **Quarterly**  | ![image](i202410282023961.jpg) |
| ![image](i202412191728677.jpg) | RBUF (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191728677.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Small Cap 10 Buffer ETF™ - Quarterly for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=RBUF. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Small Cap 10 Buffer ETF™ - Quarterly | $39 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $43454602 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $244433 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=RBUF for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 06/30/2025; Exercise Price: $0.50  | 97.7% |
|  iShares Russell 2000 ETF, Expiration: 06/30/2025; Exercise Price: $199.49  | 4.9% |
|  iShares Russell 2000 ETF, Expiration: 06/30/2025; Exercise Price: $209.60  | -1.1% |
|  iShares Russell 2000 ETF, Expiration: 06/30/2025; Exercise Price: $179.54  | -1.6% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=RBUF.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap 10 Buffer ETF™- Quarterly PAGE 1 TSR-SAR-45783Y228

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182229954.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- April**  | ![image](i202410282023961.jpg) |
| ![image](i202412182229954.jpg) | KAPR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182229954.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - April for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=KAPR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Small Cap Power Buffer ETF™ - April | $38 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $184743903 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $676437 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=KAPR for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 03/31/2026; Exercise Price: $1.99  | 97.3% |
|  iShares Russell 2000 ETF, Expiration: 03/31/2026; Exercise Price: $199.49  | 8.9% |
|  iShares Russell 2000 ETF, Expiration: 03/31/2026; Exercise Price: $235.20  | -2.6% |
|  iShares Russell 2000 ETF, Expiration: 03/31/2026; Exercise Price: $169.57  | -3.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=KAPR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- April PAGE 1 TSR-SAR-45782C342

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---

| | | |
|:---|:---|:---|
| ![image](i202412191307757.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- August**  | ![image](i202410282023961.jpg) |
| ![image](i202412191307757.jpg) | KAUG (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191307757.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - August for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=KAUG. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Small Cap Power Buffer ETF™ - August | $38 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $92684585 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $405513 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=KAUG for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 07/31/2025; Exercise Price: $2.24  | 90.0% |
|  iShares Russell 2000 ETF, Expiration: 07/31/2025; Exercise Price: $223.86  | 13.2% |
|  iShares Russell 2000 ETF, Expiration: 07/31/2025; Exercise Price: $267.78  | 0.0% |
|  iShares Russell 2000 ETF, Expiration: 07/31/2025; Exercise Price: $190.28  | -3.5% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=KAUG.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- August PAGE 1 TSR-SAR-45783Y137

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---

| | | |
|:---|:---|:---|
| ![image](i202506101822849.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- December**  | ![image](i202410282023961.jpg) |
| ![image](i202506101822849.jpg) | KDEC (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202506101822849.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - December for the period of November 29, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=KDEC. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Small Cap Power Buffer ETF™ - December | $31 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $48002042 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $189135 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=KDEC for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 11/28/2025; Exercise Price: $2.42  | 87.8% |
|  iShares Russell 2000 ETF, Expiration: 11/28/2025; Exercise Price: $241.87  | 20.2% |
|  iShares Russell 2000 ETF, Expiration: 11/28/2025; Exercise Price: $283.88  | -0.1% |
|  iShares Russell 2000 ETF, Expiration: 11/28/2025; Exercise Price: $205.59  | -8.2% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=KDEC.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- December PAGE 1 TSR-SAR-45784N833

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---

| | | |
|:---|:---|:---|
| ![image](i202506101823460.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- February**  | ![image](i202410282023961.jpg) |
| ![image](i202506101823460.jpg) | KFEB (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202506101823460.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - February for the period of January 31, 2025, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=KFEB. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Small Cap Power Buffer ETF™ - February | $18 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $24006642 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $40826 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=KFEB for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 01/30/2026; Exercise Price: $2.26  | 91.2% |
|  iShares Russell 2000 ETF, Expiration: 01/30/2026; Exercise Price: $226.48  | 15.4% |
|  iShares Russell 2000 ETF, Expiration: 01/30/2026; Exercise Price: $266.34  | -0.4% |
|  iShares Russell 2000 ETF, Expiration: 01/30/2026; Exercise Price: $192.51  | -6.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=KFEB.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- February PAGE 1 TSR-SAR-45784N783

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---

| | | |
|:---|:---|:---|
| ![image](i202412191317274.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- January**  | ![image](i202410282023961.jpg) |
| ![image](i202412191317274.jpg) | KJAN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191317274.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - January for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=KJAN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Small Cap Power Buffer ETF™ - January | $38 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $297587302 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1337392 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=KJAN for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise Price: $2.21  | 92.0% |
|  iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise Price: $220.96  | 13.6% |
|  iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise Price: $259.52  | -0.5% |
|  iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise Price: $187.82  | -5.4% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=KJAN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- January PAGE 1 TSR-SAR-45782C474

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---

| | | |
|:---|:---|:---|
| ![image](i202412191349525.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- July**  | ![image](i202410282023961.jpg) |
| ![image](i202412191349525.jpg) | KJUL (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191349525.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - July for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=KJUL. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Small Cap Power Buffer ETF™ - July | $38 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $111773981 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $600842 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.76% |
| **30-Day SEC Yield Unsubsidized** | -0.76% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=KJUL for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 06/30/2025; Exercise Price: $2.03  | 95.1% |
|  iShares Russell 2000 ETF, Expiration: 06/30/2025; Exercise Price: $202.89  | 5.7% |
|  iShares Russell 2000 ETF, Expiration: 06/30/2025; Exercise Price: $240.18  | -0.0% |
|  iShares Russell 2000 ETF, Expiration: 06/30/2025; Exercise Price: $172.46  | -1.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=KJUL.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- July PAGE 1 TSR-SAR-45782C284

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191315693.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- June**  | ![image](i202410282023961.jpg) |
| ![image](i202412191315693.jpg) | KJUN (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191315693.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - June for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=KJUN. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Innovator U.S. Small Cap Power Buffer ETF - June | $38 | 0.79% |

---

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $19465663 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $47836 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=KJUN for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 05/30/2025; Exercise Price: $2.06  | 94.4% |
|  iShares Russell 2000 ETF, Expiration: 05/30/2025; Exercise Price: $205.77  | 5.8% |
|  iShares Russell 2000 ETF, Expiration: 05/30/2025; Exercise Price: $242.85  | 0.0% |
|  iShares Russell 2000 ETF, Expiration: 05/30/2025; Exercise Price: $174.90  | -0.5% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=KJUN.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- June PAGE 1 TSR-SAR-45783Y277

------

---

| | | |
|:---|:---|:---|
| ![image](i202506101824683.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- March**  | ![image](i202410282023961.jpg) |
| ![image](i202506101824683.jpg) | KMAR (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202506101824683.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - March for the period of February 28, 2025, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=KMAR. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Small Cap Power Buffer ETF™ - March | $12 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $10998195 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $11415 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.74% |
| **30-Day SEC Yield Unsubsidized** | -0.74% |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=KMAR for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 02/27/2026; Exercise Price: $2.15  | 93.7% |
|  iShares Russell 2000 ETF, Expiration: 02/27/2026; Exercise Price: $214.65  | 12.1% |
|  iShares Russell 2000 ETF, Expiration: 02/27/2026; Exercise Price: $252.32  | -1.1% |
|  iShares Russell 2000 ETF, Expiration: 02/27/2026; Exercise Price: $182.45  | -5.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=KMAR.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- March PAGE 1 TSR-SAR-45784N759

------

---

| | | |
|:---|:---|:---|
| ![image](i202506101825551.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- May**  | ![image](i202410282023961.jpg) |
| ![image](i202506101825551.jpg) | KMAY (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202506101825551.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - May for the period of April 30, 2025, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=KMAY. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Small Cap Power Buffer ETF™ - May | $0 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1237092 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 0.00% |
| **30-Day SEC Yield Unsubsidized** | 0.00% |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=KMAY for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 04/30/2026; Exercise Price: $1.95  | 98.8% |
|  iShares Russell 2000 ETF, Expiration: 04/30/2026; Exercise Price: $194.86  | 8.2% |
|  iShares Russell 2000 ETF, Expiration: 04/30/2026; Exercise Price: $230.95  | -3.6% |
|  iShares Russell 2000 ETF, Expiration: 04/30/2026; Exercise Price: $165.63  | -3.6% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=KMAY.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- May PAGE 1 TSR-SAR-45784N668

------

---

| | | |
|:---|:---|:---|
| ![image](i202506101829156.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- November**  | ![image](i202410282023961.jpg) |
| ![image](i202506101829156.jpg) | KNOV (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202506101829156.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - November for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=KNOV. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Small Cap Power Buffer ETF™ - November | $38 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $17406220 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $72692 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=KNOV for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 10/31/2025; Exercise Price: $2.18  | 92.2% |
|  iShares Russell 2000 ETF, Expiration: 10/31/2025; Exercise Price: $217.76  | 11.9% |
|  iShares Russell 2000 ETF, Expiration: 10/31/2025; Exercise Price: $256.56  | -0.3% |
|  iShares Russell 2000 ETF, Expiration: 10/31/2025; Exercise Price: $185.10  | -4.2% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=KNOV.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- November PAGE 1 TSR-SAR-45784N866

------

---

| | | |
|:---|:---|:---|
| ![image](i202412191604825.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- October**  | ![image](i202410282023961.jpg) |
| ![image](i202412191604825.jpg) | KOCT (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412191604825.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - October for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=KOCT. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Small Cap Power Buffer ETF™ - October | $38 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $102501427 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $495857 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=KOCT for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 09/30/2025; Exercise Price: $2.21  | 91.4% |
|  iShares Russell 2000 ETF, Expiration: 09/30/2025; Exercise Price: $220.89  | 12.7% |
|  iShares Russell 2000 ETF, Expiration: 09/30/2025; Exercise Price: $258.22  | -0.2% |
|  iShares Russell 2000 ETF, Expiration: 09/30/2025; Exercise Price: $187.76  | -4.2% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=KOCT.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- October PAGE 1 TSR-SAR-45782C599

------

---

| | | |
|:---|:---|:---|
| ![image](i202412182232360.jpg) | **Innovator U.S. Small Cap Power Buffer** **ETF** **™** **- September**  | ![image](i202410282023961.jpg) |
| ![image](i202412182232360.jpg) | KSEP (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202412182232360.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator U.S. Small Cap Power Buffer ETF™ - September for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/?ticker=KSEP. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator U.S. Small Cap Power Buffer ETF™ - September | $38 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $12132717 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $61994 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.75% |
| **30-Day SEC Yield Unsubsidized** | -0.75% |

---

Visit https://www.innovatoretfs.com/etf/?ticker=KSEP for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Russell 2000 ETF, Expiration: 08/29/2025; Exercise Price: $2.20  | 91.3% |
|  iShares Russell 2000 ETF, Expiration: 08/29/2025; Exercise Price: $220.08  | 12.0% |
|  iShares Russell 2000 ETF, Expiration: 08/29/2025; Exercise Price: $257.58  | -0.1% |
|  iShares Russell 2000 ETF, Expiration: 08/29/2025; Exercise Price: $187.07  | -3.5% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/?ticker=KSEP.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator U.S. Small Cap Power Buffer ETF™- September PAGE 1 TSR-SAR-45784N304

------

---

| | | |
|:---|:---|:---|
| ![image](i202506101827955.jpg) | **Innovator Uncapped Bitcoin 20 Floor ETF® -** **Quarterly**  | ![image](i202410282023961.jpg) |
| ![image](i202506101827955.jpg) | QBF (Principal U.S. Listing Exchange: CBOE BZX) | ![image](i202410282023961.jpg) |
| ![image](i202506101827955.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202410282023961.jpg) |

---

This semi-annual shareholder report contains important information about the Innovator Uncapped Bitcoin 20 Floor ETF® - Quarterly for the period of February 5, 2025, to April 30, 2025. You can find additional information about the Fund at https://www.innovatoretfs.com/etf/default.aspx?ticker=QBF. You can also request this information by contacting us at 800.208.5212.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Innovator Uncapped Bitcoin 20 Floor ETF® - Quarterly | $18 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $9405708 |
| **Number of Holdings** | 3 |
| **Net Advisory Fee** | $12623 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 2.33% |
| **30-Day SEC Yield Unsubsidized** | 2.33% |

---

Visit https://www.innovatoretfs.com/etf/default.aspx?ticker=QBF for more recent performance information.

**WHAT DID THE FUND INVEST IN?** **\*** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  United States Treasury Bill  | 72.8% |
|  Cboe Mini Bitcoin U.S. ETF Index, Expiration: 06/30/2025; Exercise Price: $156.06  | 32.1% |
|  Cboe Mini Bitcoin U.S. ETF Index, Expiration: 06/30/2025; Exercise Price: $195.08  | -4.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.innovatoretfs.com/etf/default.aspx?ticker=QBF.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Innovator Capital Management, LLC documents not be householded, please contact Innovator Capital Management, LLC at 800.208.5212, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Innovator Capital Management, LLC or your financial intermediary.

Innovator Uncapped Bitcoin 20 Floor ETF® - Quarterly PAGE 1 TSR-SAR-45784N692

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) N/A

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable for semi-annual reports**.**

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under
 Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](15980_cover_letter.jpg)

------

**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments](#soi1) | [1](#soi1) |
| [Statements of Assets and Liabilities](#sal) | [100](#sal) |
| [Statements of Operations](#sop1) | [103](#sop1) |
| [Statements of Changes in Net Assets](#scna) | [106](#scna) |
| [Financial Highlights](#fihi) | [114](#fihi) |
| [Notes to Financial Statements](#not1) | [118](#not1) |
| [Board Considerations Regarding Approval of Investment Management Agreement](#bo1) | [140](#bo1) |
| [Additional Information](#ai1) | [142](#ai1) |
| [Directory of Funds' Service Providers](#back) | [Back Cover](#back) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Buffer Step-Up Strategy ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 98.8%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $5.58<sup>(b)(c)(d)</sup> | $55065822 | &nbsp;&nbsp;&nbsp; 993 | $53973522  |
| **Put Options - 6.8%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $554.57<sup>(b)(c)(d)</sup> | 55065822 | &nbsp;&nbsp;&nbsp; 993 | 3715806  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $57,694,102)** |  |  | 57689328  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.6%** <br>**(Cost $57,694,102)** |  |  | $57689328  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 77910  |
| Liabilities in Excess of Other Assets - (5.7)% |  |  | (3128246)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $54638992 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Buffer Step-Up Strategy ETF** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.8)%**<br>|  |  |  |
| **Call Options - (1.6)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $656.08<sup>(a)(b)</sup> | $(55065822) | &nbsp;&nbsp;&nbsp;&nbsp;(993) | $(869868)  |
| **Put Options - (4.2)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise Price: $504.66<sup>(a)(b)</sup> | (55065822) | &nbsp;&nbsp;&nbsp;&nbsp;(993) | (2307732)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,172,738)** |  |  | $(3177600) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $57689328 | 105.6%  |
| Written Options | (3177600) | (5.8)  |
| Money Market Deposit Account | 77910 | 0.1  |
| Other Assets in Excess of Other Assets | 49354 | 0.1  |
|  | $54638992 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Deepwater Frontier Tech ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.7%**<br>|  |  |
| **Aerospace/Defense - 3.1%**<br>|  |  |
| AeroVironment, Inc.<sup>(a)(b)</sup> | 15829 | $2398410  |
| **Banks - 3.1%**<br>|  |  |
| NU Holdings Ltd./Cayman Islands - Class A<sup>(a)</sup> | 192156 | 2388499  |
| **Commercial Services - 8.3%**<br>|  |  |
| Adyen NV<sup>(a)(c)</sup> | 1338 | 2149034  |
| Remitly Global, Inc.<sup>(a)</sup> | 102724 | 2077079  |
| Shift4 Payments, Inc. - Class A<sup>(a)(b)</sup> | 26041 | 2130154  |
|  |  | 6356267  |
| **Computers - 4.6%**<br>|  |  |
| CyberArk Software Ltd.<sup>(a)</sup> | 10127 | 3566324  |
| **Electronics - 3.1%**<br>|  |  |
| Celestica, Inc.<sup>(a)(b)</sup> | 27826 | 2374949  |
| **Internet - 15.3%**<br>|  |  |
| MercadoLibre, Inc.<sup>(a)</sup> | 1049 | 2445062  |
| Reddit, Inc. - Class A<sup>(a)</sup> | 35921 | 4187311  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 56066 | 2753401  |
| Uber Technologies, Inc.<sup>(a)</sup> | 29442 | 2385096  |
|  |  | 11770870  |
| **Machinery-Construction & Mining - 3.4%**<br>|  |  |
| Vertiv Holdings Co. - Class A | 30458 | 2600504  |
| **Mining - 3.1%**<br>|  |  |
| Cameco Corp. | 52229 | 2358140  |
| **Miscellaneous Manufacturing - 3.0%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 3801 | 2331153  |
| **Semiconductors - 25.8%<sup>(d)</sup>**<br>|  |  |
| ASML Holding NV | 3051 | 2013308  |
| Astera Labs, Inc.<sup>(a)</sup> | 59449 | 3882614  |
| Lam Research Corp. | 31797 | 2278891  |
| Marvell Technology, Inc. | 63822 | 3725290  |
| Micron Technology, Inc. | 29231 | 2249326  |
| Onto Innovation, Inc.<sup>(a)</sup> | 18142 | 2212780  |
| SK Hynix, Inc. | 27995 | 3495682  |
|  |  | 19857891  |
| **Software - 20.9%**<br>|  |  |
| Confluent, Inc. - Class A<sup>(a)</sup> | 97347 | 2317832  |
| Global-e Online Ltd.<sup>(a)</sup> | 64288 | 2308582  |
| HubSpot, Inc.<sup>(a)</sup> | 3934 | 2405641  |
| MongoDB, Inc.<sup>(a)</sup> | 13136 | 2261625  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 32934 | 2262566  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Deepwater Frontier Tech ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Software - (Continued)**  | **Software - (Continued)**  | **Software - (Continued)**  |
| Snowflake, Inc. - Class A<sup>(a)(b)</sup> | 14350 | $2288682  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 9762 | 2277670  |
|  |  | 16122598  |
| **Telecommunications - 6.0%**<br>|  |  |
| Arista Networks, Inc.<sup>(a)</sup> | 27565 | 2267773  |
| Ciena Corp.<sup>(a)</sup> | 35457 | 2381292  |
|  |  | 4649065  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $72,059,628)** |  | 76774670 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS - 9.6%**<br>|  |  |
| **Investments Purchased with Proceeds from Securities Lending - 9.6%**<br>|  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(e)</sup> | 7427373 | 7427373  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $7,427,373)** |  | 7427373  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 109.3%** <br>**(Cost $79,487,001)** |  | $84202043  |
| Money Market Deposit Account - 0.4%<sup>(f)</sup> |  | 282546  |
| Liabilities in Excess of Other Assets - (9.7)% |  | (7457520)  |
| **TOTAL NET ASSETS - 100.0%** |  | $77027069 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $7,010,307 which represented 9.1% of net assets.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2025, the value of these securities total $2,149,034 or 2.8% of the Fund's net assets.

<sup>(d)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

<sup>(f)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Common Stocks | $76774670 | 99.7%  |
| Investments Purchased with Proceeds from Securities Lending | 7427373 | 9.6  |
| Money Market Deposit Account | 282546 | 0.4  |
| Liabilities in Excess of Other Assets | (7457520) | (9.7)  |
|  | $77027069 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 93.6%**<br>|  |  |
| Advertising - 0.0%<sup>(a)</sup><br>|  |  |
| Trade Desk, Inc. - Class A<sup>(b)</sup> | 160 | $8581  |
| **Aerospace/Defense - 1.9%**<br>|  |  |
| General Electric Co. | 27324 | 5506879  |
| HEICO Corp. | 6580 | 1650001  |
| HEICO Corp. - Class A | 5106 | 1025948  |
| Lockheed Martin Corp. | 7596 | 3628989  |
| TransDigm Group, Inc. | 2541 | 3590611  |
|  |  | 15402428  |
| **Airlines - 0.2%**<br>|  |  |
| Delta Air Lines, Inc. | 8740 | 363846  |
| Southwest Airlines Co.<sup>(c)</sup> | 34600 | 967416  |
|  |  | 1331262  |
| **Apparel - 0.3%**<br>|  |  |
| Deckers Outdoor Corp.<sup>(b)</sup> | 11177 | 1238747  |
| NIKE, Inc. - Class B | 21671 | 1222244  |
|  |  | 2460991  |
| **Auto Manufacturers - 1.8%**<br>|  |  |
| Ford Motor Co. | 117023 | 1171400  |
| General Motors Co. | 35473 | 1604799  |
| Tesla, Inc.<sup>(b)</sup> | 40120 | 11320259  |
|  |  | 14096458  |
| **Banks - 4.4%**<br>|  |  |
| Bank of America Corp. | 150895 | 6017693  |
| Citizens Financial Group, Inc. | 61296 | 2261209  |
| First Citizens BancShares, Inc./NC - Class A | 325 | 578220  |
| Goldman Sachs Group, Inc. | 9651 | 5284405  |
| Huntington Bancshares, Inc./OH | 127201 | 1848231  |
| JPMorgan Chase & Co. | 56184 | 13743730  |
| Morgan Stanley | 21256 | 2453368  |
| Regions Financial Corp.<sup>(c)</sup> | 130293 | 2659280  |
|  |  | 34846136  |
| **Beverages - 1.8%**<br>|  |  |
| Brown-Forman Corp. - Class A | 19196 | 664373  |
| Brown-Forman Corp. - Class B<sup>(c)</sup> | 44569 | 1552784  |
| Coca-Cola Co. | 120323 | 8729434  |
| Constellation Brands, Inc. - Class A<sup>(c)</sup> | 16742 | 3139795  |
|  |  | 14086386  |
| **Biotechnology - 1.3%**<br>|  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 3126 | 822888  |
| Amgen, Inc. | 9783 | 2846070  |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 29087 | 1852551  |
| Illumina, Inc.<sup>(b)</sup> | 75 | 5820 |
| Moderna, Inc.<sup>(b)(c)</sup>  | 23492  | 670462  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Biotechnology - (Continued)**  | **Biotechnology - (Continued)**  | **Biotechnology - (Continued)**  |
| Royalty Pharma PLC - Class A | 40119 | $1316706  |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 5156 | 2626982  |
|  |  | 10141479  |
| **Building Materials - 0.7%**<br>|  |  |
| CRH PLC | 16193 | 1545136  |
| Lennox International, Inc.<sup>(c)</sup> | 1528 | 835434  |
| Trane Technologies PLC | 9146 | 3505753  |
|  |  | 5886323  |
| **Chemicals - 1.4%**<br>|  |  |
| Dow, Inc. | 86330 | 2640835  |
| Linde PLC | 11193 | 5073003  |
| LyondellBasell Industries NV - Class A | 255 | 14844  |
| PPG Industries, Inc. | 32127 | 3497345  |
| Westlake Corp. | 1600 | 147888  |
|  |  | 11373915  |
| **Commercial Services - 1.0%**<br>|  |  |
| Block, Inc.<sup>(b)</sup> | 10194 | 596043  |
| Cintas Corp. | 17157 | 3631794  |
| PayPal Holdings, Inc.<sup>(b)</sup> | 18161 | 1195720  |
| Toast, Inc. - Class A<sup>(b)</sup> | 10339 | 367861  |
| TransUnion | 4329 | 359134  |
| United Rentals, Inc. | 2437 | 1538844  |
|  |  | 7689396  |
| **Computers - 7.9%**<br>|  |  |
| Amdocs Ltd. | 6081 | 538655  |
| Apple, Inc. | 242955 | 51627938  |
| Crowdstrike Holdings, Inc. - Class A<sup>(b)</sup> | 5088 | 2182091  |
| Dell Technologies, Inc. - Class C | 6903 | 633419  |
| International Business Machines Corp. | 22791 | 5511320  |
| Okta, Inc.<sup>(b)</sup> | 4048 | 454024  |
| Pure Storage, Inc. - Class A<sup>(b)(c)</sup> | 70 | 3175  |
| Sandisk Corp./DE<sup>(b)</sup> | 14039 | 450792  |
| Super Micro Computer, Inc.<sup>(b)(c)</sup> | 22111 | 704456  |
| Zscaler, Inc.<sup>(b)</sup> | 4643 | 1050107  |
|  |  | 63155977  |
| **Cosmetics/Personal Care - 1.1%**<br>|  |  |
| Estee Lauder Cos., Inc. - Class A | 5197 | 311612  |
| Procter & Gamble Co. | 51109 | 8308790  |
|  |  | 8620402  |
| **Diversified Financial Services - 4.1%**<br>|  |  |
| American Express Co. | 13156 | 3504890  |
| Apollo Global Management, Inc. | 8949 | 1221360 |
| Ares Management Corp. - Class A  | 7013  | 1069693  |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Diversified Financial Services - (Continued)**  | **Diversified Financial Services - (Continued)**  | **Diversified Financial Services - (Continued)**  |
| Blue Owl Capital, Inc. - Class A | 20562 | $381014  |
| Coinbase Global, Inc. - Class A<sup>(b)</sup> | 1842 | 373723  |
| Interactive Brokers Group, Inc. - Class A | 7207 | 1238523  |
| LPL Financial Holdings, Inc. | 1599 | 511344  |
| Mastercard, Inc. - Class A | 16700 | 9152602  |
| Nasdaq, Inc. | 27833 | 2121153  |
| Rocket Cos., Inc. - Class A<sup>(c)</sup> | 21311 | 275125  |
| T Rowe Price Group, Inc.<sup>(c)</sup> | 6949 | 615334  |
| TPG, Inc.<sup>(c)</sup> | 12254 | 569198  |
| Tradeweb Markets, Inc. - Class A | 5620 | 777246  |
| Visa, Inc. - Class A | 31883 | 11015577  |
|  |  | 32826782  |
| **Electric - 2.6%**<br>|  |  |
| Alliant Energy Corp. | 27837 | 1699171  |
| Ameren Corp. | 12730 | 1263325  |
| CenterPoint Energy, Inc. | 43580 | 1690032  |
| CMS Energy Corp. | 29860 | 2199189  |
| Consolidated Edison, Inc. | 21759 | 2453327  |
| DTE Energy Co. | 17205 | 2357085  |
| Entergy Corp. | 35438 | 2947378  |
| Evergy, Inc. | 20286 | 1401763  |
| Eversource Energy | 40993 | 2438264  |
| PPL Corp.<sup>(c)</sup> | 64779 | 2364434  |
|  |  | 20813968  |
| **Electrical Components & Equipment - 0.2%**<br>|  |  |
| AMETEK, Inc. | 11132 | 1887765  |
| **Electronics - 0.5%**<br>|  |  |
| Hubbell, Inc. | 1582 | 574551  |
| Jabil, Inc. | 2654 | 388970  |
| TE Connectivity PLC | 16699 | 2444399  |
| Trimble, Inc.<sup>(b)</sup> | 9748 | 605741  |
|  |  | 4013661  |
| **Entertainment - 0.5%**<br>|  |  |
| DraftKings, Inc. - Class A<sup>(b)</sup> | 44683 | 1487497  |
| Flutter Entertainment PLC<sup>(b)</sup> | 3959 | 954079  |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 10748 | 1423573  |
| TKO Group Holdings, Inc. | 1122 | 182785  |
| Warner Music Group Corp. - Class A<sup>(c)</sup> | 5723 | 174265  |
|  |  | 4222199  |
| **Environmental Control - 0.8%**<br>|  |  |
| Republic Services, Inc. | 13662 | 3425746  |
| Waste Management, Inc. | 14208 | 3315579  |
|  |  | 6741325  |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Food - 0.6%**<br>|  |  |
| Conagra Brands, Inc. | 57085 | $1410570  |
| Hershey Co.<sup>(c)</sup> | 11642 | 1946426  |
| Kellanova | 16744 | 1385901  |
|  |  | 4742897  |
| **Healthcare-Products - 2.5%**<br>|  |  |
| Abbott Laboratories | 41104 | 5374348  |
| Align Technology, Inc.<sup>(b)</sup> | 5184 | 898387  |
| Avantor, Inc.<sup>(b)</sup> | 9538 | 123899  |
| Cooper Cos., Inc.<sup>(b)</sup> | 12729 | 1039577  |
| GE HealthCare Technologies, Inc. | 20976 | 1475242  |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 8096 | 4175917  |
| Natera, Inc.<sup>(b)</sup> | 2366 | 357100  |
| Thermo Fisher Scientific, Inc. | 6493 | 2785497  |
| West Pharmaceutical Services, Inc. | 10682 | 2257000  |
| Zimmer Biomet Holdings, Inc. | 11775 | 1213414  |
|  |  | 19700381  |
| **Healthcare-Services- 1.7%**<br>|  |  |
| Cigna Group | 5927 | 2015417  |
| HCA Healthcare, Inc. | 5214 | 1799247  |
| Humana, Inc. | 3725 | 976844  |
| UnitedHealth Group, Inc. | 21298 | 8762849  |
|  |  | 13554357  |
| **Home Builders - 0.1%**<br>|  |  |
| Lennar Corp. - Class B<sup>(c)</sup> | 5079 | 525016  |
| **Household Products/Wares - 0.2%**<br>|  |  |
| Church & Dwight Co., Inc. | 16196 | 1608911  |
| **Insurance - 3.8%**<br>|  |  |
| Arch Capital Group Ltd. | 15747 | 1427938  |
| Berkshire Hathaway, Inc. - Class B<sup>(b)</sup> | 24982 | 13321651  |
| Brown & Brown, Inc. | 21758 | 2406435  |
| Hartford Insurance Group, Inc. | 25182 | 3089076  |
| Loews Corp. | 27324 | 2372543  |
| Markel Group, Inc.<sup>(b)</sup> | 1012 | 1840423  |
| Principal Financial Group, Inc. | 14425 | 1069614  |
| Prudential Financial, Inc. | 23368 | 2400127  |
| W R Berkley Corp. | 30972 | 2220383  |
|  |  | 30148190  |
| **Internet - 12.7%**<br>|  |  |
| Alphabet, Inc. - Class A | 95474 | 15161271  |
| Alphabet, Inc. - Class C | 85665 | 13782642  |
| Amazon.com, Inc.<sup>(b)</sup> | 155458 | 28669564  |
| Booking Holdings, Inc. | 619 | 3156454  |
| CDW Corp./DE | 60 | 9634  |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Internet - (Continued)**  | **Internet - (Continued)**  | **Internet - (Continued)**  |
| Coupang, Inc.<sup>(b)</sup> | 15201 | $355247  |
| DoorDash, Inc. - Class A<sup>(b)</sup> | 7626 | 1470979  |
| Expedia Group, Inc. | 6706 | 1052373  |
| MercadoLibre, Inc.<sup>(b)</sup> | 910 | 2121074  |
| Meta Platforms, Inc. - Class A | 37265 | 20458485  |
| Netflix, Inc.<sup>(b)</sup> | 6367 | 7205661  |
| Pinterest, Inc. - Class A<sup>(b)</sup> | 25408 | 643331  |
| Reddit, Inc. - Class A<sup>(b)</sup> | 2111 | 246079  |
| Robinhood Markets, Inc. - Class A<sup>(b)</sup> | 7971 | 391456  |
| Snap, Inc. - Class A<sup>(b)(c)</sup> | 55541 | 442106  |
| Spotify Technology SA<sup>(b)(c)</sup> | 4048 | 2485391  |
| Uber Technologies, Inc.<sup>(b)</sup> | 38225 | 3096607  |
|  |  | 100748354  |
| **Iron/Steel - 0.2%**<br>|  |  |
| Nucor Corp. | 8312 | 992203  |
| Reliance, Inc. | 2799 | 806756  |
|  |  | 1798959  |
| **Machinery-Construction & Mining - 0.3%**<br>|  |  |
| GE Vernova, Inc. | 4591 | 1702435  |
| Vertiv Holdings Co. - Class A | 5020 | 428607  |
|  |  | 2131042  |
| **Machinery-Diversified - 1.0%**<br>|  |  |
| Deere & Co. | 5597 | 2594545  |
| Dover Corp. | 13729 | 2342854  |
| IDEX Corp. | 4296 | 747375  |
| Westinghouse Air Brake Technologies Corp. | 12151 | 2244776  |
|  |  | 7929550  |
| **Media - 0.5%**<br>|  |  |
| FactSet Research Systems, Inc. | 1585 | 685069  |
| Walt Disney Co. | 34089 | 3100394  |
|  |  | 3785463  |
| **Mining - 0.2%**<br>|  |  |
| Freeport-McMoRan, Inc. | 41513 | 1495713  |
| Southern Copper Corp. | 1574 | 140905  |
|  |  | 1636618  |
| **Miscellaneous Manufacturing - 0.8%**<br>|  |  |
| 3M Co. | 33396 | 4639038  |
| Carlisle Cos., Inc. | 3920 | 1487562  |
|  |  | 6126600  |
| **Office-Business Equipment - 0.0%<sup>(a)</sup>**<br>|  |  |
| Zebra Technologies Corp. - Class A<sup>(b)</sup> | 30 | 7510  |

---

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Oil & Gas - 2.2%**<br>|  |  |
| Chevron Corp. | 26954 | $3667361  |
| ConocoPhillips | 58780 | 5238474  |
| Exxon Mobil Corp. | 69888 | 7382269  |
| Valero Energy Corp. | 9006 | 1045507  |
|  |  | 17333611  |
| **Oil & Gas Services - 0.2%**<br>|  |  |
| Halliburton Co. | 83806 | 1661035  |
| **Pharmaceuticals - 4.5%**<br>|  |  |
| AbbVie, Inc. | 34533 | 6737388  |
| Cencora, Inc. | 8888 | 2601251  |
| Eli Lilly & Co. | 15273 | 13729663  |
| Johnson & Johnson | 61232 | 9571174  |
| Merck & Co., Inc. | 33554 | 2858801  |
|  |  | 35498277  |
| **Pipelines - 0.7%**<br>|  |  |
| Cheniere Energy, Inc. | 7146 | 1651512  |
| Kinder Morgan, Inc. | 146278 | 3847112  |
|  |  | 5498624  |
| **Private Equity - 0.4%**<br>|  |  |
| Blackstone, Inc. | 13070 | 1721450  |
| KKR & Co., Inc. | 15309 | 1749359  |
|  |  | 3470809  |
| **Retail - 5.2%**<br>|  |  |
| Carvana Co.<sup>(b)</sup> | 2226 | 543923  |
| Costco Wholesale Corp. | 9304 | 9252828  |
| Darden Restaurants, Inc. | 6706 | 1345492  |
| Ferguson Enterprises, Inc. | 5202 | 882571  |
| Home Depot, Inc. | 22292 | 8036043  |
| Lowe's Cos., Inc. | 17218 | 3849256  |
| McDonald's Corp. | 21270 | 6798955  |
| Ross Stores, Inc. | 14674 | 2039686  |
| Target Corp. | 95 | 9187  |
| Walmart, Inc. | 87843 | 8542732  |
|  |  | 41300673  |
| **Semiconductors - 9.5%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 33624 | 3273296  |
| Astera Labs, Inc.<sup>(b)</sup> | 40 | 2612  |
| Broadcom, Inc. | 76417 | 14707980  |
| Entegris, Inc.<sup>(c)</sup> | 13405 | 1060604  |
| GLOBALFOUNDRIES, Inc.<sup>(b)</sup> | 3729 | 130776  |
| Intel Corp. | 75327 | 1514073  |
| Lam Research Corp. | 48441 | 3471766  |
| Marvell Technology, Inc. | 13248 | 773286  |

---

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Semiconductors - (Continued)**  | **Semiconductors - (Continued)**  | **Semiconductors - (Continued)**  |
| Micron Technology, Inc. | 11449 | $881001  |
| NVIDIA Corp. | 380095 | 41399947  |
| ON Semiconductor Corp.<sup>(b)</sup> | 130 | 5161  |
| QUALCOMM, Inc. | 19341 | 2871365  |
| Skyworks Solutions, Inc.<sup>(c)</sup> | 20880 | 1342166  |
| Teradyne, Inc. | 80 | 5937  |
| Texas Instruments, Inc. | 26937 | 4311267  |
|  |  | 75751237  |
| **Software - 10.9%**<br>|  |  |
| AppLovin Corp. - Class A<sup>(b)</sup> | 3502 | 943124  |
| Atlassian Corp. - Class A<sup>(b)</sup> | 4402 | 1005021  |
| Bentley Systems, Inc. - Class B | 28250 | 1214467  |
| Broadridge Financial Solutions, Inc. | 9614 | 2330434  |
| Cloudflare, Inc. - Class A<sup>(b)</sup> | 7617 | 919981  |
| Datadog, Inc. - Class A<sup>(b)</sup> | 5718 | 584151  |
| HubSpot, Inc.<sup>(b)</sup> | 3981 | 2434381  |
| Intuit, Inc. | 6580 | 4128753  |
| Microsoft Corp. | 125147 | 49465603  |
| MicroStrategy, Inc. - Class A<sup>(b)(c)</sup> | 3693 | 1403746  |
| MongoDB, Inc.<sup>(b)</sup> | 35 | 6026  |
| Oracle Corp. | 27574 | 3880213  |
| Palantir Technologies, Inc. - Class A<sup>(b)</sup> | 43923 | 5202240  |
| ROBLOX Corp. - Class A<sup>(b)</sup> | 18757 | 1257657  |
| Salesforce, Inc. | 16725 | 4494175  |
| Samsara, Inc. - Class A<sup>(b)</sup> | 8253 | 327314  |
| Snowflake, Inc. - Class A<sup>(b)</sup> | 11683 | 1863322  |
| SS&C Technologies Holdings, Inc. | 15686 | 1185862  |
| Veeva Systems, Inc. - Class A<sup>(b)</sup> | 4671 | 1091566  |
| Workday, Inc. - Class A<sup>(b)</sup> | 7152 | 1752240  |
| Zoom Communications, Inc. - Class A<sup>(b)</sup> | 16812 | 1303602  |
|  |  | 86793878  |
| **Telecommunications - 2.2%**<br>|  |  |
| AT&T, Inc. | 231244 | 6405459  |
| Cisco Systems, Inc. | 118406 | 6835579  |
| T-Mobile US, Inc. | 17494 | 4320143  |
|  |  | 17561181  |
| **Transportation - 0.7%**<br>|  |  |
| Expeditors International of Washington, Inc. | 9689 | 1064918  |
| FedEx Corp. | 4912 | 1033141  |
| Union Pacific Corp. | 16698 | 3601091  |
|  |  | 5699150  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $717,295,766)** |  | 744617757 |

---

The accompanying notes are an integral part of these financial statements.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 2.9%<sup>(b)</sup>**<br>|  |  |  |
| **Put Options - 2.9%**<br>|  |  |  |
| SPDR S&P 500 ETF<sup>(d)(e)(f)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2025; Exercise Price: $490.00 | $198303504 | 3576 | $1537680  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2025; Exercise Price: $510.00 | 186269986 | 3359 | 5213168  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $530.00 | 197416240 | 3560 | 8900000  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $500.00 | 207841592 | 3748 | 7915776  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $20,951,245)** |  |  | 23566624 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.8%**<br>|  |  |
| **REITS - 1.8%**<br>|  |  |
| American Tower Corp. | 9979 | 2249366  |
| BXP, Inc.<sup>(c)</sup> | 21017 | 1339413  |
| Essex Property Trust, Inc. | 6072 | 1694999  |
| Healthpeak Properties, Inc. | 101718 | 1814649  |
| Invitation Homes, Inc. | 69846 | 2388035  |
| Mid-America Apartment Communities, Inc. | 11174 | 1783929  |
| Millrose Properties, Inc.<sup>(b)</sup> | 3238 | 81080  |
| SBA Communications Corp. | 7135 | 1736659  |
| Sun Communities, Inc. | 10665 | 1327046  |
|  |  | 14415176  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $14,132,946)** |  | 14415176  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS - 2.9%**<br>|  |  |
| **Investments Purchased with Proceeds from Securities Lending - 2.9%**<br>|  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(g)</sup> | 22775683 | 22775683  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $22,775,683)** |  | 22775683  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.2%** <br>**(Cost $775,155,640)** |  | $805375240  |
| Money Market Deposit Account - 2.6%<sup>(h)</sup> |  | 20708101  |
| Liabilities in Excess of Other Assets - (3.8)% |  | (30400114)  |
| **TOTAL NET ASSETS - 100.0%** |  | $795683227 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $22,402,119 which represented 2.8% of net assets.

<sup>(d)</sup> Exchange-traded.

<sup>(e)</sup> 100 shares per contract.

<sup>(f)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(g)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

<sup>(h)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Managed Floor ETF** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - 1.0)%**<br>|  |  |  |
| **Call Options - (1.0)%**<br>|  |  |  |
| S&P 500 IndexCounterparty:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 05/02/2025; Exercise Price: $5,530.00<sup>(a)(b)</sup> | (315765702) | &nbsp;&nbsp;&nbsp;&nbsp;(567) | $(4509918)  |
| &nbsp;&nbsp;&nbsp; Expiration: 05/07/2025; Exercise Price: $5,625.00 | (229445272) | &nbsp;&nbsp;&nbsp;&nbsp;(412) | (1932280)  |
| &nbsp;&nbsp;&nbsp; Expiration: 05/12/2025; Exercise Price: $5,700.00 | (253949136) | &nbsp;&nbsp;&nbsp;&nbsp;(456) | (1465128)  |
| **Total Call Options** |  |  | (7907326)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,495,930)** |  |  | $(7907326) |

---

Percentages are stated as a percentof net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Common Stocks | $744617757 | 93.6%  |
| Purchased Options | 23566624 | 2.9  |
| Real Estate Investment Trusts - Common | 14415176 | 1.8  |
| Written Options | (7907326) | (1.0)  |
| Investments Purchased with Proceeds from Securities Lending | 22775683 | 2.9  |
| Money Market Deposit Account | 20708101 | 2.6  |
| Liabilities in Excess of Other Assets | (22492788) | (2.8)  |
|  | $795683227 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

14<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Premium Income - Daily PutWrite ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 50.8%**<br>|  |  |
| **Advertising - 0.0%<sup>(a)</sup>**<br>|  |  |
| Omnicom Group, Inc. | 10 | $762  |
| Trade Desk, Inc. - Class A<sup>(b)</sup> | 24 | 1287  |
|  |  | 2049  |
| **Aerospace/Defense - 1.1%**<br>|  |  |
| Boeing Co.<sup>(b)</sup> | 38 | 6963  |
| General Dynamics Corp. | 12 | 3265  |
| General Electric Co. | 57 | 11488  |
| HEICO Corp. | 2 | 501  |
| HEICO Corp. - Class A | 4 | 804  |
| Howmet Aerospace, Inc. | 21 | 2910  |
| L3Harris Technologies, Inc. | 10 | 2200  |
| Lockheed Martin Corp. | 13 | 6211  |
| Northrop Grumman Corp. | 8 | 3892  |
| RTX Corp. | 71 | 8955  |
| TransDigm Group, Inc. | 3 | 4239  |
|  |  | 51428  |
| **Agriculture - 0.4%**<br>|  |  |
| Altria Group, Inc. | 90 | 5323  |
| Archer-Daniels-Midland Co. | 25 | 1194  |
| Bunge Global SA | 7 | 551  |
| Philip Morris International, Inc. | 82 | 14052  |
|  |  | 21120  |
| **Airlines - 0.1%**<br>|  |  |
| Delta Air Lines, Inc. | 34 | 1415  |
| Southwest Airlines Co. | 32 | 895  |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 17 | 1170  |
|  |  | 3480  |
| **Apparel - 0.1%**<br>|  |  |
| Deckers Outdoor Corp.<sup>(b)</sup> | 8 | 886  |
| NIKE, Inc. - Class B | 62 | 3497  |
|  |  | 4383  |
| **Auto Manufacturers - 1.0%**<br>|  |  |
| Cummins, Inc. | 7 | 2057  |
| Ford Motor Co. | 207 | 2072  |
| General Motors Co. | 58 | 2624  |
| PACCAR, Inc. | 27 | 2435  |
| Tesla, Inc.<sup>(b)</sup> | 148 | 41760  |
|  |  | 50948  |
| **Auto Parts & Equipment - 0.0%<sup>(a)</sup>**<br>|  |  |
| Aptiv PLC<sup>(b)</sup> | 12 | 685  |

---

The accompanying notes are an integral part of these financial statements.

15<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Premium Income - Daily PutWrite ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Banks - 2.2%**<br>|  |  |
| Bank of America Corp. | 353 | $14078  |
| Bank of New York Mellon Corp. | 39 | 3136  |
| Citigroup, Inc. | 97 | 6633  |
| Citizens Financial Group, Inc. | 23 | 848  |
| Fifth Third Bancorp | 35 | 1258  |
| First Citizens BancShares, Inc./NC - Class A | 1 | 1779  |
| Goldman Sachs Group, Inc. | 17 | 9308  |
| Huntington Bancshares, Inc./OH | 77 | 1119  |
| JPMorgan Chase & Co. | 149 | 36448  |
| M&T Bank Corp. | 9 | 1528  |
| Morgan Stanley | 65 | 7502  |
| Northern Trust Corp. | 10 | 940  |
| PNC Financial Services Group, Inc. | 21 | 3374  |
| Regions Financial Corp. | 48 | 980  |
| State Street Corp. | 15 | 1322  |
| Truist Financial Corp. | 70 | 2684  |
| US Bancorp | 80 | 3227  |
| Wells Fargo & Co. | 177 | 12569  |
|  |  | 108733  |
| **Beverages - 0.6%**<br>|  |  |
| Brown-Forman Corp. - Class A | 3 | 104  |
| Brown-Forman Corp. - Class B | 16 | 558  |
| Coca-Cola Co. | 206 | 14945  |
| Constellation Brands, Inc. - Class A | 8 | 1500  |
| Keurig Dr Pepper, Inc. | 60 | 2075  |
| Monster Beverage Corp.<sup>(b)</sup> | 37 | 2225  |
| PepsiCo, Inc. | 73 | 9897  |
|  |  | 31304  |
| **Biotechnology - 0.7%**<br>|  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 7 | 1843  |
| Amgen, Inc. | 28 | 8146  |
| Biogen, Inc.<sup>(b)</sup> | 8 | 968  |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 10 | 637  |
| Corteva, Inc. | 36 | 2232  |
| Gilead Sciences, Inc. | 66 | 7032  |
| Illumina, Inc.<sup>(b)</sup> | 8 | 621  |
| Incyte Corp.<sup>(b)</sup> | 9 | 564  |
| Moderna, Inc.<sup>(b)</sup> | 18 | 514  |
| Regeneron Pharmaceuticals, Inc. | 6 | 3592  |
| Royalty Pharma PLC - Class A | 20 | 656  |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 14 | 7133  |
|  |  | 33938  |

---

The accompanying notes are an integral part of these financial statements.

16<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Premium Income - Daily PutWrite ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Building Materials - 0.4%**<br>|  |  |
| Builders FirstSource, Inc.<sup>(b)</sup> | 6 | $718  |
| Carrier Global Corp. | 44 | 2752  |
| CRH PLC | 36 | 3435  |
| Johnson Controls International PLC | 35 | 2936  |
| Lennox International, Inc. | 2 | 1094  |
| Martin Marietta Materials, Inc. | 3 | 1572  |
| Trane Technologies PLC | 12 | 4600  |
| Vulcan Materials Co. | 7 | 1836  |
|  |  | 18943  |
| **Chemicals - 0.6%**<br>|  |  |
| Air Products and Chemicals, Inc. | 12 | 3253  |
| CF Industries Holdings, Inc. | 9 | 705  |
| Dow, Inc. | 37 | 1132  |
| DuPont de Nemours, Inc. | 20 | 1320  |
| Ecolab, Inc. | 13 | 3269  |
| International Flavors & Fragrances, Inc. | 14 | 1098  |
| Linde PLC | 25 | 11331  |
| LyondellBasell Industries NV - Class A | 13 | 757  |
| PPG Industries, Inc. | 12 | 1306  |
| Sherwin-Williams Co. | 12 | 4235  |
| Westlake Corp. | 2 | 185  |
|  |  | 28591  |
| **Commercial Services - 0.8%**<br>|  |  |
| Automatic Data Processing, Inc. | 22 | 6613  |
| Block, Inc.<sup>(b)</sup> | 30 | 1754  |
| Booz Allen Hamilton Holding Corp. | 7 | 840  |
| Cintas Corp. | 18 | 3810  |
| Corpay, Inc.<sup>(b)</sup> | 4 | 1301  |
| Equifax, Inc. | 7 | 1821  |
| Global Payments, Inc. | 13 | 992  |
| Moody's Corp. | 8 | 3625  |
| PayPal Holdings, Inc.<sup>(b)</sup> | 53 | 3490  |
| Quanta Services, Inc. | 8 | 2342  |
| Rollins, Inc. | 16 | 914  |
| S&P Global, Inc. | 16 | 8001  |
| Toast, Inc. - Class A<sup>(b)</sup> | 22 | 783  |
| TransUnion | 10 | 830  |
| United Rentals, Inc. | 3 | 1894  |
| Verisk Analytics, Inc. | 7 | 2075  |
|  |  | 41085  |
| **Computers - 4.3%**<br>|  |  |
| Accenture PLC - Class A | 33 | 9872  |
| Amdocs Ltd. | 6 | 532  |
| Apple, Inc. | 780 | 165750  |

---

The accompanying notes are an integral part of these financial statements.

17<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Premium Income - Daily PutWrite ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Computers - (Continued)** | **Computers - (Continued)** | **Computers - (Continued)** |
| Cognizant Technology Solutions Corp. - Class A | 26 | $1913  |
| Crowdstrike Holdings, Inc. - Class A<sup>(b)</sup> | 12 | 5146  |
| Dell Technologies, Inc. - Class C | 16 | 1468  |
| Fortinet, Inc.<sup>(b)</sup> | 33 | 3424  |
| Gartner, Inc.<sup>(b)</sup> | 4 | 1684  |
| Hewlett Packard Enterprise Co. | 69 | 1119  |
| HP, Inc. | 50 | 1279  |
| International Business Machines Corp. | 49 | 11849  |
| Leidos Holdings, Inc. | 7 | 1030  |
| NetApp, Inc. | 11 | 987  |
| Okta, Inc.<sup>(b)</sup> | 9 | 1009  |
| Pure Storage, Inc. - Class A<sup>(b)</sup> | 16 | 726  |
| Sandisk Corp./DE<sup>(b)</sup> | 6 | 193  |
| Seagate Technology Holdings PLC | 10 | 910  |
| Super Micro Computer, Inc.<sup>(b)</sup> | 27 | 860  |
| Western Digital Corp.<sup>(b)</sup> | 18 | 790  |
| Zscaler, Inc.<sup>(b)</sup> | 5 | 1131  |
|  |  | 211672  |
| **Cosmetics/Personal Care - 0.6%**<br>|  |  |
| Colgate-Palmolive Co. | 43 | 3964  |
| Estee Lauder Cos., Inc. - Class A | 11 | 660  |
| Kenvue, Inc. | 102 | 2407  |
| Procter & Gamble Co. | 125 | 20321  |
|  |  | 27352  |
| **Distribution/Wholesale - 0.2%**<br>|  |  |
| Copart, Inc.<sup>(b)</sup> | 45 | 2746  |
| Fastenal Co. | 30 | 2429  |
| Watsco, Inc. | 2 | 920  |
| WW Grainger, Inc. | 2 | 2049  |
|  |  | 8144  |
| **Diversified Financial Services - 2.3%**<br>|  |  |
| American Express Co. | 29 | 7726  |
| Ameriprise Financial, Inc. | 5 | 2355  |
| Apollo Global Management, Inc. | 21 | 2866  |
| Ares Management Corp. - Class A | 10 | 1525  |
| Blackrock, Inc. | 8 | 7314  |
| Blue Owl Capital, Inc. - Class A | 30 | 556  |
| Capital One Financial Corp. | 20 | 3605  |
| Cboe Global Markets, Inc. | 6 | 1331  |
| Charles Schwab Corp. | 79 | 6431  |
| CME Group, Inc. | 19 | 5264  |
| Coinbase Global, Inc. - Class A<sup>(b)</sup> | 11 | 2232  |
| Discover Financial Services | 13 | 2375  |
| Interactive Brokers Group, Inc. - Class A | 5 | 859  |

---

The accompanying notes are an integral part of these financial statements.

18<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Premium Income - Daily PutWrite ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Diversified Financial Services - (Continued)** | **Diversified Financial Services - (Continued)** | **Diversified Financial Services - (Continued)** |
| Intercontinental Exchange, Inc. | 30 | $5039  |
| LPL Financial Holdings, Inc. | 4 | 1279  |
| Mastercard, Inc. - Class A | 43 | 23567  |
| Nasdaq, Inc. | 22 | 1677  |
| Raymond James Financial, Inc. | 10 | 1370  |
| Rocket Cos., Inc. - Class A | 7 | 90  |
| Synchrony Financial | 21 | 1091  |
| T Rowe Price Group, Inc. | 12 | 1063  |
| TPG, Inc. | 5 | 232  |
| Tradeweb Markets, Inc. - Class A | 6 | 830  |
| Visa, Inc. - Class A | 92 | 31786  |
|  |  | 112463  |
| **Electric - 1.2%**<br>|  |  |
| Alliant Energy Corp. | 14 | 855  |
| Ameren Corp. | 14 | 1389  |
| American Electric Power Co., Inc. | 28 | 3034  |
| CenterPoint Energy, Inc. | 35 | 1357  |
| CMS Energy Corp. | 16 | 1178  |
| Consolidated Edison, Inc. | 18 | 2029  |
| Constellation Energy Corp. | 17 | 3798  |
| Dominion Energy, Inc. | 45 | 2447  |
| DTE Energy Co. | 11 | 1507  |
| Duke Energy Corp. | 41 | 5003  |
| Edison International | 21 | 1124  |
| Entergy Corp. | 23 | 1913  |
| Evergy, Inc. | 12 | 829  |
| Eversource Energy | 19 | 1130  |
| Exelon Corp. | 53 | 2486  |
| FirstEnergy Corp. | 29 | 1244  |
| NextEra Energy, Inc. | 109 | 7290  |
| PG&E Corp. | 116 | 1916  |
| PPL Corp. | 39 | 1424  |
| Public Service Enterprise Group, Inc. | 26 | 2078  |
| Sempra | 34 | 2525  |
| Southern Co. | 58 | 5330  |
| Vistra Corp. | 18 | 2333  |
| WEC Energy Group, Inc. | 17 | 1862  |
| Xcel Energy, Inc. | 32 | 2262  |
|  |  | 58343  |
| **Electrical Components & Equipment - 0.2%**<br>|  |  |
| AMETEK, Inc. | 12 | 2035  |
| Eaton Corp. PLC | 21 | 6182  |
| Emerson Electric Co. | 30 | 3153  |
|  |  | 11370  |

---

The accompanying notes are an integral part of these financial statements.

19<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Premium Income - Daily PutWrite ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Electronics - 0.5%**<br>|  |  |
| Amphenol Corp. - Class A | 63 | $4848  |
| Fortive Corp. | 18 | 1254  |
| Garmin Ltd. | 8 | 1495  |
| Honeywell International, Inc. | 34 | 7157  |
| Hubbell, Inc. | 3 | 1089  |
| Jabil, Inc. | 6 | 879  |
| Keysight Technologies, Inc.<sup>(b)</sup> | 9 | 1309  |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 1 | 1071  |
| TE Connectivity PLC | 16 | 2342  |
| Trimble, Inc.<sup>(b)</sup> | 13 | 808  |
|  |  | 22252  |
| **Energy-Alternate Sources - 0.0%<sup>(a)</sup>**<br>|  |  |
| First Solar, Inc.<sup>(b)</sup> | 5 | 629  |
| **Engineering & Construction - 0.0%<sup>(a)</sup>**<br>|  |  |
| EMCOR Group, Inc. | 2 | 801  |
| Jacobs Solutions, Inc. | 7 | 867  |
|  |  | 1668  |
| **Entertainment - 0.1%**<br>|  |  |
| DraftKings, Inc. - Class A<sup>(b)</sup> | 25 | 832  |
| Flutter Entertainment PLC<sup>(b)</sup> | 9 | 2169  |
| Live Nation Entertainment, Inc.<sup>(b)</sup> | 8 | 1059  |
| TKO Group Holdings, Inc. | 4 | 652  |
| Warner Music Group Corp. - Class A | 7 | 213  |
|  |  | 4925  |
| **Environmental Control - 0.2%**<br>|  |  |
| Republic Services, Inc. | 11 | 2758  |
| Veralto Corp. | 12 | 1151  |
| Waste Management, Inc. | 21 | 4901  |
|  |  | 8810  |
| **Food - 0.4%**<br>|  |  |
| Conagra Brands, Inc. | 25 | 618  |
| General Mills, Inc. | 29 | 1645  |
| Hershey Co. | 8 | 1338  |
| Hormel Foods Corp. | 15 | 448  |
| Kellanova | 14 | 1159  |
| Kraft Heinz Co. | 41 | 1193  |
| Kroger Co. | 35 | 2527  |
| McCormick & Co., Inc./MD | 13 | 997  |
| Mondelez International, Inc. - Class A | 71 | 4837  |
| Sysco Corp. | 26 | 1856  |
| Tyson Foods, Inc. - Class A | 15 | 919  |
|  |  | 17537  |

---

The accompanying notes are an integral part of these financial statements.

20<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Premium Income - Daily PutWrite ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Gas - 0.0%<sup>(a)</sup>**<br>|  |  |
| Atmos Energy Corp. | 8 | $1285  |
| **Hand/Machine Tools - 0.0%<sup>(a)</sup>**<br>|  |  |
| Stanley Black & Decker, Inc. | 8 | 480  |
| **Healthcare-Products - 1.6%**<br>|  |  |
| Abbott Laboratories | 92 | 12029  |
| Agilent Technologies, Inc. | 15 | 1614  |
| Align Technology, Inc.<sup>(b)</sup> | 4 | 693  |
| Avantor, Inc.<sup>(b)</sup> | 35 | 455  |
| Baxter International, Inc. | 27 | 842  |
| Boston Scientific Corp.<sup>(b)</sup> | 78 | 8024  |
| Cooper Cos., Inc.<sup>(b)</sup> | 11 | 898  |
| Danaher Corp. | 34 | 6777  |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 31 | 2340  |
| GE HealthCare Technologies, Inc. | 24 | 1688  |
| Hologic, Inc.<sup>(b)</sup> | 12 | 698  |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 4 | 1731  |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 19 | 9800  |
| Medtronic PLC | 68 | 5764  |
| Natera, Inc.<sup>(b)</sup> | 7 | 1056  |
| ResMed, Inc. | 8 | 1893  |
| Revvity, Inc. | 6 | 561  |
| STERIS PLC | 5 | 1124  |
| Stryker Corp. | 17 | 6357  |
| Thermo Fisher Scientific, Inc. | 20 | 8580  |
| Waters Corp.<sup>(b)</sup> | 3 | 1043  |
| West Pharmaceutical Services, Inc. | 4 | 845  |
| Zimmer Biomet Holdings, Inc. | 11 | 1133  |
|  |  | 75945  |
| **Healthcare-Services - 0.9%**<br>|  |  |
| Centene Corp.<sup>(b)</sup> | 27 | 1616  |
| Cigna Group | 15 | 5101  |
| Elevance Health, Inc. | 12 | 5047  |
| HCA Healthcare, Inc. | 10 | 3451  |
| Humana, Inc. | 6 | 1573  |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 9 | 1396  |
| Labcorp Holdings, Inc. | 4 | 964  |
| Molina Healthcare, Inc.<sup>(b)</sup> | 3 | 981  |
| Quest Diagnostics, Inc. | 6 | 1069  |
| UnitedHealth Group, Inc. | 49 | 20160  |
|  |  | 41358  |

---

The accompanying notes are an integral part of these financial statements.

21<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Premium Income - Daily PutWrite ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Home Builders - 0.1%**<br>|  |  |
| DR Horton, Inc. | 15 | $1895  |
| Lennar Corp. - Class A | 12 | 1303  |
| PulteGroup, Inc. | 11 | 1129  |
|  |  | 4327  |
| **Household Products/Wares - 0.1%**<br>|  |  |
| Avery Dennison Corp. | 4 | 685  |
| Church & Dwight Co., Inc. | 13 | 1291  |
| Clorox Co. | 7 | 996  |
| Kimberly-Clark Corp. | 18 | 2372  |
|  |  | 5344  |
| **Insurance - 2.0%**<br>|  |  |
| Aflac, Inc. | 27 | 2934  |
| Allstate Corp. | 14 | 2777  |
| American International Group, Inc. | 33 | 2690  |
| Aon PLC - Class A | 10 | 3548  |
| Arch Capital Group Ltd. | 19 | 1723  |
| Arthur J Gallagher & Co. | 13 | 4169  |
| Berkshire Hathaway, Inc. - Class B<sup>(b)</sup> | 70 | 37327  |
| Brown & Brown, Inc. | 13 | 1438  |
| Chubb Ltd. | 21 | 6008  |
| Cincinnati Financial Corp. | 8 | 1114  |
| Erie Indemnity Co. - Class A | 1 | 359  |
| Everest Group Ltd. | 2 | 718  |
| Hartford Insurance Group, Inc. | 15 | 1840  |
| Loews Corp. | 10 | 868  |
| Markel Group, Inc.<sup>(b)</sup> | 1 | 1819  |
| Marsh & McLennan Cos., Inc. | 26 | 5862  |
| MetLife, Inc. | 31 | 2336  |
| Principal Financial Group, Inc. | 12 | 890  |
| Progressive Corp. | 31 | 8734  |
| Prudential Financial, Inc. | 19 | 1951  |
| Travelers Cos., Inc. | 12 | 3170  |
| W R Berkley Corp. | 16 | 1147  |
| Willis Towers Watson PLC | 5 | 1539  |
|  |  | 94961  |
| **Internet - 6.7%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(b)</sup> | 22 | 2682  |
| Alphabet, Inc. - Class A | 309 | 49069  |
| Alphabet, Inc. - Class C | 274 | 44084  |
| Amazon.com, Inc.<sup>(b)</sup> | 498 | 91841  |
| Booking Holdings, Inc. | 2 | 10198  |
| CDW Corp./DE | 7 | 1124  |
| Coupang, Inc.<sup>(b)</sup> | 59 | 1379  |
| DoorDash, Inc. - Class A<sup>(b)</sup> | 17 | 3279  |

---

The accompanying notes are an integral part of these financial statements.

22<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Premium Income - Daily PutWrite ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Internet - (Continued)** | **Internet - (Continued)** | **Internet - (Continued)** |
| eBay, Inc. | 25 | $1704  |
| Expedia Group, Inc. | 6 | 942  |
| GoDaddy, Inc. - Class A<sup>(b)</sup> | 7 | 1318  |
| MercadoLibre, Inc.<sup>(b)</sup> | 2 | 4662  |
| Meta Platforms, Inc. - Class A | 115 | 63135  |
| Netflix, Inc.<sup>(b)</sup> | 22 | 24898  |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 34 | 6356  |
| Pinterest, Inc. - Class A<sup>(b)</sup> | 31 | 785  |
| Reddit, Inc. - Class A<sup>(b)</sup> | 5 | 583  |
| Robinhood Markets, Inc. - Class A<sup>(b)</sup> | 27 | 1326  |
| Snap, Inc. - Class A<sup>(b)</sup> | 56 | 446  |
| Spotify Technology SA<sup>(b)</sup> | 8 | 4912  |
| Uber Technologies, Inc.<sup>(b)</sup> | 108 | 8749  |
| VeriSign, Inc.<sup>(b)</sup> | 4 | 1128  |
|  |  | 324600  |
| **Iron/Steel - 0.1%**<br>|  |  |
| Nucor Corp. | 12 | 1432  |
| Reliance, Inc. | 3 | 865  |
| Steel Dynamics, Inc. | 8 | 1038  |
|  |  | 3335  |
| **Leisure Time - 0.1%**<br>|  |  |
| Carnival Corp.<sup>(b)</sup> | 55 | 1008  |
| Royal Caribbean Cruises Ltd. | 13 | 2794  |
|  |  | 3802  |
| **Lodging - 0.1%**<br>|  |  |
| Hilton Worldwide Holdings, Inc. | 13 | 2931  |
| Las Vegas Sands Corp. | 18 | 660  |
| Marriott International, Inc./MD - Class A | 12 | 2863  |
|  |  | 6454  |
| **Machinery-Construction & Mining - 0.3%**<br>|  |  |
| Caterpillar, Inc. | 26 | 8041  |
| GE Vernova, Inc. | 15 | 5562  |
| Vertiv Holdings Co. - Class A | 18 | 1537  |
|  |  | 15140  |
| **Machinery-Diversified - 0.3%**<br>|  |  |
| Deere & Co. | 13 | 6026  |
| Dover Corp. | 7 | 1195  |
| IDEX Corp. | 4 | 696  |
| Ingersoll Rand, Inc. | 21 | 1584  |
| Otis Worldwide Corp. | 21 | 2022  |
| Rockwell Automation, Inc. | 6 | 1486  |
| Westinghouse Air Brake Technologies Corp. | 9 | 1663  |
| Xylem, Inc./NY | 13 | 1567  |
|  |  | 16239  |

---

The accompanying notes are an integral part of these financial statements.

23<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Premium Income - Daily PutWrite ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Media - 0.4%**<br>|  |  |
| Charter Communications, Inc. - Class A<sup>(b)</sup> | 5 | $1959  |
| Comcast Corp. - Class A | 201 | 6874  |
| FactSet Research Systems, Inc. | 2 | 864  |
| Fox Corp. - Class A | 12 | 598  |
| Fox Corp. - Class B | 7 | 324  |
| Walt Disney Co. | 96 | 8731  |
| Warner Bros Discovery, Inc.<sup>(b)</sup> | 119 | 1032  |
|  |  | 20382  |
| **Mining - 0.1%**<br>|  |  |
| Freeport-McMoRan, Inc. | 76 | 2738  |
| Newmont Corp. | 60 | 3161  |
| Southern Copper Corp. | 5 | 448  |
|  |  | 6347  |
| **Miscellaneous Manufacturing - 0.3%**<br>|  |  |
| 3M Co. | 29 | 4028  |
| Axon Enterprise, Inc.<sup>(b)</sup> | 4 | 2453  |
| Carlisle Cos., Inc. | 2 | 759  |
| Illinois Tool Works, Inc. | 16 | 3839  |
| Parker-Hannifin Corp. | 7 | 4236  |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 2 | 932  |
|  |  | 16247  |
| **Office-Business Equipment - 0.0%<sup>(a)</sup>**<br>|  |  |
| Zebra Technologies Corp. - Class A<sup>(b)</sup> | 3 | 751  |
| **Oil & Gas - 1.3%**<br>|  |  |
| Chevron Corp. | 89 | 12109  |
| ConocoPhillips | 69 | 6149  |
| Coterra Energy, Inc. | 39 | 958  |
| Devon Energy Corp. | 35 | 1064  |
| Diamondback Energy, Inc. | 10 | 1320  |
| EOG Resources, Inc. | 30 | 3310  |
| EQT Corp. | 30 | 1483  |
| Expand Energy Corp. | 11 | 1143  |
| Exxon Mobil Corp. | 233 | 24612  |
| Hess Corp. | 15 | 1936  |
| Marathon Petroleum Corp. | 17 | 2336  |
| Occidental Petroleum Corp. | 39 | 1537  |
| Phillips 66 | 22 | 2289  |
| Texas Pacific Land Corp. | 1 | 1289  |
| Valero Energy Corp. | 17 | 1974  |
|  |  | 63509  |

---

The accompanying notes are an integral part of these financial statements.

24<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Premium Income - Daily PutWrite ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Oil & Gas Services - 0.1%**<br>|  |  |
| Baker Hughes Co. | 52 | $1841  |
| Halliburton Co. | 46 | 911  |
| Schlumberger NV | 75 | 2494  |
|  |  | 5246  |
| **Packaging & Containers - 0.1%**<br>|  |  |
| Amcor PLC | 76 | 699  |
| Ball Corp. | 16 | 831  |
| Packaging Corp. of America | 5 | 928  |
| Smurfit WestRock PLC | 27 | 1135  |
|  |  | 3593  |
| **Pharmaceuticals - 2.6%**<br>|  |  |
| AbbVie, Inc. | 94 | 18339  |
| Becton Dickinson & Co. | 15 | 3106  |
| Bristol-Myers Squibb Co. | 108 | 5422  |
| Cardinal Health, Inc. | 13 | 1837  |
| Cencora, Inc. | 9 | 2634  |
| CVS Health Corp. | 67 | 4470  |
| Dexcom, Inc.<sup>(b)</sup> | 21 | 1499  |
| Eli Lilly & Co. | 45 | 40453  |
| Johnson & Johnson | 128 | 20008  |
| McKesson Corp. | 7 | 4989  |
| Merck & Co., Inc. | 134 | 11417  |
| Pfizer, Inc. | 301 | 7347  |
| Viatris, Inc. | 63 | 530  |
| Zoetis, Inc. | 24 | 3754  |
|  |  | 125805  |
| **Pipelines - 0.3%**<br>|  |  |
| Cheniere Energy, Inc. | 12 | 2773  |
| Kinder Morgan, Inc. | 103 | 2709  |
| ONEOK, Inc. | 31 | 2547  |
| Targa Resources Corp. | 11 | 1880  |
| Williams Cos., Inc. | 65 | 3807  |
|  |  | 13716  |
| **Private Equity - 0.2%**<br>|  |  |
| Blackstone, Inc. | 38 | 5005  |
| KKR & Co., Inc. | 36 | 4114  |
|  |  | 9119  |
| **Real Estate - 0.1%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(b)</sup> | 16 | 1955  |
| CoStar Group, Inc.<sup>(b)</sup> | 22 | 1632  |
|  |  | 3587  |

---

The accompanying notes are an integral part of these financial statements.

25<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Premium Income - Daily PutWrite ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Retail - 2.6%**<br>|  |  |
| AutoZone, Inc.<sup>(b)</sup> | 1 | $3763  |
| Best Buy Co., Inc. | 10 | 667  |
| Carvana Co.<sup>(b)</sup> | 6 | 1466  |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 72 | 3637  |
| Costco Wholesale Corp. | 24 | 23868  |
| Darden Restaurants, Inc. | 6 | 1204  |
| Dollar General Corp. | 12 | 1124  |
| Dollar Tree, Inc.<sup>(b)</sup> | 11 | 899  |
| Ferguson Enterprises, Inc. | 10 | 1696  |
| Genuine Parts Co. | 7 | 823  |
| Home Depot, Inc. | 53 | 19106  |
| Lowe's Cos., Inc. | 30 | 6707  |
| Lululemon Athletica, Inc.<sup>(b)</sup> | 6 | 1625  |
| McDonald's Corp. | 38 | 12147  |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 3 | 4245  |
| Ross Stores, Inc. | 17 | 2363  |
| Starbucks Corp. | 59 | 4723  |
| Target Corp. | 24 | 2321  |
| TJX Cos., Inc. | 60 | 7721  |
| Tractor Supply Co. | 28 | 1417  |
| Ulta Beauty, Inc.<sup>(b)</sup> | 2 | 791  |
| Walmart, Inc. | 232 | 22562  |
| Williams-Sonoma, Inc. | 6 | 927  |
| Yum! Brands, Inc. | 15 | 2257  |
|  |  | 128059  |
| **Semiconductors - 5.1%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 85 | 8275  |
| Analog Devices, Inc. | 26 | 5068  |
| Applied Materials, Inc. | 43 | 6481  |
| Astera Labs, Inc.<sup>(b)</sup> | 6 | 392  |
| Broadcom, Inc. | 244 | 46963  |
| Entegris, Inc. | 8 | 633  |
| GLOBALFOUNDRIES, Inc.<sup>(b)</sup> | 4 | 140  |
| Intel Corp. | 229 | 4603  |
| KLA Corp. | 7 | 4919  |
| Lam Research Corp. | 68 | 4874  |
| Marvell Technology, Inc. | 46 | 2685  |
| Microchip Technology, Inc. | 28 | 1290  |
| Micron Technology, Inc. | 59 | 4540  |
| Monolithic Power Systems, Inc. | 2 | 1186  |
| NVIDIA Corp. | 1248 | 135932  |
| ON Semiconductor Corp.<sup>(b)</sup> | 23 | 913  |
| QUALCOMM, Inc. | 59 | 8759  |

---

The accompanying notes are an integral part of these financial statements.

26<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Premium Income - Daily PutWrite ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Semiconductors - (Continued)** | **Semiconductors - (Continued)** | **Semiconductors - (Continued)** |
| Skyworks Solutions, Inc. | 8 | $514  |
| Teradyne, Inc. | 9 | 668  |
| Texas Instruments, Inc. | 48 | 7682  |
|  |  | 246517  |
| **Software - 5.9%**<br>|  |  |
| Adobe, Inc.<sup>(b)</sup> | 23 | 8625  |
| Akamai Technologies, Inc.<sup>(b)</sup> | 8 | 645  |
| ANSYS, Inc.<sup>(b)</sup> | 5 | 1609  |
| AppLovin Corp. - Class A<sup>(b)</sup> | 12 | 3232  |
| Atlassian Corp. - Class A<sup>(b)</sup> | 9 | 2055  |
| Autodesk, Inc.<sup>(b)</sup> | 11 | 3017  |
| Bentley Systems, Inc. - Class B | 9 | 387  |
| Broadridge Financial Solutions, Inc. | 6 | 1454  |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 14 | 4168  |
| Cloudflare, Inc. - Class A<sup>(b)</sup> | 16 | 1932  |
| Datadog, Inc. - Class A<sup>(b)</sup> | 16 | 1635  |
| Electronic Arts, Inc. | 13 | 1886  |
| Fair Isaac Corp.<sup>(b)</sup> | 1 | 1990  |
| Fidelity National Information Services, Inc. | 29 | 2288  |
| Fiserv, Inc.<sup>(b)</sup> | 30 | 5537  |
| HubSpot, Inc.<sup>(b)</sup> | 3 | 1834  |
| Intuit, Inc. | 14 | 8785  |
| Microsoft Corp. | 389 | 153756  |
| MicroStrategy, Inc. - Class A<sup>(b)</sup> | 12 | 4561  |
| MongoDB, Inc.<sup>(b)</sup> | 4 | 689  |
| MSCI, Inc. | 4 | 2180  |
| Oracle Corp. | 86 | 12102  |
| Palantir Technologies, Inc. - Class A<sup>(b)</sup> | 107 | 12673  |
| Paychex, Inc. | 17 | 2501  |
| PTC, Inc.<sup>(b)</sup> | 6 | 930  |
| ROBLOX Corp. - Class A<sup>(b)</sup> | 27 | 1810  |
| Roper Technologies, Inc. | 6 | 3360  |
| Salesforce, Inc. | 49 | 13167  |
| Samsara, Inc. - Class A<sup>(b)</sup> | 14 | 555  |
| ServiceNow, Inc.<sup>(b)</sup> | 11 | 10505  |
| Snowflake, Inc. - Class A<sup>(b)</sup> | 17 | 2711  |
| SS&C Technologies Holdings, Inc. | 11 | 832  |
| Synopsys, Inc.<sup>(b)</sup> | 8 | 3672  |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 9 | 2100  |
| Tyler Technologies, Inc.<sup>(b)</sup> | 2 | 1087  |
| Veeva Systems, Inc. - Class A<sup>(b)</sup> | 8 | 1869  |
| Workday, Inc. - Class A<sup>(b)</sup> | 11 | 2695  |
| Zoom Communications, Inc.<sup>(b)</sup> | 14 | 1086  |
|  |  | 285920  |

---

The accompanying notes are an integral part of these financial statements.

27<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Premium Income - Daily PutWrite ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Telecommunications - 1.0%**<br>|  |  |
| Arista Networks, Inc.<sup>(b)</sup> | 55 | $4525  |
| AT&T, Inc. | 380 | 10526  |
| Cisco Systems, Inc. | 211 | 12181  |
| Corning, Inc. | 41 | 1820  |
| Motorola Solutions, Inc. | 9 | 3963  |
| T-Mobile US, Inc. | 26 | 6421  |
| Verizon Communications, Inc. | 223 | 9825  |
|  |  | 49261  |
| **Transportation - 0.4%**<br>|  |  |
| CSX Corp. | 102 | 2863  |
| Expeditors International of Washington, Inc. | 7 | 769  |
| FedEx Corp. | 12 | 2524  |
| JB Hunt Transport Services, Inc. | 4 | 522  |
| Norfolk Southern Corp. | 12 | 2689  |
| Old Dominion Freight Line, Inc. | 10 | 1533  |
| Union Pacific Corp. | 32 | 6901  |
| United Parcel Service, Inc. - Class B | 39 | 3717  |
|  |  | 21518  |
| **Water - 0.0%<sup>(a)</sup>**<br>|  |  |
| American Water Works Co., Inc. | 10 | 1470  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,511,070)** |  | 2476169 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **CORPORATE BONDS - 18.6%**<br>|  |  |
| **Diversified Financial Services - 18.6%**<br>|  |  |
| GS Finance Corp., 0.00%, 04/16/2026<sup>(b)(c)(d)</sup> | $1000000 | 905600  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $894,529)** |  | 905600 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.0%**<br>|  |  |
| **REITS - 1.0%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 8 | 581  |
| American Tower Corp. | 25 | 5635  |
| AvalonBay Communities, Inc. | 8 | 1680  |
| BXP, Inc. | 8 | 510  |
| Crown Castle, Inc. | 23 | 2433  |
| Digital Realty Trust, Inc. | 18 | 2890  |
| Equinix, Inc. | 5 | 4304  |
| Equity Residential | 18 | 1265  |
| Essex Property Trust, Inc. | 3 | 837  |
| Extra Space Storage, Inc. | 11 | 1612 |

---

The accompanying notes are an integral part of these financial statements.

28<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Premium Income - Daily PutWrite ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - (Continued)** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - (Continued)** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - (Continued)** |
| **REITS - (Continued)** | **REITS - (Continued)** | **REITS - (Continued)** |
| Healthpeak Properties, Inc. | 37 | $660  |
| Invitation Homes, Inc. | 30 | 1026  |
| Iron Mountain, Inc. | 15 | 1345  |
| Mid-America Apartment Communities, Inc. | 6 | 958  |
| Millrose Properties, Inc.<sup>(b)</sup> | 6 | 150  |
| Prologis, Inc. | 49 | 5008  |
| Public Storage | 8 | 2403  |
| Realty Income Corp. | 46 | 2662  |
| SBA Communications Corp. | 6 | 1460  |
| Simon Property Group, Inc. | 17 | 2675  |
| Sun Communities, Inc. | 7 | 871  |
| Ventas, Inc. | 22 | 1542  |
| VICI Properties, Inc. | 56 | 1793  |
| Welltower, Inc. | 33 | 5035  |
| Weyerhaeuser Co. | 38 | 985  |
|  |  | 50320  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $50,237)** |  | 50320 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 29.3%**<br>|  |  |
| **U.S. Treasury Bills - 29.3%**<br>|  |  |
| 0.00%, 05/27/2025<sup>(b)(d)</sup> | $1437000 | 1432619  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,432,618)** |  | 1432619  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.7%** <br>**(Cost $4,888,454)** |  | $4864708  |
| Money Market Deposit Account - 4.4%<sup>(e)</sup> |  | 212838  |
| Liabilities in Excess of Other Assets - (4.1)% |  | (199476)  |
| **TOTAL NET ASSETS - 100.0%** |  | $4878070 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $905,600 or 18.6% of net assets as of April 30, 2025.

<sup>(d)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Equity Premium Income - Daily PutWrite ETF** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount**  | **Contracts**  | **Value**  |
| **WRITTEN OPTIONS - (0.0)%**  | **WRITTEN OPTIONS - (0.0)%**  | **WRITTEN OPTIONS - (0.0)%**  | **WRITTEN OPTIONS - (0.0)%**  |
| **Put Options - (0.0)%<sup>(a)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Mini IndexCounterparty; <br>Expiration: 05/01/2025; Exercise Price: $536.00 | $(1113820) | &nbsp;&nbsp;&nbsp;&nbsp;(20) | $(140)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $421)** |  |  | $(140) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Represents less than 0.05% of net assets. 

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Common Stocks | $2476169 | 50.8%  |
| Corporate Bonds | 905600 | 18.6  |
| Real Estate Investment Trusts - Common | 50320 | 1.0  |
| Written Options | (140) | 0.0  |
| U.S. Treasury Bills | 1432619 | 29.3  |
| Money Market Deposit Account | 212838 | 4.4  |
| Liabilities in Excess of Other Assets | (199336) | (4.1)  |
|  | $4878070 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Gradient Tactical Rotation Strategy ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 93.0%**<br>|  |  |
| **Aerospace/Defense - 5.0%**<br>|  |  |
| General Dynamics Corp. | 2893 | $787243  |
| L3Harris Technologies, Inc. | 3318 | 730026  |
| Lockheed Martin Corp. | 1510 | 721402  |
| Northrop Grumman Corp. | 1559 | 758454  |
| RTX Corp. | 5659 | 713770  |
|  |  | 3710895  |
| **Agriculture - 1.0%**<br>|  |  |
| Altria Group, Inc. | 12883 | 762029  |
| **Banks - 0.9%**<br>|  |  |
| Bank of New York Mellon Corp. | 7938 | 638295  |
| **Beverages - 3.4%**<br>|  |  |
| Coca-Cola Co. | 13944 | 1011637  |
| Keurig Dr Pepper, Inc. | 23314 | 806432  |
| PepsiCo, Inc. | 5252 | 712066  |
|  |  | 2530135  |
| **Chemicals - 3.6%**<br>|  |  |
| Ecolab, Inc. | 2573 | 646929  |
| Linde PLC | 1918 | 869295  |
| LyondellBasell Industries NV - Class A<sup>(a)</sup> | 8901 | 518127  |
| PPG Industries, Inc. | 5889 | 641077  |
|  |  | 2675428  |
| **Commercial Services - 3.0%**<br>|  |  |
| Automatic Data Processing, Inc. | 2745 | 825147  |
| S&P Global, Inc. | 1495 | 747575  |
| Verisk Analytics, Inc. | 2282 | 676453  |
|  |  | 2249175  |
| **Computers - 0.7%**<br>|  |  |
| Cognizant Technology Solutions Corp. - Class A<sup>(a)</sup> | 7405 | 544786  |
| **Cosmetics/Personal Care - 2.3%**<br>|  |  |
| Colgate-Palmolive Co. | 9244 | 852204  |
| Procter & Gamble Co. | 5072 | 824555  |
|  |  | 1676759  |
| **Diversified Financial Services - 6.1%**<br>|  |  |
| Blackrock, Inc. | 711 | 650039  |
| CME Group, Inc. | 3160 | 875573  |
| Intercontinental Exchange, Inc. | 4662 | 783076  |
| Mastercard, Inc. - Class A | 1382 | 757419  |
| Nasdaq, Inc. | 8781 | 669200  |
| Visa, Inc. - Class A<sup>(a)</sup> | 2178 | 752499  |
|  |  | 4487806  |

---

The accompanying notes are an integral part of these financial statements.

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Gradient Tactical Rotation Strategy ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Electric - 15.2%**<br>|  |  |
| Alliant Energy Corp. | 11847 | $723141  |
| Ameren Corp. | 7535 | 747773  |
| American Electric Power Co., Inc. | 6782 | 734762  |
| CMS Energy Corp. | 11420 | 841083  |
| Consolidated Edison, Inc. | 7885 | 889034  |
| DTE Energy Co. | 5676 | 777612  |
| Duke Energy Corp. | 6761 | 824977  |
| Evergy, Inc. | 12561 | 867965  |
| Exelon Corp. | 16448 | 771411  |
| FirstEnergy Corp. | 20567 | 881913  |
| Pinnacle West Capital Corp. | 8120 | 772862  |
| PPL Corp.<sup>(a)</sup> | 22947 | 837565  |
| Southern Co. | 8419 | 773622  |
| WEC Energy Group, Inc.<sup>(a)</sup> | 7390 | 809353  |
|  |  | 11253073  |
| **Electronics - 1.0%**<br>|  |  |
| Honeywell International, Inc. | 3527 | 742433  |
| **Environmental Control - 3.1%**<br>|  |  |
| Republic Services, Inc. | 3876 | 971907  |
| Veralto Corp. | 6891 | 660847  |
| Waste Management, Inc. | 2983 | 696113  |
|  |  | 2328867  |
| **Food - 2.9%**<br>|  |  |
| General Mills, Inc. | 11612 | 658865  |
| Mondelez International, Inc. - Class A | 11995 | 817219  |
| Sysco Corp. | 9742 | 695579  |
|  |  | 2171663  |
| **Gas - 2.3%**<br>|  |  |
| Atmos Energy Corp.<sup>(a)</sup> | 5745 | 922819  |
| NiSource, Inc.<sup>(a)</sup> | 20532 | 803007  |
|  |  | 1725826  |
| **Healthcare-Products - 4.6%**<br>|  |  |
| Abbott Laboratories | 5232 | 684084  |
| Boston Scientific Corp.<sup>(b)</sup> | 7127 | 733155  |
| Hologic, Inc.<sup>(b)</sup> | 11526 | 670813  |
| Medtronic PLC | 7671 | 650194  |
| Stryker Corp. | 1750 | 654360  |
|  |  | 3392606  |
| **Household Products/Wares - 2.9%**<br>|  |  |
| Avery Dennison Corp. | 3833 | 655865  |
| Church & Dwight Co., Inc. | 7268 | 722003  |
| Kimberly-Clark Corp. | 5548 | 731115  |
|  |  | 2108983  |

---

The accompanying notes are an integral part of these financial statements.

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Gradient Tactical Rotation Strategy ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Insurance - 9.3%**<br>|  |  |
| Aon PLC - Class A | 1732 | $614496  |
| Arthur J Gallagher & Co. | 2295 | 735984  |
| Assurant, Inc. | 3156 | 608287  |
| Berkshire Hathaway, Inc. - Class B<sup>(b)</sup> | 1873 | 998777  |
| Brown & Brown, Inc. | 6902 | 763361  |
| Chubb Ltd. | 2721 | 778424  |
| Loews Corp. | 9028 | 783901  |
| Marsh & McLennan Cos., Inc. | 4135 | 932319  |
| Willis Towers Watson PLC | 2295 | 706401  |
|  |  | 6921950  |
| **Internet - 1.1%**<br>|  |  |
| VeriSign, Inc.<sup>(b)</sup> | 3005 | 847771  |
| **Lodging - 0.8%**<br>|  |  |
| Hilton Worldwide Holdings, Inc. | 2547 | 574297  |
| **Machinery-Diversified - 1.0%**<br>|  |  |
| Otis Worldwide Corp. | 7326 | 705274  |
| **Miscellaneous Manufacturing - 1.0%**<br>|  |  |
| Illinois Tool Works, Inc.<sup>(a)</sup> | 3227 | 774190  |
| **Oil & Gas - 1.7%**<br>|  |  |
| Chevron Corp.<sup>(a)</sup> | 4375 | 595263  |
| Exxon Mobil Corp. | 6332 | 668849  |
|  |  | 1264112  |
| **Pharmaceuticals - 3.1%**<br>|  |  |
| Becton Dickinson & Co. | 3243 | 671593  |
| Cencora, Inc. | 2914 | 852840  |
| Johnson & Johnson | 5152 | 805309  |
|  |  | 2329742  |
| **Retail - 6.0%**<br>|  |  |
| Costco Wholesale Corp. | 651 | 647419  |
| McDonald's Corp. | 2379 | 760447  |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 524 | 741565  |
| TJX Cos., Inc. | 6169 | 793827  |
| Walmart, Inc. | 7068 | 687363  |
| Yum! Brands, Inc. | 5359 | 806208  |
|  |  | 4436829  |
| **Software - 5.6%**<br>|  |  |
| Broadridge Financial Solutions, Inc. | 2928 | 709747  |
| Fidelity National Information Services, Inc. | 8988 | 708974  |
| Fiserv, Inc.<sup>(b)</sup> | 3142 | 579919  |

---

The accompanying notes are an integral part of these financial statements.

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Gradient Tactical Rotation Strategy ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Software - (Continued)** | **Software - (Continued)** | **Software - (Continued)** |
| Jack Henry & Associates, Inc. | 4361 | $756328  |
| Paychex, Inc. | 4714 | 693524  |
| Roper Technologies, Inc. | 1242 | 695619  |
|  |  | 4144111  |
| **Telecommunications - 3.7%**<br>|  |  |
| Cisco Systems, Inc. | 11172 | 644960  |
| Motorola Solutions, Inc. | 1597 | 703303  |
| T-Mobile US, Inc. | 2725 | 672939  |
| Verizon Communications, Inc. | 16195 | 713552  |
|  |  | 2734754  |
| **Transportation - 1.7%**<br>|  |  |
| Expeditors International of Washington, Inc. | 5981 | 657372  |
| Union Pacific Corp. | 2649 | 571283  |
|  |  | 1228655  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $69,633,285)** |  | 68960444  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 6.6%**<br>|  |  |
| **REITS - 6.6%**<br>|  |  |
| AvalonBay Communities, Inc. | 3230 | 678235  |
| Federal Realty Investment Trust | 6413 | 602950  |
| Realty Income Corp.<sup>(a)</sup> | 13647 | 789616  |
| Regency Centers Corp. | 9990 | 721078  |
| UDR, Inc. | 15817 | 662416  |
| VICI Properties, Inc. | 22540 | 721731  |
| Welltower, Inc. | 4673 | 713053  |
|  |  | 4889079  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $5,096,308)** |  | 4889079  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS - 8.0%**<br>|  |  |
| **Investments Purchased with Proceeds from Securities Lending - 8.0%**<br>|  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(c)</sup> | 5876581 | 5876581  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $5,876,581)** |  | 5876581  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.6%** <br>**(Cost $80,606,174)** |  | $79726104  |
| Money Market Deposit Account - 0.2%<sup>(d)</sup> |  | 167702  |
| Liabilities in Excess of Other Assets - (7.8)% |  | (5756572)  |
| **TOTAL NET ASSETS - 100.0%** |  | $74137234 |

---

The accompanying notes are an integral part of these financial statements.

34<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Gradient Tactical Rotation Strategy ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> All or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $5,737,794 which represented 7.7% of net assets.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

<sup>(d)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Common Stocks | $68960444 | 93.0%  |
| Real Estate Investment Trusts - Common | 4889079 | 6.6  |
| Investments Purchased with Proceeds from Securities Lending | 5876581 | 8.0  |
| Money Market Deposit Account | 167702 | 0.2  |
| Liabilities in Excess of Other Assets | (5756572) | (7.8)  |
|  | $74137234 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Hedged Nasdaq-100 ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Advertising - 0.2%**<br>|  |  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 296 | $15875  |
| **Auto Manufacturers - 3.2%**<br>|  |  |
| PACCAR, Inc. | 344 | 31032  |
| Tesla, Inc.<sup>(a)</sup> | 967 | 272849  |
|  |  | 303881  |
| **Beverages - 2.3%**<br>|  |  |
| Coca-Cola Europacific Partners PLC | 302 | 27404  |
| Keurig Dr Pepper, Inc. | 888 | 30716  |
| Monster Beverage Corp.<sup>(a)</sup> | 637 | 38296  |
| PepsiCo, Inc. | 898 | 121751  |
|  |  | 218167  |
| **Biotechnology - 3.4%**<br>|  |  |
| Amgen, Inc. | 352 | 102404  |
| Biogen, Inc.<sup>(a)</sup> | 96 | 11624  |
| Gilead Sciences, Inc. | 816 | 86936  |
| Regeneron Pharmaceuticals, Inc. | 70 | 41913  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 168 | 85596  |
|  |  | 328473  |
| **Chemicals - 1.5%**<br>|  |  |
| Linde PLC | 310 | 140501  |
| **Commercial Services - 2.1%**<br>|  |  |
| Automatic Data Processing, Inc. | 266 | 79960  |
| Cintas Corp. | 264 | 55883  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 648 | 42664  |
| Verisk Analytics, Inc. | 92 | 27272  |
|  |  | 205779  |
| **Computers - 10.6%**<br>|  |  |
| Apple, Inc. | 3999 | 849787  |
| Cognizant Technology Solutions Corp. - Class A<sup>(b)</sup> | 324 | 23837  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 153 | 65617  |
| Fortinet, Inc.<sup>(a)(b)</sup> | 504 | 52295  |
| Zscaler, Inc.<sup>(a)</sup> | 100 | 22617  |
|  |  | 1014153  |
| **Distribution/Wholesale - 0.7%**<br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 633 | 38632  |
| Fastenal Co. | 376 | 30445  |
|  |  | 69077  |
| **Electric - 1.5%**<br>|  |  |
| American Electric Power Co., Inc. | 349 | 37811  |
| Constellation Energy Corp. | 205 | 45805  |

---

The accompanying notes are an integral part of these financial statements.

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Hedged Nasdaq-100 ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Eletric - (Continued)** | **Eletric - (Continued)** | **Eletric - (Continued)** |
| Exelon Corp. | 658 | $30860  |
| Xcel Energy, Inc.<sup>(b)</sup> | 376 | 26583  |
|  |  | 141059  |
| **Electronics - 0.9%**<br>|  |  |
| Honeywell International, Inc. | 426 | 89673  |
| **Food - 0.8%**<br>|  |  |
| Kraft Heinz Co. | 783 | 22786  |
| Mondelez International, Inc. - Class A | 847 | 57706  |
|  |  | 80492  |
| **Healthcare-Products - 1.7%**<br>|  |  |
| GE HealthCare Technologies, Inc. | 299 | 21029  |
| IDEXX Laboratories, Inc.<sup>(a)(b)</sup> | 53 | 22930  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 234 | 120697  |
|  |  | 164656  |
| **Internet - 21.3%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 283 | 34503  |
| Alphabet, Inc. - Class A | 1553 | 246616  |
| Alphabet, Inc. - Class C | 1463 | 235382  |
| Amazon.com, Inc.<sup>(a)</sup> | 2821 | 520249  |
| Booking Holdings, Inc. | 21 | 107085  |
| CDW Corp./DE | 87 | 13969  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 258 | 49766  |
| MercadoLibre, Inc.<sup>(a)</sup> | 33 | 76918  |
| Meta Platforms, Inc. - Class A<sup>(b)</sup> | 583 | 320067  |
| Netflix, Inc.<sup>(a)</sup> | 280 | 316881  |
| Palo Alto Networks, Inc.<sup>(a)(b)</sup> | 434 | 81128  |
| PDD Holdings, Inc. - ADR<sup>(a)(b)</sup> | 437 | 46134  |
|  |  | 2048698  |
| **Lodging - 0.5%**<br>|  |  |
| Marriott International, Inc./MD - Class A | 181 | 43183  |
| **Media - 1.4%**<br>|  |  |
| Charter Communications, Inc. - Class A<sup>(a)</sup> | 93 | 36443  |
| Comcast Corp. - Class A | 2470 | 84474  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 1608 | 13941  |
|  |  | 134858  |
| **Miscellaneous Manufacturing - 0.3%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 50 | 30665  |
| **Oil & Gas - 0.3%**<br>|  |  |
| Diamondback Energy, Inc. | 190 | 25082  |
| **Oil & Gas Services - 0.2%**<br>|  |  |
| Baker Hughes Co. | 648 | 22939  |

---

The accompanying notes are an integral part of these financial statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Hedged Nasdaq-100 ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Pharmaceuticals - 0.5%**<br>|  |  |
| AstraZeneca PLC - ADR<sup>(b)</sup> | 381 | $27352  |
| Dexcom, Inc.<sup>(a)</sup> | 256 | 18273  |
|  |  | 45625  |
| **Real Estate - 0.2%**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 269 | 19952  |
| **Retail - 4.7%**<br>|  |  |
| Costco Wholesale Corp. | 291 | 289399  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 76 | 20579  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 38 | 53778  |
| Ross Stores, Inc. | 216 | 30024  |
| Starbucks Corp. | 744 | 59557  |
|  |  | 453337  |
| **Semiconductors - 20.2%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 1061 | 103288  |
| Analog Devices, Inc. | 325 | 63349  |
| Applied Materials, Inc. | 532 | 80178  |
| ARM Holdings PLC - ADR<sup>(a)(b)</sup> | 86 | 9808  |
| ASML Holding NV<sup>(b)</sup> | 59 | 39417  |
| Broadcom, Inc. | 2064 | 397258  |
| GLOBALFOUNDRIES, Inc.<sup>(a)(b)</sup> | 362 | 12695  |
| Intel Corp. | 2836 | 57004  |
| KLA Corp. | 87 | 61134  |
| Lam Research Corp. | 841 | 60275  |
| Marvell Technology, Inc. | 567 | 33096  |
| Microchip Technology, Inc. | 352 | 16220  |
| Micron Technology, Inc. | 730 | 56174  |
| NVIDIA Corp. | 6495 | 707435  |
| NXP Semiconductors NV | 166 | 30595  |
| ON Semiconductor Corp.<sup>(a)(b)</sup> | 276 | 10957  |
| QUALCOMM, Inc. | 724 | 107485  |
| Texas Instruments, Inc. | 596 | 95390  |
|  |  | 1941758  |
| **Software - 17.3%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 285 | 106869  |
| ANSYS, Inc.<sup>(a)</sup> | 57 | 18347  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 203 | 54670  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 107 | 24429  |
| Autodesk, Inc.<sup>(a)(b)</sup> | 141 | 38669  |
| Cadence Design Systems, Inc.<sup>(a)(b)</sup> | 180 | 53593  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 208 | 21249  |
| Electronic Arts, Inc. | 171 | 24811  |
| Intuit, Inc.<sup>(b)</sup> | 183 | 114827  |
| Microsoft Corp. | 1979 | 782220  |
| MicroStrategy, Inc. - Class A<sup>(a)</sup> | 156 | 59297  |

---

The accompanying notes are an integral part of these financial statements.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Hedged Nasdaq-100 ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Software - (Continued)** | **Software - (Continued)** | **Software - (Continued)** |
| MongoDB, Inc.<sup>(a)</sup> | 49 | $8437  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 1473 | 174462  |
| Paychex, Inc. | 236 | 34720  |
| Roper Technologies, Inc. | 70 | 39206  |
| Synopsys, Inc.<sup>(a)</sup> | 101 | 46360  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 116 | 27065  |
| Workday, Inc. - Class A<sup>(a)</sup> | 140 | 34300  |
|  |  | 1663531  |
| **Telecommunications - 3.5%**<br>|  |  |
| Cisco Systems, Inc. | 2605 | 150387  |
| T-Mobile US, Inc. | 748 | 184718  |
|  |  | 335105  |
| **Transportation - 0.6%**<br>|  |  |
| CSX Corp. | 1241 | 34835  |
| Old Dominion Freight Line, Inc. | 139 | 21306  |
|  |  | 56141  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $9,951,974)** |  | 9592660 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 2.0%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - 2.0%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise Price: $445.47<sup>(c)(d)(e)</sup> | $9604494 | 202 | 187119  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $273,376)** |  |  | 187119 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS - 6.5%** |  |  |
| **Investments Purchased with Proceeds from Securities Lending - 6.5%** |  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(f)</sup> | 623106 | 623106  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $623,106)** |  | 623106 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.4%** <br>**(Cost $10,848,456)** |  | $10402885 |
| Money Market Deposit Account - 0.1%<sup>(g)</sup> |  | 13967 |
| Liabilities in Excess of Other Assets - (8.5)% |  | (814214) |
| **TOTAL NET ASSETS - 100.0%** |  | $9602638 |

---

The accompanying notes are an integral part of these financial statements.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Hedged Nasdaq-100 ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $607,948 which represented 6.3% of net assets.

<sup>(c)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(d)</sup> Exchange-traded.

<sup>(e)</sup> 100 shares per contract.

<sup>(f)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

<sup>(g)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%.

The accompanying notes are an integral part of these financial statements.

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR HEDGED NASDAQ-100 ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.0)%**<br>|  |  |  |
| **Call Options - (1.4)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise Price: $506.53<sup>(a)(b)</sup> | $(9604494) | &nbsp;&nbsp;&nbsp;&nbsp;(202) | $(134730)  |
| **Put Options - (0.6)%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise Price: $398.58<sup>(a)(b)</sup> | (9604494) | &nbsp;&nbsp;&nbsp;&nbsp;(202) | (60420)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $247,231)** |  |  | $(195150) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Common Stocks | $9592660 | 99.9%  |
| Purchased Options | 187119 | 2.0  |
| Written Options | (195150) | (2.0)  |
| Money Market Deposit Account | 13967 | 0.1  |
| Investments Purchased with Proceeds from Securities Lending | 623106 | 6.5  |
| Liabilities in Excess of Other Assets  | (619064) | (6.5)  |
|  | $9602638 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator IBD 50 ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Aerospace/Defense - 1.6%**<br>|  |  |
| Karman Holdings, Inc.<sup>(a)(b)</sup> | 8769 | $313492  |
| Loar Holdings, Inc.<sup>(a)(b)</sup> | 6881 | 650805  |
|  |  | 964297  |
| **Banks - 1.0%**<br>|  |  |
| ICICI Bank Ltd. - ADR | 17759 | 595992  |
| **Biotechnology - 17.4%**<br>|  |  |
| ADMA Biologics, Inc.<sup>(a)(b)</sup> | 95164 | 2264903  |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 4321 | 306013  |
| BeiGene Ltd. - ADR<sup>(a)(b)</sup> | 7115 | 1848548  |
| Exelixis, Inc.<sup>(a)</sup> | 32128 | 1257811  |
| Guardant Health, Inc.<sup>(a)</sup> | 25908 | 1223635  |
| TG Therapeutics, Inc.<sup>(a)</sup> | 44885 | 2042717  |
| Zai Lab Ltd. - ADR<sup>(a)</sup> | 52722 | 1670760  |
|  |  | 10614387  |
| **Commercial Services - 3.5%**<br>|  |  |
| Stride, Inc.<sup>(a)(b)</sup> | 14758 | 2099326  |
| **Computers - 5.3%**<br>|  |  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 3064 | 1314058  |
| Rubrik, Inc. - Class A<sup>(a)</sup> | 18027 | 1271444  |
| Zscaler, Inc.<sup>(a)</sup> | 2945 | 666071  |
|  |  | 3251573  |
| **Distribution/Wholesale - 0.5%**<br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 4835 | 295080  |
| **Diversified Financial Services - 5.9%**<br>|  |  |
| Marex Group PLC | 52766 | 2340172  |
| StoneX Group, Inc.<sup>(a)</sup> | 14103 | 1249032  |
|  |  | 3589204  |
| **Food - 5.5%**<br>|  |  |
| Cal-Maine Foods, Inc.<sup>(b)</sup> | 12665 | 1182531  |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 12556 | 2147076  |
|  |  | 3329607  |
| **Healthcare-Products - 1.0%**<br>|  |  |
| Boston Scientific Corp.<sup>(a)</sup> | 5976 | 614751  |
| **Healthcare-Services - 1.2%**<br>|  |  |
| GeneDx Holdings Corp.<sup>(a)(b)</sup> | 11180 | 747383  |
| **Insurance - 11.5%**<br>|  |  |
| Arthur J Gallagher & Co. | 1781 | 571149  |
| Brown & Brown, Inc. | 4999 | 552889  |
| Kinsale Capital Group, Inc.<sup>(b)</sup> | 1202 | 523183  |
| Palomar Holdings, Inc.<sup>(a)</sup> | 11661 | 1691078  |

---

The accompanying notes are an integral part of these financial statements.

42<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator IBD 50 ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Insurance - (Continued)**  | **Insurance - (Continued)**  | **Insurance - (Continued)**  |
| Root, Inc./OH - Class A<sup>(a)</sup> | 14010 | $1956777  |
| Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 32309 | 1715285  |
|  |  | 7010361  |
| **Internet - 3.6%**<br>|  |  |
| MakeMyTrip Ltd.<sup>(a)(b)</sup> | 2865 | 300309  |
| Netflix, Inc.<sup>(a)</sup> | 1690 | 1912607  |
|  |  | 2212916  |
| **Leisure Time - 1.0%**<br>|  |  |
| Planet Fitness, Inc. - Class A<sup>(a)</sup> | 6092 | 576242  |
| **Machinery-Construction & Mining - 3.7%**<br>|  |  |
| Argan, Inc. | 14629 | 2240139  |
| **Mining - 11.6%**<br>|  |  |
| Agnico Eagle Mines Ltd. | 14988 | 1762289  |
| Alamos Gold, Inc. - Class A | 63622 | 1814499  |
| Eldorado Gold Corp.<sup>(a)</sup> | 62030 | 1168645  |
| Harmony Gold Mining Co. Ltd. - ADR | 129003 | 2052438  |
| Newmont Corp. | 5564 | 293111  |
|  |  | 7090982  |
| **Miscellaneous Manufacturing - 3.6%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 3585 | 2198680  |
| **Oil & Gas - 2.0%**<br>|  |  |
| Landbridge Co. LLC - Class A<sup>(b)</sup> | 16886 | 1223391  |
| **Pharmaceuticals - 4.2%**<br>|  |  |
| BellRing Brands, Inc.<sup>(a)</sup> | 7997 | 616889  |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 29621 | 1930993  |
|  |  | 2547882  |
| **Pipelines - 0.5%**<br>|  |  |
| Transportadora de Gas del Sur SA - ADR<sup>(a)</sup> | 11068 | 281459  |
| **Real Estate - 0.5%**<br>|  |  |
| KE Holdings, Inc. - ADR | 14001 | 284220  |
| **Software - 12.8%**<br>|  |  |
| Alignment Healthcare, Inc.<sup>(a)</sup> | 96858 | 1716324  |
| Clear Secure, Inc. - Class A<sup>(b)</sup> | 11472 | 283129  |
| Duolingo, Inc.<sup>(a)</sup> | 5589 | 2176804  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 20515 | 2429797  |
| Paycom Software, Inc. | 1348 | 305174  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 9307 | 624034  |
| ServiceTitan, Inc. - Class A<sup>(a)(b)</sup> | 2445 | 282666  |
|  |  | 7817928  |

---

The accompanying notes are an integral part of these financial statements.

43<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator IBD 50 ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Water - 2.0%**<br>|  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR<sup>(a)(b)</sup> | 59831 | $1216364  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $55,864,195)** |  | 60802164  |
|  | **Units**  |  |
| **SHORT-TERM INVESTMENTS - 18.2%**<br>|  |  |
| **Investments Purchased with Proceeds from Securities Lending - 18.2%**<br>|  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(c)</sup> | 11101038 | 11101038  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $11,101,038)** |  | 11101038  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 118.1%** <br>**(Cost $66,965,233)** |  | $71903202  |
| Money Market Deposit Account - 0.2%<sup>(d)</sup> |  | 131318  |
| Liabilities in Excess of Other Assets - (18.3)% |  | (11119060)  |
| **TOTAL NET ASSETS - 100.0%** |  | $60915460 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $10,254,251 which represented 16.8% of net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

<sup>(d)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Common Stocks | $60802164 | 99.9%  |
| Investments Purchased with Proceeds from Securities Lending | 11101038 | 18.2  |
| Money Market Deposit Account | 131318 | 0.2  |
| Liabilities in Excess of Other Assets | (11119060) | (18.3)  |
|  | $60915460 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

44<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator IBD Breakout Opportunities ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 93.2%**<br>|  |  |
| **Aerospace/Defense - 3.9%**<br>|  |  |
| Howmet Aerospace, Inc. | 203 | $28132  |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 5145 | 173824  |
| Leonardo DRS, Inc. | 1540 | 56918  |
| Loar Holdings, Inc.<sup>(a)(b)</sup> | 287 | 27144  |
| TransDigm Group, Inc. | 126 | 178047  |
|  |  | 464065  |
| **Agriculture - 0.5%**<br>|  |  |
| Fresh Del Monte Produce, Inc. | 1666 | 56661  |
| **Auto Manufacturers - 1.5%**<br>|  |  |
| Ferrari NV | 378 | 174553  |
| **Banks - 9.7%**<br>|  |  |
| Banco Bilbao Vizcaya Argentaria SA - ADR | 12152 | 166482  |
| Credicorp Ltd. | 588 | 118888  |
| Grupo Financiero Galicia SA - ADR | 903 | 54541  |
| HDFC Bank Ltd. - ADR | 2394 | 174020  |
| HSBC Holdings PLC - ADR | 3087 | 173119  |
| ICICI Bank Ltd. - ADR | 826 | 27721  |
| NatWest Group PLC - ADR<sup>(a)</sup> | 4473 | 57791  |
| Northpointe Bancshares, Inc. | 14371 | 197601  |
| Pathward Financial, Inc. | 735 | 58337  |
| Stock Yards Bancorp, Inc. | 1540 | 112097  |
|  |  | 1140597  |
| **Beverages - 1.5%**<br>|  |  |
| Keurig Dr Pepper, Inc. | 5019 | 173607  |
| **Biotechnology - 4.2%**<br>|  |  |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 819 | 58002  |
| Exelixis, Inc.<sup>(a)</sup> | 728 | 28501  |
| Guardant Health, Inc.<sup>(a)</sup> | 4179 | 197374  |
| Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 4032 | 209301  |
|  |  | 493178  |
| **Commercial Services - 6.4%**<br>|  |  |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 259 | 27506  |
| API Group Corp.<sup>(a)</sup> | 3073 | 116252  |
| Cintas Corp. | 553 | 117059  |
| H&R Block, Inc.<sup>(b)</sup> | 3374 | 203688  |
| Laureate Education, Inc.<sup>(a)</sup> | 5838 | 117169  |
| RB Global, Inc. | 1162 | 117013  |
| Stride, Inc.<sup>(a)(b)</sup> | 196 | 27881  |
| Universal Technical Institute, Inc.<sup>(a)</sup> | 980 | 27499  |
|  |  | 754067  |

---

The accompanying notes are an integral part of these financial statements.

45<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator IBD Breakout Opportunities ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Computers - 2.0%**<br>|  |  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 63 | $27019  |
| Fortinet, Inc.<sup>(a)</sup> | 273 | 28326  |
| Rubrik, Inc. - Class A<sup>(a)</sup> | 2478 | 174773  |
|  |  | 230118  |
| **Cosmetics/Personal Care - 1.7%**<br>|  |  |
| Unilever PLC - ADR | 3220 | 204631  |
| **Distribution/Wholesale - 0.5%**<br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 945 | 57673  |
| **Diversified Financial Services - 6.2%**<br>|  |  |
| Capital One Financial Corp. | 630 | 113564  |
| Charles Schwab Corp. | 2527 | 205698  |
| Federated Hermes, Inc. | 5026 | 204106  |
| Mastercard, Inc. - Class A | 217 | 118929  |
| Sprott, Inc. | 1099 | 57708  |
| Virtu Financial, Inc. - Class A | 714 | 27953  |
|  |  | 727958  |
| **Electric - 2.5%**<br>|  |  |
| Ameren Corp. | 1169 | 116011  |
| NRG Energy, Inc. | 1596 | 174890  |
|  |  | 290901  |
| **Electronics - 4.0%**<br>|  |  |
| Allegion PLC | 847 | 117902  |
| Badger Meter, Inc. | 532 | 117476  |
| Itron, Inc.<sup>(a)</sup> | 1827 | 203327  |
| OSI Systems, Inc.<sup>(a)</sup> | 140 | 28664  |
|  |  | 467369  |
| **Entertainment - 3.2%**<br>|  |  |
| Liberty Media Corp.-Liberty Live - Class C<sup>(a)</sup> | 2786 | 199227  |
| TKO Group Holdings, Inc. | 1106 | 180178  |
|  |  | 379405  |
| **Food - 1.0%**<br>|  |  |
| Cal-Maine Foods, Inc.<sup>(b)</sup> | 287 | 26797  |
| Natural Grocers by Vitamin Cottage, Inc. | 1183 | 59340  |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 161 | 27531  |
|  |  | 113668  |
| **Gas - 1.5%**<br>|  |  |
| NiSource, Inc. | 4375 | 171106  |
| **Healthcare-Products - 6.1%**<br>|  |  |
| Boston Scientific Corp.<sup>(a)</sup> | 273 | 28083  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 2653 | 200275  |
| Kestra Medical Technologies Ltd.<sup>(a)</sup> | 8323 | 200251 |

---

The accompanying notes are an integral part of these financial statements.

46<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator IBD Breakout Opportunities ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Healthcare-Products - (Continued)**  | **Healthcare-Products - (Continued)**  | **Healthcare-Products - (Continued)**  |
| Lantheus Holdings, Inc.<sup>(a)</sup>  | 1134  | $118322  |
| ResMed, Inc. | 735 | 173894  |
|  |  | 720825  |
| **Healthcare-Services - 1.0%**<br>|  |  |
| Cigna Group | 343 | 116634  |
| **Home Furnishings - 1.7%**<br>|  |  |
| Somnigroup International, Inc. | 3318 | 202597  |
| **Insurance - 1.7%**<br>|  |  |
| MGIC Investment Corp. | 7133 | 177683  |
| Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 525 | 27872  |
|  |  | 205555  |
| **Internet - 4.9%**<br>|  |  |
| Booking Holdings, Inc. | 14 | 71390  |
| Chewy, Inc. - Class A<sup>(a)</sup> | 1554 | 58275  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 616 | 118820  |
| eBay, Inc. | 1701 | 115940  |
| MakeMyTrip Ltd.<sup>(a)</sup> | 259 | 27149  |
| MercadoLibre, Inc.<sup>(a)</sup> | 14 | 32632  |
| Spotify Technology SA<sup>(a)</sup> | 42 | 25787  |
| Uber Technologies, Inc.<sup>(a)</sup> | 1484 | 120219  |
|  |  | 570212  |
| **Iron/Steel - 0.5%**<br>|  |  |
| Carpenter Technology Corp. | 294 | 57509  |
| **Leisure Time - 1.4%**<br>|  |  |
| Life Time Group Holdings, Inc.<sup>(a)</sup> | 5544 | 169979  |
| **Machinery-Diversified - 1.7%**<br>|  |  |
| Mueller Water Products, Inc. - Class A | 7700 | 202048  |
| **Mining - 1.5%**<br>|  |  |
| Agnico Eagle Mines Ltd.<sup>(b)</sup> | 973 | 114405  |
| Wheaton Precious Metals Corp.<sup>(b)</sup> | 707 | 59049  |
|  |  | 173454  |
| **Miscellaneous Manufacturing - 0.3%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 49 | 30052  |
| **Multi-National - 0.5%**<br>|  |  |
| Banco Latinoamericano de Comercio Exterior SA | 1477 | 56569  |
| **Pharmaceuticals - 4.7%**<br>|  |  |
| BellRing Brands, Inc.<sup>(a)</sup> | 2303 | 177654  |
| Eli Lilly & Co. | 63 | 56634  |

---

The accompanying notes are an integral part of these financial statements.

47<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator IBD Breakout Opportunities ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Pharmaceuticals - (Continued)**  | **Pharmaceuticals - (Continued)**  | **Pharmaceuticals - (Continued)**  |
| Novartis AG - ADR  | 1029  | $116781  |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 3164 | 206261  |
|  |  | 557330  |
| **Pipelines - 3.5%**<br>|  |  |
| Cheniere Energy, Inc. | 868 | 200603  |
| Golar LNG Ltd. | 4998 | 212440  |
|  |  | 413043  |
| **Retail - 4.7%**<br>|  |  |
| Cheesecake Factory, Inc. | 1148 | 57825  |
| FirstCash Holdings, Inc. | 875 | 117215  |
| PriceSmart, Inc.<sup>(b)</sup> | 1729 | 175476  |
| Walmart, Inc. | 2121 | 206267  |
|  |  | 556783  |
| **Software - 8.2%**<br>|  |  |
| Duolingo, Inc.<sup>(a)</sup> | 154 | 59980  |
| Fidelity National Information Services, Inc. | 2184 | 172274  |
| Guidewire Software, Inc.<sup>(a)</sup> | 1022 | 209275  |
| Intuit, Inc. | 280 | 175691  |
| NetEase, Inc. - ADR | 546 | 58455  |
| Paycom Software, Inc. | 119 | 26940  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 2597 | 174129  |
| SAP SE - ADR | 210 | 61360  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 119 | 27809  |
|  |  | 965913  |
| **Water - 0.5%**<br>|  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR<sup>(a)(b)</sup> | 2835 | 57636  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $10,801,494)** |  | 10955696  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 6.1%**<br>|  |  |
| **Commercial Services - 1.7%**<br>|  |  |
| GEO Group, Inc.<sup>(a)</sup> | 6594 | 206261  |
| **REITS - 4.4%**<br>|  |  |
| CareTrust REIT, Inc. | 4095 | 119861  |
| Invitation Homes, Inc. | 5117 | 174950  |
| SBA Communications Corp. | 910 | 221494  |
|  |  | 516305  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $702,561)** |  | 722566 |

---

The accompanying notes are an integral part of these financial statements.

48<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator IBD Breakout Opportunities ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
| **SHORT-TERM INVESTMENTS - 5.3%**<br>|  |  |
| **Investments Purchased with Proceeds from Securities Lending - 5.3%**<br>|  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(c)</sup> | 618156 | $618156  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $618,156)** |  | 618156  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.6%** <br>**(Cost $12,122,211)** |  | $12296418  |
| Money Market Deposit Account - 0.6%<sup>(d)</sup> |  | 75665  |
| Liabilities in Excess of Other Assets - (5.2)% |  | (611957)  |
| **TOTAL NET ASSETS - 100.0%** |  | $11760126 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $604,982 which represented 5.1% of net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

<sup>(d)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Common Stocks | $10955696 | 93.2%  |
| Real Estate Investment Trusts - Common | 722566 | 6.1  |
| Investments Purchased with Proceeds from Securities Lending | 618156 | 5.3  |
| Money Market Deposit Account | 75665 | 0.6  |
| Liabilities in Excess of Other Assets | (611957) | (5.2)  |
|  | $11760126 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

49<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Laddered Allocation Buffer ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **AFFILIATED EXCHANGE TRADED FUNDS - 99.8%**<br>|  |  |
| Innovator U.S. Equity Buffer ETF - January<sup>(a)(b)</sup> | 369781 | $17128256 |
| Innovator U.S. Equity Buffer ETF - February<sup>(a)(b)</sup> | 415615 | 17160660 |
| Innovator U.S. Equity Buffer ETF - March<sup>(a)(b)</sup> | 378795 | 17125322 |
| Innovator U.S. Equity Buffer ETF - April<sup>(a)(b)</sup> | 405497 | 17116028 |
| Innovator U.S. Equity Buffer ETF - May<sup>(a)(b)</sup> | 435671 | 17182821 |
| Innovator U.S. Equity Buffer ETF - June<sup>(a)(b)</sup> | 425192 | 17062955 |
| Innovator U.S. Equity Buffer ETF - July<sup>(a)(b)</sup> | 398538 | 17112743 |
| Innovator U.S. Equity Buffer ETF - August<sup>(a)(b)</sup> | 406037 | 17132366  |
| Innovator U.S. Equity Buffer ETF - September<sup>(a)(b)</sup> | 412100 | 17138168  |
| Innovator U.S. Equity Buffer ETF - October<sup>(a)(b)</sup> | 409566 | 17138576  |
| Innovator U.S. Equity Buffer ETF - November<sup>(a)(b)</sup> | 450595 | 17149781 |
| Innovator U.S. Equity Buffer ETF - December<sup>(a)(b)</sup> | 411863 | 17129382  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE TRADED FUNDS** <br>**(Cost $191,461,648)** |  | 205577058  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $191,461,648)** |  | $205577058  |
| Money Market Deposit Account - 0.2%<sup>(c)</sup> |  | 422249  |
| Liabilities in Excess of Other Assets - (0.0)%<sup>(d)</sup> |  | (10819)  |
| **TOTAL NET ASSETS - 100.0%** |  | $205988488 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%.

<sup>(d)</sup> Represents less than 0.05% of net assets. 

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Affiliated Exchange Traded Funds | $205577058 | 99.8%  |
| Money Market Deposit Account | 422249 | 0.2  |
| Liabilities in Excess of Other Assets | (10819) | 0.0<sup>(a)</sup>  |
|  | $205988488 | 100.0% |

---

<sup>(a)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

50<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Laddered Allocation Power Buffer ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **AFFILIATED EXCHANGE TRADED FUNDS - 99.8%**<br>|  |  |
| Innovator U.S. Equity Power Buffer ETF - January<sup>(a)(b)(c)</sup> | 1166112 | $48183748  |
| Innovator U.S. Equity Power Buffer ETF - February<sup>(a)(c)</sup> | 1347819 | 48103660 |
| Innovator U.S. Equity Power Buffer ETF - March<sup>(a)(c)</sup> | 1210653 | 48062924 |
| Innovator U.S. Equity Power Buffer ETF - April<sup>(a)(b)(c)</sup> | 1355944 | 48068215  |
| Innovator U.S. Equity Power Buffer ETF - May<sup>(a)(b)(c)</sup> | 1350903 | 48456891 |
| Innovator U.S. Equity Power Buffer ETF - June<sup>(a)(c)</sup> | 1304988 | 47932209 |
| Innovator U.S. Equity Power Buffer ETF - July<sup>(a)(b)(c)</sup> | 1197757 | 47970168  |
| Innovator U.S. Equity Power Buffer ETF - August<sup>(a)(b)(c)</sup> | 1273666 | 48061787  |
| Innovator U.S. Equity Power Buffer ETF - September<sup>(a)(c)</sup> | 1252721 | 47979214  |
| Innovator U.S. Equity Power Buffer ETF - October<sup>(a)(c)</sup> | 1240871 | 48058934 |
| Innovator U.S. Equity Power Buffer ETF - November<sup>(a)(c)</sup> | 1296036 | 48108856  |
| Innovator U.S. Equity Power Buffer ETF - December<sup>(a)(c)</sup> | 1280921 | 47970491  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE TRADED FUNDS** <br>**(Cost $535,881,972)** |  | 576957097  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS - 1.0%**<br>|  |  |
| **Investments Purchased with Proceeds from Securities Lending - 1.0%**<br>|  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(d)</sup> | 5913425 | 5913425  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $5,913,425)** |  | 5913425  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.8%** <br>**(Cost $541,795,397)** |  | $582870522  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  | 1097201  |
| Liabilities in Excess of Other Assets - (1.0)% |  | (5936883)  |
| **TOTAL NET ASSETS - 100.0%** |  | $578030840 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $5,785,397 which represented 1.0% of net assets.

<sup>(c)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Affiliated Exchange Traded Funds | $576957097 | 99.8%  |
| Investments Purchased with Proceeds from Securities Lending | 5913425 | 1.0  |
| Money Market Deposit Account | 1097201 | 0.2  |
| Liabilities in Excess of Other Assets | (5936883) | (1.0)  |
|  | $578030840 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

51<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Nasdaq-100 Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 93.8%**<br>|  |  |
| **Auto Manufacturers - 3.0%**<br>|  |  |
| Tesla, Inc.<sup>(a)</sup> | 30166 | $8511639  |
| **Beverages - 2.4%**<br>|  |  |
| Coca-Cola Europacific Partners PLC | 39820 | 3613267  |
| Keurig Dr Pepper, Inc. | 89711 | 3103103  |
|  |  | 6716370  |
| **Biotechnology - 3.9%**<br>|  |  |
| Amgen, Inc. | 18106 | 5267398  |
| Gilead Sciences, Inc. | 54717 | 5829549 |
|  |  | 11096947  |
| **Commercial Services - 2.1%**<br>|  |  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 35937 | 2366092  |
| Verisk Analytics, Inc. | 12542 | 3717825  |
|  |  | 6083917  |
| **Computers - 8.8%**<br>|  |  |
| Apple, Inc. | 117775 | 25027188  |
| **Distribution/Wholesale - 2.7%**<br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 68406 | 4174818  |
| Fastenal Co. | 41934 | 3395396  |
|  |  | 7570214  |
| **Electric - 1.6%**<br>|  |  |
| Xcel Energy, Inc.<sup>(b)</sup> | 62571 | 4423770  |
| **Food - 0.6%**<br>|  |  |
| Kraft Heinz Co. | 64421 | 1874651  |
| **Healthcare-Products - 1.6%**<br>|  |  |
| GE HealthCare Technologies, Inc. | 29796 | 2095553  |
| IDEXX Laboratories, Inc.<sup>(a)(b)</sup> | 5450 | 2357942  |
|  |  | 4453495  |
| **Internet - 20.2%**<br>|  |  |
| Alphabet, Inc. - Class A | 47464 | 7537283  |
| Alphabet, Inc. - Class C | 44369 | 7138528  |
| Amazon.com, Inc.<sup>(a)</sup> | 91994 | 16965534  |
| CDW Corp./DE | 9522 | 1528852  |
| Meta Platforms, Inc. - Class A | 19716 | 10824084  |
| Netflix, Inc.<sup>(a)</sup> | 9554 | 10812453  |
| PDD Holdings, Inc. - ADR<sup>(a)(b)</sup> | 21198 | 2237873  |
|  |  | 57044607  |
| **Lodging - 1.4%**<br>|  |  |
| Marriott International, Inc./MD - Class A | 16246 | 3875971  |
| **Oil & Gas - 0.8%**<br>|  |  |
| Diamondback Energy, Inc. | 17330 | 2287733  |

---

The accompanying notes are an integral part of these financial statements.

52<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Nasdaq-100 Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Retail - 4.9%**<br>|  |  |
| Costco Wholesale Corp. | 10634 | $10575513  |
| Ross Stores, Inc. | 23951 | 3329189  |
|  |  | 13904702  |
| **Semiconductors - 20.0%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 45008 | 4381529  |
| ARM Holdings PLC - ADR<sup>(a)(b)</sup> | 7501 | 855489  |
| ASML Holding NV | 4260 | 2846021  |
| Broadcom, Inc. | 71831 | 13825312  |
| Intel Corp. | 183610 | 3690561  |
| Lam Research Corp. | 60982 | 4370580  |
| Marvell Technology, Inc. | 22670 | 1323248  |
| Microchip Technology, Inc. | 19503 | 898698  |
| NVIDIA Corp. | 187764 | 20451255  |
| NXP Semiconductors NV | 9424 | 1736937  |
| ON Semiconductor Corp.<sup>(a)(b)</sup> | 53408 | 2120298  |
|  |  | 56499928  |
| **Software - 17.2%**<br>|  |  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 7084 | 1907792  |
| Autodesk, Inc.<sup>(a)(b)</sup> | 13736 | 3767098  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 18458 | 1885669  |
| Electronic Arts, Inc. | 19422 | 2817938  |
| Microsoft Corp. | 61429 | 24280426  |
| MongoDB, Inc.<sup>(a)</sup> | 4739 | 815914  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 44690 | 5293084  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 18785 | 4382916  |
| Workday, Inc. - Class A<sup>(a)</sup> | 14198 | 3478510  |
|  |  | 48629347  |
| **Telecommunications - 2.6%**<br>|  |  |
| T-Mobile US, Inc. | 29937 | 7392942  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $253,056,595)** |  | 265393421 |

---

The accompanying notes are an integral part of these financial statements.

53<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Nasdaq-100 Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 4.0%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - 4.0%**<br>|  |  |  |
| Invesco QQQ Trust Series 1<sup>(c)(d)(e)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2025; Exercise Price: $430.00 | $68800509 | &nbsp;&nbsp; 1447 | $866753  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2025; Exercise Price: $435.00 | 67516740 | &nbsp;&nbsp; 1420 | 2431040  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $460.00 | 72889551 | &nbsp;&nbsp; 1533 | 4599000  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $420.00 | 72271440 | &nbsp;&nbsp; 1520 | 3304480  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $10,382,772)** |  |  | 11201273 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value**  |
| **SHORT-TERM INVESTMENTS - 2.6%**<br>|  |  |
| **Investments Purchased with Proceeds from Securities Lending - 2.6%**<br>|  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(f)</sup> | 7411345 | 7411345  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $7,411,345)** |  | 7411345  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.4%** <br>**(Cost $270,850,712)** |  | $284006039  |
| Money Market Deposit Account - 3.4%<sup>(g)</sup> |  | 9482522  |
| Liabilities in Excess of Other Assets - (3.8)% |  | (10680535)  |
| **TOTAL NET ASSETS - 100.0%** |  | $282808026 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $7,278,859 which represented 2.6% of net assets.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(f)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

<sup>(g)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

54<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Nasdaq-100 Managed Floor ETF** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.2)%**<br>|  |  |  |
| **Call Options - (1.2)%**<br>|  |  |  |
| NASDAQ 100 Index<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 05/02/2025; Exercise Price: $19,300.00<sup>(a)(b)</sup> | $(101769304) | &nbsp;&nbsp;&nbsp;&nbsp;(52) | $(1414920)  |
| &nbsp;&nbsp;&nbsp; Expiration: 05/07/2025; Exercise Price: $19,700.00 | (91983794) | &nbsp;&nbsp;&nbsp;&nbsp;(47) | (1316940)  |
| &nbsp;&nbsp;&nbsp; Expiration: 05/12/2025; Exercise Price: $20,200.00 | (90026692) | &nbsp;&nbsp;&nbsp;&nbsp;(46) | (598460)  |
| **Total Call Options** |  |  | (3330320)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,518,499)** |  |  | $(3330320) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Common Stocks | $265393421 | 93.8%  |
| Purchased Options | 11201273 | 4.0  |
| Written Options | (3330320) | (1.2)  |
| Money Market Deposit Account | 9482522 | 3.4  |
| Investments Purchased with Proceeds from Securities Lending | 7411345 | 2.6  |
| Liabilities in Excess of Other Assets | (7350215) | (2.6)  |
|  | $282808026 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

55<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Power Buffer Step-Up Strategy ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.2%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 96.1%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $5.67<sup>(b)(c)(d)</sup> | $100926280 | &nbsp;&nbsp; 1820 | $99486587  |
| **Put Options - 6.1%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $573.73<sup>(b)(c)(d)</sup> | 100926280 | &nbsp;&nbsp; 1820 | 6352801  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $119,143,088)** |  |  | 105839388  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.2%** <br>**(Cost $119,143,088)** |  |  | $105839388  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 121717  |
| Liabilities in Excess of Other Assets - (2.3)% |  |  | (2392149)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $103568956 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

56<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Power Buffer Step-Up Strategy ETF** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.2)%**<br>|  |  |  |
| **Call Options - (0.3)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $640.14<sup>(a)(b)</sup> | $(100926280) | (1820) | $(368168)  |
| **Put Options - (1.9)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $487.68<sup>(a)(b)</sup> | (100926280) | (1820) | (1948037)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,391,359)** |  |  | $(2316205) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $105839388 | 102.2%  |
| Written Options | (2316205) | (2.2)  |
| Money Market Deposit Account | 121717 | 0.1  |
| Liabilities in Excess of Other Assets | (75944) | (0.1)  |
|  | $103568956 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

57<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator S&P Investment Grade Preferred ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - 74.1%**<br>|  |  |
| **Banks - 34.8%<sup>(a)</sup>**<br>|  |  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 02, 5.22% (3 mo. Term SOFR + 0.91%), Perpetual | 13412 | $287017  |
| &nbsp;&nbsp;&nbsp; Series 4, 5.32% (3 mo. Term SOFR + 1.01%), Perpetual | 12515 | 281462  |
| &nbsp;&nbsp;&nbsp; Series 5, 5.09% (3 mo. Term SOFR + 0.76%), Perpetual | 12972 | 285643  |
| &nbsp;&nbsp;&nbsp; Series E, 4.93% (3 mo. Term SOFR + 0.61%), Perpetual | 13160 | 288730  |
| &nbsp;&nbsp;&nbsp; Series GG, 6.00%, Perpetual | 11316 | 280863  |
| &nbsp;&nbsp;&nbsp; Series HH, 5.88%, Perpetual | 11563 | 276471  |
| &nbsp;&nbsp;&nbsp; Series KK, 5.38%, Perpetual | 12538 | 274958  |
| &nbsp;&nbsp;&nbsp; Series LL, 5.00%, Perpetual | 13470 | 273576  |
| &nbsp;&nbsp;&nbsp; Series NN, 4.38%, Perpetual | 15389 | 270385  |
| &nbsp;&nbsp;&nbsp; Series PP, 4.13%, Perpetual | 16329 | 272204  |
| &nbsp;&nbsp;&nbsp; Series QQ, 4.25%, Perpetual | 15778 | 271382  |
| &nbsp;&nbsp;&nbsp; Series SS, 4.75%, Perpetual<sup>(b)</sup> | 14127 | 274064  |
|  Bank of New York Mellon Corp., Series K, 6.15% to 03/20/2030 then 5 yr. CMT Rate + 2.16%, Perpetual | 134809 | 3386402  |
| Cullen/Frost Bankers, Inc., Series B, 4.45%, Perpetual | 195602 | 3284158  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series DD, 5.75%, Perpetual<sup>(b)</sup> | 22890 | 561721  |
| &nbsp;&nbsp;&nbsp; Series EE, 6.00%, Perpetual | 22477 | 562599  |
| &nbsp;&nbsp;&nbsp; Series GG, 4.75%, Perpetual | 27534 | 552883  |
| &nbsp;&nbsp;&nbsp; Series JJ, 4.55%, Perpetual | 28747 | 550218  |
| &nbsp;&nbsp;&nbsp; Series LL, 4.63%, Perpetual | 28369 | 553195  |
| &nbsp;&nbsp;&nbsp; Series MM, 4.20%, Perpetual | 30744 | 547243  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.22% (3 mo. Term SOFR + 0.96%), Perpetual | 17022 | 381293  |
| &nbsp;&nbsp;&nbsp; Series E, 7.13% (3 mo. LIBOR US + 4.32%), Perpetual<sup>(c)</sup> | 14883 | 375052  |
| &nbsp;&nbsp;&nbsp; Series F, 6.88% (3 mo. LIBOR US + 3.94%), Perpetual<sup>(c)</sup> | 14955 | 375371  |
| &nbsp;&nbsp;&nbsp; Series I, 6.38% (3 mo. LIBOR US + 3.71%), Perpetual<sup>(c)</sup> | 15148 | 367793  |
| &nbsp;&nbsp;&nbsp; Series K, 5.85% (3 mo. LIBOR US + 3.49%), Perpetual<sup>(c)</sup> | 15793 | 358501  |
| &nbsp;&nbsp;&nbsp; Series L, 4.88%, Perpetual | 18602 | 364041  |
| &nbsp;&nbsp;&nbsp; Series O, 4.25%, Perpetual<sup>(b)</sup> | 21169 | 362837  |
| &nbsp;&nbsp;&nbsp; Series P, 6.50%, Perpetual | 14877 | 373264  |
| &nbsp;&nbsp;&nbsp; Series Q, 6.63%, Perpetual | 14790 | 371821  |
| Northern Trust Corp., Series E, 4.70%, Perpetual | 171513 | 3382236  |
| State Street Corp., Series G, 5.35% (3 mo. LIBOR US + 3.71%), Perpetual<sup>(c)</sup> | 150726 | 3335566  |
| Truist Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series O, 5.25%, Perpetual | 80206 | 1685128  |
| &nbsp;&nbsp;&nbsp; Series R, 4.75%, Perpetual | 87357 | 1668519  |
| US Bancorp<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B\*, 5.12% (3 mo. Term SOFR + 0.86%), Perpetual | 31735 | 680398  |
| &nbsp;&nbsp;&nbsp; Series K, 5.50%, Perpetual | 29629 | 659838  |
| &nbsp;&nbsp;&nbsp; Series L, 3.75%, Perpetual | 43714 | 667950  |
| &nbsp;&nbsp;&nbsp; Series M, 4.00%, Perpetual<sup>(b)</sup> | 41000 | 667480  |
| &nbsp;&nbsp;&nbsp; Series O, 4.50%, Perpetual<sup>(b)</sup> | 35532 | 659474  |
|  |  | 30071736 |

---

The accompanying notes are an integral part of these financial statements.

58<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator S&P Investment Grade Preferred ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - (Continued)** <br>|  |  |
| **Diversified Financial Services - 7.9%**<br>|  |  |
| Charles Schwab Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series D, 5.95%, Perpetual | 68223 | $1702164  |
| &nbsp;&nbsp;&nbsp; Series J, 4.45%, Perpetual | 87950 | 1706230  |
|  Voya Financial, Inc., Series B, 5.35% to 09/15/2029 then 5 yr. CMT Rate + 3.21%, Perpetual | 139728 | 3391198  |
|  |  | 6799592 |
| **Insurance - 31.4%<sup>(a)</sup>**<br>|  |  |
| Arch Capital Group Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series F, 5.45%, Perpetual | 82081 | 1686764  |
| &nbsp;&nbsp;&nbsp; Series G, 4.55%, Perpetual | 97688 | 1659719  |
| Athene Holding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.35% to 6/30/2029 then 3 mo. LIBOR US + 4.25%, Perpetual<sup>(c)</sup> | 28298 | 663305  |
| &nbsp;&nbsp;&nbsp; Series B, 5.63%, Perpetual | 34979 | 667049  |
| &nbsp;&nbsp;&nbsp; Series C, 6.38% to 9/30/2025 then 5 yr. CMT Rate + 5.97%, Perpetual | 27092 | 678655  |
| &nbsp;&nbsp;&nbsp; Series D, 4.88%, Perpetual | 40411 | 674460  |
| &nbsp;&nbsp;&nbsp; Series E, 7.75% (5 yr. CMT Rate + 3.96%), Perpetual | 26485 | 665038  |
| Axis Capital Holdings Ltd., Series E, 5.50%, Perpetual | 167756 | 3415512  |
|  Enstar Group Ltd., Series D, 7.00% to 09/01/2028 then 3 mo. LIBOR US + 4.02%, Perpetual<sup>(c)</sup> | 167009 | 3560632  |
| Equitable Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, Perpetual | 83339 | 1666780  |
| &nbsp;&nbsp;&nbsp; Series C, 4.30%, Perpetual | 101574 | 1669877  |
| Hartford Insurance Group, Inc., Series G, 6.00%, Perpetual | 136171 | 3409722  |
| MetLife, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.56% (3 mo. Term SOFR + 1.26%), Perpetual | 49207 | 1174571  |
| &nbsp;&nbsp;&nbsp; Series E, 5.63%, Perpetual<sup>(b)</sup> | 47968 | 1122931  |
| &nbsp;&nbsp;&nbsp; Series F, 4.75%, Perpetual | 57258 | 1121112  |
| RenaissanceRe Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series F, 5.75%, Perpetual | 78817 | 1686684  |
| &nbsp;&nbsp;&nbsp; Series G, 4.20%, Perpetual | 106049 | 1657546  |
|  |  | 27180357 |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $75,655,208)** |  | 64051685 |
| **CONVERTIBLE PREFERRED STOCKS - 14.0%**<br>|  |  |
| **Diversified Financial Services - 9.5%**<br>|  |  |
| Apollo Global Management, Inc., 6.75%, 07/31/2026 | 55901 | 4031580  |
| Ares Management Corp., Series B, 6.75%, 10/01/2027 | 84256 | 4159719  |
|  |  | 8191299 |
| **Private Equity - 4.5%**<br>|  |  |
| KKR & Co., Inc., Series D, 6.25%, 03/01/2028 | 80512 | 3858940  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE PREFERRED STOCKS** <br>**(Cost $12,101,210)** |  | 12050239 |

---

The accompanying notes are an integral part of these financial statements.

59<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator S&P Investment Grade Preferred ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - PREFERRED - 11.7%**<br>|  |  |
| **REITS - 11.7%**<br>|  |  |
| Agree Realty Corp., Series A, 4.25%, Perpetual | 194026 | $3346948  |
| Kimco Realty Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series L, 5.13%, Perpetual | 85366 | 1711588  |
| &nbsp;&nbsp;&nbsp; Series M, 5.25%, Perpetual | 83463 | 1726015  |
| Public Storage<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series F, 5.15%, Perpetual | 14604 | 304493  |
| &nbsp;&nbsp;&nbsp; Series G, 5.05%, Perpetual | 14852 | 308922  |
| &nbsp;&nbsp;&nbsp; Series H, 5.60%, Perpetual | 13497 | 307192  |
| &nbsp;&nbsp;&nbsp; Series I, 4.88%, Perpetual | 15388 | 302066  |
| &nbsp;&nbsp;&nbsp; Series J, 4.70%, Perpetual | 15990 | 301891  |
| &nbsp;&nbsp;&nbsp; Series L, 4.63%, Perpetual | 16160 | 305262  |
| &nbsp;&nbsp;&nbsp; Series N, 3.88%, Perpetual | 19269 | 304836  |
| &nbsp;&nbsp;&nbsp; Series O, 3.90%, Perpetual | 19210 | 307552  |
| &nbsp;&nbsp;&nbsp; Series P, 4.00%, Perpetual | 18797 | 302256  |
| &nbsp;&nbsp;&nbsp; Series R, 4.00%, Perpetual | 18786 | 303770  |
| &nbsp;&nbsp;&nbsp; Series S, 4.10%, Perpetual | 18368 | 304909  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - PREFERRED** <br>**(Cost $12,718,404)** |  | 10137700 |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS - 3.8%**<br>|  |  |
| **Investments Purchased with Proceeds from Securities Lending - 3.8%**<br>|  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(d)</sup> | 3277525 | 3277525  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,277,525)** |  | 3277525 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.6%** <br>**(Cost $103,752,347)** |  | $89517149 |
| Money Market Deposit Account - 0.7%<sup>(e)</sup> |  | 648713 |
| Liabilities in Excess of Other Assets - (4.3)% |  | (3719959) |
| **TOTAL NET ASSETS - 100.0%** |  | $86445903 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> All or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $3,165,843 which represented 3.7% of net assets. 

<sup>(c)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

60<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator S&P Investment Grade Preferred ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Preferred Stocks | $64051685 | 74.1%  |
| Convertible Preferred Stocks | 12050239 | 14.0  |
| Real Estate Investment Trusts - Preferred | 10137700 | 11.7  |
| Investments Purchased with Proceeds from Securities Lending | 3277525 | 3.8  |
| Money Market Deposit Account | 648713 | 0.7  |
| Liabilities in Excess of Other Assets | (3719959) | (4.3)  |
|  | $86445903 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

61<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 82.9%**<br>|  |  |
| **Advertising - 0.1%**<br>|  |  |
| Boston Omaha Corp. - Class A<sup>(a)</sup> | 528 | $8200  |
| Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | 1392 | 1370  |
| National CineMedia, Inc. | 576 | 3300  |
| Taboola.com Ltd.<sup>(a)</sup> | 1905 | 5620  |
| TechTarget, Inc.<sup>(a)</sup> | 885 | 7053  |
|  |  | 25543  |
| **Aerospace/Defense - 1.1%**<br>|  |  |
| AAR Corp.<sup>(a)</sup> | 386 | 20636  |
| AeroVironment, Inc.<sup>(a)</sup> | 164 | 24849  |
| Amprius Technologies, Inc.<sup>(a)</sup> | 1044 | 2255  |
| Archer Aviation, Inc. - Class A<sup>(a)</sup> | 2216 | 18459  |
| Ducommun, Inc.<sup>(a)</sup> | 144 | 8254  |
| Eve Holding, Inc.<sup>(a)</sup> | 1211 | 4311  |
| Intuitive Machines, Inc.<sup>(a)</sup> | 249 | 2042  |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 886 | 29934  |
| Mercury Systems, Inc.<sup>(a)</sup> | 672 | 33600  |
| National Presto Industries, Inc. | 129 | 10881  |
| Red Cat Holdings, Inc.<sup>(a)</sup> | 513 | 2575  |
| Redwire Corp.<sup>(a)</sup> | 404 | 4355  |
| Spirit AeroSystems Holdings, Inc. - Class A<sup>(a)</sup> | 1136 | 40896  |
| Triumph Group, Inc.<sup>(a)</sup> | 490 | 12446  |
| Vertical Aerospace Ltd.<sup>(a)</sup> | 752 | 2783  |
|  |  | 218276  |
| **Agriculture - 0.3%**<br>|  |  |
| Dole PLC | 577 | 8765  |
| Fresh Del Monte Produce, Inc. | 320 | 10883  |
| Tejon Ranch Co.<sup>(a)</sup> | 577 | 9769  |
| Turning Point Brands, Inc. | 208 | 12767  |
| Universal Corp./VA | 52 | 3030  |
| Vital Farms, Inc.<sup>(a)</sup> | 188 | 6437  |
|  |  | 51651  |
| **Airlines - 0.4%**<br>|  |  |
| Allegiant Travel Co. | 84 | 3942  |
| Copa Holdings SA - Class A | 257 | 23582  |
| Frontier Group Holdings, Inc.<sup>(a)(b)</sup> | 1195 | 3561  |
| JetBlue Airways Corp.<sup>(a)(b)</sup> | 1771 | 7722  |
| SkyWest, Inc.<sup>(a)</sup> | 336 | 29961  |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 625 | 6125  |
| Wheels Up Experience, Inc.<sup>(a)</sup> | 1241 | 1427  |
|  |  | 76320  |
| **Apparel - 0.6%**<br>|  |  |
| Capri Holdings Ltd.<sup>(a)</sup> | 812 | 12212  |
| Carter's, Inc. | 386 | 12757  |
| Hanesbrands, Inc.<sup>(a)</sup> | 906 | 4158  |

---

The accompanying notes are an integral part of these financial statements.

62<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Apparel - (Continued)**  | **Apparel - (Continued)**  | **Apparel - (Continued)**  |
| Kontoor Brands, Inc. | 291 | $17504  |
| Levi Strauss & Co. - Class A | 2466 | 39481  |
| Oxford Industries, Inc. | 144 | 6998  |
| Steven Madden Ltd. | 54 | 1134  |
| Under Armour, Inc. - Class A<sup>(a)</sup> | 1626 | 9301  |
| Under Armour, Inc. - Class C<sup>(a)</sup> | 1490 | 8106  |
| Wolverine World Wide, Inc. | 241 | 3145  |
|  |  | 114796  |
| **Auto Manufacturers - 0.1%**<br>|  |  |
| Blue Bird Corp.<sup>(a)(b)</sup> | 183 | 6381  |
| REV Group, Inc. | 560 | 18312  |
|  |  | 24693  |
| **Auto Parts & Equipment - 1.1%**<br>|  |  |
| Adient PLC<sup>(a)</sup> | 519 | 6565  |
| Aeva Technologies, Inc.<sup>(a)</sup> | 448 | 3185  |
| American Axle & Manufacturing Holdings, Inc.<sup>(a)</sup> | 2107 | 8049  |
| Cooper-Standard Holdings, Inc.<sup>(a)</sup> | 384 | 5633  |
| Dana, Inc. | 1460 | 20060  |
| Dorman Products, Inc.<sup>(a)</sup> | 192 | 21754  |
| Douglas Dynamics, Inc. | 289 | 6930  |
| Fox Factory Holding Corp.<sup>(a)</sup> | 308 | 6255  |
| Garrett Motion, Inc. | 1073 | 9893  |
| Goodyear Tire & Rubber Co.<sup>(a)(b)</sup> | 2496 | 27157  |
| indie Semiconductor, Inc. - Class A<sup>(a)(b)</sup> | 444 | 884  |
| Luminar Technologies, Inc.<sup>(a)</sup> | 643 | 2514  |
| Methode Electronics, Inc. | 139 | 872  |
| Microvast Holdings, Inc.<sup>(a)</sup> | 1368 | 2640  |
| Miller Industries, Inc./TN | 60 | 2449  |
| Phinia, Inc. | 384 | 15418  |
| QuantumScape Corp.<sup>(a)</sup> | 4407 | 17231  |
| SES AI Corp.<sup>(a)</sup> | 2065 | 1856  |
| Shyft Group, Inc. | 279 | 2360  |
| Solid Power, Inc.<sup>(a)</sup> | 2325 | 2534  |
| Standard Motor Products, Inc. | 290 | 7859  |
| Titan International, Inc.<sup>(a)</sup> | 1137 | 8357  |
| Visteon Corp.<sup>(a)</sup> | 256 | 20273  |
| XPEL, Inc.<sup>(a)</sup> | 155 | 4439  |
|  |  | 205167  |
| **Banks - 7.9%**<br>|  |  |
| Alerus Financial Corp. | 480 | 9542  |
| Amerant Bancorp, Inc. | 369 | 6214  |
| Ameris Bancorp | 545 | 31937  |
| Arrow Financial Corp. | 272 | 6672  |
| Associated Banc-Corp.<sup>(b)</sup> | 1648 | 36355  |

---

The accompanying notes are an integral part of these financial statements.

63<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Banks - (Continued)**  | **Banks - (Continued)**  | **Banks - (Continued)**  |
| Atlantic Union Bankshares Corp. | 514 | $14238  |
| BancFirst Corp. | 208 | 24507  |
| Bancorp, Inc.<sup>(a)</sup> | 316 | 15266  |
| Bank of Hawaii Corp. | 368 | 24329  |
| Bank of Marin Bancorp | 496 | 10178  |
| Bank of NT Butterfield & Son Ltd. | 560 | 22501  |
| BankUnited, Inc. | 688 | 22504  |
| BayCom Corp. | 432 | 11236  |
| BCB Bancorp, Inc. | 592 | 4866  |
| Bridgewater Bancshares, Inc.<sup>(a)</sup> | 721 | 11096  |
| Camden National Corp. | 273 | 10516  |
| Capital Bancorp, Inc. | 400 | 12636  |
| Capital City Bank Group, Inc. | 304 | 11108  |
| Carter Bankshares, Inc.<sup>(a)</sup> | 448 | 6859  |
| Cathay General Bancorp | 96 | 4002  |
| ChoiceOne Financial Services, Inc. | 193 | 5487  |
| Citizens & Northern Corp. | 512 | 9856  |
| Civista Bancshares, Inc. | 576 | 12966  |
| Colony Bankcorp, Inc. | 641 | 9948  |
| Community Trust Bancorp, Inc. | 240 | 11750  |
| ConnectOne Bancorp, Inc. | 465 | 10476  |
| Customers Bancorp, Inc.<sup>(a)</sup> | 320 | 16000  |
| CVB Financial Corp. | 1312 | 24324  |
| Dime Community Bancshares, Inc. | 337 | 8658  |
| Eagle Bancorp, Inc. | 384 | 6893  |
| Eastern Bankshares, Inc. | 1841 | 27468  |
| Enterprise Bancorp, Inc./MA | 320 | 11904  |
| First Bancorp, Inc. | 369 | 9015  |
| First BanCorp/Puerto Rico | 2880 | 56563  |
| First Bancorp/Southern Pines NC | 480 | 19421  |
| First Bank/Hamilton NJ | 672 | 9663  |
| First Busey Corp. | 610 | 12682  |
| First Business Financial Services, Inc. | 225 | 10832  |
| First Community Bankshares, Inc. | 256 | 9646  |
| First Financial Bancorp | 656 | 15186  |
| First Foundation, Inc. | 784 | 3936  |
| First Hawaiian, Inc. | 1488 | 34016  |
| First Interstate BancSystem, Inc. - Class A | 1158 | 30334  |
| Firstsun Capital Bancorp<sup>(a)</sup> | 177 | 6193  |
| Fulton Financial Corp. | 1504 | 25087  |
| Great Southern Bancorp, Inc. | 177 | 9735  |
| Guaranty Bancshares, Inc./TX | 289 | 11404  |
| Hancock Whitney Corp. | 704 | 36671  |
| Heritage Commerce Corp. | 1089 | 9845  |
| Heritage Financial Corp./WA | 513 | 11707  |

---

The accompanying notes are an integral part of these financial statements.

64<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Banks - (Continued)**  | **Banks - (Continued)**  | **Banks - (Continued)**  |
| Hope Bancorp, Inc. | 1173 | $11695  |
| Independent Bank Corp. | 400 | 23636  |
| International Bancshares Corp. | 432 | 26369  |
| Kearny Financial Corp./MD | 1168 | 7312  |
| Lakeland Financial Corp. | 304 | 16924  |
| LINKBANCORP, Inc. | 1169 | 8206  |
| Live Oak Bancshares, Inc. | 518 | 13541  |
| Mercantile Bank Corp. | 256 | 10831  |
| Merchants Bancorp/IN | 192 | 5775  |
| Metrocity Bankshares, Inc. | 352 | 9705  |
| Metropolitan Bank Holding Corp.<sup>(a)</sup> | 80 | 4954  |
| Midland States Bancorp, Inc. | 331 | 5389  |
| MidWestOne Financial Group, Inc. | 353 | 9792  |
| NBT Bancorp, Inc. | 496 | 21001  |
| Nicolet Bankshares, Inc. | 128 | 14952  |
| Northeast Bank | 112 | 9276  |
| OFG Bancorp | 864 | 33998  |
| Origin Bancorp, Inc. | 353 | 11310  |
| Park National Corp. | 144 | 21614  |
| Pathward Financial, Inc.<sup>(b)</sup> | 160 | 12699  |
| PCB Bancorp | 528 | 10354  |
| Peoples Financial Services Corp. | 224 | 9681  |
| RBB Bancorp | 342 | 5328  |
| Renasant Corp. | 544 | 17446  |
| Republic Bancorp, Inc./KY - Class A | 161 | 10924  |
| S&T Bancorp, Inc. | 337 | 12280  |
| Seacoast Banking Corp. of Florida | 848 | 20106  |
| ServisFirst Bancshares, Inc. | 496 | 35325  |
| Shore Bancshares, Inc. | 752 | 10400  |
| Simmons First National Corp. - Class A | 1168 | 21795  |
| SmartFinancial, Inc. | 352 | 10708  |
| South Plains Financial, Inc. | 305 | 10282  |
| Southern First Bancshares, Inc.<sup>(a)</sup> | 224 | 7954  |
| Southside Bancshares, Inc. | 352 | 9923  |
| Stellar Bancorp, Inc. | 480 | 11981  |
| Stock Yards Bancorp, Inc. | 336 | 24457  |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 384 | 26170  |
| Tompkins Financial Corp. | 192 | 11443  |
| TriCo Bancshares | 304 | 11728  |
| Triumph Financial, Inc.<sup>(a)</sup> | 277 | 14797  |
| TrustCo Bank Corp. NY | 321 | 9774  |
| Trustmark Corp. | 336 | 11273  |
| United Community Banks, Inc./GA | 1057 | 29184  |
| Unity Bancorp, Inc. | 304 | 12586  |
| USCB Financial Holdings, Inc. | 496 | 8412  |

---

The accompanying notes are an integral part of these financial statements.

65<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Banks - (Continued)**  | **Banks - (Continued)**  | **Banks - (Continued)**  |
| Walker & Dunlop, Inc. | 305 | $23345  |
| Washington Trust Bancorp, Inc. | 336 | 9274  |
| WesBanco, Inc. | 1265 | 37672  |
| West BanCorp, Inc. | 513 | 9955  |
| Westamerica BanCorp | 256 | 12398  |
|  |  | 1510162  |
| **Beverages - 0.3%**<br>|  |  |
| Boston Beer Co., Inc. - Class A<sup>(a)</sup> | 80 | 19664  |
| BRC, Inc. - Class A<sup>(a)</sup> | 477 | 1087  |
| MGP Ingredients, Inc. | 104 | 3065  |
| National Beverage Corp. | 193 | 8569  |
| Vita Coco Co., Inc.<sup>(a)</sup> | 432 | 14278  |
| Westrock Coffee Co.<sup>(a)</sup> | 1280 | 7424  |
|  |  | 54087  |
| **Biotechnology - 6.5%**<br>|  |  |
| 2seventy bio, Inc.<sup>(a)</sup> | 785 | 3917  |
| 4D Molecular Therapeutics, Inc.<sup>(a)</sup> | 1334 | 4496  |
| 89bio, Inc.<sup>(a)</sup> | 1076 | 8630  |
| Absci Corp.<sup>(a)</sup> | 1120 | 3438  |
| ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 1489 | 21739  |
| ADMA Biologics, Inc.<sup>(a)(b)</sup> | 1499 | 35676  |
| Akero Therapeutics, Inc.<sup>(a)</sup> | 624 | 28461  |
| Allogene Therapeutics, Inc.<sup>(a)</sup> | 611 | 1026  |
| Altimmune, Inc.<sup>(a)</sup> | 1269 | 6662  |
| Alto Neuroscience, Inc.<sup>(a)</sup> | 1195 | 2976  |
| Alumis, Inc.<sup>(a)</sup> | 244 | 1010  |
| Alvotech SA<sup>(a)(b)</sup> | 992 | 7777  |
| Amicus Therapeutics, Inc.<sup>(a)</sup> | 2577 | 19791  |
| AnaptysBio, Inc.<sup>(a)</sup> | 274 | 6088  |
| Anavex Life Sciences Corp.<sup>(a)(b)</sup> | 1922 | 18259  |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 162 | 11473  |
| Annexon, Inc.<sup>(a)</sup> | 2196 | 4085  |
| Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | 595 | 11430  |
| Apogee Therapeutics, Inc.<sup>(a)</sup> | 252 | 9891  |
| Arcellx, Inc.<sup>(a)(b)</sup> | 313 | 20329  |
| Arcturus Therapeutics Holdings, Inc.<sup>(a)</sup> | 472 | 6046  |
| Arcus Biosciences, Inc.<sup>(a)</sup> | 153 | 1339  |
| Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | 757 | 11287  |
| Ardelyx, Inc.<sup>(a)</sup> | 2882 | 15865  |
| ArriVent Biopharma, Inc.<sup>(a)</sup> | 96 | 2041  |
| Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 204 | 2834  |
| ARS Pharmaceuticals, Inc.<sup>(a)</sup> | 672 | 9388  |
| Aura Biosciences, Inc.<sup>(a)</sup> | 808 | 4711  |
| Avidity Biosciences, Inc.<sup>(a)</sup> | 953 | 31115  |
| Axsome Therapeutics, Inc.<sup>(a)</sup> | 386 | 43344  |

---

The accompanying notes are an integral part of these financial statements.

66<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Biotechnology - (Continued)**  | **Biotechnology - (Continued)**  | **Biotechnology - (Continued)**  |
| Beam Therapeutics, Inc.<sup>(a)</sup> | 941 | $18754  |
| BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 2352 | 20815  |
| Biohaven Ltd.<sup>(a)</sup> | 104 | 2300  |
| Biomea Fusion, Inc.<sup>(a)</sup> | 1524 | 3200  |
| Candel Therapeutics, Inc.<sup>(a)</sup> | 317 | 1556  |
| Capricor Therapeutics, Inc.<sup>(a)</sup> | 233 | 2959  |
| Cardiff Oncology, Inc.<sup>(a)</sup> | 915 | 2507  |
| Celcuity, Inc.<sup>(a)</sup> | 604 | 6729  |
| Celldex Therapeutics, Inc.<sup>(a)</sup> | 1017 | 21184  |
| Certara, Inc.<sup>(a)</sup> | 1104 | 15301  |
| CG oncology, Inc.<sup>(a)</sup> | 153 | 4122  |
| Cogent Biosciences, Inc.<sup>(a)</sup> | 201 | 1047  |
| Compass Therapeutics, Inc.<sup>(a)</sup> | 1577 | 2933  |
| Crinetics Pharmaceuticals, Inc.<sup>(a)</sup> | 216 | 7212  |
| Cullinan Therapeutics, Inc.<sup>(a)</sup> | 117 | 969  |
| Cytek Biosciences, Inc.<sup>(a)</sup> | 631 | 2341  |
| Day One Biopharmaceuticals, Inc.<sup>(a)</sup> | 120 | 934  |
| Denali Therapeutics, Inc.<sup>(a)</sup> | 267 | 4446  |
| Design Therapeutics, Inc.<sup>(a)</sup> | 252 | 1225  |
| Dianthus Therapeutics, Inc.<sup>(a)</sup> | 112 | 2447  |
| Disc Medicine, Inc.<sup>(a)</sup> | 91 | 4497  |
| Dynavax Technologies Corp.<sup>(a)</sup> | 1424 | 16732  |
| Dyne Therapeutics, Inc.<sup>(a)</sup> | 228 | 2688  |
| Edgewise Therapeutics, Inc.<sup>(a)</sup> | 70 | 1148  |
| Emergent BioSolutions, Inc.<sup>(a)</sup> | 179 | 956  |
| Esperion Therapeutics, Inc.<sup>(a)(b)</sup> | 1793 | 1792  |
| Evolus, Inc.<sup>(a)</sup> | 624 | 7114  |
| Genelux Corp.<sup>(a)</sup> | 1257 | 3381  |
| Gossamer Bio, Inc.<sup>(a)</sup> | 2369 | 2416  |
| GRAIL, Inc.<sup>(a)</sup> | 305 | 10521  |
| Greenwich Lifesciences, Inc.<sup>(a)</sup> | 304 | 3070  |
| Guardant Health, Inc.<sup>(a)(b)</sup> | 932 | 44018  |
| Ideaya Biosciences, Inc.<sup>(a)</sup> | 1350 | 27176  |
| ImmunityBio, Inc.<sup>(a)</sup> | 2010 | 5045  |
| Immunome, Inc.<sup>(a)</sup> | 1160 | 10196  |
| Immunovant, Inc.<sup>(a)</sup> | 257 | 4151  |
| Innoviva, Inc.<sup>(a)</sup> | 480 | 8971  |
| Intellia Therapeutics, Inc.<sup>(a)</sup> | 182 | 1614  |
| Iovance Biotherapeutics, Inc.<sup>(a)</sup> | 262 | 941  |
| iTeos Therapeutics, Inc.<sup>(a)</sup> | 962 | 6975  |
| Janux Therapeutics, Inc.<sup>(a)</sup> | 130 | 4316  |
| Jasper Therapeutics, Inc.<sup>(a)</sup> | 849 | 4661  |
| Karyopharm Therapeutics, Inc.<sup>(a)</sup> | 746 | 5036  |
| Keros Therapeutics, Inc.<sup>(a)</sup> | 443 | 6397  |
| Kodiak Sciences, Inc.<sup>(a)</sup> | 1421 | 6196  |

---

The accompanying notes are an integral part of these financial statements.

67<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Biotechnology - (Continued)**  | **Biotechnology - (Continued)**  | **Biotechnology - (Continued)**  |
| Krystal Biotech, Inc.<sup>(a)</sup> | 192 | $32617  |
| Kura Oncology, Inc.<sup>(a)</sup> | 938 | 6153  |
| Kymera Therapeutics, Inc.<sup>(a)</sup> | 57 | 1953  |
| Larimar Therapeutics, Inc.<sup>(a)</sup> | 1637 | 4338  |
| LENZ Therapeutics, Inc.<sup>(a)</sup> | 107 | 3051  |
| Lexeo Therapeutics, Inc.<sup>(a)</sup> | 1506 | 5919  |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | 160 | 17578  |
| Liquidia Corp.<sup>(a)</sup> | 544 | 7600  |
| Mind Medicine MindMed, Inc.<sup>(a)</sup> | 768 | 4908  |
| Monte Rosa Therapeutics, Inc.<sup>(a)</sup> | 794 | 3899  |
| MoonLake Immunotherapeutics<sup>(a)</sup> | 305 | 12834  |
| Myriad Genetics, Inc.<sup>(a)</sup> | 170 | 1260  |
| NeoGenomics, Inc.<sup>(a)</sup> | 141 | 902  |
| Niagen Bioscience, Inc.<sup>(a)</sup> | 1280 | 10048  |
| Novavax, Inc.<sup>(a)</sup> | 1641 | 10945  |
| Nurix Therapeutics, Inc.<sup>(a)</sup> | 231 | 2663  |
| Nuvalent, Inc. - Class A<sup>(a)</sup> | 305 | 23409  |
| Nuvation Bio, Inc.<sup>(a)</sup> | 2155 | 4849  |
| Omeros Corp.<sup>(a)</sup> | 821 | 6034  |
| Perspective Therapeutics, Inc.<sup>(a)</sup> | 1715 | 4202  |
| Precigen, Inc.<sup>(a)</sup> | 5553 | 8663  |
| Prothena Corp. PLC<sup>(a)</sup> | 852 | 7838  |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 738 | 36782  |
| RAPT Therapeutics, Inc.<sup>(a)</sup> | 1010 | 936  |
| Recursion Pharmaceuticals, Inc. - Class A<sup>(a)(b)</sup> | 1191 | 6658  |
| REGENXBIO, Inc.<sup>(a)</sup> | 733 | 7044  |
| Relay Therapeutics, Inc.<sup>(a)</sup> | 4226 | 14073  |
| Replimune Group, Inc.<sup>(a)</sup> | 196 | 1917  |
| Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 177 | 3462  |
| Rocket Pharmaceuticals, Inc.<sup>(a)</sup> | 152 | 1160  |
| Sage Therapeutics, Inc.<sup>(a)</sup> | 945 | 6889  |
| Sana Biotechnology, Inc.<sup>(a)</sup> | 2714 | 5157  |
| Scholar Rock Holding Corp.<sup>(a)</sup> | 416 | 13691  |
| Shattuck Labs, Inc.<sup>(a)</sup> | 2433 | 2406  |
| Soleno Therapeutics, Inc.<sup>(a)</sup> | 260 | 19464  |
| Solid Biosciences, Inc.<sup>(a)</sup> | 1050 | 3475  |
| SpringWorks Therapeutics, Inc.<sup>(a)</sup> | 576 | 26669  |
| Stoke Therapeutics, Inc.<sup>(a)</sup> | 531 | 5183  |
| Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | 1056 | 14942  |
| Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 304 | 15781  |
| Taysha Gene Therapies, Inc.<sup>(a)</sup> | 1345 | 2609  |
| Tectonic Therapeutic, Inc.<sup>(a)</sup> | 234 | 4881  |
| Terns Pharmaceuticals, Inc.<sup>(a)</sup> | 1770 | 5841  |
| TG Therapeutics, Inc.<sup>(a)</sup> | 1120 | 50971  |
| Travere Therapeutics, Inc.<sup>(a)</sup> | 768 | 15982  |

---

The accompanying notes are an integral part of these financial statements.

68<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Biotechnology - (Continued)**  | **Biotechnology - (Continued)**  | **Biotechnology - (Continued)**  |
| Tyra Biosciences, Inc.<sup>(a)</sup> | 107 | $1102  |
| Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 748 | 29157  |
| UroGen Pharma Ltd.<sup>(a)</sup> | 337 | 3923  |
| Vera Therapeutics, Inc.<sup>(a)</sup> | 104 | 2430  |
| Veracyte, Inc.<sup>(a)</sup> | 849 | 25894  |
| Vericel Corp.<sup>(a)</sup> | 528 | 20075  |
| Veru, Inc.<sup>(a)</sup> | 4001 | 2167  |
| Verve Therapeutics, Inc.<sup>(a)</sup> | 251 | 1423  |
| Vigil Neuroscience, Inc.<sup>(a)</sup> | 1960 | 4116  |
| Vir Biotechnology, Inc.<sup>(a)</sup> | 535 | 3274  |
| Viridian Therapeutics, Inc.<sup>(a)</sup> | 262 | 3550  |
| Vor BioPharma, Inc.<sup>(a)</sup> | 2675 | 1817  |
| XOMA Royalty Corp.<sup>(a)</sup> | 176 | 4231  |
| Zymeworks, Inc.<sup>(a)</sup> | 704 | 9159  |
|  |  | 1228067  |
| **Building Materials - 0.9%**<br>|  |  |
| American Woodmark Corp.<sup>(a)</sup> | 64 | 3776  |
| Apogee Enterprises, Inc. | 121 | 4800  |
| Aspen Aerogels, Inc.<sup>(a)</sup> | 465 | 2511  |
| Boise Cascade Co. | 177 | 16511  |
| Gibraltar Industries, Inc.<sup>(a)</sup> | 167 | 8843  |
| Griffon Corp. | 169 | 11511  |
| Hayward Holdings, Inc.<sup>(a)</sup> | 1462 | 19488  |
| JELD-WEN Holding, Inc.<sup>(a)</sup> | 1129 | 6232  |
| Knife River Corp.<sup>(a)</sup> | 496 | 46316  |
| LSI Industries, Inc. | 401 | 6051  |
| Masterbrand, Inc.<sup>(a)</sup> | 1072 | 13025  |
| Modine Manufacturing Co.<sup>(a)</sup> | 251 | 20492  |
| Tecnoglass, Inc. | 182 | 12971  |
|  |  | 172527  |
| **Chemicals - 2.1%**<br>|  |  |
| AdvanSix, Inc. | 107 | 2292  |
| American Vanguard Corp. | 1002 | 4228  |
| Ashland, Inc. | 440 | 23932  |
| Avient Corp. | 596 | 19853  |
| Balchem Corp. | 257 | 40233  |
| Cabot Corp. | 545 | 42804  |
| Chemours Co. | 530 | 6561  |
| Codexis, Inc.<sup>(a)</sup> | 503 | 1157  |
| Ecovyst, Inc.<sup>(a)</sup> | 1264 | 7559  |
| Hawkins, Inc. | 96 | 11691  |
| HB Fuller Co. | 384 | 20751  |
| Huntsman Corp. | 1565 | 20830  |
| Ingevity Corp.<sup>(a)</sup> | 561 | 18502  |
| Innospec, Inc. | 224 | 20044  |

---

The accompanying notes are an integral part of these financial statements.

69<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Chemicals - (Continued)**  | **Chemicals - (Continued)**  | **Chemicals - (Continued)**  |
| Koppers Holdings, Inc. | 225 | $5639  |
| Mativ Holdings, Inc. | 2208 | 11283  |
| Minerals Technologies, Inc. | 320 | 16509  |
| Oil-Dri Corp. of America | 162 | 6819  |
| Olin Corp. | 1778 | 38440  |
| Orion SA | 836 | 10066  |
| Perimeter Solutions, Inc.<sup>(a)</sup> | 1424 | 14425  |
| Quaker Chemical Corp. | 102 | 10806  |
| Rayonier Advanced Materials, Inc.<sup>(a)</sup> | 385 | 1640  |
| Rogers Corp.<sup>(a)</sup> | 90 | 5563  |
| Sensient Technologies Corp. | 352 | 33070  |
| Stepan Co. | 93 | 4702  |
| Trinseo PLC | 785 | 3124  |
| Tronox Holdings PLC | 184 | 995  |
|  |  | 403518  |
| **Coal - 0.3%**<br>|  |  |
| Alpha Metallurgical Resources, Inc.<sup>(a)</sup> | 12 | 1456  |
| Core Natural Resources, Inc. | 321 | 23179  |
| Hallador Energy Co.<sup>(a)</sup> | 432 | 6076  |
| Peabody Energy Corp. | 134 | 1654  |
| Ramaco Resources, Inc. – Class A<sup>(b)</sup> | 251 | 2530  |
| Ramaco Resources, Inc. - Class B | 7 | 64  |
| SunCoke Energy, Inc. | 1041 | 9432  |
| Warrior Met Coal, Inc. | 407 | 19463  |
|  |  | 63854  |
| **Commercial Services - 4.6%**<br>|  |  |
| ABM Industries, Inc. | 512 | 24955  |
| Acacia Research Corp.<sup>(a)</sup> | 1664 | 5142  |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 210 | 22302  |
| AirSculpt Technologies, Inc.<sup>(a)</sup> | 1784 | 3871  |
| Alarm.com Holdings, Inc.<sup>(a)</sup> | 352 | 18867  |
| Alight, Inc. - Class A | 3833 | 19587  |
| AMN Healthcare Services, Inc.<sup>(a)</sup> | 363 | 7416  |
| Arlo Technologies, Inc.<sup>(a)</sup> | 1178 | 11580  |
| Avis Budget Group, Inc.<sup>(a)</sup> | 209 | 19360  |
| BrightView Holdings, Inc.<sup>(a)</sup> | 577 | 7916  |
| Brink's Co. | 181 | 16152  |
| Cadiz, Inc.<sup>(a)</sup> | 683 | 1940  |
| CBIZ, Inc.<sup>(a)</sup> | 417 | 28398  |
| Cimpress PLC<sup>(a)</sup> | 68 | 2857  |
| Clarivate PLC<sup>(a)</sup> | 5153 | 22209  |
| Coursera, Inc.<sup>(a)</sup> | 1985 | 16714  |
| CPI Card Group, Inc.<sup>(a)</sup> | 209 | 5463  |
| CRA International, Inc. | 49 | 7948  |
| Deluxe Corp. | 309 | 4511  |

---

The accompanying notes are an integral part of these financial statements.

70<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Commercial Services - (Continued)**  | **Commercial Services - (Continued)**  | **Commercial Services - (Continued)**  |
| Driven Brands Holdings, Inc.<sup>(a)</sup> | 609 | $10061  |
| Emerald Holding, Inc. | 2624 | 10312  |
| European Wax Center, Inc. - Class A<sup>(a)</sup> | 1174 | 3663  |
| EVERTEC, Inc. | 672 | 22808  |
| First Advantage Corp.<sup>(a)</sup> | 1376 | 19402  |
| Forrester Research, Inc.<sup>(a)</sup> | 102 | 954  |
| Franklin Covey Co.<sup>(a)</sup> | 321 | 6520  |
| Graham Holdings Co. - Class B | 17 | 15641  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 272 | 48517  |
| Green Dot Corp. - Class A<sup>(a)</sup> | 329 | 2754  |
| Heidrick & Struggles International, Inc. | 224 | 8740  |
| Hertz Global Holdings, Inc.<sup>(a)</sup> | 2065 | 14083  |
| Huron Consulting Group, Inc.<sup>(a)</sup> | 192 | 25880  |
| ICF International, Inc. | 52 | 4418  |
| Insperity, Inc. | 244 | 15862  |
| John Wiley & Sons, Inc. - Class A | 368 | 16060  |
| Kforce, Inc. | 514 | 19635  |
| KinderCare Learning Cos., Inc.<sup>(a)</sup> | 780 | 9563  |
| Korn Ferry | 833 | 51396  |
| Laureate Education, Inc.<sup>(a)</sup> | 1713 | 34380  |
| Legalzoom.com, Inc.<sup>(a)</sup> | 817 | 5980  |
| ManpowerGroup, Inc. | 361 | 15548  |
| Marqeta, Inc. - Class A<sup>(a)</sup> | 3536 | 14780  |
| Mister Car Wash, Inc.<sup>(a)</sup> | 1008 | 6915  |
| Monro, Inc. | 153 | 2133  |
| National Research Corp. | 160 | 1818  |
| Paymentus Holdings, Inc. - Class A<sup>(a)</sup> | 288 | 9348  |
| Payoneer Global, Inc.<sup>(a)</sup> | 3075 | 21617  |
| Paysafe Ltd.<sup>(a)</sup> | 240 | 3655  |
| Perdoceo Education Corp. | 688 | 17283  |
| Performant Healthcare, Inc.<sup>(a)</sup> | 1744 | 4116  |
| Priority Technology Holdings, Inc.<sup>(a)</sup> | 674 | 4893  |
| Progyny, Inc.<sup>(a)</sup> | 546 | 12471  |
| Remitly Global, Inc.<sup>(a)</sup> | 1120 | 22646  |
| Repay Holdings Corp.<sup>(a)</sup> | 498 | 1992  |
| Resources Connection, Inc. | 274 | 1571  |
| Sezzle, Inc.<sup>(a)</sup> | 122 | 6338  |
| Spire Global, Inc.<sup>(a)(b)</sup> | 198 | 1859  |
| Strategic Education, Inc. | 192 | 15663  |
| Stride, Inc.<sup>(a)</sup> | 370 | 52632  |
| Transcat, Inc.<sup>(a)</sup> | 53 | 4204  |
| Udemy, Inc.<sup>(a)</sup> | 918 | 6307  |
| UL Solutions, Inc. – Class A | 352 | 20131  |
| Universal Technical Institute, Inc.<sup>(a)</sup> | 259 | 7268  |
| Verra Mobility Corp.<sup>(a)</sup> | 889 | 19380  |

---

The accompanying notes are an integral part of these financial statements.

71<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Commercial Services - (Continued)**  | **Commercial Services - (Continued)**  | **Commercial Services - (Continued)**  |
| Vestis Corp. | 260 | $2278  |
| Willdan Group, Inc.<sup>(a)</sup> | 161 | 6311  |
| ZipRecruiter, Inc. - Class A<sup>(a)</sup> | 355 | 1832  |
|  |  | 878806  |
| **Computers - 1.3%**<br>|  |  |
| 3D Systems Corp.<sup>(a)</sup> | 566 | 1042  |
| Cantaloupe, Inc.<sup>(a)</sup> | 1233 | 9864  |
| Corsair Gaming, Inc.<sup>(a)</sup> | 802 | 5678  |
| Crane NXT Co. | 352 | 16516  |
| Cricut, Inc. - Class A | 784 | 3904  |
| Diebold Nixdorf, Inc.<sup>(a)</sup> | 304 | 13476  |
| D-Wave Quantum, Inc.<sup>(a)(b)</sup> | 2098 | 14497  |
| Grid Dynamics Holdings, Inc.<sup>(a)</sup> | 360 | 5098  |
| Integral Ad Science Holding Corp.<sup>(a)</sup> | 968 | 6844  |
| Lumentum Holdings, Inc.<sup>(a)(b)</sup> | 325 | 19188  |
| Mitek Systems, Inc.<sup>(a)</sup> | 736 | 6094  |
| NCR Atleos Corp.<sup>(a)</sup> | 264 | 7371  |
| NCR Voyix Corp.<sup>(a)</sup> | 1604 | 13746  |
| NetScout Systems, Inc.<sup>(a)</sup> | 513 | 10783  |
| NextNav, Inc.<sup>(a)</sup> | 400 | 4968  |
| OneSpan, Inc. | 394 | 5859  |
| PAR Technology Corp.<sup>(a)</sup> | 256 | 14950  |
| PlayAGS, Inc.<sup>(a)</sup> | 545 | 6605  |
| Rapid7, Inc.<sup>(a)</sup> | 192 | 4535  |
| Rigetti Computing, Inc.<sup>(a)(b)</sup> | 1910 | 16942  |
| Rubrik, Inc. - Class A<sup>(a)</sup> | 746 | 52615  |
| Telos Corp.<sup>(a)</sup> | 1559 | 4256  |
| V2X, Inc.<sup>(a)</sup> | 160 | 7962  |
| Vuzix Corp.<sup>(a)</sup> | 1584 | 3374  |
|  |  | 256167  |
| **Cosmetics/Personal Care - 0.5%**<br>|  |  |
| Edgewell Personal Care Co. | 416 | 12709  |
| Honest Co., Inc.<sup>(a)</sup> | 852 | 4081  |
| Interparfums, Inc. | 162 | 17690  |
| Perrigo Co. PLC | 834 | 21451  |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 449 | 36472  |
|  |  | 92403  |
| **Distribution/Wholesale - 0.7%**<br>|  |  |
| G-III Apparel Group Ltd.<sup>(a)</sup> | 512 | 12913  |
| H&E Equipment Services, Inc. | 273 | 24518  |
| MRC Global, Inc.<sup>(a)</sup> | 592 | 6897  |
| OPENLANE, Inc.<sup>(a)</sup> | 1264 | 23397  |
| Resideo Technologies, Inc.<sup>(a)</sup> | 1130 | 18961  |
| Rush Enterprises, Inc. - Class A | 592 | 30186  |

---

The accompanying notes are an integral part of these financial statements.

72<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Distribution/Wholesale - (Continued)**  | **Distribution/Wholesale - (Continued)**  | **Distribution/Wholesale - (Continued)**  |
| ScanSource, Inc.<sup>(a)</sup> | 97 | $3200  |
| VSE Corp. | 176 | 20155  |
|  |  | 140227  |
| **Diversified Financial Services - 3.4%**<br>|  |  |
| Acadian Asset Management, Inc. | 353 | 9510  |
| Artisan Partners Asset Management, Inc. - Class A | 592 | 21892  |
| B Riley Financial, Inc. | 776 | 2274  |
| BGC Group, Inc. - Class A | 3328 | 30152  |
| Bread Financial Holdings, Inc. | 672 | 31886  |
| Cohen & Steers, Inc. | 256 | 19538  |
| Dave, Inc.<sup>(a)</sup> | 66 | 6258  |
| Enact Holdings, Inc. | 353 | 12634  |
| Encore Capital Group, Inc.<sup>(a)</sup> | 54 | 1858  |
| Enova International, Inc.<sup>(a)</sup> | 224 | 20561  |
| EZCORP, Inc. - Class A<sup>(a)(b)</sup> | 736 | 12048  |
| Federal Agricultural Mortgage Corp. - Class C | 112 | 19637  |
| Federated Hermes, Inc. | 720 | 29239  |
| Guild Holdings Co. - Class A | 208 | 2696  |
| International Money Express, Inc.<sup>(a)</sup> | 74 | 919  |
| LendingClub Corp.<sup>(a)</sup> | 343 | 3351  |
| LendingTree, Inc.<sup>(a)</sup> | 134 | 6913  |
| Moelis & Co. - Class A | 896 | 48008  |
| Navient Corp. | 640 | 7923  |
| Nelnet, Inc. - Class A | 192 | 20369  |
| NerdWallet, Inc. - Class A<sup>(a)</sup> | 114 | 1021  |
| Oppenheimer Holdings, Inc. - Class A | 193 | 11389  |
| Paysign, Inc.<sup>(a)</sup> | 531 | 1274  |
| Perella Weinberg Partners | 376 | 6456  |
| Piper Sandler Cos. | 165 | 39785  |
| PJT Partners, Inc. - Class A | 224 | 31743  |
| Radian Group, Inc. | 1490 | 47591  |
| Regional Management Corp. | 272 | 8957  |
| Rocket Cos., Inc. - Class A | 1037 | 13388  |
| StepStone Group, Inc. - Class A<sup>(b)</sup> | 647 | 32357  |
| StoneX Group, Inc.<sup>(a)</sup> | 336 | 29758  |
| Upstart Holdings, Inc.<sup>(a)</sup> | 465 | 22227  |
| UWM Holdings Corp. | 1222 | 5743  |
| Velocity Financial, Inc.<sup>(a)</sup> | 400 | 7148  |
| Victory Capital Holdings, Inc. - Class A | 384 | 21999  |
| Virtu Financial, Inc. - Class A | 768 | 30067  |
| Western Union Co.<sup>(b)</sup> | 2257 | 22367  |
| WisdomTree, Inc. | 976 | 8491  |
| World Acceptance Corp.<sup>(a)</sup> | 49 | 6327  |
|  |  | 655754  |

---

The accompanying notes are an integral part of these financial statements.

73<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Electric - 1.6%**<br>|  |  |
| ALLETE, Inc. | 657 | $43027  |
| Avista Corp. | 737 | 30563  |
| Black Hills Corp. | 721 | 43909  |
| Clearway Energy, Inc. - Class A | 848 | 23193  |
| Clearway Energy, Inc. - Class C | 390 | 11443  |
| Hawaiian Electric Industries, Inc.<sup>(a)</sup> | 1530 | 16065  |
| MGE Energy, Inc. | 305 | 27578  |
| Northwestern Energy Group, Inc. | 338 | 19682  |
| Oklo, Inc.<sup>(a)</sup> | 458 | 10873  |
| Otter Tail Corp. | 384 | 30482  |
| TXNM Energy, Inc. | 768 | 40857  |
|  |  | 297672  |
| **Electrical Components & Equipment - 0.6%**<br>|  |  |
| American Superconductor Corp.<sup>(a)</sup> | 274 | 5439  |
| Belden, Inc. | 384 | 39594  |
| Energizer Holdings, Inc. | 736 | 19901  |
| EnerSys | 386 | 33428  |
| ESS Tech, Inc.<sup>(a)</sup> | 1434 | 3212  |
| nLight, Inc.<sup>(a)</sup> | 770 | 5937  |
| Powell Industries, Inc. | 87 | 15931  |
|  |  | 123442  |
| **Electronics - 2.6%**<br>|  |  |
| Advanced Energy Industries, Inc. | 586 | 57082  |
| Applied Optoelectronics, Inc.<sup>(a)</sup> | 115 | 1471  |
| Atkore, Inc. | 362 | 23121  |
| Atmus Filtration Technologies, Inc. | 720 | 24962  |
| Avnet, Inc. | 736 | 34585  |
| Badger Meter, Inc. | 163 | 35994  |
| Bel Fuse, Inc. - Class B | 64 | 4209  |
| Benchmark Electronics, Inc. | 465 | 15126  |
| CTS Corp. | 208 | 7921  |
| Enovix Corp.<sup>(a)</sup> | 2682 | 17969  |
| ESCO Technologies, Inc. | 224 | 35045  |
| Evolv Technologies Holdings, Inc.<sup>(a)</sup> | 1161 | 5097  |
| Itron, Inc.<sup>(a)</sup> | 297 | 33053  |
| Kimball Electronics, Inc.<sup>(a)</sup> | 432 | 6195  |
| Knowles Corp.<sup>(a)</sup> | 1137 | 17896  |
| Kopin Corp.<sup>(a)</sup> | 2825 | 3616  |
| MicroVision, Inc.<sup>(a)</sup> | 4161 | 4702  |
| Mirion Technologies, Inc.<sup>(a)</sup> | 1330 | 20987  |
| Napco Security Technologies, Inc. | 132 | 3016  |
| NVE Corp. | 115 | 6683  |
| OSI Systems, Inc.<sup>(a)</sup> | 52 | 10646  |
| Plexus Corp.<sup>(a)</sup> | 225 | 27547  |
| Sanmina Corp.<sup>(a)</sup> | 497 | 38165  |

---

The accompanying notes are an integral part of these financial statements.

74<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Electronics - (Continued)**  | **Electronics - (Continued)**  | **Electronics - (Continued)**  |
| Stoneridge, Inc.<sup>(a)</sup> | 362 | $1397  |
| TTM Technologies, Inc.<sup>(a)(b)</sup> | 868 | 17377  |
| Vicor Corp.<sup>(a)</sup> | 246 | 9817  |
| Vishay Intertechnology, Inc. | 2251 | 29241  |
|  |  | 492920  |
| **Energy-Alternate Sources - 0.6%**<br>|  |  |
| Array Technologies, Inc.<sup>(a)</sup> | 1940 | 9273  |
| ASP Isotopes, Inc.<sup>(a)</sup> | 573 | 3025  |
| Eos Energy Enterprises, Inc.<sup>(a)</sup> | 1708 | 8916  |
| Fluence Energy, Inc.<sup>(a)</sup> | 1740 | 7117  |
| Gevo, Inc.<sup>(a)</sup> | 2116 | 2328  |
| Green Plains, Inc.<sup>(a)</sup> | 2028 | 7260  |
| Montauk Renewables, Inc.<sup>(a)</sup> | 2139 | 4492  |
| Plug Power, Inc.<sup>(a)(b)</sup> | 5945 | 5188  |
| REX American Resources Corp.<sup>(a)</sup> | 384 | 15252  |
| Shoals Technologies Group, Inc. - Class A<sup>(a)</sup> | 1562 | 5639  |
| SolarEdge Technologies, Inc.<sup>(a)</sup> | 853 | 10436  |
| Sunrun, Inc.<sup>(a)</sup> | 2180 | 15020  |
| T1 Energy, Inc.<sup>(a)</sup> | 2136 | 2585  |
| XPLR Infrastructure LP | 1042 | 8586  |
|  |  | 105117  |
| **Engineering & Construction - 1.8%**<br>|  |  |
| Arcosa, Inc. | 401 | 32108  |
| Centuri Holdings, Inc.<sup>(a)</sup> | 385 | 6915  |
| Construction Partners, Inc. - Class A<sup>(a)</sup> | 352 | 28913  |
| Dycom Industries, Inc.<sup>(a)</sup> | 272 | 45574  |
| Everus Construction Group, Inc.<sup>(a)</sup> | 461 | 18551  |
| Frontdoor, Inc.<sup>(a)</sup> | 656 | 26968  |
| Granite Construction, Inc. | 432 | 35117  |
| Great Lakes Dredge & Dock Corp.<sup>(a)</sup> | 672 | 6108  |
| IES Holdings, Inc.<sup>(a)</sup> | 151 | 29699  |
| Latham Group, Inc.<sup>(a)</sup> | 673 | 3678  |
| Limbach Holdings, Inc.<sup>(a)</sup> | 98 | 9382  |
| MYR Group, Inc.<sup>(a)</sup> | 145 | 17736  |
| NV5 Global, Inc.<sup>(a)(b)</sup> | 448 | 8310  |
| Orion Group Holdings, Inc.<sup>(a)</sup> | 545 | 3483  |
| Primoris Services Corp. | 429 | 25727  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 186 | 27794  |
| Tutor Perini Corp.<sup>(a)</sup> | 482 | 10344  |
|  |  | 336407  |
| **Entertainment - 1.4%**<br>|  |  |
| AMC Entertainment Holdings, Inc. – Class A<sup>(a)</sup> | 1993 | 5321  |
| Atlanta Braves Holdings, Inc. - Class C<sup>(a)</sup> | 449 | 17897  |
| Cinemark Holdings, Inc. | 896 | 26799  |

---

The accompanying notes are an integral part of these financial statements.

75<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Entertainment - (Continued)**  | **Entertainment - (Continued)**  | **Entertainment - (Continued)**  |
| Everi Holdings, Inc.<sup>(a)</sup> | 578 | $8121  |
| Genius Sports Ltd.<sup>(a)</sup> | 1664 | 17955  |
| Golden Entertainment, Inc. | 256 | 6579  |
| Lions Gate Entertainment Corp. - Class A<sup>(a)</sup> | 705 | 6260  |
| Lions Gate Entertainment Corp. - Class B<sup>(a)</sup> | 1954 | 15593  |
| Madison Square Garden Entertainment Corp.<sup>(a)</sup> | 385 | 12489  |
| Madison Square Garden Sports Corp.<sup>(a)</sup> | 128 | 24649  |
| Marriott Vacations Worldwide Corp. | 146 | 8002  |
| Penn Entertainment, Inc.<sup>(a)</sup> | 1552 | 23622  |
| Pursuit Attractions and Hospitality, Inc.<sup>(a)</sup> | 241 | 7059  |
| Red Rock Resorts, Inc. - Class A | 625 | 26688  |
| Rush Street Interactive, Inc.<sup>(a)</sup> | 369 | 4476  |
| Six Flags Entertainment Corp. | 880 | 30281  |
| United Parks & Resorts, Inc.<sup>(a)</sup> | 320 | 13968  |
| Webtoon Entertainment, Inc.<sup>(a)(b)</sup> | 115 | 1035  |
|  |  | 256794 |
| **Environmental Control - 0.2%**<br>|  |  |
| CECO Environmental Corp.<sup>(a)</sup> | 365 | 8683  |
| Energy Recovery, Inc.<sup>(a)</sup> | 480 | 7416  |
| Enviri Corp.<sup>(a)</sup> | 358 | 2459  |
| Montrose Environmental Group, Inc.<sup>(a)</sup> | 68 | 995  |
| Pure Cycle Corp.<sup>(a)</sup> | 721 | 7138  |
| PureCycle Technologies, Inc.<sup>(a)(b)</sup> | 812 | 5449  |
|  |  | 32140  |
| **Food - 1.2%**<br>|  |  |
| B&G Foods, Inc. | 1088 | 7496  |
| Beyond Meat, Inc.<sup>(a)</sup> | 1459 | 3618  |
| Calavo Growers, Inc. | 209 | 5773  |
| Cal-Maine Foods, Inc.<sup>(b)</sup> | 320 | 29878  |
| Chefs' Warehouse, Inc.<sup>(a)</sup> | 246 | 14015  |
| Grocery Outlet Holding Corp.<sup>(a)</sup> | 992 | 16656  |
| Ingles Markets, Inc. - Class A | 288 | 17767  |
| J & J Snack Foods Corp. | 144 | 18661  |
| John B Sanfilippo & Son, Inc. | 112 | 7422  |
| Krispy Kreme, Inc. | 2424 | 9938  |
| Lifeway Foods, Inc.<sup>(a)</sup> | 144 | 3410  |
| Mission Produce, Inc.<sup>(a)</sup> | 609 | 6379  |
| Simply Good Foods Co.<sup>(a)</sup> | 961 | 34702  |
| SpartanNash Co. | 384 | 7619  |
| SunOpta, Inc.<sup>(a)</sup> | 1123 | 4851  |
| United Natural Foods, Inc.<sup>(a)</sup> | 529 | 14130  |
| Utz Brands, Inc. | 528 | 7017  |
| Weis Markets, Inc. | 128 | 11007  |
| WK Kellogg Co.<sup>(b)</sup> | 752 | 13483  |
|  |  | 233822  |

---

The accompanying notes are an integral part of these financial statements.

76<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Forest Products & Paper - 0.1%**<br>|  |  |
| Magnera Corp.<sup>(a)</sup> | 241 | $3536  |
| Sylvamo Corp. | 339 | 20211  |
|  |  | 23747  |
| **Gas - 0.7%**<br>|  |  |
| Chesapeake Utilities Corp. | 34 | 4477  |
| MDU Resources Group, Inc. | 155 | 2657  |
| Northwest Natural Holding Co. | 273 | 11766  |
| ONE Gas, Inc. | 624 | 48990  |
| Spire, Inc. | 736 | 56333  |
|  |  | 124223  |
| **Hand/Machine Tools - 0.3%**<br>|  |  |
| Cadre Holdings, Inc. | 160 | 4664  |
| Enerpac Tool Group Corp. | 560 | 22607  |
| Franklin Electric Co., Inc. | 224 | 19031  |
| Kennametal, Inc. | 930 | 18117  |
|  |  | 64419  |
| **Healthcare-Products - 2.9%**<br>|  |  |
| 10X Genomics, Inc. - Class A<sup>(a)</sup> | 209 | 1728  |
| Accuray, Inc.<sup>(a)</sup> | 2657 | 4118  |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> | 658 | 4843  |
| Alphatec Holdings, Inc.<sup>(a)(b)</sup> | 423 | 4645  |
| AngioDynamics, Inc.<sup>(a)</sup> | 1009 | 9374  |
| Artivion, Inc.<sup>(a)</sup> | 385 | 9121  |
| AtriCure, Inc.<sup>(a)</sup> | 561 | 16780  |
| Avanos Medical, Inc.<sup>(a)</sup> | 257 | 3225  |
| Avita Medical, Inc.<sup>(a)</sup> | 203 | 1967  |
| Axogen, Inc.<sup>(a)</sup> | 736 | 11975  |
| Azenta, Inc.<sup>(a)</sup> | 231 | 6085  |
| BioLife Solutions, Inc.<sup>(a)</sup> | 706 | 17022  |
| Bioventus, Inc. - Class A<sup>(a)</sup> | 305 | 2230  |
| Butterfly Network, Inc.<sup>(a)</sup> | 1132 | 2649  |
| CareDx, Inc.<sup>(a)</sup> | 440 | 7427  |
| Castle Biosciences, Inc.<sup>(a)</sup> | 169 | 3388  |
| ClearPoint Neuro, Inc.<sup>(a)</sup> | 81 | 1166  |
| Enovis Corp.<sup>(a)</sup> | 770 | 26634  |
| Envista Holdings Corp.<sup>(a)</sup> | 2368 | 38077  |
| Haemonetics Corp.<sup>(a)</sup> | 506 | 31888  |
| ICU Medical, Inc.<sup>(a)</sup> | 256 | 34967  |
| Integer Holdings Corp.<sup>(a)</sup> | 433 | 54692  |
| Integra LifeSciences Holdings Corp.<sup>(a)</sup> | 896 | 14685  |
| iRadimed Corp. | 240 | 12578  |
| iRhythm Technologies, Inc.<sup>(a)</sup> | 197 | 21057  |
| MaxCyte, Inc.<sup>(a)</sup> | 1749 | 4967  |
| MiMedx Group, Inc.<sup>(a)</sup> | 1088 | 7485  |

---

The accompanying notes are an integral part of these financial statements.

77<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Healthcare-Products - (Continued)**  | **Healthcare-Products - (Continued)**  | **Healthcare-Products - (Continued)**  |
| Neogen Corp.<sup>(a)</sup> | 1622 | $8191  |
| NeuroPace, Inc.<sup>(a)</sup> | 310 | 3624  |
| Novocure Ltd.<sup>(a)</sup> | 194 | 3519  |
| OmniAb, Inc.<sup>(a)</sup> | 1177 | 2001  |
| Omnicell, Inc.<sup>(a)</sup> | 528 | 16505  |
| OraSure Technologies, Inc.<sup>(a)</sup> | 1537 | 4596  |
| Orthofix Medical, Inc.<sup>(a)</sup> | 385 | 5355  |
| Pacific Biosciences of California, Inc.<sup>(a)</sup> | 2528 | 2806  |
| PROCEPT BioRobotics Corp.<sup>(a)</sup> | 218 | 11768  |
| Quanterix Corp.<sup>(a)</sup> | 821 | 4729  |
| Quantum-Si, Inc.<sup>(a)</sup> | 4857 | 5537  |
| QuidelOrtho Corp.<sup>(a)(b)</sup> | 466 | 12950  |
| Sanara Medtech, Inc.<sup>(a)</sup> | 193 | 6164  |
| STAAR Surgical Co.<sup>(a)</sup> | 396 | 7231  |
| Stereotaxis, Inc.<sup>(a)(b)</sup> | 2464 | 4928  |
| Surmodics, Inc.<sup>(a)</sup> | 129 | 3613  |
| Tactile Systems Technology, Inc.<sup>(a)</sup> | 929 | 13118  |
| Tandem Diabetes Care, Inc.<sup>(a)</sup> | 50 | 843  |
| TransMedics Group, Inc.<sup>(a)(b)</sup> | 308 | 28339  |
| Treace Medical Concepts, Inc.<sup>(a)</sup> | 1776 | 12574  |
| Twist Bioscience Corp.<sup>(a)</sup> | 566 | 21689  |
| UFP Technologies, Inc.<sup>(a)</sup> | 49 | 10219  |
|  |  | 545072  |
| **Healthcare-Services - 1.8%**<br>|  |  |
| Addus HomeCare Corp.<sup>(a)</sup> | 176 | 18401  |
| Amedisys, Inc.<sup>(a)</sup> | 305 | 28945  |
| Astrana Health, Inc.<sup>(a)</sup> | 120 | 3740  |
| Auna SA - Class A<sup>(a)</sup> | 689 | 4761  |
| Blade Air Mobility, Inc.<sup>(a)</sup> | 1194 | 3164  |
| BrightSpring Health Services, Inc.<sup>(a)</sup> | 481 | 8432  |
| Brookdale Senior Living, Inc.<sup>(a)</sup> | 2016 | 13225  |
| Clover Health Investments Corp.<sup>(a)</sup> | 3506 | 11920  |
| Concentra Group Holdings Parent, Inc. | 898 | 19532  |
| CorVel Corp.<sup>(a)</sup> | 240 | 26102  |
| DocGo, Inc.<sup>(a)</sup> | 554 | 1235  |
| Fortrea Holdings, Inc.<sup>(a)</sup> | 125 | 779  |
| Fulgent Genetics, Inc.<sup>(a)</sup> | 352 | 6107  |
| GeneDx Holdings Corp.<sup>(a)(b)</sup> | 102 | 6819  |
| Ginkgo Bioworks Holdings, Inc.<sup>(a)</sup> | 192 | 1415  |
| Innovage Holding Corp.<sup>(a)</sup> | 356 | 1114  |
| LifeStance Health Group, Inc.<sup>(a)</sup> | 800 | 5256  |
| National HealthCare Corp. | 160 | 15118  |
| Oscar Health, Inc. - Class A<sup>(a)</sup> | 1473 | 19164  |
| PACS Group, Inc.<sup>(a)</sup> | 956 | 9206  |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 641 | 8256  |

---

The accompanying notes are an integral part of these financial statements.

78<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Healthcare-Services - (Continued)**  | **Healthcare-Services - (Continued)**  | **Healthcare-Services - (Continued)**  |
| Pennant Group, Inc.<sup>(a)</sup> | 432 | $11068  |
| Personalis, Inc.<sup>(a)</sup> | 324 | 1225  |
| RadNet, Inc.<sup>(a)</sup> | 593 | 31061  |
| Select Medical Holdings Corp. | 1120 | 20429  |
| Sonida Senior Living, Inc.<sup>(a)</sup> | 144 | 3344  |
| Sotera Health Co.<sup>(a)</sup> | 1248 | 14352  |
| Surgery Partners, Inc.<sup>(a)</sup> | 646 | 14180  |
| Teladoc Health, Inc.<sup>(a)</sup> | 2033 | 14617  |
| US Physical Therapy, Inc. | 177 | 12587  |
|  |  | 335554  |
| **Home Builders - 1.2%**<br>|  |  |
| Beazer Homes USA, Inc.<sup>(a)</sup> | 128 | 2504  |
| Cavco Industries, Inc.<sup>(a)</sup> | 64 | 31606  |
| Century Communities, Inc. | 385 | 20998  |
| Champion Homes, Inc.<sup>(a)</sup> | 378 | 32697  |
| Dream Finders Homes, Inc. - Class A<sup>(a)</sup> | 418 | 9472  |
| Forestar Group, Inc.<sup>(a)</sup> | 208 | 4006  |
| Green Brick Partners, Inc.<sup>(a)</sup> | 416 | 24540  |
| LCI Industries | 272 | 20966  |
| LGI Homes, Inc.<sup>(a)</sup> | 103 | 5625  |
| M/I Homes, Inc.<sup>(a)</sup> | 290 | 30937  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 912 | 28044  |
| Winnebago Industries, Inc. | 364 | 11582  |
|  |  | 222977  |
| **Home Furnishings - 0.3%**<br>|  |  |
| Arhaus, Inc.<sup>(a)</sup> | 580 | 4559  |
| Daktronics, Inc.<sup>(a)</sup> | 417 | 5292  |
| Ethan Allen Interiors, Inc. | 289 | 8216  |
| Leggett & Platt, Inc. | 1745 | 16787  |
| MillerKnoll, Inc. | 521 | 8544  |
| Sleep Number Corp.<sup>(a)</sup> | 596 | 4643  |
| Sonos, Inc.<sup>(a)</sup> | 500 | 4605  |
| Traeger, Inc.<sup>(a)</sup> | 528 | 771  |
|  |  | 53417  |
| **Household Products/Wares - 0.3%**<br>|  |  |
| ACCO Brands Corp. | 1211 | 4674  |
| Helen of Troy Ltd.<sup>(a)</sup> | 216 | 6018  |
| Quanex Building Products Corp. | 448 | 7365  |
| Spectrum Brands Holdings, Inc. | 289 | 18236  |
| WD-40 Co. | 113 | 25805  |
|  |  | 62098  |

---

The accompanying notes are an integral part of these financial statements.

79<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Housewares - 0.1%**<br>|  |  |
| Newell Brands, Inc. | 1495 | $7146  |
| Scotts Miracle-Gro Co. | 322 | 16222  |
|  |  | 23368  |
| **Insurance - 2.8%**<br>|  |  |
| American Coastal Insurance Corp. | 337 | 3852  |
| Assured Guaranty Ltd. | 449 | 39391  |
| Baldwin Insurance Group, Inc. - Class A<sup>(a)(b)</sup> | 608 | 25305  |
| Bowhead Specialty Holdings, Inc.<sup>(a)</sup> | 352 | 14147  |
| Brighthouse Financial, Inc.<sup>(a)</sup> | 576 | 33535  |
| CNO Financial Group, Inc. | 1009 | 38281  |
| Donegal Group, Inc. - Class A | 641 | 12403  |
| Enstar Group Ltd.<sup>(a)</sup> | 112 | 37454  |
| Genworth Financial, Inc.<sup>(a)</sup> | 2018 | 13843  |
| Global Indemnity Group LLC - Class A | 96 | 2771  |
| Goosehead Insurance, Inc. - Class A | 192 | 18664  |
| Hagerty, Inc. - Class A<sup>(a)</sup> | 784 | 6907  |
| Hamilton Insurance Group Ltd. - Class B<sup>(a)</sup> | 257 | 4755  |
| HCI Group, Inc. | 64 | 9363  |
| Hippo Holdings, Inc.<sup>(a)</sup> | 256 | 5919  |
| Horace Mann Educators Corp. | 369 | 15328  |
| Kemper Corp. | 576 | 34053  |
| Kingsway Financial Services, Inc.<sup>(a)</sup> | 369 | 3192  |
| Lemonade, Inc.<sup>(a)</sup> | 661 | 19314  |
| Mercury General Corp. | 272 | 15074  |
| NMI Holdings, Inc. - Class A<sup>(a)</sup> | 897 | 32444  |
| Palomar Holdings, Inc.<sup>(a)</sup> | 144 | 20883  |
| ProAssurance Corp.<sup>(a)</sup> | 512 | 11884  |
| Root, Inc./OH – Class A<sup>(a)</sup> | 64 | 8939  |
| Safety Insurance Group, Inc. | 145 | 11093  |
| Selectquote, Inc.<sup>(a)</sup> | 1105 | 3503  |
| SiriusPoint Ltd.<sup>(a)</sup> | 689 | 11575  |
| Stewart Information Services Corp. | 401 | 26257  |
| Trupanion, Inc.<sup>(a)</sup> | 336 | 12298  |
| United Fire Group, Inc. | 384 | 10625  |
| Universal Insurance Holdings, Inc. | 337 | 8169  |
| White Mountains Insurance Group Ltd. | 17 | 30047  |
|  |  | 541268  |
| **Internet - 1.9%**<br>|  |  |
| Angi, Inc.<sup>(a)(b)</sup> | 774 | 8870  |
| Backblaze, Inc. - Class A<sup>(a)</sup> | 556 | 2446  |
| Beyond, Inc.<sup>(a)(b)</sup> | 1222 | 4974  |
| Bumble, Inc. - Class A<sup>(a)</sup> | 218 | 920  |
| Cargurus, Inc.<sup>(a)</sup> | 624 | 17447  |
| Cars.com, Inc.<sup>(a)</sup> | 674 | 7845  |
| Chewy, Inc. - Class A<sup>(a)</sup> | 1141 | 42788  |

---

The accompanying notes are an integral part of these financial statements.

80<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Internet - (Continued)**  | **Internet - (Continued)**  | **Internet - (Continued)**  |
| Cogent Communications Holdings, Inc. | 480 | $26088  |
| Couchbase, Inc.<sup>(a)</sup> | 353 | 6227  |
| ePlus, Inc.<sup>(a)</sup> | 237 | 14779  |
| EverQuote, Inc. - Class A<sup>(a)</sup> | 187 | 4439  |
| Figs, Inc. - Class A<sup>(a)</sup> | 1202 | 4844  |
| fuboTV, Inc.<sup>(a)</sup> | 2770 | 8310  |
| Groupon, Inc.<sup>(a)</sup> | 177 | 3223  |
| HealthStream, Inc. | 529 | 17790  |
| IAC, Inc.<sup>(a)(b)</sup> | 372 | 12998  |
| LifeMD, Inc.<sup>(a)</sup> | 784 | 5770  |
| Magnite, Inc.<sup>(a)</sup> | 497 | 5909  |
| MediaAlpha, Inc. - Class A<sup>(a)</sup> | 465 | 3906  |
| OptimizeRx Corp.<sup>(a)</sup> | 912 | 8318  |
| Q2 Holdings, Inc.<sup>(a)</sup> | 544 | 43112  |
| QuinStreet, Inc.<sup>(a)</sup> | 305 | 5344  |
| RealReal, Inc.<sup>(a)</sup> | 596 | 3457  |
| Revolve Group, Inc.<sup>(a)</sup> | 276 | 5487  |
| Rumble, Inc.<sup>(a)</sup> | 1402 | 10823  |
| RumbleON, Inc. - Class B<sup>(a)</sup> | 1473 | 3727  |
| Shutterstock, Inc. | 183 | 2921  |
| Sprinklr, Inc. - Class A<sup>(a)</sup> | 1296 | 9966  |
| Stitch Fix, Inc. - Class A<sup>(a)</sup> | 1288 | 4212  |
| TripAdvisor, Inc.<sup>(a)</sup> | 1024 | 12749  |
| Upwork, Inc.<sup>(a)</sup> | 1041 | 13689  |
| Vivid Seats, Inc. - Class A<sup>(a)</sup> | 1083 | 3043  |
| Yelp, Inc.<sup>(a)</sup> | 433 | 15190  |
| Ziff Davis, Inc.<sup>(a)</sup> | 434 | 12816  |
|  |  | 354427  |
| **Investment Companies - 0.5%**<br>|  |  |
| Bit Digital, Inc.<sup>(a)</sup> | 521 | 1011  |
| Bitdeer Technologies Group – Class A<sup>(a)(b)</sup> | 484 | 4632  |
| Cannae Holdings, Inc. | 465 | 8235  |
| Cipher Mining, Inc.<sup>(a)</sup> | 450 | 1283  |
| Cleanspark, Inc.<sup>(a)(b)</sup> | 1636 | 13366  |
| Core Scientific, Inc.<sup>(a)(b)</sup> | 995 | 8060  |
| FTAI Infrastructure, Inc. | 1483 | 6407  |
| MARA Holdings, Inc.<sup>(a)(b)</sup> | 2012 | 26900  |
| Riot Platforms, Inc.<sup>(a)</sup> | 3360 | 24326  |
| Terawulf, Inc.<sup>(a)(b)</sup> | 2262 | 6288  |
|  |  | 100508  |
| **Iron/Steel - 0.0%<sup>(c)</sup>**<br>|  |  |
| Radius Recycling, Inc. | 304 | 8916  |

---

The accompanying notes are an integral part of these financial statements.

81<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Leisure Time - 0.8%**<br>|  |  |
| Acushnet Holdings Corp. | 320 | $21190  |
| Global Business Travel Group I<sup>(a)</sup> | 609 | 4086  |
| Harley-Davidson, Inc. | 804 | 18026  |
| Life Time Group Holdings, Inc.<sup>(a)</sup> | 458 | 14042  |
| Lindblad Expeditions Holdings, Inc.<sup>(a)</sup> | 512 | 4526  |
| Lucky Strike Entertainment Corp. | 449 | 4221  |
| Malibu Boats, Inc. - Class A<sup>(a)</sup> | 114 | 3256  |
| OneSpaWorld Holdings Ltd. | 625 | 10438  |
| Peloton Interactive, Inc. - Class A<sup>(a)</sup> | 2296 | 15819  |
| Polaris, Inc. | 900 | 30564  |
| Sabre Corp.<sup>(a)</sup> | 960 | 2275  |
| Topgolf Callaway Brands Corp.<sup>(a)</sup> | 1428 | 9439  |
| YETI Holdings, Inc.<sup>(a)</sup> | 496 | 14161  |
|  |  | 152043  |
| **Lodging - 0.2%**<br>|  |  |
| Century Casinos, Inc.<sup>(a)</sup> | 3210 | 4205  |
| Travel + Leisure Co. | 672 | 29521  |
|  |  | 33726  |
| **Machinery-Construction & Mining - 0.5%**<br>|  |  |
| Argan, Inc. | 97 | 14854  |
| Astec Industries, Inc. | 257 | 9311  |
| Bloom Energy Corp. - Class A<sup>(a)</sup> | 1803 | 33031  |
| Hyster-Yale, Inc. | 51 | 1960  |
| NANO Nuclear Energy, Inc.<sup>(a)</sup> | 192 | 4368  |
| NuScale Power Corp.<sup>(a)</sup> | 502 | 8318  |
| Terex Corp. | 489 | 17213  |
|  |  | 89055  |
| **Machinery-Diversified - 1.2%**<br>|  |  |
| Alamo Group, Inc. | 144 | 24045  |
| Albany International Corp. - Class A | 164 | 10785  |
| Cactus, Inc. - Class A | 237 | 8992  |
| Columbus McKinnon Corp./NY | 1463 | 21725  |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 1968 | 37235  |
| Ichor Holdings Ltd.<sup>(a)</sup> | 658 | 13015  |
| Kadant, Inc.<sup>(b)</sup> | 160 | 47200  |
| Lindsay Corp. | 80 | 10325  |
| Mueller Water Products, Inc. - Class A | 1040 | 27290  |
| Symbotic, Inc.<sup>(a)(b)</sup> | 613 | 13228  |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | 561 | 14715  |
|  |  | 228555  |
| **Media - 0.4%**<br>|  |  |
| Altice USA, Inc. - Class A<sup>(a)</sup> | 2081 | 5161  |
| AMC Networks, Inc. - Class A<sup>(a)</sup> | 347 | 2221  |
| Cable One, Inc. | 37 | 9889  |

---

The accompanying notes are an integral part of these financial statements.

82<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Media - (Continued)**  | **Media - (Continued)**  | **Media - (Continued)**  |
| Gannett Co., Inc.<sup>(a)</sup> | 293 | $938  |
| Gray Media, Inc. | 1264 | 4234  |
| iHeartMedia, Inc. - Class A<sup>(a)</sup> | 696 | 717  |
| Liberty Latin America Ltd. - Class A<sup>(a)</sup> | 225 | 1219  |
| Liberty Latin America Ltd. - Class C<sup>(a)</sup> | 833 | 4581  |
| Scholastic Corp. | 218 | 3931  |
| Sinclair, Inc. | 384 | 5530  |
| Sphere Entertainment Co.<sup>(a)</sup> | 211 | 5750  |
| TEGNA, Inc. | 1648 | 26747  |
| Thryv Holdings, Inc.<sup>(a)</sup> | 516 | 7069  |
|  |  | 77987  |
| **Metal Fabricate/Hardware - 0.5%**<br>|  |  |
| AZZ, Inc. | 152 | 13187  |
| Helios Technologies, Inc. | 77 | 2099  |
| Hillman Solutions Corp.<sup>(a)</sup> | 2160 | 15098  |
| Janus International Group, Inc.<sup>(a)</sup> | 1568 | 10788  |
| Mayville Engineering Co., Inc.<sup>(a)</sup> | 224 | 2863  |
| Omega Flex, Inc. | 197 | 5902  |
| Proto Labs, Inc.<sup>(a)</sup> | 288 | 10126  |
| Ryerson Holding Corp. | 336 | 7856  |
| Standex International Corp. | 81 | 11455  |
| Worthington Steel, Inc. | 194 | 4978  |
| Xometry, Inc. - Class A<sup>(a)</sup> | 345 | 8846  |
|  |  | 93198  |
| **Mining - 0.8%**<br>|  |  |
| Centrus Energy Corp. - Class A<sup>(a)</sup> | 160 | 11086  |
| Century Aluminum Co.<sup>(a)</sup> | 674 | 11060  |
| Coeur Mining, Inc.<sup>(a)</sup> | 3442 | 19103  |
| Dakota Gold Corp.<sup>(a)</sup> | 2672 | 7214  |
| Hecla Mining Co. | 6274 | 35887  |
| Ivanhoe Electric, Inc. / US<sup>(a)</sup> | 371 | 2337  |
| Kaiser Aluminum Corp. | 150 | 9669  |
| McEwen Mining, Inc.<sup>(a)</sup> | 545 | 4251  |
| MP Materials Corp.<sup>(a)</sup> | 1008 | 24656  |
| Perpetua Resources Corp.<sup>(a)</sup> | 928 | 13670  |
| Piedmont Lithium, Inc.<sup>(a)</sup> | 634 | 4742  |
| United States Lime & Minerals, Inc. | 68 | 6359  |
| Uranium Energy Corp.<sup>(a)</sup> | 1686 | 8852  |
|  |  | 158886  |
| **Miscellaneous Manufacturing - 0.7%**<br>|  |  |
| Byrna Technologies, Inc.<sup>(a)</sup> | 210 | 4702  |
| Enpro, Inc. | 131 | 19571  |
| Federal Signal Corp. | 320 | 26058  |
| Hillenbrand, Inc. | 578 | 11693  |

---

The accompanying notes are an integral part of these financial statements.

83<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Miscellaneous Manufacturing - (Continued)**  | **Miscellaneous Manufacturing - (Continued)**  | **Miscellaneous Manufacturing - (Continued)**  |
| JBT Marel Corp. | 388 | $40841  |
| Materion Corp. | 138 | 11455  |
| Sight Sciences, Inc.<sup>(a)</sup> | 418 | 1275  |
| Smith & Wesson Brands, Inc. | 624 | 5947  |
| Trinity Industries, Inc. | 608 | 15261  |
|  |  | 136803  |
| **Multi-National - 0.1%**<br>|  |  |
| Banco Latinoamericano de Comercio Exterior SA – Class E | 273 | 10456  |
| **Office Furnishings - 0.2%**<br>|  |  |
| HNI Corp. | 354 | 14974  |
| Interface, Inc. | 480 | 9024  |
| Steelcase, Inc. - Class A | 769 | 7629  |
|  |  | 31627  |
| **Office-Business Equipment - 0.1%**<br>|  |  |
| Pitney Bowes, Inc. | 2018 | 17516  |
| Xerox Holdings Corp.<sup>(b)</sup> | 212 | 935  |
|  |  | 18451  |
| **Oil & Gas - 2.1%**<br>|  |  |
| Amplify Energy Corp.<sup>(a)</sup> | 1880 | 4888  |
| Berry Corp. | 2628 | 6517  |
| California Resources Corp. | 690 | 23812  |
| CNX Resources Corp.<sup>(a)(b)</sup> | 1712 | 50384  |
| Comstock Resources, Inc.<sup>(a)</sup> | 1282 | 23422  |
| Crescent Energy Co. - Class A | 360 | 2981  |
| CVR Energy, Inc. | 738 | 13919  |
| Delek US Holdings, Inc. | 647 | 8424  |
| Gulfport Energy Corp.<sup>(a)</sup> | 208 | 35880  |
| Helmerich & Payne, Inc. | 524 | 9898  |
| Kosmos Energy Ltd.<sup>(a)</sup> | 610 | 939  |
| Landbridge Co. LLC - Class A | 176 | 12751  |
| Nabors Industries Ltd.<sup>(a)</sup> | 25 | 671  |
| Northern Oil & Gas, Inc. | 218 | 5297  |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | 1280 | 18330  |
| Patterson-UTI Energy, Inc. | 5740 | 32374  |
| PBF Energy, Inc. - Class A | 1443 | 24791  |
| Sable Offshore Corp.<sup>(a)</sup> | 624 | 11644  |
| SandRidge Energy, Inc. | 960 | 8746  |
| Seadrill Ltd.<sup>(a)</sup> | 105 | 2157  |
| Sitio Royalties Corp. - Class A | 960 | 16282  |
| Talos Energy, Inc.<sup>(a)</sup> | 924 | 6357  |
| Tamboran Resources Corp.<sup>(a)</sup> | 289 | 5872  |
| Valaris Ltd.<sup>(a)</sup> | 908 | 29337  |

---

The accompanying notes are an integral part of these financial statements.

84<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Oil & Gas - (Continued)**  | **Oil & Gas - (Continued)**  | **Oil & Gas - (Continued)**  |
| Viper Energy, Inc. | 849 | $34240  |
| Vital Energy, Inc.<sup>(a)</sup> | 55 | 780  |
|  |  | 390693  |
| **Oil & Gas Services - 1.0%**<br>|  |  |
| Archrock, Inc. | 816 | 19201  |
| Aris Water Solutions, Inc. - Class A | 418 | 10433  |
| Atlas Energy Solutions, Inc.<sup>(b)</sup> | 787 | 10648  |
| Bristow Group, Inc.<sup>(a)</sup> | 193 | 5605  |
| Civeo Corp. | 272 | 5165  |
| Core Laboratories, Inc. | 248 | 2820  |
| DMC Global, Inc.<sup>(a)</sup> | 578 | 3751  |
| DNOW, Inc.<sup>(a)</sup> | 1248 | 19806  |
| Expro Group Holdings NV<sup>(a)</sup> | 1578 | 13050  |
| Forum Energy Technologies, Inc.<sup>(a)</sup> | 464 | 6798  |
| Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 376 | 2290  |
| Innovex International, Inc.<sup>(a)</sup> | 544 | 8214  |
| Kodiak Gas Services, Inc. | 529 | 17991  |
| Liberty Energy, Inc. | 316 | 3634  |
| Matrix Service Co.<sup>(a)</sup> | 450 | 5220  |
| Oceaneering International, Inc.<sup>(a)</sup> | 893 | 15851  |
| ProFrac Holding Corp. - Class A<sup>(a)</sup> | 444 | 1843  |
| ProPetro Holding Corp.<sup>(a)</sup> | 649 | 3232  |
| RPC, Inc. | 930 | 4399  |
| Select Water Solutions, Inc. | 872 | 7429  |
| Solaris Energy Infrastructure, Inc. | 377 | 7970  |
| TETRA Technologies, Inc.<sup>(a)</sup> | 1031 | 2938  |
| Tidewater, Inc.<sup>(a)(b)</sup> | 537 | 19434  |
|  |  | 197722  |
| **Packaging & Containers - 0.2%**<br>|  |  |
| Ardagh Metal Packaging SA | 2224 | 8251  |
| O-I Glass, Inc.<sup>(a)</sup> | 722 | 9141  |
| Ranpak Holdings Corp.<sup>(a)</sup> | 300 | 1233  |
| TriMas Corp. | 465 | 11183  |
|  |  | 29808  |
| **Pharmaceuticals - 1.7%**<br>|  |  |
| ACELYRIN, Inc.<sup>(a)</sup> | 1644 | 4061  |
| AdaptHealth Corp.<sup>(a)</sup> | 1152 | 9804  |
| Agios Pharmaceuticals, Inc.<sup>(a)</sup> | 309 | 9174  |
| Akebia Therapeutics, Inc.<sup>(a)</sup> | 2593 | 6249  |
| Amneal Pharmaceuticals, Inc.<sup>(a)</sup> | 1408 | 10785  |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 144 | 3515  |
| Amylyx Pharmaceuticals, Inc.<sup>(a)</sup> | 1050 | 5366  |
| Aquestive Therapeutics, Inc.<sup>(a)</sup> | 705 | 2062  |
| Arvinas, Inc.<sup>(a)</sup> | 124 | 1193  |

---

The accompanying notes are an integral part of these financial statements.

85<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Pharmaceuticals - (Continued)**  | **Pharmaceuticals - (Continued)**  | **Pharmaceuticals - (Continued)**  |
| Assertio Holdings, Inc.<sup>(a)</sup> | 3744 | $2432  |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 960 | 23318  |
| Corbus Pharmaceuticals Holdings, Inc.<sup>(a)</sup> | 585 | 4370  |
| CorMedix, Inc.<sup>(a)</sup> | 320 | 2941  |
| Enanta Pharmaceuticals, Inc.<sup>(a)</sup> | 759 | 4622  |
| Enliven Therapeutics, Inc.<sup>(a)</sup> | 161 | 3049  |
| Fulcrum Therapeutics, Inc.<sup>(a)</sup> | 1008 | 3881  |
| Gyre Therapeutics, Inc.<sup>(a)</sup> | 147 | 1435  |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 233 | 6867  |
| Harrow, Inc.<sup>(a)</sup> | 147 | 3641  |
| Herbalife Ltd.<sup>(a)</sup> | 992 | 7142  |
| Heron Therapeutics, Inc.<sup>(a)</sup> | 1200 | 2904  |
| KalVista Pharmaceuticals, Inc.<sup>(a)</sup> | 449 | 6183  |
| MannKind Corp.<sup>(a)</sup> | 3264 | 16451  |
| Mirum Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 513 | 22290  |
| Ocular Therapeutix, Inc.<sup>(a)</sup> | 1003 | 8325  |
| ORIC Pharmaceuticals, Inc.<sup>(a)</sup> | 794 | 4534  |
| Owens & Minor, Inc.<sup>(a)</sup> | 1020 | 7201  |
| Pacira BioSciences, Inc.<sup>(a)</sup> | 496 | 13342  |
| Premier, Inc. - Class A | 48 | 977  |
| Protagonist Therapeutics, Inc.<sup>(a)</sup> | 593 | 27171  |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 578 | 37680  |
| scPharmaceuticals, Inc.<sup>(a)</sup> | 448 | 1142  |
| Senseonics Holdings, Inc.<sup>(a)</sup> | 11792 | 8781  |
| SIGA Technologies, Inc. | 914 | 5045  |
| Spyre Therapeutics, Inc.<sup>(a)</sup> | 96 | 1462  |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 528 | 17149  |
| Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | 1344 | 6061  |
| Voyager Therapeutics, Inc.<sup>(a)</sup> | 1637 | 5828  |
| Xeris Biopharma Holdings, Inc.<sup>(a)</sup> | 1808 | 8263  |
| Y-mAbs Therapeutics, Inc.<sup>(a)</sup> | 838 | 3562  |
|  |  | 320258  |
| **Pipelines - 0.3%**<br>|  |  |
| Excelerate Energy, Inc. - Class A | 338 | 8646  |
| Golar LNG Ltd. | 820 | 34854  |
| New Fortress Energy, Inc. | 138 | 749  |
| NextDecade Corp.<sup>(a)</sup> | 1825 | 13651  |
| Summit Midstream Corp.<sup>(a)</sup> | 144 | 4009  |
|  |  | 61909  |
| **Private Equity - 0.1%**<br>|  |  |
| Bridge Investment Group Holdings, Inc. - Class A | 849 | 8142  |
| Patria Investments Ltd. - Class A | 374 | 3919  |
|  |  | 12061  |

---

The accompanying notes are an integral part of these financial statements.

86<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Real Estate - 0.5%**<br>|  |  |
| Belpointe Prep LLC<sup>(a)</sup> | 81 | $5042  |
| Compass, Inc. - Class A<sup>(a)</sup> | 3177 | 24526  |
| eXp World Holdings, Inc. | 660 | 6046  |
| Five Point Holdings LLC - Class A<sup>(a)</sup> | 706 | 3714  |
| Kennedy-Wilson Holdings, Inc. | 816 | 5222  |
| McGrath RentCorp | 240 | 25601  |
| Newmark Group, Inc. - Class A | 1810 | 19892  |
| Redfin Corp.<sup>(a)(b)</sup> | 692 | 6581  |
|  |  | 96624  |
| **Retail - 3.9%**<br>|  |  |
| Academy Sports & Outdoors, Inc. | 616 | 23211  |
| Advance Auto Parts, Inc.<sup>(b)</sup> | 528 | 17276  |
| American Eagle Outfitters, Inc. | 548 | 5770  |
| America's Car-Mart, Inc./TX<sup>(a)</sup> | 288 | 13657  |
| Arko Corp. | 212 | 853  |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | 139 | 30322  |
| Biglari Holdings, Inc. - Class B<sup>(a)</sup> | 33 | 7686  |
| BJ's Restaurants, Inc.<sup>(a)</sup> | 257 | 8556  |
| Bloomin' Brands, Inc. | 122 | 978  |
| BlueLinx Holdings, Inc.<sup>(a)</sup> | 93 | 6058  |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 289 | 30154  |
| Buckle, Inc. | 449 | 15607  |
| Build-A-Bear Workshop, Inc. | 162 | 5715  |
| Caleres, Inc. | 385 | 5867  |
| Camping World Holdings, Inc. - Class A | 914 | 11023  |
| Cato Corp. - Class A | 546 | 1289  |
| Cheesecake Factory, Inc.<sup>(b)</sup> | 529 | 26646  |
| Clean Energy Fuels Corp.<sup>(a)</sup> | 1099 | 1594  |
| Cracker Barrel Old Country Store, Inc. | 179 | 7643  |
| Denny's Corp.<sup>(a)</sup> | 1852 | 6834  |
| Designer Brands, Inc. - Class A | 314 | 876  |
| Dine Brands Global, Inc. | 331 | 6590  |
| EVgo, Inc.<sup>(a)</sup> | 369 | 1018  |
| First Watch Restaurant Group, Inc.<sup>(a)</sup> | 528 | 9325  |
| FirstCash Holdings, Inc. | 417 | 55861  |
| Foot Locker, Inc.<sup>(a)</sup> | 107 | 1313  |
| Genesco, Inc.<sup>(a)</sup> | 264 | 5122  |
| GMS, Inc.<sup>(a)</sup> | 434 | 31795  |
| Group 1 Automotive, Inc. | 100 | 40363  |
| Guess?, Inc. | 438 | 4928  |
| Haverty Furniture Cos., Inc. | 322 | 5848  |
| J Jill, Inc. | 304 | 4627  |
| Jack in the Box, Inc. | 54 | 1406  |
| Kohl's Corp.<sup>(b)</sup> | 212 | 1420  |
| Kura Sushi USA, Inc. - Class A<sup>(a)</sup> | 18 | 1060  |

---

The accompanying notes are an integral part of these financial statements.

87<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Retail - (Continued)**  | **Retail - (Continued)**  | **Retail - (Continued)**  |
| La-Z-Boy, Inc. | 449 | $17736  |
| National Vision Holdings, Inc.<sup>(a)</sup> | 1377 | 17006  |
| Noodles & Co.<sup>(a)</sup> | 2449 | 2400  |
| Nordstrom, Inc.<sup>(b)</sup> | 1008 | 24333  |
| ODP Corp.<sup>(a)</sup> | 80 | 1094  |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 625 | 66319  |
| OneWater Marine, Inc. - Class A<sup>(a)</sup> | 153 | 2297  |
| Papa John's International, Inc. | 401 | 13847  |
| Patrick Industries, Inc. | 192 | 14780  |
| PC Connection, Inc. | 128 | 7941  |
| Portillo's, Inc. - Class A<sup>(a)</sup> | 513 | 5304  |
| PriceSmart, Inc. | 256 | 25981  |
| Sally Beauty Holdings, Inc.<sup>(a)</sup> | 1353 | 11013  |
| Shake Shack, Inc. - Class A<sup>(a)</sup> | 228 | 20005  |
| Signet Jewelers Ltd. | 448 | 26566  |
| Sonic Automotive, Inc. - Class A | 145 | 8804  |
| Sweetgreen, Inc. - Class A<sup>(a)</sup> | 554 | 10792  |
| Urban Outfitters, Inc.<sup>(a)</sup> | 455 | 24015  |
| Vera Bradley, Inc.<sup>(a)</sup> | 2278 | 4442  |
| Victoria's Secret & Co.<sup>(a)</sup> | 275 | 5170  |
| Warby Parker, Inc. - Class A<sup>(a)</sup> | 665 | 10979  |
| Wendy's Co. | 818 | 10225  |
| Winmark Corp. | 49 | 17641  |
| Zumiez, Inc.<sup>(a)</sup> | 128 | 1498  |
|  |  | 748479  |
| **Savings & Loans - 1.2%**<br>|  |  |
| Axos Financial, Inc.<sup>(a)</sup> | 528 | 33517  |
| Banc of California, Inc. | 1504 | 20274  |
| Capitol Federal Financial, Inc. | 1441 | 8170  |
| Flagstar Financial, Inc. | 3040 | 35598  |
| Flushing Financial Corp. | 397 | 4752  |
| Home Bancorp, Inc. | 225 | 11327  |
| Northwest Bancshares, Inc. | 612 | 7558  |
| Pacific Premier Bancorp, Inc. | 960 | 19526  |
| Provident Financial Services, Inc. | 1264 | 20692  |
| Timberland Bancorp, Inc./WA | 321 | 9868  |
| WaFd, Inc. | 704 | 20085  |
| WSFS Financial Corp. | 561 | 28920 |
|  |  | 220287  |
| **Semiconductors - 1.4%**<br>|  |  |
| ACM Research, Inc. - Class A<sup>(a)</sup> | 386 | 7515  |
| Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> | 90 | 1695  |
| Ambarella, Inc.<sup>(a)</sup> | 199 | 9550  |
| Arteris, Inc.<sup>(a)</sup> | 711 | 4735  |

---

The accompanying notes are an integral part of these financial statements.

88<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Semiconductors - (Continued)**  | **Semiconductors - (Continued)**  | **Semiconductors - (Continued)**  |
| Atomera, Inc.<sup>(a)(b)</sup> | 713 | $3130  |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 640 | 31347  |
| Blaize Holdings, Inc.<sup>(a)</sup> | 1264 | 3059  |
| CEVA, Inc.<sup>(a)</sup> | 276 | 7234  |
| Cohu, Inc.<sup>(a)</sup> | 77 | 1232  |
| Diodes, Inc.<sup>(a)</sup> | 205 | 7872  |
| FormFactor, Inc.<sup>(a)</sup> | 178 | 5009  |
| Impinj, Inc.<sup>(a)</sup> | 12 | 1106  |
| IPG Photonics Corp.<sup>(a)</sup> | 256 | 15332  |
| Kulicke & Soffa Industries, Inc. | 410 | 13214  |
| MaxLinear, Inc.<sup>(a)</sup> | 568 | 5674  |
| Navitas Semiconductor Corp.<sup>(a)</sup> | 4178 | 8064  |
| Ouster, Inc.<sup>(a)</sup> | 496 | 3685  |
| Penguin Solutions, Inc.<sup>(a)</sup> | 397 | 6777  |
| Photronics, Inc.<sup>(a)</sup> | 656 | 11985  |
| Power Integrations, Inc. | 727 | 35710  |
| SEALSQ Corp.<sup>(a)</sup> | 1013 | 2462  |
| Semtech Corp.<sup>(a)</sup> | 322 | 10062  |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 354 | 36023  |
| SiTime Corp.<sup>(a)</sup> | 92 | 13511  |
| SkyWater Technology, Inc.<sup>(a)</sup> | 562 | 3985  |
| Synaptics, Inc.<sup>(a)</sup> | 235 | 13080  |
| Ultra Clean Holdings, Inc.<sup>(a)</sup> | 71 | 1328  |
| Veeco Instruments, Inc.<sup>(a)</sup> | 450 | 8415  |
|  |  | 272791  |
| **Software - 6.1%**<br>|  |  |
| 8x8, Inc.<sup>(a)</sup> | 1361 | 2409  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 610 | 32550  |
| ACV Auctions, Inc. - Class A<sup>(a)</sup> | 1517 | 22285  |
| Adeia, Inc. | 1008 | 12408  |
| Agilysys, Inc.<sup>(a)</sup> | 97 | 7212  |
| Alignment Healthcare, Inc.<sup>(a)</sup> | 662 | 11731  |
| Alkami Technology, Inc.<sup>(a)</sup> | 181 | 4831  |
| Amplitude, Inc. - Class A<sup>(a)</sup> | 929 | 8538  |
| Appfolio, Inc. - Class A<sup>(a)</sup> | 241 | 49771  |
| Appian Corp. - Class A<sup>(a)</sup> | 418 | 12979  |
| Asana, Inc. - Class A<sup>(a)</sup> | 632 | 10200  |
| AvePoint, Inc.<sup>(a)</sup> | 881 | 14404  |
| AvidXchange Holdings, Inc.<sup>(a)</sup> | 1376 | 11187  |
| Bandwidth, Inc. - Class A<sup>(a)</sup> | 289 | 3589  |
| BigBear.ai Holdings, Inc.<sup>(a)</sup> | 602 | 2053  |
| BigCommerce Holdings, Inc.<sup>(a)</sup> | 1089 | 5641  |
| Blackbaud, Inc.<sup>(a)</sup> | 384 | 23247  |
| BlackLine, Inc.<sup>(a)</sup> | 480 | 22670  |
| Blend Labs, Inc. - Class A<sup>(a)</sup> | 1920 | 6432  |

---

The accompanying notes are an integral part of these financial statements.

89<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Software - (Continued)**  | **Software - (Continued)**  | **Software - (Continued)**  |
| Box, Inc. - Class A<sup>(a)</sup> | 1472 | $45956  |
| Braze, Inc. - Class A<sup>(a)</sup> | 928 | 28889  |
| C3.ai, Inc. - Class A<sup>(a)</sup> | 640 | 14086  |
| Cerence, Inc.<sup>(a)</sup> | 377 | 3416  |
| Clear Secure, Inc. - Class A | 849 | 20953  |
| Clearwater Analytics Holdings, Inc. - Class A<sup>(a)(b)</sup> | 1806 | 41068  |
| Concentrix Corp.<sup>(b)</sup> | 464 | 23692  |
| Consensus Cloud Solutions, Inc.<sup>(a)</sup> | 225 | 4469  |
| CSG Systems International, Inc. | 130 | 7817  |
| Digi International, Inc.<sup>(a)(b)</sup> | 257 | 6990  |
| Digital Turbine, Inc.<sup>(a)</sup> | 913 | 2739  |
| DigitalOcean Holdings, Inc.<sup>(a)</sup> | 667 | 20610  |
| Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 195 | 9399  |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | 595 | 7890  |
| E2open Parent Holdings, Inc. - Class A<sup>(a)</sup> | 2756 | 5429  |
| Evolent Health, Inc. - Class A<sup>(a)</sup> | 994 | 9801  |
| Exodus Movement, Inc. - Class A<sup>(a)</sup> | 88 | 3436  |
| Expensify, Inc. - Class A<sup>(a)</sup> | 2288 | 6773  |
| Fastly, Inc. - Class A<sup>(a)</sup> | 822 | 4727  |
| Five9, Inc.<sup>(a)</sup> | 284 | 7140  |
| Freshworks, Inc. - Class A<sup>(a)(b)</sup> | 2291 | 33838  |
| GigaCloud Technology, Inc. - Class A<sup>(a)</sup> | 339 | 4251  |
| Ibotta, Inc. - Class A<sup>(a)</sup> | 184 | 8979  |
| Innodata, Inc.<sup>(a)</sup> | 241 | 9115  |
| Intapp, Inc.<sup>(a)</sup> | 576 | 31254  |
| Jamf Holding Corp.<sup>(a)</sup> | 731 | 8458  |
| JFrog Ltd.<sup>(a)</sup> | 881 | 29751  |
| Klaviyo, Inc. - Class A<sup>(a)</sup> | 562 | 17107  |
| Life360, Inc.<sup>(a)</sup> | 619 | 26555  |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | 640 | 16742  |
| Meridianlink, Inc.<sup>(a)</sup> | 385 | 6510  |
| N-able, Inc./US<sup>(a)</sup> | 392 | 2768  |
| nCino, Inc.<sup>(a)(b)</sup> | 548 | 12714  |
| Olo, Inc. - Class A<sup>(a)</sup> | 1665 | 10323  |
| ON24, Inc.<sup>(a)</sup> | 1217 | 5696  |
| Onestream, Inc.<sup>(a)</sup> | 598 | 12797  |
| Pagaya Technologies Ltd. - Class A<sup>(a)</sup> | 722 | 7913  |
| PagerDuty, Inc.<sup>(a)</sup> | 928 | 14393  |
| PDF Solutions, Inc.<sup>(a)</sup> | 68 | 1248  |
| Phreesia, Inc.<sup>(a)</sup> | 242 | 6040  |
| Planet Labs PBC<sup>(a)</sup> | 2432 | 8001  |
| Playtika Holding Corp. | 512 | 2698  |
| Porch Group, Inc.<sup>(a)</sup> | 1954 | 11333  |
| Privia Health Group, Inc.<sup>(a)</sup> | 1057 | 24818  |
| Progress Software Corp. | 386 | 23145  |

---

The accompanying notes are an integral part of these financial statements.

90<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Software - (Continued)**  | **Software - (Continued)**  | **Software - (Continued)**  |
| PROS Holdings, Inc.<sup>(a)</sup> | 274 | $4680  |
| PubMatic, Inc. - Class A<sup>(a)</sup> | 101 | 987  |
| Quantum Computing, Inc.<sup>(a)(b)</sup> | 920 | 6201  |
| QXO, Inc.<sup>(b)</sup> | 3329 | 44409  |
| RingCentral, Inc. - Class A<sup>(a)</sup> | 480 | 12240  |
| Sapiens International Corp. NV | 359 | 9833  |
| Schrodinger, Inc./United States<sup>(a)</sup> | 522 | 13379  |
| SEMrush Holdings, Inc. - Class A<sup>(a)</sup> | 488 | 5017  |
| Silvaco Group, Inc.<sup>(a)</sup> | 988 | 5256  |
| Simulations Plus, Inc. | 241 | 8278  |
| SoundHound AI, Inc. - Class A<sup>(a)</sup> | 2115 | 19648  |
| Sprout Social, Inc. - Class A<sup>(a)</sup> | 481 | 10058  |
| Teradata Corp.<sup>(a)</sup> | 561 | 12062  |
| Verint Systems, Inc.<sup>(a)</sup> | 832 | 14677  |
| Veritone, Inc.<sup>(a)</sup> | 486 | 991  |
| Vertex, Inc. - Class A<sup>(a)</sup> | 400 | 16012  |
| Vimeo, Inc.<sup>(a)</sup> | 2160 | 10886  |
| Weave Communications, Inc.<sup>(a)</sup> | 317 | 3360  |
| Workiva, Inc.<sup>(a)</sup> | 412 | 31011  |
| Yext, Inc.<sup>(a)</sup> | 848 | 5766  |
| Zeta Global Holdings Corp. - Class A<sup>(a)</sup> | 1293 | 16887  |
| ZoomInfo Technologies, Inc.<sup>(a)</sup> | 3098 | 26519  |
|  |  | 1154021  |
| **Telecommunications - 1.7%**<br>|  |  |
| A10 Networks, Inc. | 657 | 10827  |
| ADTRAN Holdings, Inc.<sup>(a)</sup> | 1152 | 8824  |
| Applied Digital Corp.<sup>(a)(b)</sup> | 1031 | 4681  |
| AST SpaceMobile, Inc.<sup>(a)(b)</sup> | 1339 | 31078  |
| BlackSky Technology, Inc.<sup>(a)</sup> | 585 | 4891  |
| Calix, Inc.<sup>(a)</sup> | 736 | 30110  |
| Clearfield, Inc.<sup>(a)</sup> | 160 | 4587  |
| CommScope Holding Co., Inc.<sup>(a)</sup> | 1889 | 7065  |
| DigitalBridge Group, Inc. | 535 | 4494  |
| EchoStar Corp. - Class A<sup>(a)</sup> | 950 | 21356  |
| Extreme Networks, Inc.<sup>(a)</sup> | 1080 | 14213  |
| Globalstar, Inc.<sup>(a)</sup> | 434 | 8338  |
| Gogo, Inc.<sup>(a)</sup> | 2016 | 15261  |
| Harmonic, Inc.<sup>(a)</sup> | 636 | 5711  |
| IDT Corp. - Class B | 209 | 10502  |
| InterDigital, Inc.<sup>(b)</sup> | 209 | 42009  |
| Iridium Communications, Inc. | 614 | 14816  |
| Powerfleet, Inc. NJ<sup>(a)</sup> | 1812 | 9132  |
| Ribbon Communications, Inc.<sup>(a)</sup> | 2065 | 6629  |
| Spok Holdings, Inc. | 304 | 4359  |
| Telephone and Data Systems, Inc. | 848 | 31792  |

---

The accompanying notes are an integral part of these financial statements.

91<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Telecommunications - (Continued)**  | **Telecommunications - (Continued)**  | **Telecommunications - (Continued)**  |
| United States Cellular Corp.<sup>(a)</sup> | 96 | $6591  |
| Viasat, Inc.<sup>(a)</sup> | 1040 | 9641  |
| Viavi Solutions, Inc.<sup>(a)</sup> | 2048 | 21668  |
|  |  | 328575  |
| **Textiles - 0.1%**<br>|  |  |
| UniFirst Corp./MA | 128 | 22844  |
| **Transportation - 1.4%**<br>|  |  |
| ArcBest Corp. | 119 | 6964  |
| Costamare, Inc. | 644 | 6008  |
| CryoPort, Inc.<sup>(a)</sup> | 679 | 3789  |
| DHT Holdings, Inc. | 761 | 8135  |
| Euroseas Ltd. | 144 | 4483  |
| Frontline PLC | 1241 | 20861  |
| Global Ship Lease, Inc. - Class A | 178 | 3830  |
| Golden Ocean Group Ltd. | 768 | 5929  |
| Hub Group, Inc. - Class A | 573 | 18101  |
| International Seaways, Inc. | 229 | 7777  |
| Marten Transport Ltd. | 1233 | 15832  |
| Matson, Inc. | 386 | 42109  |
| Navigator Holdings Ltd. | 1568 | 19898  |
| Nordic American Tankers Ltd. | 1329 | 3402  |
| Radiant Logistics, Inc.<sup>(a)</sup> | 705 | 4124  |
| RXO, Inc.<sup>(a)(b)</sup> | 288 | 4058  |
| Safe Bulkers, Inc. | 1840 | 6238  |
| Schneider National, Inc. - Class B | 432 | 9284  |
| Scorpio Tankers, Inc. | 368 | 13870  |
| SFL Corp. Ltd. | 3554 | 29214  |
| Star Bulk Carriers Corp.<sup>(b)</sup> | 682 | 10053  |
| StealthGas, Inc.<sup>(a)</sup> | 2001 | 10765  |
| Teekay Tankers Ltd. – Class A | 185 | 7875  |
| Universal Logistics Holdings, Inc. | 32 | 696  |
| Werner Enterprises, Inc. | 481 | 11861  |
|  |  | 275156  |
| **Trucking & Leasing - 0.2%**<br>|  |  |
| GATX Corp. | 192 | 28024  |
| Greenbrier Cos., Inc. | 320 | 13575  |
|  |  | 41599  |
| **Water - 0.4%**<br>|  |  |
| American States Water Co. | 320 | 25955  |
| California Water Service Group | 480 | 24312  |
| Global Water Resources, Inc. | 560 | 5841  |

---

The accompanying notes are an integral part of these financial statements.

92<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Water - (Continued)**  | **Water - (Continued)**  | **Water - (Continued)**  |
| Middlesex Water Co. | 145 | $9152  |
| SJW Group | 177 | 10043  |
|  |  | 75303  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $16,672,745)** |  | 15789243  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 7.0%**<br>|  |  |
| **Commercial Services - 0.3%**<br>|  |  |
| CoreCivic, Inc.<sup>(a)</sup> | 1200 | 27168  |
| GEO Group, Inc.<sup>(a)</sup> | 1013 | 31687  |
|  |  | 58855  |
| **Investment Companies - 0.1%**<br>|  |  |
| HA Sustainable Infrastructure Capital, Inc. | 1168 | 29176  |
| **REITS - 6.6%**<br>|  |  |
| Acadia Realty Trust | 1024 | 19558  |
| Alexander & Baldwin, Inc. | 705 | 12112  |
| Alexander's, Inc. | 33 | 6811  |
| Alpine Income Property Trust, Inc. | 544 | 8405  |
| American Healthcare REIT, Inc. | 1106 | 35702  |
| Apartment Investment and Management Co. - Class A | 2177 | 17220  |
| Apollo Commercial Real Estate Finance, Inc. | 3281 | 30743  |
| Apple Hospitality REIT, Inc. | 1667 | 19621  |
| Arbor Realty Trust, Inc. | 2033 | 23440  |
| Armada Hoffler Properties, Inc. | 567 | 3839  |
| ARMOUR Residential REIT, Inc. | 432 | 7115  |
| Blackstone Mortgage Trust, Inc. - Class A | 1185 | 22574  |
| BrightSpire Capital, Inc. | 1440 | 7214  |
| Broadstone Net Lease, Inc. | 1665 | 26940  |
| CareTrust REIT, Inc. | 1584 | 46364  |
| CBL & Associates Properties, Inc. | 432 | 10139  |
| Centerspace | 113 | 6821  |
| Chimera Investment Corp. | 960 | 11846  |
| Claros Mortgage Trust, Inc. | 1437 | 3535  |
| Community Healthcare Trust, Inc. | 449 | 7669  |
| COPT Defense Properties | 912 | 23812  |
| CTO Realty Growth, Inc. | 544 | 9939  |
| Curbline Properties Corp. | 832 | 19044  |
| DiamondRock Hospitality Co. | 2496 | 18321  |
| Diversified Healthcare Trust | 1483 | 3352  |
| Douglas Emmett, Inc. | 1472 | 20358  |
| Dynex Capital, Inc. | 689 | 8495  |
| Easterly Government Properties, Inc. | 154 | 3102  |
| Ellington Financial, Inc.<sup>(b)</sup> | 993 | 12939  |
| Elme Communities | 1120 | 17438  |

---

The accompanying notes are an integral part of these financial statements.

93<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON (Continued)**  | **REAL ESTATE INVESTMENT TRUSTS - COMMON (Continued)**  | **REAL ESTATE INVESTMENT TRUSTS - COMMON (Continued)**  |
| **REITS - (Continued)** | **REITS - (Continued)** | **REITS - (Continued)** |
| Empire State Realty Trust, Inc. - Class A | 1920 | $13670  |
| EPR Properties | 592 | 29298  |
| Essential Properties Realty Trust, Inc. | 2176 | 70002  |
| Farmland Partners, Inc. | 736 | 7404  |
| Four Corners Property Trust, Inc. | 978 | 27335  |
| Gladstone Land Corp. | 720 | 7150  |
| Highwoods Properties, Inc. | 848 | 24117  |
| Hudson Pacific Properties, Inc. | 1844 | 3780  |
| Innovative Industrial Properties, Inc. | 128 | 6952  |
| InvenTrust Properties Corp. | 384 | 10698  |
| KKR Real Estate Finance Trust, Inc. | 688 | 6364  |
| Ladder Capital Corp. | 1153 | 12037  |
| LXP Industrial Trust<sup>(b)</sup> | 4530 | 35742  |
| Macerich Co. | 2242 | 32868  |
| Medical Properties Trust, Inc. | 4165 | 22991  |
| National Health Investors, Inc. | 183 | 13848  |
| National Storage Affiliates Trust | 324 | 12053  |
| NET Lease Office Properties<sup>(a)</sup> | 176 | 5320  |
| NETSTREIT Corp.<sup>(b)</sup> | 832 | 13537  |
| NexPoint Residential Trust, Inc. | 273 | 10177  |
| One Liberty Properties, Inc. | 368 | 8979  |
| Orchid Island Capital, Inc. | 977 | 6986  |
| Outfront Media, Inc.<sup>(b)</sup> | 1606 | 24299  |
| Paramount Group, Inc. | 1713 | 7349  |
| Park Hotels & Resorts, Inc. | 1703 | 16928  |
| Pebblebrook Hotel Trust | 946 | 8561  |
| Phillips Edison & Co., Inc.<sup>(b)</sup> | 1265 | 43895  |
| Piedmont Office Realty Trust, Inc. - Class A | 945 | 5585  |
| Postal Realty Trust, Inc. - Class A | 689 | 9122  |
| PotlatchDeltic Corp. | 608 | 23341  |
| Ready Capital Corp. | 2522 | 11223  |
| RLJ Lodging Trust | 1122 | 7865  |
| Sabra Health Care REIT, Inc. | 2161 | 38574  |
| Saul Centers, Inc. | 257 | 8404  |
| Service Properties Trust | 5802 | 10444  |
| Sila Realty Trust, Inc. | 307 | 7908  |
| SL Green Realty Corp. | 657 | 34565  |
| Summit Hotel Properties, Inc. | 1737 | 7070  |
| Sunstone Hotel Investors, Inc. | 2481 | 20692  |
| Tanger, Inc.<sup>(b)</sup> | 1280 | 40333  |
| TPG RE Finance Trust, Inc. | 720 | 5501  |
| UMH Properties, Inc. | 1136 | 20073  |
| Uniti Group, Inc. | 2544 | 12516  |
| Urban Edge Properties | 1536 | 27755  |

---

The accompanying notes are an integral part of these financial statements.

94<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON (Continued)**  | **REAL ESTATE INVESTMENT TRUSTS - COMMON (Continued)**  | **REAL ESTATE INVESTMENT TRUSTS - COMMON (Continued)**  |
| **REITS - (Continued)**  | **REITS - (Continued)**  | **REITS - (Continued)**  |
| Veris Residential, Inc. | 544 | $8443  |
| Xenia Hotels & Resorts, Inc. | 597 | 6376  |
|  |  | 1252598  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $1,444,518)** |  | 1340629 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 6.3%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - 6.3%**<br>|  |  |  |
| iShares Russell 2000 ETF<sup>(d)(e)(f)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2025; Exercise Price: $195.00 | $4520752 | 232 | 194184  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2025; Exercise Price: $200.00 | 4579210 | 235 | 368715  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $200.00 | 4657154 | 239 | 392916  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $180.00 | 4988416 | 256 | 238592  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $787,088)** |  |  | 1194407 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **RIGHTS - 0.0%<sup>(c)</sup>**<br>|  |  |
| **Internet - 0.0%<sup>(c)</sup>**<br>|  |  |
| Gen Digital, Inc., Expires 04/17/2026, Exercise Price $23.00<sup>(a)</sup> | 33 | 173  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $138)** |  | 173  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS - 4.4%**<br>|  |  |
| **Investments Purchased with Proceeds from Securities Lending - 4.4%**<br>|  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(g)</sup> | 835388 | 835388  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $835,388)** |  | 835388  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.6%** <br>**(Cost $19,739,877)** |  | $19159840  |
| Money Market Deposit Account - 4.0%<sup>(h)</sup> |  | 764677  |
| Liabilities in Excess of Other Assets - (4.6)% |  | (882215)  |
| **TOTAL NET ASSETS - 100.0%** |  | $19042302 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

95<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $794,059 which represented 4.2% of net assets.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> Exchange-traded.

<sup>(e)</sup> 100 shares per contract.

<sup>(f)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(g)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

<sup>(h)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

96<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator U.S. Small Cap Managed Floor ETF** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.5)%**<br>|  |  |  |
| **Call Options - (0.5)%**<br>|  |  |  |
| Russell 2000 IndexCounterparty:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 05/02/2025; Exercise Price: $1,980.00<sup>(a)(b)</sup> | $(7070828) | &nbsp;&nbsp;&nbsp;&nbsp;(36) | $(49248)  |
| &nbsp;&nbsp;&nbsp; Expiration: 05/07/2025; Exercise Price: $2,015.00 | (5892357) | &nbsp;&nbsp;&nbsp;&nbsp;(30) | (30300)  |
| &nbsp;&nbsp;&nbsp; Expiration: 05/12/2025; Exercise Price: $2,045.00 | (6088769) | &nbsp;&nbsp;&nbsp;&nbsp;(31) | (19065)  |
| **Total Call Options** |  |  | (98613)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $100,349)** |  |  | $(98613) |

---

Percentages are stated as a percentof net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Common Stocks | $15789243 | 82.9%  |
| Real Estate Investment Trusts - Common | 1340629 | 7.0  |
| Purchased Options | 1194407 | 6.3  |
| Written Options | (98613) | (0.5)  |
| Rights | 173 | 0.0  |
| Money Market Deposit Account | 764677 | 4.0  |
| Investments Purchased with Proceeds from Securities Lending | 835388 | 4.4  |
| Liabilities in Excess of Other Assets | (783602) | (4.1)  |
|  | $19042302 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

97<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Uncapped Accelerated U.S. Equity ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.2%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 105.2%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2025; Exercise Price: $5.49 | $8539916 | &nbsp;&nbsp;&nbsp; 154 | $8422439  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2025; Exercise Price: $571.43 | 14695310 | &nbsp;&nbsp;&nbsp; 265 | 286332  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2025; Exercise Price: $5.79 | 9427180 | &nbsp;&nbsp;&nbsp; 170 | 9291187  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2025; Exercise Price: $602.45 | 16303476 | &nbsp;&nbsp;&nbsp; 294 | 290049  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $5.88 | 9260818 | &nbsp;&nbsp;&nbsp; 167 | 9080635  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $615.38 | 16137114 | &nbsp;&nbsp;&nbsp; 291 | 371959  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $5.62 | 8595370 | &nbsp;&nbsp;&nbsp; 155 | 8418685  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $587.36 | 13863500 | &nbsp;&nbsp;&nbsp; 250 | 797028  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $42,160,343)** |  |  | 36958314  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.2%** <br>**(Cost $42,160,343)** |  |  | $36958314  |
| Money Market Deposit Account - 0.5%<sup>(e)</sup> |  |  | 158823  |
| Liabilities in Excess of Other Assets - (5.7)% |  |  | (1986804)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $35130333 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

98<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Innovator Uncapped Accelerated U.S. Equity ETF** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.6)%**<br>|  |  |  |
| **Call Options - (5.6)%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2025; Exercise Price: $544.24 | $(8539916) | &nbsp;&nbsp;&nbsp;&nbsp;(154) | $(415921)  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2025; Exercise Price: $573.78 | (9427180) | &nbsp;&nbsp;&nbsp;&nbsp;(170) | (383233)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $586.10 | (9260818) | &nbsp;&nbsp;&nbsp;&nbsp;(167) | (422091)  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $559.41 | (8595370) | &nbsp;&nbsp;&nbsp;&nbsp;(155) | (736681)  |
| **Total Call Options** |  |  | (1957926)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,069,663)** |  |  | $(1957926) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $36958314 | 105.2%  |
| Written Options | (1957926) | (5.6)  |
| Money Market Deposit Account | 158823 | 0.5  |
| Liabilities in Excess of Other Assets | (28878) | (0.1)  |
|  | $35130333 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Buffer** <br>**Step-Up** <br>**Strategy ETF** | **Innovator** <br>**Deepwater** <br>**Frontier** <br>**Tech ETF** | **Innovator** <br>**Equity** <br>**Managed** <br>**Floor ETF** | **Innovator** <br>**Equity** <br>**Premium** <br>**Income - Daily** <br>**PutWrite ETF** | **Innovator** <br>**Gradient** <br>**Tactical** <br>**Rotation** <br>**Strategy ETF**  |
| **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments, at value | $57689328 | $84202043 | $805375240 | $4864708 | $79726104  |
| Receivable for investments sold | 59575545 |  |  | 151 | —  |
|  Cash - interest bearing deposit account | 77910 | 282546 | 20708101 | 212838 | 167702  |
| Interest receivable | 336 | 901 | 54738 | 328 | 696  |
|  Deposit at broker for other investments | 199 |  |  |  | —  |
| Cash |  |  | 306658 | 1283000 | —  |
| Dividends receivable |  | 8763 | 467699 | 1386 | 59715  |
| Dividend tax reclaims receivable |  |  | 1978 | 13 | 93821  |
| Security lending income receivable |  | 903 | 2655 |  | 664  |
| Prepaid expenses and other assets |  |  |  |  | 17406  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 117343318 | 84495156 | 826917069 | 6362424 | 80066108  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 3177600 |  | 7907326 | 140 | —  |
| Payable for investments purchased | 59475591 |  |  | 1432617 | —  |
| Payable to adviser | 48042 | 40714 | 542874 | 3227 | 52293  |
|  Broker Commissions on in-kind transactions payable | 3093 |  |  |  | —  |
| Distributions payable |  |  |  | 39037 | —  |
|  Payable upon return of securities loaned |  | 7427373 | 22775683 |  | 5876581  |
| Due to broker |  |  | 7959 | 9333 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 62704326 | 7468087 | 31233842 | 1484354 | 5928874  |
| **NET ASSETS** | $54638992 | $77027069 | $795683227 | $4878070 | $74137234  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $57054634 | $103037865 | $771364910 | $5047880 | $113033269  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (2415642) | (26010796) | 24318317 | (169810) | (38896035)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $54638992 | $77027069 | $795683227 | $4878070 | $74137234  |
| Net assets | $54638992 | $77027069 | $795683227 | $4878070 | $74137234  |
| Shares issued and outstanding<sup>(a)</sup> | 1700000 | 1600001 | 25300000 | 200000 | 3100000  |
| Net asset value per share | $32.14 | $48.14 | $31.45 | $24.39 | $23.92  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $57694102 | $79487001 | $775155640 | $4888454 | $80606174  |
| **PROCEEDS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $3172738 | $— | $3495930 | $421 | $—  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $— | $7010307 | $22402119 | $— | $5737794 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

100<br>

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**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Hedged** <br>**Nasdaq-100** <br>**ETF** | **Innovator** <br>**IBD 50** <br>**ETF** | **Innovator** <br>**IBD Breakout** <br>**Opportunities** <br>**ETF** | **Innovator** <br>**Laddered** <br>**Allocation** <br>**Buffer ETF** | **Innovator** <br>**Laddered** <br>**Allocation Power** <br>**Buffer ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $10402885 | $71903202 | $12296418 | $— | $5913425  |
| Investments in affiliates, at value |  |  |  | 205577058 | 576957097  |
|  Cash - interest bearing deposit account | 13967 | 131318 | 75665 | 422249 | 1097201  |
| Cash | 8454 |  |  |  | —  |
| Dividends receivable | 1125 | 43770 | 10276 |  | —  |
|  Deposit at broker for other investments | 259 |  |  |  | —  |
| Security lending income receivable | 76 | 2777 | 752 | 4713 | 19332  |
| Interest receivable | 37 | 1709 | 184 | 1092 | 3322  |
| Dividend tax reclaims receivable |  | 7548 | 2566 |  | —  |
| Prepaid expenses and other assets |  | 63 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 10426803 | 72090387 | 12385861 | 206005112 | 583990377  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 195150 |  |  |  | —  |
|  Payable upon return of securities loaned | 623106 | 11101038 | 618156 |  | 5913425  |
| Payable to adviser | 5909 | 20185 | 7579 | 16624 | 46112  |
|  Payable for expense and other liabilities |  | 53704 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 824165 | 11174927 | 625735 | 16624 | 5959537  |
| **NET ASSETS** | $9602638 | $60915460 | $11760126 | $205988488 | $578030840  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $9621559 | $375484265 | $22870437 | $190203866 | $561704066  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (18921) | (314568805) | (11110311) | 15784622 | 16326774  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $9602638 | $60915460 | $11760126 | $205988488 | $578030840  |
| Net assets | $9602638 | $60915460 | $11760126 | $205988488 | $578030840  |
| Shares issued and outstanding<sup>(a)</sup> | 375000 | 2250000 | 350000 | 6600000 | 13150000  |
| Net asset value per share | $25.61 | $27.07 | $33.60 | $31.21 | $43.96  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $10848456 | $66965233 | $12122211 | $— | $5913425  |
| &nbsp;&nbsp;&nbsp; Investments in affiliates, at cost | $— | $— | $— | $191461648 | $535881972  |
| **PROCEEDS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $247231 | $— | $— | $— | $—  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $607948 | $10254251 | $604982 | $— | $5785397 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

101<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Nasdaq-100** <br>**Managed** <br>**Floor ETF** | **Innovator** <br>**Power Buffer** <br>**Step-Up** <br>**Strategy ETF** | **Innovator S&P** <br>**Investment** <br>**Grade** <br>**Preferred ETF** | **Innovator** <br>**U.S. Small Cap** <br>**Managed** <br>**Floor ETF** | **Innovator** <br>**Uncapped** <br>**Accelerated** <br>**U.S. Equity ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $284006039 | $105839388 | $89517149 | $19159840 | $36958314  |
|  Cash - interest bearing deposit account | 9482522 | 121717 | 648713 | 764677 | 158823  |
| Cash | 197768 |  |  | 52389 | —  |
| Dividends receivable | 29002 |  | 30448 | 5770 | —  |
| Interest receivable | 27353 | 354 | 1048 | 5515 | 439  |
| Security lending income receivable | 1437 |  | 4760 | 600 | —  |
|  Deposit at broker for other investments | 302 | 200 |  |  | 199  |
| Dividend tax reclaims receivable |  |  |  | 46 | –  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 293744423 | 105961659 | 90202118 | 19988837 | 37117775  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 3330320 | 2316205 |  | 98613 | 1957926  |
|  Payable upon return of securities loaned | 7411345 |  | 3277525 | 835388 | —  |
| Payable to adviser | 194732 | 76498 | 33190 | 12499 | 25099  |
| Distributions payable |  |  | 445500 |  | —  |
|  Broker Commissions on in-kind transactions payable |  |  |  |  | 4417  |
| Due to broker |  |  |  | 35 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 10936397 | 2392703 | 3756215 | 946535 | 1987442  |
| **NET ASSETS** | $282808026 | $103568956 | $86445903 | $19042302 | $35130333  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $279646048 | $105139989 | $136276459 | $20339128 | $43992630  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | 3161978 | (1571033) | (49830556) | (1296826) | (8862297)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $282808026 | $103568956 | $86445903 | $19042302 | $35130333  |
| Net assets | $282808026 | $103568956 | $86445903 | $19042302 | $35130333  |
| Shares issued and outstanding<sup>(a)</sup> | 10250000 | 3300000 | 4950000 | 800000 | 950000  |
| Net asset value per share | $27.59 | $31.38 | $17.46 | $23.80 | $36.98  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $270850712 | $119143088 | $103752347 | $19739877 | $42160343  |
| **PROCEEDS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $1518499 | $1391359 | $— | $100349 | $3069663  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $7278859 | $— | $3165843 | $794059 | $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended April 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Buffer** <br>**Step-Up** <br>**Strategy ETF** | **Innovator** <br>**Deepwater** <br>**Frontier** <br>**Tech ETF** | **Innovator** <br>**Equity** <br>**Managed** <br>**Floor ETF** | **Innovator** <br>**Equity** <br>**Premium** <br>**Income - Daily** <br>**PutWrite ETF<sup>(a)</sup>** | **Innovator** <br>**Gradient** <br>**Tactical** <br>**Rotation** <br>**Strategy ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $— | $129652 | $4208842 | &nbsp;&nbsp;&nbsp; $3051 | $800231  |
| Less: Dividend withholding taxes |  | (9801) |  | &nbsp;&nbsp;&nbsp; — | (25239)  |
| Less: Issuance fees |  |  | (92) | &nbsp;&nbsp;&nbsp; — | (2216)  |
| Interest income | 2117 | 4859 | 233204 | &nbsp;&nbsp;&nbsp; 41039 | 13398  |
| Securities lending income |  | 6557 | 27379 | &nbsp;&nbsp;&nbsp; — | 3446  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 2117 | 131267 | 4469333 | &nbsp;&nbsp;&nbsp; 44090 | 789620  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 308093 | 247296 | 2955307 | &nbsp;&nbsp;&nbsp; 4380 | 451164  |
| &nbsp;&nbsp;&nbsp; Total expenses | 308093 | 247296 | 2955307 | &nbsp;&nbsp;&nbsp; 4380 | 451164  |
| **NET INVESTMENT INCOME/(LOSS)**  | (305976) | (116029) | 1514026 | &nbsp;&nbsp;&nbsp; 39710 | 338456  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (7929744) | 1663841 | (22375050) | &nbsp;&nbsp;&nbsp; (100480) | (16560814)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 8775959 |  | 12782437 | &nbsp;&nbsp;&nbsp; 764 | (731760)  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (876860) |  | 16448664 | &nbsp;&nbsp;&nbsp; (35953) | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | (6711) |  | &nbsp;&nbsp;&nbsp; — | (220582)  |
| Net realized gain (loss) | (30645) | 1657130 | 6856051 | &nbsp;&nbsp;&nbsp; (135669) | (17513156)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 364348 | (6837516) | (15394770) | &nbsp;&nbsp;&nbsp; (23746) | 8549371  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (57555) |  | (5643558) | &nbsp;&nbsp;&nbsp; 281 | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | 135 |  | &nbsp;&nbsp;&nbsp; — | 11126  |
|  Net change in unrealized appreciation (depreciation) | 306793 | (6837381) | (21038328) | &nbsp;&nbsp;&nbsp; (23465) | 8560497  |
|  **Net realized and unrealized gain (loss)** | 276148 | (5180251) | (14182277) | &nbsp;&nbsp;&nbsp; (159134) | (8952659)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(29828) | $(5296280) | $(12668251) | &nbsp;&nbsp;&nbsp; $(119424) | $(8614203) |

---

<sup>(a)</sup> Inception Date of the Fund was March 13, 2025.

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Hedged** <br>**Nasdaq-100** <br>**ETF** | **Innovator** <br>**IBD 50** <br>**ETF** | **Innovator** <br>**IBD Breakout** <br>**Opportunities** <br>**ETF** | **Innovator** <br>**Laddered** <br>**Allocation** <br>**Buffer ETF** | **Innovator** <br>**Laddered** <br>**Allocation Power** <br>**Buffer ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $35204 | $109511 | $61357 | $— | $—  |
| Less: Dividend withholding taxes | (76) | (3708) | (1961) |  | —  |
| Less: Issuance fees | (15) | (13) | (7) |  | —  |
| Interest income | 169 | 6244 | 1181 | 4796 | 17706  |
| Securities lending income | 194 | 23656 | 3736 | 43126 | 138683  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 35476 | 135690 | 64306 | 47922 | 156389  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 35543 | 244680 | 53537 | 97275 | 270006  |
| Fund administration and accounting fees |  | 31441 |  |  | —  |
| Compliance fees |  | 454 |  |  | —  |
| Custodian fees |  | 7083 |  |  | —  |
| Legal fees |  | 13308 |  |  | —  |
| Audit fees |  | 7421 |  |  | —  |
| Reports to shareholders |  | 8683 |  |  | —  |
| Trustees' fees |  | 1721 |  |  | —  |
| Other expenses and fees |  | 57633 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 35543 | 372424 | 53537 | 97275 | 270006  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser |  | (92790) |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 35543 | 279634 | 53537 | 97275 | 270006  |
| **NET INVESTMENT INCOME/(LOSS)**  | (67) | (143944) | 10769 | (49353) | (113617)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (136224) | (2296373) | (468245) |  | —  |
| &nbsp;&nbsp;&nbsp; Investments in affiliates |  |  |  | (93189) | (150435)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 435926 | 1435736 |  | 1881455<sup>(a)</sup> | 14386012<sup>(a)</sup>  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 147625 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | (193) |  |  | —  |
| Net realized gain (loss) | 447327 | (860830) | (468245) | 1788266 | 14235577  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (437083) | 872119 | (493893) |  | —  |
| &nbsp;&nbsp;&nbsp; Investments in affiliates |  |  |  | (5581846) | (16613537)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 12511 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | 84 |  |  | —  |
|  Net change in unrealized appreciation (depreciation) | (424572)  | 872203 | (493893) | (5581846) | (16613537)  |
| **Net realized and unrealized gain (loss)** | 22755 | 11373 | (962138) | (3793580) | (2377960)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $22688 | $(132571) | $(951369) | $(3842933)  | $(2491577) |

---

<sup>(a)</sup> Includes realized gain from affiliates.

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Nasdaq-100** <br>**Managed** <br>**Floor ETF** | **Innovator** <br>**Power Buffer** <br>**Step-Up** <br>**Strategy ETF** | **Innovator S&P** <br>**Investment** <br>**Grade** <br>**Preferred ETF** | **Innovator** <br>**U.S. Small Cap** <br>**Managed** <br>**Floor ETF** | **Innovator** <br>**Uncapped** <br>**Accelerated** <br>**U.S. Equity ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $954973 | $— | $2912605 | $93475 | $—  |
| Less: Dividend withholding taxes | (6717) |  |  | (234) | —  |
| Less: Issuance fees |  |  |  | (1) | —  |
| Interest income | 149509 | 2358 | 6040 | 7363 | 3207  |
| Securities lending income | 4366 |  | 60211 | 1848 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1102131 | 2358 | 2978856 | 102451 | 3207  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 1162660 | 461477 | 227505 | 52489 | 186905  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1162660 | 461477 | 227505 | 52489 | 186905  |
| **NET INVESTMENT INCOME/(LOSS)** | (60529) | (459119) | 2751351 | 49962 | (183698)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (15254386) | (23512) | (2500561) | (1147639) | (4509038)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 6298073 | 15912486 | 140216 |  | 2479164  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 8075189 | (1129) |  | 467117 | 58255  |
| Net realized gain (loss) | (881124) | 15887845 | (2360345) | (680522) | (1971619)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 901799 | (12704789) | (7151188) | (671959) | (4797153)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (2452533) | (1100872) |  | (10521) | 1788134  |
|  Net change in unrealized appreciation (depreciation) | (1550734) | (13805661) | (7151188) | (682480) | (3009019)  |
|  **Net realized and unrealized gain (loss)** | (2431858) | 2082184 | (9511533) | (1363002) | (4980638)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(2492387) | $1623065 | $(6760182) | $(1313040) | $(5164336) |

---

The accompanying notes are an integral part of these financial statements.

105<br>

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Buffer Step-Up** <br>**Strategy ETF** | **Innovator Buffer Step-Up** <br>**Strategy ETF** | **Innovator Deepwater Frontier** <br>**Tech ETF**  | **Innovator Deepwater Frontier** <br>**Tech ETF**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024** | **Period Ended**<br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(305976) | $(486346) | $(116029) | $(186751)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (30645) | 11977064 | 1657130 | 4281347  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 306793 | (308098) | (6837381) | 13007017  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (29828) | 11182620 | (5296280) | 17101613  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 169451780 | 146080603 | 25206830 | 11186415  |
| &nbsp;&nbsp;&nbsp; Redemptions | (178954990) | (133370530) |  | (4835240)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 2847 | 9527 | 3157 | 9681  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (9500363) | 12719600 | 25209987 | 6360856  |
| **Net increase (decrease) in net assets**  | (9530191) | 23902220 | 19913707 | 23462469  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 64169183 | 40266963 | 57113362 | 33650893  |
| &nbsp;&nbsp;&nbsp; End of the period | $54638992 | $64169183 | $77027069 | $57113362  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 5225000 | 4825000 | 450000 | 250000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (5500000) | (4400000) |  | (100000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | (275000) | 425000 | 450000 | 150000 |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Innovator Equity Managed** <br>**Floor ETF** | **Innovator Equity Managed** <br>**Floor ETF** | **Innovator Equity** <br>**Premium Income -** <br>**Daily PutWrite ETF**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024** | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>**<br>(Unaudited)  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $1514026 | $1391890 | &nbsp;&nbsp;&nbsp;&nbsp; $39710  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 6856051 | (8427266) | &nbsp;&nbsp;&nbsp;&nbsp; (135669)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (21038328) | 50554970 | &nbsp;&nbsp;&nbsp;&nbsp; (23465)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (12668251) | 43519594 | &nbsp;&nbsp;&nbsp;&nbsp; (119424)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (1335948) | (1729090) | &nbsp;&nbsp;&nbsp;&nbsp; (50386)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1335948) | (1729090) | &nbsp;&nbsp;&nbsp;&nbsp; (50386)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 345869385 | 439056235 | &nbsp;&nbsp;&nbsp;&nbsp; 9691820  |
| &nbsp;&nbsp;&nbsp; Redemptions | (49450730) | (64570675) | &nbsp;&nbsp;&nbsp;&nbsp; (4643940)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 8 |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 296418663 | 374485560 | &nbsp;&nbsp;&nbsp;&nbsp; 5047880  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 282414464 | 416276064 | &nbsp;&nbsp;&nbsp;&nbsp; 4878070  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 513268763 | 96992699 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $795683227 | $513268763 | &nbsp;&nbsp;&nbsp;&nbsp; $4878070  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 10650000 | 14650000 | &nbsp;&nbsp;&nbsp;&nbsp; 400000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1550000) | (2300000) | &nbsp;&nbsp;&nbsp;&nbsp; (200000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 9100000 | 12350000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 |

---

<sup>(a)</sup> Inception date of the Fund was March 13, 2025.

The accompanying notes are an integral part of these financial statements.

107<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Gradient Tactical** <br>**Rotation Strategy ETF** | **Innovator Gradient Tactical** <br>**Rotation Strategy ETF** | **Innovator Hedged** <br>**Nasdaq-100 ETF**  | **Innovator Hedged** <br>**Nasdaq-100 ETF**  |
|  | **Period Ended** <br>**April 30, 2025**<br>(Unaudited) | **Year Ended**<br>**October 31,** <br>**2024** | **Period Ended**<br>**April 30, 2025**<br>(Unaudited) | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $338456 | $2794827 | $(67) | $(1147)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (17513156) | 47126167 | 447327 | 28736  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 8560497 | (6777455) | (424572) | 31082  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (8614203) | 43143539 | 22688 | 58671  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (3057771) | (1616420) | (1906) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (3057771) | (1616420) | (1906) | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | 62202250 | 5176575 | 7534083  |
| &nbsp;&nbsp;&nbsp; Redemptions | (65977200) | (135275345) | (1307195) | (1880723)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 13019 | 3619 |  | 445  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (65964181) | (73069476) | 3869380 | 5653805  |
| **Net increase (decrease) in net assets**  | (77636155) | (31542357) | 3890162 | 5712476  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 151773389 | 183315746 | 5712476 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $74137234 | $151773389 | $9602638 | $5712476  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | 2500000 | 200000 | 300000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2650000) | (5350000) | (50000) | (75000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | (2650000) | (2850000) | 150000 | 225000 |

---

<sup>(a)</sup> Inception date of the Fund was August 19, 2024.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator IBD 50 ETF** | **Innovator IBD 50 ETF** | **Innovator IBD Breakout**<br>**Opportunities ETF**  | **Innovator IBD Breakout**<br>**Opportunities ETF**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024** | **Period Ended** <br>**April 30, 2025**<br>(Unaudited) | **Year Ended**<br>**October 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(143944) | $(226059) | $10769 | $98332  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (860830) | 18085495 | (468245) | 2378646  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 872203 | 3678394 | (493893) | 616091  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (132571) | 21537830 | (951369) | 3093069  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (647701) | (551275) | (79635) | (176880)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (647701) | (551275) | (79635) | (176880)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 15652005 | 15702010 |  | —  |
| &nbsp;&nbsp;&nbsp; Redemptions | (16688780) | (47893855) |  | (1744825)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) |  | 40 |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (1036775) | (32191805) |  | (1744825)  |
| **NET INCREASE (DECREASE) IN NET ASSETS**  | (1817047) | (11205250) | (1031004) | 1171364  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 62732507 | 73937757 | 12791130 | 11619766  |
| &nbsp;&nbsp;&nbsp; End of the period | $60915460 | $62732507 | $11760126 | $12791130  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 500000 | 600000 |  | —  |
| &nbsp;&nbsp;&nbsp; Redemptions | (600000) | (1800000) |  | (50000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | (100000) | (1200000) |  | (50000) |

---

The accompanying notes are an integral part of these financial statements.

109<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Laddered Allocation** <br>**Buffer ETF** | **Innovator Laddered Allocation** <br>**Buffer ETF** | **Innovator Laddered Allocation** <br>**Power Buffer ETF**  | **Innovator Laddered Allocation** <br>**Power Buffer ETF**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024** | **Period Ended**<br>**April 30, 2025**<br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(49353) | $(43359) | $(113617) | $(234760)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1788266 | 2108387 | 14235577 | 21753111  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (5581846) | 19113963 | (16613537) | 45244884  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (3842933) | 21178991 | (2491577) | 66763235  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 52764255 | 95560050 | 161057005 | 231466895  |
| &nbsp;&nbsp;&nbsp; Redemptions | (7130150) | (10690818) | (63031780) | (107448445)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 45634105 | 84869232 | 98025225 | 124018450  |
| **Net increase (decrease) in net assets**  | 41791172 | 106048223 | 95533648 | 190781685  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 164197316 | 58149093 | 482497192 | 291715507  |
| &nbsp;&nbsp;&nbsp; End of the period | $205988488 | $164197316 | $578030840 | $482497192  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1625000 | 3250000 | 3600000 | 5600000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (225000) | (375000) | (1400000) | (2550000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | 1400000 | 2875000 | 2200000 | 3050000 |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Nasdaq-100 Managed**<br>**Floor ETF** | **Innovator Nasdaq-100 Managed**<br>**Floor ETF** | **Innovator Power Buffer Step-Up**<br>**Strategy ETF**  | **Innovator Power Buffer Step-Up**<br>**Strategy ETF**  |
|  | **Period Ended**<br>**April 30, 2025**<br>(Unaudited) | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(60529) | $(116895) | $(459119) | $(755579)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (881124) | (5033439) | 15887845 | 15846030  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1550734) | 12894239 | (13805661) | (406669)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (2492387) | 7743905 | 1623065 | 14683782  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (75430) |  |  | —  |
| &nbsp;&nbsp;&nbsp; From return of capital |  | (28037) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (75430) | (28037) |  | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 114800520 | 209727440 | 256908292 | 101054980  |
| &nbsp;&nbsp;&nbsp; Redemptions | (37185550) | (9682435) | (251455720) | (97629010)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) |  |  | 1212 | 4447  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 77614970 | 200045005 | 5453784 | 3430417  |
| **Net increase (decrease) in net assets**  | 75047153 | 207760873 | 7076849 | 18114199  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 207760873 |  | 96492107 | 78377908  |
| &nbsp;&nbsp;&nbsp; End of the period | $282808026 | $207760873 | $103568956 | $96492107  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 4050000 | 7900000 | 8200000 | 3325000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1350000) | (350000) | (7975000) | (3225000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | 2700000 | 7550000 | 225000 | 100000 |

---

<sup>(a)</sup> Inception date of the Fund was January 24, 2024.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator S&P Investment** <br>**Grade Preferred ETF** | **Innovator S&P Investment** <br>**Grade Preferred ETF** | **Innovator U.S. Small Cap** <br>**Managed Floor ETF**  | **Innovator U.S. Small Cap** <br>**Managed Floor ETF**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2751351 | $6345772 | $49962 | $2069  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2360345) | (4802254) | (680522) | (45861)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (7151188) | 19522911 | (682480) | 104179  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (6760182) | 21066429 | (1313040) | 60387  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (2903484) | (6351047) | (44173) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (2903484) | (6351047) | (44173) | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 2777250 | 10552465 | 16577600 | 3761525  |
| &nbsp;&nbsp;&nbsp; Redemptions | (13824770) | (15998100) |  | —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) |  |  | 3 | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (11047520) | (5445635) | 16577603 | 3761525  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (20711186) | 9269747 | 15220390 | 3821912  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 107157089 | 97887342 | 3821912 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $86445903 | $107157089 | $19042302 | $3821912  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 150000 | 550000 | 650000 | 150000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (750000) | (850000) |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | (600000) | (300000) | 650000 | 150000 |

---

<sup>(a)</sup> Inception date of the Fund was September 16, 2024.

The accompanying notes are an integral part of these financial statements.

112<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Innovator Uncapped Accelerated** <br>**U.S. Equity ETF**  | **Innovator Uncapped Accelerated** <br>**U.S. Equity ETF**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(183698) | $(185406)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1971619) | 8529515  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (3009019) | (379225)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (5164336) | 7964884  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 70498790 | 89154948  |
| &nbsp;&nbsp;&nbsp; Redemptions | (64299165) | (78614138)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 9810 | 9397  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 6209435 | 10550207  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 1045099 | 18515091  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 34085234 | 15570143  |
| &nbsp;&nbsp;&nbsp; End of the period | $35130333 | $34085234  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1675000 | 2525000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1600000) | (2250000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 75000 | 275000 |

---

The accompanying notes are an integral part of these financial statements.

113<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | **LESS Distributions FROM**  | **LESS Distributions FROM**  | **LESS Distributions FROM**  | **LESS Distributions FROM**  |
| <br>**For the Period Ended** | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup> | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>** | **Total from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Return of** <br>**Capital** | **Total** <br>**Distributions**  |
| Innovator Buffer Step-Up Strategy ETF | Innovator Buffer Step-Up Strategy ETF | Innovator Buffer Step-Up Strategy ETF | Innovator Buffer Step-Up Strategy ETF | Innovator Buffer Step-Up Strategy ETF | Innovator Buffer Step-Up Strategy ETF | Innovator Buffer Step-Up Strategy ETF | Innovator Buffer Step-Up Strategy ETF | Innovator Buffer Step-Up Strategy ETF |
| 4/30/2025<sup>(f)</sup> | $32.49 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $25.98 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;6.77 | &nbsp;&nbsp;&nbsp;&nbsp;6.50 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $24.04 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022<sup>(h)</sup> | $25.48 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; (1.32) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Deepwater Frontier Tech ETF  | Innovator Deepwater Frontier Tech ETF  | Innovator Deepwater Frontier Tech ETF  | Innovator Deepwater Frontier Tech ETF  | Innovator Deepwater Frontier Tech ETF  | Innovator Deepwater Frontier Tech ETF  | Innovator Deepwater Frontier Tech ETF  | Innovator Deepwater Frontier Tech ETF  | Innovator Deepwater Frontier Tech ETF  |
| 4/30/2025<sup>(f)</sup> | $49.66 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; (1.43) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $33.65 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;16.17 | &nbsp;&nbsp;&nbsp;&nbsp;16.00 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $29.35 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $56.02 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (26.64) | &nbsp;&nbsp; (26.68) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $37.34 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;18.81 | &nbsp;&nbsp;&nbsp;&nbsp;18.67 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $23.70 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;13.73 | &nbsp;&nbsp;&nbsp;&nbsp;13.64 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Managed Floor ETF  | Innovator Equity Managed Floor ETF  | Innovator Equity Managed Floor ETF  | Innovator Equity Managed Floor ETF  | Innovator Equity Managed Floor ETF  | Innovator Equity Managed Floor ETF  | Innovator Equity Managed Floor ETF  | Innovator Equity Managed Floor ETF  | Innovator Equity Managed Floor ETF  |
| 4/30/2025<sup>(f)</sup> | $31.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; (0.06) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.06)  |
| 10/31/2024 | $25.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;&nbsp;&nbsp;6.77 | &nbsp;&nbsp;&nbsp; (0.21) | (0.07) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.28)  |
| 10/31/2023<sup>(j)</sup> | $22.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp; (0.16) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.16)  |
| Innovator Equity Premium Income - Daily PutWrite ETF  | Innovator Equity Premium Income - Daily PutWrite ETF  | Innovator Equity Premium Income - Daily PutWrite ETF  | Innovator Equity Premium Income - Daily PutWrite ETF  | Innovator Equity Premium Income - Daily PutWrite ETF  | Innovator Equity Premium Income - Daily PutWrite ETF  | Innovator Equity Premium Income - Daily PutWrite ETF  | Innovator Equity Premium Income - Daily PutWrite ETF  | Innovator Equity Premium Income - Daily PutWrite ETF  |
| 4/30/2025<sup>(f)(k)</sup> | $25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; (0.25) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.25)  |
| Innovator Gradient Tactical Rotation Strategy ETF  | Innovator Gradient Tactical Rotation Strategy ETF  | Innovator Gradient Tactical Rotation Strategy ETF  | Innovator Gradient Tactical Rotation Strategy ETF  | Innovator Gradient Tactical Rotation Strategy ETF  | Innovator Gradient Tactical Rotation Strategy ETF  | Innovator Gradient Tactical Rotation Strategy ETF  | Innovator Gradient Tactical Rotation Strategy ETF  | Innovator Gradient Tactical Rotation Strategy ETF  |
| 4/30/2025<sup>(f)</sup> | $26.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp; (1.96) | &nbsp;&nbsp; (1.89) | &nbsp;&nbsp;&nbsp; (0.59) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.59)  |
| 10/31/2024 | $21.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp;&nbsp; (0.21) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.21)  |
| 10/31/2023<sup>(l)</sup> | $25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp; (3.81) | &nbsp;&nbsp; (3.61) | &nbsp;&nbsp;&nbsp; (0.07) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.07)  |
| Innovator Hedged Nasdaq-100 ETF  | Innovator Hedged Nasdaq-100 ETF  | Innovator Hedged Nasdaq-100 ETF  | Innovator Hedged Nasdaq-100 ETF  | Innovator Hedged Nasdaq-100 ETF  | Innovator Hedged Nasdaq-100 ETF  | Innovator Hedged Nasdaq-100 ETF  | Innovator Hedged Nasdaq-100 ETF  | Innovator Hedged Nasdaq-100 ETF  |
| 4/30/2025<sup>(f)</sup> | $25.39 | &nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp; (0.01) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)  |
| 10/31/2024<sup>(m)</sup> | $25.03 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator IBD 50 ETF  | Innovator IBD 50 ETF  | Innovator IBD 50 ETF  | Innovator IBD 50 ETF  | Innovator IBD 50 ETF  | Innovator IBD 50 ETF  | Innovator IBD 50 ETF  | Innovator IBD 50 ETF  | Innovator IBD 50 ETF  |
| 4/30/2025<sup>(f)</sup> | $26.69 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp; (0.26) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.26)  |
| 10/31/2024 | $20.83 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;6.09 | &nbsp;&nbsp;&nbsp;&nbsp;6.02 | &nbsp;&nbsp;&nbsp; (0.16) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.16)  |
| 10/31/2023 | $26.16 | &nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (4.73) | &nbsp;&nbsp; (4.73) | &nbsp;&nbsp;&nbsp; (0.60) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.60)  |
| 10/31/2022 | $50.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp; (24.54) | &nbsp;&nbsp; (24.08) | &nbsp;&nbsp;&nbsp; (0.10) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.10)  |
| 10/31/2021 | $35.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;14.27 | &nbsp;&nbsp;&nbsp;&nbsp;14.37 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $33.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator IBD Breakout Opportunities ETF  | Innovator IBD Breakout Opportunities ETF  | Innovator IBD Breakout Opportunities ETF  | Innovator IBD Breakout Opportunities ETF  | Innovator IBD Breakout Opportunities ETF  | Innovator IBD Breakout Opportunities ETF  | Innovator IBD Breakout Opportunities ETF  | Innovator IBD Breakout Opportunities ETF  | Innovator IBD Breakout Opportunities ETF  |
| 4/30/2025<sup>(f)</sup> | $36.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp; (2.75) | &nbsp;&nbsp; (2.72) | &nbsp;&nbsp;&nbsp; (0.23) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.23)  |
| 10/31/2024 | $29.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;7.68 | &nbsp;&nbsp;&nbsp;&nbsp;7.94 | &nbsp;&nbsp;&nbsp; (0.44) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.44)  |
| 10/31/2023 | $30.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp; (1.47) | &nbsp;&nbsp; (1.23) | &nbsp;&nbsp;&nbsp; (0.40) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.40)  |
| 10/31/2022 | $36.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp; (6.16) | &nbsp;&nbsp; (5.84) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $23.53 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;13.01 | &nbsp;&nbsp;&nbsp;&nbsp;12.99 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $19.44 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on page 116-117.

The accompanying notes are an integral part of these financial statements.

114<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **SUPPLEMENTAL DATA AND RATIOS**  | **SUPPLEMENTAL DATA AND RATIOS**  | **SUPPLEMENTAL DATA AND RATIOS**  | **SUPPLEMENTAL DATA AND RATIOS**  | **SUPPLEMENTAL DATA AND RATIOS**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share** | <br>**Net** <br>**Asset Value,** <br>**End of Period** | <br>**Total Return<sup>(c)</sup>** | **Net Assets,** <br>**End of Period** <br>**(in thousands)** | **Ratio of** <br>**Expenses** <br>**to Average** <br>**Net Assets** <br>**Before Expense** <br>**Reimbursement/**<br>**Recoupment<sup>(d)</sup>** | **Ratio of** <br>**Expenses** <br>**to Average** <br>**Net Assets** <br>**After Expense** <br>**Reimbursement/**<br>**Recoupment<sup>(d)</sup>** | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.00<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $32.14 | &nbsp;&nbsp;&nbsp;&nbsp; -1.08% | &nbsp;&nbsp; $54639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)% | &nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $32.49 | &nbsp;&nbsp;&nbsp;&nbsp; 25.01% | &nbsp;&nbsp; $64169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)% | &nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $25.98 | &nbsp;&nbsp;&nbsp;&nbsp; 8.09% | &nbsp;&nbsp; $40267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)% | &nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $24.04 | &nbsp;&nbsp;&nbsp;&nbsp; -5.64% | &nbsp;&nbsp; $28853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)% | &nbsp;&nbsp; —%  |
| 0.00<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $48.14 | &nbsp;&nbsp;&nbsp;&nbsp; -3.06% | &nbsp;&nbsp; $77027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; (0.33)% | &nbsp;&nbsp; 66%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $49.66 | &nbsp;&nbsp;&nbsp;&nbsp; 47.59% | &nbsp;&nbsp; $57113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; (0.37)% | &nbsp;&nbsp; 165%  |
| 0.00<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $33.65 | &nbsp;&nbsp;&nbsp;&nbsp; 14.64% | &nbsp;&nbsp; $33651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; (0.23)% | &nbsp;&nbsp; 153%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $29.35 | &nbsp;&nbsp;&nbsp;&nbsp; -47.60% | &nbsp;&nbsp; $32288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; (0.10)% | &nbsp;&nbsp; 138%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $56.02 | &nbsp;&nbsp;&nbsp;&nbsp; 50.01% | &nbsp;&nbsp; $78428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; (0.27)% | &nbsp;&nbsp; 134%  |
| 0.00<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $37.34 | &nbsp;&nbsp;&nbsp;&nbsp; 57.59% | &nbsp;&nbsp; $16805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; (0.32)% | &nbsp;&nbsp; 97%  |
| 0.00<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $31.45 | &nbsp;&nbsp;&nbsp;&nbsp; -0.54% | &nbsp;&nbsp; $795683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 8%  |
|  | &nbsp;&nbsp;&nbsp; $31.68 | &nbsp;&nbsp;&nbsp;&nbsp; 26.97% | &nbsp;&nbsp; $513269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 9%  |
|  | &nbsp;&nbsp;&nbsp; $25.19 | &nbsp;&nbsp;&nbsp;&nbsp; 11.20% | &nbsp;&nbsp; $96993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 7%  |
|  | &nbsp;&nbsp;&nbsp; $24.39 | &nbsp;&nbsp;&nbsp;&nbsp; -1.43% | &nbsp;&nbsp; $4878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 7.16% | &nbsp;&nbsp; 27%  |
| 0.00<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $23.92 | &nbsp;&nbsp;&nbsp;&nbsp; -7.23% | &nbsp;&nbsp; $74137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 188%  |
| 0.00<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $26.40 | &nbsp;&nbsp;&nbsp;&nbsp; 24.91% | &nbsp;&nbsp; $151773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 458%  |
|  | &nbsp;&nbsp;&nbsp; $21.32 | &nbsp;&nbsp;&nbsp;&nbsp; -14.48% | &nbsp;&nbsp; $183316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 306%  |
|  | &nbsp;&nbsp;&nbsp; $25.61 | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp; $9603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(i)</sup> | &nbsp;&nbsp; 11%  |
| 0.00<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $25.39 | &nbsp;&nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp; $5712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.15)% | &nbsp;&nbsp; 13%  |
|  | &nbsp;&nbsp;&nbsp; $27.07 | &nbsp;&nbsp;&nbsp;&nbsp; 2.34% | &nbsp;&nbsp; $60915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; (0.41)% | &nbsp;&nbsp; 721%  |
| 0.00<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $26.69 | &nbsp;&nbsp;&nbsp;&nbsp; 28.98% | &nbsp;&nbsp; $62733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; (0.27)% | &nbsp;&nbsp; 1304%  |
| 0.00<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $20.83 | &nbsp;&nbsp;&nbsp;&nbsp; -18.21% | &nbsp;&nbsp; $73938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 1425%  |
|  | &nbsp;&nbsp;&nbsp; $26.16 | &nbsp;&nbsp;&nbsp;&nbsp; -47.90% | &nbsp;&nbsp; $102043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1961%  |
| 0.00<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $50.34 | &nbsp;&nbsp;&nbsp;&nbsp; 39.95% | &nbsp;&nbsp; $274365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 1133%  |
|  | &nbsp;&nbsp;&nbsp; $35.97 | &nbsp;&nbsp;&nbsp;&nbsp; 8.42% | &nbsp;&nbsp; $181624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 974%  |
|  | &nbsp;&nbsp;&nbsp; $33.60 | &nbsp;&nbsp;&nbsp;&nbsp; -7.53% | &nbsp;&nbsp; $11760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 0.16% | &nbsp;&nbsp; 981%  |
|  | &nbsp;&nbsp;&nbsp; $36.55 | &nbsp;&nbsp;&nbsp;&nbsp; 27.45% | &nbsp;&nbsp; $12791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 1448%  |
|  | &nbsp;&nbsp;&nbsp; $29.05 | &nbsp;&nbsp;&nbsp;&nbsp; -4.03% | &nbsp;&nbsp; $11620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 1945%  |
|  | &nbsp;&nbsp;&nbsp; $30.68 | &nbsp;&nbsp;&nbsp;&nbsp; -15.98% | &nbsp;&nbsp; $13806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 1980%  |
|  | &nbsp;&nbsp;&nbsp; $36.52 | &nbsp;&nbsp;&nbsp;&nbsp; 55.18% | &nbsp;&nbsp; $14607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; (0.07)% | &nbsp;&nbsp; 1846%  |
|  | &nbsp;&nbsp;&nbsp; $23.53 | &nbsp;&nbsp;&nbsp;&nbsp; 21.04% | &nbsp;&nbsp; $5883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; (0.12)% | &nbsp;&nbsp; 1637% |

---

The accompanying notes are an integral part of these financial statements.

115<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | **LESS Distributions FROM**  | **LESS Distributions FROM**  | **LESS Distributions FROM**  | **LESS Distributions FROM**  |
| <br>**For the Period Ended** | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup> | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>** | **Total from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Return of** <br>**Capital** | **Total** <br>**Distributions**  |
| Innovator Laddered Allocation Buffer ETF  | Innovator Laddered Allocation Buffer ETF  | Innovator Laddered Allocation Buffer ETF  | Innovator Laddered Allocation Buffer ETF  | Innovator Laddered Allocation Buffer ETF  | Innovator Laddered Allocation Buffer ETF  | Innovator Laddered Allocation Buffer ETF  | Innovator Laddered Allocation Buffer ETF  | Innovator Laddered Allocation Buffer ETF  |
| 4/30/2025<sup>(f)</sup>  | $31.58  | &nbsp;&nbsp;&nbsp; (0.01)  | &nbsp;&nbsp;&nbsp;&nbsp; (0.36)  | &nbsp;&nbsp;&nbsp; (0.37)  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024  | $25.01  | &nbsp;&nbsp;&nbsp; (0.01)  | &nbsp;&nbsp;&nbsp;&nbsp;6.58  | &nbsp;&nbsp;&nbsp;&nbsp;6.57  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023  | $22.97  | &nbsp;&nbsp;&nbsp; (0.02)  | &nbsp;&nbsp;&nbsp;&nbsp;2.06  | &nbsp;&nbsp;&nbsp;&nbsp;2.04  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022<sup>(n)</sup>  | $24.89  | &nbsp;&nbsp;&nbsp; (0.02)  | &nbsp;&nbsp;&nbsp;&nbsp; (1.90)  | &nbsp;&nbsp;&nbsp; (1.92)  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Laddered Allocation Power Buffer ETF  | Innovator Laddered Allocation Power Buffer ETF  | Innovator Laddered Allocation Power Buffer ETF  | Innovator Laddered Allocation Power Buffer ETF  | Innovator Laddered Allocation Power Buffer ETF  | Innovator Laddered Allocation Power Buffer ETF  | Innovator Laddered Allocation Power Buffer ETF  | Innovator Laddered Allocation Power Buffer ETF  | Innovator Laddered Allocation Power Buffer ETF  |
| 4/30/2025<sup>(f)</sup>  | $44.06  | &nbsp;&nbsp;&nbsp; (0.01)  | &nbsp;&nbsp;&nbsp;&nbsp; (0.09)  | &nbsp;&nbsp;&nbsp; (0.10)  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024  | $36.93  | &nbsp;&nbsp;&nbsp; (0.02)  | &nbsp;&nbsp;&nbsp;&nbsp;7.15  | &nbsp;&nbsp;&nbsp;&nbsp;7.13  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023  | $34.09  | &nbsp;&nbsp;&nbsp; (0.01)  | &nbsp;&nbsp;&nbsp;&nbsp;2.85  | &nbsp;&nbsp;&nbsp;&nbsp;2.84  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022  | $35.56  | &nbsp;&nbsp;&nbsp; (0.02)  | &nbsp;&nbsp;&nbsp;&nbsp; (1.45)  | &nbsp;&nbsp;&nbsp; (1.47)  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021  | $31.49  | &nbsp;&nbsp;&nbsp; (0.05)  | &nbsp;&nbsp;&nbsp;&nbsp;4.12  | &nbsp;&nbsp;&nbsp;&nbsp;4.07  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020  | $36.66  | &nbsp;&nbsp;&nbsp;&nbsp;0.81  | &nbsp;&nbsp;&nbsp;&nbsp; (5.26)  | &nbsp;&nbsp;&nbsp; (4.45)  | &nbsp;&nbsp;&nbsp; (0.72)  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (0.72) |
| Innovator Nasdaq-100 Managed Floor ETF  | Innovator Nasdaq-100 Managed Floor ETF  | Innovator Nasdaq-100 Managed Floor ETF  | Innovator Nasdaq-100 Managed Floor ETF  | Innovator Nasdaq-100 Managed Floor ETF  | Innovator Nasdaq-100 Managed Floor ETF  | Innovator Nasdaq-100 Managed Floor ETF  | Innovator Nasdaq-100 Managed Floor ETF  | Innovator Nasdaq-100 Managed Floor ETF  |
| 4/30/2025<sup>(f)</sup> | $27.52 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)  |
| 10/31/2024<sup>(o)</sup> | $25.00 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)  |
| Innovator Power Buffer Step-Up Strategy ETF  | Innovator Power Buffer Step-Up Strategy ETF  | Innovator Power Buffer Step-Up Strategy ETF  | Innovator Power Buffer Step-Up Strategy ETF  | Innovator Power Buffer Step-Up Strategy ETF  | Innovator Power Buffer Step-Up Strategy ETF  | Innovator Power Buffer Step-Up Strategy ETF  | Innovator Power Buffer Step-Up Strategy ETF  | Innovator Power Buffer Step-Up Strategy ETF  |
| 4/30/2025<sup>(f)</sup> | $31.38 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $26.35 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $24.62 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022<sup>(h)</sup> | $25.67 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; (0.93) | &nbsp;&nbsp;&nbsp; (1.07) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator S&P Investment Grade Preferred ETF  | Innovator S&P Investment Grade Preferred ETF  | Innovator S&P Investment Grade Preferred ETF  | Innovator S&P Investment Grade Preferred ETF  | Innovator S&P Investment Grade Preferred ETF  | Innovator S&P Investment Grade Preferred ETF  | Innovator S&P Investment Grade Preferred ETF  | Innovator S&P Investment Grade Preferred ETF  | Innovator S&P Investment Grade Preferred ETF  |
| 4/30/2025<sup>(f)</sup> | $19.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp; (1.82) | &nbsp;&nbsp;&nbsp; (1.30) | &nbsp;&nbsp;&nbsp; (0.55) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.55)  |
| 10/31/2024 | $16.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp; (1.11) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.11)  |
| 10/31/2023 | $17.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp; (1.17) | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (0.99) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.99)  |
| 10/31/2022 | $24.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp; (6.28) | &nbsp;&nbsp;&nbsp; (5.28) | &nbsp;&nbsp;&nbsp; (1.02) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (1.04)  |
| 10/31/2021 | $24.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp; (1.14) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (1.21)  |
| 10/31/2020 | $24.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp; (1.25) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.25)  |
| Innovator U.S. Small Cap Managed Floor ETF  | Innovator U.S. Small Cap Managed Floor ETF  | Innovator U.S. Small Cap Managed Floor ETF  | Innovator U.S. Small Cap Managed Floor ETF  | Innovator U.S. Small Cap Managed Floor ETF  | Innovator U.S. Small Cap Managed Floor ETF  | Innovator U.S. Small Cap Managed Floor ETF  | Innovator U.S. Small Cap Managed Floor ETF  | Innovator U.S. Small Cap Managed Floor ETF  |
| 4/30/2025<sup>(f)</sup> | $25.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp; (1.69) | &nbsp;&nbsp;&nbsp; (1.58) | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.10)  |
| 10/31/2024<sup>(p)</sup> | $25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Uncapped Accelerated U.S. Equity ETF  | Innovator Uncapped Accelerated U.S. Equity ETF  | Innovator Uncapped Accelerated U.S. Equity ETF  | Innovator Uncapped Accelerated U.S. Equity ETF  | Innovator Uncapped Accelerated U.S. Equity ETF  | Innovator Uncapped Accelerated U.S. Equity ETF  | Innovator Uncapped Accelerated U.S. Equity ETF  | Innovator Uncapped Accelerated U.S. Equity ETF  | Innovator Uncapped Accelerated U.S. Equity ETF  |
| 4/30/2025<sup>(f)</sup> | $38.95 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp; (1.83) | &nbsp;&nbsp;&nbsp; (1.98) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $25.95 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;13.26 | &nbsp;&nbsp;&nbsp;&nbsp;12.99 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $24.52 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022<sup>(q)</sup> | $26.88 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (2.32) | &nbsp;&nbsp;&nbsp; (2.36) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. 

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

116<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **SUPPLEMENTAL DATA AND RATIOS**  | **SUPPLEMENTAL DATA AND RATIOS**  | **SUPPLEMENTAL DATA AND RATIOS**  | **SUPPLEMENTAL DATA AND RATIOS**  | **SUPPLEMENTAL DATA AND RATIOS**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share** | <br>**Net** <br>**Asset Value,** <br>**End of Period** | <br>**Total Return<sup>(c)</sup>** | **Net Assets,** <br>**End of Period** <br>**(in thousands)** | **Ratio of** <br>**Expenses** <br>**to Average** <br>**Net Assets** <br>**Before Expense** <br>**Reimbursement/**<br>**Recoupment<sup>(d)</sup>** | **Ratio of** <br>**Expenses** <br>**to Average** <br>**Net Assets** <br>**After Expense** <br>**Reimbursement/**<br>**Recoupment<sup>(d)</sup>** | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| —  | &nbsp;&nbsp;&nbsp; $31.21  | &nbsp;&nbsp;&nbsp;&nbsp; -1.16%  | &nbsp;&nbsp; $205988  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)%  | &nbsp;&nbsp;&nbsp; —%  |
| —  | &nbsp;&nbsp;&nbsp; $31.58  | &nbsp;&nbsp;&nbsp;&nbsp; 26.25%  | &nbsp;&nbsp; $164197  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)%  | &nbsp;&nbsp;&nbsp; 2%  |
| —  | &nbsp;&nbsp;&nbsp; $25.01  | &nbsp;&nbsp;&nbsp;&nbsp; 8.89%  | &nbsp;&nbsp; $58149  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.10)%  | &nbsp;&nbsp;&nbsp; 1%  |
| —  | &nbsp;&nbsp;&nbsp; $22.97  | &nbsp;&nbsp;&nbsp;&nbsp; -7.72%  | &nbsp;&nbsp; $26414  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.10)%  | &nbsp;&nbsp;&nbsp; 1%  |
| —  | &nbsp;&nbsp;&nbsp; $43.96  | &nbsp;&nbsp;&nbsp;&nbsp; -0.24%  | &nbsp;&nbsp; $578031  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)%  | &nbsp;&nbsp;&nbsp; —%  |
| —  | &nbsp;&nbsp;&nbsp; $44.06  | &nbsp;&nbsp;&nbsp;&nbsp; 19.33%  | &nbsp;&nbsp; $482497  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.06)%  | &nbsp;&nbsp;&nbsp; 1%  |
| —  | &nbsp;&nbsp;&nbsp; $36.93  | &nbsp;&nbsp;&nbsp;&nbsp; 8.31%  | &nbsp;&nbsp; $291716  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)%  | &nbsp;&nbsp;&nbsp; 1%  |
| —  | &nbsp;&nbsp;&nbsp; $34.09  | &nbsp;&nbsp;&nbsp;&nbsp; -4.11%  | &nbsp;&nbsp; $150015  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.07)%  | &nbsp;&nbsp;&nbsp; 2%  |
| —  | &nbsp;&nbsp;&nbsp; $35.56  | &nbsp;&nbsp;&nbsp;&nbsp; 12.93%  | &nbsp;&nbsp; $69337  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.14)%  | &nbsp;&nbsp;&nbsp; 1%  |
| —  | &nbsp;&nbsp;&nbsp; $31.49  | &nbsp;&nbsp;&nbsp;&nbsp; -11.93%  | &nbsp;&nbsp; $28338  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47%  | &nbsp;&nbsp;&nbsp;&nbsp; 2.47%  | &nbsp;&nbsp;&nbsp; 750% |
|  | &nbsp;&nbsp;&nbsp; $27.59 | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp; $282808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)% | &nbsp;&nbsp;&nbsp; 19%  |
|  | &nbsp;&nbsp;&nbsp; $27.52 | &nbsp;&nbsp;&nbsp;&nbsp; 10.11% | &nbsp;&nbsp; $207761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.13)% | &nbsp;&nbsp;&nbsp; 20%  |
| 0.00<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $31.38 | &nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp; $103569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $31.38 | &nbsp;&nbsp;&nbsp;&nbsp; 19.06% | &nbsp;&nbsp; $96492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $26.35 | &nbsp;&nbsp;&nbsp;&nbsp; 7.04% | &nbsp;&nbsp; $78378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $24.62 | &nbsp;&nbsp;&nbsp;&nbsp; -4.08% | &nbsp;&nbsp; $33856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)% | &nbsp;&nbsp;&nbsp; —%  |
|  | &nbsp;&nbsp;&nbsp; $17.46 | &nbsp;&nbsp;&nbsp;&nbsp; -6.78% | &nbsp;&nbsp; $86446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp; 5.68% | &nbsp;&nbsp;&nbsp; 14%  |
|  | &nbsp;&nbsp;&nbsp; $19.31 | &nbsp;&nbsp;&nbsp;&nbsp; 22.36% | &nbsp;&nbsp; $107157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp; 5.86% | &nbsp;&nbsp;&nbsp; 33%  |
|  | &nbsp;&nbsp;&nbsp; $16.73 | &nbsp;&nbsp;&nbsp;&nbsp; -1.32% | &nbsp;&nbsp; $97887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp; 5.37% | &nbsp;&nbsp;&nbsp; 28%  |
|  | &nbsp;&nbsp;&nbsp; $17.90 | &nbsp;&nbsp;&nbsp;&nbsp; -22.27% | &nbsp;&nbsp; $119057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp; 4.70% | &nbsp;&nbsp;&nbsp; 46%  |
|  | &nbsp;&nbsp;&nbsp; $24.22 | &nbsp;&nbsp;&nbsp;&nbsp; 5.97% | &nbsp;&nbsp; $222794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp; 4.70% | &nbsp;&nbsp;&nbsp; 68%  |
| 0.00<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $24.02 | &nbsp;&nbsp;&nbsp;&nbsp; 5.04% | &nbsp;&nbsp; $127315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | &nbsp;&nbsp;&nbsp; 58%  |
| 0.00<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $23.80 | &nbsp;&nbsp;&nbsp;&nbsp; -6.22% | &nbsp;&nbsp; $19042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 22%  |
|  | &nbsp;&nbsp;&nbsp; $25.48 | &nbsp;&nbsp;&nbsp;&nbsp; 1.92% | &nbsp;&nbsp; $3822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp; 24%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $36.98 | &nbsp;&nbsp;&nbsp;&nbsp; -5.07% | &nbsp;&nbsp; $35130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $38.95 | &nbsp;&nbsp;&nbsp;&nbsp; 50.11% | &nbsp;&nbsp; $34085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $25.95 | &nbsp;&nbsp;&nbsp;&nbsp; 5.85% | &nbsp;&nbsp; $15570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; $24.52 | &nbsp;&nbsp;&nbsp;&nbsp; -8.79% | &nbsp;&nbsp; $5516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —% |

---

<sup>(f)</sup> Unaudited.

<sup>(g)</sup> Amount represents less than $0.005 per share. 

<sup>(h)</sup> Inception date of the Fund was March 7, 2022.

<sup>(i)</sup> Amount represents less than 0.005%. 

<sup>(j)</sup> Inception date of the Fund was November 8, 2022.

<sup>(k)</sup> Inception date of the Fund was March 13, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(l)</sup> Inception date of the Fund was November 16, 2022.

<sup>(m)</sup> Inception date of the Fund was August 19, 2024.

<sup>(n)</sup> Inception date of the Fund was February 8, 2022.

<sup>(o)</sup> Inception date of the Fund was January 24, 2024.

<sup>(p)</sup> Inception date of the Fund was September 16, 2024.

<sup>(q)</sup> Inception date of the Fund was August 10, 2022.

The accompanying notes are an integral part of these financial statements.

117<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)** 

1. ORGANIZATION

Innovator ETFs Trust (the "Trust") was organized under Delaware law as a Delaware statutory trust on October 17, 2007, and is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. The Trust currently consists of multiple operational series, of which fifteen are covered in this report, collectively the ("Funds"):

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Ticker** | **Commencement of** <br>**Operations** | **Tracking Index/Fund<sup>(a)</sup>**  |
| Innovator Buffer Step-Up Strategy ETF | BSTP | March 7, 2022 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Deepwater Frontier Tech ETF | LOUP | July 24, 2018 | Loup Frontier Tech Index  |
| Innovator Equity Managed Floor ETF | SFLR | November 8, 2022 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Premium Income - Daily PutWrite ETF | SPUT | March 13, 2025 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Gradient Tactical Rotation Strategy ETF | IGTR | November 16, 2022 | S&P Global Broad Market Index  |
| Innovator Hedged Nasdaq-100 ETF | QHDG | August 19, 2024 | Nasdaq-100 Index  |
| Innovator IBD<sup>®</sup> 50 ETF | FFTY | April 8, 2015 | IBD<sup>®</sup> 50 Index  |
| Innovator IBD<sup>®</sup> Breakout Opportunities ETF | BOUT | September 12, 2018 | IBD<sup>®</sup> Breakout Stocks Index  |
| Innovator Laddered Allocation Buffer ETF<sup>(b)</sup> | BUFB | February 8, 2022 | MerQube U.S. Large Cap Equity <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buffer Laddered Index  |
| Innovator Laddered Allocation Power Buffer ETF<sup>(c)</sup> | BUFF | October 19, 2016 | Refinitiv Laddered Power Buffer <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategy Index  |
| Innovator Nasdaq-100 Managed Floor ETF | QFLR | January 24, 2024 | Nasdaq-100 Index  |
| Innovator Power Buffer Step-Up Strategy ETF | PSTP | March 7, 2022 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator S&P Investment Grade Preferred ETF | EPRF | May 23, 2016 | S&P U.S. High Quality Preferred <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Index  |
| Innovator U.S. Small Cap Managed Floor ETF | RFLR | September 16, 2024 | Russell 2000 Index  |
| Innovator Uncapped Accelerated U.S. Equity ETF | XUSP | August 10, 2022 | SPDR S&P 500<sup>®</sup> ETF Trust |

---

<sup>(a)</sup> Each Fund individually seeks to track their respective index or Fund, before fees and expenses.

<sup>(b)</sup> BUFB seeks to achieve its investment objective by investing primarily in other Innovator ETFs (Affiliated Fund of Fund structure) that themselves seek investment results corresponding to their own respective underlying indexes. In addition to its own fees and expenses, BUFB will pay indirectly a proportional share of the fees and expenses of the underlying Innovator ETFs in which it invests, including advisory and administration fees (Acquired Fund Fees and Expenses). 

<sup>(c)</sup> BUFF seeks to achieve its investment objective by investing primarily in other Innovator ETFs (Affiliated Fund of Fund structure) that themselves seek investment results corresponding to their own respective underlying indexes. In addition to its own fees and expenses, BUFF will pay indirectly a proportional share of the fees and expenses of the underlying Innovator ETFs in which it invests, including advisory and administration fees (Acquired Fund Fees and Expenses). Prior to August 11, 2020, BUFF sought investment results that generally corresponded, before fees and expenses, to the Lunt Capital U.S. Large Cap Equity Rotation Index. 

The operational series of the Trust covered outside of this report consist of:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Ticker** | **Commencement of** <br>**Operations** | **Tracking Fund**  |
| Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly | TFJL | August 17, 2020 | iShares 20+ Year Treasury Bond ETF  |
| Innovator 20+ Year Treasury Bond 9 Buffer ETF - July | TBJL | August 17, 2020 | iShares 20+ Year Treasury Bond ETF  |
| Innovator Defined Wealth Shield ETF | BALT | June 30, 2021 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Emerging Markets 10 Buffer ETF - Quarterly | EBUF | June 28, 2024 | iShares MSCI Emerging Markets ETF  |
| Innovator Emerging Markets Power Buffer ETF - April | EAPR | March 31, 2021 | iShares MSCI Emerging Markets ETF  |
| Innovator Emerging Markets Power Buffer ETF - January | EJAN | December 31, 2019 | iShares MSCI Emerging Markets ETF  |
| Innovator Emerging Markets Power Buffer ETF - July | EJUL | June 28, 2019 | iShares MSCI Emerging Markets ETF  |
| Innovator Emerging Markets Power Buffer ETF - October | EOCT | September 30, 2021 | iShares MSCI Emerging Markets ETF  |
| Innovator Equity Defined Protection ETF - 1 Yr April | ZAPR | March 31, 2025 | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 1 Yr August | ZAUG | July 31, 2024 | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 1 Yr December | ZDEK | November 29, 2024 | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 1 Yr February | ZFEB | January 31, 2025 | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 1 Yr January | ZJAN | December 31, 2024 | S&P 500<sup>®</sup> Index  |

---

118<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Ticker** | **Commencement of** <br>**Operations** | **Tracking Fund**  |
| Innovator Equity Defined Protection ETF - 1 Yr July | ZJUL | June 28, 2024 | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 1 Yr March | ZMAR | February 28, 2025 | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 1 Yr May | ZMAY | April 30, 2025 | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 1 Yr November | ZNOV | October 31, 2024 | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 1 Yr October | ZOCT | September 30, 2024 | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 1 Yr September | ZSEP | August 30, 2024 | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 2 Yr to April 2026 | AAPR | March 28, 2024 | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 2 Yr to April 2027 | TAPR | March 31, 2025 | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 2 Yr to January 2026 | AJAN | December 29, 2023 | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 2 Yr to January 2027 | TJAN | December 31, 2024 | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 2 Yr to July 2025 | TJUL | July 17, 2023 | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 2 Yr to July 2026 | AJUL | June 28, 2024 | S&P 500<sup>®</sup> Index  |
|  Innovator Equity Defined Protection ETF - 2 Yr to October 2026 | AOCT | September 30, 2024 | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct | APOC | September 30, 2024 | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul | JAJL | June 28, 2024 | S&P 500<sup>®</sup> Index  |
| Innovator Growth Accelerated ETF - Quarterly | XDQQ | March 31, 2021 | Invesco QQQ Trust  |
| Innovator Growth Accelerated Plus ETF - April | QTAP | March 31, 2021 | Invesco QQQ Trust  |
| Innovator Growth Accelerated Plus ETF - January | QTJA | December 31, 2021 | Invesco QQQ Trust  |
| Innovator Growth Accelerated Plus ETF - July | QTJL | June 30, 2021 | Invesco QQQ Trust  |
| Innovator Growth Accelerated Plus ETF - October | QTOC | September 30, 2021 | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - April | NAPR | March 31, 2020 | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - August | NAUG | July 31, 2024 | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - December | NDEC | November 29, 2024 | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - February | NFEB | January 31, 2025 | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - January | NJAN | December 31, 2019 | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - July | NJUL | June 30, 2020 | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - June | NJUN | May 31, 2024 | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - March | NMAR | February 28, 2025 | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - May | NMAY | April 30, 2025 | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - November | NNOV | October 31, 2024 | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - October | NOCT | September 30, 2019 | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - September | NSEP | August 30, 2024 | Invesco QQQ Trust  |
| Innovator International Developed 10 Buffer ETF - Quarterly | IBUF | June 28, 2024 | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - April | IAPR | March 31, 2021 | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - August | IAUG | July 31, 2024 | iShares MSCI EAFE ETF  |
|  Innovator International Developed Power Buffer ETF - December | IDEC | November 30, 2023 | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - February | IFEB | January 31, 2024 | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - January | IJAN | December 31, 2019 | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - July | IJUL | June 28, 2019 | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - June | IJUN | May 31, 2024 | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - March | IMAR | February 29, 2024 | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - May | IMAY | April 30, 2024 | iShares MSCI EAFE ETF  |
|  Innovator International Developed Power Buffer ETF - November | INOV | October 31, 2023 | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - October | IOCT | September 30, 2021 | iShares MSCI EAFE ETF  |
|  Innovator International Developed Power Buffer ETF - September | ISEP | August 31, 2023 | iShares MSCI EAFE ETF  |
| Innovator Nasdaq-100 10 Buffer ETF - Quarterly | QBUF | June 28, 2024 | Nasdaq-100 Index  |
| Innovator Premium Income 10 Barrier ETF - July | JULD | June 30, 2023 | S&P 500<sup>®</sup> Index  |

---

119<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Name** | **Ticker** | **Commencement of** <br>**Operations** |
| Innovator Premium Income 10 Barrier ETF - October | OCTD | September 29, 2023<br> S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 15 Buffer ETF - April | LAPR | March 28, 2024<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Premium Income 15 Buffer ETF - January | LJAN | December 29, 2023<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Premium Income 15 Buffer ETF - July | LJUL | June 28, 2024<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Premium Income 15 Buffer ETF - October | LOCT | September 29, 2023<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Premium Income 20 Barrier ETF - April | APRH | March 31, 2023<br> S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 20 Barrier ETF - January | JANH | December 29, 2023<br> S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 20 Barrier ETF - July | JULH | June 30, 2023<br> S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 20 Barrier ETF - October | OCTH | September 29, 2023<br> S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 30 Barrier ETF - April | APRJ | March 31, 2023<br> S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 30 Barrier ETF - January | JANJ | December 29, 2023<br> S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 30 Barrier ETF - July | JULJ | June 30, 2023<br> S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 30 Barrier ETF - October | OCTJ | September 29, 2023<br> S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 40 Barrier ETF - July | JULQ | June 30, 2023<br> S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 40 Barrier ETF - October | OCTQ | September 29, 2023<br> S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 9 Buffer ETF - July | HJUL | June 28, 2024<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Premium Income 9 Buffer ETF - October | HOCT | September 29, 2023<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity 10 Buffer ETF - Quarterly | ZALT | September 29, 2023<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly | EALT | September 29, 2023<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - April | XBAP | March 31, 2021<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - January | XBJA | December 31, 2021<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - July | XBJL | June 30, 2021<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - October | XBOC | September 30, 2021<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated ETF - July | XDJL | June 30, 2021<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated ETF - October | XDOC | September 30, 2021<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated ETF - Quarterly | XDSQ | March 31, 2021<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated Plus ETF - April | XTAP | March 31, 2021<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated Plus ETF - January | XTJA | December 31, 2021<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated Plus ETF - July | XTJL | June 30, 2021<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated Plus ETF - October | XTOC | September 30, 2021<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - April | BAPR | March 29, 2019<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - August | BAUG | July 31, 2019<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - December | BDEC | November 29, 2019<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - February | BFEB | January 31, 2020<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - January | BJAN | December 31, 2018<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - July | BJUL | August 28, 2018<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - June | BJUN | May 31, 2019<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - March | BMAR | February 28, 2020<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - May | BMAY | April 30, 2020<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - November | BNOV | October 31, 2019<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - October | BOCT | September 28, 2018<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - September | BSEP | August 30, 2019<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - April | PAPR | March 29, 2019<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - July | PJUL | August 7, 2018<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - June | PJUN | May 31, 2019<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - October | POCT | September 28, 2018<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - August | PAUG | July 31, 2019<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - December | PDEC | November 29, 2019<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - February | PFEB | January 31, 2020<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - January | PJAN | December 31, 2018<br> SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - March | PMAR | February 28, 2020<br> SPDR S&P 500<sup>®</sup> ETF Trust  |

---

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**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Ticker** | **Commencement of** <br>**Operations** | **Tracking Fund**  |
| Innovator U.S. Equity Power Buffer ETF - May | PMAY | April 30, 2020 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - November | PNOV | October 31, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - September | PSEP | August 30, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - April | UAPR | March 29, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - August | UAUG | July 31, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - December | UDEC | November 29, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - February | UFEB | January 31, 2020 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - January | UJAN | December 31, 2018 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - July | UJUL | August 7, 2018 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - June | UJUN | May 31, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - March | UMAR | February 28, 2020 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - May | UMAY | April 30, 2020 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - November | UNOV | October 31, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - October | UOCT | September 28, 2018 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - September | USEP | August 30, 2019 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Small Cap 10 Buffer ETF - Quarterly | RBUF | June 28, 2024 | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - April | KAPR | March 31, 2020 | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - August | KAUG | July 31, 2024 | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - December | KDEC | November 29, 2024 | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - February | KFEB | January 31, 2025 | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - January | KJAN | December 31, 2019 | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - July | KJUL | June 30, 2020 | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - June | KJUN | May 31, 2024 | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - March | KMAR | February 28, 2025 | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - May | KMAY | April 30, 2025 | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - November | KNOV | October 31, 2024 | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - October | KOCT | September 30, 2019 | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - September | KSEP | August 30, 2024 | iShares Russell 2000 ETF  |
| Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly | QBF | February 5, 2025 | CBOE Bitcoin U.S. ETF Index |

---

The Funds are exchange traded funds that offer one class of shares, do not charge a sales load, do not have a redemption fee and currently do not charge a 12b-1 fee to their shareholders. FFTY, LOUP, BOUT, BSTP, PSTP, SFLR, IGTR, QFLR, RFLR and SPUT list and principally trade their shares on NYSE Arca, Inc. ("NYSE"), EPRF, BUFF, BUFB and XUSP list and principally trade their shares on Cboe BZX Exchange, Inc. ("Cboe BZX"). QHDG lists and principally trades its shares on Nasdaq Global Market ("Nasdaq").

BSTP and PSTP employ a "step-up strategy" in which the sub-adviser will seek to opportunistically manage the respective Fund's investment exposure by periodically terminating its FLEX Options investments earlier than its one-year expiration date and immediately reset the respective Fund's options portfolio for a new one-year period. The "step-up strategy" seeks to help a Fund's shareholder offset the timing risks inherent in owning an options package for one year. BSTP, PSTP and XUSP do not pursue a "defined outcome strategy" or seek to achieve the full one-year investment outcomes of the options portfolio held. Unlike other Innovator ETFs that utilize a defined outcome investment strategy, they do not seek to provide shareholders with a set buffer percentage and maximum upside potential over any specified time period.

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 "Financial Services – Investment Companies".

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**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

**Valuation: The net asset values ("NAV") of the Funds are determined as of the close of regular trading on the NYSE (normally 4:00 p.m. ET). If the NYSE closes early on a valuation day, the Funds shall determine NAV as of that time.** 

Portfolio securities generally shall be valued utilizing prices provided by independent pricing services. The Adviser, as the Trust's Valuation Designee ("Valuation Designee") is responsible for establishing valuation of portfolio securities and other instruments held by the Funds in accordance with the Trust's valuation procedures.

Common stocks, preferred stocks, exchange traded funds and other equity securities listed on any national or foreign exchange (excluding the NASDAQ National Market ("NASDAQ") and the London Stock Exchange Alternative Investment Market ("AIM")) are generally valued at the last sale price on the exchange on which they are principally traded or, for NASDAQ and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the exchange representing the principal market for such securities. Securities traded in the over-the-counter market are valued at the mean of the bid and the asked price, if available, and otherwise at their closing bid price. Redeemable securities issued by open-end investment companies shall be valued at the investment company's applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities. Units of Mount Vernon Liquid Assets Portfolio, LLC are not traded on an exchange and are valued at the investment company's net asset value per share as provided by the underlying fund's administrator. Fixed income securities, swaps, currency–, credit- and commodity-linked notes, and other similar instruments will be valued using a pricing service. Fixed income securities having a remaining maturity of 60 days or less when purchased will be valued at cost adjusted for amortization of premiums and accretion of discounts, provided the Valuation Designee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer specific conditions existing at the time of the determination. Deposit accounts are valued at acquisition cost. Foreign securities and other assets denominated in foreign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar as provided by the pricing service. All assets denominated in foreign currencies will be converted into U.S. dollars at the exchange rates in effect at the time of valuation. Restricted securities (with the exception of Rule 144A Securities for which market quotations are available) will normally be valued at fair value as determined by the Valuation Designee.

Exchange-traded option contracts (other than FLEX Option contracts) will be valued at the closing price in the market where such contracts are principally traded. If no closing price is available, they will be fair valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid price. OTC options are fair valued at the mean of the most recent bid and asked price, if available, and otherwise at their closing bid price. FLEX Options will be valued at a model-based price provided by the exchange on which the option is traded at the official close of that exchange's trading date. If the exchange on which the option is traded is unable to provide a model price, FLEX Options prices will be provided by backup provider Super Derivatives. Otherwise, the value of a FLEX Option will be determined by the Valuation Designee in accordance with the Trust's valuation procedures.

If no quotation can be obtained from a pricing service, then the Valuation Designee will then attempt to obtain one or more broker quotes for the security. If no quotation is available from either a pricing service or one or more brokers or if the Valuation Designee has reason to question the reliability or accuracy of a quotation supplied or the use of amortized cost, the value of any portfolio security held by the Funds for which reliable market quotations are not readily available will be determined by the Valuation Designee in a manner that most appropriately reflects fair market value of the security on the valuation date. The use of a fair valuation method may be appropriate if, for example: (i) market quotations do not accurately reflect fair value of an investment; (ii) an investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (for example, a foreign exchange or market); (iii) a trading halt closes an exchange or market early; or (iv) other events result in an exchange or market delaying its normal close.

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**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Fair Valuation Measurement: FASB established a framework for measuring fair value in accordance with U.S. GAAP. Under ASC Topic 820, "Fair Value Measurement" ("ASC 820"), various inputs are used in determining the value of the Funds' investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:** 

Level 1 –

Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 –

Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 –

Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following table summarizes valuation of the Funds' investments under the fair value hierarchy as of April 30, 2025:

**Innovator Buffer Step-Up Strategy ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $—  | $57689328  | $—  | $57689328  |
| **Total Investments**  | $—  | $57689328  | $—  | $57689328  |
| **Liabilities:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options  | $—  | $(3177600)  | $—  | $(3177600)  |
| **Total Investments** | $—  | $(3177600)  | $—  | $(3177600) |

---

**Innovator Deepwater Fronti er Tech ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $76774670  | $—  | $—  | $76774670  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  | —  | —  | —  | 7427373  |
| **Total Investments**  | $76774670  | $—  | $—  | $84202043 |

---

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**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Equity Managed Floor ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $744617757 | $— | $—  | $744617757  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | 23566624  | —  | —  | 23566624  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common  | 14415176  | —  | —  | 14415176  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  | —  | —  | —  | 22775683  |
| **Total Investments** | $782599557  | $—  | $—  | $805375240  |
| **Liabilities:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options  | $(7907326)  | $—  | $—  | $(7907326)  |
| **Total Investments**  | $(7907326)  | $—  | $—  | $(7907326) |

---

**Innovator Equity Premium Income - Daily PutWrite ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $2476169  | $— | $—  | $2476169  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds  | —  | —  | 905600  | 905600  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common  | 50320  | —  | —  | 50320  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills  | —  | 1432619  | —  | 1432619  |
| **Total Investments** | $2526489  | $1432619  | $905600  | $4864708  |
| **Liabilities:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options  | $—  | $(140)  | $—  | $(140)  |
| **Total Investments**  | $—  | $(140)  | $—  | $(140) |

---

**Innovator Gradient Tactical Rotation Strategy ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $68960444 | $— | $— | $68960444  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 4889079 |  |  | 4889079  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 5876581  |
| **Total Investments** | $73849523 | $— | $— | $79726104 |

---

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**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Hedged Nasdaq-100 ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $9592660 | $— | $— | $9592660  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 187119 |  | 187119  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 623106  |
| **Total Investments** | $9592660 | $187119 | $— | $10402885  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(195150) | $— | $(195150)  |
| **Total Investments** | $— | $(195150) | $— | $(195150) |

---

**Innovator IBD 50 ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $60802164 | $— | $— | $60802164  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 11101038  |
| **Total Investments** | $60802164 | $— | $— | $71903202 |

---

**Innovator IBD Breakout Opportunities ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $10955696 | $— | $— | $10955696  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 722566 |  |  | 722566  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 618156  |
| **Total Investments** | $11678262 | $— | $— | $12296418 |

---

**Innovator Laddered Allocation Buffer ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Exchange Traded Funds | $205577058 | $— | $— | $205577058  |
| **Total Investments** | $205577058 | $— | $— | $205577058 |

---

**Innovator Laddered Allocation Power Buffer ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Exchange Traded Funds | $576957097 | $— | $— | $576957097  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 5913425  |
| **Total Investments** | $576957097 | $— | $— | $582870522 |

---

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**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Nasdaq-100 Managed Floor ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $265393421 | $— | $— | $265393421  |
| &nbsp;&nbsp;&nbsp; Purchased Options | 11201273 |  |  | 11201273  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 7411345  |
| **Total Investments** | $276594694 | $— | $— | $284006039  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $(3330320) | $— | $— | $(3330320)  |
| **Total Investments** | $(3330320) | $— | $— | $(3330320) |

---

**Innovator Power Buffer Step-Up Strategy ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $105839388 | $— | $105839388  |
| **Total Investments** | $— | $105839388 | $— | $105839388  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2316205) | $— | $(2316205)  |
| **Total Investments** | $— | $(2316205) | $— | $(2316205) |

---

**Innovator S&P Investment Grade Preferred ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | $64051685 | $— | $— | $64051685  |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | 12050239 |  |  | 12050239  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Preferred | 10137700 |  |  | 10137700  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 3277525  |
| **Total Investments** | $86239624 | $— | $— | $89517149 |

---

**Innovator U.S. Small Cap Managed Floor ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $15789243 | $— | $— | $15789243  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 1340629 |  |  | 1340629  |
| &nbsp;&nbsp;&nbsp; Purchased Options | 1194407 |  |  | 1194407  |
| &nbsp;&nbsp;&nbsp; Rights | 173 |  |  | 173  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 835388  |
| **Total Investments** | $18324452 | $— | $— | $19159840 |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator U.S. Small Cap Managed Floor ETF (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $(98613) | $— | $— | $(98613)  |
| **Total Investments** | $(98613) | $— | $— | $(98613) |

---

**Innovator Uncapped Accelerated U.S. Equity ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $36958314 | $— | $36958314  |
| **Total Investments** | $— | $36958314 | $— | $36958314  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1957926) | $— | $(1957926)  |
| **Total Investments** | $— | $(1957926) | $— | $(1957926) |

---

<sup>(a)</sup> In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedules of Investments. 

See the Schedules of Investments for the investments detailed by industry classification.

The following is a reconciliation of Level 3 assets in SPUT for which significant unobservable inputs were used to determine fair value:

**<u>SPUT</u>**

---

| | |
|:---|:---|
|  | **Corporate Bonds**  |
| **Balance as of October 31, 2024<sup>(a)</sup>**  | &nbsp;&nbsp; **$—**  |
| Accrued Accretion/Amortization  | &nbsp;&nbsp; 6823  |
| Realized Gain/(Loss)  | &nbsp;&nbsp; (98093)  |
| Change in Unrealized Appreciation/(Depreciation)  | &nbsp;&nbsp; 11070  |
| Purchases  | &nbsp;&nbsp; 1881700  |
| Sales  | &nbsp;&nbsp; (895900)  |
| Transfer into and/or out of Level 3  | &nbsp;&nbsp; —  |
| **Balance as of April 30, 2025**  | &nbsp;&nbsp; **$905600**  |
|  Change in unrealized appreciation/(depreciation) during the period for Level 3 investments held at April 30, 2025:  | &nbsp;&nbsp; $11070 |

---

<sup>(a)</sup> Inception Date of the Fund was March 13, 2025.

No further disclosure is required due to the immaterial amount of Level 3 securities.

**Option Contracts: In general, an option contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price (commonly known as the "strike price").** 

BSTP, PSTP and XUSP invest primarily in FLEX Option contracts. FLEX Options are customized option contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and

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**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

avoiding the counterparty exposure of over-the-counter options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options in which the Funds will invest are all European style options (options that are exercisable only on the expiration date). The FLEX Options are listed on the Chicago Board Options Exchange.

BSTP, PSTP and XUSP will purchase and sell call and put FLEX Options. In general, put options give the holder (i.e., the buyer) the right to sell an asset (or deliver the cash value of the index, in case of an index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of an index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of an index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of an index call option) at a certain defined price.

When BSTP, PSTP and XUSP purchase an option, an amount equal to the premium paid by the Funds are recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Funds enter into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities.

When BSTP, PSTP and XUSP write an option, an amount equal to the premium received by the Funds are recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Funds have realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Funds. BSTP, PSTP and XUSP, as writers of an option, bear the market risk of an unfavorable change in the price of the security underlying the written option.

All of the FLEX Option contracts held by BSTP, PSTP and XUSP are fully funded and cash settled, therefore balance sheet offsetting under U.S. GAAP does not apply.

BSTP, PSTP and XUSP bear the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Funds could suffer significant losses. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid market for the FLEX Options, the Funds may have difficulty closing out certain FLEX Options positions at desired times and prices. The Funds may experience substantial downside from specific FLEX Option positions and certain FLEX Option positions may expire worthless. The value of the underlying FLEX Options will be affected by, among others, changes in the value of the exchange, changes in interest rates, changes in the actual and implied volatility of the Index and the remaining time to until the FLEX Options expire. The value of the FLEX Options does not increase or decrease at the same rate as the level of the Index (although they generally move in the same direction). However, as a FLEX Option approaches its expiration date, its value typically increasingly moves with the value of the Index.

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**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

The value of derivative instruments on the Statements of Assets and Liabilities for the Funds as of April 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Asset** <br>**Derivatives**  | **Liability** <br>**Derivatives**  |
|  | **Investments,** <br>**at value**  | **Options** <br>**written,** <br>**at value**  |
| **BSTP**  | **$57689328**  | $3177600  |
| **SFLR**  | 23566624  | 7907326  |
| **SPUT**  | —  | 140  |
| **QHDG**  | 187119  | 195150  |
| **QFLR**  | 11201273  | 3330320  |
| **PSTP**  | 105839388  | 2316205  |
| **RFLR**  | 1194407  | 98613  |
| **XUSP**  | 36958314  | 1957926 |

---

The effect of derivative instruments on the Statements of Operations for the period ended April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  |
|  | **Purchased** <br>**options<sup>(a)</sup>** | **Purchased**<br>**options**<br>**in-kind<sup>(b)</sup>** | **Options**<br>**written** | **Options**<br>**written**<br>**in-kind<sup>(b)</sup>**  |
| **BSTP** | **$(7929744)** | $6577865 | $(876860) | $2198094  |
| **SFLR** | (3800702) |  | 16448664 | —  |
| **SPUT** |  |  | (35953) | —  |
| **QHDG** | (3103) | (2041) | 147625 | 185713  |
| **QFLR** | (2201406) |  | 8075189 | —  |
| **PSTP** | (23512) | 12670619 | (1129) | 3241867  |
| **RFLR** | (54689) |  | 467117 | —  |
| **XUSP** | (4509038) | 1161662 | 58255 | 1317502 |

---

<sup>(a)</sup> Amount is included in realized gain/(loss) on investments on the Statement of Operations. 

<sup>(b)</sup> Amount is included in realized gain/(loss) in-kind on the Statements of Operations. 

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put** <br>**Options not Accounted for** <br>**as Hedging Instruments**  | **Equity Risk - Call and Put** <br>**Options not Accounted for** <br>**as Hedging Instruments**  |
|  | **Change in Unrealized** <br>**Appreciation/(Depreciation) on** <br>**Derivatives Recognized in Income**  | **Change in Unrealized** <br>**Appreciation/(Depreciation) on** <br>**Derivatives Recognized in Income**  |
|  | **Purchased** <br>**options <sup>(c)</sup>** | **Options** <br>**written**  |
| **BSTP** | **$364348** | $(57555)  |
| **SFLR** | 5075835 | (5643558)  |
| **SPUT** |  | 281  |
| **QHDG** | (85477) | 12511  |
| **QFLR** | 2111280 | (2452533)  |
| **PSTP** | (12704789) | (1100872)  |
| **RFLR** | 419558 | (10521)  |
| **XUSP** | (4797153) | 1788134 |

---

<sup>(c)</sup> Amount is included in the change in unrealized appreciation/(depreciation) on investments on the Statements of Operations. 

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**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

The average volume of derivative activity during the period ended April 30, 2025, is as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchased** <br>**Options** | **Options** <br>**Written**  |
|  | **Average** <br>**Monthly** <br>**Market** <br>**Value** | **Average** <br>**Monthly** <br>**Market** <br>**Value**  |
| **BSTP** | $68767336 | $(2226342)  |
| **SFLR** | 11348216 | (2068456)  |
| **SPUT** |  | (312)  |
| **QHDG** | 131139 | (134195)  |
| **QFLR** | 6312410 | (865872)  |
| **PSTP** | 107055949 | (3189468)  |
| **RFLR** | 494369 | (42808)  |
| **XUSP** | 51756560 | (4543191) |

---

**Use of Estimates: In preparing financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.** 

**Guarantees and Indemnifications: In the normal course of business, the Trust may enter into a contract with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims against the Trust that have not yet occurred. Based on experience, the Trust expects the risk of loss to be remote.** 

**Tax Information: The Funds are treated as separate entities for federal income tax purposes. The Funds intend to qualify as regulated investment companies ("RICs") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). To qualify and remain eligible for the special tax treatment accorded to RICs, the Funds must meet certain annual income and quarterly asset diversification requirements and must distribute annually at least 90% of the sum of (i) its investment company taxable income (which includes dividends, interest and net short-term capital gains) and (ii) certain net tax-exempt income, if any. If so qualified, the Funds will not be subject to federal income tax to the extent the Funds distribute all of their net investment income and capital gains to shareholders.** 

Management evaluates the Funds' tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Tax benefits associated with an uncertain tax position can be recognized only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. Interest and penalties related to income taxes would be recorded as tax expense in the Statements of Operations. During the period ended April 30, 2025, the Funds did not incur any interest or penalties. The Funds' federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. As of April 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. As of April 30, 2025, the Funds have no examinations in progress and management is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

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**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

U.S. GAAP requires that certain components of net assets be reclassified between distributable earnings/(accumulated deficit) and additional paid-in capital. These reclassifications have no effect on net assets or net asset value per share. For the year or period ended October 31, 2024, the Funds made the following permanent book-to-tax reclassifications primarily related to net operating loss forfeitures and redemptions in kind:

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings/** <br>**(Accumulated** <br>**Deficit)**  | **Paid-In** <br>**Capital**  |
| **BSTP** | $(9772189) | $9772189  |
| **LOUP** | (886949) | 886949  |
| **SFLR** | (10435007) | 10435007  |
| **IGTR** | (14780080) | 14780080  |
| **QHDG** | (98374) | 98374  |
| **FFTY** | (3573455) | 3573455  |
| **BOUT** | (91559) | 91559  |
| **BUFB** | (2085992) | 2085992  |
| **BUFF** | (21634185) | 21634185  |
| **QFLR** | (2014111) | 2014111  |
| **PSTP** | (7341937) | 7341937  |
| **EPRF** | (770846) | 770846  |
| **RFLR** | —  | —  |
| **XUSP** | (10048927) | 10048927 |

---

**Distributions to Shareholders: Distributions to shareholders are recorded on the ex-dividend date. FFTY, BUFF, LOUP, BOUT, BUFB, BSTP, PSTP, XUSP and IGTR intend to pay out dividends from their net investment income, if any, annually. EPRF, SPUT, SFLR, QFLR, RFLR and QHDG intend to pay out dividends from its net investment income, if any, monthly and quarterly, respectively. Distributions of net realized capital gains, if any, will be declared and paid at least annually by the Funds. The Funds may periodically make reclassifications among certain of its capital accounts as a result of the recognition and characterization of certain income and capital gain distributions determined annually in accordance with federal tax regulations which may differ from U.S. GAAP. Distributions that exceed earnings and profits for tax purposes are reported as a return of capital.** 

**Investment Transactions and Investment Income: Investment transactions are recorded on the trade date. The Trust determines the gain or loss realized from investment transactions on the basis of identified cost. Dividend income, if any, is recognized on the ex-dividend date or, in the case of foreign securities, as soon as the Funds are informed of the ex-dividend dates. Interest income, including accretion of discounts and amortization of premiums is recognized on an accrual basis using the effective yield method.** 

Distributions received from investments in master limited partnerships ("MLPs"), closed-end funds, real estate investment trusts ("REITs") and royalty trusts are comprised of ordinary income, capital gains and return of capital. For financial statement purposes, estimates are used to characterize these distributions received as return of capital, capital gains or ordinary income. Such estimates are based on historical information available from each MLP, closed-end fund, REIT or royalty trust and other industry sources. These estimates may subsequently be revised and reflected on the Form 1099 received by shareholders based on information received for the security after its tax reporting periods are concluded, as the actual character of these distributions is not known until after the fiscal year end. The distributions received from MLPs, REITs, closed-end funds, and royalty trust securities that have been classified as income and capital gains are included in dividend income and net realized gain/(loss) on investments, respectively, on the Statements of Operations. The distributions received that are classified as return of capital reduce the cost of investments on the Statements of Assets and Liabilities.

Purchases and sales of investments and dividend and interest income are translated into U.S. dollars using the spot market rates of exchange prevailing on the respective dates of such translations. The gain or loss resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate. Foreign securities and currency transactions may involve certain considerations and risks not typically associated with

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**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

those of domestic origin. Foreign securities are recorded in the financial statements after translation to U.S. dollars based on the applicable exchange rate at the end of the period. The Funds report certain foreign currency-related transactions as components of realized gains or losses for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.

3. INVESTMENT ADVISOR AND OTHER AFFILIATES

Innovator Capital Management, LLC (the "Adviser") acts as investment adviser to the Funds pursuant to investment advisory agreements between the Trust and the Adviser with respect to the Funds ("Advisory Agreements") and, pursuant to the Advisory Agreements, is responsible for the day-to-day management of the Funds.

Pursuant to an investment advisory agreement between the Trust and the Adviser with respect to FFTY, FFTY pays monthly the Adviser a management fee calculated daily based on the average daily net assets of the Fund.

Pursuant to an investment advisory agreement between the Trust and the Adviser with respect to the Funds, excluding FFTY, each respective Fund pays monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund. During the term of the Advisory Agreement, the Adviser pays all expenses of the respective Funds, including the cost of transfer agency, custody, fund administration, legal, audit, and other services and license fees, except for the fees paid under the Advisory Agreement, interest, taxes, brokerage commissions and other expenses connected with the Execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses.

Penserra Capital Management, LLC ("Penserra"), Milliman Financial Risk Management, LLC ("Milliman"), Parametric Portfolio Associates ("Parametric"), and Gradient Investments, LLC ("Gradient")(collectively the "Sub-Advisers") act as sub-adviser to the Funds pursuant to sub-advisory agreements between the Adviser and respective Sub-Adviser with respect to the Funds ("Sub-Advisory Agreements") and, pursuant to the Sub-Advisory Agreements, are responsible for execution of the Sub-Adviser's strategy for each of the Funds. The Sub-Advisers are responsible for the day-to-day management of the Fund's portfolios. Pursuant to the Sub-Advisory Agreements between the Adviser and the respective Sub-Adviser, the Adviser pays the Sub-Advisers a fee, based on the Funds' average daily net assets, for the services and facilities they provide payable on a monthly basis.

---

| | | |
|:---|:---|:---|
|  | **Management/**<br>**Unitary Fee Rate** | **Sub-Adviser**  |
| **BSTP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | Milliman  |
| **LOUP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | Penserra  |
| **SFLR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | Parametric  |
| **SPUT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | Milliman  |
| **IGTR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | Penserra/Gradient  |
| **QHDG** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | Milliman  |
| **FFTY** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | Penserra  |
| **BOUT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | Penserra  |
| **BUFB** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | Penserra  |
| **BUFF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | Penserra  |
| **QFLR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | Parametric  |
| **PSTP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | Milliman  |
| **EPRF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | Penserra  |
| **RFLR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | Parametric  |
| **XUSP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79% | Milliman |

---

Certain trustees and officers of the Trust are affiliated with the Adviser. Excluding FFTY, Trustee compensation is paid for by the Adviser.

The Trust entered into an Expense Limitation Agreement on behalf of FFTY with the Adviser. Under the terms of the Expense Limitation Agreement with FFTY, the Adviser contractually agreed to waive their advisory fees and/or assume as their own expense, certain expenses otherwise payable by the Fund to the extent necessary to ensure that total annual fund operating expenses (excluding any Rule 12b-1 fees, taxes, interest, brokerage fees, acquired fund fees and

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**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

expenses, expenses incurred in connection with any merger, reorganization or proxy solicitation, litigation, and other extraordinary expenses) do not exceed 0.80% of average daily net assets of FFTY until August 31, 2025. Pursuant to the terms of the Expense Limitation Agreement, Innovator is entitled to recoup any fees that it waived and/or Fund expenses that it paid for a period of three years following such fee waivers and/or expense payments. The Fund may only make such repayment to the Adviser if, after the recoupment payment has been taken into account, it does not cause the Fund's expense ratio to exceed either the expense cap in place at the time the expenses were waived or the Fund's current expense cap. For the period ended April 30, 2025, the Adviser waived $92,790 of their advisory fees for FFTY without recouping any of their previously waived fees. The table below indicates the amount of fees that the Adviser may recoup:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Recovery Expiring in<sup>\*</sup>:**  | **Recovery Expiring in<sup>\*</sup>:**  | **Recovery Expiring in<sup>\*</sup>:**  | **Recovery Expiring in<sup>\*</sup>:**  | **Recovery Expiring in<sup>\*</sup>:**  |
|  | **FYE** <br>**10/31/2025** | **FYE** <br>**10/31/2026** | **FYE** <br>**10/31/2027** | **FYE**<br>**10/31/2028** | **Total**  |
| **FFTY** | $149790 | $256501 | $168974 | $92790 | $668055 |

---

\* Recoupment expires on a rolling monthly basis three years following the respective fee waivers.

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2025, the cost of purchases and proceeds from sales of investment securities, other than in-kind purchases and sales and short-term investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales**  | **Sales**  |
|  | **U.S.** <br>**Government** | **Other** | **U.S.** <br>**Government** | **Other**  |
| **BSTP** | $— | $— | $— | $—  |
| **LOUP** |  | 48010951 |  | 46589767  |
| **SFLR** |  | 53622650 |  | 52550586  |
| **SPUT** |  | 1927327 |  | 920173  |
| **IGTR** |  | 211280841 |  | 218153869  |
| **QHDG** |  | 1570186 |  | 946056  |
| **FFTY** |  | 494273058 |  | 494423856  |
| **BOUT** |  | 129680883 |  | 129814985  |
| **BUFB** |  | 696794 |  | 915966  |
| **BUFF** |  | 1887175 |  | 2166581  |
| **QFLR** |  | 46162159 |  | 47337853  |
| **PSTP** |  |  |  | —  |
| **EPRF** |  | 13854470 |  | 14080619  |
| **RFLR** |  | 2465842 |  | 2428028  |
| **XUSP** |  |  |  |  |

---

For the period ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Creations** | **In-Kind** <br>**Redemptions**  |
| **BSTP** | $875657 | $191760385  |
| **LOUP** | 23456055 | —  |
| **SFLR** | 332539520 | 47175240  |
| **SPUT** | 4829402 | 2287830  |
| **IGTR** |  | 60792751  |
| **QHDG** | 4610166 | 1239494  |
| **FFTY** | 15599839 | 16605362  |

---

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**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Creations** | **In-Kind** <br>**Redemptions**  |
| **BOUT** |  | —  |
| **BUFB** | 52,693,262 | 7,118,121  |
| **BUFF** | 160,807,426 | 62,936,861  |
| **QFLR** | 108,631,480 | 34,375,641  |
| **PSTP** | 4,925,336 | 272,704,789  |
| **EPRF** | 2,759,832 | 13,762,221  |
| **RFLR** | 15,651,106 | —  |
| **XUSP** | 995,734 | 78,661,274 |

---

Net capital gains or losses resulting from in-kind redemptions are excluded for the Funds' taxable gains and are not distributed to shareholders.

5. CREATION AND REDEMPTION TRANSACTIONS

There are an unlimited number of shares of beneficial interest (without par value) authorized by the Trust. Individual shares of the Funds may only be purchased and sold at market prices on the applicable Exchange through a broker-dealer. Such transactions may be subject to customary commission rates imposed by the broker-dealer, and market prices for the Funds' shares may be at, above or below its NAV depending on the premium or discount at which the Funds' shares trade.

The Funds issue and redeem shares on a continuous basis at NAV only in blocks of shares, called "Creation Units." Creation Units are issued and redeemed for cash or in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Shares of the Funds may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. A transaction fee is applicable to each transaction regardless of the number of units purchased or sold in the transaction. Each Fund, subject to approval by the Board of Trustees, may adjust transaction fees from time to time based upon actual experience. Additional charges received by the Funds, if any, are disclosed as Transaction Fees on the Statements of Changes in Net Assets. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

6. SECURITIES LENDING

The Funds, excluding BSTP, PSTP and XUSP, may lend up to 33<sup>1</sup>∕3% of the value of the securities in their respective portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the securities lending agent. The Trust has entered into a Securities Lending Agreement ("SLA") with U.S. Bank, N.A., the Funds' custodian (the "Agent"). Under the terms of the SLA, the Funds may lend securities to certain broker-dealers and banks in exchange for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked to market daily. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and letters of credit. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC ("Mount Vernon"), as noted in the Funds' Schedules of Investments. Mount Vernon seeks to maximize current income to the extent consistent with the preservation of capital and liquidity; and to maintain a stable NAV of $1.00. Mount Vernon has an overnight and continuous maturity. The market value of the loaned securities is determined daily at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds continue to benefit from interest or dividends on the securities loaned and may also earn a return from the collateral. The Funds pay various fees in connection with the investment of cash collateral. The Funds pay the Agent fees based on the investment income received from securities lending activities. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income

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**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

or value if the borrower fails to return them. In the event of a borrower's material default, the Agent shall take all actions the Agent deems appropriate to liquidate the collateral, purchase replacement securities at the Agents' expense, or pay the Funds an amount equal to the market value of the loaned securities, subject to certain limitations.

As of April 30, 2025, the values of the securities on loan, cash collateral received, and fees and interest were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Value of** <br>**Securities on** <br>**Loan** | **Cash** <br>**Collateral** <br>**Received** | **Fees and** <br>**Interest** <br>**Earned**  |
| **LOUP** | $7010307 | $7427373 | $6557  |
| **SFLR** | 22402119 | 22775683 | 27379  |
| **IGTR** | 5737794 | 5876581 | 3446  |
| **QHDG** | 607948 | 623106 | 194  |
| **FFTY** | 10254251 | 11101038 | 23656  |
| **BOUT** | 604982 | 618156 | 3736  |
| **BUFB** |  |  | 43126  |
| **BUFF** | 5785397 | 5913425 | 138683  |
| **QFLR** | 7278859 | 7411345 | 4366  |
| **EPRF** | 3165843 | 3277525 | 60211  |
| **RFLR** | 794059 | 835388 | 1848 |

---

Due to the absence of a master netting agreement related to the applicable Funds' participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.

7. FEDERAL INCOME TAX INFORMATION

At October 31, 2024, the cost of investments including options written and net unrealized appreciation/ (depreciation) for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of** <br>**Portfolio** | **Gross** <br>**Unrealized** <br>**Appreciation** | **Gross** <br>**Unrealized** <br>**Depreciation** | **Net Unrealized** <br>**Appreciation/** <br>(Depreciation)  |
| **BSTP** | $64409700  | $151485  | $(467914) | $(316429)  |
| **LOUP** | 51521548  | 13159449  | (1982308) | 11177141  |
| **SFLR** | 481145681  | 52978949  | (7171394) | 45807555  |
| **IGTR** | 166780742  | 2029485  | (11356245) | (9326760)  |
| **QHDG** | 5691707  | 156551  | (141537) | 15014  |
| **FFTY** | 78959913  | 5942522  | (2357523) | 3584999  |
| **BOUT** | 16013968  | 928924  | (193748) | 735176  |
| **BUFB** | 144613022  | 19823782  | (76161) | 19747621  |
| **BUFF** | 427215934  | 58001362  | (149122) | 57852240  |
| **QFLR** | 192128885  | 18692914  | (6602003) | 12090911  |
| **PSTP** | 96861140  | 418576  | (841461) | (422885)  |
| **EPRF** | 123782108  | 2705715  | (9770117) | (7064402)  |
| **RFLR** | 3634032  | 182136  | (90923) | 91213  |
| **XUSP** | 35375103  | 41279  | (1404416) | (1363137) |

---

The differences between book basis and tax basis cost on investments and net unrealized appreciation/

(depreciation) are primarily attributable to wash sale loss deferrals, investments in PFICs, tax treatment of derivatives and partnership investments.

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**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

As of October 31, 2024, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Accumulated** <br>**Capital and** <br>**Other Losses**  | **Distributions** <br>**Payable** | **Undistributed** <br>**Net Ordinary** <br>**Income** | **Unrealized** <br>**Appreciation/** <br>(Depreciation) <br>**on Investments** | **Total** <br>**Distributable** <br>**Earnings/**<br>**(Accumulated** <br>**Deficit)**  |
| **BSTP** | $(2069385) | $—  | $—  | $(316429) | $(2385814)  |
| **LOUP** | (31891657) | —  | —  | 11177141  | (20714516)  |
| **SFLR** | (17920046) | —  | —  | 45807555  | 27887509  |
| **IGTR** | (20795819) | —  | 2898518  | (9326760) | (27224061)  |
| **QHDG** | (54717) | —  | —  | 15014  | (39703)  |
| **FFTY** | (317591462) | —  | 217930  | 3584999  | (313788533)  |
| **BOUT** | (10814483) | —  | —  | 735176  | (10079307)  |
| **BUFB** | (120066) | —  | —  | 19747621  | 19627555  |
| **BUFF** | (39033889) | —  | —  | 57852240  | 18818351  |
| **QFLR** | (6361116) | —  | —  | 12090911  | 5729795  |
| **PSTP** | (2771213) | —  | —  | (422885) | (3194098)  |
| **EPRF** | (32547488) | (555000) | —  | (7064402) | (40166890)  |
| **RFLR** | (33231) | —  | 2405  | 91213  | 60387  |
| **XUSP** | (2334824) | —  | —  | (1363137) | (3697961) |

---

Certain qualified late year ordinary losses incurred after December 31, and within the current taxable year, are deemed to arise on the first business day of the next taxable year.

At October 31, 2024, the Funds deferred the following qualified late year ordinary losses:

---

| | |
|:---|:---|
|  | **Late Year** <br>**Ordinary** <br>**Losses**  |
| **BSTP** | $421616  |
| **LOUP** | 611546  |
| **SFLR** | —  |
| **IGTR** | —  |
| **QHDG** | 1147  |
| **FFTY** | —  |
| **BOUT** | 22901  |
| **BUFB** | 120066  |
| **BUFF** | 446603  |
| **QFLR** | 116895  |
| **PSTP** | 637218  |
| **EPRF** | —  |
| **RFLR** | —  |
| **XUSP** | 163588 |

---

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**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

At October 31, 2024, for federal income tax purposes, the Funds had capital loss carryforwards available to offset future capital gains for an unlimited period as indicated below:

---

| | | |
|:---|:---|:---|
|  | **Indefinite** <br>**Short-Term** | **Indefinite**<br>**Long-Term**  |
| **BSTP** | $1647769  | $—  |
| **LOUP** | 21516977  | 9762972  |
| **SFLR** | 11115732  | 6804314  |
| **IGTR** | 20789728  | —  |
| **QHDG** | 53570  | —  |
| **FFTY** | 316891661  | —  |
| **BOUT** | 10788024  | —  |
| **BUFB** | —  | —  |
| **BUFF** | 38587286  | —  |
| **QFLR** | 4384954  | 1859267  |
| **PSTP** | 2133995  | —  |
| **EPRF** | 9021698  | 23493315  |
| **RFLR** | 28536  | —  |
| **XUSP** | 2171236  |  |

---

To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders. During the current tax year ended October 31, 2024, the following capital loss carryforwards available were utilized:

---

| | |
|:---|:---|
|  | **Capital Loss** <br>**Carryforwards** <br>**Utilized**  |
| **BSTP** | $1872458  |
| **LOUP** | 2762071  |
| **IGTR** | 21700841  |
| **FFTY** | 10232843  |
| **BOUT** | 2285064  |
| **BUFB** | 1  |
| **BUFF** | 1252  |
| **PSTP** | 7892514 |

---

All other Funds did not utilize capital loss carryforwards during the current tax year ended October 31, 2024.

The tax character of the distributions paid by the Funds during the fiscal years or period ended October 31, 2024 and October 31, 2023 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024 Distributions paid from:**  | **2024 Distributions paid from:**  | **2024 Distributions paid from:**  | **2024 Distributions paid from:**  |
|  | **Net Ordinary** <br>**Income** | **Net Long-Term** <br>**Capital Gains** | **Return of** <br>**Capital** | **Total** <br>**Distributions Paid**  |
| **SFLR** | $1280701  | &nbsp;&nbsp;&nbsp; $448389  | $—  | &nbsp;&nbsp;&nbsp; $1729090  |
| **IGTR** | 1616420  | &nbsp;&nbsp;&nbsp; —  | —  | &nbsp;&nbsp;&nbsp; 1616420  |
| **FFTY** | 551275  | &nbsp;&nbsp;&nbsp; —  | —  | &nbsp;&nbsp;&nbsp; 551275  |
| **BOUT** | 176880  | &nbsp;&nbsp;&nbsp; —  | —  | &nbsp;&nbsp;&nbsp; 176880  |
| **QFLR** | —  | &nbsp;&nbsp;&nbsp; —  | 28037  | &nbsp;&nbsp;&nbsp; 28037  |
| **EPRF** | 6351047  | &nbsp;&nbsp;&nbsp; —  | —  | &nbsp;&nbsp;&nbsp; 6351047 |

---

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**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2023 Distributions paid from:**  | **2023 Distributions paid from:**  | **2023 Distributions paid from:**  | **2023 Distributions paid from:**  |
|  | **Net Ordinary** <br>**Income** | **Net Long-Term** <br>**Capital Gains** | **Return of** <br>**Capital** | **Total** <br>**Distributions Paid**  |
| **SFLR** | $182955  | &nbsp;&nbsp; $—  | $—  | &nbsp;&nbsp;&nbsp; $182955  |
| **IGTR** | 995295  | &nbsp;&nbsp; —  | —  | &nbsp;&nbsp;&nbsp; 995295  |
| **FFTY** | 2139291  | &nbsp;&nbsp; —  | —  | &nbsp;&nbsp;&nbsp; 2139291  |
| **BOUT** | 179202  | &nbsp;&nbsp; —  | —  | &nbsp;&nbsp;&nbsp; 179202  |
| **EPRF** | 6171173  | &nbsp;&nbsp; —  | —  | &nbsp;&nbsp;&nbsp; 6171173 |

---

All other Funds did not pay any distributions during the fiscal years ended October 31, 2024 and October 31, 2023.

8. TRANSACTIONS WITH AFFILITATES

BUFF and BUFB had the following transactions during the period ended April 30, 2025 with affiliated companies:

**BUFF** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Period Ended April 30, 2025**  | **Period Ended April 30, 2025**  | **Period Ended April 30, 2025**  | **Period Ended April 30, 2025**  |
| <br>**Security Name** | <br>**Value as of** <br>**November 1,** <br>**2024** | <br>**Purchases** | <br>**Sales**  | <br>**Value as of** <br>**April 30,** <br>**2025** | **Share** <br>**Balance** | **Dividend** <br>**Income** | **Net** <br>**Realized** <br>**Gain (Loss)** <br>**on Sale** <br>**of Shares**  | **Net** <br>**Change** <br>**in Unrealized** <br>**Appreciation** <br>(Depreciation) |
|  Innovator U.S. Equity Power Buffer ETF - January | $40342291 | $13414631 | $5413765 | $48183748 | 1166112 | $— | $1284889 | $(1444298)  |
|  Innovator U.S. Equity Power Buffer ETF - February | 40276143 | 13610107 | 5227024 | 48103660 | 1347819 |  | 1166037 | (1721603)  |
|  Innovator U.S. Equity Power Buffer ETF - March | 40111318 | 13476251 | 5971833 | 48062924 | 1210653 |  | 1153842 | (706654)  |
|  Innovator U.S. Equity Power Buffer ETF - April | 39997046 | 13948194 | 5258040 | 48068215 | 1355944 |  | 1155644 | (1774629)  |
|  Innovator U.S. Equity Power Buffer ETF - May | 40222127 | 13438666 | 5922477 | 48456891 | 1350903 |  | 1008669 | (290094)  |
|  Innovator U.S. Equity Power Buffer ETF - June | 40109672 | 13407786 | 5395935 | 47932209 | 1304988 |  | 963589 | (1152903)  |
|  Innovator U.S. Equity Power Buffer ETF - July | 39931091 | 13608260 | 5242135 | 47970168 | 1197757 |  | 1419772 | (1746820)  |
|  Innovator U.S. Equity Power Buffer ETF - August | 39953058 | 13400969 | 5236227 | 48061787 | 1273666 |  | 1280861 | (1336874)  |
|  Innovator U.S. Equity Power Buffer ETF - September | 39959973 | 13377040 | 5233986 | 47979214 | 1252721 |  | 1312544 | (1436357)  |
|  Innovator U.S. Equity Power Buffer ETF - October | 39841715 | 13513271 | 5229607 | 48058934 | 1240871 |  | 1339744 | (1406189)  |
|  Innovator U.S. Equity Power Buffer ETF - November | 40485708 | 13548549 | 5790982 | 48108856 | 1296036 |  | 1052259 | (1186678)  |
|  Innovator U.S. Equity Power Buffer ETF - December | 40513758 | 13950876 | 5181432 | 47970491 | 1280921 |  | 1097727 | (2410438)  |
| **Total** |  |  |  | $576957097 |  | $— | $14235577 | $(16613537) |

---

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**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**BUFB** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Period Ended April 30, 2025**  | **Period Ended April 30, 2025**  | **Period Ended April 30, 2025**  | **Period Ended April 30, 2025**  |
| <br>**Security Name** | <br>**Value as of** <br>**November 1,** <br>**2024** | <br>**Purchases** | <br>**Sales** | <br>**Value as of** <br>**April 30,** <br>**2025** | **Share** <br>**Balance** | **Dividend** <br>**Income** | **Net** <br>**Realized** <br>**Gain (Loss)** <br>**on Sale** <br>**of Shares** | **Net** <br>**Change** <br>**in Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Innovator U.S. Equity Buffer ETF - January | $13724292 | $4414758 | $743028 | $17128256 | 369781 | $— | $152022 | &nbsp;&nbsp; $(419788)  |
|  Innovator U.S. Equity Buffer ETF - February | 13714929 | 4446509 | 592521 | 17160660 | 415615 |  | 166133 | &nbsp;&nbsp; (574390)  |
|  Innovator U.S. Equity Buffer ETF - March | 13638121 | 4410784 | 894442 | 17125322 | 378795 |  | 145938 | &nbsp;&nbsp; (175079)  |
|  Innovator U.S. Equity Buffer ETF - April | 13618427 | 4617003 | 592315 | 17116028 | 405497 |  | 163995 | &nbsp;&nbsp; (691082)  |
|  Innovator U.S. Equity Buffer ETF - May | 13675997 | 4392329 | 778787 | 17182821 | 435671 |  | 132935 | &nbsp;&nbsp; (239653)  |
|  Innovator U.S. Equity Buffer ETF - June | 13642207 | 4386227 | 653400 | 17062955 | 425192 |  | 133301 | &nbsp;&nbsp; (445380)  |
|  Innovator U.S. Equity Buffer ETF - July | 13592854 | 4446565 | 592221 | 17112743 | 398538 |  | 168518 | &nbsp;&nbsp; (502973)  |
|  Innovator U.S. Equity Buffer ETF - August | 13619704 | 4390184 | 592490 | 17132366 | 406037 |  | 170971 | &nbsp;&nbsp; (456003)  |
|  Innovator U.S. Equity Buffer ETF - September | 13616760 | 4383095 | 594399 | 17138168 | 412100 |  | 160020 | &nbsp;&nbsp; (427308)  |
|  Innovator U.S. Equity Buffer ETF - October | 13601877 | 4405695 | 592327 | 17138576 | 409566 |  | 146647 | &nbsp;&nbsp; (423316)  |
|  Innovator U.S. Equity Buffer ETF - November | 13797068 | 4443714 | 820766 | 17149781 | 450595 |  | 106855 | &nbsp;&nbsp; (377090)  |
|  Innovator U.S. Equity Buffer ETF - December | 13772432 | 4653194 | 587391 | 17129382 | 411863 |  | 140931 | &nbsp;&nbsp; (849784)  |
| **Total** |  |  |  | $205577058 |  | $— | $1788266 | &nbsp;&nbsp; $(5581846) |

---

9. ACCOUNTING PRONOUNCEMENTS

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund(s). Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

10. SUBSEQUENT EVENT

Management has evaluated the impact of all subsequent events of the Funds through the date of the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

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**Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND INVESTMENT SUB-ADVISORY AGREEMENT FOR THE FOLLOWING INNOVATOR FUND:** 

**Innovator Equity Premium Income - Daily PutWrite ETF** 

At a quarterly Board meeting held on March 21, 2024, the Trust's Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the "Adviser"), on behalf of the Innovator Equity Premium Income - Daily PutWrite ETF (the "Fund"), and the Sub-Advisory Agreement among the Trust, on behalf of the Fund, the Adviser, Milliman Financial Risk Management LLC ("Milliman" or the "Sub-Adviser"), for an initial two-year term. The Board determined that the agreements were in the best interests of the Fund in light of the extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisers with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the agreements, the Independent Trustees received a separate report from each of the Adviser and the Sub-Adviser in advance of the meeting responding to a request for information provided on behalf of the Independent Trustees that, among other things, outlined the services to be provided by the Adviser and the Sub-Adviser to the Fund (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate payable by the Fund as compared to fees charged to the peer group of the Fund and as compared to fees charged to other clients of the Adviser and the Sub-Adviser, including other ETFs managed by the Adviser and the Sub-Adviser; the estimated expenses of the Fund as compared to the expense ratios of the funds in the Fund's peer group; the nature of the expenses to be incurred in providing services to the Fund and the potential for economies of scale, if any; financial data on the Adviser and the Sub-Adviser; any fall-out benefits accruing to the Adviser or the Sub-Adviser; and information on the Adviser's and the Sub-Adviser's compliance programs. The Independent Trustees also met separately with their Independent Counsel to discuss the information provided by the Adviser and the Sub-Adviser. The Board applied its business judgment to determine whether the arrangements between the Trust and the Adviser and among the Trust, the Adviser and the Sub-Adviser are reasonable business arrangements from the Fund's perspective as well as from the perspective of the Fund's shareholders.

In evaluating whether to approve the agreements, the Board applied its business judgment and considered the nature, extent and quality of the services to be provided by the Adviser and Milliman pursuant to the agreements. With respect to the investment management agreement, the Board considered that the Adviser will be responsible for the overall management and administration of the Fund and reviewed all of the services to be provided by the Adviser to the Fund, including oversight of the Sub-Adviser, as well as the background and experience of the persons responsible for such services. The Board noted that the Adviser will oversee the Sub-Adviser's day-to-day management of the Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services to be provided, the Board noted the compliance program that had been developed by the Adviser included an adequate program for monitoring the Adviser's, Sub-Adviser's and the Fund's compliance with the 1940 Act, as well as the Fund's compliance with its investment objective and policies. With respect to the sub-advisory agreement, the Board reviewed the materials provided by the Sub-Adviser and noted the background and experience of the Sub-Adviser's portfolio management team and the Sub-Adviser's investment style. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to the Fund by the Adviser and Sub-Adviser under the agreements were expected to be satisfactory.

Since the Fund had yet to commence investment operations, the Board could not consider the historical investment performance of the Fund.

The Board considered the proposed unitary fee rate payable by the Fund under the investment management agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, the Fund would pay

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**Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)(Continued)** 

the Adviser a unitary fee equal to an annual rate of 0.79% of its average daily net assets. The Board considered that, from the unitary fee of the Fund, the Adviser would pay Milliman an annual sub-advisory fee based on the Fund's assets under management at a maximum rate of 0.12%.

The Board noted that the Adviser would be responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees (if any), but excluding the fee payment under the investment management agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, and extraordinary expenses. The Board received and reviewed information for the Fund showing the advisory fee rates and expense ratios of the funds comprising of the Fund's peer group, as well as advisory fee rates charged by the Adviser and Milliman to other funds (including ETFs) and non-fund clients, as applicable. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Fund under the agreements, the Board determined that the proposed unitary fee for the Fund, including the fee rate to be paid by the Adviser to Milliman from the unitary fee, was fair.

The Board noted that the proposed unitary fee for the Fund was structured to pass the benefits of any economies of scale on to shareholders as the Fund's assets grow. The Board noted that any reduction in fixed costs associated with the management of the Fund would benefit the Adviser and Milliman, but that the unitary fee structure provides a level of certainty in expenses for the Fund. The Board noted that the Adviser is continuing to invest in personnel and infrastructure for the Innovator fund complex.

Because the Fund has not yet commenced operations and the actual asset base of the Fund has not yet been determined, the Board noted that there was no historical profitability information with respect to the Fund to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals of the agreements.

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by the Adviser and Milliman. The Board concluded that the character and amount of potential fall-out benefits to the Adviser and Milliman were consistent with the types of benefits generally derived by investment managers and sub-advisers to funds.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the agreements are fair and that the approval of the agreements is in the best interests of the Fund. No single factor was determinative in the Board's analysis, and individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

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**INNOVATOR ETFs TRUST** 

**Additional Information (Unaudited)** 

1. INFORMATION ABOUT PROSPECTUS

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus. Investors should consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. The prospectus contains this and other information relevant to an investment in the respective Fund. Please read the Prospectus carefully before investing. A copy of the Prospectus may be obtained without charge by writing to the Trust's Distributor, or by calling toll free at 1-800-208-5212 or visiting www.innovatoretfs.com.

2. PROXY VOTING POLICIES AND PROCEDURES

The Trust's Proxy Voting Policies and Procedures are available without charge, upon request, by calling 1-877-386-3890 and on the SEC's website at <u>www.sec.gov</u>. Information relating to how each Fund voted proxies relating to portfolio securities held during each year ended June 30 is also available on the SEC'S website at <u>www.sec.gov</u>.

3. INFORMATION ABOUT PORTFOLIO SECURITIES

Each Funds' complete schedule of portfolio holdings for the first and third quarters is filed with the SEC on Form N-Q or Part F of Form N-PORT (beginning with filings after March 31, 2020). The Trust's Form N-Q or Part F of Form N-PORT is available without charge, upon request, by calling 1-877-386-3890, or on the SEC's website at www.sec.gov. The Trust's Form N-Q or Part F of Form N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

4. HOUSEHOLD DELIVERY OF SHAREHOLDER DOCUMENTS

In order to reduce expenses, the Trust delivers one copy of an annual/semi-annual report, prospectus and/or proxy statement on behalf of two or more shareholders at a shared address (householding). If you do not wish to participate in householding, please indicate this preference on your new account application (if you are opening a new account) or call 1-877-FUND890 (877-386-3890) to change the status of your existing account. You may change your status at any time.

5. ELECTRONIC DELIVERY OF SHAREHOLDER DOCUMENTS

You may choose to receive a Fund's prospectus and annual and semi–annual reports electronically. To sign up for electronic delivery, visit www.icsdelivery.com and select the first letter of your brokerage firm's name. Then, select your brokerage institution from the list that follows, fill out the appropriate information and provide an e-mail address where you would like your information sent. If your brokerage firm is not listed, electronic delivery may not be available. Please contact your brokerage firm or financial adviser.

6. TAX NOTICE

For the fiscal year or period ended October 31, 2024, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The following table lists the percentages of dividend income distributed for the year or period ended October 31, 2024, that were designated as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003 and qualify for the corporate dividends received deduction, respectively:

---

| | | |
|:---|:---|:---|
|  | **% of Dividend Income Distributed**  | **% of Dividend Income Distributed**  |
| **Fund** | **Qualified** <br>**Dividend Income** | **Corporate Dividends** <br>**Received Deduction**  |
| **BSTP** | &nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **LOUP** | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00  |
| **SFLR** | &nbsp;&nbsp;&nbsp;&nbsp; 100.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00  |
| **IGTR** | &nbsp;&nbsp;&nbsp;&nbsp; 100.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81.06  |
| **QHDG** | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00  |
| **FFTY** | &nbsp;&nbsp;&nbsp;&nbsp; 18.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.70  |
| **BOUT** | &nbsp;&nbsp;&nbsp;&nbsp; 15.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.14  |

---

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**INNOVATOR ETFs TRUST** 

**Additional Information (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **% of Dividend Income Distributed**  | **% of Dividend Income Distributed**  |
| **Fund** | **Qualified** <br>**Dividend Income** | **Corporate Dividends** <br>**Received Deduction**  |
| **BUFB** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BUFF** | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00  |
| **QFLR** | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00  |
| **PSTP** | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00  |
| **EPRF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70.13  |
| **RFLR** | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00  |
| **XUSP** | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |

---

For the taxable year ended October 31, 2024, the Funds didn't pay any ordinary income distributions that were designated as short-term capital gain distributions under Internal Revenue Section 871(k)2(c).

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**[**TABLE OF CONTENTS**](#TOC)**

**The below information is required disclosure from Form N-CSR** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Refer to information provided within financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Refer to information provided within financial statements.

144<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INVESTMENT ADVISOR** 

**Innovator Capital Management, LLC** 

**200 West Front Street** 

**Wheaton, IL 60187** 

**INVESTMENT SUB-ADVISORS** 

---

| | |
|:---|:---|
| Penserra Capital Management, LLC<br>4 Orinda Way, Suite 100-A<br>Orinda, CA 94563  | Milliman Financial Risk Management, LLC <br>71 South Wacker Drive, 31<sup>st</sup> Floor <br>Chicago, IL 60606 |
| Gradient Investments, LLC<br>4105 Lexington Avenue North<br>Arden Hills, MN 55126  | Parametric Portfolio Associates <br>3600 Minnesota Drive, Unit 325 <br>Minneapolis, MN 55435 |

---

**ADMINISTRATOR, FUND ACCOUNTANT & TRANSFER AGENT** 

**U.S. Bancorp Fund Services, LLC** 

**615 East Michigan Street** 

**Milwaukee, WI 53202** 

**DISTRIBUTOR** 

**Foreside Fund Services, LLC** 

**Three Canal Plaza, Suite 100** 

**Portland, ME 04101** 

**CUSTODIAN** 

**U.S. Bank, N.A.** 

**1555 North RiverCenter Drive, Suite 302** 

**Milwaukee, WI 53212** 

**LEGAL COUNSEL** 

**Chapman and Cutler LLP** 

**320 South Canal Street, 27<sup>th</sup> Floor** 

**Chicago, IL 60606** 

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**Cohen & Company, Ltd.** 

**342 North Water Street, Suite 830** 

**Milwaukee, WI 53202** 

------

![](15989_cover_letter.jpg)

------

**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments](#soia) | [1](#soia) |
| [Statements of Assets and Liabilities](#sala) | [281](#sala) |
| [Statements of Operations](#sopa) | [309](#sopa) |
| [Statements of Changes in Net Assets](#scnaa) | [337](#scnaa) |
| [Financial Highlights](#fihia) | [404](#fihia) |
| [Notes to Financial Statements](#notesa) | [439](#notesa) |
| [Board Considerations Regarding Approval of Investment Management Agreement](#boarda) | [529](#boarda) |
| [Additional Information](#adda) | [541](#adda) |
| [Directory of Funds' Service Providers](#backa) | [Back Cover](#backa) |

---

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.0%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.0%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.0%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.0%<sup>(a)</sup>** |
| **Call Options - 98.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares 20+ Year Treasury Bond ETF, Expiration: 06/30/2025; Exercise <br>Price: $0.23<sup>(b)(c)(d)</sup> | $34768042 | &nbsp;&nbsp; 3886 | $34415543  |
| **Put Options - 1.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares 20+ Year Treasury Bond ETF, Expiration: 06/30/2025; Exercise <br>Price: $86.48<sup>(b)(c)(d)</sup> | 34768042 | &nbsp;&nbsp; 3886 | 492861  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $35,617,785)** |  |  | 34908404  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $35,617,785)** |  |  | $34908404  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 37025  |
| Liabilities in Excess of Other Assets - (0.1)% |  |  | (40383)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $34905046 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.0)%**<br>|  |  |  |
| **Call Options - (0.0)%<sup>(a)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares 20+ Year Treasury Bond ETF, Expiration: 06/30/2025; Exercise <br>Price: $114.34<sup>(b)(c)</sup> | $(34768042) | (3886) | $(17098)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $19,916)** |  |  | $(17098) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $34908404 | 100.0%  |
| Written Options | (17098) | 0.0  |
| Money Market Deposit Account | 37025 | 0.1  |
| Liabilities in Excess of Other Assets | (23285) | (0.1)  |
|  | $34905046 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

2<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator 20+ Year Treasury Bond 9 Buffer ETF - July** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.6%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.6%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.6%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.6%<sup>(a)</sup>** |
| **Call Options - 96.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares 20+ Year Treasury Bond ETF, Expiration: 06/30/2025; Exercise <br>Price: $0.92<sup>(b)(c)(d)</sup> | $34347533 | &nbsp;&nbsp; 3839 | $33736441  |
| **Put Options - 4.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares 20+ Year Treasury Bond ETF, Expiration: 06/30/2025; Exercise <br>Price: $92.12<sup>(b)(c)(d)</sup> | 34347533 | &nbsp;&nbsp; 3839 | 1540744  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $35,662,929)** |  |  | 35277185  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.6%** <br>**(Cost $35,662,929)** |  |  | $35277185  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 72775  |
| Liabilities in Excess of Other Assets - (0.8)% |  |  | (293013)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $35056947 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

3<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator 20+ Year Treasury Bond 9 Buffer ETF - July** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.8)%** | **WRITTEN OPTIONS - (0.8)%** | **WRITTEN OPTIONS - (0.8)%** | **WRITTEN OPTIONS - (0.8)%** |
| **Call Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares 20+ Year Treasury Bond ETF, Expiration: 06/30/2025; Exercise <br>Price: $114.64<sup>(a)(b)</sup> | $(34347533) | (3839) | $(16584)  |
| **Put Options - (0.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares 20+ Year Treasury Bond ETF, Expiration: 06/30/2025; Exercise <br>Price: $83.83<sup>(a)(b)</sup> | (34347533) | (3839) | (254334)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $553,212)** |  |  | $(270918) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $35277185 | 100.6%  |
| Written Options | (270918) | (0.8)  |
| Money Market Deposit Account | 72775 | 0.2  |
| Liabilities in Excess of Other Assets | (22095) | 0.0  |
|  | $35056947 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

4<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Defined Wealth Shield ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.1%<sup>(a)</sup>** | **PURCHASED OPTIONS - 102.1%<sup>(a)</sup>** | **PURCHASED OPTIONS - 102.1%<sup>(a)</sup>** | **PURCHASED OPTIONS - 102.1%<sup>(a)</sup>** |
| **Call Options - 98.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $1.40<sup>(b)(c)(d)</sup> | $1385462736 | 24984 | $1377617760  |
| **Put Options - 3.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $559.39<sup>(b)(c)(d)</sup> | 1385462736 | 24984 | 49218480  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,435,738,964)** |  |  | 1426836240  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.1%** <br>**(Cost $1,435,738,964)** |  |  | $1426836240  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 1769372  |
| Liabilities in Excess of Other Assets - (2.2)% |  |  | (30072062)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $1398533550 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

5<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Defined Wealth Shield ETF** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.1)%** | **WRITTEN OPTIONS - (2.1)%** | **WRITTEN OPTIONS - (2.1)%** | **WRITTEN OPTIONS - (2.1)%** |
| **Call Options - (1.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $573.23<sup>(a)(b)</sup> | $(1385462736) | (24984) | $(25183872)  |
| **Put Options - (0.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $447.51<sup>(a)(b)</sup> | (1385462736) | (24984) | (4147344)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $39,736,467)** |  |  | $(29331216) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $1426836240 | 102.1%  |
| Written Options | (29331216) | (2.1)  |
| Money Market Deposit Account | 1769372 | 0.1  |
| Liabilities in Excess of Other Assets | (740846) | (0.1)  |
|  | $1398533550 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

6<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Emerging Markets 10 Buffer ETF - Quarterly** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.0%<sup>(a)</sup>** | **PURCHASED OPTIONS - 102.0%<sup>(a)</sup>** | **PURCHASED OPTIONS - 102.0%<sup>(a)</sup>** | **PURCHASED OPTIONS - 102.0%<sup>(a)</sup>** |
| **Call Options - 99.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI Emerging Markets ETF, Expiration: 06/30/2025; Exercise <br>Price: $0.11<sup>(b)(c)(d)</sup> | $5977616 | &nbsp;&nbsp; 1366 | $5910682  |
| **Put Options - 2.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI Emerging Markets ETF, Expiration: 06/30/2025; Exercise <br>Price: $43.70<sup>(b)(c)(d)</sup> | 5977616 | &nbsp;&nbsp; 1366 | 174821  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $6,108,515)** |  |  | 6085503  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.0%** <br>**(Cost $6,108,515)** |  |  | $6085503  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 5088  |
| Liabilities in Excess of Other Assets - (2.1)% |  |  | (126942)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $5963649 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

7<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Emerging Markets 10 Buffer ETF - Quarterly** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.1)%** | **WRITTEN OPTIONS - (2.1)%** | **WRITTEN OPTIONS - (2.1)%** | **WRITTEN OPTIONS - (2.1)%** |
| **Call Options - (1.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI Emerging Markets ETF, Expiration: 06/30/2025; Exercise <br>Price: $45.33<sup>(a)(b)</sup> | $(5977616) | (1366) | $(85812)  |
| **Put Options - (0.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI Emerging Markets ETF, Expiration: 06/30/2025; Exercise <br>Price: $39.33<sup>(a)(b)</sup> | (5977616) | (1366) | (37073)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $154,591)** |  |  | $(122885) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $6085503 | 102.0%  |
| Written Options | (122885) | (2.1)  |
| Money Market Deposit Account | 5088 | 0.1  |
| Liabilities in Excess of Other Assets | (4057) | 0.0  |
|  | $5963649 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Emerging Markets Power Buffer ETF - April** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 104.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 104.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 104.4%<sup>(a)</sup>** |
| **Call Options - 97.6%**<br>|  |  |  |
| iShares MSCI Emerging Markets ETF, Expiration: 03/31/2026; Exercise Price: $0.44<sup>(b)(c)(d)</sup> | $73674336 | 16836 | $70930235  |
| **Put Options - 6.8%**<br>|  |  |  |
| iShares MSCI Emerging Markets ETF, Expiration: 03/31/2026; Exercise Price: $43.70<sup>(b)(c)(d)</sup> | 73674336 | 16836 | 4953688  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $75,633,450)** |  |  | 75883923  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.4%** <br>**(Cost $75,633,450)** |  |  | $75883923  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 124204  |
| Liabilities in Excess of Other Assets - (4.6)% |  |  | (3372933)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $72635194 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Emerging Markets Power Buffer ETF - April** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.6)%** | **WRITTEN OPTIONS - (4.6)%** | **WRITTEN OPTIONS - (4.6)%** | **WRITTEN OPTIONS - (4.6)%** |
| **Call Options - (2.2)%**<br>|  |  |  |
| iShares MSCI Emerging Markets ETF, Expiration: 03/31/2026; Exercise Price: $50.12<sup>(a)(b)</sup> | $(73674336) | (16836) | $(1617256)  |
| **Put Options - (2.4)%**<br>|  |  |  |
| iShares MSCI Emerging Markets ETF, Expiration: 03/31/2026; Exercise Price: $37.15<sup>(a)(b)</sup> | (73674336) | (16836) | (1710559)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,143,026)** |  |  | $(3327815) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $75883923 | 104.4%  |
| Written Options | (3327815) | (4.6)  |
| Money Market Deposit Account | 124204 | 0.2  |
| Liabilities in Excess of Other Assets | (45118) | 0.0  |
|  | $72635194 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Emerging Markets Power Buffer ETF - January** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 103.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 103.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 103.8%<sup>(a)</sup>** |
| **Call Options - 99.5%**<br>|  |  |  |
| iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $0.42<sup>(b)(c)(d)</sup> | $113250880 | 25880 | $109884668  |
| **Put Options - 4.3%**<br>|  |  |  |
| iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $41.82<sup>(b)(c)(d)</sup> | 113250880 | 25880 | 4677034  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $111,870,989)** |  |  | 114561702  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.8%** <br>**(Cost $111,870,989)** |  |  | $114561702  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 222950  |
| Liabilities in Excess of Other Assets - (4.0)% |  |  | (4383200)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $110401452 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Emerging Markets Power Buffer ETF - January** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.9)%** | **WRITTEN OPTIONS - (3.9)%** | **WRITTEN OPTIONS - (3.9)%** | **WRITTEN OPTIONS - (3.9)%** |
| **Call Options - (2.4)%**<br>|  |  |  |
| iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $48.22<sup>(a)(b)</sup> | $(113250880) | (25880) | $(2636913)  |
| **Put Options - (1.5)%**<br>|  |  |  |
| iShares MSCI Emerging Markets ETF, Expiration: 12/31/2025; Exercise Price: $35.55<sup>(a)(b)</sup> | (113250880) | (25880) | (1663825)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $4,546,691)** |  |  | $(4300738) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $114561702 | 103.8%  |
| Written Options | (4300738) | (3.9)  |
| Money Market Deposit Account | 222950 | 0.2  |
| Liabilities in Excess of Other Assets | (82462) | (0.1)  |
|  | $110401452 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Emerging Markets Power Buffer ETF - July** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.4%<sup>(a)</sup>** |
| **Call Options - 98.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI Emerging Markets ETF, Expiration: 06/30/2025; Exercise <br>Price: $0.43<sup>(b)(c)(d)</sup> | $71425072 | 16322 | $70108050  |
| **Put Options - 2.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI Emerging Markets ETF, Expiration: 06/30/2025; Exercise <br>Price: $42.59<sup>(b)(c)(d)</sup> | 71425072 | 16322 | 1386064  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $71,173,132)** |  |  | 71494114  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.4%** <br>**(Cost $71,173,132)** |  |  | $71494114  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 138768  |
| Liabilities in Excess of Other Assets - (0.6)% |  |  | (406275)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $71226607 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Emerging Markets Power Buffer ETF - July** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.5)%** | **WRITTEN OPTIONS - (0.5)%** | **WRITTEN OPTIONS - (0.5)%** | **WRITTEN OPTIONS - (0.5)%** |
| **Call Options - (0.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI Emerging Markets ETF, Expiration: 06/30/2025; Exercise <br>Price: $49.15<sup>(a)(b)</sup> | $(71425072) | (16322) | $(172360)  |
| **Put Options - (0.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI Emerging Markets ETF, Expiration: 06/30/2025; Exercise <br>Price: $36.20<sup>(a)(b)</sup> | (71425072) | (16322) | (181501)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,282,496)** |  |  | $(353861) |

---

Percentages are stated as a percentof net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $71494114 | 100.4%  |
| Written Options | (353861) | (0.5)  |
| Money Market Deposit Account | 138768 | 0.2  |
| Liabilities in Excess of Other Assets | (52414) | (0.1)  |
|  | $71226607 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

14<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Emerging Markets Power Buffer ETF - October** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 101.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 101.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 101.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 101.8%<sup>(a)</sup>** |
| **Call Options - 95.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI Emerging Markets ETF, Expiration: 09/30/2025; Exercise <br>Price: $0.46<sup>(b)(c)(d)</sup> | $59251040 | 13540 | $58079965  |
| **Put Options - 6.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI Emerging Markets ETF, Expiration: 09/30/2025; Exercise <br>Price: $45.86<sup>(b)(c)(d)</sup> | 59251040 | 13540 | 4081091  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $64,504,516)** |  |  | 62161056  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.8%** <br>**(Cost $64,504,516)** |  |  | $62161056  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 136435  |
| Liabilities in Excess of Other Assets - (2.0)% |  |  | (1198828)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $61098663 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Emerging Markets Power Buffer ETF - October** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.9)%** | **WRITTEN OPTIONS - (1.9)%** | **WRITTEN OPTIONS - (1.9)%** | **WRITTEN OPTIONS - (1.9)%** |
| **Call Options - (0.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI Emerging Markets ETF, Expiration: 09/30/2025; Exercise <br>Price: $53.10<sup>(a)(b)</sup> | $(59251040) | (13540) | $(169250)  |
| **Put Options - (1.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI Emerging Markets ETF, Expiration: 09/30/2025; Exercise <br>Price: $38.98<sup>(a)(b)</sup> | (59251040) | (13540) | (976911)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,296,881)** |  |  | $(1146161) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $62161056 | 101.8%  |
| Written Options | (1146161) | (1.9)  |
| Money Market Deposit Account | 136435 | 0.2  |
| Liabilities in Excess of Other Assets | (52667) | (0.1)  |
|  | $61098663 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

16<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr April** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 104.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 104.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 104.2%<sup>(a)</sup>** |
| **Call Options - 97.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $5.63<sup>(b)(c)(d)</sup> | $42034132 | &nbsp;&nbsp;&nbsp; 758 | $41163948  |
| **Put Options - 6.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $559.42<sup>(b)(c)(d)</sup> | 42034132 | &nbsp;&nbsp;&nbsp; 758 | 2891770  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $42,824,127)** |  |  | 44055718  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.2%** <br>**(Cost $42,824,127)** |  |  | $44055718  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 86319  |
| Liabilities in Excess of Other Assets - (4.4)% |  |  | (1848744)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $42293293 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr April** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.5)%** | **WRITTEN OPTIONS - (4.5)%** | **WRITTEN OPTIONS - (4.5)%** | **WRITTEN OPTIONS - (4.5)%** |
| **Call Options - (4.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $601.51<sup>(a)(b)</sup> | $(42034132) | &nbsp;&nbsp;&nbsp;&nbsp;(758) | $(1887420)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,174,952)** |  |  | $(1887420) |

---

Percentages are stated as a percentof net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $44055718 | 104.2%  |
| Written Options | (1887420) | (4.5)  |
| Money Market Deposit Account | 86319 | 0.2  |
| Other Assets in Excess of Other Assets | 38676 | 0.1  |
|  | $42293293 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

18<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr August** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.6%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.6%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.6%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.6%<sup>(a)</sup>** |
| **Call Options - 97.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise <br>Price: $5.54<sup>(b)(c)(d)</sup> | $72145654 | &nbsp;&nbsp; 1301 | $71220643  |
| **Put Options - 3.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise <br>Price: $550.84<sup>(b)(c)(d)</sup> | 72145654 | &nbsp;&nbsp; 1301 | 2639729  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $72,762,456)** |  |  | 73860372  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.6%** <br>**(Cost $72,762,456)** |  |  | $73860372  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 228241  |
| Liabilities in Excess of Other Assets - (0.9)% |  |  | (688626)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $73399987 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr August** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.0)%** | **WRITTEN OPTIONS - (1.0)%** | **WRITTEN OPTIONS - (1.0)%** | **WRITTEN OPTIONS - (1.0)%** |
| **Call Options - (1.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise <br>Price: $599.39<sup>(a)(b)</sup> | $(72145654) | (1301) | $(698637)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,658,780)** |  |  | $(698637) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $73860372 | 100.6%  |
| Written Options | (698637) | (1.0)  |
| Money Market Deposit Account | 228241 | 0.3  |
| Other Assets in Excess of Other Assets | 10011 | 0.1<sup>(a)</sup>  |
|  | $73399987 | 100.0% |

---

<sup>(a)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

20<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr December** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.2%<sup>(a)</sup>** |
| **Call Options - 91.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $6.05<sup>(b)(c)(d)</sup> | $156435734 | &nbsp;&nbsp; 2821 | $153992748  |
| **Put Options - 8.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $602.57<sup>(b)(c)(d)</sup> | 156435734 | &nbsp;&nbsp; 2821 | 14578928  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $172,111,240)** |  |  | 168571676  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%** <br>**(Cost $172,111,240)** |  |  | $168571676  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 598805  |
| Liabilities in Excess of Other Assets - (0.6)% |  |  | (995348)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $168175133 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

21<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr December** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.6)%** | **WRITTEN OPTIONS - (0.6)%** | **WRITTEN OPTIONS - (0.6)%** | **WRITTEN OPTIONS - (0.6)%** |
| **Call Options - (0.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $649.49<sup>(a)(b)</sup> | $(156435734) | (2821) | $(950677)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,804,631)** |  |  | $(950677) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $168571676 | 100.2%  |
| Written Options | (950677) | (0.6)  |
| Money Market Deposit Account | 598805 | 0.4  |
| Liabilities in Excess of Other Assets | (44671) | 0.0<sup>(a)</sup>  |
|  | $168175133 | 100.0% |

---

<sup>(a)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

22<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr February** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.8%<sup>(a)</sup>** |
| **Call Options - 91.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $6.04<sup>(b)(c)(d)</sup> | $126213304 | &nbsp;&nbsp; 2276 | $123799128  |
| **Put Options - 9.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $601.84<sup>(b)(c)(d)</sup> | 126213304 | &nbsp;&nbsp; 2276 | 12334213  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $138,999,904)** |  |  | 136133341  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.8%** <br>**(Cost $138,999,904)** |  |  | $136133341  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 333860  |
| Liabilities in Excess of Other Assets - (1.0)% |  |  | (1380098)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $135087103 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr February** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.0)%** | **WRITTEN OPTIONS - (1.0)%** | **WRITTEN OPTIONS - (1.0)%** | **WRITTEN OPTIONS - (1.0)%** |
| **Call Options - (1.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $647.86<sup>(a)(b)</sup> | $(126213304) | (2276) | $(1354834)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,762,395)** |  |  | $(1354834) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $136133341 | 100.8%  |
| Written Options | (1354834) | (1.0)  |
| Money Market Deposit Account | 333860 | 0.2  |
| Liabilities in Excess of Other Assets | (25264) | 0.0<sup>(a)</sup>  |
|  | $135087103 | 100.0% |

---

<sup>(a)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr January** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 101.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 101.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 101.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 101.2%<sup>(a)</sup>** |
| **Call Options - 93.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $5.90<sup>(b)(c)(d)</sup> | $51128588 | &nbsp;&nbsp;&nbsp; 922 | $50132017  |
| **Put Options - 7.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $586.12<sup>(b)(c)(d)</sup> | 51128588 | &nbsp;&nbsp;&nbsp; 922 | 4207482  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $55,759,264)** |  |  | 54339499  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.2%** <br>**(Cost $55,759,264)** |  |  | $54339499  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 160647  |
| Liabilities in Excess of Other Assets - (1.5)% |  |  | (795053)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $53705093 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr January** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.4)%** | **WRITTEN OPTIONS - (1.4)%** | **WRITTEN OPTIONS - (1.4)%** | **WRITTEN OPTIONS - (1.4)%** |
| **Call Options - (1.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $630.27<sup>(a)(b)</sup> | $(51128588) | &nbsp;&nbsp;&nbsp;&nbsp;(922) | $(761231)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,133,435)** |  |  | $(761231) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $54339499 | 101.2%  |
| Written Options | (761231) | (1.4)  |
| Money Market Deposit Account | 160647 | 0.3  |
| Liabilities in Excess of Other Assets | (33822) | (0.1)  |
|  | $53705093 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

26<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr July** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.3%<sup>(a)</sup>** |
| **Call Options - 97.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $5.51<sup>(b)(c)(d)</sup> | $111739810 | &nbsp;&nbsp; 2015 | $110198677  |
| **Put Options - 2.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $544.25<sup>(b)(c)(d)</sup> | 111739810 | &nbsp;&nbsp; 2015 | 2964025  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $113,337,749)** |  |  | 113162702  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.3%** <br>**(Cost $113,337,749)** |  |  | $113162702  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 366417  |
| Liabilities in Excess of Other Assets - (0.6)% |  |  | (634030)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $112895089 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr July** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.5)%** | **WRITTEN OPTIONS - (0.5)%** | **WRITTEN OPTIONS - (0.5)%** | **WRITTEN OPTIONS - (0.5)%** |
| **Call Options - (0.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $595.92<sup>(a)(b)</sup> | $(111739810) | (2015) | $(567263)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,141,338)** |  |  | $(567263) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $113162702 | 100.3%  |
| Written Options | (567263) | (0.5)  |
| Money Market Deposit Account | 366417 | 0.3  |
| Liabilities in Excess of Other Assets | (66767) | (0.1)  |
|  | $112895089 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

28<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr March** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 101.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 101.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 101.3%<sup>(a)</sup>** | **PURCHASED OPTIONS - 101.3%<sup>(a)</sup>** |
| **Call Options - 92.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $5.97<sup>(b)(c)(d)</sup> | $99318114 | &nbsp;&nbsp; 1791 | $97463551  |
| **Put Options - 8.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $594.20<sup>(b)(c)(d)</sup> | 99318114 | &nbsp;&nbsp; 1791 | 9138918  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $107,432,092)** |  |  | 106602469  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.3%** <br>**(Cost $107,432,092)** |  |  | $106602469  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 278871  |
| Liabilities in Excess of Other Assets - (1.6)% |  |  | (1710698)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $105170642 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr March** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.6)%** | **WRITTEN OPTIONS - (1.6)%** | **WRITTEN OPTIONS - (1.6)%** | **WRITTEN OPTIONS - (1.6)%** |
| **Call Options - (1.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $640.41<sup>(a)(b)</sup> | $(99318114) | (1791) | $(1642437)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,579,369)** |  |  | $(1642437) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $106602469 | 101.3%  |
| Written Options | (1642437) | (1.6)  |
| Money Market Deposit Account | 278871 | 0.3  |
| Liabilities in Excess of Other Assets | (68261) | 0.0  |
|  | $105170642 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

30<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr May** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.6%<sup>(a)</sup>** <br>|  |  |  |
| **Call Options - 98.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $5.57<sup>(b)(c)(d)</sup> | $1219988 | &nbsp;&nbsp;&nbsp;&nbsp; 22 | $1195194  |
| **Put Options - 6.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $554.56<sup>(b)(c)(d)</sup> | 1219988 | &nbsp;&nbsp;&nbsp;&nbsp; 22 | 82654  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,277,943)** |  |  | 1277848  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.6%** <br>**(Cost $1,277,943)** |  |  | $1277848  |
| Liabilities in Excess of Other Assets - (5.6)% |  |  | (66887)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $1210961 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

31<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr May** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.7)%**  | **WRITTEN OPTIONS - (5.7)%**  | **WRITTEN OPTIONS - (5.7)%**  | **WRITTEN OPTIONS - (5.7)%**  |
| **Call Options - (5.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $594.58<sup>(a)(b)</sup> | $(1219988) | &nbsp;&nbsp;&nbsp;&nbsp;(22) | $(68530)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $68,481)** |  |  | $(68530) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $1277848 | 105.6%  |
| Written Options | (68530) | (5.7)  |
| Other Assets in Excess of Other Assets | 1643 | 0.1  |
|  | $1210961 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

32<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr NOVEMBER** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 101.5%<sup>(a)</sup>** | **PURCHASED OPTIONS - 101.5%<sup>(a)</sup>** | **PURCHASED OPTIONS - 101.5%<sup>(a)</sup>** | **PURCHASED OPTIONS - 101.5%<sup>(a)</sup>** |
| **Call Options - 95.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise <br>Price: $5.72<sup>(b)(c)(d)</sup> | $48633158 | &nbsp;&nbsp;&nbsp; 877 | $47853970  |
| **Put Options - 6.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise <br>Price: $568.67<sup>(b)(c)(d)</sup> | 48633158 | &nbsp;&nbsp;&nbsp; 877 | 3025395  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $52,806,699)** |  |  | 50879365  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.5%** <br>**(Cost $52,806,699)** |  |  | $50879365  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 163840  |
| Liabilities in Excess of Other Assets - (1.8)% |  |  | (894259)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $50148946 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

33<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr NOVEMBER** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.7)%**  | **WRITTEN OPTIONS - (1.7)%**  | **WRITTEN OPTIONS - (1.7)%**  | **WRITTEN OPTIONS - (1.7)%**  |
| **Call Options - (1.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise <br>Price: $611.29<sup>(a)(b)</sup> | $(48633158) | &nbsp;&nbsp;&nbsp;&nbsp;(877) | $(865634)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,056,207)** |  |  | $(865634) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $50879365 | 101.5%  |
| Written Options | (865634) | (1.7)  |
| Money Market Deposit Account | 163840 | 0.3  |
| Liabilities in Excess of Other Assets | (28625) | (0.1)  |
|  | $50148946 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

34<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr October** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.9%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 94.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise <br>Price: $5.81<sup>(b)(c)(d)</sup> | $70426580 | &nbsp;&nbsp; 1270 | $69408751  |
| **Put Options - 6.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise <br>Price: $573.79<sup>(b)(c)(d)</sup> | 70426580 | &nbsp;&nbsp; 1270 | 4436466  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $74,797,633)** |  |  | 73845217  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.9%** <br>**(Cost $74,797,633)** |  |  | $73845217  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 255661  |
| Liabilities in Excess of Other Assets - (1.2)% |  |  | (898708)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $73202170 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr October** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.2)%** <br>|  |  |  |
| **Call Options - (1.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise <br>Price: $612.66<sup>(a)(b)</sup> | $(70426580) | (1270) | $(853199)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,786,810)** |  |  | $(853199) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $73845217 | 100.9%  |
| Written Options | (853199) | (1.2)  |
| Money Market Deposit Account | 255661 | 0.3  |
| Liabilities in Excess of Other Assets | (45509) | 0.0  |
|  | $73202170 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

36<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr September** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.9%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 96.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise <br>Price: $5.67<sup>(b)(c)(d)</sup> | $79521036 | &nbsp;&nbsp; 1434 | $78432085  |
| **Put Options - 4.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise <br>Price: $563.71<sup>(b)(c)(d)</sup> | 79521036 | &nbsp;&nbsp; 1434 | 3977887  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $82,533,389)** |  |  | 82409972  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.9%** <br>**(Cost $82,533,389)** |  |  | $82409972  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 239004  |
| Liabilities in Excess of Other Assets - (1.2)% |  |  | (961563)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $81687413 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 1 Yr September** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.1)%**<br>|  |  |  |
| **Call Options - (1.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise <br>Price: $606.18<sup>(a)(b)</sup> | $(79521036) | (1434) | $(909773)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,199,496)** |  |  | $(909773) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $82409972 | 100.9%  |
| Written Options | (909773) | (1.1)  |
| Money Market Deposit Account | 239004 | 0.3  |
| Liabilities in Excess of Other Assets | (51790) | (0.1)  |
|  | $81687413 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 2 Yr to April 2026** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 103.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 103.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 103.0%<sup>(a)</sup>**  |
| **Call Options - 98.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $9.42<sup>(b)(c)(d)</sup> | $60722130 | &nbsp;&nbsp; 1095 | $59076093  |
| **Put Options - 4.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $523.07<sup>(b)(c)(d)</sup> | 60722130 | &nbsp;&nbsp; 1095 | 2936133  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $59,614,166)** |  |  | 62012226  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.0%** <br>**(Cost $59,614,166)** |  |  | $62012226  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 251780  |
| Liabilities in Excess of Other Assets - (3.4)% |  |  | (2045198)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $60218808 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 2 Yr to April 2026** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.3)%**  | **WRITTEN OPTIONS - (3.3)%**  | **WRITTEN OPTIONS - (3.3)%**  | **WRITTEN OPTIONS - (3.3)%**  |
| Call Options - (3.3)%<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $617.22<sup>(a)(b)</sup> | $(60722130) | (1095) | $(2005142)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,242,065)** |  |  | $(2005142) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $62012226 | 103.0%  |
| Written Options | (2005142) | (3.3)  |
| Money Market Deposit Account | 251780 | 0.4  |
| Liabilities in Excess of Other Assets | (40056) | (0.1)  |
|  | $60218808 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

40<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 2 Yr to April 2027** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.1%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 105.1%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 105.1%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 105.1%<sup>(a)</sup>**  |
| **Call Options - 96.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2027; Exercise <br>Price: $10.07<sup>(b)(c)(d)</sup> | $5489946 | &nbsp;&nbsp;&nbsp;&nbsp; 99 | $5285603  |
| **Put Options - 8.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2027; Exercise <br>Price: $559.39<sup>(b)(c)(d)</sup> | 5489946 | &nbsp;&nbsp;&nbsp;&nbsp; 99 | 486310  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $5,664,157)** |  |  | 5771913  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.1%** <br>**(Cost $5,664,157)** |  |  | $5771913  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 11611  |
| Liabilities in Excess of Other Assets - (5.3)% |  |  | (292172)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $5491352 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

41<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 2 Yr to April 2027** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.3)%**  | **WRITTEN OPTIONS - (5.3)%**  | **WRITTEN OPTIONS - (5.3)%**  | **WRITTEN OPTIONS - (5.3)%**  |
| **Call Options - (5.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2027; Exercise <br>Price: $645.09<sup>(a)(b)</sup> | $(5489946) | &nbsp;&nbsp;&nbsp;&nbsp;(99) | $(289421)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $245,891)** |  |  | $(289421) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $5771913 | 105.1%  |
| Written Options | (289421) | (5.3)  |
| Money Market Deposit Account | 11611 | 0.2  |
| Liabilities in Excess of Other Assets | (2751) | 0.0  |
|  | $5491352 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

42<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 2 Yr to January 2026** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 108.6%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 108.6%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 108.6%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 108.6%<sup>(a)</sup>**  |
| **Call Options - 106.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF, Expiration: 12/31/2025; Exercise <br>Price: $8.56<sup>(b)(c)(d)</sup> | $53513110 | &nbsp;&nbsp;&nbsp; 965 | $52220589  |
| **Put Options - 2.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF, Expiration: 12/31/2025; Exercise <br>Price: $475.31<sup>(b)(c)(d)</sup> | 53513110 | &nbsp;&nbsp;&nbsp; 965 | 1271330  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $49,473,118)** |  |  | 53491919  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.6%** <br>**(Cost $49,473,118)** |  |  | $53491919  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 192430  |
| Liabilities in Excess of Other Assets - (9.0)% |  |  | (4419846)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $49264503 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

43<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 2 Yr to January 2026** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (8.9)%**  | **WRITTEN OPTIONS - (8.9)%**  | **WRITTEN OPTIONS - (8.9)%**  | **WRITTEN OPTIONS - (8.9)%**  |
| **Call Options - (8.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF, Expiration: 12/31/2025; Exercise <br>Price: $550.46<sup>(a)(b)</sup> | $(53513110) | &nbsp;&nbsp;&nbsp;&nbsp;(965) | $(4388135)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,940,012)** |  |  | $(4388135) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $53491919 | 108.6%  |
| Written Options | (4388135) | (8.9)  |
| Money Market Deposit Account | 192430 | 0.4  |
| Liabilities in Excess of Other Assets | (31711) | (0.1)  |
|  | $49264503 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

44<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 2 Yr to January 2027** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 102.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 102.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 102.0%<sup>(a)</sup>**  |
| **Call Options - 92.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2026; Exercise <br>Price: $10.55<sup>(b)(c)(d)</sup> | $51738582 | &nbsp;&nbsp;&nbsp; 933 | $49880130  |
| **Put Options - 9.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2026; Exercise <br>Price: $586.08<sup>(b)(c)(d)</sup> | 51738582 | &nbsp;&nbsp;&nbsp; 933 | 5326721  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $56,650,013)** |  |  | 55206851  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.0%** <br>**(Cost $56,650,013)** |  |  | $55206851  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 198810  |
| Liabilities in Excess of Other Assets - (2.4)% |  |  | (1320783)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $54084878 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

45<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 2 Yr to January 2027** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.4)%**  | **WRITTEN OPTIONS - (2.4)%**  | **WRITTEN OPTIONS - (2.4)%**  | **WRITTEN OPTIONS - (2.4)%**  |
| **Call Options - (2.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2026; Exercise <br>Price: $679.50<sup>(a)(b)</sup> | $(51738582) | &nbsp;&nbsp;&nbsp;&nbsp;(933) | $(1298083)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,697,837)** |  |  | $(1298083) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $55206851 | 102.0%  |
| Written Options | (1298083) | (2.4)  |
| Money Market Deposit Account | 198810 | 0.4  |
| Liabilities in Excess of Other Assets | (22700) | 0.0<sup>(a)</sup>  |
|  | $54084878 | 100.0% |

---

<sup>(a)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

46<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 2 Yr to July 2025** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount**  | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 107.6%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 107.6%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 107.6%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 107.6%<sup>(a)</sup>**  |
| **Call Options - 107.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF, Expiration: 06/30/2025; Exercise <br>Price: $8.12<sup>(b)(c)(d)</sup> | $173016480 | &nbsp;&nbsp; 3120 | $169927680  |
| **Put Options - 0.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF, Expiration: 06/30/2025; Exercise <br>Price: $450.84<sup>(b)(c)(d)</sup> | 173016480 | &nbsp;&nbsp; 3120 | 558480  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $156,434,865)** |  |  | 170486160  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.6%** <br>**(Cost $156,434,865)** |  |  | $170486160  |
| Money Market Deposit Account - 0.5%<sup>(e)</sup> |  |  | 780750  |
| Liabilities in Excess of Other Assets - (8.1)% |  |  | (12833480)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $158433430 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

47<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 2 Yr to July 2025** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (8.0)%**  | **WRITTEN OPTIONS - (8.0)%**  | **WRITTEN OPTIONS - (8.0)%**  | **WRITTEN OPTIONS - (8.0)%**  |
| **Call Options - (8.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF, Expiration: 06/30/2025; Exercise <br>Price: $525.81<sup>(a)(b)</sup> | $(173016480) | (3120) | $(12682800)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $5,097,933)** |  |  | $(12682800) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $170486160 | 107.6%  |
| Written Options | (12682800) | (8.0)  |
| Money Market Deposit Account | 780750 | 0.5  |
| Liabilities in Excess of Other Assets | (150680) | (0.1)  |
|  | $158433430 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

48<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 2 Yr to July 2026** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.2%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 102.2%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 102.2%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 102.2%<sup>(a)</sup>**  |
| **Call Options - 95.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $9.80<sup>(b)(c)(d)</sup> | $66766616 | &nbsp;&nbsp; 1204 | $64770396  |
| **Put Options - 6.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $544.22<sup>(b)(c)(d)</sup> | 66766616 | &nbsp;&nbsp; 1204 | 4377359  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $67,796,726)** |  |  | 69147755  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.2%** <br>**(Cost $67,796,726)** |  |  | $69147755  |
| Money Market Deposit Account - 0.5%<sup>(e)</sup> |  |  | 325829  |
| Liabilities in Excess of Other Assets - (2.7)% |  |  | (1840866)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $67632718 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

49<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 2 Yr to July 2026** 

**Schedule of Written Options** 

**April 30, 2025 (Uaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.7)%**  | **WRITTEN OPTIONS - (2.7)%**  | **WRITTEN OPTIONS - (2.7)%**  | **WRITTEN OPTIONS - (2.7)%**  |
| **Call Options - (2.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2026; Exercise <br>Price: $643.27<sup>(a)(b)</sup> | $(66766616) | (1204) | $(1799390)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,532,542)** |  |  | $(1799390) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $69147755 | 102.2%  |
| Written Options | (1799390) | (2.7)  |
| Money Market Deposit Account | 325829 | 0.5  |
| Liabilities in Excess of Other Assets | (41476) | 0.0  |
|  | $67632718 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

50<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 2 Yr to October 2026** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.9%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 102.9%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 102.9%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 102.9%<sup>(a)</sup>**  |
| **Call Options - 94.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $10.33<sup>(b)(c)(d)</sup> | $82571006 | &nbsp;&nbsp; 1489 | $79856723  |
| **Put Options - 8.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $573.76<sup>(b)(c)(d)</sup> | 82571006 | &nbsp;&nbsp; 1489 | 7405839  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $88,742,811)** |  |  | 87262562  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.9%** <br>**(Cost $88,742,811)** |  |  | $87262562  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 360134  |
| Liabilities in Excess of Other Assets - (3.3)% |  |  | (2799369)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $84823327 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

51<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 2 Yr to October 2026** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.2)%**  | **WRITTEN OPTIONS - (3.2)%**  | **WRITTEN OPTIONS - (3.2)%**  | **WRITTEN OPTIONS - (3.2)%**  |
| **Call Options - (3.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2026; Exercise <br>Price: $648.12<sup>(a)(b)</sup> | $(82571006) | (1489) | $(2746803)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $4,977,195)** |  |  | $(2746803) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $87262562 | 102.9%  |
| Written Options | (2746803) | (3.2)  |
| Money Market Deposit Account | 360134 | 0.4  |
| Liabilities in Excess of Other Assets | (52566) | (0.1)  |
|  | $84823327 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

52<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.4%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 103.4%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 103.4%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 103.4%<sup>(a)</sup>**  |
| **Call Options - 98.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise <br>Price: $2.80<sup>(b)(c)(d)</sup> | $72312016 | &nbsp;&nbsp; 1304 | $71557730  |
| **Put Options - 5.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise <br>Price: $559.39<sup>(b)(c)(d)</sup> | 72312016 | &nbsp;&nbsp; 1304 | 3771455  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $74,683,932)** |  |  | 75329185  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.4%** <br>**(Cost $74,683,932)** |  |  | $75329185  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 97895  |
| Liabilities in Excess of Other Assets - (3.5)% |  |  | (2553468)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $72873612 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

53<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.4)%**  | **WRITTEN OPTIONS - (3.4)%**  | **WRITTEN OPTIONS - (3.4)%**  | **WRITTEN OPTIONS - (3.4)%**  |
| **Call Options - (3.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise <br>Price: $580.26<sup>(a)(b)</sup> | $(72312016) | (1304) | $(2509444)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,297,194)** |  |  | $(2509444) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $75329185 | 103.4%  |
| Written Options | (2509444) | (3.4)  |
| Money Market Deposit Account | 97895 | 0.1  |
| Liabilities in Excess of Other Assets | (44024) | (0.1)  |
|  | $72873612 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

54<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.1%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 94.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $2.93<sup>(b)(c)(d)</sup> | $234293150 | &nbsp;&nbsp; 4225 | $232143132  |
| **Put Options - 5.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $586.08<sup>(b)(c)(d)</sup> | 234293150 | &nbsp;&nbsp; 4225 | 14535310  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $254,508,020)** |  |  | 246678442  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $254,508,020)** |  |  | $246678442  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 470245  |
| Liabilities in Excess of Other Assets - (0.3)% |  |  | (684917)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $246463770 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

55<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.2)%**<br>|  |  |  |
| **Call Options - (0.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $608.06<sup>(a)(b)</sup> | $(234293150) | (4225) | $(518830)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $7,560,732)** |  |  | $(518830) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $246678442 | 100.1%  |
| Written Options | (518830) | (0.2)  |
| Money Market Deposit Account | 470245 | 0.2  |
| Liabilities in Excess of Other Assets | (166087) | (0.1)  |
|  | $246463770 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

56<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Growth Accelerated ETF - Quarterly** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.0%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 105.0%**<br>|  |  |  |
| Invesco QQQ Trust Series 1<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2025; Exercise Price: $1.17 | $33901011 | &nbsp;&nbsp;&nbsp; 713 | $33774517  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2025; Exercise Price: $468.92 | 33901011 | &nbsp;&nbsp;&nbsp; 713 | 1803719  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $35,028,582)** |  |  | 35578236  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.0%** <br>**(Cost $35,028,582)** |  |  | $35578236  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 58023  |
| Liabilities in Excess of Other Assets - (5.2)% |  |  | (1768590)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $33867669 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

57<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Growth Accelerated ETF - Quarterly** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.2)%**<br>|  |  |  |
| **Call Options - (5.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise <br>Price: $492.18<sup>(a)(b)</sup> | $(67802022) | (1426) | $(1745025)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,648,656)** |  |  | $(1745025) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $35578236 | 105.0%  |
| Written Options | (1745025) | (5.2)  |
| Money Market Deposit Account | 58023 | 0.2  |
| Liabilities in Excess of Other Assets | (23565) | 0.0  |
|  | $33867669 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

58<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Growth Accelerated Plus ETF - April** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 124.5%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 124.5%**<br>|  |  |  |
| Invesco QQQ Trust Series 1<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $4.70 | $14501835 | &nbsp;&nbsp;&nbsp; 305 | $14313610  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $468.92 | 29003670 | &nbsp;&nbsp;&nbsp; 610 | 3454821  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $16,987,686)** |  |  | 17768431  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 124.5%** <br>**(Cost $16,987,686)** |  |  | $17768431  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 49574  |
| Liabilities in Excess of Other Assets - (24.8)% |  |  | (3538305)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $14279700 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

59<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Innovator Growth Accelerated Plus ETF - April** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (24.7)%**<br>|  |  |  |
| **Call Options - (24.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise <br>Price: $501.98<sup>(a)(b)</sup> | $(43505505) | &nbsp;&nbsp;&nbsp;&nbsp;(915) | $(3527893)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,961,246)** |  |  | $(3527893) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $17768431 | 124.5%  |
| Written Options | (3527893) | (24.7)  |
| Money Market Deposit Account | 49574 | 0.3  |
| Liabilities in Excess of Other Assets | (10412) | (0.1)  |
|  | $14279700 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator Growth Accelerated Plus ETF - January** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 108.3%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 108.3%**<br>|  |  |  |
| Invesco QQQ Trust Series 1<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $5.13 | $14073912 | &nbsp;&nbsp;&nbsp; 296 | $13881334  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $511.23 | 28147824 | &nbsp;&nbsp;&nbsp; 592 | 1559405  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $17,955,268)** |  |  | 15440739  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.3%** <br>**(Cost $17,955,268)** |  |  | $15440739  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 59083  |
| Liabilities in Excess of Other Assets - (8.7)% |  |  | (1236754)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $14263068 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

61<br>

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**Innovator Growth Accelerated Plus ETF - January** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (8.6)%**<br>|  |  |  |
| **Call Options - (8.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise <br>Price: $544.36<sup>(a)(b)</sup> | $(42221736) | &nbsp;&nbsp;&nbsp;&nbsp;(888) | $(1227803)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,027,774)** |  |  | $(1227803) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $15440739 | 108.3%  |
| Written Options | (1227803) | (8.6)  |
| Money Market Deposit Account | 59083 | 0.4  |
| Liabilities in Excess of Other Assets | (8951) | (0.1)  |
|  | $14263068 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator Growth Accelerated Plus ETF - July** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.3%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 103.3%**<br>|  |  |  |
| Invesco QQQ Trust Series 1<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2025; Exercise Price: $4.81 | $11981844 | &nbsp;&nbsp;&nbsp; 252 | $11846124  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2025; Exercise Price: $479.11 | 23963688 | &nbsp;&nbsp;&nbsp; 504 | 959934  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $14,534,996)** |  |  | 12806058  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.3%** <br>**(Cost $14,534,996)** |  |  | $12806058  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 29813  |
| Liabilities in Excess of Other Assets - (3.5)% |  |  | (431038)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $12404833 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

63<br>

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**Innovator Growth Accelerated Plus ETF - July** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.4)%**<br>|  |  |  |
| **Call Options - (3.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise <br>Price: $510.20<sup>(a)(b)</sup> | $(35945532) | &nbsp;&nbsp;&nbsp;&nbsp;(756) | $(422241)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,201,613)** |  |  | $(422241) |

---

Percentages are stated as a percentof net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $12806058 | 103.3%  |
| Written Options | (422241) | (3.4)  |
| Money Market Deposit Account | 29813 | 0.2  |
| Liabilities in Excess of Other Assets | (8797) | (0.1)  |
|  | $12404833 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator Growth Accelerated Plus ETF - October** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 108.0%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 108.0%**<br>|  |  |  |
| Invesco QQQ Trust Series 1<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2025; Exercise Price: $4.90 | $13645989 | &nbsp;&nbsp;&nbsp; 287 | $13473571  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2025; Exercise Price: $488.07 | 27291978 | &nbsp;&nbsp;&nbsp; 574 | 1605891  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $17,070,541)** |  |  | 15079462  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.0%** <br>**(Cost $17,070,541)** |  |  | $15079462  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 57270  |
| Liabilities in Excess of Other Assets - (8.4)% |  |  | (1168090)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $13968642 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

65<br>

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**Innovator Growth Accelerated Plus ETF - October** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (8.3)%**<br>|  |  |  |
| **Call Options - (8.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 09/30/2025; Exercise <br>Price: $520.14<sup>(a)(b)</sup> | $(40937967) | &nbsp;&nbsp;&nbsp;&nbsp;(861) | $(1159896)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,978,022)** |  |  | $(1159896) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $15079462 | 108.0%  |
| Written Options | (1159896) | (8.3)  |
| Money Market Deposit Account | 57270 | 0.4  |
| Liabilities in Excess of Other Assets | (8194) | (0.1)  |
|  | $13968642 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator Growth-100 Power Buffer ETF - April** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 107.8%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 100.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise <br>Price: $4.69<sup>(b)(c)(d)</sup> | $239684427 | &nbsp;&nbsp; 5041 | $236578314  |
| **Put Options - 7.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise <br>Price: $468.92<sup>(b)(c)(d)</sup> | 239684427 | &nbsp;&nbsp; 5041 | 17544847  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $248,766,286)** |  |  | 254123161  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.8%** <br>**(Cost $248,766,286)** |  |  | $254123161  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 713538  |
| Liabilities in Excess of Other Assets - (8.1)% |  |  | (19002013)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $235834686 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator Growth-100 Power Buffer ETF - April** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (8.0)%**<br>|  |  |  |
| **Call Options - (4.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise <br>Price: $541.18<sup>(a)(b)</sup> | $(239684427) | (5041) | $(11001680)  |
| **Put Options - (3.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 03/31/2026; Exercise <br>Price: $398.58<sup>(a)(b)</sup> | (239684427) | (5041) | (7871169)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $16,673,929)** |  |  | $(18872849) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $254123161 | 107.8%  |
| Written Options | (18872849) | (8.0)  |
| Money Market Deposit Account | 713538 | 0.3  |
| Liabilities in Excess of Other Assets | (129164) | (0.1)  |
|  | $235834686 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator Growth-100 Power Buffer ETF - August** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 101.4%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 97.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 07/31/2025; Exercise <br>Price: $4.71<sup>(b)(c)(d)</sup> | $18448236 | &nbsp;&nbsp;&nbsp; 388 | $18246980  |
| **Put Options - 4.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 07/31/2025; Exercise <br>Price: $471.07<sup>(b)(c)(d)</sup> | 18448236 | &nbsp;&nbsp;&nbsp; 388 | 795245  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $19,235,947)** |  |  | 19042225  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.4%** <br>**(Cost $19,235,947)** |  |  | $19042225  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 59242  |
| Liabilities in Excess of Other Assets - (1.7)% |  |  | (311193)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $18790274 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator Growth-100 Power Buffer ETF - August** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.6)%**<br>|  |  |  |
| **Call Options - (0.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 07/31/2025; Exercise <br>Price: $545.31<sup>(a)(b)</sup> | $(18448236) | &nbsp;&nbsp;&nbsp;&nbsp;(388) | $(89756)  |
| **Put Options - (1.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 07/31/2025; Exercise <br>Price: $400.41<sup>(a)(b)</sup> | (18448236) | &nbsp;&nbsp;&nbsp;&nbsp;(388) | (210005)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $883,617)** |  |  | $(299761) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $19042225 | 101.4%  |
| Written Options | (299761) | (1.6)  |
| Money Market Deposit Account | 59242 | 0.3  |
| Liabilities in Excess of Other Assets | (11432) | (0.1)  |
|  | $18790274 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR GROWTH-100 POWER BUFFER ETF - DECEMBER** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 104.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 104.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 104.2%<sup>(a)</sup>** |
| **Call Options - 94.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 11/28/2025; Exercise <br>Price: $5.10<sup>(b)(c)(d)</sup> | $72223893 | &nbsp;&nbsp; 1519 | $71335734  |
| **Put Options - 9.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 11/28/2025; Exercise <br>Price: $509.74<sup>(b)(c)(d)</sup> | 72223893 | &nbsp;&nbsp; 1519 | 7128849  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $81,957,979)** |  |  | 78464583  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.2%** <br>**(Cost $81,957,979)** |  |  | $78464583  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 316485  |
| Liabilities in Excess of Other Assets - (4.6)% |  |  | (3431465)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $75349603 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR GROWTH-100 POWER BUFFER ETF - DECEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.5)%** | **WRITTEN OPTIONS - (4.5)%** | **WRITTEN OPTIONS - (4.5)%** | **WRITTEN OPTIONS - (4.5)%** |
| **Call Options - (0.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 11/28/2025; Exercise <br>Price: $583.91<sup>(a)(b)</sup> | $(72223893) | (1519) | $(597514)  |
| **Put Options - (3.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 11/28/2025; Exercise <br>Price: $433.28<sup>(a)(b)</sup> | (72223893) | (1519) | (2789036)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $4,969,072)** |  |  | $(3386550) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $78464583 | 104.2%  |
| Written Options | (3386550) | (4.5)  |
| Money Market Deposit Account | 316485 | 0.4  |
| Liabilities in Excess of Other Assets | (44915) | (0.1)  |
|  | $75349603 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR GROWTH-100 POWER BUFFER ETF - FEBRUARY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.4%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 94.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 01/30/2026; Exercise <br>Price: $5.22<sup>(b)(c)(d)</sup> | $46120590 | &nbsp;&nbsp;&nbsp; 970 | $45515650  |
| **Put Options - 11.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 01/30/2026; Exercise <br>Price: $522.29<sup>(b)(c)(d)</sup> | 46120590 | &nbsp;&nbsp;&nbsp; 970 | 5471401  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $53,004,566)** |  |  | 50987051  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.4%** <br>**(Cost $53,004,566)** |  |  | $50987051  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 201705  |
| Liabilities in Excess of Other Assets - (5.8)% |  |  | (2803282)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $48385474 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**innovator growth-100 power buffer etf - february** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.7)%**<br>|  |  |  |
| **Call Options - (0.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 01/30/2026; Exercise <br>Price: $599.54<sup>(a)(b)</sup> | $(46120590) | &nbsp;&nbsp;&nbsp;&nbsp;(970) | $(444629)  |
| **Put Options - (4.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 01/30/2026; Exercise <br>Price: $443.95<sup>(a)(b)</sup> | (46120590) | &nbsp;&nbsp;&nbsp;&nbsp;(970) | (2328222)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,942,727)** |  |  | $(2772851) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $50987051 | 105.4%  |
| Written Options | (2772851) | (5.7)  |
| Money Market Deposit Account | 201705 | 0.4  |
| Liabilities in Excess of Other Assets | (30431) | (0.1)  |
|  | $48385474 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR GROWTH-100 POWER BUFFER ETF - JANUARY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.8%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 94.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise <br>Price: $5.11<sup>(b)(c)(d)</sup> | $264931884 | &nbsp;&nbsp; 5572 | $261317550  |
| **Put Options - 10.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise <br>Price: $511.23<sup>(b)(c)(d)</sup> | 264931884 | &nbsp;&nbsp; 5572 | 27545238  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $300,768,811)** |  |  | 288862788  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.8%** <br>**(Cost $300,768,811)** |  |  | $288862788  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 900981  |
| Liabilities in Excess of Other Assets - (5.1)% |  |  | (14082351)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $275681418 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR GROWTH-100 POWER BUFFER ETF - JANUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.0)%**<br>|  |  |  |
| **Call Options - (0.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise <br>Price: $587.91<sup>(a)(b)</sup> | $(264931884) | (5572) | $(2612320)  |
| **Put Options - (4.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 12/31/2025; Exercise <br>Price: $434.55<sup>(a)(b)</sup> | (264931884) | (5572) | (11279957)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $16,915,388)** |  |  | $(13892277) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $288862788 | 104.8%  |
| Written Options | (13892277) | (5.0)  |
| Money Market Deposit Account | 900981 | 0.3  |
| Liabilities in Excess of Other Assets | (190074) | (0.1)  |
|  | $275681418 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR GROWTH-100 POWER BUFFER ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 96.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise <br>Price: $4.79<sup>(b)(c)(d)</sup> | $196274016 | &nbsp;&nbsp; 4128 | $194059014  |
| **Put Options - 4.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise <br>Price: $479.11<sup>(b)(c)(d)</sup> | 196274016 | &nbsp;&nbsp; 4128 | 8097939  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $207,240,618)** |  |  | 202156953  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.6%** <br>**(Cost $207,240,618)** |  |  | $202156953  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 658875  |
| Liabilities in Excess of Other Assets - (0.9)% |  |  | (1825207)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $200990621 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR GROWTH-100 POWER BUFFER ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.8)%**<br>|  |  |  |
| **Call Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise <br>Price: $556.73<sup>(a)(b)</sup> | $(196274016) | (4128) | $(173335)  |
| **Put Options - (0.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise <br>Price: $407.24<sup>(a)(b)</sup> | (196274016) | (4128) | (1522778)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $9,395,296)** |  |  | $(1696113) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $202156953 | 100.6%  |
| Written Options | (1696113) | (0.8)  |
| Money Market Deposit Account | 658875 | 0.3  |
| Liabilities in Excess of Other Assets | (129094) | (0.1)  |
|  | $200990621 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR GROWTH-100 POWER BUFFER ETF - JUNE** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 99.9%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 98.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 05/30/2025; Exercise <br>Price: $4.51<sup>(b)(c)(d)</sup> | $39654198 | &nbsp;&nbsp;&nbsp; 834 | $39284319  |
| **Put Options - 1.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 05/30/2025; Exercise <br>Price: $450.71<sup>(b)(c)(d)</sup> | 39654198 | &nbsp;&nbsp;&nbsp; 834 | 502143  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $39,675,948)** |  |  | 39786462  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $39,675,948)** |  |  | $39786462  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 163475  |
| Liabilities in Excess of Other Assets - (0.3)% |  |  | (134235)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $39815702 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR GROWTH-100 POWER BUFFER ETF - JUNE** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.3)%**<br>|  |  |  |
| **Call Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 05/30/2025; Exercise <br>Price: $523.23<sup>(a)(b)</sup> | $(39654198) | &nbsp;&nbsp;&nbsp;&nbsp;(834) | $(55269)  |
| **Put Options - (0.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 05/30/2025; Exercise <br>Price: $383.10<sup>(a)(b)</sup> | (39654198) | &nbsp;&nbsp;&nbsp;&nbsp;(834) | (56846)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,349,605)** |  |  | $(112115) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $39786462 | 99.9%  |
| Written Options | (112115) | (0.3)  |
| Money Market Deposit Account | 163475 | 0.4  |
| Liabilities in Excess of Other Assets | (22120) | 0.0  |
|  | $39815702 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR GROWTH-100 POWER BUFFER ETF - MARCH** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.8%<sup>(a)</sup>** <br>|  |  |  |
| **Call Options - 95.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 02/27/2026; Exercise <br>Price: $5.08<sup>(b)(c)(d)</sup> | $32094225 | &nbsp;&nbsp;&nbsp; 675 | $31676400  |
| **Put Options - 10.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 02/27/2026; Exercise <br>Price: $508.17<sup>(b)(c)(d)</sup> | 32094225 | &nbsp;&nbsp;&nbsp; 675 | 3396600  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $35,267,669)** |  |  | 35073000  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.8%** <br>**(Cost $35,267,669)** |  |  | $35073000  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 84252  |
| Liabilities in Excess of Other Assets - (6.1)% |  |  | (2006970)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $33150282 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR GROWTH-100 POWER BUFFER ETF - MARCH** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (6.1)%** <br>|  |  |  |
| **Call Options - (1.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 02/27/2026; Exercise <br>Price: $585.21<sup>(a)(b)</sup> | $(32094225) | &nbsp;&nbsp;&nbsp;&nbsp;(675) | $(554850)  |
| **Put Options - (4.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 02/27/2026; Exercise <br>Price: $431.94<sup>(a)(b)</sup> | (32094225) | &nbsp;&nbsp;&nbsp;&nbsp;(675) | (1479600)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $1,984,364)** |  |  | $(2034450) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $35073000 | 105.8%  |
| Written Options | (2034450) | (6.1)  |
| Money Market Deposit Account | 84252 | 0.3  |
| Other Assets in Excess of Other Assets | 27480 | 0.0  |
|  | $33150282 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR GROWTH-100 POWER BUFFER ETF - MAY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 107.6%<sup>(a)</sup>** <br>|  |  |  |
| **Call Options - 99.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 04/30/2026; Exercise <br>Price: $4.75<sup>(b)(c)(d)</sup> | $1236222 | &nbsp;&nbsp;&nbsp;&nbsp; 26 | $1219062  |
| **Put Options - 8.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 04/30/2026; Exercise <br>Price: $475.47<sup>(b)(c)(d)</sup> | 1236222 | &nbsp;&nbsp;&nbsp;&nbsp; 26 | 100074  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,319,248)** |  |  | 1319136  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.6%** <br>**(Cost $1,319,248)** |  |  | $1319136  |
| Liabilities in Excess of Other Assets - (7.6)% |  |  | (92863)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $1226273 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR GROWTH-100 POWER BUFFER ETF - MAY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (7.8)%** <br>|  |  |  |
| **Call Options - (4.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 04/30/2026; Exercise <br>Price: $556.30<sup>(a)(b)</sup> | $(1236222) | &nbsp;&nbsp;&nbsp;&nbsp;(26) | $(50362)  |
| **Put Options - (3.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 04/30/2026; Exercise <br>Price: $404.15<sup>(a)(b)</sup> | (1236222) | &nbsp;&nbsp;&nbsp;&nbsp;(26) | (45396)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $95,643)** |  |  | $(95758) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $1319136 | 107.6%  |
| Written Options | (95758) | (7.8)  |
| Other Assets in Excess of Other Assets | 2895 | 0.2  |
|  | $1226273 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR GROWTH-100 POWER BUFFER ETF - NOVEMBER** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.4%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 96.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 10/31/2025; Exercise <br>Price: $4.84<sup>(b)(c)(d)</sup> | $25247457 | &nbsp;&nbsp;&nbsp; 531 | $24940263  |
| **Put Options - 6.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 10/31/2025; Exercise <br>Price: $483.85<sup>(b)(c)(d)</sup> | 25247457 | &nbsp;&nbsp;&nbsp; 531 | 1757408  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $27,748,988)** |  |  | 26697671  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.4%** <br>**(Cost $27,748,988)** |  |  | $26697671  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 108100  |
| Liabilities in Excess of Other Assets - (3.8)% |  |  | (972250)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $25833521 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR GROWTH-100 POWER BUFFER ETF - NOVEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.7)%** <br>|  |  |  |
| **Call Options - (1.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 10/31/2025; Exercise <br>Price: $560.49<sup>(a)(b)</sup> | $(25247457) | &nbsp;&nbsp;&nbsp;&nbsp;(531) | $(305012)  |
| **Put Options - (2.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 10/31/2025; Exercise <br>Price: $411.27<sup>(a)(b)</sup> | (25247457) | &nbsp;&nbsp;&nbsp;&nbsp;(531) | (650034)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,519,054)** |  |  | $(955046) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $26697671 | 103.4%  |
| Written Options | (955046) | (3.7)  |
| Money Market Deposit Account | 108100 | 0.4  |
| Liabilities in Excess of Other Assets | (17204) | (0.1)  |
|  | $25833521 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR GROWTH-100 POWER BUFFER ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.9%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 96.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 09/30/2025; Exercise <br>Price: $4.88<sup>(b)(c)(d)</sup> | $147776076 | &nbsp;&nbsp; 3108 | $145915005  |
| **Put Options - 6.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 09/30/2025; Exercise <br>Price: $488.07<sup>(b)(c)(d)</sup> | 147776076 | &nbsp;&nbsp; 3108 | 10195390  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $160,023,155)** |  |  | 156110395  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.9%** <br>**(Cost $160,023,155)** |  |  | $156110395  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 470705  |
| Liabilities in Excess of Other Assets - (3.2)% |  |  | (4827351)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $151753749 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR GROWTH-100 POWER BUFFER ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.1)%** <br>|  |  |  |
| **Call Options - (0.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 09/30/2025; Exercise <br>Price: $558.84<sup>(a)(b)</sup> | $(147776076) | (3108) | $(1247551)  |
| **Put Options - (2.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 09/30/2025; Exercise <br>Price: $414.86<sup>(a)(b)</sup> | (147776076) | (3108) | (3482048)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $9,122,794)** |  |  | $(4729599) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $156110395 | 102.9%  |
| Written Options | (4729599) | (3.1)  |
| Money Market Deposit Account | 470705 | 0.3  |
| Liabilities in Excess of Other Assets | (97752) | (0.1)  |
|  | $151753749 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR GROWTH-100 POWER BUFFER ETF - SEPTEMBER** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.1%<sup>(a)</sup>** <br>|  |  |  |
| **Call Options - 96.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 08/29/2025; Exercise <br>Price: $4.76<sup>(b)(c)(d)</sup> | $27672354 | &nbsp;&nbsp;&nbsp; 582 | $27375738  |
| **Put Options - 5.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 08/29/2025; Exercise <br>Price: $476.27<sup>(b)(c)(d)</sup> | 27672354 | &nbsp;&nbsp;&nbsp; 582 | 1466564  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $29,345,822)** |  |  | 28842302  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.1%** <br>**(Cost $29,345,822)** |  |  | $28842302  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 118240  |
| Liabilities in Excess of Other Assets - (2.5)% |  |  | (713026)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $28247516 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR GROWTH-100 POWER BUFFER ETF - SEPTEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.5)%** <br>|  |  |  |
| **Call Options - (0.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 08/29/2025; Exercise <br>Price: $546.42<sup>(a)(b)</sup> | $(27672354) | &nbsp;&nbsp;&nbsp;&nbsp;(582) | $(239784)  |
| **Put Options - (1.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 08/29/2025; Exercise <br>Price: $404.83<sup>(a)(b)</sup> | (27672354) | &nbsp;&nbsp;&nbsp;&nbsp;(582) | (452633)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $1,419,754)** |  |  | $(692417) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

(% of Net Assets)

---

| | | |
|:---|:---|:---|
| Purchased Options | $28842302 | 102.1%  |
| Written Options | (692417) | (2.5)  |
| Money Market Deposit Account | 118240 | 0.4  |
| Liabilities in Excess of Other Assets | (20609) | 0.0  |
|  | $28247516 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED 10 BUFFER ETF - QUARTERLY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.1%<sup>(a)</sup>** <br>|  |  |  |
| **Call Options - 100.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 06/30/2025; Exercise <br>Price: $0.20<sup>(b)(c)(d)</sup> | $24085950 | &nbsp;&nbsp; 2842 | $23626797  |
| **Put Options - 1.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 06/30/2025; Exercise <br>Price: $81.73<sup>(b)(c)(d)</sup> | 24085950 | &nbsp;&nbsp; 2842 | 427067  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $23,597,487)** |  |  | 24053864  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.1%** <br>**(Cost $23,597,487)** |  |  | $24053864  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 22980  |
| Liabilities in Excess of Other Assets - (2.2)% |  |  | (529251)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $23547593 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED 10 BUFFER ETF - QUARTERLY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.2)%** <br>|  |  |  |
| **Call Options - (1.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 06/30/2025; Exercise <br>Price: $85.60<sup>(a)(b)</sup> | $(24085950) | (2842) | $(406008)  |
| **Put Options - (0.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 06/30/2025; Exercise <br>Price: $73.56<sup>(a)(b)</sup> | (24085950) | (2842) | (107854)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $419,051)** |  |  | $(513862) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $24053864 | 102.1%  |
| Written Options | (513862) | (2.2)  |
| Money Market Deposit Account | 22980 | 0.1  |
| Liabilities in Excess of Other Assets | (15389) | 0.0  |
|  | $23547593 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - APRIL** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.8%<sup>(a)</sup>** <br>|  |  |  |
| **Call Options - 99.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 03/31/2026; Exercise <br>Price: $0.82<sup>(b)(c)(d)</sup> | $243724050 | 28758 | $238432236  |
| **Put Options - 3.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 03/31/2026; Exercise <br>Price: $81.73<sup>(b)(c)(d)</sup> | 243724050 | 28758 | 9367467  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $238,787,363)** |  |  | 247799703  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.8%** <br>**(Cost $238,787,363)** |  |  | $247799703  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 523432  |
| Liabilities in Excess of Other Assets - (4.0)% |  |  | (9466508)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $238856627 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - APRIL** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.9)%** <br>|  |  |  |
| **Call Options - (2.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 03/31/2026; Exercise <br>Price: $94.64<sup>(a)(b)</sup> | $(243724050) | (28758) | $(5845115)  |
| **Put Options - (1.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 03/31/2026; Exercise <br>Price: $69.47<sup>(a)(b)</sup> | (243724050) | (28758) | (3471853)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $7,778,965)** |  |  | $(9316968) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $247799703 | 103.8%  |
| Written Options | (9316968) | (3.9)  |
| Money Market Deposit Account | 523432 | 0.2  |
| Liabilities in Excess of Other Assets | (149540) | (0.1)  |
|  | $238856627 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - AUGUST** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.7%<sup>(a)</sup>** <br>|  |  |  |
| **Call Options - 98.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 07/31/2025; Exercise <br>Price: $0.80<sup>(b)(c)(d)</sup> | $17094075 | &nbsp;&nbsp; 2017 | $16720842  |
| **Put Options - 1.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 07/31/2025; Exercise <br>Price: $80.36<sup>(b)(c)(d)</sup> | 17094075 | &nbsp;&nbsp; 2017 | 320941  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $16,561,549)** |  |  | 17041783  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.7%** <br>**(Cost $16,561,549)** |  |  | $17041783  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 40587  |
| Liabilities in Excess of Other Assets - (0.9)% |  |  | (151393)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $16930977 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - AUGUST** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.8)%** <br>|  |  |  |
| **Call Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 07/31/2025; Exercise <br>Price: $93.35<sup>(a)(b)</sup> | $(17094075) | (2017) | $(76651)  |
| **Put Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 07/31/2025; Exercise <br>Price: $68.31<sup>(a)(b)</sup> | (17094075) | (2017) | (64245)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $404,226)** |  |  | $(140896) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $17041783 | 100.7%  |
| Written Options | (140896) | (0.8)  |
| Money Market Deposit Account | 40587 | 0.2  |
| Liabilities in Excess of Other Assets | (10497) | (0.1)  |
|  | $16930977 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - DECEMBER** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 101.9%<sup>(a)</sup>** <br>|  |  |  |
| **Call Options - 99.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 11/28/2025; Exercise <br>Price: $0.79<sup>(b)(c)(d)</sup> | $22628250 | &nbsp;&nbsp; 2670 | $22020144  |
| **Put Options - 2.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 11/28/2025; Exercise <br>Price: $78.97<sup>(b)(c)(d)</sup> | 22628250 | &nbsp;&nbsp; 2670 | 566830  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $21,517,083)** |  |  | 22586974  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.9%** <br>**(Cost $21,517,083)** |  |  | $22586974  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 39487  |
| Liabilities in Excess of Other Assets - (2.1)% |  |  | (471623)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $22154838 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - DECEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.1)%** <br>|  |  |  |
| **Call Options - (1.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 11/28/2025; Exercise <br>Price: $93.45<sup>(a)(b)</sup> | $(22628250) | (2670) | $(285901)  |
| **Put Options - (0.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 11/28/2025; Exercise <br>Price: $67.12<sup>(a)(b)</sup> | (22628250) | (2670) | (170496)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $513,855)** |  |  | $(456397) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $22586974 | 101.9%  |
| Written Options | (456397) | (2.1)  |
| Money Market Deposit Account | 39487 | 0.2  |
| Liabilities in Excess of Other Assets | (15226) | 0.0  |
|  | $22154838 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - FEBRUARY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.3%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 100.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 01/30/2026; Exercise <br>Price: $0.79<sup>(b)(c)(d)</sup> | $28925175 | &nbsp;&nbsp; 3413 | $27932060  |
| **Put Options - 3.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 01/30/2026; Exercise <br>Price: $79.24<sup>(b)(c)(d)</sup> | 28925175 | &nbsp;&nbsp; 3413 | 900008  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $27,822,397)** |  |  | 28832068  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.3%** <br>**(Cost $27,822,397)** |  |  | $28832068  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 73696  |
| Liabilities in Excess of Other Assets - (3.6)% |  |  | (991618)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $27914146 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - FEBRUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.5)%** <br>|  |  |  |
| **Call Options - (2.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 01/30/2026; Exercise <br>Price: $92.69<sup>(a)(b)</sup> | $(28925175) | (3413) | $(605330)  |
| **Put Options - (1.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 01/30/2026; Exercise <br>Price: $67.35<sup>(a)(b)</sup> | (28925175) | (3413) | (366351)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $709,174)** |  |  | $(971681) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $28832068 | 103.3%  |
| Written Options | (971681) | (3.5)  |
| Money Market Deposit Account | 73696 | 0.3  |
| Liabilities in Excess of Other Assets | (19937) | (0.1)  |
|  | $27914146 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.1%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 100.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise <br>Price: $0.76<sup>(b)(c)(d)</sup> | $212925900 | 25124 | $205031185  |
| **Put Options - 2.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise <br>Price: $75.61<sup>(b)(c)(d)</sup> | 212925900 | 25124 | 4651206  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $194,541,439)** |  |  | 209682391  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.1%** <br>**(Cost $194,541,439)** |  |  | $209682391  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 461211  |
| Liabilities in Excess of Other Assets - (3.3)% |  |  | (6669487)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $203474115 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.2)%** <br>|  |  |  |
| **Call Options - (2.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise <br>Price: $90.92<sup>(a)(b)</sup> | $(212925900) | (25124) | $(4550961)  |
| **Put Options - (1.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 12/31/2025; Exercise <br>Price: $64.27<sup>(a)(b)</sup> | (212925900) | (25124) | (1987812)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $5,575,271)** |  |  | $(6538773) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $209682391 | 103.1%  |
| Written Options | (6538773) | (3.2)  |
| Money Market Deposit Account | 461211 | 0.2  |
| Liabilities in Excess of Other Assets | (130714) | (0.1)  |
|  | $203474115 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.2%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 99.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 06/30/2025; Exercise <br>Price: $0.78<sup>(b)(c)(d)</sup> | $146278500 | 17260 | $142496488  |
| **Put Options - 1.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 06/30/2025; Exercise <br>Price: $78.33<sup>(b)(c)(d)</sup> | 146278500 | 17260 | 1427057  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $137,392,162)** |  |  | 143923545  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%** <br>**(Cost $137,392,162)** |  |  | $143923545  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 325523  |
| Liabilities in Excess of Other Assets - (0.4)% |  |  | (569334)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $143679734 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.3)%** <br>|  |  |  |
| **Call Options - (0.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 06/30/2025; Exercise <br>Price: $91.49<sup>(a)(b)</sup> | $(146278500) | (17260) | $(236980)  |
| **Put Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 06/30/2025; Exercise <br>Price: $66.58<sup>(a)(b)</sup> | (146278500) | (17260) | (234045)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,306,303)** |  |  | $(471025) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $143923545 | 100.2%  |
| Written Options | (471025) | (0.3)  |
| Money Market Deposit Account | 325523 | 0.2  |
| Liabilities in Excess of Other Assets | (98309) | (0.1)  |
|  | $143679734 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JUNE** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 99.8%<sup>(a)</sup>** <br>|  |  |  |
| **Call Options - 99.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 05/30/2025; Exercise <br>Price: $0.81<sup>(b)(c)(d)</sup> | $30187950 | &nbsp;&nbsp; 3562 | $29874174  |
| **Put Options - 0.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 05/30/2025; Exercise <br>Price: $81.18<sup>(b)(c)(d)</sup> | 30187950 | &nbsp;&nbsp; 3562 | 203283  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $29,342,049)** |  |  | 30077457  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%**<br>**(Cost $29,342,049)** |  |  | $30077457  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 89085  |
| Liabilities in Excess of Other Assets - (0.1)% |  |  | (35310)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $30131232 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator International Developed Power Buffer ETF - June** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.1)%** <br>|  |  |  |
| **Call Options - (0.0)%<sup>(a)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 05/30/2025; Exercise <br>Price: $98.02<sup>(b)(c)</sup> | $(30187950) | (3562) | $(962)  |
| **Put Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 05/30/2025; Exercise <br>Price: $69.00<sup>(b)(c)</sup> | (30187950) | (3562) | (14960)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $395,413)** |  |  | $(15922) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $30077457 | 99.8%  |
| Written Options | (15922) | (0.1)  |
| Money Market Deposit Account | 89085 | 0.3  |
| Liabilities in Excess of Other Assets | (19388) | 0.0  |
|  | $30131232 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - MARCH** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.7%<sup>(a)</sup>** <br>|  |  |  |
| **Call Options - 99.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 02/27/2026; Exercise <br>Price: $0.82<sup>(b)(c)(d)</sup> | $41332575 | &nbsp;&nbsp; 4877 | $40024485  |
| **Put Options - 3.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 02/27/2026; Exercise <br>Price: $81.58<sup>(b)(c)(d)</sup> | 41332575 | &nbsp;&nbsp; 4877 | 1499104  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $40,972,846)** |  |  | 41523589  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.7%**<br>**(Cost $40,972,846)** |  |  | $41523589  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 116954  |
| Liabilities in Excess of Other Assets - (3.0)% |  |  | (1216968)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $40423575 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - MARCH** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.9)%** <br>|  |  |  |
| **Call Options - (1.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 02/27/2026; Exercise <br>Price: $94.73<sup>(a)(b)</sup> | $(41332575) | (4877) | $(707518)  |
| **Put Options - (1.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 02/27/2026; Exercise <br>Price: $69.34<sup>(a)(b)</sup> | (41332575) | (4877) | (471994)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $1,148,226)** |  |  | $(1179512) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $41523589 | 102.7%  |
| Written Options | (1179512) | (2.9)  |
| Money Market Deposit Account | 116954 | 0.3  |
| Liabilities in Excess of Other Assets | (37456) | (0.1)  |
|  | $40423575 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - MAY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.2%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 96.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 04/30/2026; Exercise <br>Price: $0.85<sup>(b)(c)(d)</sup> | $12263325 | &nbsp;&nbsp; 1447 | $11794497  |
| **Put Options - 6.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 04/30/2026; Exercise <br>Price: $84.75<sup>(b)(c)(d)</sup> | 12263325 | &nbsp;&nbsp; 1447 | 762569  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $12,558,611)** |  |  | 12557066  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.2%**<br>**(Cost $12,558,611)** |  |  | $12557066  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 23111  |
| Liabilities in Excess of Other Assets - (3.4)% |  |  | (415865)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $12164312 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - MAY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.5)%** <br>|  |  |  |
| **Call Options - (1.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 04/30/2026; Exercise <br>Price: $98.29<sup>(a)(b)</sup> | $(12263325) | (1447) | $(133124)  |
| **Put Options - (2.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 04/30/2026; Exercise <br>Price: $72.04<sup>(a)(b)</sup> | (12263325) | (1447) | (289400)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $420,968)** |  |  | $(422524) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $12557066 | 103.2%  |
| Written Options | (422524) | (3.5)  |
| Money Market Deposit Account | 23111 | 0.2  |
| Other Assets in Excess of Other Assets | 6659 | 0.1  |
|  | $12164312 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - NOVEMBER** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.2%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 99.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 10/31/2025; Exercise <br>Price: $0.79<sup>(b)(c)(d)</sup> | $14187150 | &nbsp;&nbsp; 1674 | $13785809  |
| **Put Options - 2.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 10/31/2025; Exercise <br>Price: $79.22<sup>(b)(c)(d)</sup> | 14187150 | &nbsp;&nbsp; 1674 | 329192  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $13,638,522)** |  |  | 14115001  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.2%** <br>**(Cost $13,638,522)** |  |  | $14115001  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 27671  |
| Liabilities in Excess of Other Assets - (2.4)% |  |  | (326112)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $13816560 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA" is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - NOVEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.3)%** <br>|  |  |  |
| **Call Options - (1.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 10/31/2025; Exercise <br>Price: $91.55<sup>(a)(b)</sup> | $(14187150) | (1674) | $(212916)  |
| **Put Options - (0.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 10/31/2025; Exercise <br>Price: $67.34<sup>(a)(b)</sup> | (14187150) | (1674) | (104290)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $357,587)** |  |  | $(317206) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $14115001 | 102.2%  |
| Written Options | (317206) | (2.3)  |
| Money Market Deposit Account | 27671 | 0.2  |
| Liabilities in Excess of Other Assets | (8906) | (0.1)  |
|  | $13816560 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 101.1%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 97.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 09/30/2025; Exercise <br>Price: $0.84<sup>(b)(c)(d)</sup> | $124472325 | 14687 | $121044967  |
| **Put Options - 3.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 09/30/2025; Exercise <br>Price: $83.63<sup>(b)(c)(d)</sup> | 124472325 | 14687 | 4401987  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $125,907,460)** |  |  | 125446954  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.1%** <br>**(Cost $125,907,460)** |  |  | $125446954  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 336047  |
| Liabilities in Excess of Other Assets - (1.4)% |  |  | (1732815)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $124050186 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.3)%** <br>|  |  |  |
| **Call Options - (0.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 09/30/2025; Exercise <br>Price: $95.88<sup>(a)(b)</sup> | $(124472325) | (14687) | $(596439)  |
| **Put Options - (0.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 09/30/2025; Exercise <br>Price: $71.09<sup>(a)(b)</sup> | (124472325) | (14687) | (1033084)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $2,441,895)** |  |  | $(1629523) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $125446954 | 101.1%  |
| Written Options | (1629523) | (1.3)  |
| Money Market Deposit Account | 336047 | 0.3  |
| Liabilities in Excess of Other Assets | (103292) | (0.1)  |
|  | $124050186 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - SEPTEMBER** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.9%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 98.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 08/29/2025; Exercise <br>Price: $0.83<sup>(b)(c)(d)</sup> | $79588725 | &nbsp;&nbsp; 9391 | $78153501  |
| **Put Options - 2.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 08/29/2025; Exercise <br>Price: $82.98<sup>(b)(c)(d)</sup> | 79588725 | &nbsp;&nbsp; 9391 | 2157806  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $79,151,936)** |  |  | 80311307  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.9%** <br>**(Cost $79,151,936)** |  |  | $80311307  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 203577  |
| Liabilities in Excess of Other Assets - (1.2)% |  |  | (958114)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $79556770 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - SEPTEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.1)%**<br>|  |  |  |
| **Call Options - (0.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 08/29/2025; Exercise <br>Price: $95.53<sup>(a)(b)</sup> | $(79588725) | (9391) | $(424098)  |
| **Put Options - (0.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF, Expiration: 08/29/2025; Exercise <br>Price: $70.53<sup>(a)(b)</sup> | (79588725) | (9391) | (469633)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $948,190)** |  |  | $(893731) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $80311307 | 100.9%  |
| Written Options | (893731) | (1.1)  |
| Money Market Deposit Account | 203577 | 0.3  |
| Liabilities in Excess of Other Assets | (64383) | (0.1)  |
|  | $79556770 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR NASDAQ-100 10 BUFFER ETF - QUARTERLY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.8%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 100.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise <br>Price: $1.19<sup>(b)(c)(d)</sup> | $93001932 | &nbsp;&nbsp; 1956 | $92651025  |
| **Put Options - 3.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise <br>Price: $468.92<sup>(b)(c)(d)</sup> | 93001932 | &nbsp;&nbsp; 1956 | 3081991  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $95,173,043)** |  |  | 95733016  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.8%** <br>**(Cost $95,173,043)** |  |  | $95733016  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 129594  |
| Liabilities in Excess of Other Assets - (3.9)% |  |  | (3575310)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $92287300 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR NASDAQ-100 10 BUFFER ETF - QUARTERLY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.8)%**<br>|  |  |  |
| **Call Options - (2.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise <br>Price: $491.48<sup>(a)(b)</sup> | $(93001932) | (1956) | $(2457206)  |
| **Put Options - (1.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Invesco QQQ Trust Series 1, Expiration: 06/30/2025; Exercise <br>Price: $422.03<sup>(a)(b)</sup> | (93001932) | (1956) | (1033961)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,636,486)** |  |  | $(3491167) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $95733016 | 103.8%  |
| Written Options | (3491167) | (3.8)  |
| Money Market Deposit Account | 129594 | 0.1  |
| Liabilities in Excess of Other Assets | (84143) | (0.1)  |
|  | $92287300 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 10 BARRIER ETF - JULY** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 6.9%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - 6.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 06/30/2025; Exercise <br>Price: $4,860.03<sup>(b)(c)(d)</sup> | $56804412 | 102 | $383766  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,339,202)** |  |  | 383766 |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 101.7%**<br>|  |  |  |
| **U.S. Treasury Bills - 101.7%**<br>|  |  |  |
| 4.54%, 06/12/2025<sup>(e)(f)</sup> |  | $5692000 | 5663930  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $5,662,891)** |  |  | 5663930  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.6%** <br>**(Cost $7,002,093)** |  |  | $6047696  |
| Money Market Deposit Account - 0.1%<sup>(g)</sup> |  |  | 3077  |
| Liabilities in Excess of Other Assets - (8.7)% |  |  | (482629)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $5568144 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

<sup>(f)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(g)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 10 BARRIER ETF - JULY** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (8.6)%**<br>|  |  |  |
| **Put Options - (8.6)%<sup>(a)(b)</sup>**<br>|  |  |  |
| S&P 500 Index, Expiration: 06/30/2025; Exercise Price: $4,914.64 | $(61816566) | &nbsp;&nbsp;&nbsp;&nbsp;(111) | $(474344)  |
| S&P 500 Mini Index, Expiration: 06/30/2025; Exercise Price: $491.46 | (668292) | &nbsp;&nbsp;&nbsp;&nbsp;(12) | (5130)  |
| **Total Put Options** |  |  | (479474)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,384,717)** |  |  | $(479474) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $383766 | 6.9%  |
| Written Options | (479474) | (8.6)  |
| U.S. Treasury Bills | 5663930 | 101.7  |
| Money Market Deposit Account | 3077 | 0.1  |
| Liabilities in Excess of Other Assets | (3155) | (0.1)  |
|  | $5568144 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 10 BARRIER ETF - OCTOBER** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 26.2%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - 26.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 09/30/2025; Exercise <br>Price: $5,128.54<sup>(b)(c)(d)</sup> | $51792258 | 93 | $1368934  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,720,394)** |  |  | 1368934  |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 105.0%**<br>|  |  |  |
| **U.S. Treasury Bills - 105.0%**<br>|  |  |  |
| 4.04%, 06/12/2025<sup>(e)</sup> |  | $101800 | 101298  |
| 4.01%, 10/02/2025<sup>(e)(f)</sup> |  | 5488800 | 5393012  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $5,498,954)** |  |  | 5494310  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 131.2%** <br>**(Cost $7,219,348)** |  |  | $6863244  |
| Money Market Deposit Account - 0.1%<sup>(g)</sup> |  |  | 5675  |
| Liabilities in Excess of Other Assets - (31.3)% |  |  | (1637374)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $5231545 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

<sup>(f)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(g)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 10 BARRIER ETF - OCTOBER** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (31.2)%**<br>|  |  |  |
| **Put Options - (31.2)%<sup>(a)(b)</sup>**<br>|  |  |  |
| S&P 500 Index, Expiration: 09/30/2025; Exercise Price: $5,186.16 | $(56804412) | &nbsp;&nbsp;&nbsp;&nbsp;(102) | $(1629184)  |
| S&P 500 Mini Index, Expiration: 09/30/2025; Exercise Price: $518.62 | (167073) | &nbsp;&nbsp;&nbsp;&nbsp;(3) | (4801)  |
| **Total Put Options** |  |  | (1633985)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,012,126)** |  |  | $(1633985) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $1368934 | 26.2%  |
| Written Options | (1633985) | (31.2)  |
| U.S. Treasury Bills | 5494310 | 105.0  |
| Money Market Deposit Account | 5675 | 0.1  |
| Liabilities in Excess of Other Assets | (3389) | (0.1)  |
|  | $5231545 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 15 BUFFER ETF - APRIL** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **SHORT-TERM INVESTMENTS - 103.0%**<br>|  |  |
| **U.S. Treasury Bills - 103.0%**<br>|  |  |
| 4.26%, 05/29/2025<sup>(a)</sup> | $24900 | $24818  |
| 4.23%, 06/26/2025<sup>(a)</sup> | 24900 | 24736  |
| 4.23%, 07/31/2025<sup>(a)</sup> | 25000 | 24736  |
| 4.17%, 08/28/2025<sup>(a)</sup> | 25000 | 24657  |
| 4.16%, 09/25/2025<sup>(a)</sup> | 25000 | 24583  |
| 4.04%, 10/30/2025<sup>(a)</sup> | 25000 | 24491  |
| 3.98%, 11/28/2025<sup>(a)</sup> | 25000 | 24429  |
| 3.98%, 12/26/2025<sup>(a)</sup> | 25000 | 24364  |
| 3.99%, 01/22/2026<sup>(a)</sup> | 25000 | 24299  |
| 4.02%, 02/19/2026<sup>(a)</sup> | 25100 | 24328  |
| 3.98%, 03/19/2026<sup>(a)(b)</sup> | 5687400 | 5497039  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $5,737,679)** |  | 5742480  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.0%** <br>**(Cost $5,737,679)** |  | $5742480  |
| Money Market Deposit Account - 0.5%<sup>(c)</sup> |  | 26634  |
| Liabilities in Excess of Other Assets - (3.5)% |  | (194454)  |
| **TOTAL NET ASSETS - 100.0%** |  | $5574660 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 15 BUFFER ETF - APRIL** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.0)%**<br>|  |  |  |
| **Put Options - (3.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $475.49<sup>(a)(b)</sup> | $(5600854) | &nbsp;&nbsp;&nbsp;&nbsp;(101) | $(165454)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $142,970)** |  |  | $(165454) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Written Options | $(165454) | (3.0)%  |
| U.S. Treasury Bills | 5742480 | 103.0  |
| Money Market Deposit Account | 26634 | 0.5  |
| Liabilities in Excess of Other Assets | (29000) | (0.5)  |
|  | $5574660 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 15 BUFFER ETF - JANUARY** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **SHORT-TERM INVESTMENTS - 103.0%**<br>|  |  |
| **U.S. Treasury Bills - 103.0%**<br>|  |  |
| 4.21%, 05/29/2025<sup>(a)</sup> | $57300 | $57112  |
| 4.21%, 06/26/2025<sup>(a)</sup> | 57300 | 56923  |
| 4.19%, 07/10/2025<sup>(a)</sup> | 57400 | 56933  |
| 4.19%, 08/07/2025<sup>(a)</sup> | 57400 | 56747  |
| 4.16%, 09/04/2025<sup>(a)</sup> | 57500 | 56669  |
| 4.12%, 10/30/2025<sup>(a)</sup> | 57500 | 56329  |
| 4.09%, 11/28/2025<sup>(a)</sup> | 57600 | 56283  |
| 4.11%, 12/26/2025<sup>(a)(b)</sup> | 13657300 | 13309749  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $13,695,529)** |  | 13706745  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.0%** <br>**(Cost $13,695,529)** |  | $13706745  |
| Money Market Deposit Account - 0.5%<sup>(c)</sup> |  | 63086  |
| Liabilities in Excess of Other Assets - (3.5)% |  | (469712)  |
| **TOTAL NET ASSETS - 100.0%** |  | $13300119 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 15 BUFFER ETF - JANUARY** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.0)%**<br>|  |  |  |
| **Put Options - (3.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $499.43<sup>(a)(b)</sup> | $(12809874) | &nbsp;&nbsp;&nbsp;&nbsp;(231) | $(403631)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $289,763)** |  |  | $(403631) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Written Options | $(403631) | (3.0%)  |
| U.S. Treasury Bills | 13706745 | 103.0  |
| Money Market Deposit Account | 63086 | 0.5  |
| Liabilities in Excess of Other Assets | (66081) | (0.5)  |
|  | $13300119 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 15 BUFFER ETF - JULY** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **SHORT-TERM INVESTMENTS - 100.5%**<br>|  |  |
| **U.S. Treasury Bills - 100.5%**<br>|  |  |
| 4.92%, 05/15/2025<sup>(a)(b)</sup> | $10800 | $10782  |
| 4.90%, 06/12/2025<sup>(a)(b)</sup> | 2391000 | 2379209  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,388,705)** |  | 2389991  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.5%** <br>**(Cost $2,388,705)** |  | $2389991  |
| Money Market Deposit Account - 0.5%<sup>(c)</sup> |  | 11961  |
| Liabilities in Excess of Other Assets - (1.0)% |  | (22784)  |
| **TOTAL NET ASSETS - 100.0%** |  | $2379168 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 15 BUFFER ETF - JULY** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.4)%**<br>|  |  |  |
| **Put Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $462.60<sup>(a)(b)</sup> | $(2439976) | &nbsp;&nbsp;&nbsp;&nbsp;(44) | $(10401)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $40,703)** |  |  | $(10401) |

---

Percentages are stated as a percentof net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Written Options | $(10401) | (0.4%)  |
| U.S. Treasury Bills | 2389991 | 100.5  |
| Money Market Deposit Account | 11961 | 0.5  |
| Liabilities in Excess of Other Assets | (12383) | (0.6)  |
|  | $2379168 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 15 BUFFER ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **SHORT-TERM INVESTMENTS - 101.9%**<br>|  |  |
| **U.S. Treasury Bills - 101.9%**<br>|  |  |
| 4.03%, 05/15/2025<sup>(a)</sup> | $85100 | $84960  |
| 3.97%, 06/12/2025<sup>(a)</sup> | 85200 | 84780  |
| 4.00%, 07/10/2025<sup>(a)</sup> | 85300 | 84606  |
| 4.00%, 08/07/2025<sup>(a)</sup> | 85300 | 84330  |
| 3.97%, 10/02/2025<sup>(a)(b)</sup> | 19774400 | 19429305  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $19,790,245)** |  | 19767981  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.9%** <br>**(Cost $19,790,245)** |  | $19767981  |
| Money Market Deposit Account - 0.5%<sup>(c)</sup> |  | 102129  |
| Liabilities in Excess of Other Assets - (2.4)% |  | (463465)  |
| **TOTAL NET ASSETS - 100.0%** |  | $19406645 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 15 BUFFER ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.9)%**<br>|  |  |  |
| **Put Options - (1.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise <br>Price: $487.71<sup>(a)(b)</sup> | $(19020722) | &nbsp;&nbsp;&nbsp;&nbsp;(343) | $(367291)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $393,613)** |  |  | $(367291) |

---

Percentages are stated as a percentof net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Written Options | $(367291) | (1.9)%  |
| U.S. Treasury Bills | 19767981 | 101.9  |
| Money Market Deposit Account | 102129 | 0.5  |
| Liabilities in Excess of Other Assets | (96174) | (0.5)  |
|  | $19406645 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 20 BARRIER ETF - APRIL** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 41.1%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - 41.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 03/31/2026; Exercise <br>Price: $4,433.42<sup>(b)(c)(d)</sup> | $539085008 | 968 | $10981157  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $8,625,111)** |  |  | 10981157 |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 104.7%**<br>|  |  |  |
| **U.S. Treasury Bills - 104.7%**<br>|  |  |  |
| 4.24%, 06/26/2025<sup>(e)</sup> |  | $443800 | 440878  |
| 4.17%, 09/25/2025<sup>(e)</sup> |  | 444600 | 437191  |
| 3.99%, 12/26/2025<sup>(e)</sup> |  | 445500 | 434163  |
| 4.00%, 03/19/2026<sup>(e)(f)</sup> |  | 27618200 | 26693800  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $27,979,631)** |  |  | 28006032  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 145.8%** <br>**(Cost $36,604,742)** |  |  | $38987189  |
| Money Market Deposit Account - 0.0%<sup>(g)</sup> |  |  | 7663  |
| Liabilities in Excess of Other Assets - (45.8)% |  |  | (12254939)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $26739913 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

<sup>(f)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(g)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 20 BARRIER ETF - APRIL** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (45.8)%**<br>|  |  |  |
| **Put Options - (45.8)%<sup>(a)(b)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 03/31/2026; Exercise <br>Price: $4,489.54 | $(563588872) | (1012) | $(12185755)  |
| &nbsp;&nbsp;&nbsp; S&P 500 Mini Index, Expiration: 03/31/2026; Exercise <br>Price: $448.95 | (2450404) | (44) | (52888)  |
| **Total Put Options** |  |  | (12238643)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $9,595,381)** |  |  | $(12238643) |

---

Percentages are stated as a percentof net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $10981157 | 41.1%  |
| Written Options | (12238643) | (45.8)  |
| U.S. Treasury Bills | 28006032 | 104.7  |
| Money Market Deposit Account | 7663 | 0.0  |
| Liabilities in Excess of Other Assets | (16296) | 0.0  |
|  | $26739913 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 20 BARRIER ETF - JANUARY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 39.8%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - 39.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 12/31/2025; Exercise <br>Price: $4,657.38<sup>(b)(c)(d)</sup> | $233900520 | 420 | $4788681  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $4,383,893)** |  |  | 4788681  |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 105.0%**<br>|  |  |  |
| **U.S. Treasury Bills - 105.0%**<br>|  |  |  |
| 4.20%, 06/26/2025<sup>(e)</sup> |  | $191300 | 190040  |
| 4.15%, 09/04/2025<sup>(e)</sup> |  | 191600 | 188830  |
| 4.07%, 12/26/2025<sup>(e)(f)</sup> |  | 12577100 | 12257038  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $12,628,485)** |  |  | 12635908  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 144.8%**<br>**(Cost $17,012,378)** |  |  | $17424589  |
| Money Market Deposit Account - 0.0%<sup>(g)</sup> |  |  | 4237  |
| Liabilities in Excess of Other Assets - (44.8)% |  |  | (5395689)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $12033137 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

<sup>(f)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(g)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 20 BARRIER ETF - JANUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (44.8)%**<br>|  |  |  |
| **Put Options - (44.8)%<sup>(a)(b)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 12/31/2025; Exercise <br>Price: $4,716.34 | $(245038640) | (440) | $(5376316)  |
| &nbsp;&nbsp;&nbsp; S&P 500 Mini Index, Expiration: 12/31/2025; Exercise <br>Price: $471.63 | (556910) | (10) | (12216)  |
| **Total Put Options** |  |  | (5388532)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $4,813,916)** |  |  | $(5388532) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $4788681 | 39.8%  |
| Written Options | (5388532) | (44.8)  |
| U.S. Treasury Bills | 12635908 | 105.0  |
| Money Market Deposit Account | 4237 | 0.0  |
| Liabilities in Excess of Other Assets | (7157) | 0.0  |
|  | $12033137 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 20 BARRIER ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 4.5%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - 4.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 06/30/2025; Exercise <br>Price: $4,313.96<sup>(b)(c)(d)</sup> | $367001054 | 659 | $812554  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $3,665,296)** |  |  | 812554  |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 100.7%**<br>|  |  |  |
| **U.S. Treasury Bills - 100.7%**<br>|  |  |  |
| 5.08%, 06/12/2025<sup>(e)(f)</sup> |  | $18276400 | 18186272  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $18,173,190)** |  |  | 18186272  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.2%** <br>**(Cost $21,838,486)** |  |  | $18998826  |
| Money Market Deposit Account - 0.0%<sup>(g)</sup> |  |  | 79  |
| Liabilities in Excess of Other Assets - (5.2)% |  |  | (944930)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $18053975 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

<sup>(f)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(g)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 20 BARRIER ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.2)%**<br>|  |  |  |
| **Put Options - (5.2)%<sup>(a)(b)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 06/30/2025; Exercise <br>Price: $4,368.57 | $(383151328) | (688) | $(931256)  |
| &nbsp;&nbsp;&nbsp; S&P 500 Mini Index, Expiration: 06/30/2025; Exercise <br>Price: $436.86 | (2227640) | (40) | (5470)  |
| **Total Put Options** |  |  | (936726)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,968,299)** |  |  | $(936726) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $812554 | 4.5%  |
| Written Options | (936726) | (5.2)  |
| U.S. Treasury Bills | 18186272 | 100.7  |
| Money Market Deposit Account | 79 | 0.0  |
| Liabilities in Excess of Other Assets | (8204) | 0.0<sup>(a)</sup>  |
|  | $18053975 | 100.0% |

---

<sup>(a)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 20 BARRIER ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 22.8%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - 22.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 09/30/2025; Exercise <br>Price: $4,552.30<sup>(b)(c)(d)</sup> | $370342490 | 665 | $4281948  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $5,529,411)** |  |  | 4281948  |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 103.1%**<br>|  |  |  |
| **U.S. Treasury Bills - 103.1%**<br>|  |  |  |
| 3.96%, 06/12/2025<sup>(e)</sup> |  | $305200 | 303695  |
| 3.95%, 10/02/2025<sup>(e)(f)</sup> |  | 19459400 | 19119802  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $19,446,388)** |  |  | 19423497  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 125.9%** <br>**(Cost $24,975,799)** |  |  | $23705445  |
| Money Market Deposit Account - 0.1%<sup>(g)</sup> |  |  | 20885  |
| Liabilities in Excess of Other Assets - (26.0)% |  |  | (4888948)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $18837382 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

<sup>(f)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(g)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 20 BARRIER ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (25.9)%**<br>|  |  |  |
| **Put Options - (25.9)%<sup>(a)(b)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 09/30/2025; Exercise <br>Price: $4,609.92 | $(388163482) | (697) | $(4868294)  |
| &nbsp;&nbsp;&nbsp; S&P 500 Mini Index, Expiration: 09/30/2025; Exercise <br>Price: $460.99 | (668292) | (12) | (8406)  |
| **Total Put Options** |  |  | (4876700)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $5,901,899)** |  |  | $(4876700) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $4281948 | 22.8%  |
| Written Options | (4876700) | (25.9)  |
| U.S. Treasury Bills | 19423497 | 103.1  |
| Money Market Deposit Account | 20885 | 0.1  |
| Liabilities in Excess of Other Assets | (12248) | (0.1)  |
|  | $18837382 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 30 BARRIER ETF - APRIL** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 34.4%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - 34.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 03/31/2026; Exercise <br>Price: $3,872.23<sup>(b)(c)(d)</sup> | $1139986582 | 2047 | $12980498  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $11,436,277)** |  |  | 12980498  |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 103.2%**<br>|  |  |  |
| **U.S. Treasury Bills - 103.2%**<br>|  |  |  |
| 4.24%, 06/26/2025<sup>(e)</sup> |  | $501000 | 497701  |
| 4.16%, 09/25/2025<sup>(e)</sup> |  | 502000 | 493634  |
| 3.98%, 12/26/2025<sup>(e)</sup> |  | 503000 | 490200  |
| 3.99%, 03/19/2026<sup>(e)(f)</sup> |  | 38799800 | 37501145  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $38,947,780)** |  |  | 38982680  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 137.6%** <br>**(Cost $50,384,057)** |  |  | $51963178  |
| Money Market Deposit Account - 0.0%<sup>(g)</sup> |  |  | 15432  |
| Liabilities in Excess of Other Assets - (37.6)% |  |  | (14210470)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $37768140 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

<sup>(f)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(g)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 30 BARRIER ETF - APRIL** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (37.6)%** <br>|  |  |  |
| **Put Options - (37.6)%<sup>(a)(b)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 03/31/2026; Exercise <br>Price: $3,928.35 | $(1174514754) | (2109) | $(14145232)  |
| &nbsp;&nbsp;&nbsp; S&P 500 Mini Index, Expiration: 03/31/2026; Exercise <br>Price: $392.83 | (3452842) | (62) | (41710)  |
| **Total Put Options** |  |  | (14186942)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $12,409,758)** |  |  | $(14186942) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $12980498 | 34.4%  |
| Written Options | (14186942) | (37.6)  |
| U.S. Treasury Bills | 38982680 | 103.2  |
| Money Market Deposit Account | 15432 | 0.0  |
| Liabilities in Excess of Other Assets | (23528) | 0.0  |
|  | $37768140 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 30 BARRIER ETF - JANUARY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 30.1%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - 30.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 12/31/2025; Exercise <br>Price: $4,067.84<sup>(b)(c)(d)</sup> | $509568990 | 915 | $5308565  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $4,118,849)** |  |  | 5308565  |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 103.1%**<br>|  |  |  |
| **U.S. Treasury Bills - 103.1%**<br>|  |  |  |
| 4.20%, 06/26/2025<sup>(e)</sup> |  | $227000 | 225505  |
| 4.16%, 09/04/2025<sup>(e)</sup> |  | 227400 | 224112  |
| 4.12%, 12/26/2025<sup>(e)(f)</sup> |  | 18194200 | 17731195  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $18,165,519)** |  |  | 18180812  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 133.2%** <br>**(Cost $22,284,368)** |  |  | $23489377  |
| Money Market Deposit Account - 0.1%<sup>(g)</sup> |  |  | 10393  |
| Liabilities in Excess of Other Assets - (33.3)% |  |  | (5865980)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $17633790 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

<sup>(f)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(g)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 30 BARRIER ETF - JANUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (33.2)%** <br>|  |  |  |
| **Put Options - (33.2)%<sup>(a)(b)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 12/31/2025; Exercise <br>Price: $4,126.79 | $(525719264) | (944) | $(5844927)  |
| &nbsp;&nbsp;&nbsp; S&P 500 Mini Index, Expiration: 12/31/2025; Exercise <br>Price: $412.68 | (835365) | (15) | (9324)  |
| **Total Put Options** |  |  | (5854251)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $4,456,411)** |  |  | $(5854251) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $5308565 | 30.1%  |
| Written Options | (5854251) | (33.2)  |
| U.S. Treasury Bills | 18180812 | 103.1  |
| Money Market Deposit Account | 10393 | 0.1  |
| Liabilities in Excess of Other Assets | (11729) | (0.1)  |
|  | $17633790 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 30 BARRIER ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 3.1%<sup>(a)</sup>** <br>|  |  |  |
| **Put Options - 3.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 06/30/2025; Exercise <br>Price: $3,767.89<sup>(b)(c)(d)</sup> | $608141352 | 1092 | $617144  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $3,254,618)** |  |  | 617144  |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 100.4%**<br>|  |  |  |
| **U.S. Treasury Bills - 100.4%**<br>|  |  |  |
| 5.09%, 06/12/2025<sup>(e)(f)</sup> |  | $20140000 | 20040682  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $20,025,888)** |  |  | 20040682  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.5%** <br>**(Cost $23,280,506)** |  |  | $20657826  |
| Money Market Deposit Account - 0.0%<sup>(g)</sup> |  |  | 2755  |
| Liabilities in Excess of Other Assets - (3.5)% |  |  | (696754)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $19963827 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

<sup>(f)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(g)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 30 BARRIER ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.4)%**<br>|  |  |  |
| **Put Options - (3.4)%<sup>(a)(b)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 06/30/2025; Exercise <br>Price: $3,822.50 | $(625962344) | (1124) | $(680324)  |
| &nbsp;&nbsp;&nbsp; S&P 500 Mini Index, Expiration: 06/30/2025; Exercise <br>Price: $382.25 | (2450404) | (44) | (2790)  |
| **Total Put Options** |  |  | (683114)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,515,488)** |  |  | $(683114) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $617144 | 3.1%  |
| Written Options | (683114) | (3.4)  |
| U.S. Treasury Bills | 20040682 | 100.4  |
| Money Market Deposit Account | 2755 | 0.0  |
| Liabilities in Excess of Other Assets | (13640) | (0.1)  |
|  | $19963827 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 30 BARRIER ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 16.2%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - 16.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 09/30/2025; Exercise <br>Price: $3,976.06<sup>(b)(c)(d)</sup> | $572499368 | 1028 | $3169653  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $4,691,379)** |  |  | 3169653  |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 101.6%**<br>|  |  |  |
| **U.S. Treasury Bills - 101.6%**<br>|  |  |  |
| 3.94%, 06/12/2025<sup>(e)</sup> |  | $261000 | 259713  |
| 3.94%, 10/02/2025<sup>(e)(f)</sup> |  | 20012700 | 19663446  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $19,947,899)** |  |  | 19923159  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 117.8%**<br>**(Cost $24,639,278)** |  |  | $23092812  |
| Money Market Deposit Account - 0.1%<sup>(g)</sup> |  |  | 26417  |
| Liabilities in Excess of Other Assets - (17.9)% |  |  | (3511036)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $19608193 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

<sup>(f)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(g)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 30 BARRIER ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (17.8)%**<br>|  |  |  |
| **Put Options - (17.8)%<sup>(a)(b)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 09/30/2025; Exercise <br>Price: $4,033.68 | $(590877266) | (1061) | $(3492855)  |
| &nbsp;&nbsp;&nbsp; S&P 500 Mini Index, Expiration: 09/30/2025; Exercise <br>Price: $403.37 | (723983) | (13) | (4315)  |
| **Total Put Options** |  |  | (3497170)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $4,968,072)** |  |  | $(3497170) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $3169653 | 16.2%  |
| Written Options | (3497170) | (17.8)  |
| U.S. Treasury Bills | 19923159 | 101.6  |
| Money Market Deposit Account | 26417 | 0.1  |
| Liabilities in Excess of Other Assets | (13866) | (0.1)  |
|  | $19608193 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 40 BARRIER ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 2.3%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - 2.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 06/30/2025; Exercise <br>Price: $3,221.82<sup>(b)(c)(d)</sup> | $304070676 | 546 | $170751  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,075,112)** |  |  | 170751  |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 100.2%**<br>|  |  |  |
| **U.S. Treasury Bills - 100.2%**<br>|  |  |  |
| 4.99%, 06/12/2025<sup>(e)(f)</sup> |  | $7537400 | 7500230  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $7,495,523)** |  |  | 7500230  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.5%** <br>**(Cost $8,570,635)** |  |  | $7670981  |
| Money Market Deposit Account - 0.0%<sup>(g)</sup> |  |  | 89  |
| Liabilities in Excess of Other Assets - (2.5)% |  |  | (189111)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $7481959 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

<sup>(f)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(g)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 40 BARRIER ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.5)%** <br>|  |  |  |
| **Put Options - (2.5)%<sup>(a)(b)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 06/30/2025; Exercise <br>Price: $3,276.43 | $(310753548) | (558) | $(183950)  |
| &nbsp;&nbsp;&nbsp; S&P 500 Mini Index, Expiration: 06/30/2025; Exercise <br>Price: $327.64 | (891056) | (16) | (539)  |
| **Total Put Options** |  |  | (184489)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $1,007,663)** |  |  | $(184489) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $170751 | 2.3%  |
| Written Options | (184489) | (2.5)  |
| U.S. Treasury Bills | 7500230 | 100.2  |
| Money Market Deposit Account | 89 | 0.0  |
| Liabilities in Excess of Other Assets | (4622) | 0.0  |
|  | $7481959 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 40 BARRIER ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 12.1%<sup>(a)</sup>** <br>|  |  |  |
| **Put Options - 12.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 09/30/2025; Exercise <br>Price: $3,399.82<sup>(b)(c)(d)</sup> | $601458480 | 1080 | $1869599  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $2,886,997)** |  |  | 1869599  |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 100.9%**<br>|  |  |  |
| **U.S. Treasury Bills - 100.9%**<br>|  |  |  |
| 4.03%, 06/12/2025<sup>(e)</sup> |  | $174300 | 173441  |
| 4.00%, 10/02/2025<sup>(e)(f)</sup> |  | 15736800 | 15462167  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $15,649,455)** |  |  | 15635608  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 113.0%** <br>**(Cost $18,536,452)** |  |  | $17505207  |
| Money Market Deposit Account - 0.1%<sup>(g)</sup> |  |  | 20021  |
| Liabilities in Excess of Other Assets - (13.1)% |  |  | (2034775)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $15490453 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

<sup>(f)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(g)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 40 BARRIER ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (13.1)%** <br>|  |  |  |
| **Put Options - (13.1)%<sup>(a)(b)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 09/30/2025; Exercise <br>Price: $3,457.44 | $(615938036) | (1106) | $(2021082)  |
| &nbsp;&nbsp;&nbsp; S&P 500 Mini Index, Expiration: 09/30/2025; Exercise <br>Price: $345.74 | (556910) | (10) | (1804)  |
| **Total Put Options** |  |  | (2022886)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,976,464)** |  |  | $(2022886) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $1869599 | 12.1%  |
| Written Options | (2022886) | (13.1)  |
| U.S. Treasury Bills | 15635608 | 100.9  |
| Money Market Deposit Account | 20021 | 0.1  |
| Liabilities in Excess of Other Assets | (11889) | 0.0  |
|  | $15490453 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 9 BUFFER ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **SHORT-TERM INVESTMENTS - 100.9%**<br>|  |  |
| **U.S. Treasury Bills - 100.9%**<br>|  |  |
| 5.12%, 05/15/2025<sup>(a)(b)</sup> | $6200 | $6190  |
| 5.09%, 06/12/2025<sup>(a)(b)</sup> | 1196200 | 1190301  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,195,610)** |  | 1196491  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.9%** <br>**(Cost $1,195,610)** |  | $1196491  |
| Money Market Deposit Account - 0.6%<sup>(c)</sup> |  | 6622  |
| Liabilities in Excess of Other Assets - (1.5)% |  | (17793)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1185320 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 9 BUFFER ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.9)%** <br>|  |  |  |
| **Put Options - (0.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $495.26<sup>(a)(b)</sup> | $(1219988) | (22)  | $(10945)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $26,368)** |  |  | $(10945) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Written Options | $(10945) | (0.9)% |
| U.S. Treasury Bills | 1196491 | 100.9  |
| Money Market Deposit Account | 6622 | 0.6  |
| Liabilities in Excess of Other Assets | (6848) | (0.6) |
|  | $1185320 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 9 BUFFER ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **SHORT-TERM INVESTMENTS - 103.1%**<br>|  |  |
| **U.S. Treasury Bills - 103.1%**<br>|  |  |
| 4.02%, 05/15/2025<sup>(a)</sup> | $67000 | $66890  |
| 3.96%, 06/12/2025<sup>(a)</sup> | 67000 | 66670  |
| 3.99%, 07/10/2025<sup>(a)</sup> | 67000 | 66455  |
| 3.99%, 08/07/2025<sup>(a)</sup> | 67100 | 66337  |
| 3.95%, 10/02/2025<sup>(a)(b)</sup> | 13198900 | 12968558  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $13,250,619)** |  | 13234910  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.1%** <br>**(Cost $13,250,619)** |  | $13234910  |
| Money Market Deposit Account - 0.6%<sup>(c)</sup> |  | 79445  |
| Liabilities in Excess of Other Assets - (3.7)% |  | (476546)  |
| **TOTAL NET ASSETS - 100.0%** |  | $12837809 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for written options.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR PREMIUM INCOME 9 BUFFER ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTION** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.1)%** <br>|  |  |  |
| **Put Options - (3.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise <br>Price: $522.14<sup>(a)(b)</sup> | $(12698966) | &nbsp;&nbsp;&nbsp;&nbsp;(229) | $(401661)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $379,856)** |  |  | $(401661) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Written Options | $(401661) | (3.1)%  |
| U.S. Treasury Bills | 13234910 | 103.1  |
| Money Market Deposit Account | 79445 | 0.6  |
| Liabilities in Excess of Other Assets | (74885) | (0.6)  |
|  | $12837809 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY 10 BUFFER ETF - QUARTERLY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.3%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 98.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $1.39<sup>(b)(c)(d)</sup> | $428770328 | 7732 | $426016963  |
| **Put Options - 3.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $559.38<sup>(b)(c)(d)</sup> | 428770328 | 7732 | 15454025  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $443,782,644)** |  |  | 441470988  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.3%** <br>**(Cost $443,782,644)** |  |  | $441470988  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 578546  |
| Liabilities in Excess of Other Assets - (2.4)% |  |  | (10348609)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $431700925 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY 10 BUFFER ETF - QUARTERLY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.3)%**<br>|  |  |  |
| **Call Options - (1.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $580.48<sup>(a)(b)</sup> | $(428770328) | (7732) | $(5434900)  |
| **Put Options - (1.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $503.45<sup>(a)(b)</sup> | (428770328) | (7732) | (4652267)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $12,575,070)** |  |  | $(10087167) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $441470988 | 102.3%  |
| Written Options | (10087167) | (2.3)  |
| Money Market Deposit Account | 578546 | 0.1  |
| Liabilities in Excess of Other Assets | (261442) | (0.1)  |
|  | $431700925 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY 5 TO 15 BUFFER ETF - QUARTERLY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 101.1%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 99.0%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $1.38<sup>(b)(c)(d)</sup> | $132701422 | 2393 | $131851644  |
| **Put Options - 2.1%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $531.42<sup>(b)(c)(d)</sup> | 132701422 | 2393 | 2688296  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $135,281,764)** |  |  | 134539940  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.1%** <br>**(Cost $135,281,764)** |  |  | $134539940  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 184385  |
| Liabilities in Excess of Other Assets - (1.2)% |  |  | (1558435)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $133165890 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY 5 TO 15 BUFFER ETF - QUARTERLY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.1)%**<br>|  |  |  |
| **Call Options - (0.5)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $594.69<sup>(a)(b)</sup> | $(132701422) | (2393) | $(730655)  |
| **Put Options - (0.6)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $475.48<sup>(a)(b)</sup> | (132701422) | (2393) | (752431)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,114,928)** |  |  | $(1483086) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $134539940 | 101.1%  |
| Written Options | (1483086) | (1.1)  |
| Money Market Deposit Account | 184385 | 0.1  |
| Liabilities in Excess of Other Assets | (75349) | (0.1)  |
|  | $133165890 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - APRIL** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 114.1%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 107.2%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $5.57 | $238452200 | 4300 | $233571141  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $559.37 | 238452200 | 4300 | 20447317  |
| **Put Options - 6.9%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $559.37<sup>(b)(c)(d)</sup> | 238452200 | 4300 | 16434514  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $272,106,851)** |  |  | 270452972  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 114.1%** <br>**(Cost $272,106,851)** |  |  | $270452972  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 832555  |
| Liabilities in Excess of Other Assets - (14.5)% |  |  | (34320546)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $236964981 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - APRIL** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (14.4)%**<br>|  |  |  |
| **Call Options - (10.2)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $595.14<sup>(a)(b)</sup> | $(476904400) | (8600) | $(24074152)  |
| **Put Options - (4.2)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $509.02<sup>(a)(b)</sup> | (238452200) | (4300) | (9996683)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $22,846,502)** |  |  | $(34070835) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $270452972 | 114.1%  |
| Written Options | (34070835) | (14.4)  |
| Money Market Deposit Account | 832555 | 0.4  |
| Liabilities in Excess of Other Assets | (249711) | (0.1)  |
|  | $236964981 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - JANUARY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 108.2%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 100.2%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $5.84 | $91110922 | 1643 | $89344615  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $586.06 | 91110922 | 1643 | 4155935  |
| **Put Options - 8.0%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $586.06<sup>(b)(c)(d)</sup> | 91110922 | 1643 | 7493033  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $104,442,794)** |  |  | 100993583  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.2%** <br>**(Cost $104,442,794)** |  |  | $100993583  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 413615  |
| Liabilities in Excess of Other Assets - (8.6)% |  |  | (8050097)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $93357101 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - JANUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (8.4)%** <br>|  |  |  |
| **Call Options - (3.9)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $620.37<sup>(a)(b)</sup> | $(182221844) | (3286) | $(3652948)  |
| **Put Options - (4.5)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $533.31<sup>(a)(b)</sup> | (91110922) | (1643) | (4232598)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $6,370,915)** |  |  | $(7885546) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $100993583 | 108.2%  |
| Written Options | (7885546) | (8.4)  |
| Money Market Deposit Account | 413615 | 0.4  |
| Liabilities in Excess of Other Assets | (164551) | (0.2)  |
|  | $93357101 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.5%<sup>(a)</sup>** <br>|  |  |  |
| **Call Options - 100.9%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2025; Exercise Price: $5.41 | $104475336 | 1884 | $103053105  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2025; Exercise Price: $544.20 | 104475336 | 1884 | 5093469  |
| **Put Options - 2.6%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $544.20<sup>(b)(c)(d)</sup> | 104475336 | 1884 | 2768462  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $120,588,111)** |  |  | 110915036  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.5%** <br>**(Cost $120,588,111)** |  |  | $110915036  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 355125  |
| Liabilities in Excess of Other Assets - (3.8)% |  |  | (4080728)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $107189433 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.7)%**  | **WRITTEN OPTIONS - (3.7)%**  | **WRITTEN OPTIONS - (3.7)%**  | **WRITTEN OPTIONS - (3.7)%**  |
| **Call Options - (2.8)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $577.74<sup>(a)(b)</sup> | $(208950672) | (3768) | $(3039533)  |
| **Put Options - (0.9)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $495.22<sup>(a)(b)</sup> | (104475336) | (1884) | (936442)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $11,655,046)** |  |  | $(3975975) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $110915036 | 103.5%  |
| Written Options | (3975975) | (3.7)  |
| Money Market Deposit Account | 355125 | 0.3  |
| Liabilities in Excess of Other Assets | (104753) | (0.1)  |
|  | $107189433 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.9%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 99.8%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2025; Exercise Price: $5.70 | $189375410 | 3415 | $186666393  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2025; Exercise Price: $573.74 | 189375410 | 3415 | 7705674  |
| **Put Options - 6.1%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $573.74<sup>(b)(c)(d)</sup> | $189375410 | 3415 | 11921765  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $210,804,763)** |  |  | 206293832  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.9%**<br>**(Cost $210,804,763)** |  |  | $206293832  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 555150  |
| Liabilities in Excess of Other Assets - (6.2)% |  |  | (11995237)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $194853745 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (6.1)%**<br>|  |  |  |
| **Call Options - (3.0)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $605.95<sup>(a)(b)</sup> | $(378750820) | (6830) | $(5939027)  |
| **Put Options - (3.1)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $522.10<sup>(a)(b)</sup> | (189375410) | (3415) | (5986529)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $15,285,207)** |  |  | $(11925556) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $206293832 | 105.9%  |
| Written Options | (11925556) | (6.1)  |
| Money Market Deposit Account | 555150 | 0.3  |
| Liabilities in Excess of Other Assets | (69681) | (0.1)<sup>(a)</sup>  |
|  | $194853745 | 100.0% |

---

<sup>(a)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ACCELERATED ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 101.0%<sup>(a)</sup>** <br>|  |  |  |
| **Call Options - 101.0%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2025; Exercise Price: $5.47 | $4103596 | 74 | $4047292  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2025; Exercise Price: $544.22 | 4103596 | 74 | 199960  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $4,278,634)** |  |  | 4247252  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.0%** <br>**(Cost $4,278,634)** |  |  | $4247252  |
| Money Market Deposit Account - 0.6%<sup>(e)</sup> |  |  | 25863  |
| Liabilities in Excess of Other Assets - (1.6)% |  |  | (68598)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $4204517 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ACCELERATED ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.6)%** <br>|  |  |  |
| **Call Options - (1.6)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $588.85<sup>(a)(b)</sup> | $(8207192) | &nbsp;&nbsp;&nbsp;&nbsp;(148) | $(65249)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $285,789)** |  |  | $(65249) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $4247252 | 101.0%  |
| Written Options | (65249) | (1.6)  |
| Money Market Deposit Account | 25863 | 0.6  |
| Liabilities in Excess of Other Assets | (3349) | 0.0  |
|  | $4204517 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ACCELERATED ETF - OCTOBER** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.0%<sup>(a)</sup>** <br>|  |  |  |
| **Call Options - 102.0%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2025; Exercise Price: $5.77 | $2883608 | 52 | $2842088  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2025; Exercise Price: $573.76 | 2883608 | 52 | 117279  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $3,172,094)** |  |  | 2959367  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.0%** <br>**(Cost $3,172,094)** |  |  | $2959367  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 3473  |
| Liabilities in Excess of Other Assets - (2.1)% |  |  | (59853)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $2902987 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ACCELERATED ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.0)%**<br>|  |  |  |
| **Call Options - (2.0)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $617.71<sup>(a)(b)</sup> | $(5767216) | (104) | $(56810)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $218,976)** |  |  | $(56810) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $2959367 | 102.0%  |
| Written Options | (56810) | (2.0)  |
| Money Market Deposit Account | 3473 | 0.1  |
| Liabilities in Excess of Other Assets | (3043) | (0.1)  |
|  | $2902987 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ACCELERATED ETF - QUARTERLY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.4%<sup>(a)</sup>** <br>|  |  |  |
| **Call Options - 102.4%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2025; Exercise Price: $1.41 | $51794036 | 934 | $51459589  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2025; Exercise Price: $559.39 | 51794036 | 934 | 1611953  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $54,061,607)** |  |  | 53071542  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.4%** <br>**(Cost $54,061,607)** |  |  | $53071542  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 35084  |
| Liabilities in Excess of Other Assets - (2.5)% |  |  | (1314554)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $51792072 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ACCELERATED ETF - QUARTERLY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.5)%** <br>|  |  |  |
| **Call Options - (2.5)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $580.98<sup>(a)(b)</sup> | $(103588072) | (1868) | $(1279505)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,943,781)** |  |  | $(1279505) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $53071542 | 102.4%  |
| Written Options | (1279505) | (2.5)  |
| Money Market Deposit Account | 35084 | 0.1  |
| Liabilities in Excess of Other Assets | (35049) | 0.0  |
|  | $51792072 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Accelerated Plus ETF - April** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 116.3%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 116.3%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 116.3%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 116.3%<sup>(a)</sup>**  |
| **Call Options - 116.3%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $5.56 | $27616092 | &nbsp;&nbsp;&nbsp;&nbsp; 498 | $27051275  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $559.36 | 55232184 | &nbsp;&nbsp;&nbsp;&nbsp; 996 | 4736767  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $30,188,014)** |  |  | 31788042  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 116.3%** <br>**(Cost $30,188,014)** |  |  | $31788042  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 70880  |
| Liabilities in Excess of Other Assets - (16.6)% |  |  | (4544807)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $27314115 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Accelerated Plus ETF - April** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (16.6)%**  | **WRITTEN OPTIONS - (16.6)%**  | **WRITTEN OPTIONS - (16.6)%**  | **WRITTEN OPTIONS - (16.6)%**  |
| **Call Options - (16.6)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $590.44<sup>(a)(b)</sup> | $(82848276) | &nbsp;&nbsp; (1494) | $(4529046)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,660,829)** |  |  | $(4529046) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $31788042 | 116.3%  |
| Written Options | (4529046) | (16.6)  |
| Money Market Deposit Account | 70880 | 0.3  |
| Liabilities in Excess of Other Assets | (15761) | 0.0  |
|  | $27314115 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Accelerated Plus ETF - January** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 106.9%<sup>(a)</sup>** | **PURCHASED OPTIONS - 106.9%<sup>(a)</sup>** | **PURCHASED OPTIONS - 106.9%<sup>(a)</sup>** | **PURCHASED OPTIONS - 106.9%<sup>(a)</sup>** |
| **Call Options - 106.9%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $5.83 | $16525292 | &nbsp;&nbsp;&nbsp;&nbsp; 298 | $16205216  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $586.04 | 33050584 | &nbsp;&nbsp;&nbsp;&nbsp; 596 | 1508160  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $19,718,065)** |  |  | 17713376  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.9%** <br>**(Cost $19,718,065)** |  |  | $17713376  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 39601  |
| Liabilities in Excess of Other Assets - (7.1)% |  |  | (1175060)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $16577917 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Accelerated Plus ETF - January** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional**<br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (7.0)%** | **WRITTEN OPTIONS - (7.0)%** | **WRITTEN OPTIONS - (7.0)%** | **WRITTEN OPTIONS - (7.0)%** |
| **Call Options - (7.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $614.68<sup>(a)(b)</sup> | $(49575876) | &nbsp;&nbsp;&nbsp;&nbsp;(894) | $(1164641)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,509,244)** |  |  | $(1164641) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $17713376 | 106.9%  |
| Written Options | (1164641) | (7.0)  |
| Money Market Deposit Account | 39601 | 0.2  |
| Liabilities in Excess of Other Assets | (10419) | (0.1)  |
|  | $16577917 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Accelerated Plus ETF - July** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.4%<sup>(a)</sup>** |
| **Call Options - 105.4%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2025; Exercise Price: $5.39 | $14418040 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | $14222281  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2025; Exercise Price: $544.19 | 28836080 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | 1406199  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $16,384,678)** |  |  | 15628480  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.4%** <br>**(Cost $16,384,678)** |  |  | $15628480  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 30189  |
| Liabilities in Excess of Other Assets - (5.6)% |  |  | (833355)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $14825314 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Accelerated Plus ETF - July** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional**<br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.6)%** | **WRITTEN OPTIONS - (5.6)%** | **WRITTEN OPTIONS - (5.6)%** | **WRITTEN OPTIONS - (5.6)%** |
| **Call Options - (5.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $571.92<sup>(a)(b)</sup> | $(43254120) | &nbsp;&nbsp;&nbsp;&nbsp;(780) | $(824850)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $1,850,953)** |  |  | $(824850) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $15628480 | 105.4%  |
| Written Options | (824850) | (5.6)  |
| Money Market Deposit Account | 30189 | 0.2  |
| Liabilities in Excess of Other Assets | (8505) | 0.0  |
|  | $14825314 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Accelerated Plus ETF - October** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.4%<sup>(a)</sup>** |
| **Call Options - 105.4%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2025; Exercise Price: $5.69 | $13253506 | &nbsp;&nbsp;&nbsp;&nbsp; 239 | $13064091  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2025; Exercise Price: $573.73 | 26507012 | &nbsp;&nbsp;&nbsp;&nbsp; 478 | 1078822  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $15,699,878)** |  |  | 14142913  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.4%** <br>**(Cost $15,699,878)** |  |  | $14142913  |
| Money Market Deposit Account - 0.2%<sup>(e)</sup> |  |  | 29464  |
| Liabilities in Excess of Other Assets - (5.6)% |  |  | (752363)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $13420014 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Accelerated Plus ETF - October** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (5.5)%**  | **WRITTEN OPTIONS - (5.5)%**  | **WRITTEN OPTIONS - (5.5)%**  | **WRITTEN OPTIONS - (5.5)%**  |
| **Call Options - (5.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise <br>Price: $601.01<sup>(a)(b)</sup> | $(39760518) | &nbsp;&nbsp;&nbsp;&nbsp;(717) | $(743780)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,969,079)** |  |  | $(743780) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $14142913 | 105.4%  |
| Written Options | (743780) | (5.5)  |
| Money Market Deposit Account | 29464 | 0.2  |
| Liabilities in Excess of Other Assets | (8583) | (0.1)  |
|  | $13420014 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - April** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.5%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.5%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.5%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.5%<sup>(a)</sup>** |
| **Call Options - 98.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $5.61<sup>(b)(c)(d)</sup> | $366939118 | &nbsp;&nbsp; 6617 | $359362653  |
| **Put Options - 6.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $559.40<sup>(b)(c)(d)</sup> | 366939118 | &nbsp;&nbsp; 6617 | 25250472  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $379,094,213)** |  |  | 384613125  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.5%** <br>**(Cost $379,094,213)** |  |  | $384613125  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 1220474  |
| Liabilities in Excess of Other Assets - (5.8)% |  |  | (21141726)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $364691873 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - April** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional**<br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.7)%** | **WRITTEN OPTIONS - (5.7)%** | **WRITTEN OPTIONS - (5.7)%** | **WRITTEN OPTIONS - (5.7)%** |
| **Call Options - (1.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $649.62<sup>(a)(b)</sup> | $(366939118) | &nbsp;&nbsp; (6617) | $(5531812)  |
| **Put Options - (4.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $509.06<sup>(a)(b)</sup> | (366939118) | &nbsp;&nbsp; (6617) | (15371291)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $21,709,325)** |  |  | $(20903103) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $384613125 | 105.5%  |
| Written Options | (20903103) | (5.7)  |
| Money Market Deposit Account | 1220474 | 0.3  |
| Liabilities in Excess of Other Assets | (238623) | (0.1)  |
|  | $364691873 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - August** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 101.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 101.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 101.4%<sup>(a)</sup>** | **PURCHASED OPTIONS - 101.4%<sup>(a)</sup>** |
| **Call Options - 97.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise <br>Price: $5.52<sup>(b)(c)(d)</sup> | $152332138 | &nbsp;&nbsp; 2747 | $150270762  |
| **Put Options - 3.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise <br>Price: $550.83<sup>(b)(c)(d)</sup> | 152332138 | &nbsp;&nbsp; 2747 | 5629097  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $159,543,338)** |  |  | 155899859  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.4%** <br>**(Cost $159,543,338)** |  |  | $155899859  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 514328  |
| Liabilities in Excess of Other Assets - (1.7)% |  |  | (2684948)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $153729239 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - August** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.6)%** | **WRITTEN OPTIONS - (1.6)%** | **WRITTEN OPTIONS - (1.6)%** | **WRITTEN OPTIONS - (1.6)%** |
| **Call Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise <br>Price: $639.44<sup>(a)(b)</sup> | $(152332138) | &nbsp;&nbsp; (2747) | $(173171)  |
| **Put Options - (1.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise <br>Price: $501.24<sup>(a)(b)</sup> | (152332138) | &nbsp;&nbsp; (2747) | (2357613)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $4,259,819)** |  |  | $(2530784) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $155899859 | 101.4%  |
| Written Options | (2530784) | (1.6)  |
| Money Market Deposit Account | 514328 | 0.3  |
| Liabilities in Excess of Other Assets | (154164) | (0.1)  |
|  | $153729239 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - December** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 104.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 104.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 104.8%<sup>(a)</sup>** |
| **Call Options - 95.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $6.04<sup>(b)(c)(d)</sup> | $186048170 | &nbsp;&nbsp; 3355 | $182974856  |
| **Put Options - 9.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $602.56<sup>(b)(c)(d)</sup> | 186048170 | &nbsp;&nbsp; 3355 | 17458682  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $208,902,581)** |  |  | 200433538  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.8%** <br>**(Cost $208,902,581)** |  |  | $200433538  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 738603  |
| Liabilities in Excess of Other Assets - (5.2)% |  |  | (9919575)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $191252566 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - December** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional**<br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (5.1)%**  | **WRITTEN OPTIONS - (5.1)%**  | **WRITTEN OPTIONS - (5.1)%**  | **WRITTEN OPTIONS - (5.1)%**  |
| **Call Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $692.72<sup>(a)(b)</sup> | $(186048170) | &nbsp;&nbsp; (3355) | $(251893)  |
| **Put Options - (5.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $548.32<sup>(a)(b)</sup> | (186048170) | &nbsp;&nbsp; (3355) | (9511761)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $6,103,608)** |  |  | $(9763654) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $200433538 | 104.8%  |
| Written Options | (9763654) | (5.1)  |
| Money Market Deposit Account | 738603 | 0.4  |
| Liabilities in Excess of Other Assets | (155921) | (0.1)  |
|  | $191252566 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - February** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.5%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.5%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.5%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.5%<sup>(a)</sup>** |
| **Call Options - 95.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $6.03<sup>(b)(c)(d)</sup> | $182443660 | &nbsp;&nbsp; 3290 | $178957082  |
| **Put Options - 9.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $601.83<sup>(b)(c)(d)</sup> | 182443660 | &nbsp;&nbsp; 3290 | 17827589  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $204,399,910)** |  |  | 196784671  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.5%** <br>**(Cost $204,399,910)** |  |  | $196784671  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 584212  |
| Liabilities in Excess of Other Assets - (5.8)% |  |  | (10860321)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $186508562 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - February** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional**<br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.8)%** | **WRITTEN OPTIONS - (5.8)%** | **WRITTEN OPTIONS - (5.8)%** | **WRITTEN OPTIONS - (5.8)%** |
| **Call Options - (0.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $693.30<sup>(a)(b)</sup> | $(182443660) | &nbsp;&nbsp; (3290) | $(440695)  |
| **Put Options - (5.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $547.66<sup>(a)(b)</sup> | (182443660) | &nbsp;&nbsp; (3290) | (10315927)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $7,646,098)** |  |  | $(10756622) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $196784671 | 105.5%  |
| Written Options | (10756622) | (5.8)  |
| Money Market Deposit Account | 584212 | 0.3  |
| Liabilities in Excess of Other Assets | (103699) | 0.0  |
|  | $186508562 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - January** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.6%<sup>(a)</sup>** | **PURCHASED OPTIONS - 104.6%<sup>(a)</sup>** | **PURCHASED OPTIONS - 104.6%<sup>(a)</sup>** | **PURCHASED OPTIONS - 104.6%<sup>(a)</sup>** |
| **Call Options - 96.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $5.87<sup>(b)(c)(d)</sup> | $284867198 | &nbsp;&nbsp; 5137 | $279329666  |
| **Put Options - 8.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $586.09<sup>(b)(c)(d)</sup> | 284867198 | &nbsp;&nbsp; 5137 | 23435046  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $310,809,987)** |  |  | 302764712  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.6%** <br>**(Cost $310,809,987)** |  |  | $302764712  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 959969  |
| Liabilities in Excess of Other Assets - (4.9)% |  |  | (14247735)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $289476946 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - January** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional**<br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (4.9)%**  | **WRITTEN OPTIONS - (4.9)%**  | **WRITTEN OPTIONS - (4.9)%**  | **WRITTEN OPTIONS - (4.9)%**  |
| **Call Options - (0.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $677.16<sup>(a)(b)</sup> | $(284867198) | &nbsp;&nbsp; (5137) | $(826800)  |
| **Put Options - (4.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $533.34<sup>(a)(b)</sup> | (284867198) | &nbsp;&nbsp; (5137) | (13238100)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $12,053,038)** |  |  | $(14064900) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $302764712 | 104.6%  |
| Written Options | (14064900) | (4.9)  |
| Money Market Deposit Account | 959969 | 0.3  |
| Liabilities in Excess of Other Assets | (182835) | 0.0  |
|  | $289476946 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - July** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.7%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 98.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $5.46<sup>(b)(c)(d)</sup> | $242888520 | &nbsp;&nbsp; 4380 | $239560290  |
| **Put Options - 2.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $544.24<sup>(b)(c)(d)</sup> | 242888520 | &nbsp;&nbsp; 4380 | 6441578  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $244,658,109)** |  |  | 246001868  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.7%** <br>**(Cost $244,658,109)** |  |  | $246001868  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 758103  |
| Liabilities in Excess of Other Assets - (1.0)% |  |  | (2432591)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $244327380 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - July** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.9)%**<br>|  |  |  |
| **Call Options - (0.0)%<sup>(a)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $638.97<sup>(b)(c)</sup> | $(242888520) | (4380) | $(100696)  |
| **Put Options - (0.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $495.24<sup>(b)(c)</sup> | (242888520) | (4380) | (2178086)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $7,120,684)** |  |  | $(2278782) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $246001868 | 100.7%  |
| Written Options | (2278782) | (0.9)  |
| Money Market Deposit Account | 758103 | 0.3  |
| Liabilities in Excess of Other Assets | (153809) | (0.1)  |
|  | $244327380 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - June** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.0%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 99.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise <br>Price: $5.28<sup>(b)(c)(d)</sup> | $133422324 | &nbsp;&nbsp; 2406 | $132051674  |
| **Put Options - 1.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise <br>Price: $527.38<sup>(b)(c)(d)</sup> | 133422324 | &nbsp;&nbsp; 2406 | 1373417  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $131,250,703)** |  |  | 133425091  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $131,250,703)** |  |  | $133425091  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 398137  |
| Liabilities in Excess of Other Assets - (0.3)% |  |  | (442644)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $133380584 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - June** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.3)%**<br>|  |  |  |
| **Call Options - (0.0)%<sup>(a)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise <br>Price: $615.18<sup>(b)(c)</sup> | $(133422324) | (2406) | $(41792)  |
| **Put Options - (0.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise <br>Price: $479.91<sup>(b)(c)</sup> | (133422324) | (2406) | (319685)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,768,804)** |  |  | $(361477) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $133425091 | 100.0%  |
| Written Options | (361477) | (0.3)  |
| Money Market Deposit Account | 398137 | 0.3  |
| Liabilities in Excess of Other Assets | (81167) | 0.0  |
|  | $133380584 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - March** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.5%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 96.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $5.95<sup>(b)(c)(d)</sup> | $178894604 | &nbsp;&nbsp; 3226 | $175560339  |
| **Put Options - 9.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $594.19<sup>(b)(c)(d)</sup> | 178894604 | &nbsp;&nbsp; 3226 | 16459730  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $197,564,718)** |  |  | 192020069  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.5%** <br>**(Cost $197,564,718)** |  |  | $192020069  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 579714  |
| Liabilities in Excess of Other Assets - (5.8)% |  |  | (10545519)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $182054264 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - March** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.7)%**<br>|  |  |  |
| **Call Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $688.42<sup>(a)(b)</sup> | $(178894604) | (3226) | $(683170)  |
| **Put Options - (5.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $540.70<sup>(a)(b)</sup> | (178894604) | (3226) | (9747101)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $8,159,508)** |  |  | $(10430271) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $192020069 | 105.5%  |
| Written Options | (10430271) | (5.7)  |
| Money Market Deposit Account | 579714 | 0.3  |
| Liabilities in Excess of Other Assets | (115248) | (0.1)  |
|  | $182054264 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - May** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 98.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $5.56<sup>(b)(c)(d)</sup> | $120834266 | &nbsp;&nbsp; 2179 | $118441724  |
| **Put Options - 6.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $554.55<sup>(b)(c)(d)</sup> | 120834266 | &nbsp;&nbsp; 2179 | 8151639  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $126,602,749)** |  |  | 126593363  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.6%** <br>**(Cost $126,602,749)** |  |  | $126593363  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 347967  |
| Liabilities in Excess of Other Assets - (5.9)% |  |  | (7065876)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $119875454 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

197<br>

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**Innovator U.S. Equity Buffer ETF - May** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.9)%**<br>|  |  |  |
| **Call Options - (1.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $655.13<sup>(a)(b)</sup> | $(120834266) | (2179) | $(1954563)  |
| **Put Options - (4.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $504.63<sup>(a)(b)</sup> | (120834266) | (2179) | (5061817)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $7,006,799)** |  |  | $(7016380) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $126593363 | 105.6%  |
| Written Options | (7016380) | (5.9)  |
| Money Market Deposit Account | 347967 | 0.3  |
| Liabilities in Excess of Other Assets | (49496) | 0.0<sup>(a)</sup>  |
|  | $119875454 | 100.0% |

---

<sup>(a)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - November** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.3%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 97.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise <br>Price: $5.70<sup>(b)(c)(d)</sup> | $148117634 | &nbsp;&nbsp; 2671 | $145749606  |
| **Put Options - 6.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise <br>Price: $568.66<sup>(b)(c)(d)</sup> | 148117634 | &nbsp;&nbsp; 2671 | 9213080  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $158,766,243)** |  |  | 154962686  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.3%** <br>**(Cost $158,766,243)** |  |  | $154962686  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 511631  |
| Liabilities in Excess of Other Assets - (3.6)% |  |  | (5378635)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $150095682 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - November** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.5)%**  | **WRITTEN OPTIONS - (3.5)%**  | **WRITTEN OPTIONS - (3.5)%**  | **WRITTEN OPTIONS - (3.5)%**  |
| **Call Options - (0.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise <br>Price: $659.11<sup>(a)(b)</sup> | $(148117634) | (2671) | $(416569)  |
| **Put Options - (3.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise <br>Price: $517.46<sup>(a)(b)</sup> | (148117634) | (2671) | (4866776)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $6,433,622)** |  |  | $(5283345) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $154962686 | 103.3%  |
| Written Options | (5283345) | (3.5)  |
| Money Market Deposit Account | 511631 | 0.3  |
| Liabilities in Excess of Other Assets | (95290) | (0.1)  |
|  | $150095682 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - October** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.0%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 96.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise <br>Price: $5.75<sup>(b)(c)(d)</sup> | $228248664 | &nbsp;&nbsp; 4116 | $224968294  |
| **Put Options - 6.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise <br>Price: $573.78<sup>(b)(c)(d)</sup> | 228248664 | &nbsp;&nbsp; 4116 | 14376447  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $244,544,936)** |  |  | 239344741  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.0%** <br>**(Cost $244,544,936)** |  |  | $239344741  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 825114  |
| Liabilities in Excess of Other Assets - (3.4)% |  |  | (7790967)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $232378888 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - October** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.3)%**<br>|  |  |  |
| **Call Options - (0.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise <br>Price: $658.73<sup>(a)(b)</sup> | $(228248664) | (4116) | $(373033)  |
| **Put Options - (3.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise <br>Price: $522.12<sup>(a)(b)</sup> | (228248664) | (4116) | (7217365)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $8,546,644)** |  |  | $(7590398) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $239344741 | 103.0%  |
| Written Options | (7590398) | (3.3)  |
| Money Market Deposit Account | 825114 | 0.4  |
| Liabilities in Excess of Other Assets | (200569) | (0.1)  |
|  | $232378888 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - September** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.2%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 97.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise <br>Price: $5.65<sup>(b)(c)(d)</sup> | $155548470 | &nbsp;&nbsp; 2805 | $153576555  |
| **Put Options - 4.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise <br>Price: $563.70<sup>(b)(c)(d)</sup> | 155548470 | &nbsp;&nbsp; 2805 | 7716555  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $163,256,587)** |  |  | 161293110  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.2%** <br>**(Cost $163,256,587)** |  |  | $161293110  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 513023  |
| Liabilities in Excess of Other Assets - (2.5)% |  |  | (3973884)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $157832249 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Buffer ETF - September** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.5)%**<br>|  |  |  |
| **Call Options - (0.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise <br>Price: $648.34<sup>(a)(b)</sup> | $(155548470) | (2805) | $(260865)  |
| **Put Options - (2.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise <br>Price: $512.95<sup>(a)(b)</sup> | (155548470) | (2805) | (3610035)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $5,766,567)** |  |  | $(3870900) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $161293110 | 102.2%  |
| Written Options | (3870900) | (2.5)  |
| Money Market Deposit Account | 513023 | 0.3  |
| Liabilities in Excess of Other Assets | (102984) | 0.0  |
|  | $157832249 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Power Buffer ETF - April** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.3%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 98.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $5.59<sup>(b)(c)(d)</sup> | $775690552 | 13988 | $759702268  |
| **Put Options - 6.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $559.39<sup>(b)(c)(d)</sup> | 775690552 | 13988 | 53364220  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $810,227,337)** |  |  | 813066488  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.3%** <br>**(Cost $810,227,337)** |  |  | $813066488  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 2352347  |
| Liabilities in Excess of Other Assets - (5.6)% |  |  | (43088567)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $772330268 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Power Buffer ETF - April** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.5)%**<br>|  |  |  |
| **Call Options - (2.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $628.70<sup>(a)(b)</sup> | $(775690552) | (13988) | $(19793020)  |
| **Put Options - (2.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $475.48<sup>(a)(b)</sup> | (775690552) | (13988) | (22842404)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $37,477,922)** |  |  | $(42635424) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $813066488 | 105.3%  |
| Written Options | (42635424) | (5.5)  |
| Money Market Deposit Account | 2352347 | 0.3  |
| Liabilities in Excess of Other Assets | (453143) | (0.1)  |
|  | $772330268 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Power Buffer ETF - August** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.9%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 97.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise <br>Price: $5.51<sup>(b)(c)(d)</sup> | $742639968 | 13392 | $733238784  |
| **Put Options - 3.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise <br>Price: $550.81<sup>(b)(c)(d)</sup> | 742639968 | 13392 | 27346464  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $757,998,460)** |  |  | 760585248  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.9%** <br>**(Cost $757,998,460)** |  |  | $760585248  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 2266242  |
| Liabilities in Excess of Other Assets - (1.2)% |  |  | (8902330)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $753949160 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Power Buffer ETF - August** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.1)%**<br>|  |  |  |
| **Call Options - (0.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise <br>Price: $621.37<sup>(a)(b)</sup> | $(742639968) | (13392) | $(2303424)  |
| **Put Options - (0.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise <br>Price: $468.19<sup>(a)(b)</sup> | (742639968) | (13392) | (6160320)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $25,605,268)** |  |  | $(8463744) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $760585248 | 100.9%  |
| Written Options | (8463744) | (1.1)  |
| Money Market Deposit Account | 2266242 | 0.3  |
| Liabilities in Excess of Other Assets | (438586) | (0.1)  |
|  | $753949160 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Power Buffer ETF - December** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.1%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 94.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $6.03<sup>(b)(c)(d)</sup> | $937283508 | 16902 | $922375944  |
| **Put Options - 8.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $602.55<sup>(b)(c)(d)</sup> | 937283508 | 16902 | 87315732  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,047,332,391)** |  |  | 1009691676  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.1%** <br>**(Cost $1,047,332,391)** |  |  | $1009691676  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 3157710  |
| Liabilities in Excess of Other Assets - (3.4)% |  |  | (32982750)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $979866636 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Power Buffer ETF - December** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.3)%**<br>|  |  |  |
| **Call Options - (0.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $674.31<sup>(a)(b)</sup> | $(937283508) | (16902) | $(1960632)  |
| **Put Options - (3.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $512.17<sup>(a)(b)</sup> | (937283508) | (16902) | (30423600)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $36,997,156)** |  |  | $(32384232) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $1009691676 | 103.1%  |
| Written Options | (32384232) | (3.3)  |
| Money Market Deposit Account | 3157710 | 0.3  |
| Liabilities in Excess of Other Assets | (598518) | (0.1)  |
|  | $979866636 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Power Buffer ETF - February** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.9%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 94.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $6.02<sup>(b)(c)(d)</sup> | $795043998 | 14337 | $779864269  |
| **Put Options - 9.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $601.82<sup>(b)(c)(d)</sup> | 795043998 | 14337 | 77680734  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $888,877,697)** |  |  | 857545003  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.9%** <br>**(Cost $888,877,697)** |  |  | $857545003  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 2647681  |
| Liabilities in Excess of Other Assets - (4.2)% |  |  | (34627077)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $825565607 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

211<br>

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**Innovator U.S. Equity Power Buffer ETF - February** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.1)%**<br>|  |  |  |
| **Call Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $672.89<sup>(a)(b)</sup> | $(795043998) | (14337) | $(3722602)  |
| **Put Options - (3.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $511.55<sup>(a)(b)</sup> | (795043998) | (14337) | (30431716)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $33,429,932)** |  |  | $(34154318) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $857545003 | 103.9%  |
| Written Options | (34154318) | (4.1)  |
| Money Market Deposit Account | 2647681 | 0.3  |
| Liabilities in Excess of Other Assets | (472759) | (0.1)  |
|  | $825565607 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Power Buffer ETF - January** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.3%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 95.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $5.86<sup>(b)(c)(d)</sup> | $1166641252 | 21038 | $1145729480  |
| **Put Options - 7.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $586.08<sup>(b)(c)(d)</sup> | 1166641252 | 21038 | 94502696  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,273,129,333)** |  |  | 1240232176  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.3%** <br>**(Cost $1,273,129,333)** |  |  | $1240232176  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 3782591  |
| Liabilities in Excess of Other Assets - (3.6)% |  |  | (43101238)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $1200913529 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Power Buffer ETF - January** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.5)%**<br>|  |  |  |
| **Call Options - (0.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $656.64<sup>(a)(b)</sup> | $(1166641252) | (21038) | $(7110844)  |
| **Put Options - (2.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $498.17<sup>(a)(b)</sup> | (1166641252) | (21038) | (35259688)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $49,581,949)** |  |  | $(42370532) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $1240232176 | 103.3%  |
| Written Options | (42370532) | (3.5)  |
| Money Market Deposit Account | 3782591 | 0.3  |
| Liabilities in Excess of Other Assets | (730706) | (0.1)  |
|  | $1200913529 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Power Buffer ETF - July** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.3%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 97.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $5.44<sup>(b)(c)(d)</sup> | $842290806 | 15189 | $830779367  |
| **Put Options - 2.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $544.22<sup>(b)(c)(d)</sup> | 842290806 | 15189 | 22328893  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $847,790,131)** |  |  | 853108260  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.3%** <br>**(Cost $847,790,131)** |  |  | $853108260  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 2582185  |
| Liabilities in Excess of Other Assets - (0.6)% |  |  | (5079693)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $850610752 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Power Buffer ETF - July** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.5)%**<br>|  |  |  |
| **Call Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $618.78<sup>(a)(b)</sup> | $(842290806) | (15189) | $(947794)  |
| **Put Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $462.59<sup>(a)(b)</sup> | (842290806) | (15189) | (3589768)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $25,664,705)** |  |  | $(4537562) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $853108260 | 100.3%  |
| Written Options | (4537562) | (0.5)  |
| Money Market Deposit Account | 2582185 | 0.3  |
| Liabilities in Excess of Other Assets | (542131) | (0.1)  |
|  | $850610752 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY POWER BUFFER ETF - JUNE** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.0%<sup>(a)</sup>** <br>|  |  |  |
| **Call Options - 99.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise <br>Price: $5.27<sup>(b)(c)(d)</sup> | $576943416 | 10404 | $571026765  |
| **Put Options - 1.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise <br>Price: $527.37<sup>(b)(c)(d)</sup> | 576943416 | 10404 | 5937043  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $565,295,654)** |  |  | 576963808  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $565,295,654)** |  |  | $576963808  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 1821543  |
| Liabilities in Excess of Other Assets - (0.3)% |  |  | (1696050)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $577089301 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY POWER BUFFER ETF - JUNE** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.2)%**<br>|  |  |  |
| **Call Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise <br>Price: $597.98<sup>(a)(b)</sup> | $(576943416) | (10404) | $(622783)  |
| **Put Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise <br>Price: $448.26<sup>(a)(b)</sup> | (576943416) | (10404) | (678445)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $15,645,670)** |  |  | $(1301228) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $576963808 | 100.0%  |
| Written Options | (1301228) | (0.2)  |
| Money Market Deposit Account | 1821543 | 0.3  |
| Liabilities in Excess of Other Assets | (394822) | (0.1)  |
|  | $577089301 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY POWER BUFFER ETF - MARCH** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.1%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 95.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $5.94<sup>(b)(c)(d)</sup> | $570288936 | 10284 | $559669781  |
| **Put Options - 8.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $594.18<sup>(b)(c)(d)</sup> | 570288936 | 10284 | 52466191  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $628,834,016)** |  |  | 612135972  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.1%**<br>**(Cost $628,834,016)** |  |  | $612135972  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 1866911  |
| Liabilities in Excess of Other Assets - (4.4)% |  |  | (26120444)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $587882439 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY POWER BUFFER ETF - MARCH** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.4)%**<br>|  |  |  |
| **Call Options - (0.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $666.31<sup>(a)(b)</sup> | $(570288936) | (10284) | $(4354451)  |
| **Put Options - (3.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $505.05<sup>(a)(b)</sup> | (570288936) | (10284) | (21391029)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $25,522,203)** |  |  | $(25745480) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $612135972 | 104.1%  |
| Written Options | (25745480) | (4.4)  |
| Money Market Deposit Account | 1866911 | 0.3  |
| Liabilities in Excess of Other Assets | (374964) | 0.0  |
|  | $587882439 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY POWER BUFFER ETF - MAY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 98.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $5.55<sup>(b)(c)(d)</sup> | $489991544 | &nbsp;&nbsp; 8836 | $480298452  |
| **Put Options - 6.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $554.54<sup>(b)(c)(d)</sup> | 489991544 | &nbsp;&nbsp; 8836 | 33055476  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $513,391,989)** |  |  | 513353928  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.6%** <br>**(Cost $513,391,989)** |  |  | $513353928  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 1304953  |
| Liabilities in Excess of Other Assets - (5.9)% |  |  | (28570294)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $486088587 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY POWER BUFFER ETF - MAY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.9)%** <br>|  |  |  |
| **Call Options - (2.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $631.51<sup>(a)(b)</sup> | $(489991544) | (8836) | $(13846012)  |
| **Put Options - (3.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $471.36<sup>(a)(b)</sup> | (489991544) | (8836) | (14605908)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $28,413,068)** |  |  | $(28451920) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $513353928 | 105.6%  |
| Written Options | (28451920) | (5.9)  |
| Money Market Deposit Account | 1304953 | 0.3  |
| Liabilities in Excess of Other Assets | (118374) | 0.0<sup>(a)</sup>  |
|  | $486088587 | 100.0% |

---

<sup>(a)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY POWER BUFFER ETF - NOVEMBER** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.4%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 96.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise <br>Price: $5.69<sup>(b)(c)(d)</sup> | $641159148 | 11562 | $631296762  |
| **Put Options - 6.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise <br>Price: $568.64<sup>(b)(c)(d)</sup> | 641159148 | 11562 | 39542040  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $682,769,598)** |  |  | 670838802  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.4%** <br>**(Cost $682,769,598)** |  |  | $670838802  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 2092559  |
| Liabilities in Excess of Other Assets - (2.7)% |  |  | (17841746)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $655089615 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY POWER BUFFER ETF - NOVEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.7)%**<br>|  |  |  |
| **Call Options - (0.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise <br>Price: $639.44<sup>(a)(b)</sup> | $(641159148) | (11562) | $(4069824)  |
| **Put Options - (2.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise <br>Price: $483.34<sup>(a)(b)</sup> | (641159148) | (11562) | (13296300)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $28,507,599)** |  |  | $(17366124) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $670838802 | 102.4%  |
| Written Options | (17366124) | (2.7)  |
| Money Market Deposit Account | 2092559 | 0.3  |
| Liabilities in Excess of Other Assets | (475622) | 0.0  |
|  | $655089615 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY POWER BUFFER ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.0%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 95.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise <br>Price: $5.74<sup>(b)(c)(d)</sup> | $766596096 | 13824 | $755588874  |
| **Put Options - 6.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise <br>Price: $573.76<sup>(b)(c)(d)</sup> | 766596096 | 13824 | 48272164  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $820,352,052)** |  |  | 803861038  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.0%** <br>**(Cost $820,352,052)** |  |  | $803861038  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 2505005  |
| Liabilities in Excess of Other Assets - (2.3)% |  |  | (18257183)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $788108860 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY POWER BUFFER ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.3)%** <br>|  |  |  |
| **Call Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise <br>Price: $638.94<sup>(a)(b)</sup> | $(766596096) | (13824) | $(2951700)  |
| **Put Options - (1.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise <br>Price: $487.70<sup>(a)(b)</sup> | (766596096) | (13824) | (14800942)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $32,841,017)** |  |  | $(17752642) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $803861038 | 102.0%  |
| Written Options | (17752642) | (2.3)  |
| Money Market Deposit Account | 2505005 | 0.3  |
| Liabilities in Excess of Other Assets | (504541) | 0.0  |
|  | 788108860 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. EQUITY POWER BUFFER ETF - SEPTEMBER** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 101.4%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 96.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise <br>Price: $5.64<sup>(b)(c)(d)</sup> | $670993400 | 12100 | $662499200  |
| **Put Options - 4.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise <br>Price: $563.68<sup>(b)(c)(d)</sup> | 670993400 | 12100 | 33275000  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $703,607,032)** |  |  | 695774200  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.4%** <br>**(Cost $703,607,032)** |  |  | $695774200  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 2103783  |
| Liabilities in Excess of Other Assets - (1.7)% |  |  | (11977226)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $685900757 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY POWER BUFFER ETF - SEPTEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.7)%** <br>|  |  |  |
| **Call Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise <br>Price: $630.19<sup>(a)(b)</sup> | $(670993400) | (12100) | $(2577300)  |
| **Put Options - (1.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise <br>Price: $479.13<sup>(a)(b)</sup> | (670993400) | (12100) | (9002400)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $24,595,809)** |  |  | $(11579700) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $695774200 | 101.4%  |
| Written Options | (11579700) | (1.7)  |
| Money Market Deposit Account | 2103783 | 0.3  |
| Liabilities in Excess of Other Assets | (397526) | 0.0  |
|  | $685900757 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - APRIL** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.3%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 98.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $5.58<sup>(b)(c)(d)</sup> | $148450358 | &nbsp;&nbsp; 2677 | $145409072  |
| **Put Options - 5.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $531.42<sup>(b)(c)(d)</sup> | 148450358 | &nbsp;&nbsp; 2677 | 7802625  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $152,282,477)** |  |  | 153211697  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.3%**<br>**(Cost $152,282,477)** |  |  | $153211697  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 431695  |
| Liabilities in Excess of Other Assets - (3.6)% |  |  | (5325793)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $148317599 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - APRIL** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.5)%**<br>|  |  |  |
| **Call Options - (2.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $627.97<sup>(a)(b)</sup> | $(148450358) | (2677) | $(3861733)  |
| **Put Options - (0.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise <br>Price: $363.60<sup>(a)(b)</sup> | (148450358) | (2677) | (1375175)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $4,772,856)** |  |  | $(5236908) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $153211697 | 103.3%  |
| Written Options | (5236908) | (3.5)  |
| Money Market Deposit Account | 431695 | 0.3  |
| Liabilities in Excess of Other Assets | (88885) | (0.1)  |
|  | $148317599 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - AUGUST** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.2%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 97.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise <br>Price: $5.49<sup>(b)(c)(d)</sup> | $144568578 | 2607 | $142619976  |
| **Put Options - 2.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise <br>Price: $523.27<sup>(b)(c)(d)</sup> | 144568578 | 2607 | 3326975  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $147,812,428)** |  |  | 145946951  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%** <br>**(Cost $147,812,428)** |  |  | $145946951  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 444102  |
| Liabilities in Excess of Other Assets - (0.5)% |  |  | (709584)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $145681469 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - AUGUST** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.4)%** <br>|  |  |  |
| **Call Options - (0.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise <br>Price: $624.84<sup>(a)(b)</sup> | $(144568578) | (2607) | $(346783)  |
| **Put Options - (0.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 07/31/2025; Exercise <br>Price: $358.03<sup>(a)(b)</sup> | (144568578) | (2607) | (267140)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,808,623)** |  |  | $(613923) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $145946951 | 100.2%  |
| Written Options | (613923) | (0.4)  |
| Money Market Deposit Account | 444102 | 0.3  |
| Liabilities in Excess of Other Assets | (95661) | (0.1)  |
|  | $145681469 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - DECEMBER** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 94.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $6.01<sup>(b)(c)(d)</sup> | $381856244 | &nbsp;&nbsp; 6886 | $375672616  |
| **Put Options - 6.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $572.42<sup>(b)(c)(d)</sup> | 381856244 | &nbsp;&nbsp; 6886 | 25636578  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $409,738,055)** |  |  | 401309194  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.6%** <br>**(Cost $409,738,055)** |  |  | $401309194  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 1470186  |
| Liabilities in Excess of Other Assets - (1.0)% |  |  | (4058986)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $398720394 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - DECEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.9)%** <br>|  |  |  |
| **Call Options - (0.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $674.55<sup>(a)(b)</sup> | $(381856244) | (6886) | $(915838)  |
| **Put Options - (0.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 11/28/2025; Exercise <br>Price: $391.66<sup>(a)(b)</sup> | (381856244) | (6886) | (2871462)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $6,648,016)** |  |  | $(3787300) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $401309194 | 100.6%  |
| Written Options | (3787300) | (0.9)  |
| Money Market Deposit Account | 1470186 | 0.4  |
| Liabilities in Excess of Other Assets | (271686) | (0.1)  |
|  | $398720394 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - FEBRUARY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 101.2%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 94.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $6.01<sup>(b)(c)(d)</sup> | $232906800 | 4200 | $228463998  |
| **Put Options - 7.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $571.73<sup>(b)(c)(d)</sup> | 232906800 | 4200 | 16886688  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $250,917,378)** |  |  | 245350686  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.2%** <br>**(Cost $250,917,378)** |  |  | $245350686  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 818666  |
| Liabilities in Excess of Other Assets - (1.5)% |  |  | (3617664)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $242551688 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - FEBRUARY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.4)%**<br>|  |  |  |
| **Call Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $672.35<sup>(a)(b)</sup> | $(232906800) | (4200) | $(1110522)  |
| **Put Options - (1.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 01/30/2026; Exercise <br>Price: $391.18<sup>(a)(b)</sup> | (232906800) | (4200) | (2350530)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $5,596,367)** |  |  | $(3461052) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $245350686 | 101.2%  |
| Written Options | (3461052) | (1.4)  |
| Money Market Deposit Account | 818666 | 0.3  |
| Liabilities in Excess of Other Assets | (156612) | (0.1)  |
|  | $242551688 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Ultra Buffer ETF - January** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 101.2%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 95.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $5.85<sup>(b)(c)(d)</sup> | $240670360 | &nbsp;&nbsp; 4340 | $236000433  |
| **Put Options - 5.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $556.78<sup>(b)(c)(d)</sup> | 240670360 | &nbsp;&nbsp; 4340 | 14497206  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $259,373,394)** |  |  | 250497639  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.2%** <br>**(Cost $259,373,394)** |  |  | $250497639  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 775166  |
| Liabilities in Excess of Other Assets - (1.5)% |  |  | (3647468)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $247625337 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Equity Ultra Buffer ETF - January** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.4)%**<br>|  |  |  |
| **Call Options - (0.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $655.35<sup>(a)(b)</sup> | $(240670360) | (4340) | $(1525814)  |
| **Put Options - (0.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise <br>Price: $380.95<sup>(a)(b)</sup> | (240670360) | (4340) | (1967105)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $7,205,441)** |  |  | $(3492919) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Purchased Options | $250497639 | 101.2%  |
| Written Options | (3492919) | (1.4)  |
| Money Market Deposit Account | 775166 | 0.3  |
| Liabilities in Excess of Other Assets | (154549) | (0.1)  |
|  | $247625337 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JULY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 99.9%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 98.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $5.43<sup>(b)(c)(d)</sup> | $135363214 | &nbsp;&nbsp; 2441 | $133515646  |
| **Put Options - 1.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $517.01<sup>(b)(c)(d)</sup> | 135363214 | &nbsp;&nbsp; 2441 | 1999740  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $135,517,853)** |  |  | 135515386  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $135,517,853)** |  |  | $135515386  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 427080  |
| Liabilities in Excess of Other Assets - (0.2)% |  |  | (321172)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $135621294 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JULY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.2)%** <br>|  |  |  |
| **Call Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $622.48<sup>(a)(b)</sup> | $(135363214) | (2441) | $(123807)  |
| **Put Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $353.74<sup>(a)(b)</sup> | (135363214) | (2441) | (115557)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,379,692)** |  |  | $(239364) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $135515386 | 99.9%  |
| Written Options | (239364) | (0.2)  |
| Money Market Deposit Account | 427080 | 0.3  |
| Liabilities in Excess of Other Assets | (81808) | 0.0  |
|  | $135621294 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JUNE** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 99.9%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 99.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise <br>Price: $5.26<sup>(b)(c)(d)</sup> | $62663020 | &nbsp;&nbsp; 1130 | $62021530  |
| **Put Options - 0.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise <br>Price: $501.00<sup>(b)(c)(d)</sup> | 62663020 | &nbsp;&nbsp; 1130 | 282737  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $60,945,937)** |  |  | 62304267  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $60,945,937)** |  |  | $62304267  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 181611  |
| Liabilities in Excess of Other Assets - (0.2)% |  |  | (97392)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $62388486 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - JUNE** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.1)%**<br>|  |  |  |
| **Call Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise <br>Price: $602.89<sup>(a)(b)</sup> | $(62663020) | (1130) | $(44906)  |
| **Put Options - (0.0)%<sup>(c)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 05/30/2025; Exercise <br>Price: $342.79<sup>(a)(b)</sup> | (62663020) | (1130) | (12825)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,211,208)** |  |  | $(57731) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $62304267 | 99.9%  |
| Written Options | (57731) | (0.1)  |
| Money Market Deposit Account | 181611 | 0.3  |
| Liabilities in Excess of Other Assets | (39661) | (0.1)  |
|  | $62388486 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - MARCH** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 101.6%<sup>(a)</sup>** <br>|  |  |  |
| **Call Options - 94.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $5.93<sup>(b)(c)(d)</sup> | $123662420 | &nbsp;&nbsp; 2230 | $121361885  |
| **Put Options - 6.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $564.47<sup>(b)(c)(d)</sup> | 123662420 | &nbsp;&nbsp; 2230 | 8550645  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $132,177,602)** |  |  | 129912530  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.6%** <br>**(Cost $132,177,602)** |  |  | $129912530  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 397828  |
| Liabilities in Excess of Other Assets - (1.9)% |  |  | (2388100)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $127922258 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - MARCH** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.8)%** <br>|  |  |  |
| **Call Options - (0.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $663.88<sup>(a)(b)</sup> | $(123662420) | (2230) | $(1018731)  |
| **Put Options - (1.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 02/27/2026; Exercise <br>Price: $386.22<sup>(a)(b)</sup> | (123662420) | (2230) | (1293467)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,394,762)** |  |  | $(2312198) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $129912530 | 101.6%  |
| Written Options | (2312198) | (1.8)  |
| Money Market Deposit Account | 397828 | 0.3  |
| Liabilities in Excess of Other Assets | (75902) | (0.1)  |
|  | $127922258 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - MAY** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.9%<sup>(a)</sup>** <br>|  |  |  |
| **Call Options - 98.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $5.53<sup>(b)(c)(d)</sup> | $45361372 | &nbsp;&nbsp;&nbsp; 818 | $44464844  |
| **Put Options - 5.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $526.81<sup>(b)(c)(d)</sup> | 45361372 | &nbsp;&nbsp;&nbsp; 818 | 2352568  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $46,820,936)** |  |  | 46817412  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.9%** <br>**(Cost $46,820,936)** |  |  | $46817412  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 125213  |
| Liabilities in Excess of Other Assets - (4.2)% |  |  | (1902430)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $45040195 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - MAY** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.3)%**<br>|  |  |  |
| **Call Options - (3.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $624.36<sup>(a)(b)</sup> | $(45361372) | &nbsp;&nbsp;&nbsp;&nbsp;(818) | $(1488760)  |
| **Put Options - (1.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 04/30/2026; Exercise <br>Price: $360.45<sup>(a)(b)</sup> | (45361372) | &nbsp;&nbsp;&nbsp;&nbsp;(818) | (438448)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,923,631)** |  |  | $(1927208) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $46817412 | 103.9%  |
| Written Options | (1927208) | (4.3)  |
| Money Market Deposit Account | 125213 | 0.3  |
| Other Assets in Excess of Other Assets | 24778 | 0.1  |
|  | $45040195 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - NOVEMBER** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 101.0%<sup>(a)</sup>** <br>|  |  |  |
| **Call Options - 96.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise <br>Price: $5.67<sup>(b)(c)(d)</sup> | $136583202 | &nbsp;&nbsp; 2463 | $134406600  |
| **Put Options - 4.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise <br>Price: $540.21<sup>(b)(c)(d)</sup> | 136583202 | &nbsp;&nbsp; 2463 | 6001124  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $143,713,083)** |  |  | 140407724  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.0%** <br>**(Cost $143,713,083)** |  |  | $140407724  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 465174  |
| Liabilities in Excess of Other Assets - (1.3)% |  |  | (1804542)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $139068356 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - NOVEMBER** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.2)%** <br>|  |  |  |
| **Call Options - (0.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise <br>Price: $635.57<sup>(a)(b)</sup> | $(136583202) | (2463) | $(984683)  |
| **Put Options - (0.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 10/31/2025; Exercise <br>Price: $369.62<sup>(a)(b)</sup> | (136583202) | (2463) | (735402)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $4,553,035)** |  |  | $(1720085) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $140407724 | 101.0%  |
| Written Options | (1720085) | (1.2)  |
| Money Market Deposit Account | 465174 | 0.3  |
| Liabilities in Excess of Other Assets | (84457) | (0.1)  |
|  | $139068356 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - OCTOBER** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 96.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise <br>Price: $5.72<sup>(b)(c)(d)</sup> | $201852560 | &nbsp;&nbsp; 3640 | $198959633  |
| **Put Options - 4.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise <br>Price: $545.07<sup>(b)(c)(d)</sup> | 201852560 | &nbsp;&nbsp; 3640 | 8706953  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $212,975,143)** |  |  | 207666586  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.6%** <br>**(Cost $212,975,143)** |  |  | $207666586  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 656090  |
| Liabilities in Excess of Other Assets - (0.9)% |  |  | (1875517)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $206447159 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - OCTOBER** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.8)%** <br>|  |  |  |
| **Call Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise <br>Price: $636.54<sup>(a)(b)</sup> | $(201852560) | (3640) | $(866065)  |
| **Put Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise <br>Price: $372.94<sup>(a)(b)</sup> | (201852560) | (3640) | (880807)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $6,063,488)** |  |  | $(1746872) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $207666586 | 100.6%  |
| Written Options | (1746872) | (0.8)  |
| Money Market Deposit Account | 656090 | 0.3  |
| Liabilities in Excess of Other Assets | (128645) | (0.1)  |
|  | $206447159 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - SEPTEMBER** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.4%<sup>(a)</sup>** <br>|  |  |  |
| **Call Options - 97.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise <br>Price: $5.62<sup>(b)(c)(d)</sup> | $128320556 | &nbsp;&nbsp; 2314 | $126574736  |
| **Put Options - 3.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise <br>Price: $535.50<sup>(b)(c)(d)</sup> | 128320556 | &nbsp;&nbsp; 2314 | 4228372  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $134,259,599)** |  |  | 130803108  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.4%** <br>**(Cost $134,259,599)** |  |  | $130803108  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 447091  |
| Liabilities in Excess of Other Assets - (0.7)% |  |  | (927208)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $130322991 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. EQUITY ULTRA BUFFER ETF - SEPTEMBER** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.6)%** <br>|  |  |  |
| **Call Options - (0.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise <br>Price: $630.59<sup>(a)(b)</sup> | $(128320556) | (2314) | $(463124)  |
| **Put Options - (0.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 08/29/2025; Exercise <br>Price: $366.39<sup>(a)(b)</sup> | (128320556) | (2314) | (381787)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,007,348)** |  |  | $(844911) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $130803108 | 100.4%  |
| Written Options | (844911) | (0.6)  |
| Money Market Deposit Account | 447091 | 0.3  |
| Liabilities in Excess of Other Assets | (82297) | (0.1)  |
|  | $130322991 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. SMALL CAP 10 BUFFER ETF - QUARTERLY** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.6%<sup>(a)</sup>** | **PURCHASED OPTIONS - 102.6%<sup>(a)</sup>** | **PURCHASED OPTIONS - 102.6%<sup>(a)</sup>** | **PURCHASED OPTIONS - 102.6%<sup>(a)</sup>** |
| **Call Options - 97.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 06/30/2025; Exercise <br>Price: $0.50<sup>(b)(c)(d)</sup> | $42693826 | &nbsp;&nbsp; 2191 | $42464801  |
| **Put Options - 4.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 06/30/2025; Exercise <br>Price: $199.49<sup>(b)(c)(d)</sup> | 42693826 | &nbsp;&nbsp; 2191 | 2132303  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $45,192,227)** |  |  | 44597104  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.6%** <br>**(Cost $45,192,227)** |  |  | $44597104  |
| Money Market Deposit Account - 0.1%<sup>(e)</sup> |  |  | 46899  |
| Liabilities in Excess of Other Assets - (2.7)% |  |  | (1189401)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $43454602 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. SMALL CAP 10 BUFFER ETF - QUARTERLY** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.7)%**<br>|  |  |  |
| **Call Options - (1.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 06/30/2025; Exercise <br>Price: $209.60<sup>(a)(b)</sup> | $(42693826) | (2191) | $(489403)  |
| **Put Options - (1.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 06/30/2025; Exercise <br>Price: $179.54<sup>(a)(b)</sup> | (42693826) | (2191) | (672440)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,777,295)** |  |  | $(1161843) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $44597104 | 102.6%  |
| Written Options | (1161843) | (2.7)  |
| Money Market Deposit Account | 46899 | 0.1  |
| Liabilities in Excess of Other Assets | (27558) | 0.0  |
|  | $43454602 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - APRIL** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 106.2%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 97.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 03/31/2026; Exercise <br>Price: $1.99<sup>(b)(c)(d)</sup> | $183558120 | &nbsp;&nbsp; 9420 | $179788048  |
| **Put Options - 8.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 03/31/2026; Exercise <br>Price: $199.49<sup>(b)(c)(d)</sup> | 183558120 | &nbsp;&nbsp; 9420 | 16309034  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $197,395,448)** |  |  | 196097082  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.2%** <br>**(Cost $197,395,448)** |  |  | $196097082  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 563709  |
| Liabilities in Excess of Other Assets - (6.5)% |  |  | (11916888)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $184743903 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - APRIL** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (6.4)%**<br>|  |  |  |
| **Call Options - (2.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 03/31/2026; Exercise <br>Price: $235.20<sup>(a)(b)</sup> | $(183558120) | (9420) | $(4820685)  |
| **Put Options - (3.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 03/31/2026; Exercise <br>Price: $169.57<sup>(a)(b)</sup> | (183558120) | (9420) | (6967032)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $11,671,666)** |  |  | $(11787717) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $196097082 | 106.2%  |
| Written Options | (11787717) | (6.4)  |
| Money Market Deposit Account | 563709 | 0.3  |
| Liabilities in Excess of Other Assets | (129171) | (0.1)  |
|  | $184743903 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - AUGUST** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.2%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 90.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 07/31/2025; Exercise <br>Price: $2.24<sup>(b)(c)(d)</sup> | $84627698 | &nbsp;&nbsp; 4343 | $83391593  |
| **Put Options - 13.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 07/31/2025; Exercise <br>Price: $223.86<sup>(b)(c)(d)</sup> | 84627698 | &nbsp;&nbsp; 4343 | 12257944  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $106,314,220)** |  |  | 95649537  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.2%** <br>**(Cost $106,314,220)** |  |  | $95649537  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 358457  |
| Liabilities in Excess of Other Assets - (3.6)% |  |  | (3323409)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $92684585 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Small Cap Power Buffer ETF - August** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.5)%**<br>|  |  |  |
| **Call Options - (0.0)%<sup>(a)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 07/31/2025; Exercise <br>Price: $267.78<sup>(b)(c)</sup> | $(84627698) | (4343) | $(38609)  |
| **Put Options - (3.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 07/31/2025; Exercise <br>Price: $190.28<sup>(b)(c)</sup> | (84627698) | (4343) | (3222680)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,326,698)** |  |  | $(3261289) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $95649537 | 103.2%  |
| Written Options | (3261289) | (3.5)  |
| Money Market Deposit Account | 358457 | 0.4  |
| Liabilities in Excess of Other Assets | (62120) | (0.1)  |
|  | $92684585 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - DECEMBER** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 108.0%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 87.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 11/28/2025; Exercise <br>Price: $2.42<sup>(b)(c)(d)</sup> | $42927658 | &nbsp;&nbsp; 2203 | $42161410  |
| **Put Options - 20.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 11/28/2025; Exercise <br>Price: $241.87<sup>(b)(c)(d)</sup> | 42927658 | &nbsp;&nbsp; 2203 | 9687032  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $55,641,716)** |  |  | 51848442  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.0%** <br>**(Cost $55,641,716)** |  |  | $51848442  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 199363  |
| Liabilities in Excess of Other Assets - (8.4)% |  |  | (4045763)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $48002042 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - DECEMBER** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (8.3)%**<br>|  |  |  |
| **Call Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 11/28/2025; Exercise <br>Price: $283.88<sup>(a)(b)</sup> | $(42927658) | (2203) | $(55494)  |
| **Put Options - (8.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 11/28/2025; Exercise <br>Price: $205.59<sup>(a)(b)</sup> | (42927658) | (2203) | (3952600)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,448,151)** |  |  | $(4008094) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $51848442 | 108.0%  |
| Written Options | (4008094) | (8.3)  |
| Money Market Deposit Account | 199363 | 0.4  |
| Liabilities in Excess of Other Assets | (37669) | (0.1)  |
|  | $48002042 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - FEBRUARY** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 106.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 91.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 01/30/2026; Exercise <br>Price: $2.26<sup>(b)(c)(d)</sup> | $22330956 | &nbsp;&nbsp; 1146 | $21883318  |
| **Put Options - 15.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 01/30/2026; Exercise <br>Price: $226.48<sup>(b)(c)(d)</sup> | 22330956 | &nbsp;&nbsp; 1146 | 3695517  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $27,072,823)** |  |  | 25578835  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.6%** <br>**(Cost $27,072,823)** |  |  | $25578835  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 82450  |
| Liabilities in Excess of Other Assets - (6.9)% |  |  | (1654643)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $24006642 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - FEBRUARY** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (6.8)%**<br>|  |  |  |
| **Call Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 01/30/2026; Exercise <br>Price: $266.34<sup>(a)(b)</sup> | $(22330956) | (1146) | $(105294)  |
| **Put Options - (6.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 01/30/2026; Exercise <br>Price: $192.51<sup>(a)(b)</sup> | (22330956) | (1146) | (1533841)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,340,054)** |  |  | $(1639135) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $25578835 | 106.6%  |
| Written Options | (1639135) | (6.8)  |
| Money Market Deposit Account | 82450 | 0.3  |
| Liabilities in Excess of Other Assets | (15508) | (0.1)  |
|  | $24006642 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - JANUARY** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.6%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 92.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise <br>Price: $2.21<sup>(b)(c)(d)</sup> | $279507184 | 14344 | $273884336  |
| **Put Options - 13.6%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise <br>Price: $220.96<sup>(b)(c)(d)</sup> | 279507184 | 14344 | 40435736  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $332,458,582)** |  |  | 314320072  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.6%** <br>**(Cost $332,458,582)** |  |  | $314320072  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 927164  |
| Liabilities in Excess of Other Assets - (5.9)%  |  |  | (17659934)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $297587302 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - JANUARY** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.9)%**<br>|  |  |  |
| **Call Options - (0.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise <br>Price: $259.52<sup>(a)(b)</sup> | $(279507184) | (14344) | $(1405712)  |
| **Put Options - (5.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 12/31/2025; Exercise <br>Price: $187.82<sup>(a)(b)</sup> | (279507184) | (14344) | (16079624)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $18,713,866)** |  |  | $(17485336) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $314320072 | 105.6%  |
| Written Options | (17485336) | (5.9)  |
| Money Market Deposit Account | 927164 | 0.3  |
| Liabilities in Excess of Other Assets | (174598) | 0.0  |
|  | $297587302 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Small Cap Power Buffer ETF - July** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.8%<sup>(a)</sup>** |
| **Call Options - 95.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 06/30/2025; Exercise <br>Price: $2.03<sup>(b)(c)(d)</sup> | $107523748 | &nbsp;&nbsp; 5518 | $106270500  |
| **Put Options - 5.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 06/30/2025; Exercise <br>Price: $202.89<sup>(b)(c)(d)</sup> | 107523748 | &nbsp;&nbsp; 5518 | 6397293  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $117,651,466)** |  |  | 112667793  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.8%** <br>**(Cost $117,651,466)** |  |  | $112667793  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 355567  |
| Liabilities in Excess of Other Assets - (1.1)% |  |  | (1249379)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $111773981 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Small Cap Power Buffer ETF - July** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.0)%** | **WRITTEN OPTIONS - (1.0)%** | **WRITTEN OPTIONS - (1.0)%** | **WRITTEN OPTIONS - (1.0)%** |
| **Call Options - (0.0)%<sup>(a)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 06/30/2025; Exercise <br>Price: $240.18<sup>(b)(c)</sup> | $(107523748) | (5518) | $(71293)  |
| **Put Options - (1.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 06/30/2025; Exercise <br>Price: $172.46<sup>(b)(c)</sup> | (107523748) | (5518) | (1083128)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $4,771,673)** |  |  | $(1154421) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $112667793 | 100.8%  |
| Written Options | (1154421) | (1.0)  |
| Money Market Deposit Account | 355567 | 0.3  |
| Liabilities in Excess of Other Assets | (94958) | (0.1)  |
|  | $111773981 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Small Cap Power Buffer ETF - June** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.2%<sup>(a)</sup>** | **PURCHASED OPTIONS - 100.2%<sup>(a)</sup>** |
| **Call Options - 94.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 05/30/2025; Exercise <br>Price: $2.06<sup>(b)(c)(d)</sup> | $18589644 | &nbsp;&nbsp;&nbsp; 954 | $18383828  |
| **Put Options - 5.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 05/30/2025; Exercise <br>Price: $205.77<sup>(b)(c)(d)</sup> | 18589644 | &nbsp;&nbsp;&nbsp; 954 | 1119987  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $20,120,208)** |  |  | 19503815  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%** <br>**(Cost $20,120,208)** |  |  | $19503815  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 78576  |
| Liabilities in Excess of Other Assets - (0.6)% |  |  | (116728)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $19465663 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Small Cap Power Buffer ETF - June** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.5)%** | **WRITTEN OPTIONS - (0.5)%** | **WRITTEN OPTIONS - (0.5)%** | **WRITTEN OPTIONS - (0.5)%** |
| **Call Options - (0.0)%<sup>(a)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 05/30/2025; Exercise <br>Price: $242.85<sup>(b)(c)</sup> | $(18589644) | &nbsp;&nbsp;&nbsp;&nbsp;(954) | $(3911)  |
| **Put Options - (0.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 05/30/2025; Exercise <br>Price: $174.90<sup>(b)(c)</sup> | (18589644) | &nbsp;&nbsp;&nbsp;&nbsp;(954) | (100056)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $483,332)** |  |  | $(103967) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $19503815 | 100.2%  |
| Written Options | (103967) | (0.5)  |
| Money Market Deposit Account | 78576 | 0.4  |
| Liabilities in Excess of Other Assets | (12761) | (0.1)  |
|  | $19465663 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Small Cap Power Buffer ETF - March** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 105.8%<sup>(a)</sup>** |
| **Call Options - 93.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 02/27/2026; Exercise <br>Price: $2.15<sup>(b)(c)(d)</sup> | $10502954 | &nbsp;&nbsp;&nbsp; 539 | $10300856  |
| **Put Options - 12.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 02/27/2026; Exercise <br>Price: $214.65<sup>(b)(c)(d)</sup> | 10502954 | &nbsp;&nbsp;&nbsp; 539 | 1330473  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $11,848,719)** |  |  | 11631329  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.8%** <br>**(Cost $11,848,719)** |  |  | $11631329  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 44389  |
| Liabilities in Excess of Other Assets - (6.2)% |  |  | (677523)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $10998195 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Small Cap Power Buffer ETF - March** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (6.1)%** | **WRITTEN OPTIONS - (6.1)%** | **WRITTEN OPTIONS - (6.1)%** | **WRITTEN OPTIONS - (6.1)%** |
| **Call Options - (1.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 02/27/2026; Exercise <br>Price: $252.32<sup>(a)(b)</sup> | $(10502954) | &nbsp;&nbsp;&nbsp;&nbsp;(539) | $(115368)  |
| **Put Options - (5.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 02/27/2026; Exercise <br>Price: $182.45<sup>(a)(b)</sup> | (10502954) | &nbsp;&nbsp;&nbsp;&nbsp;(539) | (555121)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $669,520)** |  |  | $(670489) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $11631329 | 105.8%  |
| Written Options | (670489) | (6.1)  |
| Money Market Deposit Account | 44389 | 0.4  |
| Liabilities in Excess of Other Assets | (7034) | (0.1)  |
|  | $10998195 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Small Cap Power Buffer ETF - May** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 107.0%<sup>(a)</sup>** | **PURCHASED OPTIONS - 107.0%<sup>(a)</sup>** | **PURCHASED OPTIONS - 107.0%<sup>(a)</sup>** | **PURCHASED OPTIONS - 107.0%<sup>(a)</sup>** |
| **Call Options - 98.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 04/30/2026; Exercise <br>Price: $1.95<sup>(b)(c)(d)</sup> | $1247104 | &nbsp;&nbsp;&nbsp;&nbsp; 64 | $1222144  |
| **Put Options - 8.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 04/30/2026; Exercise <br>Price: $194.86<sup>(b)(c)(d)</sup> | 1247104 | &nbsp;&nbsp;&nbsp;&nbsp; 64 | 101376  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,323,723)** |  |  | 1323520  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.0%** <br>**(Cost $1,323,723)** |  |  | $1323520  |
| Liabilities in Excess of Other Assets - (7.0)% |  |  | (86428)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $1237092 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

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**Innovator U.S. Small Cap Power Buffer ETF - May** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (7.2)%** | **WRITTEN OPTIONS - (7.2)%** | **WRITTEN OPTIONS - (7.2)%** | **WRITTEN OPTIONS - (7.2)%** |
| **Call Options - (3.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 04/30/2026; Exercise <br>Price: $230.95<sup>(a)(b)</sup> | $(1247104) | &nbsp;&nbsp;&nbsp;&nbsp;(64) | $(44416)  |
| **Put Options - (3.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 04/30/2026; Exercise <br>Price: $165.63<sup>(a)(b)</sup> | (1247104) | &nbsp;&nbsp;&nbsp;&nbsp;(64) | (45056)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $89,267)** |  |  | $(89472) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $1323520 | 107.0%  |
| Written Options | (89472) | (7.2)  |
| Other Assets in Excess of Other Assets | 3044 | 0.2  |
|  | $1237092 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - NOVEMBER** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.1%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 92.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 10/31/2025; Exercise <br>Price: $2.18<sup>(b)(c)(d)</sup> | $16329268 | &nbsp;&nbsp;&nbsp; 838 | $16053658  |
| **Put Options - 11.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 10/31/2025; Exercise <br>Price: $217.76<sup>(b)(c)(d)</sup> | 16329268 | &nbsp;&nbsp;&nbsp; 838 | 2077570  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $20,307,570)** |  |  | 18131228  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.1%** <br>**(Cost $20,307,570)** |  |  | $18131228  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 64038  |
| Liabilities in Excess of Other Assets - (4.5)% |  |  | (789046)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $17406220 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - NOVEMBER** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.5)%**<br>|  |  |  |
| **Call Options - (0.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 10/31/2025; Exercise <br>Price: $256.56<sup>(a)(b)</sup> | $(16329268) | &nbsp;&nbsp;&nbsp;&nbsp;(838) | $(46668)  |
| **Put Options - (4.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 10/31/2025; Exercise <br>Price: $185.10<sup>(a)(b)</sup> | (16329268) | &nbsp;&nbsp;&nbsp;&nbsp;(838) | (730920)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,180,819)** |  |  | $(777588) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $18131228 | 104.1%  |
| Written Options | (777588) | (4.5)  |
| Money Market Deposit Account | 64038 | 0.4  |
| Liabilities in Excess of Other Assets | (11458) | 0.0  |
|  | $17406220 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - OCTOBER** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.1%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 91.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 09/30/2025; Exercise <br>Price: $2.21<sup>(b)(c)(d)</sup> | $95325512 | 4892 | $93659590  |
| **Put Options - 12.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 09/30/2025; Exercise <br>Price: $220.89<sup>(b)(c)(d)</sup> | 95325512 | 4892 | 13050731  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $113,753,504)** |  |  | $106710321  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.1%** <br>**(Cost $113,753,504)** |  |  | $106710321  |
| Money Market Deposit Account - 0.3%<sup>(e)</sup> |  |  | 324051  |
| Liabilities in Excess of Other Assets - (4.4)% |  |  | (4532945)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $102501427 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - OCTOBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.4)%** <br>|  |  |  |
| **Call Options - (0.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 09/30/2025; Exercise <br>Price: $258.22<sup>(a)(b)</sup> | $(95325512) | (4892) | $(153756)  |
| **Put Options - (4.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 09/30/2025; Exercise <br>Price: $187.76<sup>(a)(b)</sup> | (95325512) | (4892) | (4313130)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $6,170,233)** |  |  | $(4466886) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $106710321 | 104.1%  |
| Written Options | (4466886) | (4.4)  |
| Money Market Deposit Account | 324051 | 0.3  |
| Liabilities in Excess of Other Assets | (66059) | 0.0  |
|  | $102501427 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - SEPTEMBER** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.3%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 91.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 08/29/2025; Exercise <br>Price: $2.20<sup>(b)(c)(d)</sup> | $11243422 | 577 | $11082791  |
| **Put Options - 12.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 08/29/2025; Exercise <br>Price: $220.08<sup>(b)(c)(d)</sup> | 11243422 | 577 | 1451040  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $13,427,165)** |  |  | 12533831  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.3%** <br>**(Cost $13,427,165)** |  |  | $12533831  |
| Money Market Deposit Account - 0.4%<sup>(e)</sup> |  |  | 45398  |
| Liabilities in Excess of Other Assets - (3.7)% |  |  | (446512)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $12132717 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

277<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - SEPTEMBER** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.6)%** <br>|  |  |  |
| **Call Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 08/29/2025; Exercise <br>Price: $257.58<sup>(a)(b)</sup> | $(11243422) | &nbsp;&nbsp;&nbsp;&nbsp;(577) | $(11990)  |
| **Put Options - (3.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF, Expiration: 08/29/2025; Exercise <br>Price: $187.07<sup>(a)(b)</sup> | (11243422) | &nbsp;&nbsp;&nbsp;&nbsp;(577) | (426599)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $635,632)** |  |  | $(438589) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $12533831 | 103.3%  |
| Written Options | (438589) | (3.6)  |
| Money Market Deposit Account | 45398 | 0.4  |
| Liabilities in Excess of Other Assets | (7923) | (0.1)  |
|  | $12132717 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR UNCAPPED BITCOIN 20 FLOOR ETF - QUARTERLY** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 32.1%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 32.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Cboe Mini Bitcoin U.S. ETF Index, Expiration: 06/30/2025; Exercise <br>Price: $156.06<sup>(b)(c)(d)</sup> | $9828126 | 441 | $3020599  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $2,050,298)** |  |  | 3020599  |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 72.8%**<br>|  |  |  |
| **U.S. Treasury Bills - 72.8%**<br>|  |  |  |
| 4.24%, 06/26/2025<sup>(e)</sup> |  | $6885300 | 6839964  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $6,840,370)** |  |  | 6839964  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.9%** <br>**(Cost $8,890,668)** |  |  | $9860563  |
| Money Market Deposit Account - 0.0%<sup>(f)</sup> |  |  | 4001  |
| Liabilities in Excess of Other Assets - (4.9)% |  |  | (458856)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $9405708 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

<sup>(f)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of April 30, 2025 was 4.20%. 

The accompanying notes are an integral part of these financial statements.

279<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR UNCAPPED BITCOIN 20 FLOOR ETF - QUARTERLY** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS – (4.8)%**<br>|  |  |  |
| **Call Options - (4.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Cboe Mini Bitcoin U.S. ETF Index, Expiration: 06/30/2025; Exercise <br>Price: $195.08<sup>(a)(b)</sup> | $(2941752) | (132) | $(453151)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $278,625)** |  |  | $(453151) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

**Allocation of Portfolio Holdings as of April 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Purchased Options | $3020599 | 32.1%  |
| Written Options | (453151) | (4.8)  |
| U.S. Treasury Bills | 6839964 | 72.8  |
| Money Market Deposit Account | 4001 | 0.0  |
| Liabilities in Excess of Other Assets | (5705) | (0.1)  |
|  | $9405708 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**20+ Year** <br>**Treasury** <br>**Bond 5 Floor** <br>**ETF - Quarterly** | **Innovator** <br>**20+ Year** <br>**Treasury** <br>**Bond 9 Buffer** <br>**ETF - July** | **Innovator** <br>**Defined** <br>**Wealth** <br>**Shield ETF** | **Innovator** <br>**Emerging** <br>**Markets** <br>**10 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**Emerging** <br>**Markets** <br>**Power Buffer** <br>**ETF - April**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $34908404 | $35277185 | $1426836240 | &nbsp;&nbsp; $6085503 | $75883923  |
| Cash - interest bearing deposit account | 37025 | 72775 | 1769372 | &nbsp;&nbsp; 5088 | 124204  |
| Deposit at broker for other investments | 200 | 197 | 463 | &nbsp;&nbsp; 199 | 199  |
| Interest receivable | 100 | 258 | 5860 | &nbsp;&nbsp; 24 | 374  |
| Receivable for investments sold |  |  | 57104 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 34945729 | 35350415 | 1428669039 | &nbsp;&nbsp; 6090814 | 76008700  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 17098 | 270918 | 29331216 | &nbsp;&nbsp; 122885 | 3327815  |
| Payable to adviser | 20650 | 22249 | 768074 | &nbsp;&nbsp; 4280 | 45285  |
|  Broker Commissions on in-kind transactions payable | 2935 | 301 | 35020 | &nbsp;&nbsp; — | 406  |
| Payable for investments purchased |  |  | 1179 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 40683 | 293468 | 30135489 | &nbsp;&nbsp; 127165 | 3373506  |
| **NET ASSETS** | $34905046 | $35056947 | $1398533550 | &nbsp;&nbsp; $5963649 | $72635194  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $42878245 | $40272084 | $1399548395 | &nbsp;&nbsp; $5971596 | $79000844  |
| Total accumulated losses | (7973199) | (5215137) | (1014845) | &nbsp;&nbsp; (7947) | (6365650)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $34905046 | $35056947 | $1398533550 | &nbsp;&nbsp; $5963649 | $72635194  |
| Net assets | $34905046 | $35056947 | $1398533550 | &nbsp;&nbsp; $5963649 | $72635194  |
| Shares issued and outstanding<sup>(a)</sup> | 1700000 | 1750000 | 44525000 | &nbsp;&nbsp; 225000 | 2750000  |
| Net asset value per share | $20.53 | $20.03 | $31.41 | &nbsp;&nbsp; $26.51 | $26.41  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $35617785 | $35662929 | $1435738964 | &nbsp;&nbsp; $6108515 | $75633450  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $19916 | $553212 | $39736467 | &nbsp;&nbsp; $154591 | $3143026 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Emerging** <br>**Markets Power** <br>**Buffer** <br>**ETF - January** | **Innovator** <br>**Emerging** <br>**Markets Power** <br>**Buffer** <br>**ETF - July** | **Innovator** <br>**Emerging** <br>**Markets Power** <br>**Buffer** <br>**ETF - October** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**April** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**August**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $114561702 | $71494114 | $62161056 | $44055718 | $73860372  |
| Cash - interest bearing deposit account | 222950 | 138768 | 136435 | 86319 | 228241  |
| Interest receivable | 769 | 474 | 491 | 57 | 804  |
| Deposit at broker for other investments | 195 | 199 | 199 | 458 | 200  |
| Receivable for investments sold |  |  |  | 24878 | 56766  |
| Receivable for fund shares sold |  |  |  | 612943 | —  |
| Receivable for transaction fee |  |  |  | 306 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 114785616 | 71633555 | 62298181 | 44780679 | 74146383  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 4300738 | 353861 | 1146161 | 1887420 | 698637  |
| Payable to adviser | 78958 | 51757 | 49644 | 17075 | 44274  |
|  Broker Commissions on in-kind transactions payable | 4468 | 1330 | 3713 | 1638 | 2946  |
| Payable for investments purchased |  |  |  | 581253 | 539  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 4384164 | 406948 | 1199518 | 2487386 | 746396  |
| **NET ASSETS** | $110401452 | $71226607 | $61098663 | $42293293 | $73399987  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $115339724 | $78395023 | $62119487 | $41791216 | $71298522  |
|  Total distributable earnings/ (accumulated losses) | (4938272) | (7168416) | (1020824) | 502077 | 2101465  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $110401452 | $71226607 | $61098663 | $42293293 | $73399987  |
| Net assets | $110401452 | $71226607 | $61098663 | $42293293 | $73399987  |
| Shares issued and outstanding<sup>(a)</sup> | 3650000 | 2825000 | 2300000 | 1725000 | 2975000  |
| Net asset value per share | $30.25 | $25.21 | $26.56 | $24.52 | $24.67  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $111870989 | $71173132 | $64504516 | $42824127 | $72762456  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $4546691 | $2282496 | $2296881 | $1174952 | $1658780 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**December** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**February** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**January** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**July** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**March**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $168571676 | $136133341 | $54339499 | $113162702 | $106602469  |
| Cash - interest bearing deposit account | 598805 | 333860 | 160647 | 366417 | 278871  |
| Receivable for investments sold | 59750 |  |  |  | —  |
| Interest receivable | 1711 | 1227 | 608 | 1172 | 942  |
| &nbsp;&nbsp;&nbsp; Deposit at broker for other <br>investments | 1118 | 59880 | 230 | 199 | 1319  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 169233060 | 136528308 | 54500984 | 113530490 | 106883601  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 950677 | 1354834 | 761231 | 567263 | 1642437  |
| Payable to adviser | 102844 | 84068 | 34124 | 67123 | 66468  |
|  Broker Commissions on in-kind transactions payable | 4067 | 2303 | 192 | 1015 | 4054  |
| Payable for investments purchased | 339 |  |  |  | —  |
| Interest payable |  |  | 344 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1057927 | 1441205 | 795891 | 635401 | 1712959  |
| **NET ASSETS** | $168175133 | $135087103 | $53705093 | $112895089 | $105170642  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $168745142 | $135750332 | $53873447 | $110434749 | $105184619  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (570009) | (663229) | (168354) | 2460340 | (13977)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $168175133 | $135087103 | $53705093 | $112895089 | $105170642  |
| Net assets | $168175133 | $135087103 | $53705093 | $112895089 | $105170642  |
| Shares issued and outstanding<sup>(a)</sup> | 7075000 | 5700000 | 2100000 | 4225000 | 4075000  |
| Net asset value per share | $23.77 | $23.70 | $25.57 | $26.72 | $25.81  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $172111240 | $138999904 | $55759264 | $113337749 | $107432092  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $3804631 | $3762395 | $2133435 | $3141338 | $2579369 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**May** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**November** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**October** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**September** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**April 2026**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $1277848 | $50879365 | $73845217 | $82409972 | $62012226  |
| Receivable for fund shares sold | 1210500 |  |  |  | —  |
| Receivable for investments sold | 68481 |  |  |  | —  |
| Receivable for transaction fee | 605 |  |  |  | —  |
| Interest receivable |  | 551 | 787 | 826 | 915  |
| Cash - interest bearing deposit account |  | 163840 | 255661 | 239004 | 251780  |
| &nbsp;&nbsp;&nbsp; Deposit at broker for other <br>investments |  | 326 | 200 | 200 | 200  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 2557434 | 51044082 | 74101865 | 82650002 | 62265121  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 68530 | 865634 | 853199 | 909773 | 2005142  |
| Payable for investments purchased | 1277943 |  |  |  | —  |
| Payable to adviser |  | 29313 | 44429 | 50947 | 39616  |
|  Broker Commissions on in-kind transactions payable |  | 189 | 2067 | 1869 | 1555  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1346473 | 895136 | 899695 | 962589 | 2046313  |
| **NET ASSETS** | $1210961 | $50148946 | $73202170 | $81687413 | $60218808  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $1211105 | $49679031 | $72496973 | $79905420 | $56855826  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (144) | 469915 | 705197 | 1781993 | 3362982  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $1210961 | $50148946 | $73202170 | $81687413 | $60218808  |
| Net assets | $1210961 | $50148946 | $73202170 | $81687413 | $60218808  |
| Shares issued and outstanding<sup>(a)</sup> | 50000 | 2000000 | 2900000 | 3275000 | 2300000  |
| Net asset value per share | $24.22 | $25.07 | $25.24 | $24.94 | $26.18  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $1277943 | $52806699 | $74797633 | $82533389 | $59614166  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $68481 | $2056207 | $2786810 | $2199496 | $2242065 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**April 2027** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**January 2026** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**January 2027** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**July 2025** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**July 2026**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $5771913 | $53491919 | $55206851 | $170486160 | $69147755  |
| Cash - interest bearing deposit account | 11611 | 192430 | 198810 | 780750 | 325829  |
| Deposit at broker for other investments | 62 | 199 | 11447 | 199 | 199  |
| Interest receivable | 23 | 699 | 778 | 2700 | 985  |
| Receivable for investments sold |  |  |  | 1534067 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 5783609 | 53685247 | 55417886 | 172803876 | 69474768  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 289421 | 4388135 | 1298083 | 12682800 | 1799390  |
| Payable to adviser | 2177 | 32221 | 34549 | 105352 | 41865  |
| Interest payable | 659 |  |  |  | —  |
| Payable for investments purchased |  |  |  | 168468 | —  |
| Payable for capital shares redeemed |  |  |  | 1402065 | —  |
|  Broker Commissions on in-kind transactions payable |  | 388 | 376 | 11761 | 795  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 292257 | 4420744 | 1333008 | 14370446 | 1842050  |
| **NET ASSETS** | $5491352 | $49264503 | $54084878 | $158433430 | $67632718  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $5429952 | $47666218 | $54190269 | $149143619 | $65522070  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | 61400 | 1598285 | (105391) | 9289811 | 2110648  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $5491352 | $49264503 | $54084878 | $158433430 | $67632718  |
| Net assets | $5491352 | $49264503 | $54084878 | $158433430 | $67632718  |
| Shares issued and outstanding<sup>(a)</sup> | 225000 | 1875000 | 2125000 | 5650000 | 2525000  |
| Net asset value per share | $24.41 | $26.27 | $25.45 | $28.04 | $26.79  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $5664157 | $49473118 | $56650013 | $156434865 | $67796726  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $245891 | $1940012 | $2697837 | $5097933 | $2532542 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

285<br>

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to**<br>**October 2026** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 6 Mo** <br>**Apr/Oct** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 6 Mo** <br>**Jan/Jul** | **Innovator** <br>**Growth** <br>**Accelerated** <br>**ETF - Quarterly** | **Innovator** <br>**Growth** <br>**Accelerated** <br>**Plus**<br>**ETF - April**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $87262562 | $75329185 | $246678442 | $35578236 | $17768431  |
| Cash - interest bearing deposit account | 360134 | 97895 | 470245 | 58023 | 49574  |
| Interest receivable | 1189 | 280 | 1622 | 171 | 149  |
| Deposit at broker for other investments | 200 | 200 | 199 | 200 | 202  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 87624085 | 75427560 | 247150508 | 35636630 | 17818356  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 2746803 | 2509444 | 518830 | 1745025 | 3527893  |
| Payable to adviser | 53955 | 43380 | 160591 | 21851 | 8308  |
|  Broker Commissions on in-kind transactions payable |  | 1124 | 7317 | 2085 | 2455  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2800758 | 2553948 | 686738 | 1768961 | 3538656  |
| **NET ASSETS** | $84823327 | $72873612 | $246463770 | $33867669 | $14279700  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $84404463 | $72176927 | $243252840 | $34096810 | $19445921  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | 418864 | 696685 | 3210930 | (229141) | (5166221)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $84823327 | $72873612 | $246463770 | $33867669 | $14279700  |
| Net assets | $84823327 | $72873612 | $246463770 | $33867669 | $14279700  |
| Shares issued and outstanding<sup>(a)</sup> | 3400000 | 2900000 | 9075000 | 1050000 | 375000  |
| Net asset value per share | $24.95 | $25.13 | $27.16 | $32.25 | $38.08  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $88742811 | $74683932 | $254508020 | $35028582 | $16987686  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $4977195 | $2297194 | $7560732 | $1648656 | $2961246 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

286<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Growth** <br>**Accelerated** <br>**Plus** <br>**ETF - January** | **Innovator** <br>**Growth** <br>**Accelerated** <br>**Plus** <br>**ETF - July** | **Innovator** <br>**Growth** <br>**Accelerated** <br>**Plus** <br>**ETF - October** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - April** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - August**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $15440739 | $12806058 | $15079462 | $254123161 | $19042225  |
| Cash - interest bearing deposit account | 59083 | 29813 | 57270 | 713538 | 59242  |
| Deposit at broker for other investments | 200 | 164 | 200 | 198 | 200  |
| Interest receivable | 186 | 131 | 179 | 2082 | 229  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 15500208 | 12836166 | 15137111 | 254838979 | 19101896  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 1227803 | 422241 | 1159896 | 18872849 | 299761  |
| Payable to adviser | 8798 | 8198 | 8371 | 125275 | 11111  |
|  Broker Commissions on in-kind transactions payable | 539 | 894 | 202 | 6169 | 750  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1237140 | 431333 | 1168469 | 19004293 | 311622  |
| **NET ASSETS** | $14263068 | $12404833 | $13968642 | $235834686 | $18790274  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $20952705 | $18395426 | $19539851 | $256366207 | $18011011  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (6689637) | (5990593) | (5571209) | (20531521) | 779263  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $14263068 | $12404833 | $13968642 | $235834686 | $18790274  |
| Net assets | $14263068 | $12404833 | $13968642 | $235834686 | $18790274  |
| Shares issued and outstanding<sup>(a)</sup> | 600000 | 400000 | 500000 | 4925000 | 750000  |
| Net asset value per share | $23.77 | $31.01 | $27.94 | $47.89 | $25.05  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $17955268 | $14534996 | $17070541 | $248766286 | $19235947  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $3027774 | $2201613 | $2978022 | $16673929 | $883617 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

287<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - December** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - February** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - January** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - July** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - June**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $78464583 | $50987051 | $288862788 | $202156953 | $39786462  |
| Cash - interest bearing deposit account | 316485 | 201705 | 900981 | 658875 | 163475  |
| Deposit at broker for other investments | 219 | 834 | 195 | 198 | 200  |
| Interest receivable | 15 | 592 | 3237 | 2313 | 479  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 78781302 | 51190182 | 289767201 | 202818339 | 39950616  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 3386550 | 2772851 | 13892277 | 1696113 | 112115  |
| Payable to adviser | 44266 | 30766 | 179720 | 127941 | 21814  |
|  Broker Commissions on in-kind transactions payable | 883 | 1091 | 13786 | 3664 | 985  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 3431699 | 2804708 | 14085783 | 1827718 | 134914  |
| **NET ASSETS** | $75349603 | $48385474 | $275681418 | $200990621 | $39815702  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $77398662 | $50449352 | $293973321 | $234816018 | $38160111  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (2049059) | (2063878) | (18291903) | (33825397) | 1655591  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $75349603 | $48385474 | $275681418 | $200990621 | $39815702  |
| Net assets | $75349603 | $48385474 | $275681418 | $200990621 | $39815702  |
| Shares issued and outstanding<sup>(a)</sup> | 3175000 | 2025000 | 5900000 | 3325000 | 1500000  |
| Net asset value per share | $23.73 | $23.89 | $46.73 | $60.45 | $26.54  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $81957979 | $53004566 | $300768811 | $207240618 | $39675948  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $4969072 | $2942727 | $16915388 | $9395296 | $1349605 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

288<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - March** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - May** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - November** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - October** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - September**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $35073000 | $1319136 | $26697671 | $156110395 | $28842302  |
| Receivable for fund shares sold | 637502 | 1226500 |  |  | —  |
| Cash - interest bearing deposit account | 84252 |  | 108100 | 470705 | 118240  |
| Deposit at broker for other investments | 47919 |  | 189 | 198 | 200  |
| Receivable for investments sold | 39125 | 95643 |  |  | —  |
| Interest receivable | 385 |  | 400 | 1679 | 439  |
| Receivable for transaction fee | 319 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 35882502 | 2641279 | 26806360 | 156582977 | 28961181  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 2034450 | 95758 | 955046 | 4729599 | 692417  |
| Payable for investments purchased | 675536 | 1319248 |  |  | —  |
| Payable to adviser | 20299 |  | 16286 | 97023 | 18421  |
|  Broker Commissions on in-kind transactions payable | 1935 |  | 1507 | 2606 | 2827  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2732220 | 1415006 | 972839 | 4829228 | 713665  |
| **NET ASSETS** | $33150282 | $1226273 | $25833521 | $151753749 | $28247516  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $33432626 | $1226500 | $25909765 | $171108541 | $27284069  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (282344) | (227) | (76244) | (19354792) | 963447  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $33150282 | $1226273 | $25833521 | $151753749 | $28247516  |
| Net assets | $33150282 | $1226273 | $25833521 | $151753749 | $28247516  |
| Shares issued and outstanding<sup>(a)</sup> | 1300000 | 50000 | 1025000 | 3030000 | 1125000  |
| Net asset value per share | $25.50 | $24.53 | $25.20 | $50.08 | $25.11  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $35267669 | $1319248 | $27748988 | $160023155 | $29345822  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $1984364 | $95643 | $1519054 | $9122794 | $1419754 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

289<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**International** <br>**Developed** <br>**10 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - April** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - August** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - December** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - February**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $24053864 | $247799703 | $17041783 | $22586974 | $28832068  |
| Cash - interest bearing deposit account | 22980 | 523432 | 40587 | 39487 | 73696  |
| Deposit at broker for other investments | 197 | 199 | 200 | 199 | 199  |
| Interest receivable | 69 | 1676 | 121 | 159 | 236  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 24077110 | 248325010 | 17082691 | 22626819 | 28906199  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 513862 | 9316968 | 140896 | 456397 | 971681  |
| Payable to adviser | 15456 | 151202 | 10818 | 15370 | 18563  |
|  Broker Commissions on in-kind transactions payable | 199 | 213 |  | 214 | 1809  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 529517 | 9468383 | 151714 | 471981 | 992053  |
| **NET ASSETS** | $23547593 | $238856627 | $16930977 | $22154838 | $27914146  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $22775992 | $233674363 | $16100348 | $20306702 | $26672829  |
| Total distributable earnings | 771601 | 5182264 | 830629 | 1848136 | 1241317  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $23547593 | $238856627 | $16930977 | $22154838 | $27914146  |
| Net assets | $23547593 | $238856627 | $16930977 | $22154838 | $27914146  |
| Shares issued and outstanding<sup>(a)</sup> | 875000 | 8475000 | 650000 | 775000 | 1025000  |
| Net asset value per share | $26.91 | $28.18 | $26.05 | $28.59 | $27.23  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $23597487 | $238787363 | $16561549 | $21517083 | $27822397  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $419051 | $7778965 | $404226 | $513855 | $709174 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

290<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - January** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - July** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - June** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - March** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - May**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $209682391 | $143923545 | $30077457 | $41523589 | $12557066  |
| Cash - interest bearing deposit account | 461211 | 325523 | 89085 | 116954 | 23111  |
| Interest receivable | 1542 | 1114 | 311 | 417 | 89  |
| Deposit at broker for other investments | 199 | 199 | 200 | 122 | 199  |
| Receivable for investments sold |  |  |  |  | 12572874  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 210145343 | 144250381 | 30167053 | 41641082 | 25153339  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 6538773 | 471025 | 15922 | 1179512 | 422524  |
| Payable to adviser | 132455 | 98321 | 19899 | 33270 | 7691  |
| Payable for investments purchased |  |  |  |  | 12558611  |
|  Broker Commissions on in-kind transactions payable |  | 1301 |  | 4725 | 201  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 6671228 | 570647 | 35821 | 1217507 | 12989027  |
| **NET ASSETS** | $203474115 | $143679734 | $30131232 | $40423575 | $12164312  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $191285464 | $136375276 | $29226878 | $39292104 | $11244289  |
| Total distributable earnings | 12188651 | 7304458 | 904354 | 1131471 | 920023  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $203474115 | $143679734 | $30131232 | $40423575 | $12164312  |
| Net assets | $203474115 | $143679734 | $30131232 | $40423575 | $12164312  |
| Shares issued and outstanding<sup>(a)</sup> | 6250000 | 4800000 | 1150000 | 1500000 | 450000  |
| Net asset value per share | $32.56 | $29.93 | $26.20 | $26.95 | $27.03  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $194541439 | $137392162 | $29342049 | $40972846 | $12948240  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $5575271 | $3306303 | $395413 | $1148226 | $430919 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

291<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - November** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - October** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - September** | **Innovator** <br>**Nasdaq-100** <br>**10 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**Premium** <br>**Income** <br>**10 Barrier** <br>**ETF - July**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $14115001 | $125446954 | $80311307 | $95733016 | $6047696  |
| Cash - interest bearing deposit account | 27671 | 336047 | 203577 | 129594 | 3077  |
| Deposit at broker for other investments | 202 | 194 | 199 | 197 | 200  |
| Interest receivable | 103 | 1170 | 691 | 543 | 13  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 14142977 | 125784365 | 80515774 | 95863350 | 6050986  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 317206 | 1629523 | 893731 | 3491167 | 479474  |
| Payable to adviser | 9211 | 82455 | 46672 | 67991 | 3368  |
|  Broker Commissions on in-kind transactions payable |  | 22201 | 18601 | 16892 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 326417 | 1734179 | 959004 | 3576050 | 482842  |
| **NET ASSETS** | $13816560 | $124050186 | $79556770 | $92287300 | $5568144  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $13538827 | $137667756 | $79412894 | $89340137 | $5582238  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | 277733 | (13617570) | 143876 | 2947163 | (14094)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $13816560 | $124050186 | $79556770 | $92287300 | $5568144  |
| Net assets | $13816560 | $124050186 | $79556770 | $92287300 | $5568144  |
| Shares issued and outstanding<sup>(a)</sup> | 450000 | 3975000 | 2700000 | 3475000 | 225000  |
| Net asset value per share | $30.70 | $31.21 | $29.47 | $26.56 | $24.75  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $13638522 | $125907460 | $79151936 | $95173043 | $7002093  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $357587 | $2441895 | $948190 | $3636486 | $1384717 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

292<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Premium** <br>**Income** <br>**10 Barrier** <br>**ETF - October** | **Innovator** <br>**Premium** <br>**Income** <br>**15 Buffer** <br>**ETF - April** | **Innovator** <br>**Premium** <br>**Income** <br>**15 Buffer** <br>**ETF - January** | **Innovator** <br>**Premium** <br>**Income** <br>**15 Buffer** <br>**ETF - July** | **Innovator** <br>**Premium** <br>**Income** <br>**15 Buffer** <br>**ETF - October**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $6863244 | $5742480 | $13706745 | $2389991 | $19767981  |
| Cash - interest bearing deposit account | 5675 | 26634 | 63086 | 11961 | 102129  |
| Deposit at broker for other investments | 200 |  | 200 | 200 | 200  |
| Interest receivable | 19 | 10 | 37 | 22 | 209  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 6869138 | 5769124 | 13770068 | 2402174 | 19870519  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 1633985 | 165454 | 403631 | 10401 | 367291  |
| Payable to adviser | 2730 | 3253 | 8234 | 1537 | 12431  |
|  Broker Commissions on in-kind transactions payable | 878 | 616 | 898 |  | 293  |
| Distributions payable |  | 25141 | 57186 | 11068 | 83859  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1637593 | 194464 | 469949 | 23006 | 463874  |
| **NET ASSETS** | $5231545 | $5574660 | $13300119 | $2379168 | $19406645  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $5274505 | $5572862 | $13398858 | $2365685 | $19588805  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (42960) | 1798 | (98739) | 13483 | (182160)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $5231545 | $5574660 | $13300119 | $2379168 | $19406645  |
| Net assets | $5231545 | $5574660 | $13300119 | $2379168 | $19406645  |
| Shares issued and outstanding<sup>(a)</sup> | 225000 | 225000 | 550000 | 100000 | 825000  |
| Net asset value per share | $23.25 | $24.78 | $24.18 | $23.79 | $23.52  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $7219348 | $5737679 | $13695529 | $2388705 | $19790245  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $2012126 | $142970 | $289763 | $40703 | $393613 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

293<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Premium** <br>**Income** <br>**20 Barrier** <br>**ETF - April** | **Innovator** <br>**Premium** <br>**Income** <br>**20 Barrier** <br>**ETF - January** | **Innovator** <br>**Premium** <br>**Income** <br>**20 Barrier** <br>**ETF - July** | **Innovator** <br>**Premium** <br>**Income** <br>**20 Barrier** <br>**ETF - October** | **Innovator** <br>**Premium** <br>**Income** <br>**30 Barrier** <br>**ETF - April**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $38987189 | $17424589 | $18998826 | $23705445 | $51963178  |
| Cash - interest bearing deposit account | 7663 | 4237 | 79 | 20885 | 15432  |
| Deposit at broker for other investments | 207 | 203 | 200 | 205 | 208  |
| Interest receivable | 45 | 26 | 8 | 75 | 62  |
| Receivable for investments sold |  |  | 1314276 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 38995104 | 17429055 | 20313389 | 23726610 | 51978880  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 12238643 | 5388532 | 936726 | 4876700 | 14186942  |
| Payable to adviser | 16548 | 7386 | 12338 | 12241 | 22270  |
| Payable for investments purchased |  |  | 65245 |  | —  |
| Payable for capital shares redeemed |  |  | 1245105 |  | —  |
|  Broker Commissions on in-kind transactions payable |  |  |  | 287 | 1528  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 12255191 | 5395918 | 2259414 | 4889228 | 14210740  |
| **NET ASSETS** | $26739913 | $12033137 | $18053975 | $18837382 | $37768140  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $27090171 | $12230731 | $17880551 | $19136957 | $37998635  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (350258) | (197594) | 173424 | (299575) | (230495)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $26739913 | $12033137 | $18053975 | $18837382 | $37768140  |
| Net assets | $26739913 | $12033137 | $18053975 | $18837382 | $37768140  |
| Shares issued and outstanding<sup>(a)</sup> | 1100000 | 500000 | 725000 | 800000 | 1550000  |
| Net asset value per share | $24.31 | $24.07 | $24.90 | $23.55 | $24.37  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $36604742 | $17012378 | $21838486 | $24975799 | $50384057  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $9595381 | $4813916 | $3968299 | $5901899 | $12409758 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

294<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Premium** <br>**Income** <br>**30 Barrier** <br>**ETF - January** | **Innovator** <br>**Premium** <br>**Income** <br>**30 Barrier** <br>**ETF - July** | **Innovator** <br>**Premium** <br>**Income** <br>**30 Barrier** <br>**ETF - October** | **Innovator** <br>**Premium** <br>**Income** <br>**40 Barrier** <br>**ETF - July** | **Innovator** <br>**Premium** <br>**Income** <br>**40 Barrier** <br>**ETF - October**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $23489377 | $20657826 | $23092812 | $7670981 | $17505207  |
| Cash - interest bearing deposit account | 10393 | 2755 | 26417 | 89 | 20021  |
| Deposit at broker for other investments | 200 | 200 | 200 | 200 | 203  |
| Interest receivable | 39 | 13 | 82 | 3 | 61  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 23500009 | 20660794 | 23119511 | 7671273 | 17525492  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 5854251 | 683114 | 3497170 | 184489 | 2022886  |
| Payable to adviser | 11062 | 13236 | 13574 | 4825 | 8008  |
|  Broker Commissions on in-kind transactions payable | 906 | 617 | 574 |  | 4145  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 5866219 | 696967 | 3511318 | 189314 | 2035039  |
| **NET ASSETS** | $17633790 | $19963827 | $19608193 | $7481959 | $15490453  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $17945479 | $19816652 | $19786463 | $7446291 | $15480096  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (311689) | 147175 | (178270) | 35668 | 10357  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $17633790 | $19963827 | $19608193 | $7481959 | $15490453  |
| Net assets | $17633790 | $19963827 | $19608193 | $7481959 | $15490453  |
| Shares issued and outstanding<sup>(a)</sup> | 725000 | 800000 | 825000 | 300000 | 650000  |
| Net asset value per share | $24.32 | $24.95 | $23.77 | $24.94 | $23.83  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $22284368 | $23280506 | $24639278 | $8570635 | $18536452  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $4456411 | $3515488 | $4968072 | $1007663 | $2976464 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

295<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Premium** <br>**Income** <br>**9 Buffer** <br>**ETF - July** | **Innovator** <br>**Premium** <br>**Income** <br>**9 Buffer** <br>**ETF - October** | **Innovator** <br>**U.S. Equity** <br>**10 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**U.S. Equity** <br>**5 to 15 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**9 Buffer** <br>**ETF - April**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $1196491 | $13234910 | $441470988 | $134539940 | $270452972  |
| Cash - interest bearing deposit account | 6622 | 79445 | 578546 | 184385 | 832555  |
| Deposit at broker for other investments | 200 | 198 | 197 | 199 | 199  |
| Interest receivable | 11 | 156 | 1877 | 557 | 2602  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1203324 | 13314709 | 442051608 | 134725081 | 271288328  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 10945 | 401661 | 10087167 | 1483086 | 34070835  |
| Distributions payable | 6296 | 66072 |  |  | —  |
| Payable to adviser | 763 | 8593 | 238605 | 73296 | 159828  |
|  Broker Commissions on in-kind transactions payable |  | 574 | 24911 | 2809 | 92684  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 18004 | 476900 | 10350683 | 1559191 | 34323347  |
| **NET ASSETS** | $1185320 | $12837809 | $431700925 | $133165890 | $236964981  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $1181491 | $13078586 | $435836862 | $139316309 | $219533370  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | 3829 | (240777) | (4135937) | (6150419) | 17431611  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $1185320 | $12837809 | $431700925 | $133165890 | $236964981  |
| Net assets | $1185320 | $12837809 | $431700925 | $133165890 | $236964981  |
| Shares issued and outstanding<sup>(a)</sup> | 50000 | 550000 | 14525000 | 4350000 | 6825000  |
| Net asset value per share | $23.71 | $23.34 | $29.72 | $30.61 | $34.72  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $1195610 | $13250619 | $443782644 | $135281764 | $272106851  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $26368 | $379856 | $12575070 | $2114928 | $22846502 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

296<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**9 Buffer** <br>**ETF - January** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**9 Buffer** <br>**ETF - July** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**9 Buffer** <br>**ETF - October** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**ETF - July** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**ETF - October**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $100993583 | $110915036 | $206293832 | $4247252 | $2959367  |
| Cash - interest bearing deposit account | 413615 | 355125 | 555150 | 25863 | 3473  |
| Interest receivable | 1623 | 1331 | 1031 | 97 | 52  |
| Deposit at broker for other investments | 199 | 199 | 199 | 200 | 200  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 101409020 | 111271691 | 206850212 | 4273412 | 2963092  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 7885546 | 3975975 | 11925556 | 65249 | 56810  |
| Payable to adviser | 85254 | 83132 | 61026 | 2614 | 2646  |
|  Broker Commissions on in-kind transactions payable | 81119 | 23151 | 9885 | 1032 | 649  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 8051919 | 4082258 | 11996467 | 68895 | 60105  |
| **NET ASSETS** | $93357101 | $107189433 | $194853745 | $4204517 | $2902987  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $106828453 | $105895836 | $210205287 | $3692898 | $9068063  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (13471352) | 1293597 | (15351542) | 511619 | (6165076)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $93357101 | $107189433 | $194853745 | $4204517 | $2902987  |
| Net assets | $93357101 | $107189433 | $194853745 | $4204517 | $2902987  |
| Shares issued and outstanding<sup>(a)</sup> | 3325000 | 3175000 | 6575000 | 125000 | 100000  |
| Net asset value per share | $28.08 | $33.76 | $29.64 | $33.64 | $29.03  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $104442794 | $120588111 | $210804763 | $4278634 | $3172094  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $6370915 | $11655046 | $15285207 | $285789 | $218976 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

297<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**ETF - Quarterly** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**Plus** <br>**ETF - April** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**Plus** <br>**ETF - January** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**Plus** <br>**ETF - July** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**Plus** <br>**ETF - October**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $53071542 | $31788042 | $17713376 | $15628480 | $14142913  |
| Cash - interest bearing deposit account | 35084 | 70880 | 39601 | 30189 | 29464  |
| Deposit at broker for other investments | 200 | 199 | 200 | 200 | 200  |
| Interest receivable | 187 | 218 | 152 | 118 | 205  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 53107013 | 31859339 | 17753329 | 15658987 | 14172782  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 1279505 | 4529046 | 1164641 | 824850 | 743780  |
| Payable to adviser | 33397 | 14343 | 10362 | 8349 | 8371  |
|  Broker Commissions on in-kind transactions payable | 2039 | 1835 | 409 | 474 | 617  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1314941 | 4545224 | 1175412 | 833673 | 752768  |
| **NET ASSETS** | $51792072 | $27314115 | $16577917 | $14825314 | $13420014  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $53081373 | $26537435 | $19086559 | $16482079 | $15858436  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (1289301) | 776680 | (2508642) | (1656765) | (2438422)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $51792072 | $27314115 | $16577917 | $14825314 | $13420014  |
| Net assets | $51792072 | $27314115 | $16577917 | $14825314 | $13420014  |
| Shares issued and outstanding<sup>(a)</sup> | 1500000 | 775000 | 625000 | 450000 | 475000  |
| Net asset value per share | $34.53 | $35.24 | $26.52 | $32.95 | $28.25  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $54061607 | $30188014 | $19718065 | $16384678 | $15699878  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $1943781 | $3660829 | $2509244 | $1850953 | $1969079 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

298<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - April** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - August** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - December** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - February** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - January**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $384613125 | $155899859 | $200433538 | $196784671 | $302764712  |
| Cash - interest bearing deposit account | 1220474 | 514328 | 738603 | 584212 | 959969  |
| Receivable for fund shares sold | 1054023 |  |  |  | —  |
| Receivable for investments sold | 59937 |  |  |  | —  |
| Interest receivable | 3249 | 1886 | 2587 | 2127 | 3249  |
| Receivable for transaction fee | 527 |  |  |  | —  |
| Deposit at broker for other investments |  | 199 | 197 | 16371 | 57  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 386951335 | 156416272 | 201174925 | 197387381 | 303727987  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 20903103 | 2530784 | 9763654 | 10756622 | 14064900  |
| Payable for investments purchased | 1104457 |  |  |  | —  |
| Payable to adviser | 193293 | 105104 | 124254 | 118695 | 184830  |
| Due to broker | 48297 |  |  |  | —  |
|  Broker Commissions on in-kind transactions payable | 10312 | 51145 | 34451 | 3502 | 1311  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 22259462 | 2687033 | 9922359 | 10878819 | 14251041  |
| **NET ASSETS** | $364691873 | $153729239 | $191252566 | $186508562 | $289476946  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $368992482 | $167906184 | $190054103 | $184798271 | $284189385  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (4300609) | (14176945) | 1198463 | 1710291 | 5287561  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $364691873 | $153729239 | $191252566 | $186508562 | $289476946  |
| Net assets | $364691873 | $153729239 | $191252566 | $186508562 | $289476946  |
| Shares issued and outstanding<sup>(a)</sup> | 8650000 | 3650000 | 4600000 | 4525000 | 6250000  |
| Net asset value per share | $42.16 | $42.12 | $41.58 | $41.22 | $46.32  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $379094213 | $159543338 | $208902581 | $204399910 | $310809987  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $21709325 | $4259819 | $6103608 | $7646098 | $12053038 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

299<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - July** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - June** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - March** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - May** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - November**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $246001868 | $133425091 | $192020069 | $126593363 | $154962686  |
| Cash - interest bearing deposit account | 758103 | 398137 | 579714 | 347967 | 511631  |
| Interest receivable | 2632 | 1394 | 2045 | 1249 | 1685  |
| Deposit at broker for other investments | 198 | 199 |  |  | 199  |
| Receivable for investments sold |  |  |  | 126635126 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 246762801 | 133824821 | 192601828 | 253577705 | 155476201  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 2278782 | 361477 | 10430271 | 7016380 | 5283345  |
| Payable to adviser | 151524 | 81559 | 115929 | 78897 | 95791  |
|  Broker Commissions on in-kind transactions payable | 5115 | 1201 | 1326 | 3457 | 1383  |
| Payable for investments purchased |  |  |  | 126602749 | —  |
| Due to broker |  |  | 38 | 768 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2435421 | 444237 | 10547564 | 133702251 | 5380519  |
| **NET ASSETS** | $244327380 | $133380584 | $182054264 | $119875454 | $150095682  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $247811219 | $128252045 | $168674852 | $112752477 | $182156602  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (3483839) | 5128539 | 13379412 | 7122977 | (32060920)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $244327380 | $133380584 | $182054264 | $119875454 | $150095682  |
| Net assets | $244327380 | $133380584 | $182054264 | $119875454 | $150095682  |
| Shares issued and outstanding<sup>(a)</sup> | 5700000 | 3325000 | 4025000 | 3050000 | 3950000  |
| Net asset value per share | $42.86 | $40.11 | $45.23 | $39.30 | $38.00  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $244658109 | $131250703 | $197564718 | $131358099 | $158766243  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $7120684 | $3768804 | $8159508 | $7154161 | $6433622 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

300<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - October** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - September** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - April** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - August** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - December**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $239344741 | $161293110 | $813066488 | $760585248 | $1009691676  |
| Cash - interest bearing deposit account | 825114 | 513023 | 2352347 | 2266242 | 3157710  |
| Interest receivable | 2954 | 1752 | 7744 | 7716 | 10973  |
| Deposit at broker for other investments | 198 | 199 | 2137 | 196 | 200  |
| Receivable for investments sold |  | 4255135 | 194989 | 10035 | 1971348  |
| Receivable for fund shares sold |  |  | 3542800 | 942435 | —  |
| Receivable for transaction fee |  |  | 443 | 471 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 240173007 | 166063219 | 819166948 | 763812343 | 1014831907  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 7590398 | 3870900 | 42635424 | 8463744 | 32384232  |
| Payable to adviser | 158440 | 101966 | 469849 | 468441 | 630220  |
|  Broker Commissions on in-kind transactions payable | 45281 | 2494 | 11261 | 22217 | 12241  |
| Payable for investments purchased |  | 102130 | 3720146 | 908781 | 63233  |
| &nbsp;&nbsp;&nbsp; Payable for capital shares <br>redeemed |  | 4153480 |  |  | 1875345  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 7794119 | 8230970 | 46836680 | 9863183 | 34965271  |
| **NET ASSETS** | $232378888 | $157832249 | $772330268 | $753949160 | $979866636  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $276622481 | $165265712 | $837551652 | $777572007 | $960738290  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (44243593) | (7433463) | (65221384) | (23622847) | 19128346  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $232378888 | $157832249 | $772330268 | $753949160 | $979866636  |
| Net assets | $232378888 | $157832249 | $772330268 | $753949160 | $979866636  |
| Shares issued and outstanding<sup>(a)</sup> | 5550000 | 3800000 | 21800000 | 20000000 | 26125000  |
| Net asset value per share | $41.87 | $41.53 | $35.43 | $37.70 | $37.51  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $244544936 | $163256587 | $810227337 | $757998460 | $1047332391  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options premium <br>received | $8546644 | $5766567 | $37477922 | $25605268 | $36997156 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

301<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - February** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - January** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - July** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - June** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - March**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $857545003 | $1240232176 | $853108260 | $576963808 | $612135972  |
| Cash - interest bearing deposit account | 2647681 | 3782591 | 2582185 | 1821543 | 1866911  |
| Cash | 57419 |  |  |  | —  |
| Interest receivable | 9196 | 12988 | 8878 | 6230 | 6415  |
| Deposit at broker for other investments | 2797 |  | 196 | 198 | —  |
| Receivable for investments sold |  | 3242354 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 860262096 | 1247270109 | 855699519 | 578791779 | 614009298  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 34154318 | 42370532 | 4537562 | 1301228 | 25745480  |
| Payable to adviser | 529182 | 760266 | 539617 | 373258 | 374461  |
|  Broker Commissions on in-kind transactions payable | 12989 | 9877 | 11588 | 27992 | 6884  |
| Payable for investments purchased |  | 110774 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Payable for capital shares <br>redeemed |  | 3100463 |  |  | —  |
| Due to broker |  | 4668 |  |  | 34  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 34696489 | 46356580 | 5088767 | 1702478 | 26126859  |
| **NET ASSETS** | $825565607 | $1200913529 | $850610752 | $577089301 | $587882439  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $815698498 | $1170569450 | $879538256 | $545638300 | $566630169  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | 9867109 | 30344079 | (28927504) | 31451001 | 21252270  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $825565607 | $1200913529 | $850610752 | $577089301 | $587882439  |
| Net assets | $825565607 | $1200913529 | $850610752 | $577089301 | $587882439  |
| Shares issued and outstanding<sup>(a)</sup> | 23125000 | 29050000 | 21250000 | 15700000 | 14800000  |
| Net asset value per share | $35.70 | $41.34 | $40.03 | $36.76 | $39.72  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $888877697 | $1273129333 | $847790131 | $565295654 | $628834016  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options premium <br>received | $33429932 | $49581949 | $25664705 | $15645670 | $25522203 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

302<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - May** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - November** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - October** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - September** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - April**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $513353928 | $670838802 | $803861038 | $695774200 | $153211697  |
| Receivable for investments sold | 513584276 | 2843023 |  | 57496 | —  |
|  Cash - interest bearing deposit account | 1304953 | 2092559 | 2505005 | 2103783 | 431695  |
| Interest receivable | 4762 | 7554 | 8712 | 7435 | 1398  |
|  Deposit at broker for other investments | 132 | 201 | 196 | 197 | 1998  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1028248051 | 675782139 | 806374951 | 697943111 | 153646788  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 28451920 | 17366124 | 17752642 | 11579700 | 5236908  |
| Payable for investments purchased | 513391989 | 73603 |  | 962 | —  |
| Payable to adviser | 307975 | 439194 | 503931 | 442795 | 87375  |
|  Broker Commissions on in-kind transactions payable | 7580 | 29933 | 9518 | 18897 | 4906  |
| &nbsp;&nbsp;&nbsp; Payable for capital shares <br>redeemed |  | 2783670 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 542159464 | 20692524 | 18266091 | 12042354 | 5329189  |
| **NET ASSETS** | $486088587 | $655089615 | $788108860 | $685900757 | $148317599  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $449367307 | $879542082 | $916012397 | $744153553 | $156148089  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | 36721280 | (224452467) | (127903537) | (58252796) | (7830490)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $486088587 | $655089615 | $788108860 | $685900757 | $148317599  |
| Net assets | $486088587 | $655089615 | $788108860 | $685900757 | $148317599  |
| Shares issued and outstanding<sup>(a)</sup> | 13575000 | 17650000 | 20300000 | 17900000 | 4975000  |
| Net asset value per share | $35.81 | $37.12 | $38.82 | $38.32 | $29.81  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $533171162 | $682769598 | $820352052 | $703607032 | $152282477  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $28498448 | $28507599 | $32841017 | $24595809 | $4772856 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

303<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - August** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - December** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - February** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - January** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - July**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $145946951 | $401309194 | $245350686 | $250497639 | $135515386  |
| Cash - interest bearing deposit account | 444102 | 1470186 | 818666 | 775166 | 427080  |
| Interest receivable | 1568 | 4617 | 2537 | 2638 | 1382  |
| Deposit at broker for other investments | 198 | 198 | 198 | 120 | 199  |
| Receivable for investments sold |  | 8178 |  |  | —  |
| Receivable for fund shares sold |  | 855622 |  |  | —  |
| Receivable for transaction fee |  | 428 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 146392819 | 403648423 | 246172087 | 251275563 | 135944047  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 613923 | 3787300 | 3461052 | 3492919 | 239364  |
| Payable to adviser | 92986 | 240680 | 142973 | 154543 | 82386  |
|  Broker Commissions on in-kind transactions payable | 4441 | 25792 | 16374 | 2764 | 1003  |
| Payable for investments purchased |  | 874257 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 711350 | 4928029 | 3620399 | 3650226 | 322753  |
| **NET ASSETS** | $145681469 | $398720394 | $242551688 | $247625337 | $135621294  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $159006518 | $402137904 | $245478722 | $267617330 | $135328393  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (13325049) | (3417510) | (2927034) | (19991993) | 292901  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $145681469 | $398720394 | $242551688 | $247625337 | $135621294  |
| Net assets | $145681469 | $398720394 | $242551688 | $247625337 | $135621294  |
| Shares issued and outstanding<sup>(a)</sup> | 4225000 | 11650000 | 7500000 | 6500000 | 4075000  |
| Net asset value per share | $34.48 | $34.22 | $32.34 | $38.10 | $33.28  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $147812428 | $409738055 | $250917378 | $259373394 | $135517853  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $2808623 | $6648016 | $5596367 | $7205441 | $2379692 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

304<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - June** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - March** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - May** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - November** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - October**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $62304267 | $129912530 | $46817412 | $140407724 | $207666586  |
| Cash - interest bearing deposit account | 181611 | 397828 | 125213 | 465174 | 656090  |
| Interest receivable | 685 | 1313 | 499 | 1480 | 2305  |
| Deposit at broker for other investments | 199 | 92 | 273 | 199 | 199  |
| Receivable for investments sold |  |  | 46875185 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 62486762 | 130311763 | 93818582 | 140874577 | 208325180  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 57731 | 2312198 | 1927208 | 1720085 | 1746872  |
| Payable to adviser | 39543 | 75987 | 29231 | 83440 | 129401  |
|  Broker Commissions on in-kind transactions payable | 1002 | 1320 | 1012 | 2696 | 1748  |
| Payable for investments purchased |  |  | 46820936 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 98276 | 2389505 | 48778387 | 1806221 | 1878021  |
| **NET ASSETS** | $62388486 | $127922258 | $45040195 | $139068356 | $206447159  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $60397605 | $124260307 | $42388548 | $152336202 | $223558485  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | 1990881 | 3661951 | 2651647 | (13267846) | (17111326)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $62388486 | $127922258 | $45040195 | $139068356 | $206447159  |
| Net assets | $62388486 | $127922258 | $45040195 | $139068356 | $206447159  |
| Shares issued and outstanding<sup>(a)</sup> | 1900000 | 3600000 | 1350000 | 4100000 | 5975000  |
| Net asset value per share | $32.84 | $35.53 | $33.36 | $33.92 | $34.55  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $60945937 | $132177602 | $48126788 | $143713083 | $212975143  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $1211208 | $3394762 | $1930741 | $4553035 | $6063488 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

305<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - September** | **Innovator** <br>**U.S. Small Cap** <br>**10 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**U.S. Small** <br>**Cap Power** <br>**Buffer** <br>**ETF - April** | **Innovator** <br>**U.S. Small** <br>**Cap Power** <br>**Buffer** <br>**ETF - August** | **Innovator** <br>**U.S. Small** <br>**Cap Power** <br>**Buffer** <br>**ETF - December**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $130803108 | $44597104 | $196097082 | $95649537 | $51848442  |
| Cash - interest bearing deposit account | 447091 | 46899 | 563709 | 358457 | 199363  |
| Interest receivable | 1516 | 170 | 1842 | 1229 | 724  |
| Deposit at broker for other investments | 199 | 199 | 197 | 198 | 200  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 131251914 | 44644372 | 196662830 | 96009421 | 52048729  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 844911 | 1161843 | 11787717 | 3261289 | 4008094  |
| Payable to adviser | 82464 | 27153 | 109854 | 59492 | 33168  |
|  Broker Commissions on in-kind transactions payable | 1548 | 774 | 21356 | 4055 | 5425  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 928923 | 1189770 | 11918927 | 3324836 | 4046687  |
| **NET ASSETS** | $130322991 | $43454602 | $184743903 | $92684585 | $48002042  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $139212201 | $43243405 | $191748988 | $100512419 | $54130797  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (8889210) | 211197 | (7005085) | (7827834) | (6128755)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $130322991 | $43454602 | $184743903 | $92684585 | $48002042  |
| Net assets | $130322991 | $43454602 | $184743903 | $92684585 | $48002042  |
| Shares issued and outstanding<sup>(a)</sup> | 3800000 | 1675000 | 6050000 | 3900000 | 2125000  |
| Net asset value per share | $34.30 | $25.94 | $30.54 | $23.77 | $22.59  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $134259599 | $45192227 | $197395448 | $106314220 | $55641716  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $3007348 | $1777295 | $11671666 | $3326698 | $2448151 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

306<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Small** <br>**Cap Power** <br>**Buffer** <br>**ETF - February** | **Innovator** <br>**U.S. Small** <br>**Cap Power** <br>**Buffer** <br>**ETF - January** | **Innovator** <br>**U.S. Small** <br>**Cap Power** <br>**Buffer** <br>**ETF - July** | **Innovator** <br>**U.S. Small** <br>**Cap Power** <br>**Buffer** <br>**ETF - June** | **Innovator** <br>**U.S. Small** <br>**Cap Power** <br>**Buffer** <br>**ETF - March**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $25578835 | $314320072 | $112667793 | $19503815 | $11631329  |
| Cash - interest bearing deposit account | 82450 | 927164 | 355567 | 78576 | 44389  |
| Interest receivable | 294 | 3298 | 1337 | 234 | 112  |
| Receivable for investments sold |  | 21909 |  |  | —  |
| Deposit at broker for other investments |  | 196 | 197 | 200 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 25661579 | 315272639 | 113024894 | 19582825 | 11675830  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 1639135 | 17485336 | 1154421 | 103967 | 670489  |
| Payable to adviser | 15623 | 194573 | 81090 | 12042 | 6781  |
|  Broker Commissions on in-kind transactions payable | 177 | 4206 | 15402 | 1153 | 362  |
| Due to broker | 2 |  |  |  | 3  |
| Payable for investments purchased |  | 1222 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1654937 | 17685337 | 1250913 | 117162 | 677635  |
| **NET ASSETS** | $24006642 | $297587302 | $111773981 | $19465663 | $10998195  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $25811323 | $303574418 | $120594474 | $19626693 | $11231971  |
| Total accumulated losses | (1804681) | (5987116) | (8820493) | (161030) | (233776)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $24006642 | $297587302 | $111773981 | $19465663 | $10998195  |
| Net assets | $24006642 | $297587302 | $111773981 | $19465663 | $10998195  |
| Shares issued and outstanding<sup>(a)</sup> | 1025000 | 8425000 | 4050000 | 775000 | 450000  |
| Net asset value per share | $23.42 | $35.32 | $27.60 | $25.12 | $24.44  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $27072823 | $332458582 | $117651466 | $20120208 | $11848719  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $1340054 | $18713866 | $4771673 | $483332 | $669520 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

307<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Small** <br>**Cap Power** <br>**Buffer** <br>**ETF - May** | **Innovator** <br>**U.S. Small** <br>**Cap Power** <br>**Buffer** <br>**ETF - November** | **Innovator** <br>**U.S. Small** <br>**Cap Power** <br>**Buffer** <br>**ETF - October** | **Innovator** <br>**U.S. Small** <br>**Cap Power** <br>**Buffer** <br>**ETF - September** | **Innovator** <br>**Uncapped** <br>**Bitcoin** <br>**20 Floor** <br>**ETF - Quarterly**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $1323520 | $18131228 | $106710321 | $12533831 | &nbsp;&nbsp; $9860563  |
| Receivable for fund shares sold | 1237500 |  |  |  | &nbsp;&nbsp; —  |
| Receivable for investments sold | 89267 |  |  |  | &nbsp;&nbsp; —  |
| Interest receivable |  | 240 | 1109 | 172 | &nbsp;&nbsp; 19  |
| Cash - interest bearing deposit account |  | 64038 | 324051 | 45398 | &nbsp;&nbsp; 4001  |
| Deposit at broker for other investments |  | 200 | 198 | 200 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 2650287 | 18195706 | 107035679 | 12579601 | &nbsp;&nbsp; 9864583  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 89472 | 777588 | 4466886 | 438589 | &nbsp;&nbsp; 453151  |
| Payable for investments purchased | 1323723 |  |  |  | &nbsp;&nbsp; —  |
| Payable to adviser |  | 11541 | 66072 | 7736 | &nbsp;&nbsp; 5724  |
|  Broker Commissions on in-kind transactions payable |  | 357 | 1294 | 559 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1413195 | 789486 | 4534252 | 446884 | &nbsp;&nbsp; 458875  |
| **NET ASSETS** | $1237092 | $17406220 | $102501427 | $12132717 | &nbsp;&nbsp; $9405708  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $1237500 | $18886273 | $118692323 | $12383769 | &nbsp;&nbsp; $9555600  |
| Total accumulated losses | (408) | (1480053) | (16190896) | (251052) | &nbsp;&nbsp; (149892)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $1237092 | $17406220 | $102501427 | $12132717 | &nbsp;&nbsp; $9405708  |
| Net assets | $1237092 | $17406220 | $102501427 | $12132717 | &nbsp;&nbsp; $9405708  |
| Shares issued and outstanding<sup>(a)</sup> | 50000 | 725000 | 3550000 | 500000 | &nbsp;&nbsp; 400000  |
| Net asset value per share | $24.74 | $24.01 | $28.87 | $24.27 | &nbsp;&nbsp; $23.51  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $1323723 | $20307570 | $113753504 | $13427165 | &nbsp;&nbsp; $8890668  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $89267 | $1180819 | $6170233 | $635632 | &nbsp;&nbsp; $278625 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**20+ Year** <br>**Treasury** <br>**Bond 5 Floor** <br>**ETF - Quarterly** | **Innovator** <br>**20+ Year** <br>**Treasury** <br>**Bond 9 Buffer** <br>**ETF - July** | **Innovator** <br>**Defined** <br>**Wealth** <br>**Shield ETF** | **Innovator** <br>**Emerging** <br>**Markets** <br>**10 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**Emerging** <br>**Markets** <br>**Power Buffer** <br>**ETF - April**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $666 | $980 | $30312 | &nbsp;&nbsp;&nbsp; $168 | $2269  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 666 | 980 | 30312 | &nbsp;&nbsp;&nbsp; 168 | 2269  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 134859 | 84615 | 3811991 | &nbsp;&nbsp;&nbsp; 34507 | 269458  |
| &nbsp;&nbsp;&nbsp; Total expenses | 134859 | 84615 | 3811991 | &nbsp;&nbsp;&nbsp; 34507 | 269458  |
| **NET INVESTMENT LOSS** | (134193) | (83635) | (3781679) | &nbsp;&nbsp;&nbsp; (34339) | (267189)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (1398968) | (31514) | (72378474) | &nbsp;&nbsp;&nbsp; (701624) | (304213)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | (690761) | 68913 | 53406104 | &nbsp;&nbsp;&nbsp; 599477 | 2446184  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 297988 | (8528) | 38009853 | &nbsp;&nbsp;&nbsp; 164881 | 1558329  |
| Net realized gain (loss) | (1791741) | 28871 | 19037483 | &nbsp;&nbsp;&nbsp; 62734 | 3700300  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 1752932 | (464149) | (3235422) | &nbsp;&nbsp;&nbsp; 309626 | (2851003)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (419205) | 285170 | 3056734 | &nbsp;&nbsp;&nbsp; (112238) | (836325)  |
|  Net change in unrealized appreciation (depreciation) | 1333727 | (178979) | (178688) | &nbsp;&nbsp;&nbsp; 197388 | (3687328)  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | (458014) | (150108) | 18858795 | &nbsp;&nbsp;&nbsp; 260122 | 12972  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(592207) | $(233743) | $15077116 | &nbsp;&nbsp;&nbsp; $225783 | $(254217) |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Emerging** <br>**Markets Power** <br>**Buffer** <br>**ETF - January** | **Innovator** <br>**Emerging** <br>**Markets Power** <br>**Buffer** <br>**ETF - July** | **Innovator** <br>**Emerging** <br>**Markets Power** <br>**Buffer** <br>**ETF - October** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF – 1 Yr** <br>**April** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**August**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $4814 | $3149 | &nbsp;&nbsp; $2756 | $17 | $5330  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 4814 | 3149 | &nbsp;&nbsp; 2756 | 17 | 5330  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 523353 | 338938 | &nbsp;&nbsp; 282670 | 17075 | 287708  |
| &nbsp;&nbsp;&nbsp; Total expenses | 523353 | 338938 | &nbsp;&nbsp; 282670 | 17075 | 287708  |
| **NET INVESTMENT LOSS** | (518539) | (335789) | &nbsp;&nbsp; (279914) | (17058) | (282378)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (3537022) | (80751) | &nbsp;&nbsp; (33510) | 12 | (158274)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 5013601 | 395640 | &nbsp;&nbsp; 780762 |  | 879564  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 2986477 | 11 | &nbsp;&nbsp; (3338) |  | (214533)  |
| Net realized gain (loss) | 4463056 | 314900 | &nbsp;&nbsp; 743914 | 12 | 506757  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (4140677) | (2356588) | &nbsp;&nbsp; (985595) | 1231591 | (2049900)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (2571702) | 2359685 | &nbsp;&nbsp; 963221 | (712468) | 2256755  |
|  Net change in unrealized appreciation (depreciation) | (6712379) | 3097 | &nbsp;&nbsp; (22374) | 519123 | 206855  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | (2249323) | 317997 | &nbsp;&nbsp; 721540 | 519135 | 713612  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(2767862) | $(17792) | &nbsp;&nbsp; $441626 | $502077 | $431234 |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**December** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**February** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**January** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**July** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**March**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $6713 | $2558 | $1574 | $7343 | &nbsp;&nbsp; $1560  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 6713 | 2558 | 1574 | 7343 | &nbsp;&nbsp; 1560  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 376749 | 184979 | 116758 | 415473 | &nbsp;&nbsp; 114391  |
| &nbsp;&nbsp;&nbsp; Total expenses | 376749 | 184979 | 116758 | 415473 | &nbsp;&nbsp; 114391  |
| **NET INVESTMENT LOSS** | (370036) | (182421) | (115184) | (408130) | &nbsp;&nbsp; (112831)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (673147) | (21508) | (5351) | (53772) | &nbsp;&nbsp; (8157)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 1162805 |  |  | 923208 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (4021) | (298) | (258) | (105649) | &nbsp;&nbsp; (298)  |
| Net realized gain (loss) | 485637 | (21806) | (5609) | 763787 | &nbsp;&nbsp; (8455)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (3539564) | (2866477) | (1419765) | (3325711) | &nbsp;&nbsp; (829623)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 2853954 | 2407605 | 1372204 | 3371487 | &nbsp;&nbsp; 936932  |
|  Net change in unrealized appreciation (depreciation) | (685610) | (458872) | (47561) | 45776 | &nbsp;&nbsp; 107309  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | (199973) | (480678) | (53170) | 809563 | &nbsp;&nbsp; 98854  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(570009) | $(663099) | $(168354) | $401433 | &nbsp;&nbsp; $(13977) |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**May** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**November** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**October** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 1 Yr** <br>**September** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**April 2026**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | &nbsp;&nbsp;&nbsp; $— | $3622 | $4851 | $5949 | $6036  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; — | 3622 | 4851 | 5949 | 6036  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; — | 179198 | 279737 | 355358 | 265360  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; — | 179198 | 279737 | 355358 | 265360  |
| **NET INVESTMENT LOSS** | &nbsp;&nbsp;&nbsp; — | (175576) | (274886) | (349409) | (259324)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; — | (38146) | (113175) | 66287 | (21611)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp;&nbsp; — | 1468022 | 303915 | 1453682 | 1474179  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp;&nbsp; — | (47624) | (159413) | (434856) | (49441)  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; — | 1382252 | 31327 | 1085113 | 1403127  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp;(95) | (1927228) | (584638) | (2092864) | (2599461)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp;&nbsp; (49) | 1190627 | 1637684 | 2258932 | 1802344  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; (144) | (736601) | 1053046 | 166068 | (797117)  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | &nbsp;&nbsp;&nbsp; (144) | 645651 | 1084373 | 1251181 | 606010  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $(144) | $470075 | $809487 | $901772 | $346686 |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**April 2027** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**January 2026** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**January 2027** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**July 2025** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**July 2026**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | &nbsp;&nbsp; $— | $4554 | $2148 | $19694 | $6257  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; — | 4554 | 2148 | 19694 | 6257  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 2178 | 213475 | 106631 | 772951 | 262763  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 2178 | 213475 | 106631 | 772951 | 262763  |
| **NET INVESTMENT LOSS** | &nbsp;&nbsp; (2178) | (208921) | (104483) | (753257) | (256506)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; — | (66736) | (5838) | (994847) | (94605)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; — | 1190887 | 48082 | 8538176 | 1248548  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp; — | (358042) | 256 | (1179572) | (17033)  |
| Net realized gain (loss) | &nbsp;&nbsp; — | 766109 | 42500 | 6363757 | 1136910  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 107108 | (2976391) | (1443162) | (16797824) | (1569790)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp; (43530) | 3099114 | 1399754 | 15371238 | 1206182  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 63578 | 122723 | (43408) | (1426586) | (363608)  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | &nbsp;&nbsp; 63578 | 888832 | (908) | 4937171 | 773302  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $61400 | $679911 | $(105391) | $4183914 | $516796 |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 2 Yr to** <br>**October 2026** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 6 Mo** <br>**Apr/Oct** | **Innovator** <br>**Equity Defined** <br>**Protection** <br>**ETF - 6 Mo** <br>**Jan/Jul** | **Innovator** <br>**Growth** <br>**Accelerated** <br>**ETF - Quarterly** | **Innovator** <br>**Growth** <br>**Accelerated** <br>**Plus ETF - April**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $6429 | $3755 | $8112 | $1094 | $825  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 6429 | 3755 | 8112 | 1094 | 825  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 294888 | 296312 | 738576 | 149187 | 58532  |
| &nbsp;&nbsp;&nbsp; Total expenses | 294888 | 296312 | 738576 | 149187 | 58532  |
| **NET INVESTMENT LOSS** | (288459) | (292557) | (730464) | (148093) | (57707)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (14680) | (1828016) | (8718182) | (7659699) | (2175009)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 2453717 | 14500268 | 4126090 | 1637314  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (2905) | (33806) | (578465) | 2999276 | 2333870  |
| Net realized gain (loss) | (17585) | 591895 | 5203621 | (534333) | 1796175  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (1142302) | 904949 | (11369428) | 1236549 | (954674)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 2135434 | (579777) | 7926988 | (676363) | (316)  |
|  Net change in unrealized appreciation (depreciation) | 993132 | 325172 | (3442440) | 560186 | (954990)  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 975547 | 917067 | 1761181 | 25853 | 841185  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $687088 | $624510 | $1030717 | $(122240) | $783478 |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Growth** <br>**Accelerated** <br>**Plus** <br>**ETF - January** | **Innovator** <br>**Growth** <br>**Accelerated** <br>**Plus** <br>**ETF - July** | **Innovator** <br>**Growth** <br>**Accelerated** <br>**Plus** <br>**ETF - October** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - April** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - August**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $1156 | $991 | $815 | $12287 | $1294  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1156 | 991 | 815 | 12287 | 1294  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 74825 | 62654 | 47440 | 750763 | 67324  |
| &nbsp;&nbsp;&nbsp; Total expenses | 74825 | 62654 | 47440 | 750763 | 67324  |
| **NET INVESTMENT LOSS** | (73669) | (61663) | (46625) | (738476) | (66030)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 1424439 | (25440) |  | (13911954) | (8763)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 8329765 | 329169 |  | 22093166 | 495791  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (5882738) | (3812) |  | 99334 | (226)  |
| Net realized gain (loss) | 3871466 | 299917 |  | 8280546 | 486802  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (10585975) | (1589141) | (1828760) | (5514927) | (705925)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 6718169 | 1382212 | 1683073 | (4321536) | 500624  |
|  Net change in unrealized appreciation (depreciation) | (3867806) | (206929) | (145687) | (9836463) | (205301)  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 3660 | 92988 | (145687) | (1555917) | 281501  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(70009) | $31325 | $(192312) | $(2294393) | $215471 |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - December** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - February** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - January** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - July** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - June**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $3098 | $1398 | $17083 | $15952 | $2197  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3098 | 1398 | 17083 | 15952 | 2197  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 217846 | 76590 | 1017960 | 915921 | 106554  |
| &nbsp;&nbsp;&nbsp; Total expenses | 217846 | 76590 | 1017960 | 915921 | 106554  |
| **NET INVESTMENT LOSS** | (214748) | (75192) | (1000877) | (899969) | (104357)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (23042) | (104289) | (17458520) | (370871) | 15317  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 103106 |  | 54096741 | 4970045 | 531974  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (3501) | (36758) | (10789891) | (74981) | (20601)  |
| Net realized gain (loss) | 76563 | (141047) | 25848330 | 4524193 | 526690  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (3493396) | (2017412) | (34271119) | (6919577) | (400928)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 1582522 | 169981 | 5319184 | 5269568 | 1329293  |
|  Net change in unrealized appreciation (depreciation) | (1910874) | (1847431) | (28951935) | (1650009) | 928365  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | (1834311) | (1988478) | (3103605) | 2874184 | 1455055  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(2049059) | $(2063670) | $(4104482) | $1974215 | $1350698 |

---

The accompanying notes are an integral part of these financial statements.

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**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - March** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - May** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - November** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - October** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - September**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $593 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2440 | $10427 | &nbsp;&nbsp; $2906  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 593 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2440 | 10427 | &nbsp;&nbsp; 2906  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 32724 | &nbsp;&nbsp; — | &nbsp;&nbsp; 95856 | 623864 | &nbsp;&nbsp; 140646  |
| &nbsp;&nbsp;&nbsp; Total expenses | 32724 | &nbsp;&nbsp; — | &nbsp;&nbsp; 95856 | 623864 | &nbsp;&nbsp; 140646  |
| **NET INVESTMENT LOSS** | (32131) | &nbsp;&nbsp; — | &nbsp;&nbsp; (93416) | (613437) | &nbsp;&nbsp; (137740)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (4121) | &nbsp;&nbsp; — | &nbsp;&nbsp; (3153) | (23698) | &nbsp;&nbsp; (11368)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 509277 | 1373896 | &nbsp;&nbsp; 993275  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (1337) | &nbsp;&nbsp; — | &nbsp;&nbsp; (1643) | (16537) | &nbsp;&nbsp; (5605)  |
| Net realized gain (loss) | (5458) | &nbsp;&nbsp; — | &nbsp;&nbsp; 504481 | 1333661 | &nbsp;&nbsp; 976302  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (194669) | &nbsp;&nbsp;&nbsp;&nbsp;(112) | &nbsp;&nbsp; (1051202) | (3017793) | &nbsp;&nbsp; (1244305)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (50086) | &nbsp;&nbsp; (115) | &nbsp;&nbsp; 564126 | 3884549 | &nbsp;&nbsp; 760511  |
|  Net change in unrealized appreciation (depreciation) | (244755) | &nbsp;&nbsp; (227) | &nbsp;&nbsp; (487076) | 866756 | &nbsp;&nbsp; (483794)  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | (250213) | &nbsp;&nbsp; (227) | &nbsp;&nbsp; 17405 | 2200417 | &nbsp;&nbsp; 492508  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(282344) | &nbsp;&nbsp; $(227) | &nbsp;&nbsp; $(76011) | $1586980 | &nbsp;&nbsp; $354768 |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**International** <br>**Developed** <br>**10 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - April** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - August** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - December** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - February**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | &nbsp;&nbsp; $290 | $9616 | $735 | &nbsp;&nbsp; $815 | &nbsp;&nbsp; $902  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 290 | 9616 | 735 | &nbsp;&nbsp; 815 | &nbsp;&nbsp; 902  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 60526 | 808874 | 60154 | &nbsp;&nbsp; 78282 | &nbsp;&nbsp; 77300  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 60526 | 808874 | 60154 | &nbsp;&nbsp; 78282 | &nbsp;&nbsp; 77300  |
| **NET INVESTMENT LOSS** | &nbsp;&nbsp; (60236) | (799258) | (59419) | &nbsp;&nbsp; (77467) | &nbsp;&nbsp; (76398)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (535189) | (11397997) | (3683) | &nbsp;&nbsp; (203894) | &nbsp;&nbsp; (269816)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; 1429303 | 14593784 | 178250 | &nbsp;&nbsp; 1022361 | &nbsp;&nbsp; 816450  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp; (352325) | 1001370 | 238 | &nbsp;&nbsp; 9236 | &nbsp;&nbsp; 102696  |
| Net realized gain (loss) | &nbsp;&nbsp; 541789 | 4197157 | 174805 | &nbsp;&nbsp; 827703 | &nbsp;&nbsp; 649330  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 565225 | 8321737 | 575364 | &nbsp;&nbsp; 473811 | &nbsp;&nbsp; 856841  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp; (126673) | (3590456) | 218873 | &nbsp;&nbsp; (139051) | &nbsp;&nbsp; (442490)  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 438552 | 4731281 | 794237 | &nbsp;&nbsp; 334760 | &nbsp;&nbsp; 414351  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | &nbsp;&nbsp; 980341 | 8928438 | 969042 | &nbsp;&nbsp; 1162463 | &nbsp;&nbsp; 1063681  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $920105 | $8129180 | $909623 | &nbsp;&nbsp; $1084996 | &nbsp;&nbsp; $987283 |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - January** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - July** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - June** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - March** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - May**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $8837 | $7354 | $1516 | $1665 | $410  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 8837 | 7354 | 1516 | 1665 | 410  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 754201 | 637686 | 98973 | 132937 | 37868  |
| &nbsp;&nbsp;&nbsp; Total expenses | 754201 | 637686 | 98973 | 132937 | 37868  |
| **NET INVESTMENT LOSS** | (745364) | (630332) | (97457) | (131272) | (37458)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (13782717) | (458634) | (97621) | (1455068) | 554967  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 15310220 | 696160 | 57173 | 2269271 | 826747  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 132024 | (22390) | 2422 | 10518 | 50  |
| Net realized gain (loss) | 1659527 | 215136 | (38026) | 824721 | 1381764  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 10254069 | 6352702 | 986179 | 535448 | (410259)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (4475485) | 3103662 | 329218 | (178974) | (42301)  |
|  Net change in unrealized appreciation (depreciation) | 5778584 | 9456364 | 1315397 | 356474 | (452560)  |
| **Net realized and unrealized gain (loss)** | 7438111 | 9671500 | 1277371 | 1181195 | 929204  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $6692747 | $9041168 | $1179914 | $1049923 | $891746 |

---

The accompanying notes are an integral part of these financial statements.

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**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - November** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - October** | **Innovator** <br>**International** <br>**Developed** <br>**Power Buffer** <br>**ETF - September** | **Innovator** <br>**Nasdaq-100** <br>**10 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**Premium** <br>**Income** <br>**10 Barrier** <br>**ETF - July**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | &nbsp;&nbsp;&nbsp; $611 | $6450 | &nbsp;&nbsp; $3506 | $3104 | $116367  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 611 | 6450 | &nbsp;&nbsp; 3506 | 3104 | 116367  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 52614 | 501715 | &nbsp;&nbsp; 286200 | 416345 | 19860  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 52614 | 501715 | &nbsp;&nbsp; 286200 | 416345 | 19860  |
| **NET INVESTMENT INCOME/(LOSS)** | &nbsp;&nbsp;&nbsp; (52003) | (495265) | &nbsp;&nbsp; (282694) | (413241) | 96507  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; (3364) | (148251) | &nbsp;&nbsp; (230319) | (13959572) | 31  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp;&nbsp; 22187 | 1725348 | &nbsp;&nbsp; 1556747 | 12928811 | —  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp;&nbsp; (331) | (12690) | &nbsp;&nbsp; (5982) | 3991683 | —  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 18492 | 1564407 | &nbsp;&nbsp; 1320446 | 2960922 | 31  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 477069 | 3926858 | &nbsp;&nbsp; 3021390 | 1350179 | (612290)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp;&nbsp; 40975 | 1405887 | &nbsp;&nbsp; (257594) | (562822) | 682642  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 518044 | 5332745 | &nbsp;&nbsp; 2763796 | 787357 | 70352  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | &nbsp;&nbsp;&nbsp; 536536 | 6897152 | &nbsp;&nbsp; 4084242 | 3748279 | 70383  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $484533 | $6401887 | &nbsp;&nbsp; $3801548 | $3335038 | $166890 |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Premium** <br>**Income** <br>**10 Barrier** <br>**ETF - October** | **Innovator** <br>**Premium** <br>**Income** <br>**15 Buffer** <br>**ETF - April** | **Innovator** <br>**Premium** <br>**Income** <br>**15 Buffer** <br>**ETF - January** | **Innovator** <br>**Premium** <br>**Income** <br>**15 Buffer** <br>**ETF - July** | **Innovator** <br>**Premium** <br>**Income** <br>**15 Buffer** <br>**ETF - October**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | &nbsp;&nbsp; $95318 | $95764 | &nbsp;&nbsp; $242683 | $57663 | &nbsp;&nbsp; $380765  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 95318 | 95764 | &nbsp;&nbsp; 242683 | 57663 | &nbsp;&nbsp; 380765  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 18278 | 16118 | &nbsp;&nbsp; 43899 | 9365 | &nbsp;&nbsp; 74337  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 18278 | 16118 | &nbsp;&nbsp; 43899 | 9365 | &nbsp;&nbsp; 74337  |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp; 77040 | 79646 | &nbsp;&nbsp; 198784 | 48298 | &nbsp;&nbsp; 306428  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (6093) | 4 | &nbsp;&nbsp; 405 | 6 | &nbsp;&nbsp;&nbsp;&nbsp;(133)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; 4783 |  | &nbsp;&nbsp; (6244) |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp; 4767 | 58837 | &nbsp;&nbsp; 135481 |  | &nbsp;&nbsp; (137)  |
| Net realized gain (loss) | &nbsp;&nbsp; 3457 | 58841 | &nbsp;&nbsp; 129642 | 6 | &nbsp;&nbsp; (270)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (390590) | (2382) | &nbsp;&nbsp; 10341 | (6695) | &nbsp;&nbsp; 28387  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp; 437407 | (54708) | &nbsp;&nbsp; (236191) | 19998 | &nbsp;&nbsp; 46007  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 46817 | (57090) | &nbsp;&nbsp; (225850) | 13303 | &nbsp;&nbsp; 74394  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 50274 | 1751 | &nbsp;&nbsp; (96208) | 13309 | &nbsp;&nbsp; 74124  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $127314 | $81397 | &nbsp;&nbsp; $102576 | $61607 | &nbsp;&nbsp; $380552 |

---

The accompanying notes are an integral part of these financial statements.

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**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Premium** <br>**Income** <br>**20 Barrier** <br>**ETF - April** | **Innovator** <br>**Premium** <br>**Income** <br>**20 Barrier** <br>**ETF - January** | **Innovator** <br>**Premium** <br>**Income** <br>**20 Barrier** <br>**ETF - July** | **Innovator** <br>**Premium** <br>**Income** <br>**20 Barrier** <br>**ETF - October** | **Innovator** <br>**Premium** <br>**Income** <br>**30 Barrier** <br>**ETF - April**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $604783 | $228101 | $500643 | $405344 | $793788  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 604783 | 228101 | 500643 | 405344 | 793788  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 106484 | 40663 | 78425 | 78338 | 139687  |
| &nbsp;&nbsp;&nbsp; Total expenses | 106484 | 40663 | 78425 | 78338 | 139687  |
| **NET INVESTMENT INCOME** | 498299 | 187438 | 422218 | 327006 | 654101  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (5945101) | (1740547) | (2337) | 472334 | (6298592)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 63561 | 236087 | 36646 |  | 92482  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 6331031 | 1521438 | 7827 | (289380) | 6578563  |
| Net realized gain (loss) | 449491 | 16978 | 42136 | 182954 | 372453  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 5798865 | 2082396 | (2408077) | (1447806) | 5396421  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (6253113) | (2189471) | 2559798 | 1310866 | (5742564)  |
|  Net change in unrealized appreciation (depreciation) | (454248) | (107075) | 151721 | (136940) | (346143)  |
| **Net realized and unrealized gain (loss)** | (4757) | (90097) | 193857 | 46014 | 26310  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $493542 | $97341 | $616075 | $373020 | $680411 |

---

The accompanying notes are an integral part of these financial statements.

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**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Premium** <br>**Income** <br>**30 Barrier** <br>**ETF - January** | **Innovator** <br>**Premium** <br>**Income** <br>**30 Barrier** <br>**ETF - July** | **Innovator** <br>**Premium** <br>**Income** <br>**30 Barrier** <br>**ETF - October** | **Innovator** <br>**Premium** <br>**Income** <br>**40 Barrier** <br>**ETF - July** | **Innovator** <br>**Premium** <br>**Income** <br>**40 Barrier** <br>**ETF - October**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $427183 | $544715 | $451052 | $193184 | $260092  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 427183 | 544715 | 451052 | 193184 | 260092  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 76678 | 85426 | 87843 | 30945 | 50934  |
| &nbsp;&nbsp;&nbsp; Total expenses | 76678 | 85426 | 87843 | 30945 | 50934  |
| **NET INVESTMENT INCOME** | 350505 | 459289 | 363209 | 162239 | 209158  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (3534699) | 3156 | 103773 | 597 | 5708  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 95836 | 24676 | 53342 | 131260 | 151006  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 3197531 | 7744 | (85774) | 818 | (11687)  |
| Net realized gain (loss) | (241332) | 35576 | 71341 | 132675 | 145027  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 4355099 | (2496549) | (1738921) | (765649) | (1066536)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (4270046) | 2608976 | 1775275 | 667536 | 1059076  |
|  Net change in unrealized appreciation (depreciation) | 85053 | 112427 | 36354 | (98113) | (7460)  |
| **Net realized and unrealized gain (loss)** | (156279) | 148003 | 107695 | 34562 | 137567  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $194226 | $607292 | $470904 | $196801 | $346725 |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Premium** <br>**Income** <br>**9 Buffer** <br>**ETF - July** | **Innovator** <br>**Premium** <br>**Income** <br>**9 Buffer** <br>**ETF - October** | **Innovator** <br>**U.S. Equity** <br>**10 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**U.S. Equity** <br>**5 to 15 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**9 Buffer** <br>**ETF - April**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $29973 | &nbsp;&nbsp; $288092 | $9640 | $2995 | $6874  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 29973 | &nbsp;&nbsp; 288092 | 9640 | 2995 | 6874  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 4680 | &nbsp;&nbsp; 56091 | 1222882 | 394553 | 457286  |
| &nbsp;&nbsp;&nbsp; Total expenses | 4680 | &nbsp;&nbsp; 56091 | 1222882 | 394553 | 457286  |
| **NET INVESTMENT INCOME/(LOSS)** | 25293 | &nbsp;&nbsp; 232001 | (1213242) | (391558) | (450412)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 10 | &nbsp;&nbsp; (6876) | (18388626) | (11504463) | (5579193)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | &nbsp;&nbsp; 2132 | 9153277 | 6320521 | 36063098  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed |  | &nbsp;&nbsp; (1026) | 13988618 | 1601316 | 5476532  |
| Net realized gain (loss) | 10 | &nbsp;&nbsp; (5770) | 4753269 | (3582626) | 35960437  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (4408) | &nbsp;&nbsp; 28409 | (811387) | 312325 | (10279495)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 11362 | &nbsp;&nbsp; (9023) | 713181 | 195239 | (7847828)  |
|  Net change in unrealized appreciation (depreciation) | 6954 | &nbsp;&nbsp; 19386 | (98206) | 507564 | (18127323)  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 6964 | &nbsp;&nbsp; 13616 | 4655063 | (3075062) | 17833114  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $32257 | &nbsp;&nbsp; $245617 | $3441821 | $(3466620) | $17382702 |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**9 Buffer** <br>**ETF - January** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**9 Buffer** <br>**ETF - July** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**9 Buffer** <br>**ETF - October** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**ETF - July** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**ETF - October**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $6100 | $9786 | $5763 | $534 | &nbsp;&nbsp; $489  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 6100 | 9786 | 5763 | 534 | &nbsp;&nbsp; 489  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 381820 | 660432 | 365147 | 34473 | &nbsp;&nbsp; 20094  |
| &nbsp;&nbsp;&nbsp; Total expenses | 381820 | 660432 | 365147 | 34473 | &nbsp;&nbsp; 20094  |
| **NET INVESTMENT LOSS** | (375720) | (650646) | (359384) | (33939) | &nbsp;&nbsp; (19605)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (5392452) | (960141) | (456100) | 41319 | &nbsp;&nbsp; (14340)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 25808575 | 7148539 | 153622 | 546484 | &nbsp;&nbsp; (33338)  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (19878752) | (44856) | (20937) | (12115) | &nbsp;&nbsp; 5380  |
| Net realized gain (loss) | 537371 | 6143542 | (323415) | 575688 | &nbsp;&nbsp; (42298)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (25822671) | (15724036) | (3746859) | (784554) | &nbsp;&nbsp; (153139)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 12869282 | 9647709 | 2818870 | 467203 | &nbsp;&nbsp; 126224  |
|  Net change in unrealized appreciation (depreciation) | (12953389) | (6076327) | (927989) | (317351) | &nbsp;&nbsp; (26915)  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | (12416018) | 67215 | (1251404) | 258337 | &nbsp;&nbsp; (69213)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(12791738) | $(583431) | $(1610788) | $224398 | &nbsp;&nbsp; $(88818) |

---

The accompanying notes are an integral part of these financial statements.

325<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**ETF - Quarterly** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**Plus** <br>**ETF - April** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**Plus** <br>**ETF - January** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**Plus** <br>**ETF - July** | **Innovator** <br>**U.S. Equity** <br>**Accelerated** <br>**Plus** <br>**ETF - October**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $1315 | $871 | $691 | $706 | $900  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1315 | 871 | 691 | 706 | 900  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 221374 | 54121 | 58958 | 45466 | 51601  |
| &nbsp;&nbsp;&nbsp; Total expenses | 221374 | 54121 | 58958 | 45466 | 51601  |
| **NET INVESTMENT LOSS** | (220059) | (53250) | (58267) | (44760) | (50701)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (8263872) | (1278314) | 2478156 | (26408) | (2203)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 4587304 | 1783943 | 2671563 | 351488 | 244040  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 2933115 | 885722 | (5007541) | (14884) | (12105)  |
| Net realized gain (loss) | (743453) | 1391351 | 142178 | 310196 | 229732  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (83988) | 45099 | (6521558) | (1704251) | (1299003)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (7859) | 24111 | 6039489 | 1576104 | 1043507  |
|  Net change in unrealized appreciation (depreciation) | (91847) | 69210 | (482069) | (128147) | (255496)  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | (835300) | 1460561 | (339891) | 182049 | (25764)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1055359) | $1407311 | $(398158) | $137289 | $(76465) |

---

The accompanying notes are an integral part of these financial statements.

326<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - April** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - August** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - December** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - February** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - January**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $15411 | $11447 | $16051 | $8458 | $16788  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 15411 | 11447 | 16051 | 8458 | 16788  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 992514 | 694730 | 895966 | 598077 | 1065053  |
| &nbsp;&nbsp;&nbsp; Total expenses | 992514 | 694730 | 895966 | 598077 | 1065053  |
| **NET INVESTMENT LOSS** | (977103) | (683283) | (879915) | (589619) | (1048265)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (10677167) | (598723) | (2645021) | (5855241) | (16978547)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 27904985 | 6519870 | 34745693 | 29156652 | 65483480  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 28907 | (168171) | (13519365) | (7131248) | (10362209)  |
| Net realized gain (loss) | 17256725 | 5752976 | 18581307 | 16170163 | 38142724  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (11033932) | (8502634) | (30607167) | (21509304) | (43382839)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (1945682) | 1654605 | 950076 | (51834) | 1961178  |
|  Net change in unrealized appreciation (depreciation) | (12979614) | (6848029) | (29657091) | (21561138) | (41421661)  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 4277111 | (1095053) | (11075784) | (5390975) | (3278937)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3300008 | $(1778336) | $(11955699) | $(5980594) | $(4327202) |

---

The accompanying notes are an integral part of these financial statements.

327<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - July** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - June** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - March** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - May** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - November**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $15481 | $8702 | $10680 | $6601 | &nbsp;&nbsp; $10347  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 15481 | 8702 | 10680 | 6601 | &nbsp;&nbsp; 10347  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 929961 | 523895 | 696567 | 507488 | &nbsp;&nbsp; 614257  |
| &nbsp;&nbsp;&nbsp; Total expenses | 929961 | 523895 | 696567 | 507488 | &nbsp;&nbsp; 614257  |
| **NET INVESTMENT LOSS** | (914480) | (515193) | (685887) | (500887) | &nbsp;&nbsp; (603910)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 572576 | 70532 | (11348001) | 8435203 | &nbsp;&nbsp; (81293)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 3110221 | 3077453 | 35033867 | 10596287 | &nbsp;&nbsp; 858908  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (7174) | (18561) | 1301898 | 12247 | &nbsp;&nbsp; (19063)  |
| Net realized gain (loss) | 3675623 | 3129424 | 24987764 | 19043737 | &nbsp;&nbsp; 758552  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (8577565) | (6572095) | (19937206) | (17997022) | &nbsp;&nbsp; (3794211)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 4340599 | 3714862 | (3349778) | 1396399 | &nbsp;&nbsp; 1159749  |
|  Net change in unrealized appreciation (depreciation) | (4236966) | (2857233) | (23286984) | (16600623) | &nbsp;&nbsp; (2634462)  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | (561343) | 272191 | 1700780 | 2443114 | &nbsp;&nbsp; (1875910)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1475823) | $(243002) | $1014893 | $1942227 | &nbsp;&nbsp; $(2479820) |

---

The accompanying notes are an integral part of these financial statements.

328<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - October** | **Innovator** <br>**U.S. Equity** <br>**Buffer** <br>**ETF - September** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - April** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - August** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - December**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $16811 | &nbsp;&nbsp; $12202 | $43844 | $50982 | $61334  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 16811 | &nbsp;&nbsp; 12202 | 43844 | 50982 | 61334  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 970843 | &nbsp;&nbsp; 727262 | 2872336 | 3167125 | 3709496  |
| &nbsp;&nbsp;&nbsp; Total expenses | 970843 | &nbsp;&nbsp; 727262 | 2872336 | 3167125 | 3709496  |
| **NET INVESTMENT LOSS** | (954032) | &nbsp;&nbsp; (715060) | (2828492) | (3116143) | (3648162)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (269102) | &nbsp;&nbsp; (72034) | (45561332) | (504907) | (13340987)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | (3123824) | &nbsp;&nbsp; 3381020 | 98153576 | 9782784 | 208455442  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (130662) | &nbsp;&nbsp; (23340) | (46610) | (194509) | (104307496)  |
| Net realized gain (loss) | (3523588) | &nbsp;&nbsp; 3285646 | 52545634 | 9083368 | 90806959  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (3946830) | &nbsp;&nbsp; (4344042) | (46137478) | (23085641) | (174913083)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 779723 | &nbsp;&nbsp; 2001408 | (6668707) | 19469018 | 58421707  |
|  Net change in unrealized appreciation (depreciation) | (3167107) | &nbsp;&nbsp; (2342634) | (52806185) | (3616623) | (116491376)  |
|  **Net realized and unrealized gain (loss)** | (6690695) | &nbsp;&nbsp; 943012 | (260551) | 5466745 | (25684417)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(7644727) | &nbsp;&nbsp; $227952 | $(3089043) | $2350602 | $(29332579) |

---

The accompanying notes are an integral part of these financial statements.

329<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - February** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - January** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - July** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - June** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - March**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $43230 | $64237 | $57227 | $36780 | $32545  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 43230 | 64237 | 57227 | 36780 | 32545  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 2717947 | 4366270 | 3572411 | 2267971 | 2127055  |
| &nbsp;&nbsp;&nbsp; Total expenses | 2717947 | 4366270 | 3572411 | 2267971 | 2127055  |
| **NET INVESTMENT LOSS** | (2674717) | (4302033) | (3515184) | (2231191) | (2094510)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (28975891) | (70157327) | (397007) | 12691 | (33422355)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 142390250 | 260606417 | 9912400 | 11299961 | 106936733  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (46935658) | (64680749) | (138454) | (186966) | (5531457)  |
| Net realized gain (loss) | 66478701 | 125768341 | 9376939 | 11125686 | 67982921  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (110490461) | (178810759) | (30212422) | (25446745) | (64965139)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 27983325 | 48869528 | 23002252 | 21579253 | 5059664  |
|  Net change in unrealized appreciation (depreciation) | (82507136) | (129941231) | (7210170) | (3867492) | (59905475)  |
|  **Net realized and unrealized gain (loss)** | (16028435) | (4172890) | 2166769 | 7258194 | 8077446  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(18703152) | $(8474923) | $(1348415) | $5027003 | $5982936 |

---

The accompanying notes are an integral part of these financial statements.

330<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - May** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - November** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - October** | **Innovator** <br>**U.S. Equity** <br>**Power Buffer** <br>**ETF - September** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - April**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $29966 | $50066 | $55861 | $53790 | $10299  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 29966 | 50066 | 55861 | 53790 | 10299  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 2027924 | 3040251 | 3317657 | 3274578 | 551177  |
| &nbsp;&nbsp;&nbsp; Total expenses | 2027924 | 3040251 | 3317657 | 3274578 | 551177  |
| **NET INVESTMENT LOSS** | (1997958) | (2990185) | (3261796) | (3220788) | (540878)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 17009803 | (1339572) | (1162429) | (1142299) | (3606802)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 54126580 | (263588) | 5353486 | 14126851 | 14963401  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (405113) | (360171) | (200106) | (331018) | (30007)  |
| Net realized gain (loss) | 70731270 | (1963331) | 3990951 | 12653534 | 11326592  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (75257973) | (11868284) | (11187001) | (20202273) | (9455433)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 15931584 | 11204819 | 13461733 | 15248074 | 242796  |
|  Net change in unrealized appreciation (depreciation) | (59326389) | (663465) | 2274732 | (4954199) | (9212637)  |
|  **Net realized and unrealized gain (loss)** | 11404881 | (2626796) | 6265683 | 7699335 | 2113955  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $9406923 | $(5616981) | $3003887 | $4478547 | $1573077 |

---

The accompanying notes are an integral part of these financial statements.

331<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - August** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - December** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - February** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - January** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - July**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $12518 | $13790 | $6703 | $11943 | $8522  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 12518 | 13790 | 6703 | 11943 | 8522  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 773581 | 772064 | 414810 | 762519 | 522159  |
| &nbsp;&nbsp;&nbsp; Total expenses | 773581 | 772064 | 414810 | 762519 | 522159  |
| **NET INVESTMENT LOSS** | (761063) | (758274) | (408107) | (750576) | (513637)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (280777) | (396944) | (1959678) | (9852679) | (140945)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 9016102 | 19761122 | 11534515 | 39945471 | 3045540  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (88851) | (9816218) | (4488237) | (11098403) | (49617)  |
| Net realized gain (loss) | 8646474 | 9547960 | 5086600 | 18994389 | 2854978  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (10457935) | (21843322) | (12023894) | (33414861) | (5163357)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 3334495 | 8802921 | 5044821 | 12577376 | 2391521  |
|  Net change in unrealized appreciation (depreciation) | (7123440) | (13040401) | (6979073) | (20837485) | (2771836)  |
|  **Net realized and unrealized gain (loss)** | 1523034 | (3492441) | (1892473) | (1843096) | 83142  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $761971 | $(4250715) | $(2300580) | $(2593672) | $(430495) |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - June** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - March** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - May** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - November** | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - October**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $4528 | $5449 | $2950 | &nbsp;&nbsp; $6823 | $12765  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 4528 | 5449 | 2950 | &nbsp;&nbsp; 6823 | 12765  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 276530 | 346157 | 193973 | &nbsp;&nbsp; 402054 | 745402  |
| &nbsp;&nbsp;&nbsp; Total expenses | 276530 | 346157 | 193973 | &nbsp;&nbsp; 402054 | 745402  |
| **NET INVESTMENT LOSS** | (272002) | (340708) | (191023) | &nbsp;&nbsp; (395231) | (732637)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 121395 | (4500485) | 3294895 | &nbsp;&nbsp; (27822) | (391510)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 2442691 | 14535644 | 3509723 | &nbsp;&nbsp; 251090 | 341227  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (45221) | (441589) | (9319) | &nbsp;&nbsp; (6674) | (14631)  |
| Net realized gain (loss) | 2518865 | 9593570 | 6795299 | &nbsp;&nbsp; 216594 | (64914)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (4367027) | (9443085) | (6482264) | &nbsp;&nbsp; (3301688) | (4163990)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 2102142 | 2258669 | 1625180 | &nbsp;&nbsp; 2836655 | 3851616  |
|  Net change in unrealized appreciation (depreciation) | (2264885) | (7184416) | (4857084) | &nbsp;&nbsp; (465033) | (312374)  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 253980 | 2409154 | 1938215 | &nbsp;&nbsp; (248439) | (377288)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(18022) | $2068446 | $1747192 | &nbsp;&nbsp; $(643670) | $(1109925) |

---

The accompanying notes are an integral part of these financial statements.

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**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Equity** <br>**Ultra Buffer** <br>**ETF - September** | **Innovator** <br>**U.S. Small Cap** <br>**10 Buffer** <br>**ETF - Quarterly** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - April** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - August** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - December**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | &nbsp;&nbsp; $11133 | $1850 | $10890 | $7827 | $3617  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 11133 | 1850 | 10890 | 7827 | 3617  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 614563 | 244433 | 676437 | 405513 | 189135  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 614563 | 244433 | 676437 | 405513 | 189135  |
| **NET INVESTMENT LOSS** | &nbsp;&nbsp; (603430) | (242583) | (665547) | (397686) | (185518)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (72326) | (4570649) | (10861997) | (147771) | (379488)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; 4198911 | 4468501 | 8528264 | 3417567 | 36719  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp; (27605) | 772398 | 441161 | (12915) | (247251)  |
| Net realized gain (loss) | &nbsp;&nbsp; 4098980 | 670250 | (1892572) | 3256881 | (590020)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (5470927) | (17849) | (1852940) | (9941458) | (3793274)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp; 2496351 | 566530 | (3619144) | (177132) | (1559943)  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (2974576) | 548681 | (5472084) | (10118590) | (5353217)  |
|  **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 1124404 | 1218931 | (7364656) | (6861709) | (5943237)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $520974 | $976348 | $(8030203) | $(7259395) | $(6128755) |

---

The accompanying notes are an integral part of these financial statements.

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**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - February** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - January** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - July** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - June** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - March**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $714 | $20728 | $9024 | $903 | &nbsp;&nbsp; $180  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 714 | 20728 | 9024 | 903 | &nbsp;&nbsp; 180  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 40826 | 1337392 | 600842 | 47836 | &nbsp;&nbsp; 11415  |
| &nbsp;&nbsp;&nbsp; Total expenses | 40826 | 1337392 | 600842 | 47836 | &nbsp;&nbsp; 11415  |
| **NET INVESTMENT LOSS** | (40112) | (1316664) | (591818) | (46933) | &nbsp;&nbsp; (11235)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (2947) | (37056799) | (1420654) | (9076) | &nbsp;&nbsp; (3254)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 33362 | 58541609 | 3055606 | 165575 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (1915) | 1776954 | (255436) | (392) | &nbsp;&nbsp; (928)  |
| Net realized gain (loss) | 28500 | 23261764 | 1379516 | 156107 | &nbsp;&nbsp; (4182)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (1493812) | (32886707) | (12729965) | (1134142) | &nbsp;&nbsp; (217390)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (298903) | (10858274) | 4654492 | 413305 | &nbsp;&nbsp; (969)  |
|  Net change in unrealized appreciation (depreciation) | (1792715) | (43744981) | (8075473) | (720837) | &nbsp;&nbsp; (218359)  |
|  **Net realized and unrealized gain (loss)** | (1764215) | (20483217) | (6695957) | (564730) | &nbsp;&nbsp; (222541)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1804327) | $(21799881) | $(7287775) | $(611663) | &nbsp;&nbsp; $(233776) |

---

The accompanying notes are an integral part of these financial statements.

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**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - May** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - November** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - October** | **Innovator** <br>**U.S. Small Cap** <br>**Power Buffer** <br>**ETF - September** | **Innovator** <br>**Uncapped** <br>**Bitcoin 20 Floor** <br>**ETF - Quarterly**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $1331 | $8006 | &nbsp;&nbsp;&nbsp; $1214 | $58090  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1331 | 8006 | &nbsp;&nbsp;&nbsp; 1214 | 58090  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 72692 | 495857 | &nbsp;&nbsp;&nbsp; 61994 | 12623  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 72692 | 495857 | &nbsp;&nbsp;&nbsp; 61994 | 12623  |
| **NET INVESTMENT INCOME/(LOSS)** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (71361) | (487851) | &nbsp;&nbsp;&nbsp; (60780) | 45467  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5456) | (161911) | &nbsp;&nbsp;&nbsp; (4323) | (1067807)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 369573 | 1009002 | &nbsp;&nbsp;&nbsp; 529915 | —  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 302 | (26332) | &nbsp;&nbsp;&nbsp; (314) | 77079  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 364419 | 820759 | &nbsp;&nbsp;&nbsp; 525278 | (990728)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp;(203) | &nbsp;&nbsp; (2176159) | (5377352) | &nbsp;&nbsp;&nbsp; (939725) | 969895  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp;&nbsp; (205) | &nbsp;&nbsp; 403416 | 1127589 | &nbsp;&nbsp;&nbsp; 97275 | (174526)  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; (408) | &nbsp;&nbsp; (1772743) | (4249763) | &nbsp;&nbsp;&nbsp; (842450) | 795369  |
|  **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp; (408) | &nbsp;&nbsp; (1408324) | (3429004) | &nbsp;&nbsp;&nbsp; (317172) | (195359)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $(408) | &nbsp;&nbsp; $(1479685) | $(3916855) | &nbsp;&nbsp;&nbsp; $(377952) | $(149892) |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator 20+ Year** <br>**Treasury Bond 5 Floor** <br>**ETF - Quarterly** | **Innovator 20+ Year** <br>**Treasury Bond 5 Floor** <br>**ETF - Quarterly** | **Innovator 20+ Year** <br>**Treasury Bond 9 Buffer** <br>**ETF - July**  | **Innovator 20+ Year** <br>**Treasury Bond 9 Buffer** <br>**ETF - July**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(134193) | $(388469) | $(83635) | $(458306)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1791741) | 5308811 | 28871 | (1167901)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1333727 | (1699556) | (178979) | 10891115  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (592207) | 3220786 | (233743) | 9264908  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 31837397 | 167733255 | 21646002 | 11405590  |
| &nbsp;&nbsp;&nbsp; Redemptions | (72982918) | (104638955) | (1490945) | (83016730)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 18661 | 47514 | 11067 | 30589  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (41126860) | 63141814 | 20166124 | (71580551)  |
| **Net increase (decrease) in net assets** | (41719067) | 66362600 | 19932381 | (62315643)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 76624113 | 10261513 | 15124566 | 77440209  |
| &nbsp;&nbsp;&nbsp; End of the period | $34905046 | $76624113 | $35056947 | $15124566  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1550000 | 8200000 | 1075000 | 575000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (3625000) | (4975000) | (75000) | (4175000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (2075000) | 3225000 | 1000000 | (3600000) |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Defined** <br>**Wealth Shield ETF** | **Innovator Defined** <br>**Wealth Shield ETF** | **Innovator Emerging Markets** <br>**10 Buffer ETF - Quarterly**  | **Innovator Emerging Markets** <br>**10 Buffer ETF - Quarterly**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(3781679) | $(4477021) | $(34339) | &nbsp;&nbsp; $(12882)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 19037483 | 68639595 | 62734 | &nbsp;&nbsp; 140847  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (178688) | 1944665 | 197388 | &nbsp;&nbsp; (188694)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 15077116 | 66107239 | 225783 | &nbsp;&nbsp; (60729)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 934282525 | 851983843 | 12268545 | &nbsp;&nbsp; 15417455  |
| &nbsp;&nbsp;&nbsp; Redemptions | (451681835) | (508171268) | (16749995) | &nbsp;&nbsp; (5145155)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 238121 | 306643 | 1941 | &nbsp;&nbsp; 5804  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 482838811 | 344119218 | (4479509) | &nbsp;&nbsp; 10278104  |
| **Net increase (decrease) in net assets** | 497915927 | 410226457 | (4253726) | &nbsp;&nbsp; 10217375  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 900617623 | 490391166 | 10217375 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $1398533550 | $900617623 | $5963649 | &nbsp;&nbsp; $10217375  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 29750000 | 29075000 | 475000 | &nbsp;&nbsp; 600000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (14425000) | (17525000) | (650000) | &nbsp;&nbsp; (200000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 15325000 | 11550000 | (175000) | &nbsp;&nbsp; 400000 |

---

<sup>(a)</sup> Inception date of the Fund was June 28, 2024.

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Emerging Markets** <br>**Power Buffer ETF - April** | **Innovator Emerging Markets** <br>**Power Buffer ETF - April** | **Innovator Emerging Markets** <br>**Power Buffer ETF - January**  | **Innovator Emerging Markets** <br>**Power Buffer ETF - January**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(267189) | $(635285) | $(518539) | $(1637855)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3700300 | 3490112 | 4463056 | 15332277  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (3687328) | 5481144 | (6712379) | 11949250  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (254217) | 8335971 | (2767862) | 25643672  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 31227530 | 67743078 | 52866000 | 232936945  |
| &nbsp;&nbsp;&nbsp; Redemptions | (24843295) | (68085085) | (67856227) | (394942625)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 8442 | 17853 | 11924 | 102353  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 6392677 | (324154) | (14978303) | (161903327)  |
| **Net increase (decrease) in net assets** | 6138460 | 8011817 | (17746165) | (136259655)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 66496734 | 58484917 | 128147617 | 264407272  |
| &nbsp;&nbsp;&nbsp; End of the period | $72635194 | $66496734 | $110401452 | $128147617  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1175000 | 2700000 | 1750000 | 8325000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (925000) | (2675000) | (2250000) | (14000000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 250000 | 25000 | (500000) | (5675000) |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Emerging Markets** <br>**Power Buffer ETF - July** | **Innovator Emerging Markets** <br>**Power Buffer ETF - July** | **Innovator Emerging Markets** <br>**Power Buffer ETF - October**  | **Innovator Emerging Markets** <br>**Power Buffer ETF - October**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Eended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(335789) | $(836300) | $(279914) | $(360906)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 314900 | 7300838 | 743914 | 8386729  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3097 | 6115669 | (22374) | (509819)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (17792) | 12580207 | 441626 | 7516004  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1243965 | 29154263 | 26297412 | 47926125  |
| &nbsp;&nbsp;&nbsp; Redemptions | (16896410) | (55934818) | (18895725) | (45083065)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 622 | 15472 | 13149 | 8156  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (15651823) | (26765083) | 7414836 | 2851216  |
| **Net increase (decrease) in net assets** | (15669615) | (14184876) | 7856462 | 10367220  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 86896222 | 101081098 | 53242201 | 42874981  |
| &nbsp;&nbsp;&nbsp; End of the period | $71226607 | $86896222 | $61098663 | $53242201  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 50000 | 1225000 | 1000000 | 1850000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (675000) | (2350000) | (725000) | (1775000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (625000) | (1125000) | 275000 | 75000 |

---

The accompanying notes are an integral part of these financial statements.

340<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 1 Yr April** | **Innovator Equity Defined** <br>**Protection ETF - 1 Yr August** | **Innovator Equity Defined** <br>**Protection ETF - 1 Yr August** | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 1 Yr December**  |
|  | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(b)</sup>**  | **Period Ended** <br>**April 30, 2025<sup>(c)</sup>** <br>(Unaudited)  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(17058) | $(282378) | &nbsp;&nbsp;&nbsp; $(136119) | &nbsp;&nbsp;&nbsp; $(370036)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 12 | 506757 | &nbsp;&nbsp;&nbsp; 82933 | &nbsp;&nbsp;&nbsp; 485637  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 519123 | 206855 | &nbsp;&nbsp;&nbsp; 1851203 | &nbsp;&nbsp;&nbsp; (685610)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 502077 | 431234 | &nbsp;&nbsp;&nbsp; 1798017 | &nbsp;&nbsp;&nbsp; (570009)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 41773060 | 7927030 | &nbsp;&nbsp;&nbsp; 82379685 | &nbsp;&nbsp;&nbsp; 179885868  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; — | (16121540) | &nbsp;&nbsp;&nbsp; (3060560) | &nbsp;&nbsp;&nbsp; (11220198)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | &nbsp;&nbsp; 18156 | 4619 | &nbsp;&nbsp;&nbsp; 41502 | &nbsp;&nbsp;&nbsp; 79472  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 41791216 | (8189891) | &nbsp;&nbsp;&nbsp; 79360627 | &nbsp;&nbsp;&nbsp; 168745142  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 42293293 | (7758657) | &nbsp;&nbsp;&nbsp; 81158644 | &nbsp;&nbsp;&nbsp; 168175133  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; — | 81158644 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $42293293 | $73399987 | &nbsp;&nbsp;&nbsp; $81158644 | &nbsp;&nbsp;&nbsp; $168175133  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 1725000 | 325000 | &nbsp;&nbsp;&nbsp; 3425000 | &nbsp;&nbsp;&nbsp; 7550000  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; — | (650000) | &nbsp;&nbsp;&nbsp; (125000) | &nbsp;&nbsp;&nbsp; (475000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 1725000 | (325000) | &nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp; 7075000 |

---

<sup>(a)</sup> Inception date of the Fund was March 31, 2025.

<sup>(b)</sup> Inception date of the Fund was July 31, 2024.

<sup>(c)</sup> Inception date of the Fund was November 29, 2024.

The accompanying notes are an integral part of these financial statements.

341<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 1 Yr** <br>**February** | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 1 Yr** <br>**January** | **Innovator Equity Defined** <br>**Protection ETF - 1 Yr July**  | **Innovator Equity Defined** <br>**Protection ETF - 1 Yr July**  |
|  | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**April 30, 2025<sup>(b)</sup>** <br>(Unaudited) | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(c)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(182421) | &nbsp;&nbsp; $(115184) | $(408130) | &nbsp;&nbsp; $(284633)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (21806) | &nbsp;&nbsp; (5609) | 763787 | &nbsp;&nbsp; 1014853  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (458872) | &nbsp;&nbsp; (47561) | 45776 | &nbsp;&nbsp; 2353251  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; (663099) | &nbsp;&nbsp; (168354) | 401433 | &nbsp;&nbsp; 3083471  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 134506475 | &nbsp;&nbsp; 53855488 | 15842735 | &nbsp;&nbsp; 128414355  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | (18925780) | &nbsp;&nbsp; (15995258)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | &nbsp;&nbsp; 48760 | &nbsp;&nbsp; 17959 | 9601 | &nbsp;&nbsp; 64532  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 134555235 | &nbsp;&nbsp; 53873447 | (3073444) | &nbsp;&nbsp; 112483629  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 133892136 | &nbsp;&nbsp; 53705093 | (2672011) | &nbsp;&nbsp; 115567100  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 1194967 | &nbsp;&nbsp; — | 115567100 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $135087103 | &nbsp;&nbsp; $53705093 | $112895089 | &nbsp;&nbsp; $115567100  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 5700000 | &nbsp;&nbsp; 2100000 | 600000 | &nbsp;&nbsp; 4925000  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | (700000) | &nbsp;&nbsp; (600000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 5700000 | &nbsp;&nbsp; 2100000 | (100000) | &nbsp;&nbsp; 4325000 |

---

<sup>(a)</sup> Inception date of the Fund was January 31, 2025.

<sup>(b)</sup> Inception date of the Fund was December 31, 2024.

<sup>(c)</sup> Inception date of the Fund was June 28, 2024.

The accompanying notes are an integral part of these financial statements.

342<br>

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 1 Yr March** | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 1 Yr May** | **Innovator Equity Defined** <br>**Protection ETF - 1 Yr November**  | **Innovator Equity Defined** <br>**Protection ETF - 1 Yr November**  |
|  | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**April 30, 2025<sup>(b)</sup>** <br>(Unaudited) | **Period Ended** <br>**April 30, 2025<sup>(c)</sup>** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(c)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(112831) | &nbsp;&nbsp;&nbsp; $— | $(175576) | &nbsp;&nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (8455) | &nbsp;&nbsp;&nbsp; — | 1382252 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 107309 | &nbsp;&nbsp;&nbsp; (144) | (736601) | &nbsp;&nbsp;&nbsp; (160)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; (13977) | &nbsp;&nbsp;&nbsp; (144) | 470075 | &nbsp;&nbsp;&nbsp; (160)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 105138807 | &nbsp;&nbsp;&nbsp; 1210500 | 83560873 | &nbsp;&nbsp;&nbsp; 1241500  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | (35162323) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | &nbsp;&nbsp; 45812 | &nbsp;&nbsp;&nbsp; 605 | 38360 | &nbsp;&nbsp;&nbsp; 621  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 105184619 | &nbsp;&nbsp;&nbsp; 1211105 | 48436910 | &nbsp;&nbsp;&nbsp; 1242121  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 105170642 | &nbsp;&nbsp;&nbsp; 1210961 | 48906985 | &nbsp;&nbsp;&nbsp; 1241961  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 1241961 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $105170642 | &nbsp;&nbsp;&nbsp; $1210961 | $50148946 | &nbsp;&nbsp;&nbsp; $1241961  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 4075000 | &nbsp;&nbsp;&nbsp; 50000 | 3350000 | &nbsp;&nbsp;&nbsp; 50000  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | (1400000) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 4075000 | &nbsp;&nbsp;&nbsp; 50000 | 1950000 | &nbsp;&nbsp;&nbsp; 50000 |

---

<sup>(a)</sup> Inception date of the Fund was February 28, 2025.

<sup>(b)</sup> Inception date of the Fund was April 30, 2025.

<sup>(c)</sup> Inception date of the Fund was October 31, 2024.

The accompanying notes are an integral part of these financial statements.

343<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Equity Defined** <br>**Protection ETF - 1 Yr October** | **Innovator Equity Defined** <br>**Protection ETF - 1 Yr October** | **Innovator Equity Defined** <br>**Protection ETF - 1 Yr September**  | **Innovator Equity Defined** <br>**Protection ETF - 1 Yr September**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(274886) | &nbsp;&nbsp; $(32439) | $(349409) | &nbsp;&nbsp; $(117538)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 31327 | &nbsp;&nbsp; — | 1085113 | &nbsp;&nbsp; 67339  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1053046 | &nbsp;&nbsp; (71851) | 166068 | &nbsp;&nbsp; 1000238  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 809487 | &nbsp;&nbsp; (104290) | 901772 | &nbsp;&nbsp; 950039  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 16311577 | &nbsp;&nbsp; 69478798 | 15515527 | &nbsp;&nbsp; 110065723  |
| &nbsp;&nbsp;&nbsp; Redemptions | (13329470) | &nbsp;&nbsp; — | (44571530) | &nbsp;&nbsp; (1245735)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 9155 | &nbsp;&nbsp; 26913 | 17511 | &nbsp;&nbsp; 54106  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 2991262 | &nbsp;&nbsp; 69505711 | (29038492) | &nbsp;&nbsp; 108874094  |
| **Net increase (decrease) in net assets** | 3800749 | &nbsp;&nbsp; 69401421 | (28136720) | &nbsp;&nbsp; 109824133  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 69401421 | &nbsp;&nbsp; — | 109824133 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $73202170 | &nbsp;&nbsp; $69401421 | $81687413 | &nbsp;&nbsp; $109824133  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 650000 | &nbsp;&nbsp; 2775000 | 625000 | &nbsp;&nbsp; 4475000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (525000) | &nbsp;&nbsp; — | (1775000) | &nbsp;&nbsp; (50000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 125000 | &nbsp;&nbsp; 2775000 | (1150000) | &nbsp;&nbsp; 4425000 |

---

<sup>(a)</sup> Inception date of the Fund was September 30, 2024.

<sup>(b)</sup> Inception date of the Fund was August 30, 2024.

<sup>(c)</sup> Inception date of the Fund was October 31, 2024.

The accompanying notes are an integral part of these financial statements.

344<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 2 Yr to April 2026** | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 2 Yr to April 2026** | **Innovator Equity** <br>**Defined Protection** <br>**ETF – 2 Yr to** <br>**April 2027**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  | **Period Ended** <br>**April 30, 2025<sup>(b)</sup>** <br>(Unaudited)  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(259324) | &nbsp;&nbsp; $(287824) | &nbsp;&nbsp;&nbsp; $(2178)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1403127 | &nbsp;&nbsp; 1004454 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (797117) | &nbsp;&nbsp; 3432100 | &nbsp;&nbsp;&nbsp; 63578  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 346686 | &nbsp;&nbsp; 4148730 | &nbsp;&nbsp;&nbsp; 61400  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 2623883 | &nbsp;&nbsp; 81709270 | &nbsp;&nbsp;&nbsp; 5427238  |
| &nbsp;&nbsp;&nbsp; Redemptions | (14476870) | &nbsp;&nbsp; (14177015) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 1655 | &nbsp;&nbsp; 42469 | &nbsp;&nbsp;&nbsp; 2714  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (11851332) | &nbsp;&nbsp; 67574724 | &nbsp;&nbsp;&nbsp; 5429952  |
| **Net increase (decrease) in net assets** | (11504646) | &nbsp;&nbsp; 71723454 | &nbsp;&nbsp;&nbsp; 5491352  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 71723454 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $60218808 | &nbsp;&nbsp; $71723454 | &nbsp;&nbsp;&nbsp; $5491352  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 100000 | &nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp; 225000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (550000) | &nbsp;&nbsp; (550000) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (450000) | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; 225000 |

---

<sup>(a)</sup> Inception date of the Fund was March 28, 2024.

<sup>(b)</sup> Inception date of the Fund was March 31, 2025.

The accompanying notes are an integral part of these financial statements.

345<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 2 Yr to January 2026** | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 2 Yr to January 2026** | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 2 Yr to** <br>**January 2027**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  | **Period Ended** <br>**April 30, 2025<sup>(b)</sup>** <br>(Unaudited)  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(208921) | &nbsp;&nbsp; $(424640) | &nbsp;&nbsp; $(104483)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 766109 | &nbsp;&nbsp; 3456456 | &nbsp;&nbsp; 42500  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 122723 | &nbsp;&nbsp; 1447955 | &nbsp;&nbsp; (43408)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 679911 | &nbsp;&nbsp; 4479771 | &nbsp;&nbsp; (105391)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1956832 | &nbsp;&nbsp; 88682423 | &nbsp;&nbsp; 54794515  |
| &nbsp;&nbsp;&nbsp; Redemptions | (13137337) | &nbsp;&nbsp; (33443803) | &nbsp;&nbsp; (628440)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 2643 | &nbsp;&nbsp; 44063 | &nbsp;&nbsp; 24194  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (11177862) | &nbsp;&nbsp; 55282683 | &nbsp;&nbsp; 54190269  |
| **Net increase (decrease) in net assets** | (10497951) | &nbsp;&nbsp; 59762454 | &nbsp;&nbsp; 54084878  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 59762454 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $49264503 | &nbsp;&nbsp; $59762454 | &nbsp;&nbsp; $54084878  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 75000 | &nbsp;&nbsp; 3625000 | &nbsp;&nbsp; 2150000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (500000) | &nbsp;&nbsp; (1325000) | &nbsp;&nbsp; (25000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (425000) | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp; 2125000 |

---

<sup>(a)</sup> Inception date of the Fund was December 29, 2023.

<sup>(b)</sup> Inception date of the Fund was December 31, 2024.

The accompanying notes are an integral part of these financial statements.

346<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 2 Yr to July 2025** | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 2 Yr to July 2025** | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 2 Yr to July 2026**  | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 2 Yr to July 2026**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(753257) | $(1742373) | $(256506) | &nbsp;&nbsp; $(148213)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 6363757 | 17276366 | 1136910 | &nbsp;&nbsp; (273280)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1426586) | 11361127 | (363608) | &nbsp;&nbsp; 2447789  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 4183914 | 26895120 | 516796 | &nbsp;&nbsp; 2026296  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 6281803 | 86192502 | 11227755 | &nbsp;&nbsp; 92218748  |
| &nbsp;&nbsp;&nbsp; Redemptions | (65633230) | (97351205) | (13467398) | &nbsp;&nbsp; (24951060)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 7707 | 48539 | 5946 | &nbsp;&nbsp; 55635  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (59343720) | (11110164) | (2233697) | &nbsp;&nbsp; 67323323  |
| **Net increase (decrease) in net assets** | (55159806) | 15784956 | (1716901) | &nbsp;&nbsp; 69349619  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 213593236 | 197808280 | 69349619 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $158433430 | $213593236 | $67632718 | &nbsp;&nbsp; $69349619  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 225000 | 3275000 | 425000 | &nbsp;&nbsp; 3550000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2350000) | (3650000) | (500000) | &nbsp;&nbsp; (950000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (2125000) | (375000) | (75000) | &nbsp;&nbsp; 2600000 |

---

<sup>(a)</sup> Inception date of the Fund was June 28, 2024.

The accompanying notes are an integral part of these financial statements.

347<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 2 Yr to October 2026** | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 2 Yr to October 2026** | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 6 Mo Apr/Oct**  | **Innovator Equity** <br>**Defined Protection** <br>**ETF - 6 Mo Apr/Oct**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(288459) | &nbsp;&nbsp; $(25235) | $(292557) | &nbsp;&nbsp; $(35656)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (17585) | &nbsp;&nbsp; 35856 | 591895 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 993132 | &nbsp;&nbsp; (242990) | 325172 | &nbsp;&nbsp; 107831  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 687088 | &nbsp;&nbsp; (232369) | 624510 | &nbsp;&nbsp; 72175  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 29212748 | &nbsp;&nbsp; 56353645 | 103804067 | &nbsp;&nbsp; 75471343  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | &nbsp;&nbsp; (1240255) | (107139030) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 14292 | &nbsp;&nbsp; 28178 | 17587 | &nbsp;&nbsp; 22960  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 29227040 | &nbsp;&nbsp; 55141568 | (3317376) | &nbsp;&nbsp; 75494303  |
| **Net increase (decrease) in net assets** | 29914128 | &nbsp;&nbsp; 54909199 | (2692866) | &nbsp;&nbsp; 75566478  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 54909199 | &nbsp;&nbsp; — | 75566478 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $84823327 | &nbsp;&nbsp; $54909199 | $72873612 | &nbsp;&nbsp; $75566478  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1175000 | &nbsp;&nbsp; 2275000 | 4125000 | &nbsp;&nbsp; 3000000  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | &nbsp;&nbsp; (50000) | (4225000) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1175000 | &nbsp;&nbsp; 2225000 | (100000) | &nbsp;&nbsp; 3000000 |

---

<sup>(a)</sup> Inception date of the Fund was September 30, 2024.

The accompanying notes are an integral part of these financial statements.

348<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Equity Defined** <br>**Protection ETF - 6 Mo Jan/Jul** | **Innovator Equity Defined** <br>**Protection ETF - 6 Mo Jan/Jul** | **Innovator Growth** <br>**Accelerated ETF - Quarterly**  | **Innovator Growth** <br>**Accelerated ETF - Quarterly**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(730464) | &nbsp;&nbsp; $(392768) | $(148093) | $(263473)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5203621 | &nbsp;&nbsp; 1502478 | (534333) | 9838949  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (3442440) | &nbsp;&nbsp; 2654764 | 560186 | 423793  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1030717 | &nbsp;&nbsp; 3764474 | (122240) | 9999269  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 146966499 | &nbsp;&nbsp; 175066773 | 44690038 | 54691473  |
| &nbsp;&nbsp;&nbsp; Redemptions | (55208285) | &nbsp;&nbsp; (25311600) | (44944207) | (63307443)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 67312 | &nbsp;&nbsp; 87880 | 3422 | 10836  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions**<br>| 91825526 | &nbsp;&nbsp; 149843053 | (250747) | (8605134)  |
| **Net increase (decrease) in net assets** | 92856243 | &nbsp;&nbsp; 153607527 | (372987) | 1394135  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 153607527 | &nbsp;&nbsp; — | 34240656 | 32846521  |
| &nbsp;&nbsp;&nbsp; End of the period | $246463770 | &nbsp;&nbsp; $153607527 | $33867669 | $34240656  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 5375000 | &nbsp;&nbsp; 6700000 | 1300000 | 1825000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2050000) | &nbsp;&nbsp; (950000) | (1325000) | (2125000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 3325000 | &nbsp;&nbsp; 5750000 | (25000) | (300000) |

---

<sup>(a)</sup> Inception date of the Fund was June 28, 2024.

The accompanying notes are an integral part of these financial statements.

349<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Growth** <br>**Accelerated Plus ETF - April** | **Innovator Growth** <br>**Accelerated Plus ETF - April** | **Innovator Growth** <br>**Accelerated Plus ETF - January**  | **Innovator Growth** <br>**Accelerated Plus ETF - January**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(57707) | $(102629) | $(73669) | $(211457)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1796175 | 2845376 | 3871466 | 1264751  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (954990) | (63312) | (3867806) | 3173739  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 783478 | 2679435 | (70009) | 4227033  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 12265075 | 7442483 | 11855268 | 17903602  |
| &nbsp;&nbsp;&nbsp; Redemptions | (13101840) | (14424330) | (26260265) | (21612533)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 3293 | 3721 | 294 | 7063  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (833472) | (6978126) | (14404703) | (3701868)  |
| **Net increase (decrease) in net assets** | (49994) | (4298691) | (14474712) | 525165  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 14329694 | 18628385 | 28737780 | 28212615  |
| &nbsp;&nbsp;&nbsp; End of the period | $14279700 | $14329694 | $14263068 | $28737780  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 325000 | 225000 | 475000 | 825000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (350000) | (450000) | (1050000) | (1000000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (25000) | (225000) | (575000) | (175000) |

---

The accompanying notes are an integral part of these financial statements.

350<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Growth** <br>**Accelerated Plus ETF - July** | **Innovator Growth** <br>**Accelerated Plus ETF - July** | **Innovator Growth** <br>**Accelerated Plus ETF - October**  | **Innovator Growth** <br>**Accelerated Plus ETF - October**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(61663) | $(112315) | $(46625) | $(87140)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 299917 | 3096769 |  | 2383331  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (206929) | 859551 | (145687) | 115872  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 31325 | 3844005 | (192312) | 2412063  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | 11941748 | 5802537 | 8142288  |
| &nbsp;&nbsp;&nbsp; Redemptions | (4594725) | (16468998) |  | (13593945)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) |  | 5971 | 2566 | 1628  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (4594725) | (4521279) | 5805103 | (5450029)  |
| **Net increase (decrease) in net assets** | (4563400) | (677274) | 5612791 | (3037966)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 16968233 | 17645507 | 8355851 | 11393817  |
| &nbsp;&nbsp;&nbsp; End of the period | $12404833 | $16968233 | $13968642 | $8355851  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | 400000 | 200000 | 300000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (150000) | (575000) |  | (500000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (150000) | (175000) | 200000 | (200000) |

---

The accompanying notes are an integral part of these financial statements.

351<br>

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Growth-100** <br>**Power Buffer ETF - April** | **Innovator Growth-100** <br>**Power Buffer ETF - April** | **Innovator Growth-100** <br>**Power Buffer ETF - August**  | **Innovator Growth-100** <br>**Power Buffer ETF - August**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(738476) | $(1310522) | $(66030) | &nbsp;&nbsp; $(29038)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8280546 | 24478614 | 486802 | &nbsp;&nbsp; 89848  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (9836463) | 3153463 | (205301) | &nbsp;&nbsp; 595435  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (2294393) | 26321555 | 215471 | &nbsp;&nbsp; 656245  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 248512255 | 221142545 | 4366282 | &nbsp;&nbsp; 16773295  |
| &nbsp;&nbsp;&nbsp; Redemptions | (205067793) | (185329977) | (2598180) | &nbsp;&nbsp; (632190)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 39055 | 65759 | 1572 | &nbsp;&nbsp; 7779  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 43483517 | 35878327 | 1769674 | &nbsp;&nbsp; 16148884  |
| **Net increase (decrease) in net assets** | 41189124 | 62199882 | 1985145 | &nbsp;&nbsp; 16805129  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 194645562 | 132445680 | 16805129 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $235834686 | $194645562 | $18790274 | &nbsp;&nbsp; $16805129  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 5150000 | 4875000 | 175000 | &nbsp;&nbsp; 700000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (4225000) | (4050000) | (100000) | &nbsp;&nbsp; (25000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 925000 | 825000 | 75000 | &nbsp;&nbsp; 675000 |

---

<sup>(a)</sup> Inception date of the Fund was July 31, 2024.

The accompanying notes are an integral part of these financial statements.

352<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - December** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - February** | **Innovator Growth-100** <br>**Power Buffer ETF - January**  | **Innovator Growth-100** <br>**Power Buffer ETF - January**  |
|  | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**April 30, 2025<sup>(b)</sup>** <br>(Unaudited) | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(214748) | $(75192) | $(1000877) | $(1577424)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 76563 | (141047) | 25848330 | 22269086  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1910874) | (1847431) | (28951935) | 7454318  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (2049059) | (2063670) | (4104482) | 28145980  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 82784435 | 49757693 | 143465350 | 201365505  |
| &nbsp;&nbsp;&nbsp; Redemptions | (5422565) | (565045) | (65062328) | (105945888)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 36792 | 12704 | 54674 | 113719  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 77398662 | 49205352 | 78457696 | 95533336  |
| **Net increase (decrease) in net assets** | 75349603 | 47141682 | 74353214 | 123679316  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period |  | 1243792 | 201328204 | 77648888  |
| &nbsp;&nbsp;&nbsp; End of the period | $75349603 | $48385474 | $275681418 | $201328204  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 3400000 | 2050000 | 2975000 | 4825000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (225000) | (25000) | (1400000) | (2400000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 3175000 | 2025000 | 1575000 | 2425000 |

---

<sup>(a)</sup> Inception date of the Fund was November 29, 2024.

<sup>(b)</sup> Inception date of the Fund was January 31, 2025.

The accompanying notes are an integral part of these financial statements.

353<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Growth-100** <br>**Power Buffer ETF - July** | **Innovator Growth-100** <br>**Power Buffer ETF - July** | **Innovator Growth-100** <br>**Power Buffer ETF - June**  | **Innovator Growth-100** <br>**Power Buffer ETF - June**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(899969) | $(1811099) | $(104357) | &nbsp;&nbsp; $(91356)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4524193 | 37796432 | 526690 | &nbsp;&nbsp; 961508  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1650009) | 9362767 | 928365 | &nbsp;&nbsp; 419639  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1974215 | 45348100 | 1350698 | &nbsp;&nbsp; 1289791  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 9083962 | 297655528 | 16881792 | &nbsp;&nbsp; 38094873  |
| &nbsp;&nbsp;&nbsp; Redemptions | (76664755) | (342948200) | (5476562) | &nbsp;&nbsp; (12351453)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 7587 | 79712 | 7815 | &nbsp;&nbsp; 18748  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (67573206) | (45212960) | 11413045 | &nbsp;&nbsp; 25762168  |
| **Net increase (decrease) in net assets** | (65598991) | 135140 | 12763743 | &nbsp;&nbsp; 27051959  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 266589612 | 266454472 | 27051959 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $200990621 | $266589612 | $39815702 | &nbsp;&nbsp; $27051959  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 150000 | 5025000 | 675000 | &nbsp;&nbsp; 1500000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1225000) | (5925000) | (200000) | &nbsp;&nbsp; (475000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (1075000) | (900000) | 475000 | &nbsp;&nbsp; 1025000 |

---

<sup>(a)</sup> Inception date of the Fund was May 31, 2024.

The accompanying notes are an integral part of these financial statements.

354<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - March** | **Innovator** <br>**Growth-100** <br>**Power Buffer** <br>**ETF - May** | **Innovator Growth-100** <br>**Power Buffer ETF - November**  | **Innovator Growth-100** <br>**Power Buffer ETF - November**  |
|  | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**April 30, 2025<sup>(b)</sup>** <br>(Unaudited) | **Period Ended** <br>**April 30, 2025<sup>(c)</sup>** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(c)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(32131) | &nbsp;&nbsp; $— | $(93416) | &nbsp;&nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (5458) | &nbsp;&nbsp; — | 504481 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (244755) | &nbsp;&nbsp; (227) | (487076) | &nbsp;&nbsp;&nbsp; (233)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (282344) | &nbsp;&nbsp; (227) | (76011) | &nbsp;&nbsp;&nbsp; (233)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 33419797 | &nbsp;&nbsp; 1226500 | 32384805 | &nbsp;&nbsp;&nbsp; 1248500  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | &nbsp;&nbsp; — | (7735615) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 12829 | &nbsp;&nbsp; — | 12075 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 33432626 | &nbsp;&nbsp; 1226500 | 24661265 | &nbsp;&nbsp;&nbsp; 1248500  |
| **Net increase (decrease) in net assets** | 33150282 | &nbsp;&nbsp; 1226273 | 24585254 | &nbsp;&nbsp;&nbsp; 1248267  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period |  | &nbsp;&nbsp; — | 1248267 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $33150282 | &nbsp;&nbsp; $1226273 | $25833521 | &nbsp;&nbsp;&nbsp; $1248267  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1300000 | &nbsp;&nbsp; 50000 | 1275000 | &nbsp;&nbsp;&nbsp; 50000  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | &nbsp;&nbsp; — | (300000) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1300000 | &nbsp;&nbsp; 50000 | 975000 | &nbsp;&nbsp;&nbsp; 50000 |

---

<sup>(a)</sup> Inception date of the Fund was February 28, 2025.

<sup>(b)</sup> Inception date of the Fund was April 30, 2025.

<sup>(c)</sup> Inception date of the Fund was October 31, 2024.

The accompanying notes are an integral part of these financial statements.

355<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Growth-100** <br>**Power Buffer ETF - October** | **Innovator Growth-100** <br>**Power Buffer ETF - October** | **Innovator Growth-100** <br>**Power Buffer ETF - September**  | **Innovator Growth-100** <br>**Power Buffer ETF - September**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(613437) | $(1153844) | $(137740) | &nbsp;&nbsp; $(38069)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1333661 | 24948072 | 976302 | &nbsp;&nbsp; 59379  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 866756 | 1657872 | (483794) | &nbsp;&nbsp; 707611  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1586980 | 25452100 | 354768 | &nbsp;&nbsp; 728921  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 14185171 | 66255283 | 3196730 | &nbsp;&nbsp; 40243783  |
| &nbsp;&nbsp;&nbsp; Redemptions | (25049633) | (78995731) | (11388920) | &nbsp;&nbsp; (4909490)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 6210 | 29433 | 1598 | &nbsp;&nbsp; 20126  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (10858252) | (12711015) | (8190592) | &nbsp;&nbsp; 35354419  |
| **Net increase (decrease) in net assets** | (9271272) | 12741085 | (7835824) | &nbsp;&nbsp; 36083340  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 161025021 | 148283936 | 36083340 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $151753749 | $161025021 | $28247516 | &nbsp;&nbsp; $36083340  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 280000 | 1365000 | 125000 | &nbsp;&nbsp; 1650000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (490000) | (1645000) | (450000) | &nbsp;&nbsp; (200000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (210000) | (280000) | (325000) | &nbsp;&nbsp; 1450000 |

---

<sup>(a)</sup> Inception date of the Fund was August 30, 2024.

The accompanying notes are an integral part of these financial statements.

356<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator International Developed** <br>**10 Buffer ETF - Quarterly** | **Innovator International Developed** <br>**10 Buffer ETF - Quarterly** | **Innovator International Developed** <br>**Power Buffer ETF - April**  | **Innovator International Developed** <br>**Power Buffer ETF - April**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(60236) | &nbsp;&nbsp;&nbsp; $(10697) | $(799258) | $(1957495)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 541789 | &nbsp;&nbsp;&nbsp; 104648 | 4197157 | 24579687  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 438552 | &nbsp;&nbsp;&nbsp; (76986) | 4731281 | 9961252  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 920105 | &nbsp;&nbsp;&nbsp; 16965 | 8129180 | 32583444  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 31358027 | &nbsp;&nbsp;&nbsp; 9555888 | 196742070 | 195632648  |
| &nbsp;&nbsp;&nbsp; Redemptions | (14447575) | &nbsp;&nbsp;&nbsp; (3865500) | (168022432) | (248556098)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 7463 | &nbsp;&nbsp;&nbsp; 2220 | 28669 | 93645  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 16917915 | &nbsp;&nbsp;&nbsp; 5692608 | 28748307 | (52829805)  |
| **Net increase (decrease) in net assets** | 17838020 | &nbsp;&nbsp;&nbsp; 5709573 | 36877487 | (20246361)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 5709573 | &nbsp;&nbsp;&nbsp; — | 201979140 | 222225501  |
| &nbsp;&nbsp;&nbsp; End of the period | $23547593 | &nbsp;&nbsp;&nbsp; $5709573 | $238856627 | $201979140  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1200000 | &nbsp;&nbsp;&nbsp; 375000 | 7025000 | 7525000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (550000) | &nbsp;&nbsp;&nbsp; (150000) | (5925000) | (9475000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 650000 | &nbsp;&nbsp;&nbsp; 225000 | 1100000 | (1950000) |

---

<sup>(a)</sup> Inception date of the Fund was June 28, 2024.

The accompanying notes are an integral part of these financial statements.

357<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator International Developed** <br>**Power Buffer ETF - August** | **Innovator International Developed** <br>**Power Buffer ETF - August** | **Innovator International Developed** <br>**Power Buffer ETF - December**  | **Innovator International Developed** <br>**Power Buffer ETF - December**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(59419) | &nbsp;&nbsp; $(28321) | $(77467) | &nbsp;&nbsp;&nbsp; $(98394)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 174805 | &nbsp;&nbsp; 56327 | 827703 | &nbsp;&nbsp;&nbsp; 364131  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 794237 | &nbsp;&nbsp; (50672) | 334760 | &nbsp;&nbsp;&nbsp; 792589  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 909623 | &nbsp;&nbsp; (22666) | 1084996 | &nbsp;&nbsp;&nbsp; 1058326  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 3807005 | &nbsp;&nbsp; 15303420 | 21494084 | &nbsp;&nbsp;&nbsp; 13923118  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2452435) | &nbsp;&nbsp; (622903) | (11304960) | &nbsp;&nbsp;&nbsp; (4113208)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 1903 | &nbsp;&nbsp; 7030 | 5452 | &nbsp;&nbsp;&nbsp; 7030  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 1356473 | &nbsp;&nbsp; 14687547 | 10194576 | &nbsp;&nbsp;&nbsp; 9816940  |
| **Net increase (decrease) in net assets** | 2266096 | &nbsp;&nbsp; 14664881 | 11279572 | &nbsp;&nbsp;&nbsp; 10875266  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 14664881 | &nbsp;&nbsp; — | 10875266 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $16930977 | &nbsp;&nbsp; $14664881 | $22154838 | &nbsp;&nbsp;&nbsp; $10875266  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 150000 | &nbsp;&nbsp; 625000 | 800000 | &nbsp;&nbsp;&nbsp; 550000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (100000) | &nbsp;&nbsp; (25000) | (425000) | &nbsp;&nbsp;&nbsp; (150000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 50000 | &nbsp;&nbsp; 600000 | 375000 | &nbsp;&nbsp;&nbsp; 400000 |

---

<sup>(a)</sup> Inception date of the Fund was July 31, 2024.

<sup>(b)</sup> Inception date of the Fund was November 30, 2023.

The accompanying notes are an integral part of these financial statements.

358<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator International Developed** <br>**Power Buffer ETF - February** | **Innovator International Developed** <br>**Power Buffer ETF - February** | **Innovator International Developed** <br>**Power Buffer ETF - January**  | **Innovator International Developed** <br>**Power Buffer ETF - January**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(76398) | &nbsp;&nbsp; $(77758) | $(745364) | $(1571765)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 649330 | &nbsp;&nbsp; 322066 | 1659527 | 14702738  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 414351 | &nbsp;&nbsp; 332813 | 5778584 | 11370065  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 987283 | &nbsp;&nbsp; 577121 | 6692747 | 24501038  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 26976350 | &nbsp;&nbsp; 15185775 | 217039830 | 97981660  |
| &nbsp;&nbsp;&nbsp; Redemptions | (11892690) | &nbsp;&nbsp; (3937238) | (200998135) | (62541222)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 10576 | &nbsp;&nbsp; 6969 | 21860 | 51937  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 15094236 | &nbsp;&nbsp; 11255506 | 16063555 | 35492375  |
| **Net increase (decrease) in net assets** | 16081519 | &nbsp;&nbsp; 11832627 | 22756302 | 59993413  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 11832627 | &nbsp;&nbsp; — | 180717813 | 120724400  |
| &nbsp;&nbsp;&nbsp; End of the period | $27914146 | &nbsp;&nbsp; $11832627 | $203474115 | $180717813  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1025000 | &nbsp;&nbsp; 600000 | 6925000 | 3250000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (450000) | &nbsp;&nbsp; (150000) | (6375000) | (2000000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 575000 | &nbsp;&nbsp; 450000 | 550000 | 1250000 |

---

<sup>(a)</sup> Inception date of the Fund was January 31, 2024.

The accompanying notes are an integral part of these financial statements.

359<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator International Developed** <br>**Power Buffer ETF - July** | **Innovator International Developed** <br>**Power Buffer ETF - July** | **Innovator International Developed** <br>**Power Buffer ETF - June**  | **Innovator International Developed** <br>**Power Buffer ETF - June**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(630332) | $(1437691) | $(97457) | &nbsp;&nbsp; $(73312)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 215136 | 16754757 | (38026) | &nbsp;&nbsp; 119016  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 9456364 | 6988103 | 1315397 | &nbsp;&nbsp; (200498)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 9041168 | 22305169 | 1179914 | &nbsp;&nbsp; (154794)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 11409765 | 106345222 | 9522354 | &nbsp;&nbsp; 25199070  |
| &nbsp;&nbsp;&nbsp; Redemptions | (36150420) | (165324085) | (4359615) | &nbsp;&nbsp; (1273058)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 9878 | 20106 | 5389 | &nbsp;&nbsp; 11972  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (24730777) | (58958757) | 5168128 | &nbsp;&nbsp; 23937984  |
| **Net increase (decrease) in net assets** | (15689609) | (36653588) | 6348042 | &nbsp;&nbsp; 23783190  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 159369343 | 196022931 | 23783190 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $143679734 | $159369343 | $30131232 | &nbsp;&nbsp; $23783190  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 400000 | 3800000 | 375000 | &nbsp;&nbsp; 1000000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1275000) | (5950000) | (175000) | &nbsp;&nbsp; (50000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (875000) | (2150000) | 200000 | &nbsp;&nbsp; 950000 |

---

<sup>(a)</sup> Inception date of the Fund was May 31, 2024.

The accompanying notes are an integral part of these financial statements.

360<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator International Developed** <br>**Power Buffer ETF - March** | **Innovator International Developed** <br>**Power Buffer ETF - March** | **Innovator International Developed** <br>**Power Buffer ETF - May**  | **Innovator International Developed** <br>**Power Buffer ETF - May**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(131272) | &nbsp;&nbsp; $(81845) | $(37458) | &nbsp;&nbsp;&nbsp; $(39958)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 824721 | &nbsp;&nbsp; 331322 | 1381764 | &nbsp;&nbsp;&nbsp; 140355  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 356474 | &nbsp;&nbsp; 162983 | (452560) | &nbsp;&nbsp;&nbsp; 69781  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1049923 | &nbsp;&nbsp; 412460 | 891746 | &nbsp;&nbsp;&nbsp; 170178  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 69817012 | &nbsp;&nbsp; 25980183 | 16098825 | &nbsp;&nbsp;&nbsp; 10749505  |
| &nbsp;&nbsp;&nbsp; Redemptions | (43400780) | &nbsp;&nbsp; (13460498) | (13796104) | &nbsp;&nbsp;&nbsp; (1956835)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 12913 | &nbsp;&nbsp; 12362 | 2243 | &nbsp;&nbsp;&nbsp; 4754  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 26429145 | &nbsp;&nbsp; 12532047 | 2304964 | &nbsp;&nbsp;&nbsp; 8797424  |
| **Net increase (decrease) in net assets** | 27479068 | &nbsp;&nbsp; 12944507 | 3196710 | &nbsp;&nbsp;&nbsp; 8967602  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 12944507 | &nbsp;&nbsp; — | 8967602 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $40423575 | &nbsp;&nbsp; $12944507 | $12164312 | &nbsp;&nbsp;&nbsp; $8967602  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 2650000 | &nbsp;&nbsp; 1025000 | 625000 | &nbsp;&nbsp;&nbsp; 425000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1650000) | &nbsp;&nbsp; (525000) | (525000) | &nbsp;&nbsp;&nbsp; (75000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1000000 | &nbsp;&nbsp; 500000 | 100000 | &nbsp;&nbsp;&nbsp; 350000 |

---

<sup>(a)</sup> Inception date of the Fund was February 29, 2024.

<sup>(b)</sup> Inception date of the Fund was April 30, 2024.

The accompanying notes are an integral part of these financial statements.

361<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator International Developed** <br>**Power Buffer ETF - November** | **Innovator International Developed** <br>**Power Buffer ETF - November** | **Innovator International Developed** <br>**Power Buffer ETF - October**  | **Innovator International Developed** <br>**Power Buffer ETF - October**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(52003) | &nbsp;&nbsp; $(27309) | $(495265) | $(953990)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 18492 | &nbsp;&nbsp; 490307 | 1564407 | 19234972  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 518044 | &nbsp;&nbsp; (831) | 5332745 | (3526531)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 484533 | &nbsp;&nbsp; 462167 | 6401887 | 14754451  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 13251235 | &nbsp;&nbsp; 8517280 | 89927122 | 40037250  |
| &nbsp;&nbsp;&nbsp; Redemptions | (4323315) | &nbsp;&nbsp; (5831155) | (94034468) | (38755428)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 6626 | &nbsp;&nbsp; 2042 | 45695 | 20207  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 8934546 | &nbsp;&nbsp; 2688167 | (4061651) | 1302029  |
| **Net increase (decrease) in net assets** | 9419079 | &nbsp;&nbsp; 3150334 | 2340236 | 16056480  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 4397481 | &nbsp;&nbsp; 1247147 | 121709950 | 105653470  |
| &nbsp;&nbsp;&nbsp; End of the period | $13816560 | &nbsp;&nbsp; $4397481 | $124050186 | $121709950  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 450000 | &nbsp;&nbsp; 300000 | 2925000 | 1350000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (150000) | &nbsp;&nbsp; (200000) | (3075000) | (1325000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 300000 | &nbsp;&nbsp; 100000 | (150000) | 25000 |

---

The accompanying notes are an integral part of these financial statements.

362<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator International Developed** <br>**Power Buffer ETF - September** | **Innovator International Developed** <br>**Power Buffer ETF - September** | **Innovator Nasdaq-100** <br>**10 Buffer ETF - Quarterly**  | **Innovator Nasdaq-100** <br>**10 Buffer ETF - Quarterly**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(282694) | $(398073) | $(413241) | &nbsp;&nbsp; $(53237)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1320446 | 7210363 | 2960922 | &nbsp;&nbsp; 225934  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2763796 | (552176) | 787357 | &nbsp;&nbsp; (82065)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 3801548 | 6260114 | 3335038 | &nbsp;&nbsp; 90632  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 87459915 | 93410592 | 223564605 | &nbsp;&nbsp; 92943270  |
| &nbsp;&nbsp;&nbsp; Redemptions | (79425785) | (68064373) | (215087563) | &nbsp;&nbsp; (12620895)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 45487 | 22755 | 22020 | &nbsp;&nbsp; 40193  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 8079617 | 25368974 | 8499062 | &nbsp;&nbsp; 80362568  |
| **Net increase (decrease) in net assets** | 11881165 | 31629088 | 11834100 | &nbsp;&nbsp; 80453200  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 67675605 | 36046517 | 80453200 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $79556770 | $67675605 | $92287300 | &nbsp;&nbsp; $80453200  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 3050000 | 3325000 | 8500000 | &nbsp;&nbsp; 3675000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2775000) | (2400000) | (8200000) | &nbsp;&nbsp; (500000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 275000 | 925000 | 300000 | &nbsp;&nbsp; 3175000 |

---

<sup>(a)</sup> Inception date of the Fund was June 28, 2024.

The accompanying notes are an integral part of these financial statements.

363<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Premium** <br>**Income 10 Barrier ETF - July** | **Innovator Premium** <br>**Income 10 Barrier ETF - July** | **Innovator Premium** <br>**Income 10 Barrier ETF - October**  | **Innovator Premium** <br>**Income 10 Barrier ETF - October**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $96507 | &nbsp;&nbsp; $195513 | $77040 | &nbsp;&nbsp;&nbsp; $211303  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 31 | &nbsp;&nbsp; 379157 | 3457 | &nbsp;&nbsp;&nbsp; 189794  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 70352 | &nbsp;&nbsp; (46548) | 46817 | &nbsp;&nbsp;&nbsp; (8900)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 166890 | &nbsp;&nbsp; 528122 | 127314 | &nbsp;&nbsp;&nbsp; 392197  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (188897) | &nbsp;&nbsp; (367421) | (156565) | &nbsp;&nbsp;&nbsp; (398508)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (38351)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (188897) | &nbsp;&nbsp; (367421) | (156565) | &nbsp;&nbsp;&nbsp; (436859)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 596017 | &nbsp;&nbsp; 5610915 | 1692242 | &nbsp;&nbsp;&nbsp; 1831100  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | &nbsp;&nbsp; (5634468) | (1192765) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 298 | &nbsp;&nbsp; 5993 | 565 | &nbsp;&nbsp;&nbsp; 1098  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 596315 | &nbsp;&nbsp; (17560) | 500042 | &nbsp;&nbsp;&nbsp; 1832198  |
| **Net increase (decrease) in net assets** | 574308 | &nbsp;&nbsp; 143141 | 470791 | &nbsp;&nbsp;&nbsp; 1787536  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 4993836 | &nbsp;&nbsp; 4850695 | 4760754 | &nbsp;&nbsp;&nbsp; 2973218  |
| &nbsp;&nbsp;&nbsp; End of the period | $5568144 | &nbsp;&nbsp; $4993836 | $5231545 | &nbsp;&nbsp;&nbsp; $4760754  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 25000 | &nbsp;&nbsp; 225000 | 75000 | &nbsp;&nbsp;&nbsp; 75000  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | &nbsp;&nbsp; (225000) | (50000) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 25000 | &nbsp;&nbsp; — | 25000 | &nbsp;&nbsp;&nbsp; 75000 |

---

The accompanying notes are an integral part of these financial statements.

364<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Premium** <br>**Income 15 Buffer ETF - April** | **Innovator Premium** <br>**Income 15 Buffer ETF - April** | **Innovator Premium** <br>**Income 15 Buffer ETF - January**  | **Innovator Premium** <br>**Income 15 Buffer ETF - January**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $79646 | &nbsp;&nbsp;&nbsp; $87601 | $198784 | &nbsp;&nbsp;&nbsp; $417456  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 58841 | &nbsp;&nbsp;&nbsp; 12 | 129642 | &nbsp;&nbsp;&nbsp; 109528  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (57090) | &nbsp;&nbsp;&nbsp; 39406 | (225850) | &nbsp;&nbsp;&nbsp; 123198  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 81397 | &nbsp;&nbsp;&nbsp; 127019 | 102576 | &nbsp;&nbsp;&nbsp; 650182  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (119006) | &nbsp;&nbsp;&nbsp; (87613) | (301171) | &nbsp;&nbsp;&nbsp; (417456)  |
| &nbsp;&nbsp;&nbsp; From return of capital | – | &nbsp;&nbsp;&nbsp; (29719) |  | &nbsp;&nbsp;&nbsp; (162312)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (119006) | &nbsp;&nbsp;&nbsp; (117332) | (301171) | &nbsp;&nbsp;&nbsp; (579768)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1859492 | &nbsp;&nbsp;&nbsp; 3740906 | 5497553 | &nbsp;&nbsp;&nbsp; 17144753  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | &nbsp;&nbsp;&nbsp; — | (607495) | &nbsp;&nbsp;&nbsp; (8618785)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 314 | &nbsp;&nbsp;&nbsp; 1870 | 1971 | &nbsp;&nbsp;&nbsp; 10303  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 1859806 | &nbsp;&nbsp;&nbsp; 3742776 | 4892029 | &nbsp;&nbsp;&nbsp; 8536271  |
| **Net increase (decrease) in net assets** | 1822197 | &nbsp;&nbsp;&nbsp; 3752463 | 4693434 | &nbsp;&nbsp;&nbsp; 8606685  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 3752463 | &nbsp;&nbsp;&nbsp; — | 8606685 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $5574660 | &nbsp;&nbsp;&nbsp; $3752463 | $13300119 | &nbsp;&nbsp;&nbsp; $8606685  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 75000 | &nbsp;&nbsp;&nbsp; 150000 | 225000 | &nbsp;&nbsp;&nbsp; 700000  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | &nbsp;&nbsp;&nbsp; — | (25000) | &nbsp;&nbsp;&nbsp; (350000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 75000 | &nbsp;&nbsp;&nbsp; 150000 | 200000 | &nbsp;&nbsp;&nbsp; 350000 |

---

<sup>(a)</sup> Inception date of the Fund was March 28, 2024.

<sup>(b)</sup> Inception date of the Fund was December 29, 2023.

The accompanying notes are an integral part of these financial statements.

365<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Premium** <br>**Income 15 Buffer ETF - July** | **Innovator Premium** <br>**Income 15 Buffer ETF - July** | **Innovator Premium** <br>**Income 15 Buffer ETF - October**  | **Innovator Premium** <br>**Income 15 Buffer ETF - October**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $48298 | &nbsp;&nbsp;&nbsp; $30560 | $306428 | $735995  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 6 | &nbsp;&nbsp;&nbsp; 8 | (270) | 260585  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 13303 | &nbsp;&nbsp;&nbsp; 18284 | 74394 | (64046)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 61607 | &nbsp;&nbsp;&nbsp; 48852 | 380552 | 932534  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (66409) | &nbsp;&nbsp;&nbsp; (30568) | (487910) | (735995)  |
| &nbsp;&nbsp;&nbsp; From return of capital | – | &nbsp;&nbsp;&nbsp; (10938) |  | (384786)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (66409) | &nbsp;&nbsp;&nbsp; (41506) | (487910) | (1120781)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | &nbsp;&nbsp;&nbsp; 2375435 | 1182065 | 31731770  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | &nbsp;&nbsp;&nbsp; — |  | (20321890)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) |  | &nbsp;&nbsp;&nbsp; 1189 | 298 | 7387  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** |  | &nbsp;&nbsp;&nbsp; 2376624 | 1182363 | 11417267  |
| **Net increase (decrease) in net assets** | (4802) | &nbsp;&nbsp;&nbsp; 2383970 | 1075005 | 11229020  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 2383970 | &nbsp;&nbsp;&nbsp; — | 18331640 | 7102620  |
| &nbsp;&nbsp;&nbsp; End of the period | $2379168 | &nbsp;&nbsp;&nbsp; $2383970 | $19406645 | $18331640  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | &nbsp;&nbsp;&nbsp; 100000 | 50000 | 1325000  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | &nbsp;&nbsp;&nbsp; — |  | (850000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** |  | &nbsp;&nbsp;&nbsp; 100000 | 50000 | 475000 |

---

<sup>(a)</sup> Inception date of the Fund was June 28, 2024.

The accompanying notes are an integral part of these financial statements.

366<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Premium** <br>**Income 20 Barrier ETF - April** | **Innovator Premium** <br>**Income 20 Barrier ETF - April** | **Innovator Premium** <br>**Income 20 Barrier ETF - January**  | **Innovator Premium** <br>**Income 20 Barrier ETF - January**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $498299 | $1116621 | $187438 | &nbsp;&nbsp; $308162  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 449491 | (143587) | 16978 | &nbsp;&nbsp; 254497  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (454248) | 944473 | (107075) | &nbsp;&nbsp; (55329)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 493542 | 1917507 | 97341 | &nbsp;&nbsp; 507330  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (885846) | (1853369) | (315766) | &nbsp;&nbsp; (475592)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  | (92364) |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (885846) | (1945733) | (315766) | &nbsp;&nbsp; (475592)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1793355 | 6180330 | 6636790 | &nbsp;&nbsp; 10513835  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2465205) | (4917972) | (3697080) | &nbsp;&nbsp; (1245325)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 1758 | 4954 | 4797 | &nbsp;&nbsp; 6807  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (670092) | 1267312 | 2944507 | &nbsp;&nbsp; 9275317  |
| **Net increase (decrease) in net assets** | (1062396) | 1239086 | 2726082 | &nbsp;&nbsp; 9307055  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 27802309 | 26563223 | 9307055 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $26739913 | $27802309 | $12033137 | &nbsp;&nbsp; $9307055  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 75000 | 250000 | 275000 | &nbsp;&nbsp; 425000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (100000) | (200000) | (150000) | &nbsp;&nbsp; (50000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (25000) | 50000 | 125000 | &nbsp;&nbsp; 375000 |

---

<sup>(a)</sup> Inception date of the Fund was December 29, 2023.

The accompanying notes are an integral part of these financial statements.

367<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Premium** <br>**Income 20 Barrier ETF - July** | **Innovator Premium** <br>**Income 20 Barrier ETF - July** | **Innovator Premium** <br>**Income 20 Barrier ETF - October**  | **Innovator Premium** <br>**Income 20 Barrier ETF - October**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $422218 | $1042539 | $327006 | &nbsp;&nbsp; $839864  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 42136 | 681896 | 182954 | &nbsp;&nbsp; 535491  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 151721 | 332323 | (136940) | &nbsp;&nbsp; (77159)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 616075 | 2056758 | 373020 | &nbsp;&nbsp; 1298196  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (629500) | (1648086) | (621046) | &nbsp;&nbsp; (1349404)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  |  |  | &nbsp;&nbsp; (99745)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (629500) | (1648086) | (621046) | &nbsp;&nbsp; (1449149)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | 613607 | 2374492 | &nbsp;&nbsp; 11482487  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2506860) | (5621863) | (2921657) | &nbsp;&nbsp; (2432818)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 254 | 1761 | 2662 | &nbsp;&nbsp; 7619  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (2506606) | (5006495) | (544503) | &nbsp;&nbsp; 9057288  |
| **Net increase (decrease) in net assets**  | (2520031) | (4597823) | (792529) | &nbsp;&nbsp; 8906335  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 20574006 | 25171829 | 19629911 | &nbsp;&nbsp; 10723576  |
| &nbsp;&nbsp;&nbsp; End of the period | $18053975 | $20574006 | $18837382 | &nbsp;&nbsp; $19629911  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | 25000 | 100000 | &nbsp;&nbsp; 475000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (100000) | (225000) | (125000) | &nbsp;&nbsp; (100000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (100000) | (200000) | (25000) | &nbsp;&nbsp; 375000 |

---

The accompanying notes are an integral part of these financial statements.

368<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Premium** <br>**Income 30 Barrier ETF - April** | **Innovator Premium** <br>**Income 30 Barrier ETF - April** | **Innovator Premium** <br>**Income 30 Barrier ETF - January**  | **Innovator Premium** <br>**Income 30 Barrier ETF - January**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $654101 | $1671309 | $350505 | &nbsp;&nbsp; $737555  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 372453 | (258429) | (241332) | &nbsp;&nbsp; 561690  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (346143) | 1094253 | 85053 | &nbsp;&nbsp; (277884)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 680411 | 2507133 | 194226 | &nbsp;&nbsp; 1021361  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (970004) | (2449312) | (510135) | &nbsp;&nbsp; (982493)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  | (30654) |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (970004) | (2479966) | (510135) | &nbsp;&nbsp; (982493)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 5976215 | 3086138 | 592612 | &nbsp;&nbsp; 25959568  |
| &nbsp;&nbsp;&nbsp; Redemptions | (6209315) | (13588153) | (4947319) | &nbsp;&nbsp; (3718528)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 4011 | 7795 | 1499 | &nbsp;&nbsp; 22999  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (229089) | (10494220) | (4353208) | &nbsp;&nbsp; 22264039  |
| **Net increase (decrease) in net assets** | (518682) | (10467053) | (4669117) | &nbsp;&nbsp; 22302907  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 38286822 | 48753875 | 22302907 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $37768140 | $38286822 | $17633790 | &nbsp;&nbsp; $22302907  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 250000 | 125000 | 25000 | &nbsp;&nbsp; 1050000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (250000) | (550000) | (200000) | &nbsp;&nbsp; (150000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** |  | (425000) | (175000) | &nbsp;&nbsp; 900000 |

---

<sup>(a)</sup> Inception date of the Fund was December 29, 2023.

The accompanying notes are an integral part of these financial statements.

369<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Premium** <br>**Income 30 Barrier ETF - July** | **Innovator Premium** <br>**Income 30 Barrier ETF - July** | **Innovator Premium** <br>**Income 30 Barrier ETF - October**  | **Innovator Premium** <br>**Income 30 Barrier ETF - October**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $459289 | $1127715 | $363209 | &nbsp;&nbsp; $1001798  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 35576 | 304439 | 71341 | &nbsp;&nbsp; 434868  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 112427 | 339462 | 36354 | &nbsp;&nbsp; (83773)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 607292 | 1771616 | 470904 | &nbsp;&nbsp; 1352893  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (601333) | (1554560) | (591790) | &nbsp;&nbsp; (1419090)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  |  |  | &nbsp;&nbsp; (24164)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (601333) | (1554560) | (591790) | &nbsp;&nbsp; (1443254)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | (1) | 621085 | 1201495 | &nbsp;&nbsp; 13244325  |
| &nbsp;&nbsp;&nbsp; Redemptions | (3737665) | (5632930) | (2904118) | &nbsp;&nbsp; (5456780)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 505 | 2382 | 1840 | &nbsp;&nbsp; 12418  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (3737161) | (5009463) | (1700783) | &nbsp;&nbsp; 7799963  |
| **Net increase (decrease) in net asset**  | (3731202) | (4792407) | (1821669) | &nbsp;&nbsp; 7709602  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 23695029 | 28487436 | 21429862 | &nbsp;&nbsp; 13720260  |
| &nbsp;&nbsp;&nbsp; End of the period | $19963827 | $23695029 | $19608193 | &nbsp;&nbsp; $21429862  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | 25000 | 50000 | &nbsp;&nbsp; 550000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (150000) | (225000) | (125000) | &nbsp;&nbsp; (225000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (150000) | (200000) | (75000) | &nbsp;&nbsp; 325000 |

---

The accompanying notes are an integral part of these financial statements.

370<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Premium** <br>**Income 40 Barrier ETF - July** | **Innovator Premium** <br>**Income 40 Barrier ETF - July** | **Innovator Premium** <br>**Income 40 Barrier ETF - October**  | **Innovator Premium** <br>**Income 40 Barrier ETF - October**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $162239 | &nbsp;&nbsp; $365933 | $209158 | &nbsp;&nbsp; $516375  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 132675 | &nbsp;&nbsp; 111615 | 145027 | &nbsp;&nbsp; 119135  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (98113) | &nbsp;&nbsp; 12241 | (7460) | &nbsp;&nbsp; (65646)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 196801 | &nbsp;&nbsp; 489789 | 346725 | &nbsp;&nbsp; 569864  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (192555) | &nbsp;&nbsp; (462240) | (302608) | &nbsp;&nbsp; (621267)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  | &nbsp;&nbsp; (372) |  | &nbsp;&nbsp; (40170)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (192555) | &nbsp;&nbsp; (462612) | (302608) | &nbsp;&nbsp; (661437)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | &nbsp;&nbsp; 1869820 | 6516438 | &nbsp;&nbsp; 9038648  |
| &nbsp;&nbsp;&nbsp; Redemptions | (626408) | &nbsp;&nbsp; (1864030) | (3566065) | &nbsp;&nbsp; (3023600)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 126 | &nbsp;&nbsp; 2748 | 1197 | &nbsp;&nbsp; 9642  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (626282) | &nbsp;&nbsp; 8538 | 2951570 | &nbsp;&nbsp; 6024690  |
| **Net increase (decrease) in net asset** | (622036) | &nbsp;&nbsp; 35715 | 2995687 | &nbsp;&nbsp; 5933117  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 8103995 | &nbsp;&nbsp; 8068280 | 12494766 | &nbsp;&nbsp; 6561649  |
| &nbsp;&nbsp;&nbsp; End of the period | $7481959 | &nbsp;&nbsp; $8103995 | $15490453 | &nbsp;&nbsp; $12494766  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | &nbsp;&nbsp; 75000 | 275000 | &nbsp;&nbsp; 375000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (25000) | &nbsp;&nbsp; (75000) | (150000) | &nbsp;&nbsp; (125000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (25000) | &nbsp;&nbsp; — | 125000 | &nbsp;&nbsp; 250000 |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator Premium** <br>**Income 9 Buffer ETF - July** | **Innovator Premium** <br>**Income 9 Buffer ETF - July** | **Innovator Premium** <br>**Income 9 Buffer ETF - October**  | **Innovator Premium** <br>**Income 9 Buffer ETF - October**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>**  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $25293 | $21874 | $232001 | $566013  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 10 | 7347 | (5770) | 259291  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 6954 | 9350 | 19386 | (53652)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 32257 | 38571 | 245617 | 771652  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (37778) | (22917) | (429466) | (566757)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  | (8565) |  | (421974)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (37778) | (31482) | (429466) | (988731)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | 1782825 | 596022 | 28180740  |
| &nbsp;&nbsp;&nbsp; Redemptions | 1 | (600088) | (2944460) | (14964353)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) |  | 1014 | 663 | 7037  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 1 | 1183751 | (2347775) | 13223424  |
| **Net increase (decrease) in net asset** | (5520) | 1190840 | (2531624) | 13006345  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 1190840 |  | 15369433 | 2363088  |
| &nbsp;&nbsp;&nbsp; End of the period | $1185320 | $1190840 | $12837809 | $15369433  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | 75000 | 25000 | 1175000  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | (25000) | (125000) | (625000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** |  | 50000 | (100000) | 550000 |

---

<sup>(a)</sup> Inception date of the Fund was June 28, 2024.

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity 10** <br>**Buffer ETF - Quarterly** | **Innovator U.S. Equity 10** <br>**Buffer ETF - Quarterly** | **Innovator U.S. Equity 5 to 15** <br>**Buffer ETF - Quarterly**  | **Innovator U.S. Equity 5 to 15** <br>**Buffer ETF - Quarterly**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1213242) | $(803482) | $(391558) | $(394565)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4753269 | 14335032 | (3582626) | 13177554  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (98206) | 313533 | 507564 | (345145)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 3441821 | 13845083 | (3466620) | 12437844  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 265566992 | 413500690 | 162579835 | 337160913  |
| &nbsp;&nbsp;&nbsp; Redemptions | (93871597) | (195916748) | (128290882) | (259951358)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 105928 | 132681 | 27622 | 53847  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 171801323 | 217716623 | 34316575 | 77263402  |
| **Net increase (decrease) in net asset** | 175243144 | 231561706 | 30849955 | 89701246  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 256457781 | 24896075 | 102315935 | 12614689  |
| &nbsp;&nbsp;&nbsp; End of the period | $431700925 | $256457781 | $133165890 | $102315935  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 8925000 | 14875000 | 5000000 | 11325000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (3175000) | (7075000) | (3900000) | (8575000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 5750000 | 7800000 | 1100000 | 2750000 |

---

The accompanying notes are an integral part of these financial statements.

373<br>

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Accelerated 9 Buffer ETF - April** | **Innovator U.S. Equity** <br>**Accelerated 9 Buffer ETF - April** | **Innovator U.S. Equity** <br>**Accelerated 9 Buffer ETF - January**  | **Innovator U.S. Equity** <br>**Accelerated 9 Buffer ETF - January**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(450412) | $(633029) | $(375720) | $(697874)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 35960437 | 9794031 | 537371 | 9908977  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (18127323) | 3278138 | (12953389) | 2999089  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 17382702 | 12439140 | (12791738) | 12210192  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 398184187 | 44214533 | 247222085 | 64435598  |
| &nbsp;&nbsp;&nbsp; Redemptions | (265424457) | (43795260) | (227745802) | (61653173)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 126410 | 13152 | 57037 | 13910  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 132886140 | 432425 | 19533320 | 2796335  |
| **Net increase (decrease) in net asset** | 150268842 | 12871565 | 6741582 | 15006527  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 86696139 | 73824574 | 86615519 | 71608992  |
| &nbsp;&nbsp;&nbsp; End of the period | $236964981 | $86696139 | $93357101 | $86615519  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 11925000 | 1425000 | 8750000 | 2500000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (7700000) | (1400000) | (8475000) | (2350000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 4225000 | 25000 | 275000 | 150000 |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Accelerated 9 Buffer ETF - July** | **Innovator U.S. Equity** <br>**Accelerated 9 Buffer ETF - July** | **Innovator U.S. Equity** <br>**Accelerated 9 Buffer ETF - October**  | **Innovator U.S. Equity** <br>**Accelerated 9 Buffer ETF - October**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(650646) | $(781903) | $(359384) | $(541697)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 6143542 | 10377930 | (323415) | 9128804  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (6076327) | 6030911 | (927989) | 294071  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (583431) | 15626938 | (1610788) | 8881178  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 36517930 | 108804390 | 165842415 | 54093895  |
| &nbsp;&nbsp;&nbsp; Redemptions | (79137495) | (52765663) | (36004228) | (51530978)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 868 | 45136 | 66644 | 9987  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (42618697) | 56083863 | 129904831 | 2572904  |
| **Net increase (decrease) in net asset** | (43202128) | 71710801 | 128294043 | 11454082  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 150391561 | 78680760 | 66559702 | 55105620  |
| &nbsp;&nbsp;&nbsp; End of the period | $107189433 | $150391561 | $194853745 | $66559702  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1075000 | 3350000 | 5600000 | 1875000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2400000) | (1650000) | (1275000) | (1750000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (1325000) | 1700000 | 4325000 | 125000 |

---

The accompanying notes are an integral part of these financial statements.

375<br>

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Accelerated ETF - July** | **Innovator U.S. Equity** <br>**Accelerated ETF - July** | **Innovator U.S. Equity** <br>**Accelerated ETF - October**  | **Innovator U.S. Equity** <br>**Accelerated ETF - October**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(33939) | $(70764) | $(19605) | &nbsp;&nbsp; $(45696)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 575688 | 1334045 | (42298) | &nbsp;&nbsp; 920538  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (317351) | 913189 | (26915) | &nbsp;&nbsp; 28429  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 224398 | 2176470 | (88818) | &nbsp;&nbsp; 903271  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | 7069265 |  | &nbsp;&nbsp; 2761485  |
| &nbsp;&nbsp;&nbsp; Redemptions | (6995857) | (6899465) | (2164090) | &nbsp;&nbsp; (2212045)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) |  | 3535 |  | &nbsp;&nbsp; 1382  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (6995857) | 173335 | (2164090) | &nbsp;&nbsp; 550822  |
| **Net increase (decrease) in net asset** | (6771459) | 2349805 | (2252908) | &nbsp;&nbsp; 1454093  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 10975976 | 8626171 | 5155895 | &nbsp;&nbsp; 3701802  |
| &nbsp;&nbsp;&nbsp; End of the period | $4204517 | $10975976 | $2902987 | &nbsp;&nbsp; $5155895  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | 225000 |  | &nbsp;&nbsp; 100000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (200000) | (225000) | (75000) | &nbsp;&nbsp; (75000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (200000) |  | (75000) | &nbsp;&nbsp; 25000 |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Accelerated ETF - Quarterly** | **Innovator U.S. Equity** <br>**Accelerated ETF - Quarterly** | **Innovator U.S. Equity** <br>**Accelerated Plus ETF - April**  | **Innovator U.S. Equity** <br>**Accelerated Plus ETF - April**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(220059) | $(462603) | $(53250) | $(74700)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (743453) | 14852498 | 1391351 | 1651725  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (91847) | 1113741 | 69210 | 411184  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (1055359) | 15503636 | 1407311 | 1988209  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 79008528 | 125791113 | 27392224 | 5516193  |
| &nbsp;&nbsp;&nbsp; Redemptions | (77639225) | (166359065) | (12417182) | (6987323)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 4129 | 10078 | 6616 | 2758  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 1373432 | (40557874) | 14981658 | (1468372)  |
| **Net increase (decrease) in net asset** | 318073 | (25054238) | 16388969 | 519837  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 51473999 | 76528237 | 10925146 | 10405309  |
| &nbsp;&nbsp;&nbsp; End of the period | $51792072 | $51473999 | $27314115 | $10925146  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 2150000 | 3825000 | 800000 | 175000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2125000) | (5175000) | (350000) | (225000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 25000 | (1350000) | 450000 | (50000) |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Accelerated Plus ETF - January** | **Innovator U.S. Equity** <br>**Accelerated Plus ETF - January** | **Innovator U.S. Equity** <br>**Accelerated Plus ETF - July**  | **Innovator U.S. Equity** <br>**Accelerated Plus ETF - July**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(58267) | $(141037) | $(44760) | $(92490)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 142178 | 4753048 | 310196 | 2147810  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (482069) | (1558413) | (128147) | 1149829  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (398158) | 3053598 | 137289 | 3205149  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 8925942 | 19466145 | 5741140 | 4599528  |
| &nbsp;&nbsp;&nbsp; Redemptions | (9025425) | (23852903) | (2524958) | (12049255)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 1705 | 7926 | 2062 | 2299  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (97778) | (4378832) | 3218244 | (7447428)  |
| **Net increase (decrease) in net asset** | (495936) | (1325234) | 3355533 | (4242279)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 17073853 | 18399087 | 11469781 | 15712060  |
| &nbsp;&nbsp;&nbsp; End of the period | $16577917 | $17073853 | $14825314 | $11469781  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 325000 | 775000 | 175000 | 150000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (325000) | (950000) | (75000) | (400000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** |  | (175000) | 100000 | (250000) |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Accelerated Plus ETF - October** | **Innovator U.S. Equity** <br>**Accelerated Plus ETF - October** | **Innovator U.S. Equity** <br>**Buffer ETF - April**  | **Innovator U.S. Equity** <br>**Buffer ETF - April**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(50701) | $(134067) | $(977103) | $(1728319)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 229732 | 2910752 | 17256726 | 32709284  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (255496) | 116206 | (12979615) | 14762078  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (76465) | 2892891 | 3300008 | 45743043  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 2835698 | 9953730 | 373931378 | 317571590  |
| &nbsp;&nbsp;&nbsp; Redemptions | (3642027) | (11273453) | (273687023) | (253776055)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 740 | 4619 | 83029 | 93210  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (805589) | (1315104) | 100327384 | 63888745  |
| **Net increase (decrease) in net asset** | (882054) | 1577787 | 103627392 | 109631788  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 14302068 | 12724281 | 261064481 | 151432693  |
| &nbsp;&nbsp;&nbsp; End of the period | $13420014 | $14302068 | $364691873 | $261064481  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 100000 | 375000 | 9000000 | 7950000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (125000) | (400000) | (6400000) | (6300000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (25000) | (25000) | 2600000 | 1650000 |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Buffer ETF - August** | **Innovator U.S. Equity** <br>**Buffer ETF - August** | **Innovator U.S. Equity** <br>**Buffer ETF - December**  | **Innovator U.S. Equity** <br>**Buffer ETF - December**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(683283) | $(1455940) | $(879915) | $(1058420)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5752976 | 37881150 | 18581307 | 16358443  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (6848029) | 15344375 | (29657091) | 13924979  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (1778336) | 51769585 | (11955699) | 29225002  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 92645960 | 266431185 | 314896798 | 78823845  |
| &nbsp;&nbsp;&nbsp; Redemptions | (117962280) | (319499578) | (237329427) | (78504228)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 7171 | 78368 | 137214 | 29312  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (25309149) | (52990025) | 77704585 | 348929  |
| **Net increase (decrease) in net asset** | (27087485) | (1220440) | 65748886 | 29573931  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 180816724 | 182037164 | 125503680 | 95929749  |
| &nbsp;&nbsp;&nbsp; End of the period | $153729239 | $180816724 | $191252566 | $125503680  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 2300000 | 6900000 | 7250000 | 2100000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2900000) | (8250000) | (5550000) | (2000000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (600000) | (1350000) | 1700000 | 100000 |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Buffer ETF - February** | **Innovator U.S. Equity** <br>**Buffer ETF - February** | **Innovator U.S. Equity** <br>**Buffer ETF - January**  | **Innovator U.S. Equity** <br>**Buffer ETF - January**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(589619) | $(1306303) | $(1048265) | $(1867713)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 16170163 | 27836603 | 38142724 | 37606489  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (21561138) | 7683465 | (41421661) | 19865310  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (5980594) | 34213765 | (4327202) | 55604086  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 211501785 | 193825920 | 80967265 | 115776730  |
| &nbsp;&nbsp;&nbsp; Redemptions | (150210140) | (196881068) | (40324980) | (66782125)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 29608 | 80297 | 40353 | 62492  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 61321253 | (2974851) | 40682638 | 49057097  |
| **Net increase (decrease) in net asset** | 55340659 | 31238914 | 36355436 | 104661183  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 131167903 | 99928989 | 253121510 | 148460327  |
| &nbsp;&nbsp;&nbsp; End of the period | $186508562 | $131167903 | $289476946 | $253121510  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 4900000 | 5100000 | 1675000 | 2825000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (3500000) | (5025000) | (850000) | (1525000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1400000 | 75000 | 825000 | 1300000 |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Buffer ETF - July** | **Innovator U.S. Equity** <br>**Buffer ETF - July** | **Innovator U.S. Equity** <br>**Buffer ETF - June**  | **Innovator U.S. Equity** <br>**Buffer ETF - June**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(914480) | $(2098208) | $(515193) | $(914625)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3675623 | 53610275 | 3129424 | 18155149  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (4236966) | 23595893 | (2857233) | 7720227  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (1475823) | 75107960 | (243002) | 24960751  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 36455020 | 310759265 | 12870380 | 88533000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (50430467) | (467785285) | (30190235) | (63623302)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 12372 | 69088 | 5990 | 36195  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (13963075) | (156956932) | (17313865) | 24945893  |
| **Net increase (decrease) in net asset** | (15438898) | (81848972) | (17556867) | 49906644  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 259766278 | 341615250 | 150937451 | 101030807  |
| &nbsp;&nbsp;&nbsp; End of the period | $244327380 | $259766278 | $133380584 | $150937451  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 850000 | 7475000 | 325000 | 2300000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1125000) | (11575000) | (725000) | (1700000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (275000) | (4100000) | (400000) | 600000 |

---

The accompanying notes are an integral part of these financial statements.

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**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Buffer ETF - March** | **Innovator U.S. Equity** <br>**Buffer ETF - March** | **Innovator U.S. Equity** <br>**Buffer ETF - May**  | **Innovator U.S. Equity** <br>**Buffer ETF - May**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(685887) | $(1181413) | $(500887) | $(979262)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 24987764 | 20290038 | 19043737 | 21425048  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (23286984) | 10441049 | (16600623) | 10126715  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1014893 | 29549674 | 1942227 | 30572501  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 195984929 | 155801735 | 119983760 | 91072963  |
| &nbsp;&nbsp;&nbsp; Redemptions | (188911295) | (98987618) | (132934310) | (101731158)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 10959 | 55103 | 4396 | 25418  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 7084593 | 56869220 | (12946154) | (10632777)  |
| **Net increase (decrease) in net asset** | 8099486 | 86418894 | (11003927) | 19939724  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 173954778 | 87535884 | 130879381 | 110939657  |
| &nbsp;&nbsp;&nbsp; End of the period | $182054264 | $173954778 | $119875454 | $130879381  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 4125000 | 3800000 | 3250000 | 2525000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (3975000) | (2375000) | (3525000) | (2825000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 150000 | 1425000 | (275000) | (300000) |

---

The accompanying notes are an integral part of these financial statements.

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**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Buffer ETF - November** | **Innovator U.S. Equity** <br>**Buffer ETF - November** | **Innovator U.S. Equity** <br>**Buffer ETF - October**  | **Innovator U.S. Equity** <br>**Buffer ETF - October**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(603910) | $(831788) | $(954032) | $(1399085)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 758552 | 19704381 | (3523588) | 33423560  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2634462) | (1481) | (3167107) | 1341009  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (2479820) | 18871112 | (7644727) | 33365484  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 69525593 | 166713030 | 97144933 | 82389437  |
| &nbsp;&nbsp;&nbsp; Redemptions | (16549425) | (169963887) | (90183635) | (53975515)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 23879 | 31137 | 10641 | 42237  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 53000047 | (3219720) | 6971939 | 28456159  |
| **Net increase (decrease) in net asset** | 50520227 | 15651392 | (672788) | 61821643  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 99575455 | 83924063 | 233051676 | 171230033  |
| &nbsp;&nbsp;&nbsp; End of the period | $150095682 | $99575455 | $232378888 | $233051676  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1775000 | 4475000 | 2300000 | 1975000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (425000) | (4500000) | (2275000) | (1350000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1350000 | (25000) | 25000 | 625000 |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Buffer ETF - September** | **Innovator U.S. Equity** <br>**Buffer ETF - September** | **Innovator U.S. Equity** <br>**Power Buffer ETF - April**  | **Innovator U.S. Equity** <br>**Power Buffer ETF - April**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(715060) | $(1273329) | $(2828492) | $(5919620)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3285646 | 30753415 | 52545634 | 100344365  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2342634) | 10656812 | (52806185) | 32421643  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 227952 | 40136898 | (3089043) | 126846388  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 8491319 | 177678875 | 133635747 | 1061857410  |
| &nbsp;&nbsp;&nbsp; Redemptions | (53088258) | (193763215) | (144564235) | (982516452)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 3208 | 36808 | 57013 | 299395  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (44593731) | (16047532) | (10871475) | 79640353  |
| **Net increase (decrease) in net asset** | (44365779) | 24089366 | (13960518) | 206486741  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 202198028 | 178108662 | 786290786 | 579804045  |
| &nbsp;&nbsp;&nbsp; End of the period | $157832249 | $202198028 | $772330268 | $786290786  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 200000 | 4300000 | 3800000 | 31750000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1225000) | (4850000) | (3925000) | (29000000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (1025000) | (550000) | (125000) | 2750000 |

---

The accompanying notes are an integral part of these financial statements.

385<br>

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Power Buffer ETF - August** | **Innovator U.S. Equity** <br>**Power Buffer ETF - August** | **Innovator U.S. Equity** <br>**Power Buffer ETF - December**  | **Innovator U.S. Equity** <br>**Power Buffer ETF - December**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(3116143) | $(6417701) | $(3648162) | $(6065249)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 9083368 | 124891428 | 90806959 | 81107406  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (3616623) | 60964354 | (116491376) | 64372407  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 2350602 | 179438081 | (29332579) | 139414564  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 50137863 | 778845285 | 385864467 | 705086003  |
| &nbsp;&nbsp;&nbsp; Redemptions | (150499925) | (992823910) | (114577750) | (670079668)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 14042 | 206025 | 126220 | 154540  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (100348020) | (213772600) | 271412937 | 35160875  |
| **Net increase (decrease) in net asset** | (97997418) | (34334519) | 242080358 | 174575439  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 851946578 | 886281097 | 737786278 | 563210839  |
| &nbsp;&nbsp;&nbsp; End of the period | $753949160 | $851946578 | $979866636 | $737786278  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1350000 | 21475000 | 9975000 | 20550000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (3925000) | (27775000) | (3000000) | (19200000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (2575000) | (6300000) | 6975000 | 1350000 |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Power Buffer ETF - February** | **Innovator U.S. Equity** <br>**Power Buffer ETF - February** | **Innovator U.S. Equity** <br>**Power Buffer ETF - January**  | **Innovator U.S. Equity** <br>**Power Buffer ETF - January**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2674717) | $(5050512) | $(4302033) | $(7918303)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 66478701 | 75630172 | 125768341 | 122012265  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (82507136) | 36268953 | (129941231) | 57398575  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (18703152) | 106848613 | (8474923) | 171492537  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 361174612 | 651569928 | 331152032 | 798596213  |
| &nbsp;&nbsp;&nbsp; Redemptions | (161554057) | (556883817) | (108762600) | (553046820)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 83332 | 228595 | 116920 | 374854  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 199703887 | 94914706 | 222506352 | 245924247  |
| **Net increase (decrease) in net asset** | 181000735 | 201763319 | 214031429 | 417416784  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 644564872 | 442801553 | 986882100 | 569465316  |
| &nbsp;&nbsp;&nbsp; End of the period | $825565607 | $644564872 | $1200913529 | $986882100  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 9750000 | 19625000 | 7825000 | 21450000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (4475000) | (16525000) | (2600000) | (14250000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 5275000 | 3100000 | 5225000 | 7200000 |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Power Buffer ETF - July** | **Innovator U.S. Equity** <br>**Power Buffer ETF - July** | **Innovator U.S. Equity** <br>**Power Buffer ETF - June**  | **Innovator U.S. Equity** <br>**Power Buffer ETF - June**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(3515184) | $(7140660) | $(2231191) | $(4337477)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 9376939 | 128851458 | 11125686 | 73085974  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (7210170) | 60280662 | (3867492) | 24677740  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (1348415) | 181991460 | 5027003 | 93426237  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 31523615 | 873921443 | 115624485 | 400251342  |
| &nbsp;&nbsp;&nbsp; Redemptions | (150739590) | (1084317178) | (157859872) | (400990445)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 11174 | 194525 | 51918 | 160663  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (119204801) | (210201210) | (42183469) | (578440)  |
| **Net increase (decrease) in net asset** | (120553216) | (28209750) | (37156466) | 92847797  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 971163968 | 999373718 | 614245767 | 521397970  |
| &nbsp;&nbsp;&nbsp; End of the period | $850610752 | $971163968 | $577089301 | $614245767  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 800000 | 22600000 | 3300000 | 11450000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (3675000) | (28475000) | (4300000) | (11550000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (2875000) | (5875000) | (1000000) | (100000) |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Power Buffer ETF - March** | **Innovator U.S. Equity** <br>**Power Buffer ETF - March** | **Innovator U.S. Equity** <br>**Power Buffer ETF - May**  | **Innovator U.S. Equity** <br>**Power Buffer ETF - May**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2094510) | $(4242195) | $(1997958) | $(3986182)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 67982921 | 66929271 | 70731270 | 67788753  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (59905475) | 21684378 | (59326389) | 30590734  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 5982936 | 84371454 | 9406923 | 94393305  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 111903071 | 580930233 | 12188167 | 275554055  |
| &nbsp;&nbsp;&nbsp; Redemptions | (87235951) | (485770238) | (98078875) | (266538275)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 50867 | 222954 | 8356 | 92263  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 24717987 | 95382949 | (85882352) | 9108043  |
| **Net increase (decrease) in net asset** | 30700923 | 179754403 | (76475429) | 103501348  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 557181516 | 377427113 | 562564016 | 459062668  |
| &nbsp;&nbsp;&nbsp; End of the period | $587882439 | $557181516 | $486088587 | $562564016  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 2775000 | 16000000 | 350000 | 8400000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2175000) | (13175000) | (2750000) | (8150000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 600000 | 2825000 | (2400000) | 250000 |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Power Buffer ETF - November** | **Innovator U.S. Equity** <br>**Power Buffer ETF - November** | **Innovator U.S. Equity** <br>**Power Buffer ETF - October**  | **Innovator U.S. Equity** <br>**Power Buffer ETF - October**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2990185) | $(5742063) | $(3261796) | $(5308952)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1963331) | 109320411 | 3990951 | 103921950  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (663465) | 1955 | 2274732 | 2175660  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (5616981) | 103580303 | 3003887 | 100788658  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 148501898 | 240845755 | 59939045 | 342823845  |
| &nbsp;&nbsp;&nbsp; Redemptions | (157417497) | (298381665) | (122229670) | (322149203)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 65029 | 130628 | 24425 | 154160  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (8850570) | (57405282) | (62266200) | 20828802  |
| **Net increase (decrease) in net asset** | (14467551) | 46175021 | (59262313) | 121617460  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 669557166 | 623382145 | 847371173 | 725753713  |
| &nbsp;&nbsp;&nbsp; End of the period | $655089615 | $669557166 | $788108860 | $847371173  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 3950000 | 7000000 | 1525000 | 8900000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (4350000) | (8275000) | (3100000) | (8625000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (400000) | (1275000) | (1575000) | 275000 |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Power Buffer ETF - September** | **Innovator U.S. Equity** <br>**Power Buffer ETF - September** | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - April**  | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - April**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(3220788) | $(5776890) | $(540878) | $(1071833)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 12653534 | 104845189 | 11326592 | 16656956  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (4954199) | 34757656 | (9212637) | 7470938  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 4478547 | 133825955 | 1573077 | 23056061  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 43080039 | 776809583 | 154761472 | 203985603  |
| &nbsp;&nbsp;&nbsp; Redemptions | (252910350) | (710801160) | (154924660) | (175750133)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 24409 | 151471 | 11663 | 71403  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (209805902) | 66159894 | (151525) | 28306873  |
| **Net increase (decrease) in net asset** | (205327355) | 199985849 | 1421552 | 51362934  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 891228112 | 691242263 | 146896047 | 95533113  |
| &nbsp;&nbsp;&nbsp; End of the period | $685900757 | $891228112 | $148317599 | $146896047  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1100000 | 20600000 | 5200000 | 7275000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (6450000) | (18925000) | (5100000) | (6150000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (5350000) | 1675000 | 100000 | 1125000 |

---

The accompanying notes are an integral part of these financial statements.

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - August** | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - August** | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - December**  | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - December**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(761063) | $(2091054) | $(758274) | $(627432)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8646474 | 51296689 | 9547960 | 9047858  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (7123440) | 16669946 | (13040401) | 7275919  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 761971 | 65875581 | (4250715) | 15696345  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 19597430 | 346550260 | 425050505 | 84006338  |
| &nbsp;&nbsp;&nbsp; Redemptions | (107391602) | (523726115) | (93511910) | (98073543)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 6195 | 116386 | 129157 | 16425  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (87787977) | (177059469) | 331667752 | (14050780)  |
| **Net increase (decrease) in net asset** | (87026006) | (111183888) | 327417037 | 1645565  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 232707475 | 343891363 | 71303357 | 69657792  |
| &nbsp;&nbsp;&nbsp; End of the period | $145681469 | $232707475 | $398720394 | $71303357  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 550000 | 10725000 | 12300000 | 2675000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (3000000) | (16200000) | (2675000) | (3075000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (2450000) | (5475000) | 9625000 | (400000) |

---

The accompanying notes are an integral part of these financial statements.

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - February** | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - February** | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - January**  | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - January**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(408107) | $(555128) | $(750576) | $(1296002)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5086600 | 10579393 | 18994389 | 21909610  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (6979073) | 2105963 | (20837485) | 6227954  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (2300580) | 12130228 | (2593672) | 26841562  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 246174552 | 66794875 | 97447678 | 89900205  |
| &nbsp;&nbsp;&nbsp; Redemptions | (57677772) | (72106215) | (7686148) | (72223125)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 51768 | 26739 | 29204 | 45450  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 188548548 | (5284601) | 89790734 | 17722530  |
| **Net increase (decrease) in net asset** | 186247968 | 6845627 | 87197062 | 44564092  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 56303720 | 49458093 | 160428275 | 115864183  |
| &nbsp;&nbsp;&nbsp; End of the period | $242551688 | $56303720 | $247625337 | $160428275  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 7500000 | 2225000 | 2500000 | 2600000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1725000) | (2325000) | (200000) | (2000000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 5775000 | (100000) | 2300000 | 600000 |

---

The accompanying notes are an integral part of these financial statements.

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**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - July** | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - July** | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - June**  | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - June**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(513637) | $(864599) | $(272002) | $(571323)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2854978 | 13993450 | 2518865 | 8739978  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2771836) | 10121351 | (2264885) | 4264531  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (430495) | 23250202 | (18022) | 12433186  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 28997373 | 123246663 |  | 58381675  |
| &nbsp;&nbsp;&nbsp; Redemptions | (37358840) | (163771833) | (28678388) | (53867508)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 8423 | 55880 |  | 25707  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (8353044) | (40469290) | (28678388) | 4539874  |
| **Net increase (decrease) in net asset** | (8783539) | (17219088) | (28696410) | 16973060  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 144404833 | 161623921 | 91084896 | 74111836  |
| &nbsp;&nbsp;&nbsp; End of the period | $135621294 | $144404833 | $62388486 | $91084896  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 875000 | 3775000 |  | 1850000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1075000) | (5300000) | (850000) | (1750000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (200000) | (1525000) | (850000) | 100000 |

---

The accompanying notes are an integral part of these financial statements.

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**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - March** | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - March** | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - May**  | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - May**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(340708) | $(783753) | $(191023) | $(461340)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 9593570 | 11448113 | 6795299 | 8729156  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (7184416) | 4467664 | (4857084) | 2853483  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 2068446 | 15132024 | 1747192 | 11121299  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 133921892 | 131336658 | 41853509 | 27887467  |
| &nbsp;&nbsp;&nbsp; Redemptions | (90007693) | (109593045) | (51300417) | (47791576)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 28670 | 68204 |  | 15535  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 43942869 | 21811817 | (9446908) | (19888574)  |
| **Net increase (decrease) in net asset** | 46011315 | 36943841 | (7699716) | (8767275)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 81910943 | 44967102 | 52739911 | 61507186  |
| &nbsp;&nbsp;&nbsp; End of the period | $127922258 | $81910943 | $45040195 | $52739911  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 3725000 | 4075000 | 1350000 | 900000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2475000) | (3250000) | (1600000) | (1550000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1250000 | 825000 | (250000) | (650000) |

---

The accompanying notes are an integral part of these financial statements.

395<br>

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**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - November** | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - November** | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - October**  | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - October**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(395231) | $(373991) | $(732637) | $(777621)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 216594 | 6989006 | (64914) | 14064054  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (465033) | (1096) | (312374) | 402600  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (643670) | 6613919 | (1109925) | 13689033  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 104050047 | 68120205 | 54322597 | 74464900  |
| &nbsp;&nbsp;&nbsp; Redemptions | (3499795) | (66035753) | (8845745) | (29422120)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 40141 | 15702 | 22419 | 30590  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 100590393 | 2100154 | 45499271 | 45073370  |
| **Net increase (decrease) in net asset** | 99946723 | 8714073 | 44389346 | 58762403  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 39121633 | 30407560 | 162057813 | 103295410  |
| &nbsp;&nbsp;&nbsp; End of the period | $139068356 | $39121633 | $206447159 | $162057813  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 3050000 | 2100000 | 1550000 | 2150000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (100000) | (1975000) | (250000) | (900000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 2950000 | 125000 | 1300000 | 1250000 |

---

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - September** | **Innovator U.S. Equity** <br>**Ultra Buffer ETF - September** | **Innovator U.S. Small Cap** <br>**10 Buffer ETF - Quarterly**  | **Innovator U.S. Small Cap** <br>**10 Buffer ETF - Quarterly**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(603430) | $(655837) | $(242583) | &nbsp;&nbsp; $(19942)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4098980 | 11385942 | 670250 | &nbsp;&nbsp; 211289  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2974576) | 4859236 | 548681 | &nbsp;&nbsp; (528351)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 520974 | 15589341 | 976348 | &nbsp;&nbsp; (337004)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 24617227 | 151832570 | 184408022 | &nbsp;&nbsp; 122399425  |
| &nbsp;&nbsp;&nbsp; Redemptions | (58105212) | (93753956) | (257543218) | &nbsp;&nbsp; (6521355)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 3506 | 62067 | 15736 | &nbsp;&nbsp; 56648  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (33484479) | 58140681 | (73119460) | &nbsp;&nbsp; 115934718  |
| **Net increase (decrease) in net asset** | (32963505) | 73730022 | (72143112) | &nbsp;&nbsp; 115597714  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 163286496 | 89556474 | 115597714 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $130322991 | $163286496 | $43454602 | &nbsp;&nbsp; $115597714  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 700000 | 4450000 | 6875000 | &nbsp;&nbsp; 4675000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1625000) | (2825000) | (9625000) | &nbsp;&nbsp; (250000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (925000) | 1625000 | (2750000) | &nbsp;&nbsp; 4425000 |

---

<sup>(a)</sup> Inception date of the Fund was June 28, 2024.

The accompanying notes are an integral part of these financial statements.

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**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Small Cap** <br>**Power Buffer ETF - April** | **Innovator U.S. Small Cap** <br>**Power Buffer ETF - April** | **Innovator U.S. Small Cap** <br>**Power Buffer ETF - August**  | **Innovator U.S. Small Cap** <br>**Power Buffer ETF - August**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(665547) | $(1278974) | $(397686) | &nbsp;&nbsp; $(79252)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1892572) | 26458169 | 3256881 | &nbsp;&nbsp; (948867)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (5472084) | 9264057 | (10118590) | &nbsp;&nbsp; (480684)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (8030203) | 34443252 | (7259395) | &nbsp;&nbsp; (1508803)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 216558712 | 166184638 | 72646420 | &nbsp;&nbsp; 142918575  |
| &nbsp;&nbsp;&nbsp; Redemptions | (203776995) | (173329973) | (41525310) | &nbsp;&nbsp; (72690103)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 23870 | 64354 | 32363 | &nbsp;&nbsp; 70838  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 12805587 | (7080981) | 31153473 | &nbsp;&nbsp; 70299310  |
| **Net increase (decrease) in net asset** | 4775384 | 27362271 | 23894078 | &nbsp;&nbsp; 68790507  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 179968519 | 152606248 | 68790507 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $184743903 | $179968519 | $92684585 | &nbsp;&nbsp; $68790507  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 7000000 | 5400000 | 2800000 | &nbsp;&nbsp; 5825000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (6525000) | (5750000) | (1675000) | &nbsp;&nbsp; (3050000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 475000 | (350000) | 1125000 | &nbsp;&nbsp; 2775000 |

---

<sup>(a)</sup> Inception date of the Fund was July 31, 2024.

The accompanying notes are an integral part of these financial statements.

398<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S.** <br>**Small Cap** <br>**Power Buffer** <br>**ETF - December** | **Innovator U.S.** <br>**Small Cap** <br>**Power Buffer** <br>**ETF - February** | **Innovator U.S. Small Cap** <br>**Power Buffer ETF - January**  | **Innovator U.S. Small Cap** <br>**Power Buffer ETF - January**  |
|  | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**April 30, 2025<sup>(b)</sup>** <br>(Unaudited) | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(185518) | $(40112) | $(1316664) | $(2795281)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (590020) | 28500 | 23261764 | 29615020  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (5353217) | (1792715) | (43744981) | 28586578  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (6128755) | (1804327) | (21799881) | 55406317  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 76109503 | 25134230 | 380007834 | 319712498  |
| &nbsp;&nbsp;&nbsp; Redemptions | (22010382) | (587853) | (461921150) | (114577645)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 31676 | 6446 | 28426 | 166299  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 54130797 | 24552823 | (81884890) | 205301152  |
| **Net increase (decrease) in net asset** | 48002042 | 22748496 | (103684771) | 260707469  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period |  | 1258146 | 401272073 | 140564604  |
| &nbsp;&nbsp;&nbsp; End of the period | $48002042 | $24006642 | $297587302 | $401272073  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 3100000 | 1050000 | 9800000 | 9450000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (975000) | (25000) | (12275000) | (3300000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 2125000 | 1025000 | (2475000) | 6150000 |

---

<sup>(a)</sup> Inception date of the Fund was November 29, 2024.

<sup>(b)</sup> Inception date of the Fund was January 31, 2025.

The accompanying notes are an integral part of these financial statements.

399<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Small Cap** <br>**Power Buffer ETF - July** | **Innovator U.S. Small Cap** <br>**Power Buffer ETF - July** | **Innovator U.S. Small Cap** <br>**Power Buffer ETF - June**  | **Innovator U.S. Small Cap** <br>**Power Buffer ETF - June**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(591818) | $(1220104) | $(46933) | &nbsp;&nbsp; $(33304)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1379516 | 13518514 | 156107 | &nbsp;&nbsp; 150984  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (8075473) | 19335926 | (720837) | &nbsp;&nbsp; 483810  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (7287775) | 31634336 | (611663) | &nbsp;&nbsp; 601490  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 26765988 | 50370910 | 10863352 | &nbsp;&nbsp; 11947520  |
| &nbsp;&nbsp;&nbsp; Redemptions | (62519323) | (110570810) | (1372540) | &nbsp;&nbsp; (1971345)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 7359 | 28291 | 3509 | &nbsp;&nbsp; 5340  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (35745976) | (60171609) | 9494321 | &nbsp;&nbsp; 9981515  |
| **Net increase (decrease) in net asset** | (43033751) | (28537273) | 8882658 | &nbsp;&nbsp; 10583005  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 154807732 | 183345005 | 10583005 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $111773981 | $154807732 | $19465663 | &nbsp;&nbsp; $10583005  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 925000 | 1850000 | 425000 | &nbsp;&nbsp; 475000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2225000) | (4100000) | (50000) | &nbsp;&nbsp; (75000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (1300000) | (2250000) | 375000 | &nbsp;&nbsp; 400000 |

---

<sup>(a)</sup> Inception date of the Fund was May 31, 2024.

The accompanying notes are an integral part of these financial statements.

400<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S.** <br>**Small Cap** <br>**Power Buffer** <br>**ETF - March** | **Innovator U.S.** <br>**Small Cap** <br>**Power Buffer** <br>**ETF - May** | **Innovator U.S. Small Cap** <br>**Power Buffer** <br>**ETF - November**  | **Innovator U.S. Small Cap** <br>**Power Buffer** <br>**ETF - November**  |
|  | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**April 30, 2025<sup>(b)</sup>** <br>(Unaudited) | **Period Ended** <br>**April 30, 2025<sup>(c)</sup>** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(c)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(11235) | &nbsp;&nbsp; $— | $(71361) | &nbsp;&nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (4182) | &nbsp;&nbsp; — | 364419 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (218359) | &nbsp;&nbsp; (408) | (1772743) | &nbsp;&nbsp;&nbsp; (368)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (233776) | &nbsp;&nbsp; (408) | (1479685) | &nbsp;&nbsp;&nbsp; (368)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 11227600 | &nbsp;&nbsp; 1237500 | 23938553 | &nbsp;&nbsp;&nbsp; 1253500  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | &nbsp;&nbsp; — | (6315145) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 4371 | &nbsp;&nbsp; — | 9365 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 11231971 | &nbsp;&nbsp; 1237500 | 17632773 | &nbsp;&nbsp;&nbsp; 1253500  |
| **Net increase (decrease) in net asset** | 10998195 | &nbsp;&nbsp; 1237092 | 16153088 | &nbsp;&nbsp;&nbsp; 1253132  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period |  | &nbsp;&nbsp; — | 1253132 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $10998195 | &nbsp;&nbsp; $1237092 | $17406220 | &nbsp;&nbsp;&nbsp; $1253132  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 450000 | &nbsp;&nbsp; 50000 | 925000 | &nbsp;&nbsp;&nbsp; 50000  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | &nbsp;&nbsp; — | (250000) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 450000 | &nbsp;&nbsp; 50000 | 675000 | &nbsp;&nbsp;&nbsp; 50000 |

---

<sup>(a)</sup> Inception date of the Fund was February 28, 2025.

<sup>(b)</sup> Inception date of the Fund was April 30, 2025.

<sup>(c)</sup> Inception date of the Fund was October 31, 2024.

The accompanying notes are an integral part of these financial statements.

401<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Innovator U.S. Small Cap** <br>**Power Buffer ETF - October** | **Innovator U.S. Small Cap** <br>**Power Buffer ETF - October** | **Innovator U.S. Small Cap** <br>**Power Buffer ETF - September**  | **Innovator U.S. Small Cap** <br>**Power Buffer ETF - September**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31, 2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(487851) | $(680218) | $(60780) | &nbsp;&nbsp; $(19259)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 820759 | 15176305 | 525278 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (4249763) | 1182572 | (842450) | &nbsp;&nbsp; 146159  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (3916855) | 15678659 | (377952) | &nbsp;&nbsp; 126899  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 5363338 | 83665480 | 650490 | &nbsp;&nbsp; 18852020  |
| &nbsp;&nbsp;&nbsp; Redemptions | (47157943) | (17139555) | (7127858) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | 3801 | 25863 | 325 | &nbsp;&nbsp; 8793  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (41790804) | 66551788 | (6477043) | &nbsp;&nbsp; 18860813  |
| **Net increase (decrease) in net asset** | (45707659) | 82230447 | (6854995) | &nbsp;&nbsp; 18987712  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 148209086 | 65978639 | 18987712 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $102501427 | $148209086 | $12132717 | &nbsp;&nbsp; $18987712  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 175000 | 2850000 | 25000 | &nbsp;&nbsp; 750000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1550000) | (600000) | (275000) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (1375000) | 2250000 | (250000) | &nbsp;&nbsp; 750000 |

---

<sup>(a)</sup> Inception date of the Fund was August 30, 2024.

The accompanying notes are an integral part of these financial statements.

402<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | |
|:---|:---|
|  | **Innovator** <br>**Uncapped Bitcoin** <br>**20 Floor ETF -** <br>**Quarterly**  |
|  | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>** <br>(Unaudited)  |
| **OPERATIONS:**<br>|  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $45467  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (990728)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 795369  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp; (149892)  |
| **CAPITAL TRANSACTIONS:**<br>|  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp;&nbsp; 9550825  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | &nbsp;&nbsp;&nbsp; 4775  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 9555600  |
| **Net increase (decrease) in net asset** | &nbsp;&nbsp;&nbsp; 9405708  |
| **NET ASSETS:**<br>|  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp; $9405708  |
| **SHARES TRANSACTIONS**<br>|  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp;&nbsp; 400000  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp; 400000 |

---

<sup>(a)</sup> Inception date of the Fund was February 5, 2025.

The accompanying notes are an integral part of these financial statements.

403<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the Period Ended** | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup> | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>** | **Total from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Return of** <br>**Capital** | **Total** <br>**Distributions**  |
| Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  | Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  | Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  | Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  | Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  | Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  | Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  | Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  | Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  |
| 4/30/2025<sup>(f)</sup> | $20.30 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $18.66 | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $19.85 | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp; (1.08) | &nbsp;&nbsp;&nbsp; (1.24) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $23.72 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; (3.74) | &nbsp;&nbsp;&nbsp; (3.91) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $24.43 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp; (0.75) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020<sup>(g)</sup> | $24.87 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator 20+ Year Treasury Bond 9 Buffer ETF - July  | Innovator 20+ Year Treasury Bond 9 Buffer ETF - July  | Innovator 20+ Year Treasury Bond 9 Buffer ETF - July  | Innovator 20+ Year Treasury Bond 9 Buffer ETF - July  | Innovator 20+ Year Treasury Bond 9 Buffer ETF - July  | Innovator 20+ Year Treasury Bond 9 Buffer ETF - July  | Innovator 20+ Year Treasury Bond 9 Buffer ETF - July  | Innovator 20+ Year Treasury Bond 9 Buffer ETF - July  | Innovator 20+ Year Treasury Bond 9 Buffer ETF - July  |
| 4/30/2025<sup>(f)</sup> | $20.17 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $17.80 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $18.67 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp; (0.88) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $24.46 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; (5.67) | &nbsp;&nbsp;&nbsp; (5.84) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $24.32 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020<sup>(g)</sup> | $24.87 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Defined Wealth Shield ETF  | Innovator Defined Wealth Shield ETF  | Innovator Defined Wealth Shield ETF  | Innovator Defined Wealth Shield ETF  | Innovator Defined Wealth Shield ETF  | Innovator Defined Wealth Shield ETF  | Innovator Defined Wealth Shield ETF  | Innovator Defined Wealth Shield ETF  | Innovator Defined Wealth Shield ETF  |
| 4/30/2025<sup>(f)</sup> | $30.84 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $27.78 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $26.17 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $25.86 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(i)</sup> | $25.69 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Emerging Markets 10 Buffer ETF - Quarterly  | Innovator Emerging Markets 10 Buffer ETF - Quarterly  | Innovator Emerging Markets 10 Buffer ETF - Quarterly  | Innovator Emerging Markets 10 Buffer ETF - Quarterly  | Innovator Emerging Markets 10 Buffer ETF - Quarterly  | Innovator Emerging Markets 10 Buffer ETF - Quarterly  | Innovator Emerging Markets 10 Buffer ETF - Quarterly  | Innovator Emerging Markets 10 Buffer ETF - Quarterly  | Innovator Emerging Markets 10 Buffer ETF - Quarterly  |
| 4/30/2025<sup>(f)</sup> | $25.54 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(j)</sup> | $24.99 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Emerging Markets Power Buffer ETF - April  | Innovator Emerging Markets Power Buffer ETF - April  | Innovator Emerging Markets Power Buffer ETF - April  | Innovator Emerging Markets Power Buffer ETF - April  | Innovator Emerging Markets Power Buffer ETF - April  | Innovator Emerging Markets Power Buffer ETF - April  | Innovator Emerging Markets Power Buffer ETF - April  | Innovator Emerging Markets Power Buffer ETF - April  | Innovator Emerging Markets Power Buffer ETF - April  |
| 4/30/2025<sup>(f)</sup> | $26.60 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $23.63 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $21.51 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $24.75 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (3.04) | &nbsp;&nbsp;&nbsp; (3.25) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(l)</sup> | $24.96 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Emerging Markets Power Buffer ETF - January  | Innovator Emerging Markets Power Buffer ETF - January  | Innovator Emerging Markets Power Buffer ETF - January  | Innovator Emerging Markets Power Buffer ETF - January  | Innovator Emerging Markets Power Buffer ETF - January  | Innovator Emerging Markets Power Buffer ETF - January  | Innovator Emerging Markets Power Buffer ETF - January  | Innovator Emerging Markets Power Buffer ETF - January  | Innovator Emerging Markets Power Buffer ETF - January  |
| 4/30/2025<sup>(f)</sup> | $30.88 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp; (0.63) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $26.91 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $24.58 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $29.95 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; (5.13) | &nbsp;&nbsp;&nbsp; (5.38) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.26 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020<sup>(m)</sup> | $26.80 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Emerging Markets Power Buffer ETF - July  | Innovator Emerging Markets Power Buffer ETF - July  | Innovator Emerging Markets Power Buffer ETF - July  | Innovator Emerging Markets Power Buffer ETF - July  | Innovator Emerging Markets Power Buffer ETF - July  | Innovator Emerging Markets Power Buffer ETF - July  | Innovator Emerging Markets Power Buffer ETF - July  | Innovator Emerging Markets Power Buffer ETF - July  | Innovator Emerging Markets Power Buffer ETF - July  |
| 4/30/2025<sup>(f)</sup> | $25.19 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $22.09 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $21.22 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $25.77 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (4.36) | &nbsp;&nbsp;&nbsp; (4.57) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $25.60 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $25.25 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; — | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.17) |

---

See footnote definitions on page 438.

The accompanying notes are an integral part of these financial statements.

404<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees per** <br>**Share** | <br>**Net** <br>**Asset Value,** <br>**End of Period** | <br>**Total Return<sup>(c)</sup>** | **Net Assets,** <br>**End of Period** <br>**(in Thousands)** | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>** | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.01 | &nbsp;&nbsp;&nbsp; $20.53 | &nbsp;&nbsp;&nbsp;&nbsp; 1.16% | $34905 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $20.30 | &nbsp;&nbsp;&nbsp;&nbsp; 8.79% | $76624 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.05 | &nbsp;&nbsp;&nbsp; $18.66 | &nbsp;&nbsp;&nbsp;&nbsp; -6.01% | $10262 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp;&nbsp; $19.85 | &nbsp;&nbsp;&nbsp;&nbsp; -16.32% | $20347 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp;&nbsp; $23.72 | &nbsp;&nbsp;&nbsp;&nbsp; -2.87% | $9489 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $24.43 | &nbsp;&nbsp;&nbsp;&nbsp; -1.79% | $3053 | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; (0.80)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $20.03 | &nbsp;&nbsp;&nbsp;&nbsp; -0.66% | $35057 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $20.17 | &nbsp;&nbsp;&nbsp;&nbsp; 13.28% | $15125 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $17.80 | &nbsp;&nbsp;&nbsp;&nbsp; -4.64% | $77440 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.05 | &nbsp;&nbsp;&nbsp; $18.67 | &nbsp;&nbsp;&nbsp;&nbsp; -23.67% | $32204 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $24.46 | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | $4892 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.72)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $24.32 | &nbsp;&nbsp;&nbsp;&nbsp; -2.19% | $5473 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $31.41 | &nbsp;&nbsp;&nbsp;&nbsp; 1.84% | $1398534 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp; (0.68)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $30.84 | &nbsp;&nbsp;&nbsp;&nbsp; 11.01% | $900618 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp; (0.68)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $27.78 | &nbsp;&nbsp;&nbsp;&nbsp; 6.17% | $490391 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp; (0.69)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $26.17 | &nbsp;&nbsp;&nbsp;&nbsp; 1.21% | $256462 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp; (0.69)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $25.86 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% | $29088 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp; (0.69)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $26.51 | &nbsp;&nbsp;&nbsp;&nbsp; 3.77% | $5964 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $25.54 | &nbsp;&nbsp;&nbsp;&nbsp; 2.25% | $10217 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $26.41 | &nbsp;&nbsp;&nbsp;&nbsp; -0.70% | $72635 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $26.60 | &nbsp;&nbsp;&nbsp;&nbsp; 12.56% | $66497 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $23.63 | &nbsp;&nbsp;&nbsp;&nbsp; 9.84% | $58485 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $21.51 | &nbsp;&nbsp;&nbsp;&nbsp; -13.08% | $30656 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $24.75 | &nbsp;&nbsp;&nbsp;&nbsp; -0.84% | $34031 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $30.25 | &nbsp;&nbsp;&nbsp;&nbsp; -2.05% | $110401 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $30.88 | &nbsp;&nbsp;&nbsp;&nbsp; 14.74% | $128148 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp;&nbsp; $26.91 | &nbsp;&nbsp;&nbsp;&nbsp; 9.50% | $264407 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.87)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $24.58 | &nbsp;&nbsp;&nbsp;&nbsp; -17.93% | $55915 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $29.95 | &nbsp;&nbsp;&nbsp;&nbsp; 9.87% | $106320 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $27.26 | &nbsp;&nbsp;&nbsp;&nbsp; 1.71% | $27940 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $25.21 | &nbsp;&nbsp;&nbsp;&nbsp; 0.10% | $71227 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $25.19 | &nbsp;&nbsp;&nbsp;&nbsp; 14.00% | $86896 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $22.09 | &nbsp;&nbsp;&nbsp;&nbsp; 4.12% | $101081 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $21.22 | &nbsp;&nbsp;&nbsp;&nbsp; -17.66% | $54643 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $25.77 | &nbsp;&nbsp;&nbsp;&nbsp; 0.68% | $41237 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $25.60 | &nbsp;&nbsp;&nbsp;&nbsp; 2.04% | $35197 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; (0.90)% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

405<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the Period Ended** | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup> | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>** | **Total from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Return of** <br>**Capital** | **Total** <br>**Distributions**  |
| Innovator Emerging Markets Power Buffer ETF - October  | Innovator Emerging Markets Power Buffer ETF - October  | Innovator Emerging Markets Power Buffer ETF - October  | Innovator Emerging Markets Power Buffer ETF - October  | Innovator Emerging Markets Power Buffer ETF - October  | Innovator Emerging Markets Power Buffer ETF - October  | Innovator Emerging Markets Power Buffer ETF - October  | Innovator Emerging Markets Power Buffer ETF - October  | Innovator Emerging Markets Power Buffer ETF - October  |
| 4/30/2025<sup>(f)</sup> | $26.29 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $21.99 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $20.50 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $25.23 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (4.56) | &nbsp;&nbsp;&nbsp; (4.76) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(n)</sup> | $24.99 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 1 Yr April  | Innovator Equity Defined Protection ETF - 1 Yr April  | Innovator Equity Defined Protection ETF - 1 Yr April  | Innovator Equity Defined Protection ETF - 1 Yr April  | Innovator Equity Defined Protection ETF - 1 Yr April  | Innovator Equity Defined Protection ETF - 1 Yr April  | Innovator Equity Defined Protection ETF - 1 Yr April  | Innovator Equity Defined Protection ETF - 1 Yr April  | Innovator Equity Defined Protection ETF - 1 Yr April  |
| 4/30/2025<sup>(f)(o)</sup> | $24.42 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 1 Yr August  | Innovator Equity Defined Protection ETF - 1 Yr August  | Innovator Equity Defined Protection ETF - 1 Yr August  | Innovator Equity Defined Protection ETF - 1 Yr August  | Innovator Equity Defined Protection ETF - 1 Yr August  | Innovator Equity Defined Protection ETF - 1 Yr August  | Innovator Equity Defined Protection ETF - 1 Yr August  | Innovator Equity Defined Protection ETF - 1 Yr August  | Innovator Equity Defined Protection ETF - 1 Yr August  |
| 4/30/2025<sup>(f)</sup> | $24.59 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(p)</sup> | $24.05 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 1 Yr December  | Innovator Equity Defined Protection ETF - 1 Yr December  | Innovator Equity Defined Protection ETF - 1 Yr December  | Innovator Equity Defined Protection ETF - 1 Yr December  | Innovator Equity Defined Protection ETF - 1 Yr December  | Innovator Equity Defined Protection ETF - 1 Yr December  | Innovator Equity Defined Protection ETF - 1 Yr December  | Innovator Equity Defined Protection ETF - 1 Yr December  | Innovator Equity Defined Protection ETF - 1 Yr December  |
| 4/30/2025<sup>(f)(q)</sup> | $23.92 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 1 Yr February  | Innovator Equity Defined Protection ETF - 1 Yr February  | Innovator Equity Defined Protection ETF - 1 Yr February  | Innovator Equity Defined Protection ETF - 1 Yr February  | Innovator Equity Defined Protection ETF - 1 Yr February  | Innovator Equity Defined Protection ETF - 1 Yr February  | Innovator Equity Defined Protection ETF - 1 Yr February  | Innovator Equity Defined Protection ETF - 1 Yr February  | Innovator Equity Defined Protection ETF - 1 Yr February  |
| 4/30/2025<sup>(f)(r)</sup> | $23.89 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 1 Yr January  | Innovator Equity Defined Protection ETF - 1 Yr January  | Innovator Equity Defined Protection ETF - 1 Yr January  | Innovator Equity Defined Protection ETF - 1 Yr January  | Innovator Equity Defined Protection ETF - 1 Yr January  | Innovator Equity Defined Protection ETF - 1 Yr January  | Innovator Equity Defined Protection ETF - 1 Yr January  | Innovator Equity Defined Protection ETF - 1 Yr January  | Innovator Equity Defined Protection ETF - 1 Yr January  |
| 4/30/2025<sup>(f)(s)</sup> | $25.59 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 1 Yr July  | Innovator Equity Defined Protection ETF - 1 Yr July  | Innovator Equity Defined Protection ETF - 1 Yr July  | Innovator Equity Defined Protection ETF - 1 Yr July  | Innovator Equity Defined Protection ETF - 1 Yr July  | Innovator Equity Defined Protection ETF - 1 Yr July  | Innovator Equity Defined Protection ETF - 1 Yr July  | Innovator Equity Defined Protection ETF - 1 Yr July  | Innovator Equity Defined Protection ETF - 1 Yr July  |
| 4/30/2025<sup>(f)</sup> | $26.72 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp; —<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(j)</sup> | $25.92 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 1 Yr March  | Innovator Equity Defined Protection ETF - 1 Yr March  | Innovator Equity Defined Protection ETF - 1 Yr March  | Innovator Equity Defined Protection ETF - 1 Yr March  | Innovator Equity Defined Protection ETF - 1 Yr March  | Innovator Equity Defined Protection ETF - 1 Yr March  | Innovator Equity Defined Protection ETF - 1 Yr March  | Innovator Equity Defined Protection ETF - 1 Yr March  | Innovator Equity Defined Protection ETF - 1 Yr March  |
| 4/30/2025<sup>(f)(t)</sup> | $25.94 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 1 Yr May  | Innovator Equity Defined Protection ETF - 1 Yr May  | Innovator Equity Defined Protection ETF - 1 Yr May  | Innovator Equity Defined Protection ETF - 1 Yr May  | Innovator Equity Defined Protection ETF - 1 Yr May  | Innovator Equity Defined Protection ETF - 1 Yr May  | Innovator Equity Defined Protection ETF - 1 Yr May  | Innovator Equity Defined Protection ETF - 1 Yr May  | Innovator Equity Defined Protection ETF - 1 Yr May  |
| 4/30/2025<sup>(f)(u)</sup> | $24.21 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 1 Yr November  | Innovator Equity Defined Protection ETF - 1 Yr November  | Innovator Equity Defined Protection ETF - 1 Yr November  | Innovator Equity Defined Protection ETF - 1 Yr November  | Innovator Equity Defined Protection ETF - 1 Yr November  | Innovator Equity Defined Protection ETF - 1 Yr November  | Innovator Equity Defined Protection ETF - 1 Yr November  | Innovator Equity Defined Protection ETF - 1 Yr November  | Innovator Equity Defined Protection ETF - 1 Yr November  |
| 4/30/2025<sup>(f)</sup> | $24.84 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(v)</sup> | $24.83 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 1 Yr October  | Innovator Equity Defined Protection ETF - 1 Yr October  | Innovator Equity Defined Protection ETF - 1 Yr October  | Innovator Equity Defined Protection ETF - 1 Yr October  | Innovator Equity Defined Protection ETF - 1 Yr October  | Innovator Equity Defined Protection ETF - 1 Yr October  | Innovator Equity Defined Protection ETF - 1 Yr October  | Innovator Equity Defined Protection ETF - 1 Yr October  | Innovator Equity Defined Protection ETF - 1 Yr October  |
| 4/30/2025<sup>(f)</sup> | $25.01 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(w)</sup> | $25.05 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 1 Yr September  | Innovator Equity Defined Protection ETF - 1 Yr September  | Innovator Equity Defined Protection ETF - 1 Yr September  | Innovator Equity Defined Protection ETF - 1 Yr September  | Innovator Equity Defined Protection ETF - 1 Yr September  | Innovator Equity Defined Protection ETF - 1 Yr September  | Innovator Equity Defined Protection ETF - 1 Yr September  | Innovator Equity Defined Protection ETF - 1 Yr September  | Innovator Equity Defined Protection ETF - 1 Yr September  |
| 4/30/2025<sup>(f)</sup> | $24.82 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(x)</sup> | $24.61 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 2 Yr to April 2026  | Innovator Equity Defined Protection ETF - 2 Yr to April 2026  | Innovator Equity Defined Protection ETF - 2 Yr to April 2026  | Innovator Equity Defined Protection ETF - 2 Yr to April 2026  | Innovator Equity Defined Protection ETF - 2 Yr to April 2026  | Innovator Equity Defined Protection ETF - 2 Yr to April 2026  | Innovator Equity Defined Protection ETF - 2 Yr to April 2026  | Innovator Equity Defined Protection ETF - 2 Yr to April 2026  | Innovator Equity Defined Protection ETF - 2 Yr to April 2026  |
| 4/30/2025<sup>(f)</sup> | $26.08 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(y)</sup> | $24.72 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 2 Yr to April 2027  | Innovator Equity Defined Protection ETF - 2 Yr to April 2027  | Innovator Equity Defined Protection ETF - 2 Yr to April 2027  | Innovator Equity Defined Protection ETF - 2 Yr to April 2027  | Innovator Equity Defined Protection ETF - 2 Yr to April 2027  | Innovator Equity Defined Protection ETF - 2 Yr to April 2027  | Innovator Equity Defined Protection ETF - 2 Yr to April 2027  | Innovator Equity Defined Protection ETF - 2 Yr to April 2027  | Innovator Equity Defined Protection ETF - 2 Yr to April 2027  |
| 4/30/2025<sup>(f)(o)</sup> | $24.23 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on page 438.

The accompanying notes are an integral part of these financial statements.

406<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Period**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Period** <br>**(in Thousands)**  | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.01  | &nbsp;&nbsp;&nbsp; $26.56  | &nbsp;&nbsp;&nbsp;&nbsp; 1.04%  | &nbsp;&nbsp; $61099  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup>  | &nbsp;&nbsp;&nbsp; $26.29  | &nbsp;&nbsp;&nbsp;&nbsp; 19.58%  | &nbsp;&nbsp; $53242  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp;&nbsp; $21.99  | &nbsp;&nbsp;&nbsp;&nbsp; 7.24%  | &nbsp;&nbsp; $42875  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03  | &nbsp;&nbsp;&nbsp; $20.50  | &nbsp;&nbsp;&nbsp;&nbsp; -18.75%  | &nbsp;&nbsp; $25628  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup>  | &nbsp;&nbsp;&nbsp; $25.23  | &nbsp;&nbsp;&nbsp;&nbsp; 0.98%  | &nbsp;&nbsp; $5047  | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp;&nbsp; $24.52  | &nbsp;&nbsp;&nbsp;&nbsp; 0.40%  | &nbsp;&nbsp; $42293  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup>  | &nbsp;&nbsp;&nbsp; $24.67  | &nbsp;&nbsp;&nbsp;&nbsp; 0.32%  | &nbsp;&nbsp; $73400  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp;&nbsp; $24.59  | &nbsp;&nbsp;&nbsp;&nbsp; 2.27%  | &nbsp;&nbsp; $81159  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp;&nbsp; $23.77  | &nbsp;&nbsp;&nbsp;&nbsp; -0.66%  | &nbsp;&nbsp; $168175  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp;&nbsp; $23.70  | &nbsp;&nbsp;&nbsp;&nbsp; -0.84%  | &nbsp;&nbsp; $135087  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.76)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp;&nbsp; $25.57  | &nbsp;&nbsp;&nbsp;&nbsp; -0.10%  | &nbsp;&nbsp; $53705  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup>  | &nbsp;&nbsp;&nbsp; $26.72  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup>  | &nbsp;&nbsp; $112895  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp;&nbsp; $26.72  | &nbsp;&nbsp;&nbsp;&nbsp; 3.10%  | &nbsp;&nbsp; $115567  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp;&nbsp; $25.81  | &nbsp;&nbsp;&nbsp;&nbsp; -0.54%  | &nbsp;&nbsp; $105171  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.75)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp;&nbsp; $24.22  | &nbsp;&nbsp;&nbsp;&nbsp; —%  | &nbsp;&nbsp; $1211  | &nbsp;&nbsp;&nbsp;&nbsp; —%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02  | &nbsp;&nbsp;&nbsp; $25.07  | &nbsp;&nbsp;&nbsp;&nbsp; 0.95%  | &nbsp;&nbsp; $50149  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp;&nbsp; $24.84  | &nbsp;&nbsp;&nbsp;&nbsp; —%  | &nbsp;&nbsp; $1242  | &nbsp;&nbsp;&nbsp;&nbsp; —%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup>  | &nbsp;&nbsp;&nbsp; $25.24  | &nbsp;&nbsp;&nbsp;&nbsp; 0.93%  | &nbsp;&nbsp; $73202  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp;&nbsp; $25.01  | &nbsp;&nbsp;&nbsp;&nbsp; -0.20%  | &nbsp;&nbsp; $69401  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.80)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup>  | &nbsp;&nbsp;&nbsp; $24.94  | &nbsp;&nbsp;&nbsp;&nbsp; 0.50%  | &nbsp;&nbsp; $81687  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01  | &nbsp;&nbsp;&nbsp; $24.82  | &nbsp;&nbsp;&nbsp;&nbsp; 0.86%  | &nbsp;&nbsp; $109824  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.75)%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup>  | &nbsp;&nbsp;&nbsp; $26.18  | &nbsp;&nbsp;&nbsp;&nbsp; 0.39%  | &nbsp;&nbsp; $60219  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)%  | &nbsp;&nbsp;&nbsp;&nbsp; 2%  |
| 0.02  | &nbsp;&nbsp;&nbsp; $26.08  | &nbsp;&nbsp;&nbsp;&nbsp; 5.51%  | &nbsp;&nbsp; $71723  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.76)%  | &nbsp;&nbsp;&nbsp;&nbsp; 14%  |
| 0.02  | &nbsp;&nbsp;&nbsp; $24.41  | &nbsp;&nbsp;&nbsp;&nbsp; 0.73%  | &nbsp;&nbsp; $5491  | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%  | &nbsp;&nbsp;&nbsp;&nbsp; 7% |

---

The accompanying notes are an integral part of these financial statements.

407<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the Period Ended** | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup> | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>** | **Total from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Return of** <br>**Capital** | **Total** <br>**Distributions**  |
| Innovator Equity Defined Protection ETF - 2 Yr to January 2026  | Innovator Equity Defined Protection ETF - 2 Yr to January 2026  | Innovator Equity Defined Protection ETF - 2 Yr to January 2026  | Innovator Equity Defined Protection ETF - 2 Yr to January 2026  | Innovator Equity Defined Protection ETF - 2 Yr to January 2026  | Innovator Equity Defined Protection ETF - 2 Yr to January 2026  | Innovator Equity Defined Protection ETF - 2 Yr to January 2026  | Innovator Equity Defined Protection ETF - 2 Yr to January 2026  | Innovator Equity Defined Protection ETF - 2 Yr to January 2026  |
| 4/30/2025<sup>(f)</sup> | $25.98 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(z)</sup> | $24.33 | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 2 Yr to January 2027  | Innovator Equity Defined Protection ETF - 2 Yr to January 2027  | Innovator Equity Defined Protection ETF - 2 Yr to January 2027  | Innovator Equity Defined Protection ETF - 2 Yr to January 2027  | Innovator Equity Defined Protection ETF - 2 Yr to January 2027  | Innovator Equity Defined Protection ETF - 2 Yr to January 2027  | Innovator Equity Defined Protection ETF - 2 Yr to January 2027  | Innovator Equity Defined Protection ETF - 2 Yr to January 2027  | Innovator Equity Defined Protection ETF - 2 Yr to January 2027  |
| 4/30/2025<sup>(f)(s)</sup> | $25.39 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 2 Yr to July 2025  | Innovator Equity Defined Protection ETF - 2 Yr to July 2025  | Innovator Equity Defined Protection ETF - 2 Yr to July 2025  | Innovator Equity Defined Protection ETF - 2 Yr to July 2025  | Innovator Equity Defined Protection ETF - 2 Yr to July 2025  | Innovator Equity Defined Protection ETF - 2 Yr to July 2025  | Innovator Equity Defined Protection ETF - 2 Yr to July 2025  | Innovator Equity Defined Protection ETF - 2 Yr to July 2025  | Innovator Equity Defined Protection ETF - 2 Yr to July 2025  |
| 4/30/2025<sup>(f)</sup> | $27.47 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $24.27 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023<sup>(aa)</sup> | $24.86 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp; (0.61) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 2 Yr to July 2026  | Innovator Equity Defined Protection ETF - 2 Yr to July 2026  | Innovator Equity Defined Protection ETF - 2 Yr to July 2026  | Innovator Equity Defined Protection ETF - 2 Yr to July 2026  | Innovator Equity Defined Protection ETF - 2 Yr to July 2026  | Innovator Equity Defined Protection ETF - 2 Yr to July 2026  | Innovator Equity Defined Protection ETF - 2 Yr to July 2026  | Innovator Equity Defined Protection ETF - 2 Yr to July 2026  | Innovator Equity Defined Protection ETF - 2 Yr to July 2026  |
| 4/30/2025<sup>(f)</sup> | $26.67 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(j)</sup> | $25.72 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 2 Yr to October 2026  | Innovator Equity Defined Protection ETF - 2 Yr to October 2026  | Innovator Equity Defined Protection ETF - 2 Yr to October 2026  | Innovator Equity Defined Protection ETF - 2 Yr to October 2026  | Innovator Equity Defined Protection ETF - 2 Yr to October 2026  | Innovator Equity Defined Protection ETF - 2 Yr to October 2026  | Innovator Equity Defined Protection ETF - 2 Yr to October 2026  | Innovator Equity Defined Protection ETF - 2 Yr to October 2026  | Innovator Equity Defined Protection ETF - 2 Yr to October 2026  |
| 4/30/2025<sup>(f)</sup> | $24.68 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(w)</sup> | $24.85 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct  | Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct  | Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct  | Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct  | Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct  | Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct  | Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct  | Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct  | Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct  |
| 4/30/2025<sup>(f)</sup> | $25.19 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(w)</sup> | $25.15 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul  | Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul  | Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul  | Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul  | Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul  | Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul  | Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul  | Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul  | Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul  |
| 4/30/2025<sup>(f)</sup> | $26.71 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(j)</sup> | $26.02 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth Accelerated ETF - Quarterly  | Innovator Growth Accelerated ETF - Quarterly  | Innovator Growth Accelerated ETF - Quarterly  | Innovator Growth Accelerated ETF - Quarterly  | Innovator Growth Accelerated ETF - Quarterly  | Innovator Growth Accelerated ETF - Quarterly  | Innovator Growth Accelerated ETF - Quarterly  | Innovator Growth Accelerated ETF - Quarterly  | Innovator Growth Accelerated ETF - Quarterly  |
| 4/30/2025<sup>(f)</sup> | $31.85 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $23.89 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;8.17 | &nbsp;&nbsp;&nbsp;&nbsp;7.95 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $21.26 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $29.88 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (8.43) | &nbsp;&nbsp;&nbsp; (8.63) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(l)</sup> | $25.53 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth Accelerated Plus ETF - April  | Innovator Growth Accelerated Plus ETF - April  | Innovator Growth Accelerated Plus ETF - April  | Innovator Growth Accelerated Plus ETF - April  | Innovator Growth Accelerated Plus ETF - April  | Innovator Growth Accelerated Plus ETF - April  | Innovator Growth Accelerated Plus ETF - April  | Innovator Growth Accelerated Plus ETF - April  | Innovator Growth Accelerated Plus ETF - April  |
| 4/30/2025<sup>(f)</sup> | $35.82 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $29.81 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;6.26 | &nbsp;&nbsp;&nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $23.41 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;&nbsp;&nbsp;6.38 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $29.53 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (5.90) | &nbsp;&nbsp;&nbsp; (6.12) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(l)</sup> | $25.53 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth Accelerated Plus ETF - January  | Innovator Growth Accelerated Plus ETF - January  | Innovator Growth Accelerated Plus ETF - January  | Innovator Growth Accelerated Plus ETF - January  | Innovator Growth Accelerated Plus ETF - January  | Innovator Growth Accelerated Plus ETF - January  | Innovator Growth Accelerated Plus ETF - January  | Innovator Growth Accelerated Plus ETF - January  | Innovator Growth Accelerated Plus ETF - January  |
| 4/30/2025<sup>(f)</sup> | $24.46 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp; (0.69) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $20.90 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $17.61 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022<sup>(bb)</sup> | $25.46 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; (7.74) | &nbsp;&nbsp;&nbsp; (7.87) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on page 438.

The accompanying notes are an integral part of these financial statements.

408<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Period**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Period** <br>**(in Thousands)**  | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $26.27 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp; $49265 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $25.98 | &nbsp;&nbsp;&nbsp;&nbsp; 6.80% | &nbsp;&nbsp; $59762 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; 10%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $25.45 | &nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp; $54085 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; 6%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $28.04 | &nbsp;&nbsp;&nbsp;&nbsp; 2.07% | &nbsp;&nbsp; $158433 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $27.47 | &nbsp;&nbsp;&nbsp;&nbsp; 13.19% | &nbsp;&nbsp; $213593 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; 4%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $24.27 | &nbsp;&nbsp;&nbsp;&nbsp; -2.37% | &nbsp;&nbsp; $197808 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; 7%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $26.79 | &nbsp;&nbsp;&nbsp;&nbsp; 0.42% | &nbsp;&nbsp; $67633 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; 2%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $26.67 | &nbsp;&nbsp;&nbsp;&nbsp; 3.72% | &nbsp;&nbsp; $69350 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.76)% | &nbsp;&nbsp;&nbsp;&nbsp; 47%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $24.95 | &nbsp;&nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp; $84823 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $24.68 | &nbsp;&nbsp;&nbsp;&nbsp; -0.73% | &nbsp;&nbsp; $54909 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.80)% | &nbsp;&nbsp;&nbsp;&nbsp; 11%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $25.13 | &nbsp;&nbsp;&nbsp;&nbsp; -0.24% | &nbsp;&nbsp; $72874 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $25.19 | &nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp; $75566 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.81)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $27.16 | &nbsp;&nbsp;&nbsp;&nbsp; 1.66% | &nbsp;&nbsp; $246464 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $26.71 | &nbsp;&nbsp;&nbsp;&nbsp; 2.68% | &nbsp;&nbsp; $153608 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $32.25 | &nbsp;&nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp; $33868 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $31.85 | &nbsp;&nbsp;&nbsp;&nbsp; 33.34% | &nbsp;&nbsp; $34241 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $23.89 | &nbsp;&nbsp;&nbsp;&nbsp; 12.39% | &nbsp;&nbsp; $32847 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $21.26 | &nbsp;&nbsp;&nbsp;&nbsp; -28.85% | &nbsp;&nbsp; $18067 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $29.88 | &nbsp;&nbsp;&nbsp;&nbsp; 17.02% | &nbsp;&nbsp; $15685 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $38.08 | &nbsp;&nbsp;&nbsp;&nbsp; 6.29% | &nbsp;&nbsp; $14280 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $35.82 | &nbsp;&nbsp;&nbsp;&nbsp; 20.19% | &nbsp;&nbsp; $14330 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $29.81 | &nbsp;&nbsp;&nbsp;&nbsp; 27.32% | &nbsp;&nbsp; $18628 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.76)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $23.41 | &nbsp;&nbsp;&nbsp;&nbsp; -20.72% | &nbsp;&nbsp; $7023 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $29.53 | &nbsp;&nbsp;&nbsp;&nbsp; 15.66% | &nbsp;&nbsp; $18454 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $23.77 | &nbsp;&nbsp;&nbsp;&nbsp; -2.80% | &nbsp;&nbsp; $14263 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $24.46 | &nbsp;&nbsp;&nbsp;&nbsp; 17.03% | &nbsp;&nbsp; $28738 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $20.90 | &nbsp;&nbsp;&nbsp;&nbsp; 18.70% | &nbsp;&nbsp; $28213 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $17.61 | &nbsp;&nbsp;&nbsp;&nbsp; -30.85% | &nbsp;&nbsp; $4401 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

409<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the Period Ended** | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup> | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>** | **Total from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Return of** <br>**Capital** | **Total** <br>**Distributions**  |
| Innovator Growth Accelerated Plus ETF - July  | Innovator Growth Accelerated Plus ETF - July  | Innovator Growth Accelerated Plus ETF - July  | Innovator Growth Accelerated Plus ETF - July  | Innovator Growth Accelerated Plus ETF - July  | Innovator Growth Accelerated Plus ETF - July  | Innovator Growth Accelerated Plus ETF - July  | Innovator Growth Accelerated Plus ETF - July  | Innovator Growth Accelerated Plus ETF - July  |
| 4/30/2025<sup>(f)</sup> | $30.85 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $24.34 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;6.73 | &nbsp;&nbsp;&nbsp;&nbsp;6.50 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $19.99 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $27.50 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; (7.35) | &nbsp;&nbsp;&nbsp; (7.53) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(i)</sup> | $25.52 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth Accelerated Plus ETF - October  | Innovator Growth Accelerated Plus ETF - October  | Innovator Growth Accelerated Plus ETF - October  | Innovator Growth Accelerated Plus ETF - October  | Innovator Growth Accelerated Plus ETF - October  | Innovator Growth Accelerated Plus ETF - October  | Innovator Growth Accelerated Plus ETF - October  | Innovator Growth Accelerated Plus ETF - October  | Innovator Growth Accelerated Plus ETF - October  |
| 4/30/2025<sup>(f)</sup> | $27.85 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $22.79 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $18.52 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $25.70 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; (7.01) | &nbsp;&nbsp;&nbsp; (7.19) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(n)</sup> | $24.32 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth-100 Power Buffer ETF - April  | Innovator Growth-100 Power Buffer ETF - April  | Innovator Growth-100 Power Buffer ETF - April  | Innovator Growth-100 Power Buffer ETF - April  | Innovator Growth-100 Power Buffer ETF - April  | Innovator Growth-100 Power Buffer ETF - April  | Innovator Growth-100 Power Buffer ETF - April  | Innovator Growth-100 Power Buffer ETF - April  | Innovator Growth-100 Power Buffer ETF - April  |
| 4/30/2025<sup>(f)</sup> | $48.66 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp; (0.78) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $41.72 | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;7.28 | &nbsp;&nbsp;&nbsp;&nbsp;6.92 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $34.67 | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;7.33 | &nbsp;&nbsp;&nbsp;&nbsp;7.02 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $38.38 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp; (3.45) | &nbsp;&nbsp;&nbsp; (3.74) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $34.93 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020<sup>(cc)</sup> | $31.27 | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth-100 Power Buffer ETF - August  | Innovator Growth-100 Power Buffer ETF - August  | Innovator Growth-100 Power Buffer ETF - August  | Innovator Growth-100 Power Buffer ETF - August  | Innovator Growth-100 Power Buffer ETF - August  | Innovator Growth-100 Power Buffer ETF - August  | Innovator Growth-100 Power Buffer ETF - August  | Innovator Growth-100 Power Buffer ETF - August  | Innovator Growth-100 Power Buffer ETF - August  |
| 4/30/2025<sup>(f)</sup> | $24.90 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(p)</sup> | $24.31 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth-100 Power Buffer ETF - December  | Innovator Growth-100 Power Buffer ETF - December  | Innovator Growth-100 Power Buffer ETF - December  | Innovator Growth-100 Power Buffer ETF - December  | Innovator Growth-100 Power Buffer ETF - December  | Innovator Growth-100 Power Buffer ETF - December  | Innovator Growth-100 Power Buffer ETF - December  | Innovator Growth-100 Power Buffer ETF - December  | Innovator Growth-100 Power Buffer ETF - December  |
| 4/30/2025<sup>(f)(q)</sup> | $24.28 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth-100 Power Buffer ETF - February  | Innovator Growth-100 Power Buffer ETF - February  | Innovator Growth-100 Power Buffer ETF - February  | Innovator Growth-100 Power Buffer ETF - February  | Innovator Growth-100 Power Buffer ETF - February  | Innovator Growth-100 Power Buffer ETF - February  | Innovator Growth-100 Power Buffer ETF - February  | Innovator Growth-100 Power Buffer ETF - February  | Innovator Growth-100 Power Buffer ETF - February  |
| 4/30/2025<sup>(f)(r)</sup> | $24.88 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.96) | &nbsp;&nbsp;&nbsp; (1.00) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth-100 Power Buffer ETF - January  | Innovator Growth-100 Power Buffer ETF - January  | Innovator Growth-100 Power Buffer ETF - January  | Innovator Growth-100 Power Buffer ETF - January  | Innovator Growth-100 Power Buffer ETF - January  | Innovator Growth-100 Power Buffer ETF - January  | Innovator Growth-100 Power Buffer ETF - January  | Innovator Growth-100 Power Buffer ETF - January  | Innovator Growth-100 Power Buffer ETF - January  |
| 4/30/2025<sup>(f)</sup> | $46.55 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $40.87 | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.66 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $35.60 | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $42.07 | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp; (6.19) | &nbsp;&nbsp;&nbsp; (6.49) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $37.44 | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;4.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020<sup>(m)</sup> | $34.94 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth-100 Power Buffer ETF - July  | Innovator Growth-100 Power Buffer ETF - July  | Innovator Growth-100 Power Buffer ETF - July  | Innovator Growth-100 Power Buffer ETF - July  | Innovator Growth-100 Power Buffer ETF - July  | Innovator Growth-100 Power Buffer ETF - July  | Innovator Growth-100 Power Buffer ETF - July  | Innovator Growth-100 Power Buffer ETF - July  | Innovator Growth-100 Power Buffer ETF - July  |
| 4/30/2025<sup>(f)</sup> | $60.59 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $50.27 | &nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;10.74 | &nbsp;&nbsp;&nbsp;&nbsp;10.30 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $43.06 | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;7.54 | &nbsp;&nbsp;&nbsp;&nbsp;7.16 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $47.65 | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp; (4.28) | &nbsp;&nbsp;&nbsp; (4.63) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $42.23 | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;5.74 | &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020<sup>(dd)</sup> | $40.64 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on page 438.

The accompanying notes are an integral part of these financial statements.

410<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Period**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Period** <br>**(in Thousands)**  | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
|  | &nbsp;&nbsp;&nbsp; $31.01 | &nbsp;&nbsp;&nbsp;&nbsp; 0.52% | &nbsp;&nbsp; $12405 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $30.85 | &nbsp;&nbsp;&nbsp;&nbsp; 26.76% | &nbsp;&nbsp; $16968 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $24.34 | &nbsp;&nbsp;&nbsp;&nbsp; 21.75% | &nbsp;&nbsp; $17646 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $19.99 | &nbsp;&nbsp;&nbsp;&nbsp; -27.30% | &nbsp;&nbsp; $17992 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $27.50 | &nbsp;&nbsp;&nbsp;&nbsp; 7.75% | &nbsp;&nbsp; $8250 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $27.94 | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp; $13969 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $27.85 | &nbsp;&nbsp;&nbsp;&nbsp; 22.23% | &nbsp;&nbsp; $8356 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $22.79 | &nbsp;&nbsp;&nbsp;&nbsp; 23.04% | &nbsp;&nbsp; $11394 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $18.52 | &nbsp;&nbsp;&nbsp;&nbsp; -27.95% | &nbsp;&nbsp; $6019 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $25.70 | &nbsp;&nbsp;&nbsp;&nbsp; 5.69% | &nbsp;&nbsp; $2570 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.82)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $47.89 | &nbsp;&nbsp;&nbsp;&nbsp; -1.59% | &nbsp;&nbsp; $235835 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $48.66 | &nbsp;&nbsp;&nbsp;&nbsp; 16.65% | &nbsp;&nbsp; $194646 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $41.72 | &nbsp;&nbsp;&nbsp;&nbsp; 20.33% | &nbsp;&nbsp; $132446 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $34.67 | &nbsp;&nbsp;&nbsp;&nbsp; -9.67% | &nbsp;&nbsp; $52866 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $38.38 | &nbsp;&nbsp;&nbsp;&nbsp; 9.87% | &nbsp;&nbsp; $41254 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.05 | &nbsp;&nbsp;&nbsp; $34.93 | &nbsp;&nbsp;&nbsp;&nbsp; 11.69% | &nbsp;&nbsp; $15717 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $25.05 | &nbsp;&nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp; $18790 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $24.90 | &nbsp;&nbsp;&nbsp;&nbsp; 2.43% | &nbsp;&nbsp; $16805 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $23.73 | &nbsp;&nbsp;&nbsp;&nbsp; -2.24% | &nbsp;&nbsp; $75350 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $23.89 | &nbsp;&nbsp;&nbsp;&nbsp; -3.95% | &nbsp;&nbsp; $48385 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.76)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $46.73 | &nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp; $275681 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $46.55 | &nbsp;&nbsp;&nbsp;&nbsp; 13.90% | &nbsp;&nbsp; $201328 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $40.87 | &nbsp;&nbsp;&nbsp;&nbsp; 14.79% | &nbsp;&nbsp; $77649 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $35.60 | &nbsp;&nbsp;&nbsp;&nbsp; -15.37% | &nbsp;&nbsp; $82777 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $42.07 | &nbsp;&nbsp;&nbsp;&nbsp; 12.36% | &nbsp;&nbsp; $87297 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.05 | &nbsp;&nbsp;&nbsp; $37.44 | &nbsp;&nbsp;&nbsp;&nbsp; 7.16% | &nbsp;&nbsp; $39315 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $60.45 | &nbsp;&nbsp;&nbsp;&nbsp; -0.23% | &nbsp;&nbsp; $200991 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $60.59 | &nbsp;&nbsp;&nbsp;&nbsp; 20.52% | &nbsp;&nbsp; $266590 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.05 | &nbsp;&nbsp;&nbsp; $50.27 | &nbsp;&nbsp;&nbsp;&nbsp; 16.77% | &nbsp;&nbsp; $266454 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp;&nbsp; $43.06 | &nbsp;&nbsp;&nbsp;&nbsp; -9.64% | &nbsp;&nbsp; $118404 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp;&nbsp; $47.65 | &nbsp;&nbsp;&nbsp;&nbsp; 12.83% | &nbsp;&nbsp; $55986 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $42.23 | &nbsp;&nbsp;&nbsp;&nbsp; 3.91% | &nbsp;&nbsp; $57011 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

411<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the Period Ended** | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup> | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>** | **Total from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Return of** <br>**Capital** | **Total** <br>**Distributions**  |
| Innovator Growth-100 Power Buffer ETF - June  | Innovator Growth-100 Power Buffer ETF - June  | Innovator Growth-100 Power Buffer ETF - June  | Innovator Growth-100 Power Buffer ETF - June  | Innovator Growth-100 Power Buffer ETF - June  | Innovator Growth-100 Power Buffer ETF - June  | Innovator Growth-100 Power Buffer ETF - June  | Innovator Growth-100 Power Buffer ETF - June  | Innovator Growth-100 Power Buffer ETF - June  |
| 4/30/2025<sup>(f)</sup> | $26.39 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(ee)</sup> | $25.05 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth-100 Power Buffer ETF - March  | Innovator Growth-100 Power Buffer ETF - March  | Innovator Growth-100 Power Buffer ETF - March  | Innovator Growth-100 Power Buffer ETF - March  | Innovator Growth-100 Power Buffer ETF - March  | Innovator Growth-100 Power Buffer ETF - March  | Innovator Growth-100 Power Buffer ETF - March  | Innovator Growth-100 Power Buffer ETF - March  | Innovator Growth-100 Power Buffer ETF - March  |
| 4/30/2025<sup>(f)(t)</sup> | $26.22 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp; (0.70) | &nbsp;&nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth-100 Power Buffer ETF - May  | Innovator Growth-100 Power Buffer ETF - May  | Innovator Growth-100 Power Buffer ETF - May  | Innovator Growth-100 Power Buffer ETF - May  | Innovator Growth-100 Power Buffer ETF - May  | Innovator Growth-100 Power Buffer ETF - May  | Innovator Growth-100 Power Buffer ETF - May  | Innovator Growth-100 Power Buffer ETF - May  | Innovator Growth-100 Power Buffer ETF - May  |
| 4/30/2025<sup>(f)(u)</sup> | $24.53 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth-100 Power Buffer ETF - November  | Innovator Growth-100 Power Buffer ETF - November  | Innovator Growth-100 Power Buffer ETF - November  | Innovator Growth-100 Power Buffer ETF - November  | Innovator Growth-100 Power Buffer ETF - November  | Innovator Growth-100 Power Buffer ETF - November  | Innovator Growth-100 Power Buffer ETF - November  | Innovator Growth-100 Power Buffer ETF - November  | Innovator Growth-100 Power Buffer ETF - November  |
| 4/30/2025<sup>(f)</sup> | $24.97 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(v)</sup> | $24.97 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Growth-100 Power Buffer ETF - October  | Innovator Growth-100 Power Buffer ETF - October  | Innovator Growth-100 Power Buffer ETF - October  | Innovator Growth-100 Power Buffer ETF - October  | Innovator Growth-100 Power Buffer ETF - October  | Innovator Growth-100 Power Buffer ETF - October  | Innovator Growth-100 Power Buffer ETF - October  | Innovator Growth-100 Power Buffer ETF - October  | Innovator Growth-100 Power Buffer ETF - October  |
| 4/30/2025<sup>(f)</sup> | $49.70 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $42.13 | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;7.93 | &nbsp;&nbsp;&nbsp;&nbsp;7.56 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $35.28 | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp;&nbsp;&nbsp;6.82 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $40.07 | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp; (4.51) | &nbsp;&nbsp;&nbsp; (4.81) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $33.53 | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;6.82 | &nbsp;&nbsp;&nbsp;&nbsp;6.52 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $31.70 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp; — | (0.35) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.35)  |
| Innovator Growth-100 Power Buffer ETF - September  | Innovator Growth-100 Power Buffer ETF - September  | Innovator Growth-100 Power Buffer ETF - September  | Innovator Growth-100 Power Buffer ETF - September  | Innovator Growth-100 Power Buffer ETF - September  | Innovator Growth-100 Power Buffer ETF - September  | Innovator Growth-100 Power Buffer ETF - September  | Innovator Growth-100 Power Buffer ETF - September  | Innovator Growth-100 Power Buffer ETF - September  |
| 4/30/2025<sup>(f)</sup> | $24.89 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(x)</sup> | $24.58 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator International Developed 10 Buffer ETF - Quarterly  | Innovator International Developed 10 Buffer ETF - Quarterly  | Innovator International Developed 10 Buffer ETF - Quarterly  | Innovator International Developed 10 Buffer ETF - Quarterly  | Innovator International Developed 10 Buffer ETF - Quarterly  | Innovator International Developed 10 Buffer ETF - Quarterly  | Innovator International Developed 10 Buffer ETF - Quarterly  | Innovator International Developed 10 Buffer ETF - Quarterly  | Innovator International Developed 10 Buffer ETF - Quarterly  |
| 4/30/2025<sup>(f)</sup> | $25.38 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(j)</sup> | $25.02 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator International Developed Power Buffer ETF - April  | Innovator International Developed Power Buffer ETF - April  | Innovator International Developed Power Buffer ETF - April  | Innovator International Developed Power Buffer ETF - April  | Innovator International Developed Power Buffer ETF - April  | Innovator International Developed Power Buffer ETF - April  | Innovator International Developed Power Buffer ETF - April  | Innovator International Developed Power Buffer ETF - April  | Innovator International Developed Power Buffer ETF - April  |
| 4/30/2025<sup>(f)</sup> | $27.02 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $23.83 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $22.46 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $25.87 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (3.25) | &nbsp;&nbsp;&nbsp; (3.45) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(l)</sup> | $24.90 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator International Developed Power Buffer ETF - August  | Innovator International Developed Power Buffer ETF - August  | Innovator International Developed Power Buffer ETF - August  | Innovator International Developed Power Buffer ETF - August  | Innovator International Developed Power Buffer ETF - August  | Innovator International Developed Power Buffer ETF - August  | Innovator International Developed Power Buffer ETF - August  | Innovator International Developed Power Buffer ETF - August  | Innovator International Developed Power Buffer ETF - August  |
| 4/30/2025<sup>(f)</sup> | $24.44 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(p)</sup> | $24.87 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator International Developed Power Buffer ETF - December  | Innovator International Developed Power Buffer ETF - December  | Innovator International Developed Power Buffer ETF - December  | Innovator International Developed Power Buffer ETF - December  | Innovator International Developed Power Buffer ETF - December  | Innovator International Developed Power Buffer ETF - December  | Innovator International Developed Power Buffer ETF - December  | Innovator International Developed Power Buffer ETF - December  | Innovator International Developed Power Buffer ETF - December  |
| 4/30/2025<sup>(f)</sup> | $27.19 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(ff)</sup> | $24.99 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator International Developed Power Buffer ETF - February  | Innovator International Developed Power Buffer ETF - February  | Innovator International Developed Power Buffer ETF - February  | Innovator International Developed Power Buffer ETF - February  | Innovator International Developed Power Buffer ETF - February  | Innovator International Developed Power Buffer ETF - February  | Innovator International Developed Power Buffer ETF - February  | Innovator International Developed Power Buffer ETF - February  | Innovator International Developed Power Buffer ETF - February  |
| 4/30/2025<sup>(f)</sup> | $26.29 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(gg)</sup> | $25.00 | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on page 438.

The accompanying notes are an integral part of these financial statements.

412<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Period**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Period** <br>**(in Thousands)**  | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.01 | &nbsp;&nbsp;&nbsp; $26.54 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57% | &nbsp;&nbsp; $39816 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $26.39 | &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | &nbsp;&nbsp; $27052 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $25.50 | &nbsp;&nbsp;&nbsp;&nbsp; -2.73% | &nbsp;&nbsp; $33150 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.75)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
|  | &nbsp;&nbsp;&nbsp; $24.53 | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; $1226 | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $25.20 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; $25834 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
|  | &nbsp;&nbsp;&nbsp; $24.97 | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; $1248 | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $50.08 | &nbsp;&nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp; $151754 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $49.70 | &nbsp;&nbsp;&nbsp;&nbsp; 17.98% | &nbsp;&nbsp; $161025 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $42.13 | &nbsp;&nbsp;&nbsp;&nbsp; 19.41% | &nbsp;&nbsp; $148284 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $35.28 | &nbsp;&nbsp;&nbsp;&nbsp; -11.95% | &nbsp;&nbsp; $80965 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $40.07 | &nbsp;&nbsp;&nbsp;&nbsp; 19.51% | &nbsp;&nbsp; $77928 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.05 | &nbsp;&nbsp;&nbsp; $33.53 | &nbsp;&nbsp;&nbsp;&nbsp; 6.92% | &nbsp;&nbsp; $40566 | &nbsp;&nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp;&nbsp; (0.81)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $25.11 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp; $28248 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $24.89 | &nbsp;&nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp; $36083 | &nbsp;&nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp;&nbsp; (0.75)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $26.91 | &nbsp;&nbsp;&nbsp;&nbsp; 6.05% | &nbsp;&nbsp; $23548 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $25.38 | &nbsp;&nbsp;&nbsp;&nbsp; 1.45% | &nbsp;&nbsp; $5710 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $28.18 | &nbsp;&nbsp;&nbsp;&nbsp; 2.91% | &nbsp;&nbsp; $238857 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $27.02 | &nbsp;&nbsp;&nbsp;&nbsp; 14.92% | &nbsp;&nbsp; $201979 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $23.83 | &nbsp;&nbsp;&nbsp;&nbsp; 6.10% | &nbsp;&nbsp; $222226 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp;&nbsp; $22.46 | &nbsp;&nbsp;&nbsp;&nbsp; -13.17% | &nbsp;&nbsp; $43236 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $25.87 | &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | &nbsp;&nbsp; $20047 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $26.05 | &nbsp;&nbsp;&nbsp;&nbsp; 6.57% | &nbsp;&nbsp; $16931 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $24.44 | &nbsp;&nbsp;&nbsp;&nbsp; -1.70% | &nbsp;&nbsp; $14665 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $28.59 | &nbsp;&nbsp;&nbsp;&nbsp; 5.14% | &nbsp;&nbsp; $22155 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $27.19 | &nbsp;&nbsp;&nbsp;&nbsp; 8.80% | &nbsp;&nbsp; $10875 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $27.23 | &nbsp;&nbsp;&nbsp;&nbsp; 3.57% | &nbsp;&nbsp; $27914 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $26.29 | &nbsp;&nbsp;&nbsp;&nbsp; 5.18% | &nbsp;&nbsp; $11833 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

413<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the Period Ended** | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup> | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>** | **Total from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Return of** <br>**Capital** | **Total** <br>**Distributions**  |
| Innovator International Developed Power Buffer ETF - January  | Innovator International Developed Power Buffer ETF - January  | Innovator International Developed Power Buffer ETF - January  | Innovator International Developed Power Buffer ETF - January  | Innovator International Developed Power Buffer ETF - January  | Innovator International Developed Power Buffer ETF - January  | Innovator International Developed Power Buffer ETF - January  | Innovator International Developed Power Buffer ETF - January  | Innovator International Developed Power Buffer ETF - January  |
| 4/30/2025<sup>(f)</sup> | $31.70 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $27.13 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $24.11 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $27.04 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (2.72) | &nbsp;&nbsp;&nbsp; (2.94) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $23.82 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020<sup>(m)</sup> | $24.44 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp; (0.64) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator International Developed Power Buffer ETF - July  | Innovator International Developed Power Buffer ETF - July  | Innovator International Developed Power Buffer ETF - July  | Innovator International Developed Power Buffer ETF - July  | Innovator International Developed Power Buffer ETF - July  | Innovator International Developed Power Buffer ETF - July  | Innovator International Developed Power Buffer ETF - July  | Innovator International Developed Power Buffer ETF - July  | Innovator International Developed Power Buffer ETF - July  |
| 4/30/2025<sup>(f)</sup> | $28.08 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $25.05 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $22.08 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $24.68 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (2.42) | &nbsp;&nbsp;&nbsp; (2.62) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $22.73 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $23.43 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp; — | (0.23) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.23)  |
| Innovator International Developed Power Buffer ETF - June  | Innovator International Developed Power Buffer ETF - June  | Innovator International Developed Power Buffer ETF - June  | Innovator International Developed Power Buffer ETF - June  | Innovator International Developed Power Buffer ETF - June  | Innovator International Developed Power Buffer ETF - June  | Innovator International Developed Power Buffer ETF - June  | Innovator International Developed Power Buffer ETF - June  | Innovator International Developed Power Buffer ETF - June  |
| 4/30/2025<sup>(f)</sup> | $25.03 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(ee)</sup> | $25.12 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator International Developed Power Buffer ETF - March  | Innovator International Developed Power Buffer ETF - March  | Innovator International Developed Power Buffer ETF - March  | Innovator International Developed Power Buffer ETF - March  | Innovator International Developed Power Buffer ETF - March  | Innovator International Developed Power Buffer ETF - March  | Innovator International Developed Power Buffer ETF - March  | Innovator International Developed Power Buffer ETF - March  | Innovator International Developed Power Buffer ETF - March  |
| 4/30/2025<sup>(f)</sup> | $25.89 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(hh)</sup> | $25.13 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator International Developed Power Buffer ETF - May  | Innovator International Developed Power Buffer ETF - May  | Innovator International Developed Power Buffer ETF - May  | Innovator International Developed Power Buffer ETF - May  | Innovator International Developed Power Buffer ETF - May  | Innovator International Developed Power Buffer ETF - May  | Innovator International Developed Power Buffer ETF - May  | Innovator International Developed Power Buffer ETF - May  | Innovator International Developed Power Buffer ETF - May  |
| 4/30/2025<sup>(f)</sup> | $25.62 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(ii)</sup> | $24.83 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator International Developed Power Buffer ETF - November  | Innovator International Developed Power Buffer ETF - November  | Innovator International Developed Power Buffer ETF - November  | Innovator International Developed Power Buffer ETF - November  | Innovator International Developed Power Buffer ETF - November  | Innovator International Developed Power Buffer ETF - November  | Innovator International Developed Power Buffer ETF - November  | Innovator International Developed Power Buffer ETF - November  | Innovator International Developed Power Buffer ETF - November  |
| 4/30/2025<sup>(f)</sup> | $29.32 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $24.94 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023<sup>(jj)</sup> | $24.95 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator International Developed Power Buffer ETF - October  | Innovator International Developed Power Buffer ETF - October  | Innovator International Developed Power Buffer ETF - October  | Innovator International Developed Power Buffer ETF - October  | Innovator International Developed Power Buffer ETF - October  | Innovator International Developed Power Buffer ETF - October  | Innovator International Developed Power Buffer ETF - October  | Innovator International Developed Power Buffer ETF - October  | Innovator International Developed Power Buffer ETF - October  |
| 4/30/2025<sup>(f)</sup> | $29.51 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $25.77 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $22.20 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $25.40 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (3.05) | &nbsp;&nbsp;&nbsp; (3.25) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(n)</sup> | $24.97 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator International Developed Power Buffer ETF - September  | Innovator International Developed Power Buffer ETF - September  | Innovator International Developed Power Buffer ETF - September  | Innovator International Developed Power Buffer ETF - September  | Innovator International Developed Power Buffer ETF - September  | Innovator International Developed Power Buffer ETF - September  | Innovator International Developed Power Buffer ETF - September  | Innovator International Developed Power Buffer ETF - September  | Innovator International Developed Power Buffer ETF - September  |
| 4/30/2025<sup>(f)</sup> | $27.73 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $24.03 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023<sup>(kk)</sup> | $24.97 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp; (0.93) | &nbsp;&nbsp;&nbsp; (0.96) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Nasdaq-100 10 Buffer ETF - Quarterly  | Innovator Nasdaq-100 10 Buffer ETF - Quarterly  | Innovator Nasdaq-100 10 Buffer ETF - Quarterly  | Innovator Nasdaq-100 10 Buffer ETF - Quarterly  | Innovator Nasdaq-100 10 Buffer ETF - Quarterly  | Innovator Nasdaq-100 10 Buffer ETF - Quarterly  | Innovator Nasdaq-100 10 Buffer ETF - Quarterly  | Innovator Nasdaq-100 10 Buffer ETF - Quarterly  | Innovator Nasdaq-100 10 Buffer ETF - Quarterly  |
| 4/30/2025<sup>(f)</sup> | $25.34 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(j)</sup> | $24.87 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on page 438.

The accompanying notes are an integral part of these financial statements.

414<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Period**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Period** <br>**(in Thousands)**  | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $32.56 | &nbsp;&nbsp;&nbsp;&nbsp; 2.68% | &nbsp;&nbsp; $203474 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $31.70 | &nbsp;&nbsp;&nbsp;&nbsp; 16.87% | &nbsp;&nbsp; $180718 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $27.13 | &nbsp;&nbsp;&nbsp;&nbsp; 12.54% | &nbsp;&nbsp; $120724 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $24.11 | &nbsp;&nbsp;&nbsp;&nbsp; -10.84% | &nbsp;&nbsp; $65688 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $27.04 | &nbsp;&nbsp;&nbsp;&nbsp; 13.47% | &nbsp;&nbsp; $57450 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $23.82 | &nbsp;&nbsp;&nbsp;&nbsp; -2.52% | &nbsp;&nbsp; $52415 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $29.93 | &nbsp;&nbsp;&nbsp;&nbsp; 6.59% | &nbsp;&nbsp; $143680 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $28.08 | &nbsp;&nbsp;&nbsp;&nbsp; 12.10% | &nbsp;&nbsp; $159369 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $25.05 | &nbsp;&nbsp;&nbsp;&nbsp; 13.47% | &nbsp;&nbsp; $196023 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $22.08 | &nbsp;&nbsp;&nbsp;&nbsp; -10.54% | &nbsp;&nbsp; $188757 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $24.68 | &nbsp;&nbsp;&nbsp;&nbsp; 8.58% | &nbsp;&nbsp; $56141 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $22.73 | &nbsp;&nbsp;&nbsp;&nbsp; -2.04% | &nbsp;&nbsp; $69883 | &nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; (0.86)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $26.20 | &nbsp;&nbsp;&nbsp;&nbsp; 4.66% | &nbsp;&nbsp; $30131 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $25.03 | &nbsp;&nbsp;&nbsp;&nbsp; -0.31% | &nbsp;&nbsp; $23783 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.83)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $26.95 | &nbsp;&nbsp;&nbsp;&nbsp; 4.09% | &nbsp;&nbsp; $40424 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $25.89 | &nbsp;&nbsp;&nbsp;&nbsp; 3.02% | &nbsp;&nbsp; $12945 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $27.03 | &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | &nbsp;&nbsp; $12164 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $25.62 | &nbsp;&nbsp;&nbsp;&nbsp; 3.19% | &nbsp;&nbsp; $8968 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $30.70 | &nbsp;&nbsp;&nbsp;&nbsp; 4.73% | &nbsp;&nbsp; $13817 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $29.32 | &nbsp;&nbsp;&nbsp;&nbsp; 17.50% | &nbsp;&nbsp; $4397 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
|  | &nbsp;&nbsp;&nbsp; $24.94 | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; $1247 | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $31.21 | &nbsp;&nbsp;&nbsp;&nbsp; 5.77% | &nbsp;&nbsp; $124050 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $29.51 | &nbsp;&nbsp;&nbsp;&nbsp; 14.50% | &nbsp;&nbsp; $121710 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $25.77 | &nbsp;&nbsp;&nbsp;&nbsp; 16.07% | &nbsp;&nbsp; $105653 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.05 | &nbsp;&nbsp;&nbsp; $22.20 | &nbsp;&nbsp;&nbsp;&nbsp; -12.60% | &nbsp;&nbsp; $94355 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $25.40 | &nbsp;&nbsp;&nbsp;&nbsp; 1.72% | &nbsp;&nbsp; $9525 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $29.47 | &nbsp;&nbsp;&nbsp;&nbsp; 5.58% | &nbsp;&nbsp; $79557 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $27.73 | &nbsp;&nbsp;&nbsp;&nbsp; 16.13% | &nbsp;&nbsp; $67676 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $24.03 | &nbsp;&nbsp;&nbsp;&nbsp; -3.76% | &nbsp;&nbsp; $36047 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $26.56 | &nbsp;&nbsp;&nbsp;&nbsp; 4.81% | &nbsp;&nbsp; $92287 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.05 | &nbsp;&nbsp;&nbsp; $25.34 | &nbsp;&nbsp;&nbsp;&nbsp; 1.91% | &nbsp;&nbsp; $80453 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

415<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the Period Ended** | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup> | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>** | **Total from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Return of** <br>**Capital** | **Total** <br>**Distributions**  |
| Innovator Premium Income 10 Barrier ETF - July  | Innovator Premium Income 10 Barrier ETF - July  | Innovator Premium Income 10 Barrier ETF - July  | Innovator Premium Income 10 Barrier ETF - July  | Innovator Premium Income 10 Barrier ETF - July  | Innovator Premium Income 10 Barrier ETF - July  | Innovator Premium Income 10 Barrier ETF - July  | Innovator Premium Income 10 Barrier ETF - July  | Innovator Premium Income 10 Barrier ETF - July  |
| 4/30/2025<sup>(f)</sup> | $24.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp; (0.94) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.94)  |
| 10/31/2024 | $24.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp; (1.68) | (0.35) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2.03)  |
| 10/31/2023<sup>(ll)</sup> | $24.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; (0.32) |  | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (0.52)  |
| Innovator Premium Income 10 Barrier ETF - October  | Innovator Premium Income 10 Barrier ETF - October  | Innovator Premium Income 10 Barrier ETF - October  | Innovator Premium Income 10 Barrier ETF - October  | Innovator Premium Income 10 Barrier ETF - October  | Innovator Premium Income 10 Barrier ETF - October  | Innovator Premium Income 10 Barrier ETF - October  | Innovator Premium Income 10 Barrier ETF - October  | Innovator Premium Income 10 Barrier ETF - October  |
| 4/30/2025<sup>(f)</sup> | $23.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp; (0.89) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)  |
| 10/31/2024 | $23.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp; (1.46) | (0.53) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; (2.18)  |
| 10/31/2023<sup>(mm)</sup> | $23.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Premium Income 15 Buffer ETF - April  | Innovator Premium Income 15 Buffer ETF - April  | Innovator Premium Income 15 Buffer ETF - April  | Innovator Premium Income 15 Buffer ETF - April  | Innovator Premium Income 15 Buffer ETF - April  | Innovator Premium Income 15 Buffer ETF - April  | Innovator Premium Income 15 Buffer ETF - April  | Innovator Premium Income 15 Buffer ETF - April  | Innovator Premium Income 15 Buffer ETF - April  |
| 4/30/2025<sup>(f)</sup> | $25.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; (0.70) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.70)  |
| 10/31/2024<sup>(y)</sup> | $24.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp; (0.69) |  | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (0.82)  |
| Innovator Premium Income 15 Buffer ETF - January  | Innovator Premium Income 15 Buffer ETF - January  | Innovator Premium Income 15 Buffer ETF - January  | Innovator Premium Income 15 Buffer ETF - January  | Innovator Premium Income 15 Buffer ETF - January  | Innovator Premium Income 15 Buffer ETF - January  | Innovator Premium Income 15 Buffer ETF - January  | Innovator Premium Income 15 Buffer ETF - January  | Innovator Premium Income 15 Buffer ETF - January  |
| 4/30/2025<sup>(f)</sup> | $24.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp; (0.64) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.64)  |
| 10/31/2024<sup>(z)</sup> | $24.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp; (0.82) |  | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp; (1.14)  |
| Innovator Premium Income 15 Buffer ETF - July  | Innovator Premium Income 15 Buffer ETF - July  | Innovator Premium Income 15 Buffer ETF - July  | Innovator Premium Income 15 Buffer ETF - July  | Innovator Premium Income 15 Buffer ETF - July  | Innovator Premium Income 15 Buffer ETF - July  | Innovator Premium Income 15 Buffer ETF - July  | Innovator Premium Income 15 Buffer ETF - July  | Innovator Premium Income 15 Buffer ETF - July  |
| 4/30/2025<sup>(f)</sup> | $23.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp; (0.66) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.66)  |
| 10/31/2024<sup>(j)</sup> | $23.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp; (0.32) |  | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; (0.44)  |
| Innovator Premium Income 15 Buffer ETF - October  | Innovator Premium Income 15 Buffer ETF - October  | Innovator Premium Income 15 Buffer ETF - October  | Innovator Premium Income 15 Buffer ETF - October  | Innovator Premium Income 15 Buffer ETF - October  | Innovator Premium Income 15 Buffer ETF - October  | Innovator Premium Income 15 Buffer ETF - October  | Innovator Premium Income 15 Buffer ETF - October  | Innovator Premium Income 15 Buffer ETF - October  |
| 4/30/2025<sup>(f)</sup> | $23.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp; (0.61) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.61)  |
| 10/31/2024 | $23.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp; (1.02) |  | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp;&nbsp;&nbsp; (1.55)  |
| 10/31/2023<sup>(mm)</sup> | $23.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp; (0.06) |  | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.13)  |
| Innovator Premium Income 20 Barrier ETF - April  | Innovator Premium Income 20 Barrier ETF - April  | Innovator Premium Income 20 Barrier ETF - April  | Innovator Premium Income 20 Barrier ETF - April  | Innovator Premium Income 20 Barrier ETF - April  | Innovator Premium Income 20 Barrier ETF - April  | Innovator Premium Income 20 Barrier ETF - April  | Innovator Premium Income 20 Barrier ETF - April  | Innovator Premium Income 20 Barrier ETF - April  |
| 4/30/2025<sup>(f)</sup> | $24.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp; (0.81) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.81)  |
| 10/31/2024 | $24.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp; (1.28) | (0.42) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (1.78)  |
| 10/31/2023<sup>(nn)</sup> | $24.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp; (0.79) | (0.18) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.97)  |
| Innovator Premium Income 20 Barrier ETF - January  | Innovator Premium Income 20 Barrier ETF - January  | Innovator Premium Income 20 Barrier ETF - January  | Innovator Premium Income 20 Barrier ETF - January  | Innovator Premium Income 20 Barrier ETF - January  | Innovator Premium Income 20 Barrier ETF - January  | Innovator Premium Income 20 Barrier ETF - January  | Innovator Premium Income 20 Barrier ETF - January  | Innovator Premium Income 20 Barrier ETF - January  |
| 4/30/2025<sup>(f)</sup> | $24.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (0.74) | (0.06) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.80)  |
| 10/31/2024<sup>(z)</sup> | $24.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp; (1.01) | (0.23) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.24)  |
| Innovator Premium Income 20 Barrier ETF - July  | Innovator Premium Income 20 Barrier ETF - July  | Innovator Premium Income 20 Barrier ETF - July  | Innovator Premium Income 20 Barrier ETF - July  | Innovator Premium Income 20 Barrier ETF - July  | Innovator Premium Income 20 Barrier ETF - July  | Innovator Premium Income 20 Barrier ETF - July  | Innovator Premium Income 20 Barrier ETF - July  | Innovator Premium Income 20 Barrier ETF - July  |
| 4/30/2025<sup>(f)</sup> | $24.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp; (0.68) | (0.12) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.80)  |
| 10/31/2024 | $24.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp; (1.45) | (0.33) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.78)  |
| 10/31/2023<sup>(ll)</sup> | $24.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp; (0.30) |  | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp; (0.46)  |
| Innovator Premium Income 20 Barrier ETF - October  | Innovator Premium Income 20 Barrier ETF - October  | Innovator Premium Income 20 Barrier ETF - October  | Innovator Premium Income 20 Barrier ETF - October  | Innovator Premium Income 20 Barrier ETF - October  | Innovator Premium Income 20 Barrier ETF - October  | Innovator Premium Income 20 Barrier ETF - October  | Innovator Premium Income 20 Barrier ETF - October  | Innovator Premium Income 20 Barrier ETF - October  |
| 4/30/2025<sup>(f)</sup> | $23.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp; (0.75) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.75)  |
| 10/31/2024 | $23.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp; (1.37) | (0.37) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; (1.87)  |
| 10/31/2023<sup>(mm)</sup> | $23.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Premium Income 30 Barrier ETF - April  | Innovator Premium Income 30 Barrier ETF - April  | Innovator Premium Income 30 Barrier ETF - April  | Innovator Premium Income 30 Barrier ETF - April  | Innovator Premium Income 30 Barrier ETF - April  | Innovator Premium Income 30 Barrier ETF - April  | Innovator Premium Income 30 Barrier ETF - April  | Innovator Premium Income 30 Barrier ETF - April  | Innovator Premium Income 30 Barrier ETF - April  |
| 4/30/2025<sup>(f)</sup> | $24.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp; (0.70) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.70)  |
| 10/31/2024 | $24.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp; (1.16) | (0.32) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (1.50)  |
| 10/31/2023<sup>(nn)</sup> | $24.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp; (0.66) | (0.14) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.80) |

---

See footnote definitions on page 438.

The accompanying notes are an integral part of these financial statements.

416<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Period**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Period** <br>**(in Thousands)**  | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $24.75 | &nbsp;&nbsp;&nbsp;&nbsp; 2.92% | &nbsp;&nbsp;&nbsp; $5568 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.84% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $24.97 | &nbsp;&nbsp;&nbsp;&nbsp; 11.60% | &nbsp;&nbsp;&nbsp; $4994 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $24.25 | &nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp; $4851 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.94% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $23.25 | &nbsp;&nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp; $5232 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.33% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $23.80 | &nbsp;&nbsp;&nbsp;&nbsp; 9.44% | &nbsp;&nbsp;&nbsp; $4761 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.45% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $23.79 | &nbsp;&nbsp;&nbsp;&nbsp; -0.14% | &nbsp;&nbsp;&nbsp; $2973 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.96% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $24.78 | &nbsp;&nbsp;&nbsp;&nbsp; 1.84% | &nbsp;&nbsp;&nbsp; $5575 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.90% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $25.02 | &nbsp;&nbsp;&nbsp;&nbsp; 3.73% | &nbsp;&nbsp;&nbsp; $3752 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.36% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $24.18 | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; $13300 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.58% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $24.59 | &nbsp;&nbsp;&nbsp;&nbsp; 5.21% | &nbsp;&nbsp;&nbsp; $8607 | &nbsp;&nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp;&nbsp; 4.06% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
|  | &nbsp;&nbsp;&nbsp; $23.79 | &nbsp;&nbsp;&nbsp;&nbsp; 2.61% | &nbsp;&nbsp;&nbsp; $2379 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.07% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $23.84 | &nbsp;&nbsp;&nbsp;&nbsp; 2.16% | &nbsp;&nbsp;&nbsp; $2384 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.26% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $23.52 | &nbsp;&nbsp;&nbsp;&nbsp; 2.03% | &nbsp;&nbsp;&nbsp; $19407 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.26% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $23.65 | &nbsp;&nbsp;&nbsp;&nbsp; 6.60% | &nbsp;&nbsp;&nbsp; $18332 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.35% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $23.68 | &nbsp;&nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; $7103 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.97% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $24.31 | &nbsp;&nbsp;&nbsp;&nbsp; 1.61% | &nbsp;&nbsp;&nbsp; $26740 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $24.71 | &nbsp;&nbsp;&nbsp;&nbsp; 7.43% | &nbsp;&nbsp;&nbsp; $27802 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.12% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $24.71 | &nbsp;&nbsp;&nbsp;&nbsp; 5.04% | &nbsp;&nbsp;&nbsp; $26563 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.10% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $24.07 | &nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp; $12033 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.64% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $24.82 | &nbsp;&nbsp;&nbsp;&nbsp;6.11% | &nbsp;&nbsp;&nbsp; $9307 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $24.90 | &nbsp;&nbsp;&nbsp;&nbsp; 3.09% | &nbsp;&nbsp;&nbsp; $18054 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $24.94 | &nbsp;&nbsp;&nbsp;&nbsp; 8.99% | &nbsp;&nbsp;&nbsp; $20574 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.46% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $24.56 | &nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; $25172 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.86% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $23.55 | &nbsp;&nbsp;&nbsp;&nbsp; 2.12% | &nbsp;&nbsp;&nbsp; $18837 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.30% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $23.79 | &nbsp;&nbsp;&nbsp;&nbsp; 7.83% | &nbsp;&nbsp;&nbsp; $19630 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.44% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $23.83 | &nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp; $10724 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 5.08% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $24.37 | &nbsp;&nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp; $37768 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $24.70 | &nbsp;&nbsp;&nbsp;&nbsp; 6.30% | &nbsp;&nbsp;&nbsp; $38287 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.08% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $24.69 | &nbsp;&nbsp;&nbsp;&nbsp; 4.23% | &nbsp;&nbsp;&nbsp; $48754 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.08% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

417<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the Period Ended** | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup> | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>** | **Total from** <br>**Investment** <br>**Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Return of** <br>**Capital** | **Total** <br>**Distributions**  |
| Innovator Premium Income 30 Barrier ETF - January  | Innovator Premium Income 30 Barrier ETF - January  | Innovator Premium Income 30 Barrier ETF - January  | Innovator Premium Income 30 Barrier ETF - January  | Innovator Premium Income 30 Barrier ETF - January  | Innovator Premium Income 30 Barrier ETF - January  | Innovator Premium Income 30 Barrier ETF - January  | Innovator Premium Income 30 Barrier ETF - January  | Innovator Premium Income 30 Barrier ETF - January  |
| 4/30/2025<sup>(f)</sup> | $24.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp; (0.66) | (0.00)<sup>(k)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.66)  |
| 10/31/2024<sup>(z)</sup> | $24.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp; (0.89) | (0.14) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.03)  |
| Innovator Premium Income 30 Barrier ETF - July  | Innovator Premium Income 30 Barrier ETF - July  | Innovator Premium Income 30 Barrier ETF - July  | Innovator Premium Income 30 Barrier ETF - July  | Innovator Premium Income 30 Barrier ETF - July  | Innovator Premium Income 30 Barrier ETF - July  | Innovator Premium Income 30 Barrier ETF - July  | Innovator Premium Income 30 Barrier ETF - July  | Innovator Premium Income 30 Barrier ETF - July  |
| 4/30/2025<sup>(f)</sup> | $24.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; (0.65) | (0.04) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.69)  |
| 10/31/2024 | $24.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp; (1.32) | (0.22) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.54)  |
| 10/31/2023<sup>(ll)</sup> | $24.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp; (0.34) |  | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.40)  |
| Innovator Premium Income 30 Barrier ETF - October  | Innovator Premium Income 30 Barrier ETF - October  | Innovator Premium Income 30 Barrier ETF - October  | Innovator Premium Income 30 Barrier ETF - October  | Innovator Premium Income 30 Barrier ETF - October  | Innovator Premium Income 30 Barrier ETF - October  | Innovator Premium Income 30 Barrier ETF - October  | Innovator Premium Income 30 Barrier ETF - October  | Innovator Premium Income 30 Barrier ETF - October  |
| 4/30/2025<sup>(f)</sup> | $23.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp; (0.62) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.62)  |
| 10/31/2024 | $23.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp; (1.30) | (0.25) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp; (1.58)  |
| 10/31/2023<sup>(mm)</sup> | $23.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Premium Income 40 Barrier ETF - July  | Innovator Premium Income 40 Barrier ETF - July  | Innovator Premium Income 40 Barrier ETF - July  | Innovator Premium Income 40 Barrier ETF - July  | Innovator Premium Income 40 Barrier ETF - July  | Innovator Premium Income 40 Barrier ETF - July  | Innovator Premium Income 40 Barrier ETF - July  | Innovator Premium Income 40 Barrier ETF - July  | Innovator Premium Income 40 Barrier ETF - July  |
| 4/30/2025<sup>(f)</sup> | $24.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp; (0.62) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.62)  |
| 10/31/2024 | $24.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp; (1.19) | (0.18) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.37)  |
| 10/31/2023<sup>(ll)</sup> | $24.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp; (0.35) | (0.00)<sup>(k)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.35)  |
| Innovator Premium Income 40 Barrier ETF - October  | Innovator Premium Income 40 Barrier ETF - October  | Innovator Premium Income 40 Barrier ETF - October  | Innovator Premium Income 40 Barrier ETF - October  | Innovator Premium Income 40 Barrier ETF - October  | Innovator Premium Income 40 Barrier ETF - October  | Innovator Premium Income 40 Barrier ETF - October  | Innovator Premium Income 40 Barrier ETF - October  | Innovator Premium Income 40 Barrier ETF - October  |
| 4/30/2025<sup>(f)</sup> | $23.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp; (0.53) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.53)  |
| 10/31/2024 | $23.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp; (1.19) | (0.10) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (1.37)  |
| 10/31/2023<sup>(mm)</sup> | $23.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Premium Income 9 Buffer ETF - July  | Innovator Premium Income 9 Buffer ETF - July  | Innovator Premium Income 9 Buffer ETF - July  | Innovator Premium Income 9 Buffer ETF - July  | Innovator Premium Income 9 Buffer ETF - July  | Innovator Premium Income 9 Buffer ETF - July  | Innovator Premium Income 9 Buffer ETF - July  | Innovator Premium Income 9 Buffer ETF - July  | Innovator Premium Income 9 Buffer ETF - July  |
| 4/30/2025<sup>(f)</sup> | $23.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp; (0.76) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.76)  |
| 10/31/2024<sup>(j)</sup> | $23.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp; (0.36) |  | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; (0.50)  |
| Innovator Premium Income 9 Buffer ETF - October  | Innovator Premium Income 9 Buffer ETF - October  | Innovator Premium Income 9 Buffer ETF - October  | Innovator Premium Income 9 Buffer ETF - October  | Innovator Premium Income 9 Buffer ETF - October  | Innovator Premium Income 9 Buffer ETF - October  | Innovator Premium Income 9 Buffer ETF - October  | Innovator Premium Income 9 Buffer ETF - October  | Innovator Premium Income 9 Buffer ETF - October  |
| 4/30/2025<sup>(f)</sup> | $23.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp; (0.72) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.72)  |
| 10/31/2024 | $23.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp; (1.02) |  | &nbsp;&nbsp; (0.76) | &nbsp;&nbsp;&nbsp;&nbsp; (1.78)  |
| 10/31/2023<sup>(mm)</sup> | $23.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; (0.06) |  | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; (0.15) |

---

See footnote definitions on page 438.

The accompanying notes are an integral part of these financial statements.

418<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Period**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Period** <br>**(in Thousands)**  | **Ratio of** <br>**Expense** <br>**to Average** <br>**Net Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $24.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; $17634 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.61% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $24.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% | &nbsp;&nbsp;&nbsp; $22303 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.10% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $24.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.83% | &nbsp;&nbsp;&nbsp; $19964 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $24.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.07% | &nbsp;&nbsp;&nbsp; $23695 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.44% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $24.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.79% | &nbsp;&nbsp;&nbsp; $28487 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.77% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $23.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.44% | &nbsp;&nbsp;&nbsp; $19608 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.27% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $23.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.53% | &nbsp;&nbsp;&nbsp; $21430 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.46% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $23.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp; $13720 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 5.06% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $24.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.51% | &nbsp;&nbsp;&nbsp; $7482 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.14% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $24.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.09% | &nbsp;&nbsp;&nbsp; $8104 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $24.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.82% | &nbsp;&nbsp;&nbsp; $8068 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.77% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $23.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.36% | &nbsp;&nbsp;&nbsp; $15490 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.24% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $23.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60% | &nbsp;&nbsp;&nbsp; $12495 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.39% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $23.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp; $6562 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.90% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
|  | &nbsp;&nbsp;&nbsp; $23.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.73% | &nbsp;&nbsp;&nbsp; $1185 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.27% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $23.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.32% | &nbsp;&nbsp;&nbsp; $1191 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.31% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $23.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75% | &nbsp;&nbsp;&nbsp; $12838 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 3.27% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $23.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.76% | &nbsp;&nbsp;&nbsp; $15369 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 4.32% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $23.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp;&nbsp; $2363 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 5.14% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

419<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the period ended** | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup> | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>** | **Total from** <br>**Investment** <br>**Operations** | **Net** <br>**Realized** <br>**Gains** | **Total** <br>**Distributions**  |
| Innovator U.S. Equity 10 Buffer ETF - Quarterly  | Innovator U.S. Equity 10 Buffer ETF - Quarterly  | Innovator U.S. Equity 10 Buffer ETF - Quarterly  | Innovator U.S. Equity 10 Buffer ETF - Quarterly  | Innovator U.S. Equity 10 Buffer ETF - Quarterly  | Innovator U.S. Equity 10 Buffer ETF - Quarterly  | Innovator U.S. Equity 10 Buffer ETF - Quarterly  |
| 4/30/2025<sup>(f)</sup> | $29.23 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $25.53 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023<sup>(mm)</sup> | $25.61 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly  | Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly  | Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly  | Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly  | Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly  | Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly  | Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly  |
| 4/30/2025<sup>(f)</sup> | $31.48 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; (0.77) | &nbsp;&nbsp;&nbsp; (0.88) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $25.23 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;6.42 | &nbsp;&nbsp;&nbsp;&nbsp;6.22 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023<sup>(mm)</sup> | $25.61 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - April  | Innovator U.S. Equity Accelerated 9 Buffer ETF - April  | Innovator U.S. Equity Accelerated 9 Buffer ETF - April  | Innovator U.S. Equity Accelerated 9 Buffer ETF - April  | Innovator U.S. Equity Accelerated 9 Buffer ETF - April  | Innovator U.S. Equity Accelerated 9 Buffer ETF - April  | Innovator U.S. Equity Accelerated 9 Buffer ETF - April  |
| 4/30/2025<sup>(f)</sup> | $33.34 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $28.67 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;4.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $25.30 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $27.09 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (1.59) | &nbsp;&nbsp;&nbsp; (1.80) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(l)</sup> | $25.37 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - January  | Innovator U.S. Equity Accelerated 9 Buffer ETF - January  | Innovator U.S. Equity Accelerated 9 Buffer ETF - January  | Innovator U.S. Equity Accelerated 9 Buffer ETF - January  | Innovator U.S. Equity Accelerated 9 Buffer ETF - January  | Innovator U.S. Equity Accelerated 9 Buffer ETF - January  | Innovator U.S. Equity Accelerated 9 Buffer ETF - January  |
| 4/30/2025<sup>(f)</sup> | $28.40 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $24.69 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $22.00 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022<sup>(bb)</sup> | $24.70 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp; (2.57) | &nbsp;&nbsp;&nbsp; (2.72) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - July  | Innovator U.S. Equity Accelerated 9 Buffer ETF - July  | Innovator U.S. Equity Accelerated 9 Buffer ETF - July  | Innovator U.S. Equity Accelerated 9 Buffer ETF - July  | Innovator U.S. Equity Accelerated 9 Buffer ETF - July  | Innovator U.S. Equity Accelerated 9 Buffer ETF - July  | Innovator U.S. Equity Accelerated 9 Buffer ETF - July  |
| 4/30/2025<sup>(f)</sup> | $33.42 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $28.10 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;&nbsp;5.31 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $25.28 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $26.49 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (1.04) | &nbsp;&nbsp;&nbsp; (1.24) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(i)</sup> | $25.68 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - October  | Innovator U.S. Equity Accelerated 9 Buffer ETF - October  | Innovator U.S. Equity Accelerated 9 Buffer ETF - October  | Innovator U.S. Equity Accelerated 9 Buffer ETF - October  | Innovator U.S. Equity Accelerated 9 Buffer ETF - October  | Innovator U.S. Equity Accelerated 9 Buffer ETF - October  | Innovator U.S. Equity Accelerated 9 Buffer ETF - October  |
| 4/30/2025<sup>(f)</sup> | $29.58 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $25.93 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $22.82 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $24.77 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; (1.80) | &nbsp;&nbsp;&nbsp; (1.99) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(n)</sup> | $24.04 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Accelerated ETF - July  | Innovator U.S. Equity Accelerated ETF - July  | Innovator U.S. Equity Accelerated ETF - July  | Innovator U.S. Equity Accelerated ETF - July  | Innovator U.S. Equity Accelerated ETF - July  | Innovator U.S. Equity Accelerated ETF - July  | Innovator U.S. Equity Accelerated ETF - July  |
| 4/30/2025<sup>(f)</sup> | $33.77 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $26.54 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;7.46 | &nbsp;&nbsp;&nbsp;&nbsp;7.22 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $23.15 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $27.23 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (3.89) | &nbsp;&nbsp;&nbsp; (4.09) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(i)</sup> | $25.69 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Accelerated ETF - October  | Innovator U.S. Equity Accelerated ETF - October  | Innovator U.S. Equity Accelerated ETF - October  | Innovator U.S. Equity Accelerated ETF - October  | Innovator U.S. Equity Accelerated ETF - October  | Innovator U.S. Equity Accelerated ETF - October  | Innovator U.S. Equity Accelerated ETF - October  |
| 4/30/2025<sup>(f)</sup> | $29.46 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $24.68 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $20.96 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $25.28 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; (4.20) | &nbsp;&nbsp;&nbsp; (4.37) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(n)</sup> | $24.05 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on page 438.

The accompanying notes are an integral part of these financial statements.

420<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:** | **Supplemental Data and Ratios:** | **Supplemental Data and Ratios:** | **Supplemental Data and Ratios:** |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share** | <br>**Net** <br>**Asset Value,** <br>**End of Period** | <br>**Total Return<sup>(c)</sup>** | **Net Assets,** <br>**End of Period** <br>**(In Thousands)** | **Ratio of** <br>**Expense to** <br>**Average Net** <br>**Assets<sup>(d)</sup>** | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.01 | &nbsp;&nbsp;&nbsp; $29.72 | &nbsp;&nbsp;&nbsp;&nbsp; 1.69% | &nbsp;&nbsp; $431701 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp; (0.68)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $29.23 | &nbsp;&nbsp;&nbsp;&nbsp; 14.46% | &nbsp;&nbsp; $256458 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp; (0.68)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $25.53 | &nbsp;&nbsp;&nbsp;&nbsp; -0.30% | &nbsp;&nbsp; $24896 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp; (0.68)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $30.61 | &nbsp;&nbsp;&nbsp;&nbsp; -2.76% | &nbsp;&nbsp; $133166 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp; (0.68)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $31.48 | &nbsp;&nbsp;&nbsp;&nbsp; 24.78% | &nbsp;&nbsp; $102316 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp; (0.68)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $25.23 | &nbsp;&nbsp;&nbsp;&nbsp; -1.49% | &nbsp;&nbsp; $12615 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp; (0.68)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp;&nbsp; $34.72 | &nbsp;&nbsp;&nbsp;&nbsp; 4.12% | &nbsp;&nbsp; $236965 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $33.34 | &nbsp;&nbsp;&nbsp;&nbsp; 16.31% | &nbsp;&nbsp; $86696 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $28.67 | &nbsp;&nbsp;&nbsp;&nbsp; 13.33% | &nbsp;&nbsp; $73825 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $25.30 | &nbsp;&nbsp;&nbsp;&nbsp; -6.61% | &nbsp;&nbsp; $19606 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $27.09 | &nbsp;&nbsp;&nbsp;&nbsp; 6.77% | &nbsp;&nbsp; $19639 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $28.08 | &nbsp;&nbsp;&nbsp;&nbsp; -1.13% | &nbsp;&nbsp; $93357 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $28.40 | &nbsp;&nbsp;&nbsp;&nbsp; 15.01% | &nbsp;&nbsp; $86616 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $24.69 | &nbsp;&nbsp;&nbsp;&nbsp; 12.24% | &nbsp;&nbsp; $71609 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $22.00 | &nbsp;&nbsp;&nbsp;&nbsp; -10.93% | &nbsp;&nbsp; $14300 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $33.76 | &nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp; $107189 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $33.42 | &nbsp;&nbsp;&nbsp;&nbsp; 18.93% | &nbsp;&nbsp; $150392 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $28.10 | &nbsp;&nbsp;&nbsp;&nbsp; 11.14% | &nbsp;&nbsp; $78681 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $25.28 | &nbsp;&nbsp;&nbsp;&nbsp; -4.56% | &nbsp;&nbsp; $32237 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $26.49 | &nbsp;&nbsp;&nbsp;&nbsp; 3.16% | &nbsp;&nbsp; $10597 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $29.64 | &nbsp;&nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp; $194854 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $29.58 | &nbsp;&nbsp;&nbsp;&nbsp; 14.08% | &nbsp;&nbsp; $66560 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $25.93 | &nbsp;&nbsp;&nbsp;&nbsp; 13.62% | &nbsp;&nbsp; $55106 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp;&nbsp; $22.82 | &nbsp;&nbsp;&nbsp;&nbsp; -7.85% | &nbsp;&nbsp; $35948 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $24.77 | &nbsp;&nbsp;&nbsp;&nbsp; 3.03% | &nbsp;&nbsp; $4334 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.82)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
|  | &nbsp;&nbsp;&nbsp; $33.64 | &nbsp;&nbsp;&nbsp;&nbsp; -0.40% | &nbsp;&nbsp; $4205 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $33.77 | &nbsp;&nbsp;&nbsp;&nbsp; 27.24% | &nbsp;&nbsp; $10976 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $26.54 | &nbsp;&nbsp;&nbsp;&nbsp; 14.65% | &nbsp;&nbsp; $8626 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.74)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $23.15 | &nbsp;&nbsp;&nbsp;&nbsp; -14.97% | &nbsp;&nbsp; $3472 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $27.23 | &nbsp;&nbsp;&nbsp;&nbsp; 5.98% | &nbsp;&nbsp; $3403 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
|  | &nbsp;&nbsp;&nbsp; $29.03 | &nbsp;&nbsp;&nbsp;&nbsp; -1.47% | &nbsp;&nbsp; $2903 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $29.46 | &nbsp;&nbsp;&nbsp;&nbsp; 19.38% | &nbsp;&nbsp; $5156 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $24.68 | &nbsp;&nbsp;&nbsp;&nbsp; 17.76% | &nbsp;&nbsp; $3702 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.05 | &nbsp;&nbsp;&nbsp; $20.96 | &nbsp;&nbsp;&nbsp;&nbsp; -17.10% | &nbsp;&nbsp; $35627 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $25.28 | &nbsp;&nbsp;&nbsp;&nbsp; 5.11% | &nbsp;&nbsp; $1896 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

421<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:**  | **Investment Operations:**  | **Investment Operations:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the period ended**  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**  | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup>  | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>**  | **Total from** <br>**Investment** <br>**Operations**  | **Net** <br>**Realized** <br>**Gains**  | **Total** <br>**Distributions**  |
| Innovator U.S. Equity Accelerated ETF - Quarterly  | Innovator U.S. Equity Accelerated ETF - Quarterly  | Innovator U.S. Equity Accelerated ETF - Quarterly  | Innovator U.S. Equity Accelerated ETF - Quarterly  | Innovator U.S. Equity Accelerated ETF - Quarterly  | Innovator U.S. Equity Accelerated ETF - Quarterly  | Innovator U.S. Equity Accelerated ETF - Quarterly  |
| 4/30/2025<sup>(f)</sup> | $34.90 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $27.09 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;8.05 | &nbsp;&nbsp;&nbsp;&nbsp;7.80 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $22.88 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $28.25 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (5.19) | &nbsp;&nbsp;&nbsp; (5.39) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(l)</sup> | $25.37 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Accelerated Plus ETF - April  | Innovator U.S. Equity Accelerated Plus ETF - April  | Innovator U.S. Equity Accelerated Plus ETF - April  | Innovator U.S. Equity Accelerated Plus ETF - April  | Innovator U.S. Equity Accelerated Plus ETF - April  | Innovator U.S. Equity Accelerated Plus ETF - April  | Innovator U.S. Equity Accelerated Plus ETF - April  |
| 4/30/2025<sup>(f)</sup> | $33.62 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $27.75 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;6.10 | &nbsp;&nbsp;&nbsp;&nbsp;5.86 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $24.90 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $28.19 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (3.10) | &nbsp;&nbsp;&nbsp; (3.32) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(l)</sup> | $25.37 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Accelerated Plus ETF - January  | Innovator U.S. Equity Accelerated Plus ETF - January  | Innovator U.S. Equity Accelerated Plus ETF - January  | Innovator U.S. Equity Accelerated Plus ETF - January  | Innovator U.S. Equity Accelerated Plus ETF - January  | Innovator U.S. Equity Accelerated Plus ETF - January  | Innovator U.S. Equity Accelerated Plus ETF - January  |
| 4/30/2025<sup>(f)</sup> | $27.32 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; (0.69) | &nbsp;&nbsp;&nbsp; (0.80) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $23.00 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $19.87 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022<sup>(bb)</sup> | $24.71 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; (4.72) | &nbsp;&nbsp;&nbsp; (4.86) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Accelerated Plus ETF - July  | Innovator U.S. Equity Accelerated Plus ETF - July  | Innovator U.S. Equity Accelerated Plus ETF - July  | Innovator U.S. Equity Accelerated Plus ETF - July  | Innovator U.S. Equity Accelerated Plus ETF - July  | Innovator U.S. Equity Accelerated Plus ETF - July  | Innovator U.S. Equity Accelerated Plus ETF - July  |
| 4/30/2025<sup>(f)</sup> | $32.77 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $26.19 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;6.81 | &nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $23.10 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $27.11 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; (3.84) | &nbsp;&nbsp;&nbsp; (4.03) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(i)</sup> | $25.68 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Accelerated Plus ETF - October  | Innovator U.S. Equity Accelerated Plus ETF - October  | Innovator U.S. Equity Accelerated Plus ETF - October  | Innovator U.S. Equity Accelerated Plus ETF - October  | Innovator U.S. Equity Accelerated Plus ETF - October  | Innovator U.S. Equity Accelerated Plus ETF - October  | Innovator U.S. Equity Accelerated Plus ETF - October  |
| 4/30/2025<sup>(f)</sup> | $28.60 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $24.24 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;4.35 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $20.84 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $25.30 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; (4.31) | &nbsp;&nbsp;&nbsp; (4.49) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021<sup>(n)</sup> | $24.50 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Buffer ETF - April  | Innovator U.S. Equity Buffer ETF - April  | Innovator U.S. Equity Buffer ETF - April  | Innovator U.S. Equity Buffer ETF - April  | Innovator U.S. Equity Buffer ETF - April  | Innovator U.S. Equity Buffer ETF - April  | Innovator U.S. Equity Buffer ETF - April  |
| 4/30/2025<sup>(f)</sup> | $43.15 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; (0.83) | &nbsp;&nbsp;&nbsp; (1.00) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $34.42 | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;9.02 | &nbsp;&nbsp;&nbsp;&nbsp;8.71 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $30.83 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $32.79 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; (1.73) | &nbsp;&nbsp;&nbsp; (1.98) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $28.41 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $26.64 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Buffer ETF - August  | Innovator U.S. Equity Buffer ETF - August  | Innovator U.S. Equity Buffer ETF - August  | Innovator U.S. Equity Buffer ETF - August  | Innovator U.S. Equity Buffer ETF - August  | Innovator U.S. Equity Buffer ETF - August  | Innovator U.S. Equity Buffer ETF - August  |
| 4/30/2025<sup>(f)</sup> | $42.55 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $32.51 | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;10.32 | &nbsp;&nbsp;&nbsp;&nbsp;10.02 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $30.00 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $32.65 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; (2.43) | &nbsp;&nbsp;&nbsp; (2.68) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.49 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $25.53 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on page 438.

The accompanying notes are an integral part of these financial statements.

422<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Period**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Period** <br>**(In Thousands)**  | **Ratio of** <br>**Expense to** <br>**Average Net** <br>**Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $34.53 | &nbsp;&nbsp;&nbsp;&nbsp; -1.06% | &nbsp;&nbsp; $51792 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $34.90 | &nbsp;&nbsp;&nbsp;&nbsp; 28.82% | &nbsp;&nbsp; $51474 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $27.09 | &nbsp;&nbsp;&nbsp;&nbsp; 18.40% | &nbsp;&nbsp; $76528 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $22.88 | &nbsp;&nbsp;&nbsp;&nbsp; -19.02% | &nbsp;&nbsp; $11440 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $28.25 | &nbsp;&nbsp;&nbsp;&nbsp; 11.37% | &nbsp;&nbsp; $13421 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $35.24 | &nbsp;&nbsp;&nbsp;&nbsp; 4.84% | &nbsp;&nbsp; $27314 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $33.62 | &nbsp;&nbsp;&nbsp;&nbsp; 21.15% | &nbsp;&nbsp; $10925 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $27.75 | &nbsp;&nbsp;&nbsp;&nbsp; 11.44% | &nbsp;&nbsp; $10405 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $24.90 | &nbsp;&nbsp;&nbsp;&nbsp; -11.67% | &nbsp;&nbsp; $3735 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $28.19 | &nbsp;&nbsp;&nbsp;&nbsp; 11.11% | &nbsp;&nbsp; $8457 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $26.52 | &nbsp;&nbsp;&nbsp;&nbsp; -2.90% | &nbsp;&nbsp; $16578 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $27.32 | &nbsp;&nbsp;&nbsp;&nbsp; 18.78% | &nbsp;&nbsp; $17074 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $23.00 | &nbsp;&nbsp;&nbsp;&nbsp; 15.75% | &nbsp;&nbsp; $18399 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $19.87 | &nbsp;&nbsp;&nbsp;&nbsp; -19.59% | &nbsp;&nbsp; $4967 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $32.95 | &nbsp;&nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp; $14825 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $32.77 | &nbsp;&nbsp;&nbsp;&nbsp; 25.14% | &nbsp;&nbsp; $11470 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $26.19 | &nbsp;&nbsp;&nbsp;&nbsp; 13.38% | &nbsp;&nbsp; $15712 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $23.10 | &nbsp;&nbsp;&nbsp;&nbsp; -14.80% | &nbsp;&nbsp; $12703 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $27.11 | &nbsp;&nbsp;&nbsp;&nbsp; 5.56% | &nbsp;&nbsp; $9488 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $28.25 | &nbsp;&nbsp;&nbsp;&nbsp; -1.23% | &nbsp;&nbsp; $13420 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $28.60 | &nbsp;&nbsp;&nbsp;&nbsp; 18.02% | &nbsp;&nbsp; $14302 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $24.24 | &nbsp;&nbsp;&nbsp;&nbsp; 16.31% | &nbsp;&nbsp; $12724 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $20.84 | &nbsp;&nbsp;&nbsp;&nbsp; -17.63% | &nbsp;&nbsp; $15108 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
|  | &nbsp;&nbsp;&nbsp; $25.30 | &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | &nbsp;&nbsp; $2530 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.83)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $42.16 | &nbsp;&nbsp;&nbsp;&nbsp; -2.30% | &nbsp;&nbsp; $364692 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $43.15 | &nbsp;&nbsp;&nbsp;&nbsp; 25.38% | &nbsp;&nbsp; $261064 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $34.42 | &nbsp;&nbsp;&nbsp;&nbsp; 11.65% | &nbsp;&nbsp; $151433 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $30.83 | &nbsp;&nbsp;&nbsp;&nbsp; -5.99% | &nbsp;&nbsp; $115595 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $32.79 | &nbsp;&nbsp;&nbsp;&nbsp; 15.40% | &nbsp;&nbsp; $122956 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp;&nbsp; $28.41 | &nbsp;&nbsp;&nbsp;&nbsp; 6.65% | &nbsp;&nbsp; $69609 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $42.12 | &nbsp;&nbsp;&nbsp;&nbsp; -1.00% | &nbsp;&nbsp; $153729 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $42.55 | &nbsp;&nbsp;&nbsp;&nbsp; 30.88% | &nbsp;&nbsp; $180817 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $32.51 | &nbsp;&nbsp;&nbsp;&nbsp; 8.35% | &nbsp;&nbsp; $182037 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $30.00 | &nbsp;&nbsp;&nbsp;&nbsp; -8.13% | &nbsp;&nbsp; $102754 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $32.65 | &nbsp;&nbsp;&nbsp;&nbsp; 18.81% | &nbsp;&nbsp; $86535 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $27.49 | &nbsp;&nbsp;&nbsp;&nbsp; 7.68% | &nbsp;&nbsp; $48099 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

423<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:**  | **Investment Operations:**  | **Investment Operations:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the period ended**  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**  | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup>  | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>**  | **Total from** <br>**Investment** <br>**Operations**  | **Net** <br>**Realized** <br>**Gains**  | **Total** <br>**Distributions**  |
| Innovator U.S. Equity Buffer ETF - December  | Innovator U.S. Equity Buffer ETF - December  | Innovator U.S. Equity Buffer ETF - December  | Innovator U.S. Equity Buffer ETF - December  | Innovator U.S. Equity Buffer ETF - December  | Innovator U.S. Equity Buffer ETF - December  | Innovator U.S. Equity Buffer ETF - December  |
| 4/30/2025<sup>(f)</sup> | $43.28 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; (1.56) | &nbsp;&nbsp;&nbsp; (1.73) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $34.26 | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;9.32 | &nbsp;&nbsp;&nbsp;&nbsp;9.01 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $31.67 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $34.04 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp; (2.14) | &nbsp;&nbsp;&nbsp; (2.40) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.73 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; (6.53) | &nbsp;&nbsp;&nbsp;&nbsp;6.28 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020<sup>(oo)</sup> | $26.40 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Buffer ETF - February  | Innovator U.S. Equity Buffer ETF - February  | Innovator U.S. Equity Buffer ETF - February  | Innovator U.S. Equity Buffer ETF - February  | Innovator U.S. Equity Buffer ETF - February  | Innovator U.S. Equity Buffer ETF - February  | Innovator U.S. Equity Buffer ETF - February  |
| 4/30/2025<sup>(f)</sup> | $41.97 | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp; (0.60) | &nbsp;&nbsp;&nbsp; (0.76) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $32.76 | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;9.49 | &nbsp;&nbsp;&nbsp;&nbsp;9.19 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $29.62 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $31.63 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (1.79) | &nbsp;&nbsp;&nbsp; (2.03) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $25.09 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp;&nbsp;6.52 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020<sup>(pp)</sup> | $24.52 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Buffer ETF - January  | Innovator U.S. Equity Buffer ETF - January  | Innovator U.S. Equity Buffer ETF - January  | Innovator U.S. Equity Buffer ETF - January  | Innovator U.S. Equity Buffer ETF - January  | Innovator U.S. Equity Buffer ETF - January  | Innovator U.S. Equity Buffer ETF - January  |
| 4/30/2025<sup>(f)</sup> | $46.66 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $35.99 | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;11.00 | &nbsp;&nbsp;&nbsp;&nbsp;10.66 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $33.17 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $36.87 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp; (3.45) | &nbsp;&nbsp;&nbsp; (3.72) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $29.77 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;7.35 | &nbsp;&nbsp;&nbsp;&nbsp;7.08 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $29.69 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Buffer ETF - July  | Innovator U.S. Equity Buffer ETF - July  | Innovator U.S. Equity Buffer ETF - July  | Innovator U.S. Equity Buffer ETF - July  | Innovator U.S. Equity Buffer ETF - July  | Innovator U.S. Equity Buffer ETF - July  | Innovator U.S. Equity Buffer ETF - July  |
| 4/30/2025<sup>(f)</sup> | $43.48 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp; (0.62) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $33.91 | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp;&nbsp;9.56 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $30.83 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $32.69 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; (1.65) | &nbsp;&nbsp;&nbsp; (1.90) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.94 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;4.72 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $26.55 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Buffer ETF - June  | Innovator U.S. Equity Buffer ETF - June  | Innovator U.S. Equity Buffer ETF - June  | Innovator U.S. Equity Buffer ETF - June  | Innovator U.S. Equity Buffer ETF - June  | Innovator U.S. Equity Buffer ETF - June  | Innovator U.S. Equity Buffer ETF - June  |
| 4/30/2025<sup>(f)</sup> | $40.52 | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $32.33 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;8.47 | &nbsp;&nbsp;&nbsp;&nbsp;8.18 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $30.59 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $33.96 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; (3.14) | &nbsp;&nbsp;&nbsp; (3.39) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $29.25 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $27.38 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Buffer ETF - March  | Innovator U.S. Equity Buffer ETF - March  | Innovator U.S. Equity Buffer ETF - March  | Innovator U.S. Equity Buffer ETF - March  | Innovator U.S. Equity Buffer ETF - March  | Innovator U.S. Equity Buffer ETF - March  | Innovator U.S. Equity Buffer ETF - March  |
| 4/30/2025<sup>(f)</sup> | $44.89 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $35.73 | &nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;9.47 | &nbsp;&nbsp;&nbsp;&nbsp;9.14 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $31.93 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $34.06 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp; (1.88) | &nbsp;&nbsp;&nbsp; (2.14) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.92 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp;&nbsp;&nbsp;6.12 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020<sup>(qq)</sup> | $26.01 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on page 438.

The accompanying notes are an integral part of these financial statements.

424<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Period**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Period** <br>**(In Thousands)**  | **Ratio of** <br>**Expense to** <br>**Average Net** <br>**Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.03 | &nbsp;&nbsp;&nbsp; $41.58 | &nbsp;&nbsp;&nbsp;&nbsp; -3.93% | &nbsp;&nbsp; $191253 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $43.28 | &nbsp;&nbsp;&nbsp;&nbsp; 26.32% | &nbsp;&nbsp; $125504 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $34.26 | &nbsp;&nbsp;&nbsp;&nbsp; 8.18% | &nbsp;&nbsp; $95930 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $31.67 | &nbsp;&nbsp;&nbsp;&nbsp; -6.97% | &nbsp;&nbsp; $103722 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $34.04 | &nbsp;&nbsp;&nbsp;&nbsp; 22.76% | &nbsp;&nbsp; $57874 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.05 | &nbsp;&nbsp;&nbsp; $27.73 | &nbsp;&nbsp;&nbsp;&nbsp; 5.04% | &nbsp;&nbsp; $24958 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; 146%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $41.22 | &nbsp;&nbsp;&nbsp;&nbsp; -1.80% | &nbsp;&nbsp; $186509 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $41.97 | &nbsp;&nbsp;&nbsp;&nbsp; 28.11% | &nbsp;&nbsp; $131168 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $32.76 | &nbsp;&nbsp;&nbsp;&nbsp; 10.62% | &nbsp;&nbsp; $99929 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $29.62 | &nbsp;&nbsp;&nbsp;&nbsp; -6.37% | &nbsp;&nbsp; $68860 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $31.63 | &nbsp;&nbsp;&nbsp;&nbsp; 26.08% | &nbsp;&nbsp; $86203 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $25.09 | &nbsp;&nbsp;&nbsp;&nbsp; 2.32% | &nbsp;&nbsp; $37008 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $46.32 | &nbsp;&nbsp;&nbsp;&nbsp; -0.73% | &nbsp;&nbsp; $289477 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $46.66 | &nbsp;&nbsp;&nbsp;&nbsp; 29.64% | &nbsp;&nbsp; $253122 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $35.99 | &nbsp;&nbsp;&nbsp;&nbsp; 8.50% | &nbsp;&nbsp; $148460 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $33.17 | &nbsp;&nbsp;&nbsp;&nbsp; -10.03% | &nbsp;&nbsp; $142636 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $36.87 | &nbsp;&nbsp;&nbsp;&nbsp; 23.85% | &nbsp;&nbsp; $150240 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp;&nbsp; $29.77 | &nbsp;&nbsp;&nbsp;&nbsp; 4.99% | &nbsp;&nbsp; $125767 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $42.86 | &nbsp;&nbsp;&nbsp;&nbsp; -1.41% | &nbsp;&nbsp; $244327 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $43.48 | &nbsp;&nbsp;&nbsp;&nbsp; 28.22% | &nbsp;&nbsp; $259766 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $33.91 | &nbsp;&nbsp;&nbsp;&nbsp; 9.98% | &nbsp;&nbsp; $341615 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp;&nbsp; $30.83 | &nbsp;&nbsp;&nbsp;&nbsp; -5.69% | &nbsp;&nbsp; $170341 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $32.69 | &nbsp;&nbsp;&nbsp;&nbsp; 17.53% | &nbsp;&nbsp; $183066 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp;&nbsp; $27.94 | &nbsp;&nbsp;&nbsp;&nbsp; 5.24% | &nbsp;&nbsp; $67755 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; 4%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $40.11 | &nbsp;&nbsp;&nbsp;&nbsp; -1.00% | &nbsp;&nbsp; $133381 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $40.52 | &nbsp;&nbsp;&nbsp;&nbsp; 25.33% | &nbsp;&nbsp; $150937 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $32.33 | &nbsp;&nbsp;&nbsp;&nbsp; 5.69% | &nbsp;&nbsp; $101031 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $30.59 | &nbsp;&nbsp;&nbsp;&nbsp; -9.93% | &nbsp;&nbsp; $76474 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $33.96 | &nbsp;&nbsp;&nbsp;&nbsp; 16.12% | &nbsp;&nbsp; $81509 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.06 | &nbsp;&nbsp;&nbsp; $29.25 | &nbsp;&nbsp;&nbsp;&nbsp; 6.81% | &nbsp;&nbsp; $32172 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $45.23 | &nbsp;&nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp; $182054 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $44.89 | &nbsp;&nbsp;&nbsp;&nbsp; 25.64% | &nbsp;&nbsp; $173955 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $35.73 | &nbsp;&nbsp;&nbsp;&nbsp; 11.89% | &nbsp;&nbsp; $87536 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $31.93 | &nbsp;&nbsp;&nbsp;&nbsp; -6.26% | &nbsp;&nbsp; $76635 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $34.06 | &nbsp;&nbsp;&nbsp;&nbsp; 21.98% | &nbsp;&nbsp; $62164 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $27.92 | &nbsp;&nbsp;&nbsp;&nbsp; 7.36% | &nbsp;&nbsp; $23735 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |

---

The accompanying notes are an integral part of these financial statements.

425<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:**  | **Investment Operations:**  | **Investment Operations:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the period ended**  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**  | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup>  | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>**  | **Total from** <br>**Investment** <br>**Operations**  | **Net** <br>**Realized** <br>**Gains**  | **Total** <br>**Distributions**  |
| Innovator U.S. Equity Buffer ETF - May  | Innovator U.S. Equity Buffer ETF - May  | Innovator U.S. Equity Buffer ETF - May  | Innovator U.S. Equity Buffer ETF - May  | Innovator U.S. Equity Buffer ETF - May  | Innovator U.S. Equity Buffer ETF - May  | Innovator U.S. Equity Buffer ETF - May  |
| 4/30/2025<sup>(f)</sup> | $39.36 | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $30.60 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;9.03 | &nbsp;&nbsp;&nbsp;&nbsp;8.75 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $29.07 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $32.55 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (3.26) | &nbsp;&nbsp;&nbsp; (3.50) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.92 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020<sup>(rr)</sup> | $25.63 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Buffer ETF - November  | Innovator U.S. Equity Buffer ETF - November  | Innovator U.S. Equity Buffer ETF - November  | Innovator U.S. Equity Buffer ETF - November  | Innovator U.S. Equity Buffer ETF - November  | Innovator U.S. Equity Buffer ETF - November  | Innovator U.S. Equity Buffer ETF - November  |
| 4/30/2025<sup>(f)</sup> | $38.30 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $31.97 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;&nbsp;&nbsp;6.32 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $29.74 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $32.71 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (2.25) | &nbsp;&nbsp;&nbsp; (2.49) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.31 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $25.53 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Buffer ETF - October  | Innovator U.S. Equity Buffer ETF - October  | Innovator U.S. Equity Buffer ETF - October  | Innovator U.S. Equity Buffer ETF - October  | Innovator U.S. Equity Buffer ETF - October  | Innovator U.S. Equity Buffer ETF - October  | Innovator U.S. Equity Buffer ETF - October  |
| 4/30/2025<sup>(f)</sup> | $42.18 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $34.94 | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;7.54 | &nbsp;&nbsp;&nbsp;&nbsp;7.23 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $31.43 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $33.90 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp; (2.24) | &nbsp;&nbsp;&nbsp; (2.50) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.26 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;6.88 | &nbsp;&nbsp;&nbsp;&nbsp;6.63 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $25.18 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)  |
| Innovator U.S. Equity Buffer ETF - September  | Innovator U.S. Equity Buffer ETF - September  | Innovator U.S. Equity Buffer ETF - September  | Innovator U.S. Equity Buffer ETF - September  | Innovator U.S. Equity Buffer ETF - September  | Innovator U.S. Equity Buffer ETF - September  | Innovator U.S. Equity Buffer ETF - September  |
| 4/30/2025<sup>(f)</sup> | $41.91 | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $33.14 | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;9.06 | &nbsp;&nbsp;&nbsp;&nbsp;8.76 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $30.33 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $32.66 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; (2.10) | &nbsp;&nbsp;&nbsp; (2.35) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $26.40 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;6.47 | &nbsp;&nbsp;&nbsp;&nbsp;6.23 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $25.31 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp; (0.36)  |
| Innovator U.S. Equity Power Buffer ETF - April  | Innovator U.S. Equity Power Buffer ETF - April  | Innovator U.S. Equity Power Buffer ETF - April  | Innovator U.S. Equity Power Buffer ETF - April  | Innovator U.S. Equity Power Buffer ETF - April  | Innovator U.S. Equity Power Buffer ETF - April  | Innovator U.S. Equity Power Buffer ETF - April  |
| 4/30/2025<sup>(f)</sup> | $35.86 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp; (0.43) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $30.24 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;5.87 | &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $27.80 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $29.04 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (1.04) | &nbsp;&nbsp;&nbsp; (1.26) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $26.54 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $26.31 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp;&nbsp;&nbsp; (0.80)  |
| Innovator U.S. Equity Power Buffer ETF - August  | Innovator U.S. Equity Power Buffer ETF - August  | Innovator U.S. Equity Power Buffer ETF - August  | Innovator U.S. Equity Power Buffer ETF - August  | Innovator U.S. Equity Power Buffer ETF - August  | Innovator U.S. Equity Power Buffer ETF - August  | Innovator U.S. Equity Power Buffer ETF - August  |
| 4/30/2025<sup>(f)</sup> | $37.74 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $30.69 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;7.31 | &nbsp;&nbsp;&nbsp;&nbsp;7.04 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $28.21 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $30.00 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (1.58) | &nbsp;&nbsp;&nbsp; (1.81) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $26.86 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $25.45 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp; (0.34) |

---

See footnote definitions on page 438.

The accompanying notes are an integral part of these financial statements.

426<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Period**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Period** <br>**(In Thousands)**  | **Ratio of** <br>**Expense to** <br>**Average Net** <br>**Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $39.30 | &nbsp;&nbsp;&nbsp;&nbsp; -0.15% | &nbsp;&nbsp; $119875 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $39.36 | &nbsp;&nbsp;&nbsp;&nbsp; 28.62% | &nbsp;&nbsp; $130879 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $30.60 | &nbsp;&nbsp;&nbsp;&nbsp; 5.29% | &nbsp;&nbsp; $110940 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $29.07 | &nbsp;&nbsp;&nbsp;&nbsp; -10.70% | &nbsp;&nbsp; $175858 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $32.55 | &nbsp;&nbsp;&nbsp;&nbsp; 16.58% | &nbsp;&nbsp; $82190 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $27.92 | &nbsp;&nbsp;&nbsp;&nbsp; 8.94% | &nbsp;&nbsp; $16055 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $38.00 | &nbsp;&nbsp;&nbsp;&nbsp; -0.78% | &nbsp;&nbsp; $150096 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $38.30 | &nbsp;&nbsp;&nbsp;&nbsp; 19.76% | &nbsp;&nbsp; $99575 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $31.97 | &nbsp;&nbsp;&nbsp;&nbsp; 7.49% | &nbsp;&nbsp; $83924 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $29.74 | &nbsp;&nbsp;&nbsp;&nbsp; -7.65% | &nbsp;&nbsp; $61710 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $32.21 | &nbsp;&nbsp;&nbsp;&nbsp; 17.93% | &nbsp;&nbsp; $30599 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.06 | &nbsp;&nbsp;&nbsp; $27.31 | &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | &nbsp;&nbsp; $15023 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $41.87 | &nbsp;&nbsp;&nbsp;&nbsp; -0.74% | &nbsp;&nbsp; $232379 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $42.18 | &nbsp;&nbsp;&nbsp;&nbsp; 20.71% | &nbsp;&nbsp; $233052 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $34.94 | &nbsp;&nbsp;&nbsp;&nbsp; 11.18% | &nbsp;&nbsp; $171230 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $31.43 | &nbsp;&nbsp;&nbsp;&nbsp; -7.29% | &nbsp;&nbsp; $226302 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $33.90 | &nbsp;&nbsp;&nbsp;&nbsp; 24.34% | &nbsp;&nbsp; $111875 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $27.26 | &nbsp;&nbsp;&nbsp;&nbsp; 8.51% | &nbsp;&nbsp; $73613 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $41.53 | &nbsp;&nbsp;&nbsp;&nbsp; -0.89% | &nbsp;&nbsp; $157832 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $41.91 | &nbsp;&nbsp;&nbsp;&nbsp; 26.47% | &nbsp;&nbsp; $202198 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $33.14 | &nbsp;&nbsp;&nbsp;&nbsp; 9.26% | &nbsp;&nbsp; $178109 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $30.33 | &nbsp;&nbsp;&nbsp;&nbsp; -7.13% | &nbsp;&nbsp; $166049 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $32.66 | &nbsp;&nbsp;&nbsp;&nbsp; 23.68% | &nbsp;&nbsp; $156749 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.07 | &nbsp;&nbsp;&nbsp; $26.40 | &nbsp;&nbsp;&nbsp;&nbsp; 5.81% | &nbsp;&nbsp; $77892 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $35.43 | &nbsp;&nbsp;&nbsp;&nbsp; -1.21% | &nbsp;&nbsp; $772330 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $35.86 | &nbsp;&nbsp;&nbsp;&nbsp; 18.60% | &nbsp;&nbsp; $786291 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $30.24 | &nbsp;&nbsp;&nbsp;&nbsp; 8.78% | &nbsp;&nbsp; $579804 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $27.80 | &nbsp;&nbsp;&nbsp;&nbsp; -4.29% | &nbsp;&nbsp; $308534 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $29.04 | &nbsp;&nbsp;&nbsp;&nbsp; 9.45% | &nbsp;&nbsp; $242503 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $26.54 | &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | &nbsp;&nbsp; $187078 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $37.70 | &nbsp;&nbsp;&nbsp;&nbsp; -0.11% | &nbsp;&nbsp; $753949 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $37.74 | &nbsp;&nbsp;&nbsp;&nbsp; 22.95% | &nbsp;&nbsp; $851947 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $30.69 | &nbsp;&nbsp;&nbsp;&nbsp; 8.82% | &nbsp;&nbsp; $886281 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $28.21 | &nbsp;&nbsp;&nbsp;&nbsp; -5.98% | &nbsp;&nbsp; $435772 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $30.00 | &nbsp;&nbsp;&nbsp;&nbsp; 11.68% | &nbsp;&nbsp; $185991 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $26.86 | &nbsp;&nbsp;&nbsp;&nbsp; 6.95% | &nbsp;&nbsp; $109458 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

427<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:**  | **Investment Operations:**  | **Investment Operations:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the period ended**  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**  | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup>  | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>**  | **Total from** <br>**Investment** <br>**Operations**  | **Net** <br>**Realized** <br>**Gains**  | **Total** <br>**Distributions**  |
| Innovator U.S. Equity Power Buffer ETF - December  | Innovator U.S. Equity Power Buffer ETF - December  | Innovator U.S. Equity Power Buffer ETF - December  | Innovator U.S. Equity Power Buffer ETF - December  | Innovator U.S. Equity Power Buffer ETF - December  | Innovator U.S. Equity Power Buffer ETF - December  | Innovator U.S. Equity Power Buffer ETF - December  |
| 4/30/2025<sup>(f)</sup> | $38.53 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp; (0.88) | &nbsp;&nbsp;&nbsp; (1.03) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $31.64 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;7.16 | &nbsp;&nbsp;&nbsp;&nbsp;6.88 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $30.03 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $31.01 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.75) | &nbsp;&nbsp;&nbsp; (0.99) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.42 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;3.80 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020<sup>(oo)</sup> | $26.40 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Power Buffer ETF - February  | Innovator U.S. Equity Power Buffer ETF - February  | Innovator U.S. Equity Power Buffer ETF - February  | Innovator U.S. Equity Power Buffer ETF - February  | Innovator U.S. Equity Power Buffer ETF - February  | Innovator U.S. Equity Power Buffer ETF - February  | Innovator U.S. Equity Power Buffer ETF - February  |
| 4/30/2025<sup>(f)</sup> | $36.11 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $30.02 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;6.35 | &nbsp;&nbsp;&nbsp;&nbsp;6.08 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $27.84 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $29.01 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (0.97) | &nbsp;&nbsp;&nbsp; (1.19) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $25.03 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020<sup>(pp)</sup> | $24.52 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Power Buffer ETF - January  | Innovator U.S. Equity Power Buffer ETF - January  | Innovator U.S. Equity Power Buffer ETF - January  | Innovator U.S. Equity Power Buffer ETF - January  | Innovator U.S. Equity Power Buffer ETF - January  | Innovator U.S. Equity Power Buffer ETF - January  | Innovator U.S. Equity Power Buffer ETF - January  |
| 4/30/2025<sup>(f)</sup> | $41.42 | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $34.25 | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;7.46 | &nbsp;&nbsp;&nbsp;&nbsp;7.16 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $31.17 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $33.10 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; (1.70) | &nbsp;&nbsp;&nbsp; (1.95) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $29.08 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $28.13 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Power Buffer ETF - July  | Innovator U.S. Equity Power Buffer ETF - July  | Innovator U.S. Equity Power Buffer ETF - July  | Innovator U.S. Equity Power Buffer ETF - July  | Innovator U.S. Equity Power Buffer ETF - July  | Innovator U.S. Equity Power Buffer ETF - July  | Innovator U.S. Equity Power Buffer ETF - July  |
| 4/30/2025<sup>(f)</sup> | $40.26 | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $33.31 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;7.23 | &nbsp;&nbsp;&nbsp;&nbsp;6.94 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $29.90 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $30.38 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; (0.51) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.43 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $26.36 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (0.22)  |
| Innovator U.S. Equity Power Buffer ETF - June  | Innovator U.S. Equity Power Buffer ETF - June  | Innovator U.S. Equity Power Buffer ETF - June  | Innovator U.S. Equity Power Buffer ETF - June  | Innovator U.S. Equity Power Buffer ETF - June  | Innovator U.S. Equity Power Buffer ETF - June  | Innovator U.S. Equity Power Buffer ETF - June  |
| 4/30/2025<sup>(f)</sup> | $36.78 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $31.04 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.73 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $29.69 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $31.87 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (1.96) | &nbsp;&nbsp;&nbsp; (2.20) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $28.88 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $26.74 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Power Buffer ETF - March  | Innovator U.S. Equity Power Buffer ETF - March  | Innovator U.S. Equity Power Buffer ETF - March  | Innovator U.S. Equity Power Buffer ETF - March  | Innovator U.S. Equity Power Buffer ETF - March  | Innovator U.S. Equity Power Buffer ETF - March  | Innovator U.S. Equity Power Buffer ETF - March  |
| 4/30/2025<sup>(f)</sup> | $39.24 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $33.18 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp;&nbsp;&nbsp;6.04 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $30.38 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $31.23 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.63) | &nbsp;&nbsp;&nbsp; (0.87) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.39 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020<sup>(qq)</sup> | $26.01 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on page 438.

The accompanying notes are an integral part of these financial statements.

428<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Period**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Period** <br>**(In Thousands)**  | **Ratio of** <br>**Expense to** <br>**Average Net** <br>**Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.01 | &nbsp;&nbsp;&nbsp; $37.51 | &nbsp;&nbsp;&nbsp;&nbsp; -2.65% | $979867 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $38.53 | &nbsp;&nbsp;&nbsp;&nbsp; 21.76% | $737786 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $31.64 | &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | $563211 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $30.03 | &nbsp;&nbsp;&nbsp;&nbsp; -3.16% | $207929 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $31.01 | &nbsp;&nbsp;&nbsp;&nbsp; 13.10% | $108520 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp;&nbsp; $27.42 | &nbsp;&nbsp;&nbsp;&nbsp; 3.85% | $65111 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; 141% |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $35.70 | &nbsp;&nbsp;&nbsp;&nbsp; -1.14% | $825566 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $36.11 | &nbsp;&nbsp;&nbsp;&nbsp; 20.29% | $644565 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $30.02 | &nbsp;&nbsp;&nbsp;&nbsp; 7.84% | $442802 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $27.84 | &nbsp;&nbsp;&nbsp;&nbsp; -4.02% | $239416 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $29.01 | &nbsp;&nbsp;&nbsp;&nbsp; 15.90% | $170407 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $25.03 | &nbsp;&nbsp;&nbsp;&nbsp; 2.06% | $115121 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $41.34 | &nbsp;&nbsp;&nbsp;&nbsp; -0.20% | $1200914 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $41.42 | &nbsp;&nbsp;&nbsp;&nbsp; 20.93% | $986882 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $34.25 | &nbsp;&nbsp;&nbsp;&nbsp; 9.91% | $569465 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $31.17 | &nbsp;&nbsp;&nbsp;&nbsp; -5.83% | $448795 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $33.10 | &nbsp;&nbsp;&nbsp;&nbsp; 13.82% | $294561 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $29.08 | &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | $288597 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $40.03 | &nbsp;&nbsp;&nbsp;&nbsp; -0.56% | $850611 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $40.26 | &nbsp;&nbsp;&nbsp;&nbsp; 20.84% | $971164 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $33.31 | &nbsp;&nbsp;&nbsp;&nbsp; 11.41% | $999374 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $29.90 | &nbsp;&nbsp;&nbsp;&nbsp; -1.59% | $503828 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $30.38 | &nbsp;&nbsp;&nbsp;&nbsp; 10.78% | $218755 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp;&nbsp; $27.43 | &nbsp;&nbsp;&nbsp;&nbsp; 4.89% | $111759 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; 15%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $36.76 | &nbsp;&nbsp;&nbsp;&nbsp; -0.06% | $577089 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $36.78 | &nbsp;&nbsp;&nbsp;&nbsp; 18.51% | $614246 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $31.04 | &nbsp;&nbsp;&nbsp;&nbsp; 4.54% | $521398 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $29.69 | &nbsp;&nbsp;&nbsp;&nbsp; -6.84% | $344365 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $31.87 | &nbsp;&nbsp;&nbsp;&nbsp; 10.34% | $152966 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.06 | &nbsp;&nbsp;&nbsp; $28.88 | &nbsp;&nbsp;&nbsp;&nbsp; 8.00% | $94588 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $39.72 | &nbsp;&nbsp;&nbsp;&nbsp; 1.23% | $587882 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $39.24 | &nbsp;&nbsp;&nbsp;&nbsp; 18.26% | $557182 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $33.18 | &nbsp;&nbsp;&nbsp;&nbsp; 9.24% | $377427 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $30.38 | &nbsp;&nbsp;&nbsp;&nbsp; -2.72% | $226295 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $31.23 | &nbsp;&nbsp;&nbsp;&nbsp; 14.01% | $117875 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $27.39 | &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | $71895 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

429<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:**  | **Investment Operations:**  | **Investment Operations:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the period ended**  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**  | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup>  | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>**  | **Total from** <br>**Investment** <br>**Operations**  | **Net** <br>**Realized** <br>**Gains**  | **Total** <br>**Distributions**  |
| Innovator U.S. Equity Power Buffer ETF - May  | Innovator U.S. Equity Power Buffer ETF - May  | Innovator U.S. Equity Power Buffer ETF - May  | Innovator U.S. Equity Power Buffer ETF - May  | Innovator U.S. Equity Power Buffer ETF - May  | Innovator U.S. Equity Power Buffer ETF - May  | Innovator U.S. Equity Power Buffer ETF - May  |
| 4/30/2025<sup>(f)</sup> | $35.22 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $29.19 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;6.28 | &nbsp;&nbsp;&nbsp;&nbsp;6.02 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $28.02 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $30.23 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (2.00) | &nbsp;&nbsp;&nbsp; (2.23) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.34 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020<sup>(rr)</sup> | $25.63 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Power Buffer ETF - November  | Innovator U.S. Equity Power Buffer ETF - November  | Innovator U.S. Equity Power Buffer ETF - November  | Innovator U.S. Equity Power Buffer ETF - November  | Innovator U.S. Equity Power Buffer ETF - November  | Innovator U.S. Equity Power Buffer ETF - November  | Innovator U.S. Equity Power Buffer ETF - November  |
| 4/30/2025<sup>(f)</sup> | $37.09 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $32.26 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $30.01 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $30.52 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.30 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $25.53 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Power Buffer ETF - October  | Innovator U.S. Equity Power Buffer ETF - October  | Innovator U.S. Equity Power Buffer ETF - October  | Innovator U.S. Equity Power Buffer ETF - October  | Innovator U.S. Equity Power Buffer ETF - October  | Innovator U.S. Equity Power Buffer ETF - October  | Innovator U.S. Equity Power Buffer ETF - October  |
| 4/30/2025<sup>(f)</sup> | $38.74 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $33.60 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;5.42 | &nbsp;&nbsp;&nbsp;&nbsp;5.13 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $29.72 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $30.04 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $26.02 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;4.23 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $25.16 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp;&nbsp; (0.56)  |
| Innovator U.S. Equity Power Buffer ETF - September  | Innovator U.S. Equity Power Buffer ETF - September  | Innovator U.S. Equity Power Buffer ETF - September  | Innovator U.S. Equity Power Buffer ETF - September  | Innovator U.S. Equity Power Buffer ETF - September  | Innovator U.S. Equity Power Buffer ETF - September  | Innovator U.S. Equity Power Buffer ETF - September  |
| 4/30/2025<sup>(f)</sup> | $38.33 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $32.04 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;6.56 | &nbsp;&nbsp;&nbsp;&nbsp;6.28 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $29.10 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $29.97 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (0.67) | &nbsp;&nbsp;&nbsp; (0.90) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $26.01 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $25.15 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Ultra Buffer ETF - April  | Innovator U.S. Equity Ultra Buffer ETF - April  | Innovator U.S. Equity Ultra Buffer ETF - April  | Innovator U.S. Equity Ultra Buffer ETF - April  | Innovator U.S. Equity Ultra Buffer ETF - April  | Innovator U.S. Equity Ultra Buffer ETF - April  | Innovator U.S. Equity Ultra Buffer ETF - April  |
| 4/30/2025<sup>(f)</sup> | $30.13 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $25.48 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $24.83 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $26.02 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (1.01) | &nbsp;&nbsp;&nbsp; (1.21) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $24.47 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $26.22 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; (1.01) | &nbsp;&nbsp;&nbsp; (1.20) | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp;&nbsp;&nbsp; (0.57)  |
| Innovator U.S. Equity Ultra Buffer ETF - August  | Innovator U.S. Equity Ultra Buffer ETF - August  | Innovator U.S. Equity Ultra Buffer ETF - August  | Innovator U.S. Equity Ultra Buffer ETF - August  | Innovator U.S. Equity Ultra Buffer ETF - August  | Innovator U.S. Equity Ultra Buffer ETF - August  | Innovator U.S. Equity Ultra Buffer ETF - August  |
| 4/30/2025<sup>(f)</sup> | $34.86 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $28.30 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;6.80 | &nbsp;&nbsp;&nbsp;&nbsp;6.55 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $26.13 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $28.99 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (2.68) | &nbsp;&nbsp;&nbsp; (2.90) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $26.87 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $25.45 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (0.21) |

---

See footnote definitions on page 438.

The accompanying notes are an integral part of these financial statements.

430<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Period**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Period** <br>**(In Thousands)**  | **Ratio of** <br>**Expense to** <br>**Average Net** <br>**Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $35.81 | &nbsp;&nbsp;&nbsp;&nbsp; 1.68% | &nbsp;&nbsp; $486089 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $35.22 | &nbsp;&nbsp;&nbsp;&nbsp; 20.63% | &nbsp;&nbsp; $562564 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $29.19 | &nbsp;&nbsp;&nbsp;&nbsp; 4.19% | &nbsp;&nbsp; $459063 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $28.02 | &nbsp;&nbsp;&nbsp;&nbsp; -7.30% | &nbsp;&nbsp; $392967 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $30.23 | &nbsp;&nbsp;&nbsp;&nbsp; 10.54% | &nbsp;&nbsp; $238780 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $27.34 | &nbsp;&nbsp;&nbsp;&nbsp; 6.69% | &nbsp;&nbsp; $65626 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $37.12 | &nbsp;&nbsp;&nbsp;&nbsp; 0.06% | &nbsp;&nbsp; $655090 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $37.09 | &nbsp;&nbsp;&nbsp;&nbsp; 14.97% | &nbsp;&nbsp; $669557 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $32.26 | &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | &nbsp;&nbsp; $623382 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $30.01 | &nbsp;&nbsp;&nbsp;&nbsp; -1.67% | &nbsp;&nbsp; $317389 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $30.52 | &nbsp;&nbsp;&nbsp;&nbsp; 11.80% | &nbsp;&nbsp; $79343 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp;&nbsp; $27.30 | &nbsp;&nbsp;&nbsp;&nbsp; 6.94% | &nbsp;&nbsp; $38217 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $38.82 | &nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp; $788109 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $38.74 | &nbsp;&nbsp;&nbsp;&nbsp; 15.29% | &nbsp;&nbsp; $847371 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $33.60 | &nbsp;&nbsp;&nbsp;&nbsp; 13.04% | &nbsp;&nbsp; $725754 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp;&nbsp; $29.72 | &nbsp;&nbsp;&nbsp;&nbsp; -1.05% | &nbsp;&nbsp; $649488 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $30.04 | &nbsp;&nbsp;&nbsp;&nbsp; 15.44% | &nbsp;&nbsp; $209533 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $26.02 | &nbsp;&nbsp;&nbsp;&nbsp; 5.74% | &nbsp;&nbsp; $189967 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $38.32 | &nbsp;&nbsp;&nbsp;&nbsp; -0.04% | &nbsp;&nbsp; $685901 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $38.33 | &nbsp;&nbsp;&nbsp;&nbsp; 19.64% | &nbsp;&nbsp; $891228 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $32.04 | &nbsp;&nbsp;&nbsp;&nbsp; 10.09% | &nbsp;&nbsp; $691242 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $29.10 | &nbsp;&nbsp;&nbsp;&nbsp; -2.90% | &nbsp;&nbsp; $547143 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $29.97 | &nbsp;&nbsp;&nbsp;&nbsp; 15.24% | &nbsp;&nbsp; $303473 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.06 | &nbsp;&nbsp;&nbsp; $26.01 | &nbsp;&nbsp;&nbsp;&nbsp; 3.40% | &nbsp;&nbsp; $287388 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; 3%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $29.81 | &nbsp;&nbsp;&nbsp;&nbsp; -1.06% | &nbsp;&nbsp; $148318 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $30.13 | &nbsp;&nbsp;&nbsp;&nbsp; 18.28% | &nbsp;&nbsp; $146896 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $25.48 | &nbsp;&nbsp;&nbsp;&nbsp; 2.62% | &nbsp;&nbsp; $95533 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $24.83 | &nbsp;&nbsp;&nbsp;&nbsp; -4.59% | &nbsp;&nbsp; $122886 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $26.02 | &nbsp;&nbsp;&nbsp;&nbsp; 6.31% | &nbsp;&nbsp; $57242 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $24.47 | &nbsp;&nbsp;&nbsp;&nbsp; -4.59% | &nbsp;&nbsp; $30594 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $34.48 | &nbsp;&nbsp;&nbsp;&nbsp; -1.09% | &nbsp;&nbsp; $145681 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $34.86 | &nbsp;&nbsp;&nbsp;&nbsp; 23.17% | &nbsp;&nbsp; $232707 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp;&nbsp; $28.30 | &nbsp;&nbsp;&nbsp;&nbsp; 8.32% | &nbsp;&nbsp; $343891 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp;&nbsp; $26.13 | &nbsp;&nbsp;&nbsp;&nbsp; -9.87% | &nbsp;&nbsp; $82308 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $28.99 | &nbsp;&nbsp;&nbsp;&nbsp; 7.89% | &nbsp;&nbsp; $46383 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $26.87 | &nbsp;&nbsp;&nbsp;&nbsp; 6.46% | &nbsp;&nbsp; $45679 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

431<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:**  | **Investment Operations:**  | **Investment Operations:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the period ended**  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**  | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup>  | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>**  | **Total from** <br>**Investment** <br>**Operations**  | **Net** <br>**Realized** <br>**Gains**  | **Total** <br>**Distributions**  |
| Innovator U.S. Equity Ultra Buffer ETF - December  | Innovator U.S. Equity Ultra Buffer ETF - December  | Innovator U.S. Equity Ultra Buffer ETF - December  | Innovator U.S. Equity Ultra Buffer ETF - December  | Innovator U.S. Equity Ultra Buffer ETF - December  | Innovator U.S. Equity Ultra Buffer ETF - December  | Innovator U.S. Equity Ultra Buffer ETF - December  |
| 4/30/2025<sup>(f)</sup> | $35.21 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; (0.88) | &nbsp;&nbsp;&nbsp; (1.01) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $28.72 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;6.74 | &nbsp;&nbsp;&nbsp;&nbsp;6.48 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $28.07 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $29.82 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (1.53) | &nbsp;&nbsp;&nbsp; (1.76) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.15 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020<sup>(oo)</sup> | $26.40 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Ultra Buffer ETF - February  | Innovator U.S. Equity Ultra Buffer ETF - February  | Innovator U.S. Equity Ultra Buffer ETF - February  | Innovator U.S. Equity Ultra Buffer ETF - February  | Innovator U.S. Equity Ultra Buffer ETF - February  | Innovator U.S. Equity Ultra Buffer ETF - February  | Innovator U.S. Equity Ultra Buffer ETF - February  |
| 4/30/2025<sup>(f)</sup> | $32.64 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $27.10 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;5.77 | &nbsp;&nbsp;&nbsp;&nbsp;5.53 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $26.35 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $27.80 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (1.25) | &nbsp;&nbsp;&nbsp; (1.46) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $24.91 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020<sup>(pp)</sup> | $24.52 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Ultra Buffer ETF - January  | Innovator U.S. Equity Ultra Buffer ETF - January  | Innovator U.S. Equity Ultra Buffer ETF - January  | Innovator U.S. Equity Ultra Buffer ETF - January  | Innovator U.S. Equity Ultra Buffer ETF - January  | Innovator U.S. Equity Ultra Buffer ETF - January  | Innovator U.S. Equity Ultra Buffer ETF - January  |
| 4/30/2025<sup>(f)</sup> | $38.20 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $32.18 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;6.29 | &nbsp;&nbsp;&nbsp;&nbsp;6.01 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $29.55 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $31.37 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (1.62) | &nbsp;&nbsp;&nbsp; (1.85) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $28.36 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $27.69 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Ultra Buffer ETF - July  | Innovator U.S. Equity Ultra Buffer ETF - July  | Innovator U.S. Equity Ultra Buffer ETF - July  | Innovator U.S. Equity Ultra Buffer ETF - July  | Innovator U.S. Equity Ultra Buffer ETF - July  | Innovator U.S. Equity Ultra Buffer ETF - July  | Innovator U.S. Equity Ultra Buffer ETF - July  |
| 4/30/2025<sup>(f)</sup> | $33.78 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; (0.50) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $27.87 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;6.13 | &nbsp;&nbsp;&nbsp;&nbsp;5.89 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $25.62 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $27.37 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (1.56) | &nbsp;&nbsp;&nbsp; (1.77) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $25.54 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $26.31 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp; (1.62) | &nbsp;&nbsp;&nbsp;&nbsp; (1.62)  |
| Innovator U.S. Equity Ultra Buffer ETF - June  | Innovator U.S. Equity Ultra Buffer ETF - June  | Innovator U.S. Equity Ultra Buffer ETF - June  | Innovator U.S. Equity Ultra Buffer ETF - June  | Innovator U.S. Equity Ultra Buffer ETF - June  | Innovator U.S. Equity Ultra Buffer ETF - June  | Innovator U.S. Equity Ultra Buffer ETF - June  |
| 4/30/2025<sup>(f)</sup> | $33.12 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $27.97 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $26.87 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $29.18 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (2.13) | &nbsp;&nbsp;&nbsp; (2.34) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.24 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $26.65 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp; (1.02) | &nbsp;&nbsp;&nbsp;&nbsp; (1.02)  |
| Innovator U.S. Equity Ultra Buffer ETF - March  | Innovator U.S. Equity Ultra Buffer ETF - March  | Innovator U.S. Equity Ultra Buffer ETF - March  | Innovator U.S. Equity Ultra Buffer ETF - March  | Innovator U.S. Equity Ultra Buffer ETF - March  | Innovator U.S. Equity Ultra Buffer ETF - March  | Innovator U.S. Equity Ultra Buffer ETF - March  |
| 4/30/2025<sup>(f)</sup> | $34.86 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $29.49 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $28.33 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $29.56 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (1.02) | &nbsp;&nbsp;&nbsp; (1.25) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $26.93 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020<sup>(qq)</sup> | $26.01 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on page 438.

The accompanying notes are an integral part of these financial statements.

432<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Period**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Period** <br>**(In Thousands)**  | **Ratio of** <br>**Expense to** <br>**Average Net** <br>**Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.02 | &nbsp;&nbsp;&nbsp; $34.22 | &nbsp;&nbsp;&nbsp;&nbsp; -2.80% | &nbsp;&nbsp; $398720 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $35.21 | &nbsp;&nbsp;&nbsp;&nbsp; 22.58% | &nbsp;&nbsp; $71303 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $28.72 | &nbsp;&nbsp;&nbsp;&nbsp; 2.34% | &nbsp;&nbsp; $69658 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $28.07 | &nbsp;&nbsp;&nbsp;&nbsp; -5.88% | &nbsp;&nbsp; $46311 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $29.82 | &nbsp;&nbsp;&nbsp;&nbsp; 9.85% | &nbsp;&nbsp; $32059 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $27.15 | &nbsp;&nbsp;&nbsp;&nbsp; 2.84% | &nbsp;&nbsp; $23756 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; 160%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $32.34 | &nbsp;&nbsp;&nbsp;&nbsp; -0.92% | &nbsp;&nbsp; $242552 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $32.64 | &nbsp;&nbsp;&nbsp;&nbsp; 20.44% | &nbsp;&nbsp; $56304 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $27.10 | &nbsp;&nbsp;&nbsp;&nbsp; 2.85% | &nbsp;&nbsp; $49458 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $26.35 | &nbsp;&nbsp;&nbsp;&nbsp; -5.21% | &nbsp;&nbsp; $53358 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $27.80 | &nbsp;&nbsp;&nbsp;&nbsp; 11.61% | &nbsp;&nbsp; $26409 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $24.91 | &nbsp;&nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp; $31757 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $38.10 | &nbsp;&nbsp;&nbsp;&nbsp; -0.26% | &nbsp;&nbsp; $247625 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $38.20 | &nbsp;&nbsp;&nbsp;&nbsp; 18.68% | &nbsp;&nbsp; $160428 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $32.18 | &nbsp;&nbsp;&nbsp;&nbsp; 8.93% | &nbsp;&nbsp; $115864 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $29.55 | &nbsp;&nbsp;&nbsp;&nbsp; -5.82% | &nbsp;&nbsp; $283638 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $31.37 | &nbsp;&nbsp;&nbsp;&nbsp; 10.62% | &nbsp;&nbsp; $86274 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $28.36 | &nbsp;&nbsp;&nbsp;&nbsp; 2.44% | &nbsp;&nbsp; $112023 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $33.28 | &nbsp;&nbsp;&nbsp;&nbsp; -1.47% | &nbsp;&nbsp; $135621 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $33.78 | &nbsp;&nbsp;&nbsp;&nbsp; 21.22% | &nbsp;&nbsp; $144405 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $27.87 | &nbsp;&nbsp;&nbsp;&nbsp; 8.78% | &nbsp;&nbsp; $161624 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $25.62 | &nbsp;&nbsp;&nbsp;&nbsp; -6.41% | &nbsp;&nbsp; $73650 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $27.37 | &nbsp;&nbsp;&nbsp;&nbsp; 7.18% | &nbsp;&nbsp; $52689 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp;&nbsp; $25.54 | &nbsp;&nbsp;&nbsp;&nbsp; 3.37% | &nbsp;&nbsp; $39583 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; 1%  |
|  | &nbsp;&nbsp;&nbsp; $32.84 | &nbsp;&nbsp;&nbsp;&nbsp; -0.86% | &nbsp;&nbsp; $62388 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $33.12 | &nbsp;&nbsp;&nbsp;&nbsp; 18.43% | &nbsp;&nbsp; $91085 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $27.97 | &nbsp;&nbsp;&nbsp;&nbsp; 4.09% | &nbsp;&nbsp; $74112 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $26.87 | &nbsp;&nbsp;&nbsp;&nbsp; -7.92% | &nbsp;&nbsp; $114860 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $29.18 | &nbsp;&nbsp;&nbsp;&nbsp; 7.10% | &nbsp;&nbsp; $21155 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.08 | &nbsp;&nbsp;&nbsp; $27.24 | &nbsp;&nbsp;&nbsp;&nbsp; 6.26% | &nbsp;&nbsp; $14984 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $35.53 | &nbsp;&nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp; $127922 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $34.86 | &nbsp;&nbsp;&nbsp;&nbsp; 18.21% | &nbsp;&nbsp; $81911 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $29.49 | &nbsp;&nbsp;&nbsp;&nbsp; 4.09% | &nbsp;&nbsp; $44967 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $28.33 | &nbsp;&nbsp;&nbsp;&nbsp; -4.15% | &nbsp;&nbsp; $69406 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $29.56 | &nbsp;&nbsp;&nbsp;&nbsp; 9.76% | &nbsp;&nbsp; $33251 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $26.93 | &nbsp;&nbsp;&nbsp;&nbsp; 3.53% | &nbsp;&nbsp; $28275 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

433<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:**  | **Investment Operations:**  | **Investment Operations:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the period ended**  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**  | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup>  | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>**  | **Total from** <br>**Investment** <br>**Operations**  | **Net** <br>**Realized** <br>**Gains**  | **Total** <br>**Distributions**  |
| Innovator U.S. Equity Ultra Buffer ETF - May  | Innovator U.S. Equity Ultra Buffer ETF - May  | Innovator U.S. Equity Ultra Buffer ETF - May  | Innovator U.S. Equity Ultra Buffer ETF - May  | Innovator U.S. Equity Ultra Buffer ETF - May  | Innovator U.S. Equity Ultra Buffer ETF - May  | Innovator U.S. Equity Ultra Buffer ETF - May  |
| 4/30/2025<sup>(f)</sup> | $32.96 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $27.34 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;5.85 | &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $26.33 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $28.52 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (2.01) | &nbsp;&nbsp;&nbsp; (2.22) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $26.67 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020<sup>(rr)</sup> | $25.63 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Ultra Buffer ETF - November  | Innovator U.S. Equity Ultra Buffer ETF - November  | Innovator U.S. Equity Ultra Buffer ETF - November  | Innovator U.S. Equity Ultra Buffer ETF - November  | Innovator U.S. Equity Ultra Buffer ETF - November  | Innovator U.S. Equity Ultra Buffer ETF - November  | Innovator U.S. Equity Ultra Buffer ETF - November  |
| 4/30/2025<sup>(f)</sup> | $34.02 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $29.67 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;4.59 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $27.60 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $29.29 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (1.49) | &nbsp;&nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $27.28 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $25.53 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Equity Ultra Buffer ETF - October  | Innovator U.S. Equity Ultra Buffer ETF - October  | Innovator U.S. Equity Ultra Buffer ETF - October  | Innovator U.S. Equity Ultra Buffer ETF - October  | Innovator U.S. Equity Ultra Buffer ETF - October  | Innovator U.S. Equity Ultra Buffer ETF - October  | Innovator U.S. Equity Ultra Buffer ETF - October  |
| 4/30/2025<sup>(f)</sup> | $34.66 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $30.16 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $26.96 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $28.23 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (1.07) | &nbsp;&nbsp;&nbsp; (1.29) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $25.70 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $25.05 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp;&nbsp; (0.58)  |
| Innovator U.S. Equity Ultra Buffer ETF - September  | Innovator U.S. Equity Ultra Buffer ETF - September  | Innovator U.S. Equity Ultra Buffer ETF - September  | Innovator U.S. Equity Ultra Buffer ETF - September  | Innovator U.S. Equity Ultra Buffer ETF - September  | Innovator U.S. Equity Ultra Buffer ETF - September  | Innovator U.S. Equity Ultra Buffer ETF - September  |
| 4/30/2025<sup>(f)</sup> | $34.56 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $28.89 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;5.90 | &nbsp;&nbsp;&nbsp;&nbsp;5.65 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $26.28 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $28.42 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (1.96) | &nbsp;&nbsp;&nbsp; (2.17) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $25.83 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $25.02 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp; (0.16)  |
| Innovator U.S. Small Cap 10 Buffer ETF - Quarterly  | Innovator U.S. Small Cap 10 Buffer ETF - Quarterly  | Innovator U.S. Small Cap 10 Buffer ETF - Quarterly  | Innovator U.S. Small Cap 10 Buffer ETF - Quarterly  | Innovator U.S. Small Cap 10 Buffer ETF - Quarterly  | Innovator U.S. Small Cap 10 Buffer ETF - Quarterly  | Innovator U.S. Small Cap 10 Buffer ETF - Quarterly  |
| 4/30/2025<sup>(f)</sup> | $26.12 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(j)</sup> | $25.11 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Small Cap Power Buffer ETF - April  | Innovator U.S. Small Cap Power Buffer ETF - April  | Innovator U.S. Small Cap Power Buffer ETF - April  | Innovator U.S. Small Cap Power Buffer ETF - April  | Innovator U.S. Small Cap Power Buffer ETF - April  | Innovator U.S. Small Cap Power Buffer ETF - April  | Innovator U.S. Small Cap Power Buffer ETF - April  |
| 4/30/2025<sup>(f)</sup> | $32.28 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; (1.62) | &nbsp;&nbsp;&nbsp; (1.74) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $25.76 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;6.74 | &nbsp;&nbsp;&nbsp;&nbsp;6.51 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $25.52 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $27.83 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (2.12) | &nbsp;&nbsp;&nbsp; (2.32) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $26.00 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020<sup>(cc)</sup> | $23.05 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Small Cap Power Buffer ETF - August  | Innovator U.S. Small Cap Power Buffer ETF - August  | Innovator U.S. Small Cap Power Buffer ETF - August  | Innovator U.S. Small Cap Power Buffer ETF - August  | Innovator U.S. Small Cap Power Buffer ETF - August  | Innovator U.S. Small Cap Power Buffer ETF - August  | Innovator U.S. Small Cap Power Buffer ETF - August  |
| 4/30/2025<sup>(f)</sup> | $24.79 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; (0.93) | &nbsp;&nbsp;&nbsp; (1.03) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(p)</sup> | $24.88 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on page 438.

The accompanying notes are an integral part of these financial statements.

434<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Period**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Period** <br>**(In Thousands)**  | **Ratio of** <br>**Expense to** <br>**Average Net** <br>**Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
|  | &nbsp;&nbsp;&nbsp; $33.36 | &nbsp;&nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp; $45040 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $32.96 | &nbsp;&nbsp;&nbsp;&nbsp; 20.58% | &nbsp;&nbsp; $52740 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $27.34 | &nbsp;&nbsp;&nbsp;&nbsp; 3.83% | &nbsp;&nbsp; $61507 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $26.33 | &nbsp;&nbsp;&nbsp;&nbsp; -7.67% | &nbsp;&nbsp; $99394 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $28.52 | &nbsp;&nbsp;&nbsp;&nbsp; 6.91% | &nbsp;&nbsp; $40634 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $26.67 | &nbsp;&nbsp;&nbsp;&nbsp; 4.06% | &nbsp;&nbsp; $10669 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $33.92 | &nbsp;&nbsp;&nbsp;&nbsp; -0.29% | &nbsp;&nbsp; $139068 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $34.02 | &nbsp;&nbsp;&nbsp;&nbsp; 14.64% | &nbsp;&nbsp; $39122 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $29.67 | &nbsp;&nbsp;&nbsp;&nbsp; 7.48% | &nbsp;&nbsp; $30408 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $27.60 | &nbsp;&nbsp;&nbsp;&nbsp; -5.76% | &nbsp;&nbsp; $53126 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $29.29 | &nbsp;&nbsp;&nbsp;&nbsp; 7.36% | &nbsp;&nbsp; $10982 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $27.28 | &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | &nbsp;&nbsp; $8867 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $34.55 | &nbsp;&nbsp;&nbsp;&nbsp; -0.33% | &nbsp;&nbsp; $206447 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $34.66 | &nbsp;&nbsp;&nbsp;&nbsp; 14.94% | &nbsp;&nbsp; $162058 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $30.16 | &nbsp;&nbsp;&nbsp;&nbsp; 11.88% | &nbsp;&nbsp; $103295 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $26.96 | &nbsp;&nbsp;&nbsp;&nbsp; -4.52% | &nbsp;&nbsp; $113221 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $28.23 | &nbsp;&nbsp;&nbsp;&nbsp; 9.85% | &nbsp;&nbsp; $62818 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $25.70 | &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | &nbsp;&nbsp; $105376 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $34.30 | &nbsp;&nbsp;&nbsp;&nbsp; -0.76% | &nbsp;&nbsp; $130323 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $34.56 | &nbsp;&nbsp;&nbsp;&nbsp; 19.62% | &nbsp;&nbsp; $163286 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $28.89 | &nbsp;&nbsp;&nbsp;&nbsp; 9.93% | &nbsp;&nbsp; $89556 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $26.28 | &nbsp;&nbsp;&nbsp;&nbsp; -7.54% | &nbsp;&nbsp; $158986 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.03 | &nbsp;&nbsp;&nbsp; $28.42 | &nbsp;&nbsp;&nbsp;&nbsp; 10.03% | &nbsp;&nbsp; $67502 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.08 | &nbsp;&nbsp;&nbsp; $25.83 | &nbsp;&nbsp;&nbsp;&nbsp; 3.90% | &nbsp;&nbsp; $65221 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; 35%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $25.94 | &nbsp;&nbsp;&nbsp;&nbsp; -0.69% | &nbsp;&nbsp; $43455 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.19 | &nbsp;&nbsp;&nbsp; $26.12 | &nbsp;&nbsp;&nbsp;&nbsp; 4.07% | &nbsp;&nbsp; $115598 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $30.54 | &nbsp;&nbsp;&nbsp;&nbsp; -5.41% | &nbsp;&nbsp; $184744 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $32.28 | &nbsp;&nbsp;&nbsp;&nbsp; 25.33% | &nbsp;&nbsp; $179969 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $25.76 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp; $152606 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $25.52 | &nbsp;&nbsp;&nbsp;&nbsp; -8.29% | &nbsp;&nbsp; $84855 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $27.83 | &nbsp;&nbsp;&nbsp;&nbsp; 7.04% | &nbsp;&nbsp; $84876 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $26.00 | &nbsp;&nbsp;&nbsp;&nbsp; 12.79% | &nbsp;&nbsp; $33147 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $23.77 | &nbsp;&nbsp;&nbsp;&nbsp; -4.13% | &nbsp;&nbsp; $92685 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp;&nbsp; $24.79 | &nbsp;&nbsp;&nbsp;&nbsp; -0.34% | &nbsp;&nbsp; $68791 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

435<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Investment Operations:**  | **Investment Operations:**  | **Investment Operations:**  | **Less Distributions From:**  | **Less Distributions From:**  |
| <br>**For the period ended**  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**  | **Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>(a)</sup>  | **Net Realized** <br>**and Unrealized** <br>**Gain (Loss) on** <br>**Investments<sup>(b)</sup>**  | **Total from** <br>**Investment** <br>**Operations**  | **Net** <br>**Realized** <br>**Gains**  | **Total** <br>**Distributions**  |
| Innovator U.S. Small Cap Power Buffer ETF - December  | Innovator U.S. Small Cap Power Buffer ETF - December  | Innovator U.S. Small Cap Power Buffer ETF - December  | Innovator U.S. Small Cap Power Buffer ETF - December  | Innovator U.S. Small Cap Power Buffer ETF - December  | Innovator U.S. Small Cap Power Buffer ETF - December  | Innovator U.S. Small Cap Power Buffer ETF - December  |
| 4/30/2025<sup>(f)(q)</sup> | $24.96 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (2.30) | &nbsp;&nbsp;&nbsp; (2.38) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Small Cap Power Buffer ETF - February  | Innovator U.S. Small Cap Power Buffer ETF - February  | Innovator U.S. Small Cap Power Buffer ETF - February  | Innovator U.S. Small Cap Power Buffer ETF - February  | Innovator U.S. Small Cap Power Buffer ETF - February  | Innovator U.S. Small Cap Power Buffer ETF - February  | Innovator U.S. Small Cap Power Buffer ETF - February  |
| 4/30/2025<sup>(f)(r)</sup> | $25.17 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (1.72) | &nbsp;&nbsp;&nbsp; (1.76) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Small Cap Power Buffer ETF - January  | Innovator U.S. Small Cap Power Buffer ETF - January  | Innovator U.S. Small Cap Power Buffer ETF - January  | Innovator U.S. Small Cap Power Buffer ETF - January  | Innovator U.S. Small Cap Power Buffer ETF - January  | Innovator U.S. Small Cap Power Buffer ETF - January  | Innovator U.S. Small Cap Power Buffer ETF - January  |
| 4/30/2025<sup>(f)</sup> | $36.81 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; (1.35) | &nbsp;&nbsp;&nbsp; (1.49) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $29.59 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;7.47 | &nbsp;&nbsp;&nbsp;&nbsp;7.20 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $30.28 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp; (0.71) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $31.76 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (1.26) | &nbsp;&nbsp;&nbsp; (1.50) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $26.18 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;5.78 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020<sup>(m)</sup> | $26.70 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp; (0.57) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Small Cap Power Buffer ETF - July  | Innovator U.S. Small Cap Power Buffer ETF - July  | Innovator U.S. Small Cap Power Buffer ETF - July  | Innovator U.S. Small Cap Power Buffer ETF - July  | Innovator U.S. Small Cap Power Buffer ETF - July  | Innovator U.S. Small Cap Power Buffer ETF - July  | Innovator U.S. Small Cap Power Buffer ETF - July  |
| 4/30/2025<sup>(f)</sup> | $28.94 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; (1.23) | &nbsp;&nbsp;&nbsp; (1.34) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $24.12 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $24.48 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $26.70 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (2.03) | &nbsp;&nbsp;&nbsp; (2.23) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $23.91 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020<sup>(dd)</sup> | $23.07 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Small Cap Power Buffer ETF - June  | Innovator U.S. Small Cap Power Buffer ETF - June  | Innovator U.S. Small Cap Power Buffer ETF - June  | Innovator U.S. Small Cap Power Buffer ETF - June  | Innovator U.S. Small Cap Power Buffer ETF - June  | Innovator U.S. Small Cap Power Buffer ETF - June  | Innovator U.S. Small Cap Power Buffer ETF - June  |
| 4/30/2025<sup>(f)</sup> | $26.46 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; (1.25) | &nbsp;&nbsp;&nbsp; (1.35) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(ee)</sup> | $25.32 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Small Cap Power Buffer ETF - March  | Innovator U.S. Small Cap Power Buffer ETF - March  | Innovator U.S. Small Cap Power Buffer ETF - March  | Innovator U.S. Small Cap Power Buffer ETF - March  | Innovator U.S. Small Cap Power Buffer ETF - March  | Innovator U.S. Small Cap Power Buffer ETF - March  | Innovator U.S. Small Cap Power Buffer ETF - March  |
| 4/30/2025<sup>(f)(t)</sup> | $25.56 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp; (1.10) | &nbsp;&nbsp;&nbsp; (1.13) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Small Cap Power Buffer ETF - May  | Innovator U.S. Small Cap Power Buffer ETF - May  | Innovator U.S. Small Cap Power Buffer ETF - May  | Innovator U.S. Small Cap Power Buffer ETF - May  | Innovator U.S. Small Cap Power Buffer ETF - May  | Innovator U.S. Small Cap Power Buffer ETF - May  | Innovator U.S. Small Cap Power Buffer ETF - May  |
| 4/30/2025<sup>(f)(u)</sup> | $24.75 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Small Cap Power Buffer ETF - November  | Innovator U.S. Small Cap Power Buffer ETF - November  | Innovator U.S. Small Cap Power Buffer ETF - November  | Innovator U.S. Small Cap Power Buffer ETF - November  | Innovator U.S. Small Cap Power Buffer ETF - November  | Innovator U.S. Small Cap Power Buffer ETF - November  | Innovator U.S. Small Cap Power Buffer ETF - November  |
| 4/30/2025<sup>(f)</sup> | $25.06 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; (0.96) | &nbsp;&nbsp;&nbsp; (1.06) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(v)</sup> | $25.07 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator U.S. Small Cap Power Buffer ETF - October  | Innovator U.S. Small Cap Power Buffer ETF - October  | Innovator U.S. Small Cap Power Buffer ETF - October  | Innovator U.S. Small Cap Power Buffer ETF - October  | Innovator U.S. Small Cap Power Buffer ETF - October  | Innovator U.S. Small Cap Power Buffer ETF - October  | Innovator U.S. Small Cap Power Buffer ETF - October  |
| 4/30/2025<sup>(f)</sup> | $30.09 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; (1.10) | &nbsp;&nbsp;&nbsp; (1.22) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024 | $24.66 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;5.64 | &nbsp;&nbsp;&nbsp;&nbsp;5.42 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2023 | $25.37 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp; (0.72) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2022 | $27.65 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (2.10) | &nbsp;&nbsp;&nbsp; (2.30) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2021 | $24.08 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2020 | $24.71 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (0.20)  |
| Innovator U.S. Small Cap Power Buffer ETF - September  | Innovator U.S. Small Cap Power Buffer ETF - September  | Innovator U.S. Small Cap Power Buffer ETF - September  | Innovator U.S. Small Cap Power Buffer ETF - September  | Innovator U.S. Small Cap Power Buffer ETF - September  | Innovator U.S. Small Cap Power Buffer ETF - September  | Innovator U.S. Small Cap Power Buffer ETF - September  |
| 4/30/2025<sup>(f)</sup> | $25.32 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; (0.95) | &nbsp;&nbsp;&nbsp; (1.05) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| 10/31/2024<sup>(x)</sup> | $25.33 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly  | Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly  | Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly  | Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly  | Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly  | Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly  | Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly  |
| 4/30/2025<sup>(f)(ss)</sup> | $25.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp; (2.01) | &nbsp;&nbsp;&nbsp; (1.86) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

See footnote definitions on page 438.

The accompanying notes are an integral part of these financial statements.

436<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  | **Supplemental Data and Ratios:**  |
| <br>**ETF** <br>**Transaction** <br>**Fees Per** <br>**Share**  | <br>**Net** <br>**Asset Value,** <br>**End of Period**  | <br>**Total Return<sup>(c)</sup>**  | **Net Assets,** <br>**End of Period** <br>**(In Thousands)**  | **Ratio of** <br>**Expense to** <br>**Average Net** <br>**Assets<sup>(d)</sup>**  | **Ratio of** <br>**Net** <br>**Investment** <br>**Income** <br>(Loss) to <br>**Average** <br>**Net Assets<sup>(d)</sup>**  | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)(e)</sup>**  |
| 0.01 | &nbsp;&nbsp;&nbsp; $22.59 | &nbsp;&nbsp;&nbsp;&nbsp; -9.47% | &nbsp;&nbsp; $48002 | &nbsp;&nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp;&nbsp; (0.76)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $23.42 | &nbsp;&nbsp;&nbsp;&nbsp; -6.92% | &nbsp;&nbsp; $24007 | &nbsp;&nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp;&nbsp; (0.76)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $35.32 | &nbsp;&nbsp;&nbsp;&nbsp; -4.05% | &nbsp;&nbsp; $297587 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $36.81 | &nbsp;&nbsp;&nbsp;&nbsp; 24.40% | &nbsp;&nbsp; $401272 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $29.59 | &nbsp;&nbsp;&nbsp;&nbsp; -2.28% | &nbsp;&nbsp; $140565 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $30.28 | &nbsp;&nbsp;&nbsp;&nbsp; -4.65% | &nbsp;&nbsp; $79491 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.04 | &nbsp;&nbsp;&nbsp; $31.76 | &nbsp;&nbsp;&nbsp;&nbsp; 21.31% | &nbsp;&nbsp; $84958 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.05 | &nbsp;&nbsp;&nbsp; $26.18 | &nbsp;&nbsp;&nbsp;&nbsp; -1.95% | &nbsp;&nbsp; $165588 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $27.60 | &nbsp;&nbsp;&nbsp;&nbsp; -4.62% | &nbsp;&nbsp; $111774 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $28.94 | &nbsp;&nbsp;&nbsp;&nbsp; 19.95% | &nbsp;&nbsp; $154808 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $24.12 | &nbsp;&nbsp;&nbsp;&nbsp; -1.45% | &nbsp;&nbsp; $183345 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $24.48 | &nbsp;&nbsp;&nbsp;&nbsp; -8.30% | &nbsp;&nbsp; $78335 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $26.70 | &nbsp;&nbsp;&nbsp;&nbsp; 11.64% | &nbsp;&nbsp; $74083 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $23.91 | &nbsp;&nbsp;&nbsp;&nbsp; 3.66% | &nbsp;&nbsp; $23316 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $25.12 | &nbsp;&nbsp;&nbsp;&nbsp; -5.07% | &nbsp;&nbsp; $19466 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $26.46 | &nbsp;&nbsp;&nbsp;&nbsp; 4.53% | &nbsp;&nbsp; $10583 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $24.44 | &nbsp;&nbsp;&nbsp;&nbsp; -4.35% | &nbsp;&nbsp; $10998 | &nbsp;&nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp;&nbsp; (0.75)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
|  | &nbsp;&nbsp;&nbsp; $24.74 | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; $1237 | &nbsp;&nbsp;&nbsp;&nbsp; —%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $24.01 | &nbsp;&nbsp;&nbsp;&nbsp; -4.21% | &nbsp;&nbsp; $17406 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
|  | &nbsp;&nbsp;&nbsp; $25.06 | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; $1253 | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $28.87 | &nbsp;&nbsp;&nbsp;&nbsp; -4.05% | &nbsp;&nbsp; $102501 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $30.09 | &nbsp;&nbsp;&nbsp;&nbsp; 22.01% | &nbsp;&nbsp; $148209 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $24.66 | &nbsp;&nbsp;&nbsp;&nbsp; -2.77% | &nbsp;&nbsp; $65979 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.78)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $25.37 | &nbsp;&nbsp;&nbsp;&nbsp; -8.24% | &nbsp;&nbsp; $72937 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $27.65 | &nbsp;&nbsp;&nbsp;&nbsp; 14.79% | &nbsp;&nbsp; $36632 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $24.08 | &nbsp;&nbsp;&nbsp;&nbsp; -1.73% | &nbsp;&nbsp; $48170 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.00<sup>(k)</sup> | &nbsp;&nbsp;&nbsp; $24.27 | &nbsp;&nbsp;&nbsp;&nbsp; -4.15% | &nbsp;&nbsp; $12133 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.01 | &nbsp;&nbsp;&nbsp; $25.32 | &nbsp;&nbsp;&nbsp;&nbsp; -0.02% | &nbsp;&nbsp; $18988 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; (0.75)% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| 0.02 | &nbsp;&nbsp;&nbsp; $23.51 | &nbsp;&nbsp;&nbsp;&nbsp; -7.24% | &nbsp;&nbsp; $9406 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 2.85% | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

The accompanying notes are an integral part of these financial statements.

437<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**FINANCIAL HIGHLIGHTS(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(f)</sup> Unaudited.

<sup>(g)</sup> Inception date of the Fund was August 17, 2020.

<sup>(h)</sup> Amount represents less than 0.005%.

<sup>(i)</sup> Inception date of the Fund was June 30, 2021.

<sup>(j)</sup> Inception date of the Fund was June 28, 2024.

<sup>(k)</sup> Amount represents less than $0.005 per share.

<sup>(l)</sup> Inception date of the Fund was March 31, 2021.

<sup>(m)</sup> Inception date of the Fund was December 31, 2019.

<sup>(n)</sup> Inception date of the Fund was September 30, 2021.

<sup>(o)</sup> Inception date of the Fund was March 31, 2025.

<sup>(p)</sup> Inception date of the Fund was July 31, 2024.

<sup>(q)</sup> Inception date of the Fund was November 29, 2024.

<sup>(r)</sup> Inception date of the Fund was January 31, 2025.

<sup>(s)</sup> Inception date of the Fund was December 31, 2024.

<sup>(t)</sup> Inception date of the Fund was February 28, 2025.

<sup>(u)</sup> Inception date of the Fund was April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(v)</sup> Inception date of the Fund was October 31, 2024.

<sup>(w)</sup> Inception date of the Fund was September 30, 2024.

<sup>(x)</sup> Inception date of the Fund was August 30, 2024.

<sup>(y)</sup> Inception date of the Fund was March 28, 2024.

<sup>(z)</sup> Inception date of the Fund was December 29, 2023.

<sup>(aa)</sup> Inception date of the Fund was July 17, 2023.

<sup>(bb)</sup> Inception date of the Fund was December 31, 2021.

<sup>(cc)</sup> Inception date of the Fund was March 31, 2020.

<sup>(dd)</sup> Inception date of the Fund was June 30, 2020.

<sup>(ee)</sup> Inception date of the Fund was May 31, 2024.

<sup>(ff)</sup> Inception date of the Fund was November 30, 2023.

<sup>(gg)</sup> Inception date of the Fund was January 31, 2024.

<sup>(hh)</sup> Inception date of the Fund was February 29, 2024.

<sup>(ii)</sup> Inception date of the Fund was April 30, 2024.

<sup>(jj)</sup> Inception date of the Fund was October 31, 2023.

<sup>(kk)</sup> Inception date of the Fund was August 31, 2023.

<sup>(ll)</sup> Inception date of the Fund was June 30, 2023.

<sup>(mm)</sup> Inception date of the Fund was September 29, 2023.

<sup>(nn)</sup> Inception date of the Fund was March 31, 2023.

<sup>(oo)</sup> Inception date of the Fund was November 29, 2019.

<sup>(pp)</sup> Inception date of the Fund was January 31, 2020.

<sup>(qq)</sup> Inception date of the Fund was February 28, 2020.

<sup>(rr)</sup> Inception date of the Fund was April 30, 2020.

<sup>(ss)</sup> Inception date of the Fund was February 5, 2025.

The accompanying notes are an integral part of these financial statements.

438<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)** 

1. ORGANIZATION

Innovator ETFs Trust (the "Trust") was organized under Delaware law as a Delaware statutory trust on October 17, 2007, and is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. The Trust currently consists of multiple operational series, of which one hundred forty are covered in this report, collectively the ("Funds"):

---

| | | | |
|:---|:---|:---|:---|
| **Name**  | **Ticker**  | **Commencement of** <br>**Operations**  | **Tracking Fund**  |
| Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly  | TFJL  | August 17, 2020  | iShares 20+ Year Treasury Bond ETF  |
| Innovator 20+ Year Treasury Bond 9 Buffer ETF - July  | TBJL  | August 17, 2020  | iShares 20+ Year Treasury Bond ETF  |
| Innovator Defined Wealth Shield ETF  | BALT  | June 30, 2021  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Emerging Markets 10 Buffer ETF - Quarterly  | EBUF  | June 28, 2024  | iShares MSCI Emerging Markets ETF  |
| Innovator Emerging Markets Power Buffer ETF - April  | EAPR  | March 31, 2021  | iShares MSCI Emerging Markets ETF  |
| Innovator Emerging Markets Power Buffer ETF - January  | EJAN  | December 31, 2019  | iShares MSCI Emerging Markets ETF  |
| Innovator Emerging Markets Power Buffer ETF - July  | EJUL  | June 28, 2019  | iShares MSCI Emerging Markets ETF  |
| Innovator Emerging Markets Power Buffer ETF - October  | EOCT  | September 30, 2021  | iShares MSCI Emerging Markets ETF  |
| Innovator Equity Defined Protection ETF - 1 Yr April  | ZAPR  | March 31, 2025  | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 1 Yr August  | ZAUG  | July 31, 2024  | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 1 Yr December  | ZDEK  | November 29, 2024  | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 1 Yr February  | ZFEB  | January 31, 2025  | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 1 Yr January  | ZJAN  | December 31, 2024  | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 1 Yr July  | ZJUL  | June 28, 2024  | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 1 Yr March  | ZMAR  | February 28, 2025  | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 1 Yr May  | ZMAY  | April 30, 2025  | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 1 Yr November  | ZNOV  | October 31, 2024  | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 1 Yr October  | ZOCT  | September 30, 2024  | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 1 Yr September  | ZSEP  | August 30, 2024  | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 2 Yr to April 2026  | AAPR  | March 28, 2024  | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 2 Yr to April 2027  | TAPR  | March 31, 2025  | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 2 Yr to January 2026  | AJAN  | December 29, 2023  | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 2 Yr to January 2027  | TJAN  | December 31, 2024  | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 2 Yr to July 2025  | TJUL  | July 17, 2023  | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 2 Yr to July 2026  | AJUL  | June 28, 2024  | S&P 500<sup>®</sup> Index  |
|  Innovator Equity Defined Protection ETF - 2 Yr to October 2026  | AOCT  | September 30, 2024  | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct  | APOC  | September 30, 2024  | S&P 500<sup>®</sup> Index  |
| Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul  | JAJL  | June 28, 2024  | S&P 500<sup>®</sup> Index  |
| Innovator Growth Accelerated ETF - Quarterly  | XDQQ  | March 31, 2021  | Invesco QQQ Trust  |
| Innovator Growth Accelerated Plus ETF - April  | QTAP  | March 31, 2021  | Invesco QQQ Trust  |
| Innovator Growth Accelerated Plus ETF - January  | QTJA  | December 31, 2021  | Invesco QQQ Trust  |
| Innovator Growth Accelerated Plus ETF - July  | QTJL  | June 30, 2021  | Invesco QQQ Trust  |
| Innovator Growth Accelerated Plus ETF - October  | QTOC  | September 30, 2021  | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - April  | NAPR  | March 31, 2020  | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - August  | NAUG  | July 31, 2024  | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - December  | NDEC  | November 29, 2024  | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - February  | NFEB  | January 31, 2025  | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - January  | NJAN  | December 31, 2019  | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - July  | NJUL  | June 30, 2020  | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - June  | NJUN  | May 31, 2024  | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - March  | NMAR  | February 28, 2025  | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - May  | NMAY  | April 30, 2025  | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - November  | NNOV  | October 31, 2024  | Invesco QQQ Trust  |
| Innovator Growth-100 Power Buffer ETF - October  | NOCT  | September 30, 2019  | Invesco QQQ Trust  |

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**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Name**  | **Ticker**  | **Commencement of** <br>**Operations**  | **Tracking Fund**  |
| Innovator Growth-100 Power Buffer ETF - September  | NSEP  | August 30, 2024  | Invesco QQQ Trust  |
| Innovator International Developed 10 Buffer ETF - Quarterly  | IBUF  | June 28, 2024  | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - April  | IAPR  | March 31, 2021  | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - August  | IAUG  | July 31, 2024  | iShares MSCI EAFE ETF  |
|  Innovator International Developed Power Buffer ETF - December  | IDEC  | November 30, 2023  | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - February  | IFEB  | January 31, 2024  | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - January  | IJAN  | December 31, 2019  | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - July  | IJUL  | June 28, 2019  | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - June  | IJUN  | May 31, 2024  | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - March  | IMAR  | February 29, 2024  | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - May  | IMAY  | April 30, 2024  | iShares MSCI EAFE ETF  |
|  Innovator International Developed Power Buffer ETF - November  | INOV  | October 31, 2023  | iShares MSCI EAFE ETF  |
| Innovator International Developed Power Buffer ETF - October  | IOCT  | September 30, 2021  | iShares MSCI EAFE ETF  |
|  Innovator International Developed Power Buffer ETF - September  | ISEP  | August 31, 2023  | iShares MSCI EAFE ETF  |
| Innovator Nasdaq-100 10 Buffer ETF - Quarterly  | QBUF  | June 28, 2024  | Nasdaq-100 Index  |
| Innovator Premium Income 10 Barrier ETF - July  | JULD  | June 30, 2023  | S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 10 Barrier ETF - October  | OCTD  | September 29, 2023  | S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 15 Buffer ETF - April  | LAPR  | March 28, 2024  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Premium Income 15 Buffer ETF - January  | LJAN  | December 29, 2023  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Premium Income 15 Buffer ETF - July  | LJUL  | June 28, 2024  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Premium Income 15 Buffer ETF - October  | LOCT  | September 29, 2023  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Premium Income 20 Barrier ETF - April  | APRH  | March 31, 2023  | S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 20 Barrier ETF - January  | JANH  | December 29, 2023  | S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 20 Barrier ETF - July  | JULH  | June 30, 2023  | S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 20 Barrier ETF - October  | OCTH  | September 29, 2023  | S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 30 Barrier ETF - April  | APRJ  | March 31, 2023  | S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 30 Barrier ETF - January  | JANJ  | December 29, 2023  | S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 30 Barrier ETF - July  | JULJ  | June 30, 2023  | S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 30 Barrier ETF - October  | OCTJ  | September 29, 2023  | S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 40 Barrier ETF - July  | JULQ  | June 30, 2023  | S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 40 Barrier ETF - October  | OCTQ  | September 29, 2023  | S&P 500<sup>®</sup> Index  |
| Innovator Premium Income 9 Buffer ETF - July  | HJUL  | June 28, 2024  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Premium Income 9 Buffer ETF - October  | HOCT  | September 29, 2023  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity 10 Buffer ETF - Quarterly  | ZALT  | September 29, 2023  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly  | EALT  | September 29, 2023  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - April  | XBAP  | March 31, 2021  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - January  | XBJA  | December 31, 2021  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - July  | XBJL  | June 30, 2021  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - October  | XBOC  | September 30, 2021  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated ETF - July  | XDJL  | June 30, 2021  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated ETF - October  | XDOC  | September 30, 2021  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated ETF - Quarterly  | XDSQ  | March 31, 2021  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated Plus ETF - April  | XTAP  | March 31, 2021  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated Plus ETF - January  | XTJA  | December 31, 2021  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated Plus ETF - July  | XTJL  | June 30, 2021  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Accelerated Plus ETF - October  | XTOC  | September 30, 2021  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - April  | BAPR  | March 29, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - August  | BAUG  | July 31, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |

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**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Name**  | **Ticker**  | **Commencement of** <br>**Operations**  | **Tracking Fund**  |
| Innovator U.S. Equity Buffer ETF - December  | BDEC  | November 29, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - February  | BFEB  | January 31, 2020  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - January  | BJAN  | December 31, 2018  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - July  | BJUL  | August 28, 2018  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - June  | BJUN  | May 31, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - March  | BMAR  | February 28, 2020  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - May  | BMAY  | April 30, 2020  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - November  | BNOV  | October 31, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - October  | BOCT  | September 28, 2018  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Buffer ETF - September  | BSEP  | August 30, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - April  | PAPR  | March 29, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - July  | PJUL  | August 7, 2018  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - June  | PJUN  | May 31, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - October  | POCT  | September 28, 2018  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - August  | PAUG  | July 31, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - December  | PDEC  | November 29, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - February  | PFEB  | January 31, 2020  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - January  | PJAN  | December 31, 2018  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - March  | PMAR  | February 28, 2020  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - May  | PMAY  | April 30, 2020  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - November  | PNOV  | October 31, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Power Buffer ETF - September  | PSEP  | August 30, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - April  | UAPR  | March 29, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - August  | UAUG  | July 31, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - December  | UDEC  | November 29, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - February  | UFEB  | January 31, 2020  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - January  | UJAN  | December 31, 2018  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - July  | UJUL  | August 7, 2018  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - June  | UJUN  | May 31, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - March  | UMAR  | February 28, 2020  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - May  | UMAY  | April 30, 2020  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - November  | UNOV  | October 31, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - October  | UOCT  | September 28, 2018  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Equity Ultra Buffer ETF - September  | USEP  | August 30, 2019  | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator U.S. Small Cap 10 Buffer ETF - Quarterly  | RBUF  | June 28, 2024  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - April  | KAPR  | March 31, 2020  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - August  | KAUG  | July 31, 2024  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - December  | KDEC  | November 29, 2024  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - February  | KFEB  | January 31, 2025  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - January  | KJAN  | December 31, 2019  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - July  | KJUL  | June 30, 2020  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - June  | KJUN  | May 31, 2024  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - March  | KMAR  | February 28, 2025  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - May  | KMAY  | April 30, 2025  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - November  | KNOV  | October 31, 2024  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - October  | KOCT  | September 30, 2019  | iShares Russell 2000 ETF  |
| Innovator U.S. Small Cap Power Buffer ETF - September  | KSEP  | August 30, 2024  | iShares Russell 2000 ETF  |
| Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly  | QBF  | February 5, 2025  | CBOE Bitcoin U.S. ETF Index |

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**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

The operational series of the Trust covered outside of this report consist of:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Ticker** | **Commencement of** <br>**Operations** | **Tracking Index/Fund**  |
| Innovator Buffer Step-Up Strategy ETF | BSTP | March 7, 2022 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Deepwater Frontier Tech ETF | LOUP | July 24, 2018 | Loup Frontier Tech Index  |
| Innovator Equity Managed Floor ETF | SFLR | November 8, 2022 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Equity Premium Income - Daily PutWrite ETF | SPUT | March 13, 2025 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator Gradient Tactical Rotation Strategy ETF | IGTR | November 16, 2022 | S&P Global Broad Market Index  |
| Innovator Hedged Nasdaq-100 ETF | QHDG | August 19, 2024 | Nasdaq-100 Index  |
| Innovator IBD<sup>®</sup> 50 ETF | FFTY | April 8, 2015 | IBD<sup>®</sup> 50 Index  |
| Innovator IBD<sup>®</sup> Breakout Opportunities ETF | BOUT | September 12, 2018 | IBD<sup>®</sup> Breakout Stocks Index  |
| Innovator Laddered Allocation Buffer ETF | BUFB | February 8, 2022 | MerQube U.S. Large Cap Equity <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buffer Laddered Index  |
| Innovator Laddered Allocation Power Buffer ETF | BUFF | October 19, 2016 | Refinitiv Laddered Power Buffer <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategy Index  |
| Innovator Nasdaq-100 Managed Floor ETF | QFLR | January 24, 2024 | Nasdaq-100 Index  |
| Innovator Power Buffer Step-Up Strategy ETF | PSTP | March 7, 2022 | SPDR S&P 500<sup>®</sup> ETF Trust  |
| Innovator S&P Investment Grade Preferred ETF | EPRF | May 23, 2016 | S&P U.S. High Quality Preferred <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Index  |
| Innovator U.S. Small Cap Managed Floor ETF | RFLR | September 16, 2024 | Russell 2000 Index  |
| Innovator Uncapped Accelerated U.S. Equity ETF | XUSP | August 10, 2022 | SPDR S&P 500<sup>®</sup> ETF Trust |

---

The Funds are exchange traded funds that offer one class of shares, do not charge a sales load, do not have a redemption fee and currently do not charge a 12b-1 fee to their shareholders. The Innovator International Developed and Emerging Markets ETFs list and principally trade their shares on NYSE Arca ("NYSE"). QBUF lists and principally trades its shares on Nasdaq Global Market ("Nasdaq"). All other Innovator ETFs included in this report each, respectively, list and principally trade their shares on Cboe BZX Exchange, Inc. ("Cboe BZX").

Each Fund employs a specific "defined outcome strategy." Defined outcome strategies generally seek to produce pre-determined investment outcomes based upon the performance of an index or one or more underlying securities. The Funds' pre-determined outcomes ("*Outcomes*") are based upon the price performance of a benchmark index or one or more underlying exchange-traded fund (the "*Benchmark*") over a period of approximately one year or another predetermined period ("*Outcome Period*"). The Funds' investment strategy provides shareholders with participation in any gains experienced by the applicable Benchmark over the course of the Outcome Period, subject to a cap on upside returns (a "*Cap*"), and, if applicable, a predetermined buffer (a "*Buffer*") against Benchmark losses for the Outcome Period. These defined outcomes are managed by purchasing and selling call and put FLexible EXchange Options ("*FLEX Options*") to create layers within a Fund's portfolio. Each Fund's FLEX Option has the same reference asset and expiration date, with uniquely selected strike prices for the Fund's Outcome Period. Due to the customizable nature of FLEX Options that allows for specific strike prices to be selected for the same reference asset and expiration date, when each of the FLEX Options expire on the last day of the Outcome Period, the Funds are expected to achieve a Benchmark investment return with the applicable Buffer and Cap investment parameters.

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 "Financial Services – Investment Companies".

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

**Valuation: The net asset values ("NAV") of the Funds are determined as of the close of regular trading on the NYSE (normally 4:00 p.m. ET). If the NYSE closes early on a valuation day, the Funds shall determine NAV as of that time.** 

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**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

Portfolio securities generally shall be valued utilizing prices provided by independent pricing services. The Adviser, as the Trust's Valuation Designee ("Valuation Designee") is responsible for establishing valuation of portfolio securities and other instruments held by the Funds in accordance with the Trust's valuation procedures.

Common stocks, preferred stocks and other equity securities listed on any national or foreign exchange (excluding the NASDAQ National Market ("NASDAQ") and the London Stock Exchange Alternative Investment Market ("AIM")) are generally valued at the last sale price on the exchange on which they are principally traded or, for NASDAQ and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the exchange representing the principal market for such securities. Securities traded in the over-the-counter market are valued at the mean of the bid and the asked price, if available, and otherwise at their closing bid price. Redeemable securities issued by open-end investment companies shall be valued at the investment company's applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities. Fixed income securities, swaps, currency-, credit- and commodity-linked notes, and other similar instruments will be valued using a pricing service. Fixed income securities having a remaining maturity of 60 days or less when purchased will be valued at cost adjusted for amortization of premiums and accretion of discounts, provided the Valuation Designee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer specific conditions existing at the time of the determination. Deposit accounts are valued at acquisition cost. Foreign securities and other assets denominated in foreign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar as provided by the pricing service. All assets denominated in foreign currencies will be converted into U.S. dollars at the exchange rates in effect at the time of valuation. Restricted securities (with the exception of Rule 144A Securities for which market quotations are available) will normally be valued at fair value as determined by the Valuation Designee.

Exchange-traded option contracts (other than FLEX Option contracts) will be valued at the closing price in the market where such contracts are principally traded. If no closing price is available, they will be fair valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid price. OTC options are fair valued at the mean of the most recent bid and asked price, if available, and otherwise at their closing bid price. FLEX Options will be valued at a model-based price provided by the exchange on which the option is traded at the official close of that exchange's trading date. If the exchange on which the option is traded is unable to provide a model price, FLEX Options prices will be provided by backup provider Super Derivatives. Otherwise, the value of a FLEX Option will be determined by the Valuation Designee in accordance with the Trust's valuation procedures.

If no quotation can be obtained from a pricing service, then the Valuation Designee will then attempt to obtain one or more broker quotes for the security. If no quotation is available from either a pricing service or one or more brokers or if the Valuation Designee has reason to question the reliability or accuracy of a quotation supplied or the use of amortized cost, the value of any portfolio security held by the Funds for which reliable market quotations are not readily available will be determined by the Valuation Designee in a manner that most appropriately reflects fair market value of the security on the valuation date. The use of a fair valuation method may be appropriate if, for example: (i) market quotations do not accurately reflect fair value of an investment; (ii) an investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (for example, a foreign exchange or market); (iii) a trading halt closes an exchange or market early; or (iv) other events result in an exchange or market delaying its normal close.

**Fair Valuation Measurement: FASB established a framework for measuring fair value in accordance with U.S. GAAP. Under ASC Topic 820, "Fair Value Measurement" ("ASC 820"), various inputs are used in determining the value of the Funds' investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:** 

Level 1 –

Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

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**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

Level 2 –

Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 –

Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following table summarizes valuation of the Funds' investments under the fair value hierarchy levels as of April 30, 2025:

**Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $—  | $34908404  | $—  | $34908404  |
| **Total Investments**  | $—  | $34908404  | $—  | $34908404  |
| **Liabilities:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options  | $—  | $(17098)  | $—  | $(17098)  |
| **Total Investments**  | $—  | $(17098)  | $—  | $(17098) |

---

**Innovator 20+ Year Treasury Bond 9 Buffer ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $—  | $35277185  | $—  | $35277185  |
| **Total Investments** | $—  | $35277185  | $—  | $35277185  |
| **Liabilities:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $—  | $(270918)  | $—  | $(270918)  |
| **Total Investments** | $—  | $(270918)  | $—  | $(270918) |

---

444<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Defined Wealth Shield ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Assets:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $—  | $1426836240  | $—  | $1426836240  |
| **Total Investments**  | $—  | $1426836240  | $—  | $1426836240  |
| **Liabilities:** <br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options  | $—  | $(29331216)  | $—  | $(29331216)  |
| **Total Investments**  | $—  | $(29331216)  | $—  | $(29331216) |

---

**Innovator Emerging Markets 10 Buffer ETF - Quarterly** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $6085503 | $— | $6085503  |
| **Total Investments** | $— | $6085503 | $— | $6085503  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(122885) | $— | $(122885)  |
| **Total Investments** | $— | $(122885) | $— | $(122885) |

---

**Innovator Emerging Markets Power Buffer ETF - April** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $75883923 | $— | $75883923  |
| **Total Investments** | $— | $75883923 | $— | $75883923  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(3327815) | $— | $(3327815)  |
| **Total Investments** | $— | $(3327815) | $— | $(3327815) |

---

445<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Emerging Markets Power Buffer ETF - January** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $114561702 | $— | $114561702  |
| **Total Investments** | $— | $114561702 | $— | $114561702  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(4300738) | $— | $(4300738)  |
| **Total Investments** | $— | $(4300738) | $— | $(4300738) |

---

**Innovator Emerging Markets Power Buffer ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $71494114 | $— | $71494114  |
| **Total Investments** | $— | $71494114 | $— | $71494114  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(353861) | $— | $(353861)  |
| **Total Investments** | $— | $(353861) | $— | $(353861) |

---

**Innovator Emerging Markets Power Buffer ETF - October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $62161056 | $— | $62161056  |
| **Total Investments** | $— | $62161056 | $— | $62161056  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1146161) | $— | $(1146161)  |
| **Total Investments** | $— | $(1146161) | $— | $(1146161) |

---

446<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Equity Defined Protection ETF $- 1 Yr April** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $44055718 | $— | $44055718  |
| **Total Investments** | $— | $44055718 | $— | $44055718  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1887420) | $— | $(1887420)  |
| **Total Investments** | $— | $(1887420) | $— | $(1887420) |

---

**Innovator Equity Defined Protection ETF - 1 Yr August** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $73860372 | $— | $73860372  |
| **Total Investments** | $— | $73860372 | $— | $73860372  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(698637) | $— | $(698637)  |
| **Total Investments** | $— | $(698637) | $— | $(698637) |

---

**Innovator Equity Defined Protection ETF - 1 Yr December** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $168571676 | $— | $168571676  |
| **Total Investments** | $— | $168571676 | $— | $168571676  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(950677) | $— | $(950677)  |
| **Total Investments** | $— | $(950677) | $— | $(950677) |

---

447<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Equity Defined Protection ETF - 1 Yr February**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $136133341 | $— | $136133341  |
| **Total Investments** | $— | $136133341 | $— | $136133341  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1354834) | $— | $(1354834)  |
| **Total Investments** | $— | $(1354834) | $— | $(1354834) |

---

**Innovator Equity Defined Protection ETF - 1 Yr January** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $54339499 | $— | $54339499  |
| **Total Investments** | $— | $54339499 | $— | $54339499  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(761231) | $— | $(761231)  |
| **Total Investments** | $— | $(761231) | $— | $(761231) |

---

**Innovator Equity Defined Protection ETF - 1 Yr July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $113162702 | $— | $113162702  |
| **Total Investments** | $— | $113162702 | $— | $113162702  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(567263) | $— | $(567263)  |
| **Total Investments** | $— | $(567263) | $— | $(567263) |

---

448<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Equity Defined Protection ETF - 1 Yr March** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $106602469 | $— | $106602469  |
| **Total Investments** | $— | $106602469 | $— | $106602469  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1642437) | $— | $(1642437)  |
| **Total Investments** | $— | $(1642437) | $— | $(1642437) |

---

**Innovator Equity Defined Protection ETF - 1 Yr May** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $1277848 | $— | $1277848  |
| **Total Investments** | $— | $1277848 | $— | $1277848  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(68530) | $— | $(68530)  |
| **Total Investments** | $— | $(68530) | $— | $(68530) |

---

**Innovator Equity Defined Protection ETF - 1 Yr November** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $50879365 | $— | $50879365  |
| **Total Investments** | $— | $50879365 | $— | $50879365  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(865634) | $— | $(865634)  |
| **Total Investments** | $— | $(865634) | $— | $(865634) |

---

449<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Equity Defined Protection ETF - 1 Yr October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $73845217 | $— | $73845217  |
| **Total Investments** | $— | $73845217 | $— | $73845217  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(853199) | $— | $(853199)  |
| **Total Investments** | $— | $(853199) | $— | $(853199) |

---

**Innovator Equity Defined Protection ETF - 1 Yr September** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $82409972 | $— | $82409972  |
| **Total Investments** | $— | $82409972 | $— | $82409972  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(909773) | $— | $(909773)  |
| **Total Investments** | $— | $(909773) | $— | $(909773) |

---

**Innovator Equity Defined Protection ETF - 2 Yr to April 2026** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $62012226 | $— | $62012226  |
| **Total Investments** | $— | $62012226 | $— | $62012226  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2005142) | $— | $(2005142)  |
| **Total Investments** | $— | $(2005142) | $— | $(2005142) |

---

450<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Equity Defined Protection ETF - 2 Yr to April 2027** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $5771913 | $— | $5771913  |
| **Total Investments** | $— | $5771913 | $— | $5771913  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(289421) | $— | $(289421)  |
| **Total Investments** | $— | $(289421) | $— | $(289421) |

---

**Innovator Equity Defined Protection ETF - 2 Yr to January 2026** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $53491919 | $— | $53491919  |
| **Total Investments** | $— | $53491919 | $— | $53491919  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(4388135) | $— | $(4388135)  |
| **Total Investments** | $— | $(4388135) | $— | $(4388135) |

---

**Innovator Equity Defined Protection ETF - 2 Yr to January 2027** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $55206851 | $— | $55206851  |
| **Total Investments** | $— | $55206851 | $— | $55206851  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1298083) | $— | $(1298083)  |
| **Total Investments** | $— | $(1298083) | $— | $(1298083) |

---

451<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Equity Defined Protection ETF - 2 Yr to July 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $170486160 | $— | $170486160  |
| **Total Investments** | $— | $170486160 | $— | $170486160  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(12682800) | $— | $(12682800)  |
| **Total Investments** | $— | $(12682800) | $— | $(12682800) |

---

**Innovator Equity Defined Protection ETF - 2 Yr to July 2026** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $69147755 | $— | $69147755  |
| **Total Investments** | $— | $69147755 | $— | $69147755  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1799390) | $— | $(1799390)  |
| **Total Investments** | $— | $(1799390) | $— | $(1799390) |

---

**Innovator Equity Defined Protection ETF - 2 Yr to October 2026** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $87262562 | $— | $87262562  |
| **Total Investments** | $— | $87262562 | $— | $87262562  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2746803) | $— | $(2746803)  |
| **Total Investments** | $— | $(2746803) | $— | $(2746803) |

---

452<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $75329185 | $— | $75329185  |
| **Total Investments** | $— | $75329185 | $— | $75329185  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2509444) | $— | $(2509444)  |
| **Total Investments** | $— | $(2509444) | $— | $(2509444) |

---

**Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $246678442 | $— | $246678442  |
| **Total Investments** | $— | $246678442 | $— | $246678442  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(518830) | $— | $(518830)  |
| **Total Investments** | $— | $(518830) | $— | $(518830) |

---

**Innovator Growth Accelerated ETF - Quarterly** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $35578236 | $— | $35578236  |
| **Total Investments** | $— | $35578236 | $— | $35578236  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1745025) | $— | $(1745025)  |
| **Total Investments** | $— | $(1745025) | $— | $(1745025) |

---

453<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Growth Accelerated Plus ETF - April** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $17768431 | $— | $17768431  |
| **Total Investments** | $— | $17768431 | $— | $17768431  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(3527893) | $— | $(3527893)  |
| **Total Investments** | $— | $(3527893) | $— | $(3527893) |

---

**Innovator Growth Accelerated Plus ETF - January** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $15440739 | $— | $15440739  |
| **Total Investments** | $— | $15440739 | $— | $15440739  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1227803) | $— | $(1227803)  |
| **Total Investments** | $— | $(1227803) | $— | $(1227803) |

---

**Innovator Growth Accelerated Plus ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $12806058 | $— | $12806058  |
| **Total Investments** | $— | $12806058 | $— | $12806058  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(422241) | $— | $(422241)  |
| **Total Investments** | $— | $(422241) | $— | $(422241) |

---

454<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Growth Accelerated Plus ETF - October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $15079462 | $— | $15079462  |
| **Total Investments** | $— | $15079462 | $— | $15079462  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1159896) | $— | $(1159896)  |
| **Total Investments** | $— | $(1159896) | $— | $(1159896) |

---

**Innovator Growth-100 Power Buffer ETF - April** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $254123161 | $— | $254123161  |
| **Total Investments** | $— | $254123161 | $— | $254123161  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(18872849) | $— | $(18872849)  |
| **Total Investments** | $— | $(18872849) | $— | $(18872849) |

---

**Innovator Growth-100 Power Buffer ETF - August** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $19042225 | $— | $19042225  |
| **Total Investments** | $— | $19042225 | $— | $19042225  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(299761) | $— | $(299761)  |
| **Total Investments** | $— | $(299761) | $— | $(299761) |

---

455<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Growth-100 Power Buffer ETF - December** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $78464583 | $— | $78464583  |
| **Total Investments** | $— | $78464583 | $— | $78464583  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(3386550) | $— | $(3386550)  |
| **Total Investments** | $— | $(3386550) | $— | $(3386550) |

---

**Innovator Growth-100 Power Buffer ETF - February** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $50987051 | $— | $50987051  |
| **Total Investments** | $— | $50987051 | $— | $50987051  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2772851) | $— | $(2772851)  |
| **Total Investments** | $— | $(2772851) | $— | $(2772851) |

---

**Innovator Growth-100 Power Buffer ETF - January** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $288862788 | $— | $288862788  |
| **Total Investments** | $— | $288862788 | $— | $288862788  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(13892277) | $— | $(13892277)  |
| **Total Investments** | $— | $(13892277) | $— | $(13892277) |

---

456<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Growth-100 Power Buffer ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $202156953 | $— | $202156953  |
| **Total Investments** | $— | $202156953 | $— | $202156953  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1696113) | $— | $(1696113)  |
| **Total Investments** | $— | $(1696113) | $— | $(1696113) |

---

**Innovator Growth-100 Power Buffer ETF - June** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $39786462 | $— | $39786462  |
| **Total Investments** | $— | $39786462 | $— | $39786462  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(112115) | $— | $(112115)  |
| **Total Investments** | $— | $(112115) | $— | $(112115) |

---

**Innovator Growth-100 Power Buffer ETF - March** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $35073000 | $— | $35073000  |
| **Total Investments** | $— | $35073000 | $— | $35073000  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2034450) | $— | $(2034450)  |
| **Total Investments** | $— | $(2034450) | $— | $(2034450) |

---

457<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Growth-100 Power Buffer ETF - May** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $1319136 | $— | $1319136  |
| **Total Investments** | $— | $1319136 | $— | $1319136  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(95758) | $— | $(95758)  |
| **Total Investments** | $— | $(95758) | $— | $(95758) |

---

**Innovator Growth-100 Power Buffer ETF - November** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $26697671 | $— | $26697671  |
| **Total Investments** | $— | $26697671 | $— | $26697671  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(955046) | $— | $(955046)  |
| **Total Investments** | $— | $(955046) | $— | $(955046) |

---

**Innovator Growth-100 Power Buffer ETF - October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $156110395 | $— | $156110395  |
| **Total Investments** | $— | $156110395 | $— | $156110395  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(4729599) | $— | $(4729599)  |
| **Total Investments** | $— | $(4729599) | $— | $(4729599) |

---

458<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Growth-100 Power Buffer ETF - September** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $28842302 | $— | $28842302  |
| **Total Investments** | $— | $28842302 | $— | $28842302  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(692417) | $— | $(692417)  |
| **Total Investments** | $— | $(692417) | $— | $(692417) |

---

**Innovator International Developed 10 Buffer ETF - Quarterly** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $24053864 | $— | $24053864  |
| **Total Investments** | $— | $24053864 | $— | $24053864  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(513862) | $— | $(513862)  |
| **Total Investments** | $— | $(513862) | $— | $(513862) |

---

**Innovator International Developed Power Buffer ETF - April** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $247799703 | $— | $247799703  |
| **Total Investments** | $— | $247799703 | $— | $247799703  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(9316968) | $— | $(9316968)  |
| **Total Investments** | $— | $(9316968) | $— | $(9316968) |

---

459<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator International Developed Power Buffer ETF - August** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $17041783 | $— | $17041783  |
| **Total Investments** | $— | $17041783 | $— | $17041783  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(140896) | $— | $(140896)  |
| **Total Investments** | $— | $(140896) | $— | $(140896) |

---

**Innovator International Developed Power Buffer ETF - December** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $22586974 | $— | $22586974  |
| **Total Investments** | $— | $22586974 | $— | $22586974  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(456397) | $— | $(456397)  |
| **Total Investments** | $— | $(456397) | $— | $(456397) |

---

**Innovator International Developed Power Buffer ETF - February** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $28832068 | $— | $28832068  |
| **Total Investments** | $— | $28832068 | $— | $28832068  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(971681) | $— | $(971681)  |
| **Total Investments** | $— | $(971681) | $— | $(971681) |

---

460<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator International Developed Power Buffer ETF - January** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $209682391 | $— | $209682391  |
| **Total Investments** | $— | $209682391 | $— | $209682391  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(6538773) | $— | $(6538773)  |
| **Total Investments** | $— | $(6538773) | $— | $(6538773) |

---

**Innovator International Developed Power Buffer ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $143923545 | $— | $143923545  |
| **Total Investments** | $— | $143923545 | $— | $143923545  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(471025) | $— | $(471025)  |
| **Total Investments** | $— | $(471025) | $— | $(471025) |

---

**Innovator International Developed Power Buffer ETF - June** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $30077457 | $— | $30077457  |
| **Total Investments** | $— | $30077457 | $— | $30077457  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(15922) | $— | $(15922)  |
| **Total Investments** | $— | $(15922) | $— | $(15922) |

---

461<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator International Developed Power Buffer ETF - March** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $41523589 | $— | $41523589  |
| **Total Investments** | $— | $41523589 | $— | $41523589  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1179512) | $— | $(1179512)  |
| **Total Investments** | $— | $(1179512) | $— | $(1179512) |

---

**Innovator International Developed Power Buffer ETF - May** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $12557066 | $— | $12557066  |
| **Total Investments** | $— | $12557066 | $— | $12557066  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(422524) | $— | $(422524)  |
| **Total Investments** | $— | $(422524) | $— | $(422524) |

---

**Innovator International Developed Power Buffer ETF - November** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $14115001 | $— | $14115001  |
| **Total Investments** | $— | $14115001 | $— | $14115001  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(317206) | $— | $(317206)  |
| **Total Investments** | $— | $(317206) | $— | $(317206) |

---

462<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator International Developed Power Buffer ETF - October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $125446954 | $— | $125446954  |
| **Total Investments** | $— | $125446954 | $— | $125446954  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1629523) | $— | $(1629523)  |
| **Total Investments** | $— | $(1629523) | $— | $(1629523) |

---

**Innovator International Developed Power Buffer ETF - September** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $80311307 | $— | $80311307  |
| **Total Investments** | $— | $80311307 | $— | $80311307  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(893731) | $— | $(893731)  |
| **Total Investments** | $— | $(893731) | $— | $(893731) |

---

**Innovator Nasdaq-100 10 Buffer ETF - Quarterly** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $95733016 | $— | $95733016  |
| **Total Investments** | $— | $95733016 | $— | $95733016  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(3491167) | $— | $(3491167)  |
| **Total Investments** | $— | $(3491167) | $— | $(3491167) |

---

463<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Premium Income 10 Barrier ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $383766 | $— | $383766  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $5663930 | $— | $5663930  |
| **Total Investments** | $— | $6047696 | $— | $6047696  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(479474) | $— | $(479474)  |
| **Total Investments** | $— | $(479474) | $— | $(479474) |

---

**Innovator Premium Income 10 Barrier ETF - October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $1368934 | $— | $1368934  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $5494310 | $— | $5494310  |
| **Total Investments** | $— | $6863244 | $— | $6863244  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1633985) | $— | $(1633985)  |
| **Total Investments** | $— | $(1633985) | $— | $(1633985) |

---

**Innovator Premium Income 15 Buffer ETF - April** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $5742480 | $— | $5742480  |
| **Total Investments** | $— | $5742480 | $— | $5742480  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(165454) | $— | $(165454)  |
| **Total Investments** | $— | $(165454) | $— | $(165454) |

---

464<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Premium Income 15 Buffer ETF - January** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $13706745 | $— | $13706745  |
| **Total Investments** | $— | $13706745 | $— | $13706745  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(403631) | $— | $(403631)  |
| **Total Investments** | $— | $(403631) | $— | $(403631) |

---

**Innovator Premium Income 15 Buffer ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $2389991 | $— | $2389991  |
| **Total Investments** | $— | $2389991 | $— | $2389991  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(10401) | $— | $(10401)  |
| **Total Investments** | $— | $(10401) | $— | $(10401) |

---

**Innovator Premium Income 15 Buffer ETF - October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $19767981 | $— | $19767981  |
| **Total Investments** | $— | $19767981 | $— | $19767981  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(367291) | $— | $(367291)  |
| **Total Investments** | $— | $(367291) | $— | $(367291) |

---

465<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Premium Income 20 Barrier ETF - April** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $10981157 | $— | $10981157  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $28006032 | $— | $28006032  |
| **Total Investments** | $— | $38987189 | $— | $38987189  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(12238643) | $— | $(12238643)  |
| **Total Investments** | $— | $(12238643) | $— | (12238643) |

---

**Innovator Premium Income 20 Barrier ETF - January** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $4788681 | $— | $4788681  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $12635908 | $— | $12635908  |
| **Total Investments** | $— | $17424589 | $— | $17424589  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(5388532) | $— | $(5388532)  |
| **Total Investments** | $— | $(5388532) | $— | $(5388532) |

---

**Innovator Premium Income 20 Barrier ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $812554 | $— | $812554  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $18186272 | $— | $18186272  |
| **Total Investments** | $— | $18998826 | $— | $18998826  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(936726) | $— | $(936726)  |
| **Total Investments** | $— | $(936726) | $— | $(936726) |

---

466<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Premium Income 20 Barrier ETF - October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $4281948 | $— | $4281948  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $19423497 | $— | $19423497  |
| **Total Investments** | $— | $23705445 | $— | $23705445  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(4876700) | $— | $(4876700)  |
| **Total Investments** | $— | $(4876700) | $— | $(4876700) |

---

**Innovator Premium Income 30 Barrier ETF - April** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $12980498 | $— | $12980498  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $38982680 | $— | $38982680  |
| **Total Investments** | $— | $51963178 | $— | $51963178  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(14186942) | $— | $(14186942)  |
| **Total Investments** | $— | $(14186942) | $— | $(14186942) |

---

**Innovator Premium Income 30 Barrier ETF - January** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $5308565 | $— | $5308565  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $18180812 | $— | $18180812  |
| **Total Investments** | $— | $23489377 | $— | $23489377  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(5854251) | $— | $(5854251)  |
| **Total Investments** | $— | $(5854251) | $— | $(5854251) |

---

467<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Premium Income 30 Barrier ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $617144 | $— | $617144  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $20040682 | $— | $20040682  |
| **Total Investments** | $— | $20657826 | $— | $20657826  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(683114) | $— | $(683114)  |
| **Total Investments** | $— | $(683114) | $— | $(683114) |

---

**Innovator Premium Income 30 Barrier ETF - October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $3169653 | $— | $3169653  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $19923159 | $— | $19923159  |
| **Total Investments** | $— | $23092812 | $— | $23092812  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(3497170) | $— | $(3497170)  |
| **Total Investments** | $— | $(3497170) | $— | $(3497170) |

---

**Innovator Premium Income 40 Barrier ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $170751 | $— | $170751  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $7500230 | $— | $7500230  |
| **Total Investments** | $— | $7670981 | $— | $7670981  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(184489) | $— | $(184489)  |
| **Total Investments** | $— | $(184489) | $— | $(184489) |

---

468<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator Premium Income 40 Barrier ETF - October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $1869599 | $— | $1869599  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $15635608 | $— | $15635608  |
| **Total Investments** | $— | $17505207 | $— | $17505207  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2022886) | $— | $(2022886)  |
| **Total Investments** | $— | $(2022886) | $— | $(2022886) |

---

**Innovator Premium Income 9 Buffer ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $1196491 | $— | $1196491  |
| **Total Investments** | $— | $1196491 | $— | $1196491  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(10945) | $— | $(10945)  |
| **Total Investments** | $— | $(10945) | $— | $(10945) |

---

**Innovator Premium Income 9 Buffer ETF - October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $13234910 | $— | $13234910  |
| **Total Investments** | $— | $13234910 | $— | $13234910  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(401661) | $— | $(401661)  |
| **Total Investments** | $— | $(401661) | $— | $(401661) |

---

469<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator U.S. Equity 10 Buffer ETF - Quarterly** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $441470988 | $— | $441470988  |
| **Total Investments** | $— | $441470988 | $— | $441470988  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(10087167) | $— | $(10087167)  |
| **Total Investments** | $— | $(10087167) | $— | $(10087167) |

---

**Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $134539940 | $— | $134539940  |
| **Total Investments** | $— | $134539940 | $— | $134539940  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1483086) | $— | $(1483086)  |
| **Total Investments** | $— | $(1483086) | $— | $(1483086) |

---

**Innovator U.S. Equity Accelerated 9 Buffer ETF - April** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $270452972 | $— | $270452972  |
| **Total Investments** | $— | $270452972 | $— | $270452972  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(34070835) | $— | $(34070835)  |
| **Total Investments** | $— | $(34070835) | $— | $(34070835) |

---

470<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator U.S. Equity Accelerated 9 Buffer ETF - January** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $100993583 | $— | $100993583  |
| **Total Investments** | $— | $100993583 | $— | $100993583  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(7885546) | $— | $(7885546)  |
| **Total Investments** | $— | $(7885546) | $— | $(7885546) |

---

**Innovator U.S. Equity Accelerated 9 Buffer ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $110915036 | $— | $110915036  |
| **Total Investments** | $— | $110915036 | $— | $110915036  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(3975975) | $— | $(3975975)  |
| **Total Investments** | $— | $(3975975) | $— | $(3975975) |

---

**Innovator U.S. Equity Accelerated 9 Buffer ETF - October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $206293832 | $— | $206293832  |
| **Total Investments** | $— | $206293832 | $— | $206293832  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(11925556) | $— | $(11925556)  |
| **Total Investments** | $— | $(11925556) | $— | $(11925556) |

---

471<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator U.S. Equity Accelerated ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $4247252 | $— | $4247252  |
| **Total Investments** | $— | $4247252 | $— | $4247252  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(65249) | $— | $(65249)  |
| **Total Investments** | $— | $(65249) | $— | $(65249) |

---

**Innovator U.S. Equity Accelerated ETF - October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $2959367 | $— | $2959367  |
| **Total Investments** | $— | $2959367 | $— | $2959367  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(56810) | $— | $(56810)  |
| **Total Investments** | $— | $(56810) | $— | $(56810) |

---

**Innovator U.S. Equity Accelerated ETF - Quarterly** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $53071542 | $— | $53071542  |
| **Total Investments** | $— | $53071542 | $— | $53071542  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1279505) | $— | $(1279505)  |
| **Total Investments** | $— | $(1279505) | $— | $(1279505) |

---

472<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator U.S. Equity Accelerated Plus ETF - April** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $31788042 | $— | $31788042  |
| **Total Investments** | $— | $31788042 | $— | $31788042  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(4529046) | $— | $(4529046)  |
| **Total Investments** | $— | $(4529046) | $— | $(4529046) |

---

**Innovator U.S. Equity Accelerated Plus ETF - January** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $17713376 | $— | $17713376  |
| **Total Investments** | $— | $17713376 | $— | $17713376  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1164641) | $— | $(1164641)  |
| **Total Investments** | $— | $(1164641) | $— | $(1164641) |

---

**Innovator U.S. Equity Accelerated Plus ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $15628480 | $— | $15628480  |
| **Total Investments** | $— | $15628480 | $— | $15628480  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(824850) | $— | $(824850)  |
| **Total Investments** | $— | $(824850) | $— | $(824850) |

---

473<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator U.S. Equity Accelerated Plus ETF - October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $14142913 | $— | $14142913  |
| **Total Investments** | $— | $14142913 | $— | $14142913  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(743780) | $— | $(743780)  |
| **Total Investments** | $— | $(743780) | $— | $(743780) |

---

**Innovator U.S. Equity Buffer ETF - April** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $384613125 | $— | $384613125  |
| **Total Investments** | $— | $384613125 | $— | $384613125  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(20903103) | $— | $(20903103)  |
| **Total Investments** | $— | $(20903103) | $— | $(20903103) |

---

**Innovator U.S. Equity Buffer ETF - August** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $155899859 | $— | $155899859  |
| **Total Investments** | $— | $155899859 | $— | $155899859  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2530784) | $— | $(2530784)  |
| **Total Investments** | $— | $(2530784) | $— | $(2530784) |

---

474<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator U.S. Equity Buffer ETF - December** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $200433538 | $— | $200433538  |
| **Total Investments** | $— | $200433538 | $— | $200433538  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(9763654) | $— | $(9763654)  |
| **Total Investments** | $— | $(9763654) | $— | $(9763654) |

---

**Innovator U.S. Equity Buffer ETF - February** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $196784671 | $— | $196784671  |
| **Total Investments** | $— | $196784671 | $— | $196784671  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(10756622) | $— | $(10756622)  |
| **Total Investments** | $— | $(10756622) | $— | $(10756622) |

---

**Innovator U.S. Equity Buffer ETF - January** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $302764712 | $— | $302764712  |
| **Total Investments** | $— | $302764712 | $— | $302764712  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(14064900) | $— | $(14064900)  |
| **Total Investments** | $— | $(14064900) | $— | $(14064900) |

---

475<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator U.S. Equity Buffer ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $246001868 | $— | $246001868  |
| **Total Investments** | $— | $246001868 | $— | $246001868  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2278782) | $— | $(2278782)  |
| **Total Investments** | $— | $(2278782) | $— | $(2278782) |

---

**Innovator U.S. Equity Buffer ETF - June** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $133425091 | $— | $133425091  |
| **Total Investments** | $— | $133425091 | $— | $133425091  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(361477) | $— | $(361477)  |
| **Total Investments** | $— | $(361477) | $— | $(361477) |

---

**Innovator U.S. Equity Buffer ETF - March** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $192020069 | $— | $192020069  |
| **Total Investments** | $— | $192020069 | $— | $192020069  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(10430271) | $— | $(10430271)  |
| **Total Investments** | $— | $(10430271) | $— | $(10430271) |

---

476<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator U.S. Equity Buffer ETF - May** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $126593363 | $— | $126593363  |
| **Total Investments** | $— | $126593363 | $— | $126593363  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(7016380) | $— | $(7016380)  |
| **Total Investments** | $— | $(7016380) | $— | $(7016380) |

---

**Innovator U.S. Equity Buffer ETF - November** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $154962686 | $— | $154962686  |
| **Total Investments** | $— | $154962686 | $— | $154962686  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(5283345) | $— | $(5283345)  |
| **Total Investments** | $— | $(5283345) | $— | $(5283345) |

---

**Innovator U.S. Equity Buffer ETF - October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $239344741 | $— | $239344741  |
| **Total Investments** | $— | $239344741 | $— | $239344741  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(7590398) | $— | $(7590398)  |
| **Total Investments** | $— | $(7590398) | $— | $(7590398) |

---

477<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator U.S. Equity Buffer ETF - September** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $161293110 | $— | $161293110  |
| **Total Investments** | $— | $161293110 | $— | $161293110  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(3870900) | $— | $(3870900)  |
| **Total Investments** | $— | $(3870900) | $— | $(3870900) |

---

**Innovator U.S. Equity Power Buffer ETF - April** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $813066488 | $— | $813066488  |
| **Total Investments** | $— | $813066488 | $— | $813066488  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(42635424) | $— | $(42635424)  |
| **Total Investments** | $— | $(42635424) | $— | $(42635424) |

---

**Innovator U.S. Equity Power Buffer ETF - August** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $760585248 | $— | $760585248  |
| **Total Investments** | $— | $760585248 | $— | $760585248  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(8463744) | $— | $(8463744)  |
| **Total Investments** | $— | $(8463744) | $— | $(8463744) |

---

478<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator U.S. Equity Power Buffer ETF - December** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $1009691676 | $— | $1009691676  |
| **Total Investments** | $— | $1009691676 | $— | $1009691676  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(32384232) | $— | $(32384232)  |
| **Total Investments** | $— | $(32384232) | $— | $(32384232) |

---

**Innovator U.S. Equity Power Buffer ETF - February** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $857545003 | $— | $857545003  |
| **Total Investments** | $— | $857545003 | $— | $857545003  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(34154318) | $— | $(34154318)  |
| **Total Investments** | $— | $(34154318) | $— | $(34154318) |

---

**Innovator U.S. Equity Power Buffer ETF - January** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $1240232176 | $— | $1240232176  |
| **Total Investments** | $— | $1240232176 | $— | $1240232176  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(42370532) | $— | $(42370532)  |
| **Total Investments** | $— | $(42370532) | $— | $(42370532) |

---

479<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator U.S. Equity Power Buffer ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $853108260 | $— | $853108260  |
| **Total Investments** | $— | $853108260 | $— | $853108260  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(4537562) | $— | $(4537562)  |
| **Total Investments** | $— | $(4537562) | $— | $(4537562) |

---

**Innovator U.S. Equity Power Buffer ETF - June** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $576963808 | $— | $576963808  |
| **Total Investments** | $— | $576963808 | $— | $576963808  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1301228) | $— | $(1301228)  |
| **Total Investments** | $— | $(1301228) | $— | $(1301228) |

---

**Innovator U.S. Equity Power Buffer ETF - March** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $612135972 | $— | $612135972  |
| **Total Investments** | $— | $612135972 | $— | $612135972  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(25745480) | $— | $(25745480)  |
| **Total Investments** | $— | $(25745480) | $— | $(25745480) |

---

480<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator U.S. Equity Power Buffer ETF - May** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $513353928 | $— | $513353928  |
| **Total Investments** | $— | $513353928 | $— | $513353928  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(28451920) | $— | $(28451920)  |
| **Total Investments** | $— | $(28451920) | $— | $(28451920) |

---

**Innovator U.S. Equity Power Buffer ETF - November** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $670838802 | $— | $670838802  |
| **Total Investments** | $— | $670838802 | $— | $670838802  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(17366124) | $— | $(17366124)  |
| **Total Investments** | $— | $(17366124) | $— | $(17366124) |

---

**Innovator U.S. Equity Power Buffer ETF - October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $803861038 | $— | $803861038  |
| **Total Investments** | $— | $803861038 | $— | $803861038  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(17752642) | $— | $(17752642)  |
| **Total Investments** | $— | $(17752642) | $— | $(17752642) |

---

481<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator U.S. Equity Power Buffer ETF - September** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $695774200 | $— | $695774200  |
| **Total Investments** | $— | $695774200 | $— | $695774200  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(11579700) | $— | $(11579700)  |
| **Total Investments** | $— | $(11579700) | $— | $(11579700) |

---

**Innovator U.S. Equity Ultra Buffer ETF - April** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $153211697 | $— | $153211697  |
| **Total Investments** | $— | $153211697 | $— | $153211697  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(5236908) | $— | $(5236908)  |
| **Total Investments** | $— | $(5236908) | $— | $(5236908) |

---

**Innovator U.S. Equity Ultra Buffer ETF - August** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $145946951 | $— | $145946951  |
| **Total Investments** | $— | $145946951 | $— | $145946951  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(613923) | $— | $(613923)  |
| **Total Investments** | $— | $(613923) | $— | $(613923) |

---

482<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator U.S. Equity Ultra Buffer ETF - December** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $401309194 | $— | $401309194  |
| **Total Investments** | $— | $401309194 | $— | $401309194  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(3787300) | $— | $(3787300)  |
| **Total Investments** | $— | $(3787300) | $— | $(3787300) |

---

**Innovator U.S. Equity Ultra Buffer ETF - February** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $245350686 | $— | $245350686  |
| **Total Investments** | $— | $245350686 | $— | $245350686  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(3461052) | $— | $(3461052)  |
| **Total Investments** | $— | $(3461052) | $— | $(3461052) |

---

**Innovator U.S. Equity Ultra Buffer ETF - January** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $250497639 | $— | $250497639  |
| **Total Investments** | $— | $250497639 | $— | $250497639  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(3492919) | $— | $(3492919)  |
| **Total Investments** | $— | $(3492919) | $— | $(3492919) |

---

483<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator U.S. Equity Ultra Buffer ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $135515386 | $— | $135515386  |
| **Total Investments** | $— | $135515386 | $— | $135515386  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(239364) | $— | $(239364)  |
| **Total Investments** | $— | $(239364) | $— | $(239364) |

---

**Innovator U.S. Equity Ultra Buffer ETF - June** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $62304267 | $— | $62304267  |
| **Total Investments** | $— | $62304267 | $— | $62304267  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(57731) | $— | $(57731)  |
| **Total Investments** | $— | $(57731) | $— | $(57731) |

---

**Innovator U.S. Equity Ultra Buffer ETF - March** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $129912530 | $— | $129912530  |
| **Total Investments** | $— | $129912530 | $— | $129912530  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2312198) | $— | $(2312198)  |
| **Total Investments** | $— | $(2312198) | $— | $(2312198) |

---

484<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator U.S. Equity Ultra Buffer ETF - May** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $46817412 | $— | $46817412  |
| **Total Investments** | $— | $46817412 | $— | $46817412  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1927208) | $— | $(1927208)  |
| **Total Investments** | $— | $(1927208) | $— | $(1927208) |

---

**Innovator U.S. Equity Ultra Buffer ETF - November** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $140407724 | $— | $140407724  |
| **Total Investments** | $— | $140407724 | $— | $140407724  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1720085) | $— | $(1720085)  |
| **Total Investments** | $— | $(1720085) | $— | $(1720085) |

---

**Innovator U.S. Equity Ultra Buffer ETF - October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $207666586 | $— | $207666586  |
| **Total Investments** | $— | $207666586 | $— | $207666586  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1746872) | $— | $(1746872)  |
| **Total Investments** | $— | $(1746872) | $— | $(1746872) |

---

485<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator U.S. Equity Ultra Buffer ETF - September** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $130803108 | $— | $130803108  |
| **Total Investments** | $— | $130803108 | $— | $130803108  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(844911) | $— | $(844911)  |
| Total Investments | $— | $(844911) | $— | $(844911) |

---

**Innovator U.S. Small Cap 10 Buffer ETF - Quarterly** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $44597104 | $— | $44597104  |
| **Total Investments** | $— | $44597104 | $— | $44597104  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1161843) | $— | $(1161843)  |
| **Total Investments** | $— | $(1161843) | $— | $(1161843) |

---

**Innovator U.S. Small Cap Power Buffer ETF - April** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $196097082 | $— | $196097082  |
| **Total Investments** | $— | $196097082 | $— | $196097082  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(11787717) | $— | $(11787717)  |
| **Total Investments** | $— | $(11787717) | $— | $(11787717) |

---

486<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator U.S. Small Cap Power Buffer ETF - August** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $95649537 | $— | $95649537  |
| **Total Investments** | $— | $95649537 | $— | $95649537  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(3261289) | $— | $(3261289)  |
| **Total Investments** | $— | $(3261289) | $— | $(3261289) |

---

**Innovator U.S. Small Cap Power Buffer ETF - December** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $51848442 | $— | $51848442  |
| **Total Investments** | $— | $51848442 | $— | $51848442  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(4008094) | $— | $(4008094)  |
| **Total Investments** | $— | $(4008094) | $— | $(4008094) |

---

**Innovator U.S. Small Cap Power Buffer ETF - February** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $25578835 | $— | $25578835  |
| **Total Investments** | $— | $25578835 | $— | $25578835  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1639135) | $— | $(1639135)  |
| **Total Investments** | $— | $(1639135) | $— | $(1639135) |

---

487<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator U.S. Small Cap Power Buffer ETF - January** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $314320072 | $— | $314320072  |
| **Total Investments** | $— | $314320072 | $— | $314320072  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(17485336) | $— | $(17485336)  |
| **Total Investments** | $— | $(17485336) | $— | $(17485336) |

---

**Innovator U.S. Small Cap Power Buffer ETF - July** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $112667793 | $— | $112667793  |
| **Total Investments** | $— | $112667793 | $— | $112667793  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1154421) | $— | $(1154421)  |
| **Total Investments** | $— | $(1154421) | $— | $(1154421) |

---

**Innovator U.S. Small Cap Power Buffer ETF - June** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $19503815 | $— | $19503815  |
| **Total Investments** | $— | $19503815 | $— | $19503815  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(103967) | $— | $(103967)  |
| **Total Investments** | $— | $(103967) | $— | $(103967) |

---

488<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator U.S. Small Cap Power Buffer ETF - March** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $11631329 | $— | $11631329  |
| **Total Investments** | $— | $11631329 | $— | $11631329  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(670489) | $— | $(670489)  |
| **Total Investments** | $— | $(670489) | $— | $(670489) |

---

**Innovator U.S. Small Cap Power Buffer ETF - May** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $1323520 | $— | $1323520  |
| **Total Investments** | $— | $1323520 | $— | $1323520  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(89472) | $— | $(89472)  |
| **Total Investments** | $— | $(89472) | $— | $(89472) |

---

**Innovator U.S. Small Cap Power Buffer ETF - November** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $18131228 | $— | $18131228  |
| **Total Investments** | $— | $18131228 | $— | $18131228  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(777588) | $— | $(777588)  |
| **Total Investments** | $— | $(777588) | $— | $(777588) |

---

489<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Innovator U.S. Small Cap Power Buffer ETF - October** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $106710321 | $— | $106710321  |
| **Total Investments** | $— | $106710321 | $— | $106710321  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(4466886) | $— | $(4466886)  |
| **Total Investments** | $— | $(4466886) | $— | $(4466886) |

---

**Innovator U.S. Small Cap Power Buffer ETF - September** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $12533831 | $— | $12533831  |
| **Total Investments** | $— | $12533831 | $— | $12533831  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(438589) | $— | $(438589)  |
| **Total Investments** | $— | $(438589) | $— | $(438589) |

---

**Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $3020599 | $— | $3020599  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $6839964 | $— | $6839964  |
| **Total Investments** | $— | $9860563 | $— | $9860563  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(453151) | $— | $(453151)  |
| **Total Investments** | $— | $(453151) | $— | $(453151) |

---

There were no Level 3 investments for the Funds during the period ended April 30, 2025.

490<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Option Contracts: In general, an option contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price (commonly known as the "strike price").** 

The Funds invest primarily in FLEX Option contracts. FLEX Options are customized option contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options in which the Funds will invest are all European style options (options that are exercisable only on the expiration date). The FLEX Options are listed on the Chicago Board Options Exchange.

The Funds will purchase and sell call and put FLEX Options. In general, put options give the holder (i.e., the buyer) the right to sell an asset (or deliver the cash value of the index, in case of an index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of an index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of an index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of an index call option) at a certain defined price.

When the Funds purchase an option, an amount equal to the premium paid by the Funds are recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Funds enter into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities.

When the Funds write an option, an amount equal to the premium received by the Funds are recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Funds have realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Funds. The Funds, as writers of an option, bear the market risk of an unfavorable change in the price of the security underlying the written option.

All of the FLEX Option contracts held by the Funds are fully funded and cash settled, therefore balance sheet offsetting under U.S. GAAP does not apply.

The Funds bear the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Funds could suffer significant losses. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid market for the FLEX Options, the Funds may have difficulty closing out certain FLEX Options positions at desired times and prices. The Funds may experience substantial downside from specific FLEX Option positions and certain FLEX Option positions may expire worthless. The value of the underlying FLEX Options will be affected by, among others, changes in the value of the exchange, changes in interest rates, changes in the actual and implied volatility of the Index and the remaining time to until the FLEX Options expire. The value of the FLEX Options does not increase or decrease at the same rate as the level of the Index (although they generally move in the same direction). However, as a FLEX Option approaches its expiration date, its value typically increasingly moves with the value of the Index.

491<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

The value of derivative instruments on the Statements of Assets and Liabilities for the Funds as of April 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Asset** <br>**Derivatives** | **Liability** <br>**Derivatives**  |
|  | **Investments,** <br>**at Value** | **Options** <br>**Written,** <br>**at Value**  |
| **BALT** | $1426836240 | $(29331216)  |
| **EBUF** | 6085503 | (122885)  |
| **EAPR** | 75883923 | (3327815)  |
| **EJAN** | 114561702 | (4300738)  |
| **EJUL** | 71494114 | (353861)  |
| **EOCT** | 62161056 | (1146161)  |
| **ZAPR** | 44055718 | (1887420)  |
| **ZAUG** | 73860372 | (698637)  |
| **ZDEK** | 168571676 | (950677)  |
| **ZFEB** | 136133341 | (1354834)  |
| **ZJAN** | 54339499 | (761231)  |
| **ZJUL** | 113162702 | (567263)  |
| **ZMAR** | 106602469 | (1642437)  |
| **ZMAY** | 1277848 | (68530)  |
| **ZNOV** | 50879365 | (865634)  |
| **ZOCT** | 73845217 | (853199)  |
| **ZSEP** | 82409972 | (909773)  |
| **AAPR** | 62012226 | (2005142)  |
| **TAPR** | 5771913 | (289421)  |
| **AJAN** | 53491919 | (4388135)  |
| **TJAN** | 55206851 | (1298083)  |
| **TJUL** | 170486160 | (12682800)  |
| **AJUL** | 69147755 | (1799390)  |
| **AOCT** | 87262562 | (2746803)  |
| **APOC** | 75329185 | (2509444)  |
| **JAJL** | 246678442 | (518830)  |
| **XDQQ** | 35578236 | (1745025)  |
| **QTAP** | 17768431 | (3527893)  |
| **QTJA** | 15440739 | (1227803)  |
| **QTJL** | 12806058 | (422241)  |
| **QTOC** | 15079462 | (1159896)  |
| **NAPR** | 254123161 | (18872849)  |
| **NAUG** | 19042225 | (299761)  |
| **NDEC** | 78464583 | (3386550)  |
| **NFEB** | 50987051 | (2772851)  |
| **NJAN** | 288862788 | (13892277)  |

---

492<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Asset** <br>**Derivatives** | **Liability** <br>**Derivatives**  |
|  | **Investments,** <br>**at Value** | **Options** <br>**Written,** <br>**at Value**  |
| **NJUL** | $202156953 | $(1696113)  |
| **NJUN** | 39786462 | (112115)  |
| **NMAR** | 35073000 | (2034450)  |
| **NMAY** | 1319136 | (95758)  |
| **NNOV** | 26697671 | (955046)  |
| **NOCT** | 156110395 | (4729599)  |
| **NSEP** | 28842302 | (692417)  |
| **IBUF** | 24053864 | (513862)  |
| **IAPR** | 247799703 | (9316968)  |
| **IAUG** | 17041783 | (140896)  |
| **IDEC** | 22586974 | (456397)  |
| **IFEB** | 28832068 | (971681)  |
| **IJAN** | 209682391 | (6538773)  |
| **IJUL** | 143923545 | (471025)  |
| **IJUN** | 30077457 | (15922)  |
| **IMAR** | 41523589 | (1179512)  |
| **IMAY** | 12557066 | (422524)  |
| **INOV** | 14115001 | (317206)  |
| **IOCT** | 125446954 | (1629523)  |
| **ISEP** | 80311307 | (893731)  |
| **QBUF** | 95733016 | (3491167)  |
| **JULD** | 383766 | (479474)  |
| **OCTD** | 1368934 | (1633985)  |
| **LAPR** |  | (165454)  |
| **LJAN** |  | (403631)  |
| **LJUL** |  | (10401)  |
| **LOCT** |  | (367291)  |
| **APRH** | 10981157 | (12238643)  |
| **JANH** | 4788681 | (5388532)  |
| **JULH** | 812554 | (936726)  |
| **OCTH** | 4281948 | (4876700)  |
| **APRJ** | 12980498 | (14186942)  |
| **JANJ** | 5308565 | (5854251)  |
| **JULJ** | 617144 | (683114)  |
| **OCTJ** | 3169653 | (3497170)  |
| **JULQ** | 170751 | (184489)  |
| **OCTQ** | 1869599 | (2022886)  |

---

493<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Asset** <br>**Derivatives** | **Liability** <br>**Derivatives**  |
|  | **Investments,** <br>**at Value** | **Options** <br>**Written,** <br>**at Value**  |
| **HJUL** | $— | $(10945)  |
| **HOCT** |  | (401661)  |
| **ZALT** | 441470988 | (10087167)  |
| **EALT** | 134539940 | (1483086)  |
| **XBAP** | 270452972 | (34070835)  |
| **XBJA** | 100993583 | (7885546)  |
| **XBJL** | 110915036 | (3975975)  |
| **XBOC** | 206293832 | (11925556)  |
| **XDJL** | 4247252 | (65249)  |
| **XDOC** | 2959367 | (56810)  |
| **XDSQ** | 53071542 | (1279505)  |
| **XTAP** | 31788042 | (4529046)  |
| **XTJA** | 17713376 | (1164641)  |
| **XTJL** | 15628480 | (824850)  |
| **XTOC** | 14142913 | (743780)  |
| **BAPR** | 384613125 | (20903103)  |
| **BAUG** | 155899859 | (2530784)  |
| **BDEC** | 200433538 | (9763654)  |
| **BFEB** | 196784671 | (10756622)  |
| **BJAN** | 302764712 | (14064900)  |
| **BJUL** | 246001868 | (2278782)  |
| **BJUN** | 133425091 | (361477)  |
| **BMAR** | 192020069 | (10430271)  |
| **BMAY** | 126593363 | (7016380)  |
| **BNOV** | 154962686 | (5283345)  |
| **BOCT** | 239344741 | (7590398)  |
| **BSEP** | 161293110 | (3870900)  |
| **PAPR** | 813066488 | (42635424)  |
| **PAUG** | 760585248 | (8463744)  |
| **PDEC** | 1009691676 | (32384232)  |
| **PFEB** | 857545003 | (34154318)  |
| **PJAN** | 1240232176 | (42370532)  |
| **PJUL** | 853108260 | (4537562)  |
| **PJUN** | 576963808 | (1301228)  |
| **PMAR** | 612135972 | (25745480)  |
| **PMAY** | 513353928 | (28451920)  |
| **PNOV** | 670838802 | (17366124)  |

---

494<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Asset** <br>**Derivatives** | **Liability** <br>**Derivatives**  |
|  | **Investments,** <br>**at Value** | **Options** <br>**Written,** <br>**at Value**  |
| **POCT** | $803861038 | $(17752642)  |
| **PSEP** | 695774200 | (11579700)  |
| **UAPR** | 153211697 | (5236908)  |
| **UAUG** | 145946951 | (613923)  |
| **UDEC** | 401309194 | (3787300)  |
| **UFEB** | 245350686 | (3461052)  |
| **UJAN** | 250497639 | (3492919)  |
| **UJUL** | 135515386 | (239364)  |
| **UJUN** | 62304267 | (57731)  |
| **UMAR** | 129912530 | 129912530  |
| **UMAY** | 46817412 | (1927208)  |
| **UNOV** | 140407724 | (1720085)  |
| **UOCT** | 207666586 | (1746872)  |
| **USEP** | 130803108 | (844911)  |
| **RBUF** | 44597104 | (1161843)  |
| **KAPR** | 196097082 | (11787717)  |
| **KAUG** | 95649537 | (3261289)  |
| **KDEC** | 51848442 | (4008094)  |
| **KFEB** | 25578835 | (1639135)  |
| **KJAN** | 314320072 | (17485336)  |
| **KJUL** | 112667793 | (1154421)  |
| **KJUN** | 19503815 | (103967)  |
| **KMAR** | 11631329 | (670489)  |
| **KMAY** | 1323520 | (89472)  |
| **KNOV** | 18131228 | (777588)  |
| **KOCT** | 106710321 | (4466886)  |
| **KSEP** | 12533831 | (438589)  |
| **QBF** | 3020599 | (453151) |

---

---

| | | |
|:---|:---|:---|
|  | **Interest Rate Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  | **Interest Rate Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Asset** <br>**Derivatives** | **Liability** <br>**Derivatives**  |
|  | **Investments,** <br>**at Value** | **Options** <br>**Written,** <br>**at Value**  |
| **TFJL** | $34908404 | $(17098)  |
| **TBJL** | 35277185 | (270918) |

---

495<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

The effect of derivative instruments on the Statements of Operations for the period ended April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  |
|  | **Purchased**<br>**Options<sup>(a)</sup>** | **Purchased Options** <br>**in-kind<sup>(b)</sup>** | **Options** <br>**Written** | **Options** <br>**Written in-kind<sup>(b)</sup>**  |
| **BALT** | $(72378474) | &nbsp;&nbsp; $42939307 | $38009853 | &nbsp;&nbsp; $10466797  |
| **EBUF** | (701624) | &nbsp;&nbsp; 280293 | 164881 | &nbsp;&nbsp; 319184  |
| **EAPR** | (304213) | &nbsp;&nbsp; 1718741 | 1558329 | &nbsp;&nbsp; 727443  |
| **EJAN** | (3537022) | &nbsp;&nbsp; 3424876 | 2986477 | &nbsp;&nbsp; 1588725  |
| **EJUL** | (80751) | &nbsp;&nbsp; 187059 | 11 | &nbsp;&nbsp; 208581  |
| **EOCT** | (33510) | &nbsp;&nbsp; 404491 | (3338) | &nbsp;&nbsp; 376271  |
| **ZAPR** | 12 | &nbsp;&nbsp; — |  | &nbsp;&nbsp; —  |
| **ZAUG** | (158274) | &nbsp;&nbsp; 877851 | (214533) | &nbsp;&nbsp; 1713  |
| **ZDEK** | (673147) | &nbsp;&nbsp; 909895 | (4021) | &nbsp;&nbsp; 252910  |
| **ZFEB** | (21508) | &nbsp;&nbsp; — | (298) | &nbsp;&nbsp; —  |
| **ZJAN** | (5351) | &nbsp;&nbsp; — | (258) | &nbsp;&nbsp; —  |
| **ZJUL** | (53772) | &nbsp;&nbsp; 991546 | (105649) | &nbsp;&nbsp; (68338)  |
| **ZMAR** | (8157) | &nbsp;&nbsp; — | (298) | &nbsp;&nbsp; —  |
| **ZMAY** |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; —  |
| **ZNOV** | (38146) | &nbsp;&nbsp; 1481095 | (47624) | &nbsp;&nbsp; (13073)  |
| **ZOCT** | (113175) | &nbsp;&nbsp; 238893 | (159413) | &nbsp;&nbsp; 65022  |
| **ZSEP** | 66287 | &nbsp;&nbsp; 1580539 | (434856) | &nbsp;&nbsp; (126857)  |
| **AAPR** | (21611) | &nbsp;&nbsp; 1692130 | (49441) | &nbsp;&nbsp; (217951)  |
| **TAPR** |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; —  |
| **AJAN** | (66736) | &nbsp;&nbsp; 2109833 | (358042) | &nbsp;&nbsp; (918946)  |
| **TJAN** | (5838) | &nbsp;&nbsp; 18387 | 256 | &nbsp;&nbsp; 29695  |
| **TJUL** | (994847) | &nbsp;&nbsp; 12011435 | (1179572) | &nbsp;&nbsp; (3473259)  |
| **AJUL** | (94605) | &nbsp;&nbsp; 1258829 | (17033) | &nbsp;&nbsp; (10281)  |
| **AOCT** | (14680) | &nbsp;&nbsp; — | (2905) | &nbsp;&nbsp; —  |
| **APOC** | (1828016) | &nbsp;&nbsp; 1212956 | (33806) | &nbsp;&nbsp; 1240761  |
| **JAJL** | (8718182) | &nbsp;&nbsp; 14106577 | (578465) | &nbsp;&nbsp; 393691  |
| **XDQQ** | (7659699) | &nbsp;&nbsp; 3573129 | 2999276 | &nbsp;&nbsp; 552961  |
| **QTAP** | (2175009) | &nbsp;&nbsp; 908500 | 2333870 | &nbsp;&nbsp; 728814  |
| **QTJA** | 1424439 | &nbsp;&nbsp; 11074672 | (5882738) | &nbsp;&nbsp; (2744907)  |
| **QTJL** | (25440) | &nbsp;&nbsp; (105281) | (3812) | &nbsp;&nbsp; 434450  |
| **QTOC** |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; —  |
| **NAPR** | (13911954) | &nbsp;&nbsp; 13376282 | 99334 | &nbsp;&nbsp; 8716884  |
| **NAUG** | (8763) | &nbsp;&nbsp; 392153 | (226) | &nbsp;&nbsp; 103638  |
| **NDEC** | (23042) | &nbsp;&nbsp; (44268) | (3501) | &nbsp;&nbsp; 147374  |
| **NFEB** | (104289) | &nbsp;&nbsp; — | (36758) | &nbsp;&nbsp; —  |
| **NJAN** | (17458520) | &nbsp;&nbsp; 51376657 | (10789891) | &nbsp;&nbsp; 2720084  |
| **NJUL** | (370871) | &nbsp;&nbsp; 3627717 | (74981) | &nbsp;&nbsp; 1342328  |
| **NJUN** | 15317 | &nbsp;&nbsp; 474901 | (20601) | &nbsp;&nbsp; 57073  |
| **NMAR** | (4121) | &nbsp;&nbsp; — | (1337) | &nbsp;&nbsp; —  |
| **NMAY** |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; —  |
| **NNOV** | (3153) | &nbsp;&nbsp; 364471 | (1643) | &nbsp;&nbsp; 144806  |
| **NOCT** | (23698) | &nbsp;&nbsp; 1064947 | (16537) | &nbsp;&nbsp; 308949  |
| **NSEP** | (11368) | &nbsp;&nbsp; 521889 | (5605) | &nbsp;&nbsp; 471386  |

---

496<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  |
|  | **Purchased**<br>**Options<sup>(a)</sup>** | **Purchased Options** <br>**in-kind<sup>(b)</sup>** | **Options** <br>**Written** | **Options** <br>**Written in-kind<sup>(b)</sup>**  |
| **IBUF** | $(535189) | &nbsp;&nbsp; $1344215 | $(352325) | &nbsp;&nbsp; $85088  |
| **IAPR** | (11397997) | &nbsp;&nbsp; 11163453 | 1001370 | &nbsp;&nbsp; 3430331  |
| **IAUG** | (3683) | &nbsp;&nbsp; 112720 | 238 | &nbsp;&nbsp; 65530  |
| **IDEC** | (203894) | &nbsp;&nbsp; 787056 | 9236 | &nbsp;&nbsp; 235305 |
| **IFEB** | (269816) | &nbsp;&nbsp; 638608 | 102696 | &nbsp;&nbsp; 177842  |
| **IJAN** | (13782717) | &nbsp;&nbsp; 11144966 | 132024 | &nbsp;&nbsp; 4165254  |
| **IJUL** | (458634) | &nbsp;&nbsp; 337890 | (22390) | &nbsp;&nbsp; 358270  |
| **IJUN** | (97621) | &nbsp;&nbsp; 30563 | 2422 | &nbsp;&nbsp; 26610  |
| **IMAR** | (1455068) | &nbsp;&nbsp; 1893026 | 10518 | &nbsp;&nbsp; 376245  |
| **IMAY** | 554967 | &nbsp;&nbsp; 671593 | 50 | &nbsp;&nbsp; 155154  |
| **INOV** | (3364) | &nbsp;&nbsp; (20874) | (331) | &nbsp;&nbsp; 43061  |
| **IOCT** | (148251) | &nbsp;&nbsp; (128195) | (12690) | &nbsp;&nbsp; 1853543  |
| **ISEP** | (230319) | &nbsp;&nbsp; 446356 | (5982) | &nbsp;&nbsp; 1110391  |
| **QBUF** | (13959572) | &nbsp;&nbsp; 9729110 | 3991683 | &nbsp;&nbsp; 3199701  |
| **JULD** | 31 | &nbsp;&nbsp; — |  | &nbsp;&nbsp; —  |
| **OCTD** | (4420) | &nbsp;&nbsp; (88352) | 4767 | &nbsp;&nbsp; 93135  |
| **LAPR** |  | &nbsp;&nbsp; — | 58837 | &nbsp;&nbsp; —  |
| **LJAN** | 8 | &nbsp;&nbsp; — | 135481 | &nbsp;&nbsp; (6244)  |
| **LJUL** |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; —  |
| **LOCT** |  | &nbsp;&nbsp; — | (137) | &nbsp;&nbsp; —  |
| **APRH** | (5946129) | &nbsp;&nbsp; (227134) | 6331031 | &nbsp;&nbsp; 290695  |
| **JANH** | (1741208) | &nbsp;&nbsp; (174006) | 1521438 | &nbsp;&nbsp; 410093  |
| **JULH** | (6752) | &nbsp;&nbsp; (350471) | 7827 | &nbsp;&nbsp; 387117  |
| **OCTH** | 471765 | &nbsp;&nbsp; — | (289380) | &nbsp;&nbsp; —  |
| **APRJ** | (6303119) | &nbsp;&nbsp; (886855) | 6578563 | &nbsp;&nbsp; 979337  |
| **JANJ** | (3535269) | &nbsp;&nbsp; (164794) | 3197531 | &nbsp;&nbsp; 260630  |
| **JULJ** | (6835) | &nbsp;&nbsp; (303890) | 7744 | &nbsp;&nbsp; 328566  |
| **OCTJ** | 103213 | &nbsp;&nbsp; 330564 | (85774) | &nbsp;&nbsp; (277222)  |
| **JULQ** | (749) | &nbsp;&nbsp; (55724) | 818 | &nbsp;&nbsp; 186984  |
| **OCTQ** | 8030 | &nbsp;&nbsp; (128267) | (11687) | &nbsp;&nbsp; 279273  |
| **HJUL** |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; —  |
| **HOCT** |  | &nbsp;&nbsp; — | (1026) | &nbsp;&nbsp; 2132  |
| **ZALT** | (18388626) | &nbsp;&nbsp; 8189327 | 13988618 | &nbsp;&nbsp; 963950  |
| **EALT** | (11504463) | &nbsp;&nbsp; 5870492 | 1601316 | &nbsp;&nbsp; 450029  |
| **XBAP** | (5579193) | &nbsp;&nbsp; 28482442 | 5476532 | &nbsp;&nbsp; 7580656  |
| **XBJA** | (5392452) | &nbsp;&nbsp; 20808786 | (19878752) | &nbsp;&nbsp; 4999789  |
| **XBJL** | (960141) | &nbsp;&nbsp; (509082) | (44856) | &nbsp;&nbsp; 7657621  |
| **XBOC** | (456100) | &nbsp;&nbsp; (2534765) | (20937) | &nbsp;&nbsp; 2688387  |
| **XDJL** | 41319 | &nbsp;&nbsp; 663176 | (12115) | &nbsp;&nbsp; (116692)  |
| **XDOC** | (14340) | &nbsp;&nbsp; (148481) | 5380 | &nbsp;&nbsp; 115143  |
| **XDSQ** | (8263872) | &nbsp;&nbsp; 3552251 | 2933115 | &nbsp;&nbsp; 1035053  |
| **XTAP** | (1278314) | &nbsp;&nbsp; 1291253 | 885722 | &nbsp;&nbsp; 492690  |
| **XTJA** | 2478156 | &nbsp;&nbsp; 3654162 | (5007541) | &nbsp;&nbsp; (982599)  |
| **XTJL** | (26408) | &nbsp;&nbsp; 344643 | (14884) | &nbsp;&nbsp; 6845  |

---

497<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  |
|  | **Purchased**<br>**Options<sup>(a)</sup>** | **Purchased Options** <br>**in-kind<sup>(b)</sup>** | **Options** <br>**Written** | **Options** <br>**Written in-kind<sup>(b)</sup>**  |
| **XTOC** | $(2203) | &nbsp;&nbsp; $225221 | $(12105) | &nbsp;&nbsp; $18819  |
| **BAPR** | (10677167) | &nbsp;&nbsp; 20279974 | 28907 | &nbsp;&nbsp; 7625013  |
| **BAUG** | (598723) | &nbsp;&nbsp; 5615498 | (168171) | &nbsp;&nbsp; 904372  |
| **BDEC** | (2645021) | &nbsp;&nbsp; 32370499 | (13519365) | &nbsp;&nbsp; 2375194  |
| **BFEB** | (5855241) | &nbsp;&nbsp; 28304239 | (7131248) | &nbsp;&nbsp; 852413  |
| **BJAN** | (16978547) | &nbsp;&nbsp; 60300186 | (10362209) | &nbsp;&nbsp; 5183294  |
| **BJUL** | 572576 | &nbsp;&nbsp; 2739679 | (7174) | &nbsp;&nbsp; 370542  |
| **BJUN** | 70532 | &nbsp;&nbsp; 2932844 | (18561) | &nbsp;&nbsp; 144609 |
| **BMAR** | (11348001) | &nbsp;&nbsp; 32044338 | 1301898 | &nbsp;&nbsp; 2989529  |
| **BMAY** | 8435203 | &nbsp;&nbsp; 6891576 | 12247 | &nbsp;&nbsp; 3704711  |
| **BNOV** | (81293) | &nbsp;&nbsp; 521174 | (19063) | &nbsp;&nbsp; 337734  |
| **BOCT** | (269102) | &nbsp;&nbsp; (1243257) | (130662) | &nbsp;&nbsp; (1880567)  |
| **BSEP** | (72034) | &nbsp;&nbsp; 2822768 | (23340) | &nbsp;&nbsp; 558252  |
| **PAPR** | (45561332) | &nbsp;&nbsp; 79927293 | (46610) | &nbsp;&nbsp; 18226283  |
| **PAUG** | (504907) | &nbsp;&nbsp; 8919230 | (194509) | &nbsp;&nbsp; 863554  |
| **PDEC** | (13340987) | &nbsp;&nbsp; 198557724 | (104307496) | &nbsp;&nbsp; 9897718  |
| **PFEB** | (28975891) | &nbsp;&nbsp; 141249947 | (46935658) | &nbsp;&nbsp; 1140303  |
| **PJAN** | (70157327) | &nbsp;&nbsp; 248327276 | (64680749) | &nbsp;&nbsp; 12279141  |
| **PJUL** | (397007) | &nbsp;&nbsp; 9774005 | (138454) | &nbsp;&nbsp; 138395  |
| **PJUN** | 12691 | &nbsp;&nbsp; 10299423 | (186966) | &nbsp;&nbsp; 1000538  |
| **PMAR** | (33422355) | &nbsp;&nbsp; 91989080 | (5531457) | &nbsp;&nbsp; 14947653  |
| **PMAY** | 17009803 | &nbsp;&nbsp; 51876323 | (405113) | &nbsp;&nbsp; 2250257  |
| **PNOV** | (1339572) | &nbsp;&nbsp; (1252107) | (360171) | &nbsp;&nbsp; 988519  |
| **POCT** | (1162429) | &nbsp;&nbsp; 3611356 | (200106) | &nbsp;&nbsp; 1742130  |
| **PSEP** | (1142299) | &nbsp;&nbsp; 12065434 | (331018) | &nbsp;&nbsp; 2061417  |
| **UAPR** | (3606802) | &nbsp;&nbsp; 13124060 | (30007) | &nbsp;&nbsp; 1839341  |
| **UAUG** | (280777) | &nbsp;&nbsp; 9277602 | (88851) | &nbsp;&nbsp; (261500)  |
| **UDEC** | (396944) | &nbsp;&nbsp; 19865335 | (9816218) | &nbsp;&nbsp; (104213)  |
| **UFEB** | (1959678) | &nbsp;&nbsp; 12001998 | (4488237) | &nbsp;&nbsp; (467483)  |
| **UJAN** | (9852679) | &nbsp;&nbsp; 39592482 | (11098403) | &nbsp;&nbsp; 352989  |
| **UJUL** | (140945) | &nbsp;&nbsp; 3021312 | (49617) | &nbsp;&nbsp; 24228  |
| **UJUN** | 121395 | &nbsp;&nbsp; 2759983 | (45221) | &nbsp;&nbsp; (317292)  |
| **UMAR** | (4500485) | &nbsp;&nbsp; 14618943 | (441589) | &nbsp;&nbsp; (83299)  |
| **UMAY** | 3294895 | &nbsp;&nbsp; 2912261 | (9319) | &nbsp;&nbsp; 597462  |
| **UNOV** | (27822) | &nbsp;&nbsp; 187945 | (6674) | &nbsp;&nbsp; 63145  |
| **UOCT** | (391510) | &nbsp;&nbsp; 256106 | (14631) | &nbsp;&nbsp; 85121  |
| **USEP** | (72326) | &nbsp;&nbsp; 4289219 | (27605) | &nbsp;&nbsp; (90308)  |
| **RBUF** | (4570649) | &nbsp;&nbsp; 1141985 | 772398 | &nbsp;&nbsp; 3326516  |
| **KAPR** | (10861997) | &nbsp;&nbsp; 1271453 | 441161 | &nbsp;&nbsp; 7256811  |
| **KAUG** | (147771) | &nbsp;&nbsp; 1976064 | (12915) | &nbsp;&nbsp; 1441503  |
| **KDEC** | (379488) | &nbsp;&nbsp; 171016 | (247251) | &nbsp;&nbsp; (134297)  |
| **KFEB** | (2947) | &nbsp;&nbsp; 25922 | (1915) | &nbsp;&nbsp; 7440  |
| **KJAN** | (37056799) | &nbsp;&nbsp; 45150130 | 1776954 | &nbsp;&nbsp; 13391479  |
| **KJUL** | (1420654) | &nbsp;&nbsp; 1072546 | (255436) | &nbsp;&nbsp; 1983060  |

---

498<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  |
|  | **Purchased**<br>**Options<sup>(a)</sup>** | **Purchased Options** <br>**in-kind<sup>(b)</sup>** | **Options** <br>**Written** | **Options** <br>**Written in-kind<sup>(b)</sup>**  |
| **KJUN** | $(9076) | &nbsp;&nbsp; $136384 | $(392) | &nbsp;&nbsp; $29191  |
| **KMAR** | (3254) | &nbsp;&nbsp; — | (928) | &nbsp;&nbsp; —  |
| **KMAY** |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; —  |
| **KNOV** | (5456) | &nbsp;&nbsp; 122923 | 302 | &nbsp;&nbsp; 246650  |
| **KOCT** | (161911) | &nbsp;&nbsp; 279134 | (26332) | &nbsp;&nbsp; 729868  |
| **KSEP** | (4323) | &nbsp;&nbsp; 387312 | (314) | &nbsp;&nbsp; 142603  |
| **QBF** | (1067807) | &nbsp;&nbsp; — | 77079 | &nbsp;&nbsp; — |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest Rate Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Interest Rate Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Interest Rate Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  | **Interest Rate Risk - Call and Put Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  | **Amount of Realized Gain/(Loss) on Derivatives Recognized in Income**  |
|  | **Purchased Options<sup>(a)</sup>** | **Purchased Options**<br>**in-kind<sup>(b)</sup>** | **Options**<br>**Written** | **Options** <br>**Written in-kind<sup>(b)</sup>**  |
| **TFJL** | &nbsp;&nbsp;&nbsp;&nbsp; $(1398968) | &nbsp;&nbsp;&nbsp; $(1036911) | $297988 | &nbsp;&nbsp;&nbsp;&nbsp; $346150  |
| **TBJL** | &nbsp;&nbsp;&nbsp;&nbsp; (31514) | &nbsp;&nbsp;&nbsp; 42773 | (8528) | &nbsp;&nbsp;&nbsp;&nbsp; 26140 |

---

<sup>(a)</sup> Amount is included in realized gain/(loss) on investments on the Statements of Operations.

<sup>(b)</sup> Amount is included in realized gain/(loss) in-kind on the Statements of Operations. 

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Change in Unrealized** <br>**Appreciation/(Depreciation)** <br>**on Derivatives Recognized** <br>**in Income**  | **Change in Unrealized** <br>**Appreciation/(Depreciation)** <br>**on Derivatives Recognized** <br>**in Income**  |
|  | **Purchased** <br>**Options<sup>(c)</sup>** | **Options** <br>**Written**  |
| **BALT** | $(3235422) | $3056734  |
| **EBUF** | 309626 | (112238)  |
| **EAPR** | (2851003) | (836325)  |
| **EJAN** | (4140677) | (2571702)  |
| **EJUL** | (2356588) | 2359685  |
| **EOCT** | (985595) | 963221  |
| **ZAPR** | 1231591 | (712468)  |
| **ZAUG** | (2049900) | 2256755  |
| **ZDEK** | (3539564) | 2853954  |
| **ZFEB** | (2866477) | 2407605  |
| **ZJAN** | (1419765) | 1372204  |
| **ZJUL** | (3325711) | 3371487  |
| **ZMAR** | (829623) | 936932  |
| **ZMAY** | (95) | (49)  |
| **ZNOV** | (1927228) | 1190627  |
| **ZOCT** | (584638) | 1637684  |
| **ZSEP** | (2092864) | 2258932  |
| **AAPR** | (2599461) | 1802344  |
| **TAPR** | 107756 | (43530)  |
| **AJAN** | (2976391) | 3099114  |
| **TJAN** | (1443162) | 1399754  |

---

499<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Change in Unrealized** <br>**Appreciation/(Depreciation)** <br>**on Derivatives Recognized** <br>**in Income**  | **Change in Unrealized** <br>**Appreciation/(Depreciation)** <br>**on Derivatives Recognized** <br>**in Income**  |
|  | **Purchased** <br>**Options<sup>(c)</sup>** | **Options** <br>**Written**  |
| **TJUL** | $(16797824) | $15371238  |
| **AJUL** | (1569790) | 1206182  |
| **AOCT** | (1142302) | 2135434  |
| **APOC** | 904949 | (579777)  |
| **JAJL** | (11369428) | 7926988  |
| **XDQQ** | 1236549 | (676363)  |
| **QTAP** | (954674) | (316)  |
| **QTJA** | (10585975) | 6718169  |
| **QTJL** | (1589141) | 1382212  |
| **QTOC** | (1828760) | 1683073  |
| **NAPR** | (5514927) | (4321536)  |
| **NAUG** | (705925) | 500624  |
| **NDEC** | (3493396) | 1582522  |
| **NFEB** | (2017412) | 169981  |
| **NJAN** | (34271119) | 5319184  |
| **NJUL** | (6919577) | 5269568  |
| **NJUN** | (400928) | 1329293  |
| **NMAR** | (194669) | (50086)  |
| **NMAY** | (112) | (115)  |
| **NNOV** | (1051202) | 564126  |
| **NOCT** | (3017793) | 3884549  |
| **NSEP** | (1244305) | 760511  |
| **IBUF** | 565225 | (126673) |
| **IAPR** | 8321737 | (3590456)  |
| **IAUG** | 578364 | 218873  |
| **IDEC** | 473811 | (139051)  |
| **IFEB** | 856841 | (442490)  |
| **IJAN** | 10254069 | (4475485)  |
| **IJUL** | 6352702 | 3103662  |
| **IJUN** | 986179 | 329218  |
| **IMAR** | 535448 | (178974)  |
| **IMAY** | (410259) | (42301)  |
| **INOV** | 477069 | 40975  |
| **IOCT** | 3926858 | 1405887  |
| **ISEP** | 3021390 | (257594)  |
| **QBUF** | 1350179 | (562822)  |
| **JULD** | (605416) | 682642  |
| **OCTD** | (399656) | 437407  |
| **LAPR** |  | (54708)  |
| **LJAN** |  | (236191)  |
| **LJUL** |  | 19998  |

---

500<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Change in Unrealized** <br>**Appreciation/(Depreciation)** <br>**on Derivatives Recognized** <br>**in Income**  | **Change in Unrealized** <br>**Appreciation/(Depreciation)** <br>**on Derivatives Recognized** <br>**in Income**  |
|  | **Purchased** <br>**Options<sup>(c)</sup>** | **Options** <br>**Written**  |
| **LOCT** | $— | $46007  |
| **APRH** | 5814522 | (6253113)  |
| **JANH** | 2076201 | (2189471)  |
| **JULH** | (2331419) | 2559798  |
| **OCTH** | (1476464) | 1310866  |
| **APRJ** | 5420619 | (5742564)  |
| **JANJ** | 4342286 | (4270046)  |
| **JULJ** | (2406196) | 2608976  |
| **OCTJ** | (1771565) | 1775275  |
| **JULQ** | (738934) | 667536  |
| **OCTQ** | (1086449) | 1059076  |
| **HJUL** |  | 11362  |
| **HOCT** |  | (9023)  |
| **ZALT** | (811387) | 713181  |
| **EALT** | 312325 | 195239  |
| **XBAP** | (10279495) | (7847828)  |
| **XBJA** | (25822671) | 12869282  |
| **XBJL** | (15724036) | 9647709  |
| **XBOC** | (3746859) | 2818870  |
| **XDJL** | (784554) | 467203  |
| **XDOC** | (153139) | 126224  |
| **XDSQ** | (83988) | (7859)  |
| **XTAP** | 45099 | 24111  |
| **XTJA** | (6521558) | 6039489  |
| **XTJL** | (1704251) | 1576104  |
| **XTOC** | (1299003) | 1043507  |
| **BAPR** | (11033932) | (1945682) |
| **BAUG** | (8502634) | 1654605  |
| **BDEC** | (30607167) | 950076  |
| **BFEB** | (21509304) | (51834)  |
| **BJAN** | (43382839) | 1961178  |
| **BJUL** | (8577565) | 4340599  |
| **BJUN** | (6572095) | 3714862  |
| **BMAR** | (19937206) | (3349778)  |
| **BMAY** | (17997022) | 1396399  |
| **BNOV** | (3794211) | 1159749  |
| **BOCT** | (3946830) | 779723  |
| **BSEP** | (4344042) | 2001408  |
| **PAPR** | (46137478) | (6668707)  |
| **PAUG** | (23085641) | 19469018  |
| **PDEC** | (174913083) | 58421707  |

---

501<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  | **Equity Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Change in Unrealized** <br>**Appreciation/(Depreciation)** <br>**on Derivatives Recognized** <br>**in Income**  | **Change in Unrealized** <br>**Appreciation/(Depreciation)** <br>**on Derivatives Recognized** <br>**in Income**  |
|  | **Purchased** <br>**Options<sup>(c)</sup>** | **Options** <br>**Written**  |
| **PFEB** | $(110490461) | $27983325  |
| **PJAN** | (178810759) | 48869528  |
| **PJUL** | (30212422) | 23002252  |
| **PJUN** | (25446745) | 21579253  |
| **PMAR** | (64965139) | 5059664  |
| **PMAY** | (75257973) | 15931584  |
| **PNOV** | (11868284) | 11204819  |
| **POCT** | (11187001) | 13461733  |
| **PSEP** | (20202273) | 15248074  |
| **UAPR** | (9455433) | 242796  |
| **UAUG** | (10457935) | 3334495  |
| **UDEC** | (21843322) | 8802921  |
| **UFEB** | (12023894) | 5044821  |
| **UJAN** | (33414861) | 12577376  |
| **UJUL** | (5163357) | 2391521  |
| **UJUN** | (4367027) | 2102142  |
| **UMAR** | (9443085) | 2258669  |
| **UMAY** | (6482264) | 1625180  |
| **UNOV** | (3301688) | 2836655  |
| **UOCT** | (4163990) | 3851616  |
| **USEP** | (5470927) | 2496351  |
| **RBUF** | (17849) | 566530  |
| **KAPR** | (1852940) | (3619144)  |
| **KAUG** | (9941458) | (177132)  |
| **KDEC** | (3793274) | (1559943)  |
| **KFEB** | (1493812) | (298903)  |
| **KJAN** | (32886707) | (10858274)  |
| **KJUL** | (12729965) | 4654492  |
| **KJUN** | (1134142) | 413305  |
| **KMAR** | (217390) | (969)  |
| **KMAY** | (203) | (205) |
| **KNOV** | (2176159) | 403416  |
| **KOCT** | (5377352) | 1127589  |
| **KSEP** | (939725) | 97275  |
| **QBF** | 970300 | (174526) |

---

502<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Interest Rate Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  | **Interest Rate Risk - Call and Put** <br>**Options not Accounted for as** <br>**Hedging Instruments**  |
|  | **Change in Unrealized** <br>**Appreciation/(Depreciation)** <br>**on Derivatives Recognized** <br>**in Income**  | **Change in Unrealized** <br>**Appreciation/(Depreciation)** <br>**on Derivatives Recognized** <br>**in Income**  |
|  | **Purchased** <br>**Options<sup>(c)</sup>** | **Options** <br>**Written**  |
| **TFJL** | $1752932 | $(419205)  |
| **TBJL** | (464149) | 285170 |

---

<sup>(c)</sup> Amount is included in the change in unrealized appreciation/(depreciation) on investments on the Statements of Operations. 

The average volume of derivative activity during the period ended April 30, 2025, is as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchased Options**  | **Options Written**  |
|  | **Average Monthly** <br>**Market Value**  | **Average Monthly** <br>**Market Value**  |
| **TFJL**  | $28594543  | $(54579)  |
| **TBJL**  | 23130994  | (271566)  |
| **BALT**  | 1191839461  | (27581214)  |
| **EBUF**  | 7398092  | (153433)  |
| **EAPR**  | 62571177  | (1151545)  |
| **EJAN**  | 119611877  | (4018185)  |
| **EJUL**  | 76424294  | (941150)  |
| **EOCT**  | 66538717  | (1588695)  |
| **ZAPR**  | 22665694  | (971617)  |
| **ZAUG**  | 75648432  | (2916045)  |
| **ZDEK**  | 109515612  | (1639695)  |
| **ZFEB**  | 85675288  | (1231473)  |
| **ZJAN**  | 42000840  | (1150663)  |
| **ZJUL**  | 110153189  | (3877053)  |
| **ZMAR**  | 69407477  | (1050002)  |
| **ZMAY**  | 1277848  | (68530)  |
| **ZNOV**  | 49812810  | (2119285)  |
| **ZOCT**  | 74028606  | (2675660)  |
| **ZSEP**  | 92266245  | (3617918)  |
| **AAPR**  | 70911610  | (4216953)  |
| **TAPR**  | 3523626  | (177523)  |
| **AJAN**  | 60786505  | (7385744)  |
| **TJAN**  | 39927294  | (1406689)  |
| **TJUL**  | 218669341  | (27855492)  |
| **AJUL**  | 70140243  | (3405123)  |
| **AOCT**  | 82309021  | (4420894)  |
| **APOC**  | 75489500  | (2396933)  |
| **JAJL**  | 200900129  | (4471605)  |
| **XDQQ**  | 38961680  | (1437612)  |
| **QTAP**  | 18951761  | (3998985)  |
| **QTJA**  | 21390368  | (3996890)  |
| **QTJL**  | 17835131  | (2337947)  |
| **QTOC**  | 14896492  | (2183813)  |
| **NAPR**  | 203573252  | (9520727)  |

---

503<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Purchased Options**  | **Options Written**  |
|  | **Average Monthly** <br>**Market Value**  | **Average Monthly** <br>**Market Value**  |
| **NAUG**  | $17929148  | $(630472)  |
| **NDEC**  | 63203421  | (2957022)  |
| **NFEB**  | 36663803  | (1896838)  |
| **NJAN**  | 283441420  | (15138155)  |
| **NJUL**  | 232226231  | (5557012)  |
| **NJUN**  | 28672408  | (931139)  |
| **NMAR**  | 23247528  | (1279203)  |
| **NMAY**  | 1319136  | (95758)  |
| **NNOV**  | 27444573  | (1343711)  |
| **NOCT**  | 166508453  | (7280963)  |
| **NSEP**  | 37494244  | (1619083)  |
| **IBUF**  | 16269637  | (462263)  |
| **IAPR**  | 195137736  | (2890997)  |
| **IAUG**  | 14776977  | (200085)  |
| **IDEC**  | 19569205  | (419508)  |
| **IFEB**  | 20490477  | (491135)  |
| **IJAN**  | 182653027  | (4227047)  |
| **IJUL**  | 151682445  | (1482067)  |
| **IJUN**  | 24400383  | (126645)  |
| **IMAR**  | 34718658  | (577942)  |
| **IMAY**  | 9372554  | (98548)  |
| **INOV**  | 13491125  | (305759)  |
| **IOCT**  | 116406795  | (2339902)  |
| **ISEP**  | 76664375  | (1208925)  |
| **QBUF**  | 110233441  | (2934296)  |
| **JULD**  | 352295  | (422207)  |
| **OCTD**  | 823526  | (975846)  |
| **LAPR**  | —  | (47695)  |
| **LJAN**  | —  | (214115)  |
| **LJUL**  | —  | (12133)  |
| **LOCT**  | —  | (250645)  |
| **APRH**  | 3523067  | (3920237)  |
| **JANH**  | 2446414  | (2742886)  |
| **JULH**  | 1320123  | (1475380)  |
| **OCTH**  | 3405555  | (3828598)  |
| **APRJ**  | 4016518  | (4374806)  |
| **JANJ**  | 3477118  | (3805973)  |
| **JULJ**  | 1243982  | (1354165)  |
| **OCTJ**  | 3040322  | (3328917)  |
| **JULQ**  | 363593  | (391835)  |
| **OCTQ**  | 1462592  | (1579143)  |
| **HJUL**  | —  | (9914)  |
| **HOCT**  | —  | (287709)  |
| **ZALT**  | 381294962  | (8175690)  |
| **EALT**  | 117521908  | (1130989)  |
| **XBAP**  | 132825791  | (17983932)  |

---

504<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Purchased Options**  | **Options Written**  |
|  | **Average Monthly** <br>**Market Value**  | **Average Monthly** <br>**Market Value**  |
| **XBJA**  | $114280881  | $(13949788)  |
| **XBJL**  | 184767173  | (20531092)  |
| **XBOC**  | 125253819  | (11260379)  |
| **XDJL**  | 8946322  | (812182)  |
| **XDOC**  | 5116203  | (332663)  |
| **XDSQ**  | 57484796  | (1868867)  |
| **XTAP**  | 18053100  | (3304156)  |
| **XTJA**  | 18138314  | (3063404)  |
| **XTJL**  | 13985742  | (2072800)  |
| **XTOC**  | 15163657  | (1875054)  |
| **BAPR**  | 266303657  | (7095805)  |
| **BAUG**  | 177023190  | (4078254)  |
| **BDEC**  | 257390410  | (9182369)  |
| **BFEB**  | 164996724  | (8114400)  |
| **BJAN**  | 287766458  | (12685485)  |
| **BJUL**  | 239777229  | (4007460)  |
| **BJUN**  | 134242584  | (2851181)  |
| **BMAR**  | 184226325  | (6454701)  |
| **BMAY**  | 133111842  | (5060133)  |
| **BNOV**  | 164097566  | (5422059)  |
| **BOCT**  | 261983892  | (7683252)  |
| **BSEP**  | 187201795  | (5035400)  |
| **PAPR**  | 752422535  | (26138337)  |
| **PAUG**  | 824680919  | (23460572)  |
| **PDEC**  | 995733600  | (29546865)  |
| **PFEB**  | 741398979  | (37370412)  |
| **PJAN**  | 1188273030  | (54003449)  |
| **PJUL**  | 921514632  | (21581425)  |
| **PJUN**  | 588303609  | (18872695)  |
| **PMAR**  | 570492042  | (24732285)  |
| **PMAY**  | 543654533  | (30335440)  |
| **PNOV**  | 803218709  | (28692583)  |
| **POCT**  | 870669614  | (26909129)  |
| **PSEP**  | 853376286  | (25973044)  |
| **UAPR**  | 142851191  | (3735198)  |
| **UAUG**  | 192526842  | (4499576)  |
| **UDEC**  | 227597576  | (2899888)  |
| **UFEB**  | 124910902  | (3392839)  |
| **UJAN**  | 210398880  | (6910131)  |
| **UJUL**  | 132543328  | (2397417)  |
| **UJUN**  | 69397385  | (1883165)  |
| **UMAR**  | 93193142  | (2760403)  |
| **UMAY**  | 51464539  | (2516408)  |
| **UNOV**  | 113176802  | (3012045)  |
| **UOCT**  | 198511625  | (4441667)  |
| **USEP**  | 155744407  | (3736026)  |

---

505<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Purchased Options**  | **Options Written**  |
|  | **Average Monthly** <br>**Market Value**  | **Average Monthly** <br>**Market Value**  |
| **RBUF**  | &nbsp;&nbsp; $52600164  | $(1881086)  |
| **KAPR**  | &nbsp;&nbsp; 177595077  | (5696317)  |
| **KAUG**  | &nbsp;&nbsp; 106499223  | (3186083)  |
| **KDEC**  | &nbsp;&nbsp; 55106690  | (2990793)  |
| **KFEB**  | &nbsp;&nbsp; 19401253  | (1067080)  |
| **KJAN**  | &nbsp;&nbsp; 348288127  | (16827325)  |
| **KJUL**  | &nbsp;&nbsp; 156048966  | (5520111)  |
| **KJUN**  | &nbsp;&nbsp; 13088349  | (300342)  |
| **KMAR**  | &nbsp;&nbsp; 7793328  | (426183)  |
| **KMAY**  | &nbsp;&nbsp; 1323520  | (89472)  |
| **KNOV**  | &nbsp;&nbsp; 20916053  | (1004069)  |
| **KOCT**  | &nbsp;&nbsp; 127412784  | (5677513)  |
| **KSEP**  | &nbsp;&nbsp; 15802739  | (616503)  |
| **QBF**  | &nbsp;&nbsp; 1921269  | (248642) |

---

**Use of Estimates: In preparing financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.** 

**Guarantees and Indemnifications: In the normal course of business, the Trust may enter into a contract with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims against the Trust that have not yet occurred. Based on experience, the Trust expects the risk of loss to be remote.** 

**Tax Information: The Funds are treated as separate entities for federal income tax purposes. The Funds intend to qualify as regulated investment companies ("RICs") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). To qualify and remain eligible for the special tax treatment accorded to RICs, the Funds must meet certain annual income and quarterly asset diversification requirements and must distribute annually at least 90% of the sum of (i) its investment company taxable income (which includes dividends, interest and net short-term capital gains) and (ii) certain net tax-exempt income, if any. If so qualified, the Funds will not be subject to federal income tax to the extent the Funds distribute all of their net investment income and capital gains to shareholders.** 

Management evaluates the Funds' tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Tax benefits associated with an uncertain tax position can be recognized only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. Interest and penalties related to income taxes would be recorded as tax expense in the Statements of Operations. During the period ended April 30, 2025, the Funds did not incur any interest or penalties. The Funds' federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. As of April 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. As of April 30, 2025, the Funds have no examinations in progress and management is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

U.S. GAAP requires that certain components of net assets be reclassified between distributable earnings/(accumulated deficit) and additional paid-in capital. These reclassifications have no effect on net assets or net

506<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

asset value per share. For the period ended October 31, 2024, the Funds made the following permanent book-to-tax reclassifications due to net operating losses and redemption in-kind transactions:

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings/**<br>**(Accumulated** <br>**Deficit)** | **Paid-In** <br>**Capital**  |
| **TFJL** | $(6454068) | $6454068  |
| **TBJL** | 205904 | (205904)  |
| **BALT** | (68804992) | 68804992  |
| **EBUF** | (173001) | 173001  |
| **EAPR** | (4734938) | 4734938  |
| **EJAN** | (8421300) | 8421300  |
| **EJUL** | (1359812) | 1359812  |
| **EOCT** | (7178468) | 7178468  |
| **ZAUG** | (127787) | 127787  |
| **ZJUL** | (1024565) | 1024565  |
| **ZNOV** |  | —  |
| **ZOCT** |  | —  |
| **ZSEP** | (69818) | 69818  |
| **AAPR** | (1132435) | 1132435  |
| **AJAN** | (3561397) | 3561397  |
| **TJUL** | (18016840) | 18016840  |
| **AJUL** | (432444) | 432444  |
| **AOCT** | (35856) | 35856  |
| **APOC** |  | —  |
| **JAJL** | (1584261) | 1584261  |
| **XDQQ** | (3471434) | 3471434  |
| **QTAP** | (4121796) | 4121796  |
| **QTJA** | (7685645) | 7685645  |
| **QTJL** | (2351790) | 2351790  |
| **QTOC** | (5018558) | 5018558  |
| **NAPR** | (46048559) | 46048559  |
| **NAUG** | (92453) | 92453  |
| **NJAN** | (8467682) | 8467682  |
| **NJUL** | (61896520) | 61896520  |
| **NJUN** | (984898) | 984898  |
| **NNOV** |  | —  |
| **NOCT** | (43916651) | 43916651  |
| **NSEP** | (120242) | 120242  |
| **IBUF** | (165469) | 165469  |
| **IAPR** | (15964237) | 15964237  |
| **IAUG** | (56327) | 56327  |
| **IDEC** | (295186) | 295186  |
| **IFEB** | (323087) | 323087  |
| **IJAN** | (3333957) | 3333957  |
| **IJUL** | (14105832) | 14105832  |
| **IJUN** | (120766) | 120766  |
| **IMAR** | (330912) | 330912  |
| **IMAY** | (141901) | 141901  |

---

507<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings/**<br>**(Accumulated** <br>**Deficit)** | **Paid-In** <br>**Capital**  |
| **INOV** | $(668614) | $668614  |
| **IOCT** | (23529865) | 23529865  |
| **ISEP** | (8883409) | 8883409  |
| **QBUF** | (478507) | 478507  |
| **APRD** | (30383) | 30383  |
| **JAND** | (6913) | 6913  |
| **JULD** | (79830) | 79830  |
| **OCTD** |  | —  |
| **LAPR** |  | —  |
| **LJAN** | (132870) | 132870  |
| **LJUL** |  | —  |
| **LOCT** | (265051) | 265051  |
| **APRH** |  | —  |
| **JANH** | (10906) | 10906  |
| **JULH** | (36262) | 36262  |
| **OCTH** |  | —  |
| **APRJ** |  | —  |
| **JANJ** | (34648) | 34648  |
| **JULJ** | (45183) | 45183  |
| **OCTJ** |  | —  |
| **APRQ** |  | —  |
| **JANQ** | (41905) | 41905  |
| **JULQ** |  | —  |
| **OCTQ** |  | —  |
| **HAPR** |  | —  |
| **HJAN** |  | —  |
| **HJUL** | (6304) | 6304  |
| **HOCT** | (258575) | 258575  |
| **ZALT** | (21376714) | 21376714  |
| **EALT** | (14845503) | 14845503  |
| **XBAP** | (10701426) | 10701426  |
| **XBJA** | (14102824) | 14102824  |
| **XBJL** | (9483025) | 9483025  |
| **XBOC** | (20250768) | 20250768  |
| **XDAP** | (1383083) | 1383083  |
| **XDJA** | (118316) | 118316  |
| **XDJL** | (544182) | 544182  |
| **XDOC** | (313664) | 313664  |
| **XDSQ** | (11198957) | 11198957  |
| **XTAP** | (1323120) | 1323120  |
| **XTJA** | (5125969) | 5125969  |
| **XTJL** | (1038620) | 1038620  |
| **XTOC** | (4102545) | 4102545  |
| **BAPR** | (48425555) | 48425555  |
| **BAUG** | (39314321) | 39314321  |

---

508<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings/**<br>**(Accumulated** <br>**Deficit)** | **Paid-In** <br>**Capital**  |
| **BDEC** | $(9163426) | $9163426  |
| **BFEB** | (23074352) | 23074352  |
| **BJAN** | (4203746) | 4203746  |
| **BJUL** | (63942710) | 63942710  |
| **BJUN** | (8850914) | 8850914  |
| **BMAR** | (16280869) | 16280869  |
| **BMAY** | (15246015) | 15246015  |
| **BNOV** | (38820040) | 38820040  |
| **BOCT** | (43329378) | 43329378  |
| **BSEP** | (32186461) | 32186461  |
| **PAPR** | (163309047) | 163309047  |
| **PAUG** | (125202214) | 125202214  |
| **PDEC** | (90285902) | 90285902  |
| **PFEB** | (66528782) | 66528782  |
| **PJAN** | (58493581) | 58493581  |
| **PJUL** | (155542697) | 155542697  |
| **PJUN** | (50720684) | 50720684  |
| **PMAR** | (63340723) | 63340723  |
| **PMAY** | (34682942) | 34682942  |
| **PNOV** | (257249752) | 257249752  |
| **POCT** | (202824440) | 202824440  |
| **PSEP** | (131510459) | 131510459  |
| **UAPR** | (25893914) | 25893914  |
| **UAUG** | (62898725) | 62898725  |
| **UDEC** | (10409667) | 10409667  |
| **UFEB** | (7044842) | 7044842  |
| **UJAN** | (5555834) | 5555834  |
| **UJUL** | (16194449) | 16194449  |
| **UJUN** | (6009814) | 6009814  |
| **UMAR** | (6517318) | 6517318  |
| **UMAY** | (3197169) | 3197169  |
| **UNOV** | (15691687) | 15691687  |
| **UOCT** | (21486653) | 21486653  |
| **USEP** | (12379948) | 12379948  |
| **RBUF** | (428146) | 428146  |
| **KAPR** | (16521242) | 16521242  |
| **KAUG** | 940364 | (940364)  |
| **KJAN** | (9124212) | 9124212  |
| **KJUL** | (6231553) | 6231553  |
| **KJUN** | (150855) | 150855  |
| **KNOV** |  | —  |
| **KOCT** | (21904748) | 21904748  |
| **KSEP** |  |  |

---

509<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**Distributions to Shareholders: Distributions to shareholders are recorded on the ex-dividend date. The Funds intend to pay out dividends from their net investment income, if any, annually. Distributions of net realized capital gains, if any, will be declared and paid at least annually by the Funds. The Funds may periodically make reclassifications among certain of its capital accounts as a result of the recognition and characterization of certain income and capital gain distributions determined annually in accordance with federal tax regulations which may differ from U.S. GAAP. Distributions that exceed earnings and profits for tax purposes are reported as return of capital.** 

**Investment Transactions and Investment Income: Investment transactions are recorded on the trade date. The Trust determines the gain or loss realized from investment transactions on the basis of identified cost. Dividend income, if any, is recognized on the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums is recognized on an accrual basis using the effective yield method.** 

3. INVESTMENT ADVISOR AND OTHER AFFILIATES

Innovator Capital Management, LLC (the "Adviser") acts as investment adviser to the Funds pursuant to an investment advisory agreement between the Trust and the Adviser with respect to the Funds ("Advisory Agreement") and, pursuant to the Advisory Agreement, is responsible for the day-to-day management of the Funds.

Pursuant to the Advisory Agreement, IJAN, IFEB, IMAR, IAPR, IMAY, IJUN, IJUL, IAUG, ISEP, IOCT, INOV, IDEC, and IBUF each pay monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund at the annual rate of 0.85%. EJAN, EAPR, EJUL, EOCT, and EBUF each pay monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund at the annual rate of 0.89%. BALT, EALT, and ZALT each pay monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund at the annual rate of 0.69%. All other Innovator ETFs included in this report each, respectively, pay monthly the Adviser a unitary fee calculated daily based on the average daily net assets of each Fund at the annual rate of 0.79%. During the term of the Advisory Agreement, the Adviser pays all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit, and other services and license fees, except for the fees paid under the Advisory Agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses.

Milliman Financial Risk Management LLC (the "Sub-Adviser") acts as sub-adviser to the Funds pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser with respect to the Funds ("Sub-Advisory Agreement") and, pursuant to the Sub-Advisory Agreement, is responsible for execution of the Sub-Adviser's strategy for each of the Funds. The Sub-Adviser is responsible for the day-to-day management of the Funds' portfolios. Pursuant to the Sub-Advisory Agreement between the Adviser and the Sub-Adviser, the Adviser pays the Sub-Adviser a fee, based on the Funds' average daily net assets, for the services and facilities it provides payable on a monthly basis.

Certain trustees and officers of the Trust are affiliated with the Adviser. Trustee compensation is paid for by the Adviser.

4. INVESTMENT TRANSACTIONS

For the period ended April 30, 2025, the cost of purchases and proceeds from sales of investment securities, other than in-kind purchases and sales and short-term investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases**  | **Purchases**  | **Sales**  | **Sales**  |
|  | **U.S. Government**  | **Other**  | **U.S. Government**  | **Other**  |
| **AAPR**  | &nbsp;&nbsp; $—  | $2951400  | &nbsp;&nbsp; $—  | $1157348  |
| **TAPR**  | &nbsp;&nbsp; —  | 5664157  | &nbsp;&nbsp; —  | 245891  |
| **AJAN**  | &nbsp;&nbsp; —  | 2008349  | &nbsp;&nbsp; —  | 4107924  |
| **TJAN**  | &nbsp;&nbsp; —  | 50589302  | &nbsp;&nbsp; —  | 2440808  |
| **TJUL**  | &nbsp;&nbsp; —  | 1453479  | &nbsp;&nbsp; —  | 94470  |
| **AJUL**  | &nbsp;&nbsp; —  | 11655670  | &nbsp;&nbsp; —  | 1361655  |
| **AOCT**  | &nbsp;&nbsp; —  | 30268254  | &nbsp;&nbsp; —  | 2062518 |

---

All other Funds had no purchases or proceeds from long-term sales of investment securities.

510<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

For the period ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Creations**  | **In-Kind** <br>**Redemptions**  |
| **TFJL**  | $—  | $66874797  |
| **TBJL**  | —  | 1002240  |
| **BALT**  | 164781401  | 1823348801  |
| **EBUF**  | —  | 15845611  |
| **EAPR**  | —  | 24410826  |
| **EJAN**  | —  | 69058160  |
| **EJUL**  | 639861  | 16803360  |
| **EOCT**  | —  | 19868073  |
| **ZAPR**  | 5787257  | —  |
| **ZAUG**  | 6231500  | 9349656  |
| **ZDEK**  | 25837586  | 7823870  |
| **ZFEB**  | 39273375  | —  |
| **ZJAN**  | 19292800  | —  |
| **ZJUL**  | —  | 16919902  |
| **ZMAR**  | 14051340  | —  |
| **ZMAY**  | —  | —  |
| **ZNOV**  | 9644763  | 37553881  |
| **ZOCT**  | 6377455  | 5550808  |
| **ZSEP**  | —  | 27335303  |
| **AAPR**  | —  | 15598723  |
| **TAPR**  | —  | —  |
| **AJAN**  | —  | 12994109  |
| **TJAN**  | 7107571  | 652723  |
| **TJUL**  | 3366104  | 67360297  |
| **AJUL**  | —  | 14256411  |
| **AOCT**  | 724823  | —  |
| **APOC**  | 21684777  | 104127294  |
| **JAJL**  | 24164448  | 313190008  |
| **XDQQ**  | 2423150  | 49645696  |
| **QTAP**  | 2430240  | 17482593  |
| **QTJA**  | —  | 49807408  |
| **QTJL**  | —  | 5359440  |
| **QTOC**  | 729078  | —  |
| **NAPR**  | 2605950  | 203468349  |
| **NAUG**  | 1285651  | 2830646  |
| **NDEC**  | 8982557  | 5960967  |
| **NFEB**  | 27746320  | —  |
| **NJAN**  | 39324066  | 511350345  |
| **NJUL**  | —  | 72289620  |
| **NJUN**  | 1983366  | 5274770  |
| **NMAR**  | 7222274  | —  |
| **NMAY**  | —  | —  |
| **NNOV**  | 9143241  | 8669938  |
| **NOCT**  | 1808415  | 26994835  |

---

511<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Creations**  | **In-Kind** <br>**Redemptions**  |
| **NSEP**  | $—  | $12056516  |
| **IBUF**  | 2182056  | 16142018  |
| **IAPR**  | —  | 165766638  |
| **IAUG**  | —  | 2560660  |
| **IDEC**  | —  | 11330069  |
| **IFEB**  | —  | 12151795  |
| **IJAN**  | 4705668  | 200478058  |
| **IJUL**  | 2868648  | 25158105  |
| **IJUN**  | —  | 3192560  |
| **IMAR**  | 15639748  | 43401418  |
| **IMAY**  | —  | 13826530  |
| **INOV**  | —  | 4459976  |
| **IOCT**  | —  | 94910444  |
| **ISEP**  | —  | 76838420  |
| **QBUF**  | 23335248  | 224446725  |
| **JULD**  | —  | —  |
| **OCTD**  | 549221  | 472530  |
| **LAPR**  | 45518  | —  |
| **LJAN**  | 72413  | 18502  |
| **LJUL**  | —  | —  |
| **LOCT**  | 14225  | —  |
| **APRH**  | —  | 44186  |
| **JANH**  | —  | 640829  |
| **JULH**  | —  | 312440  |
| **OCTH**  | 536274  | —  |
| **APRJ**  | 1398613  | 123180  |
| **JANJ**  | 684342  | 1120544  |
| **JULJ**  | —  | 624834  |
| **OCTJ**  | —  | 1110954  |
| **JULQ**  | —  | 49927  |
| **OCTQ**  | 2067503  | 609841  |
| **HJUL**  | —  | —  |
| **HOCT**  | —  | 85452  |
| **ZALT**  | 97940434  | 335145188  |
| **EALT**  | 12163814  | 121226876  |
| **XBAP**  | 121107342  | 318586190  |
| **XBJA**  | 210410832  | 183081275  |
| **XBJL**  | 43218953  | 83326544  |
| **XBOC**  | 38569272  | 38699160  |
| **XDJL**  | —  | 7687232  |
| **XDOC**  | —  | 2070564  |
| **XDSQ**  | 1751100  | 82698237  |
| **XTAP**  | 5333325  | 15449816  |
| **XTJA**  | 1499905  | 17049878  |
| **XTJL**  | 2037620  | 3367616  |
| **XTOC**  | 1417584  | 4624194  |
| **BAPR**  | 7611732  | 265797822  |

---

512<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Creations**  | **In-Kind** <br>**Redemptions**  |
| **BAUG**  | $83486808  | $120757518  |
| **BDEC**  | 47885119  | 515413412  |
| **BFEB**  | 39185204  | 169399511  |
| **BJAN**  | 16389940  | 550615024  |
| **BJUL**  | 25522092  | 38141915  |
| **BJUN**  | 2006280  | 30774681  |
| **BMAR**  | 2390770  | 195277428  |
| **BMAY**  | —  | 131683997  |
| **BNOV**  | 22253024  | 16732992  |
| **BOCT**  | 78663672  | 98403354  |
| **BSEP**  | 2115108  | 54756836  |
| **PAPR**  | 29768310  | 1475871292  |
| **PAUG**  | 33083264  | 141786592  |
| **PDEC**  | 155252105  | 1757840459  |
| **PFEB**  | 206272822  | 1390774125  |
| **PJAN**  | 119531867  | 2266046905  |
| **PJUL**  | 16412752  | 145319910  |
| **PJUN**  | 17475152  | 154984096  |
| **PMAR**  | 17975868  | 1130685572  |
| **PMAY**  | —  | 1057172458  |
| **PNOV**  | 33287088  | 154474800  |
| **POCT**  | 21998046  | 111883760  |
| **PSEP**  | —  | 249063824  |
| **UAPR**  | 10604087  | 153930589  |
| **UAUG**  | 8546850  | 109059707  |
| **UDEC**  | 107576744  | 102895400  |
| **UFEB**  | 86171163  | 70461757  |
| **UJAN**  | 38684077  | 361223600  |
| **UJUL**  | 12122320  | 36782690  |
| **UJUN**  | —  | 29041320  |
| **UMAR**  | 4421860  | 95452208  |
| **UMAY**  | —  | 52038633  |
| **UNOV**  | 23672712  | 3484278  |
| **UOCT**  | 14451306  | 4647269  |
| **USEP**  | 18365666  | 60820935  |
| **RBUF**  | 12104541  | 261617715  |
| **KAPR**  | 40648086  | 196620162  |
| **KAUG**  | 9124809  | 43821058  |
| **KDEC**  | 15678382  | 22455520  |
| **KFEB**  | 13918396  | 663837  |
| **KJAN**  | 11310474  | 449329844  |
| **KJUL**  | 24673874  | 54188887  |
| **KJUN**  | 3924161  | 1439702  |
| **KMAR**  | 1379543  | —  |
| **KMAY**  | —  | —  |
| **KNOV**  | 5991048  | 7014047  |
| **KOCT**  | —  | 48157328  |
| **KSEP**  | —  | 7761775  |
| **QBF**  | —  |  |

---

513<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

5. CREATION AND REDEMPTION TRANSACTIONS

There are an unlimited number of shares of beneficial interest (without par value) authorized by the Trust. Individual shares of the Funds may only be purchased and sold at market prices on the applicable Exchange through a broker-dealer. Such transactions may be subject to customary commission rates imposed by the broker-dealer, and market prices for the Funds' shares may be at, above or below its NAV depending on the premium or discount at which the Funds' shares trade.

The Funds issue and redeem shares on a continuous basis at NAV only in blocks of shares called "Creation Units." Creation Units are issued and redeemed principally for cash. Once created, shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Shares of the Funds may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. A transaction fee is applicable to each transaction regardless of the number of units purchased or sold in the transaction. Each Fund, subject to approval by the Board of Trustees, may adjust transaction fees from time to time based upon actual experience. Additional charges received by the Funds, if any, are disclosed as Transaction Fees on the Statements of Changes in Net Assets. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

6. FEDERAL INCOME TAX INFORMATION

At October 31, 2024, the cost of investments including options written and net unrealized appreciation/ (depreciation) for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of** <br>**Portfolio**  | **Gross** <br>**Unrealized** <br>**Appreciation** | **Gross** <br>**Unrealized** <br>**Depreciation** | **Net Unrealized** <br>**Appreciation/**<br>(Depreciation)  |
| **TFJL** | $78662697 | $2025345 | $(4065635) | $(2040290)  |
| **TBJL** | 15022866 | 195278 | (119749) | 75529  |
| **BALT** | 898244132 | 9790091 | (8108876) | 1681215  |
| **EBUF** | 10405490 | 404803 | (593497) | (188694)  |
| **EAPR** | 62669883 | 5709488 | (1956476) | 3753012  |
| **EJAN** | 118372198 | 15307073 | (5658028) | 9649045  |
| **EJUL** | 84540180 | 3408195 | (1161675) | 2246520  |
| **EOCT** | 54340304 | 967268 | (2137634) | (1170366)  |
| **ZAUG** | 79063928 | 4946939 | (3095735) | 1851204  |
| **ZJUL** | 112932630 | 4065761 | (1712509) | 2353252  |
| **ZNOV** | 1239574 |  | (160) | (160)  |
| **ZOCT** | 69280011 | 501042 | (572893) | (71851)  |
| **ZSEP** | 108584291 | 3065037 | (2064799) | 1000238  |
| **AAPR** | 68022641 | 6453105 | (3021005) | 3432100  |
| **AJAN** | 58104014 | 9443017 | (7995061) | 1447956  |
| **TJUL** | 204836172 | 41836838 | (33943824) | 7893014  |
| **AJUL** | 66639105 | 3393948 | (946159) | 2447789  |
| **AOCT** | 54950343 | 336166 | (579155) | (242989)  |

---

514<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of** <br>**Portfolio**  | **Gross** <br>**Unrealized** <br>**Appreciation** | **Gross** <br>**Unrealized** <br>**Depreciation** | **Net Unrealized** <br>**Appreciation/**<br>(Depreciation)  |
| **APOC** | $75295442 | $555001 | $(447170) | $107831  |
| **JAJL** | 150611298 | 5735856 | (3081092) | 2654764  |
| **XDQQ** | 34338619 | 580184 | (687085) | (106901)  |
| **QTAP** | 13131845 | 1876305 | (707217) | 1169088  |
| **QTJA** | 25543770 | 8071446 | (4918198) | 3153248  |
| **QTJL** | 16686683 | 712134 | (454771) | 257363  |
| **QTOC** | 8361322 | 135941 | (163207) | (27266)  |
| **NAPR** | 181157189 | 19570324 | (6575906) | 12994418  |
| **NAUG** | 16140357 | 1174412 | (578977) | 595435  |
| **NJAN** | 180778224 | 36626905 | (16557882) | 20069023  |
| **NJUL** | 261638168 | 6110124 | (1844597) | 4265527  |
| **NJUN** | 26535346 | 1063022 | (643383) | 419639  |
| **NNOV** | 1245165 |  | (233) | (233)  |
| **NOCT** | 161004712 | 1129436 | (1515757) | (386321)  |
| **NSEP** | 35249706 | 1533803 | (826192) | 707611  |
| **IBUF** | 5782853 | 192125 | (269111) | (76986)  |
| **IAPR** | 198902879 | 3847573 | (1104518) | 2743055  |
| **IAUG** | 14699499 | 244193 | (294866) | (50673)  |
| **IDEC** | 10064748 | 1180707 | (388118) | 792589  |
| **IFEB** | 11488691 | 689159 | (356346) | 332813  |
| **IJAN** | 172019746 | 14598365 | (6199499) | 8398866  |
| **IJUL** | 159206167 | 1665597 | (1755300) | (89703)  |
| **IJUN** | 23922535 | 383007 | (583504) | (200497)  |
| **IMAR** | 12760792 | 410600 | (247617) | 162983  |
| **IMAY** | 8891149 | 180559 | (110778) | 69781  |
| **INOV** | 4383185 |  | (1184) | (1184)  |
| **IOCT** | 126466459 | 1687916 | (6668795) | (4980879)  |
| **ISEP** | 69110651 | 1507254 | (3057220) | (1549966)  |
| **QBUF** | 80463496 | 1183026 | (1265091) | (82065)  |
| **APRD** | 9266136 | 11643 | (2517) | 9126  |
| **JAND** | 4347607 | 323 | (69) | 254  |
| **JULD** | 4981748 | 8901 | (988) | 7913  |
| **OCTD** | 4773286 |  | (13709) | (13709)  |
| **LAPR** | 3708624 | 39407 |  | 39407  |
| **LJAN** | 8470117 | 123198 | (30) | 123168  |
| **LJUL** | 2364115 | 18519 | (234) | 18285  |
| **LOCT** | 18397538 | 6 | (70393) | (70387)  |
| **APRH** | 27755256 | 42164 | (118) | 42046  |
| **JANH** | 9292624 | 1299 | (69) | 1230  |
| **JULH** | 20486863 | 89741 |  | 89741  |
| **OCTH** | 19677414 | 4 | (51553) | (51549)  |
| **APRJ** | 38221660 | 59098 |  | 59098  |
| **JANJ** | 22252960 | 2593 | (113) | 2480  |
| **JULJ** | 23593008 | 105148 | (70) | 105078  |
| **OCTJ** | 21483425 | 314 | (57698) | (57384)  |
| **APRQ** | 19087556 | 31193 | (2434) | 28759  |

---

515<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of** <br>**Portfolio**  | **Gross** <br>**Unrealized** <br>**Appreciation** | **Gross** <br>**Unrealized** <br>**Depreciation** | **Net Unrealized** <br>**Appreciation/**<br>(Depreciation)  |
| **JANQ** | $4938969 | $608 | $(69) | $539  |
| **JULQ** | 8073345 | 31422 |  | 31422  |
| **OCTQ** | 12525443 | 39 | (33799) | (33760)  |
| **HAPR** | 1848548 | 25262 |  | 25262  |
| **HJAN** | 9616727 | 203957 | (189) | 203768  |
| **HJUL** | 1180751 | 9350 |  | 9350  |
| **HOCT** | 15422822 | 2252 | (59180) | (56928)  |
| **ZALT** | 256018637 | 2393900 | (2119447) | 274453  |
| **EALT** | 102885876 | 507989 | (1125534) | (617545)  |
| **XBAP** | 81277177 | 11888018 | (6638907) | 5249111  |
| **XBJA** | 78448757 | 27679798 | (19690250) | 7989548  |
| **XBJL** | 145973812 | 7317414 | (3235091) | 4082323  |
| **XBOC** | 66620920 | 690733 | (914022) | (223289)  |
| **XDAP** | 7045703 | 958869 | (282772) | 676097  |
| **XDJA** | 8836833 | 2338431 | (1378923) | 959508  |
| **XDJL** | 10459215 | 753170 | (246663) | 506507  |
| **XDOC** | 5167954 | 35943 | (59589) | (23646)  |
| **XDSQ** | 51687901 | 672134 | (906076) | (233942)  |
| **XTAP** | 10237014 | 1554930 | (892329) | 662601  |
| **XTJA** | 17230957 | 4516870 | (4694887) | (178017)  |
| **XTJL** | 11056075 | 956996 | (558944) | 398052  |
| **XTOC** | 14326898 | 188007 | (264176) | (76169)  |
| **BAPR** | 241137976 | 25806704 | (6501956) | 19304748  |
| **BAUG** | 175470606 | 6372272 | (1438686) | 4933586  |
| **BDEC** | 107722049 | 29518633 | (11990631) | 17528002  |
| **BFEB** | 120046305 | 19695518 | (8860144) | 10835374  |
| **BJAN** | 221213698 | 50339166 | (18974640) | 31364526  |
| **BJUL** | 248717015 | 12931558 | (2508931) | 10422627  |
| **BJUN** | 142100713 | 11622662 | (3183714) | 8438948  |
| **BMAR** | 158102788 | 21343470 | (5871898) | 15471572  |
| **BMAY** | 118623835 | 17927044 | (5953375) | 11973669  |
| **BNOV** | 99337134 |  | (18818) | (18818)  |
| **BOCT** | 233550014 | 923280 | (2000122) | (1076842)  |
| **BSEP** | 199432244 | 3260552 | (985727) | 2274825  |
| **PAPR** | 734009752 | 75578187 | (25090353) | 50487834  |
| **PAUG** | 826613198 | 33475785 | (10130850) | 23344935  |
| **PDEC** | 652709631 | 176886170 | (93422585) | 83463585  |
| **PFEB** | 592696677 | 106857563 | (56407505) | 50450058  |
| **PJAN** | 880440213 | 199503519 | (95248027) | 104255492  |
| **PJUL** | 935206607 | 44952160 | (11296719) | 33655441  |
| **PJUN** | 582903073 | 48090179 | (18210091) | 29880088  |
| **PMAR** | 512949772 | 68631606 | (25647452) | 42984154  |
| **PMAY** | 521735801 | 73779036 | (34223353) | 39555683  |
| **PNOV** | 668187041 |  | (125857) | (125857)  |
| **POCT** | 848948925 | 4711739 | (8389110) | (3677371)  |
| **PSEP** | 878919847 | 16747093 | (6609617) | 10137476  |

---

516<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of** <br>**Portfolio**  | **Gross** <br>**Unrealized** <br>**Appreciation** | **Gross** <br>**Unrealized** <br>**Depreciation** | **Net Unrealized** <br>**Appreciation/**<br>(Depreciation)  |
| **UAPR** | $136866211 | $13373323 | $(3695518) | $9677805  |
| **UAUG** | 224721384 | 10761883 | (3309220) | 7452663  |
| **UDEC** | 63671400 | 15741639 | (8269383) | 7472256  |
| **UFEB** | 52644388 | 7967873 | (4420177) | 3547696  |
| **UJAN** | 144388400 | 29686667 | (14012414) | 15674253  |
| **UJUL** | 139151147 | 5934667 | (1024970) | 4909697  |
| **UJUN** | 86111851 | 6537151 | (1760459) | 4776692  |
| **UMAR** | 75734229 | 8990499 | (2988591) | 6001908  |
| **UMAY** | 49054236 | 6130138 | (2578897) | 3551241  |
| **UNOV** | 39005257 |  | (7375) | (7375)  |
| **UOCT** | 162336004 | 945198 | (1624765) | (679567)  |
| **USEP** | 161130476 | 2619386 | (938864) | 1680522  |
| **RBUF** | 116010559 | 1164578 | (1692930) | (528352)  |
| **KAPR** | 175486563 | 8796442 | (4738775) | 4057667  |
| **KAUG** | 69065904 | 242541 | (723225) | (480684)  |
| **KJAN** | 373526468 | 47246428 | (20411427) | 26835001  |
| **KJUL** | 147767634 | 11507238 | (4798186) | 6709052  |
| **KJUN** | 10060042 | 876881 | (393072) | 483809  |
| **KNOV** | 1250268 |  | (368) | (368)  |
| **KOCT** | 148938987 | 1216487 | (2306560) | (1090073)  |
| **KSEP** | 18789316 | 432449 | (286290) | 146159 |

---

At October 31, 2024, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Accumulated** <br>**Capital and** <br>**Other Losses**  | **Undistributed**<br>**Capital Gains**  | **Unrealized** <br>**Appreciation/**<br>(Depreciation) <br>**on Investments** | **Total** <br>**Distributable** <br>**Earnings/**<br>**(Accumulated** <br>**Deficit)**  |
| **TFJL** | $(5340702) | &nbsp;&nbsp;&nbsp; $— | $(2040290) | $(7380992)  |
| **TBJL** | (5056923) | &nbsp;&nbsp;&nbsp; — | 75529 | (4981394)  |
| **BALT** | (17773176) | &nbsp;&nbsp;&nbsp; — | 1681215 | (16091961)  |
| **EBUF** | (45036) | &nbsp;&nbsp;&nbsp; — | (188694) | (233730)  |
| **EAPR** | (9864445) | &nbsp;&nbsp;&nbsp; — | 3753012 | (6111433)  |
| **EJAN** | (11819455) | &nbsp;&nbsp;&nbsp; — | 9649045 | (2170410)  |
| **EJUL** | (9397144) | &nbsp;&nbsp;&nbsp; — | 2246520 | (7150624)  |
| **EOCT** | (292084) | &nbsp;&nbsp;&nbsp; — | (1170366) | (1462450)  |
| **ZAUG** | (180973) | &nbsp;&nbsp;&nbsp; — | 1851204 | 1670231  |
| **ZJUL** | (294345) | &nbsp;&nbsp;&nbsp; — | 2353252 | 2058907  |
| **ZNOV** |  | &nbsp;&nbsp;&nbsp; — | (160) | (160)  |
| **ZOCT** | (32439) | &nbsp;&nbsp;&nbsp; — | (71851) | (104290)  |
| **ZSEP** | (120017) | &nbsp;&nbsp;&nbsp; — | 1000238 | 880221  |
| **AAPR** | (415805) | &nbsp;&nbsp;&nbsp; — | 3432100 | 3016295  |
| **AJAN** | (529582) | &nbsp;&nbsp;&nbsp; — | 1447956 | 918374  |
| **TJUL** | (2787117) | &nbsp;&nbsp;&nbsp; — | 7893014 | 5105897  |
| **AJUL** | (853937) | &nbsp;&nbsp;&nbsp; — | 2447789 | 1593852  |
| **AOCT** | (25235) | &nbsp;&nbsp;&nbsp; — | (242989) | (268224)  |

---

517<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Accumulated** <br>**Capital and** <br>**Other Losses**  | **Undistributed**<br>**Capital Gains**  | **Unrealized** <br>**Appreciation/**<br>(Depreciation) <br>**on Investments** | **Total** <br>**Distributable** <br>**Earnings/**<br>**(Accumulated** <br>**Deficit)**  |
| **APOC** | $(35656) | &nbsp;&nbsp;&nbsp; $— | $107831 | $72175  |
| **JAJL** | (474551) | &nbsp;&nbsp;&nbsp; — | 2654764 | 2180213  |
| **XDQQ** |  | &nbsp;&nbsp;&nbsp; — | (106901) | (106901)  |
| **QTAP** | (7118787) | &nbsp;&nbsp;&nbsp; — | 1169088 | (5949699)  |
| **QTJA** | (9772876) | &nbsp;&nbsp;&nbsp; — | 3153248 | (6619628)  |
| **QTJL** | (6279281) | &nbsp;&nbsp;&nbsp; — | 257363 | (6021918)  |
| **QTOC** | (5351631) | &nbsp;&nbsp;&nbsp; — | (27266) | (5378897)  |
| **NAPR** | (31231546) | &nbsp;&nbsp;&nbsp; — | 12994418 | (18237128)  |
| **NAUG** | (31643) | &nbsp;&nbsp;&nbsp; — | 595435 | 563792  |
| **NJAN** | (34256444) | &nbsp;&nbsp;&nbsp; — | 20069023 | (14187421)  |
| **NJUL** | (40065139) | &nbsp;&nbsp;&nbsp; — | 4265527 | (35799612)  |
| **NJUN** | (114746) | &nbsp;&nbsp;&nbsp; — | 419639 | 304893  |
| **NNOV** |  | &nbsp;&nbsp;&nbsp; — | (233) | (233)  |
| **NOCT** | (20555451) | &nbsp;&nbsp;&nbsp; — | (386321) | (20941772)  |
| **NSEP** | (98932) | &nbsp;&nbsp;&nbsp; — | 707611 | 608679  |
| **IBUF** | (71518) | &nbsp;&nbsp;&nbsp; — | (76986) | (148504)  |
| **IAPR** | (5689971) | &nbsp;&nbsp;&nbsp; — | 2743055 | (2946916)  |
| **IAUG** | (28321) | &nbsp;&nbsp;&nbsp; — | (50673) | (78994)  |
| **IDEC** | (29449) | &nbsp;&nbsp;&nbsp; — | 792589 | 763140  |
| **IFEB** | (78779) | &nbsp;&nbsp;&nbsp; — | 332813 | 254034  |
| **IJAN** | (2902963) | &nbsp;&nbsp;&nbsp; — | 8398866 | 5495903  |
| **IJUL** | (1647007) | &nbsp;&nbsp;&nbsp; — | (89703) | (1736710)  |
| **IJUN** | (75063) | &nbsp;&nbsp;&nbsp; — | (200497) | (275560)  |
| **IMAR** | (81435) | &nbsp;&nbsp;&nbsp; — | 162983 | 81548  |
| **IMAY** | (41504) | &nbsp;&nbsp;&nbsp; — | 69781 | 28277  |
| **INOV** | (205616) | &nbsp;&nbsp;&nbsp; — | (1184) | (206800)  |
| **IOCT** | (15038578) | &nbsp;&nbsp;&nbsp; — | (4980879) | (20019457)  |
| **ISEP** | (2107706) | &nbsp;&nbsp;&nbsp; — | (1549966) | (3657672)  |
| **QBUF** | (305810) | &nbsp;&nbsp;&nbsp; — | (82065) | (387875)  |
| **APRD** |  | &nbsp;&nbsp;&nbsp; — | 9126 | 9126  |
| **JAND** |  | &nbsp;&nbsp;&nbsp; 2818 | 254 | 3072  |
| **JULD** |  | &nbsp;&nbsp;&nbsp; — | 7913 | 7913  |
| **OCTD** |  | &nbsp;&nbsp;&nbsp; — | (13709) | (13709)  |
| **LAPR** |  | &nbsp;&nbsp;&nbsp; — | 39407 | 39407  |
| **LJAN** | (23312) | &nbsp;&nbsp;&nbsp; — | 123168 | 99856  |
| **LJUL** |  | &nbsp;&nbsp;&nbsp; — | 18285 | 18285  |
| **LOCT** | (4415) | &nbsp;&nbsp;&nbsp; — | (70387) | (74802)  |
| **APRH** |  | &nbsp;&nbsp;&nbsp; — | 42046 | 42046  |
| **JANH** |  | &nbsp;&nbsp;&nbsp; 19601 | 1230 | 20831  |
| **JULH** |  | &nbsp;&nbsp;&nbsp; 97108 | 89741 | 186849  |
| **OCTH** |  | &nbsp;&nbsp;&nbsp; — | (51549) | (51549)  |
| **APRJ** |  | &nbsp;&nbsp;&nbsp; — | 59098 | 59098  |
| **JANJ** |  | &nbsp;&nbsp;&nbsp; 1740 | 2480 | 4220  |
| **JULJ** |  | &nbsp;&nbsp;&nbsp; 36138 | 105078 | 141216  |
| **OCTJ** |  | &nbsp;&nbsp;&nbsp; — | (57384) | (57384)  |

---

518<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Accumulated** <br>**Capital and** <br>**Other Losses**  | **Undistributed**<br>**Capital Gains**  | **Unrealized** <br>**Appreciation/**<br>(Depreciation) <br>**on Investments** | **Total** <br>**Distributable** <br>**Earnings/**<br>**(Accumulated** <br>**Deficit)**  |
| **APRQ** | $— | &nbsp;&nbsp;&nbsp; $— | $28759 | $28759  |
| **JANQ** |  | &nbsp;&nbsp;&nbsp; — | 539 | 539  |
| **JULQ** |  | &nbsp;&nbsp;&nbsp; — | 31422 | 31422  |
| **OCTQ** |  | &nbsp;&nbsp;&nbsp; — | (33760) | (33760)  |
| **HAPR** |  | &nbsp;&nbsp;&nbsp; — | 25262 | 25262  |
| **HJAN** | (85) | &nbsp;&nbsp;&nbsp; — | 203768 | 203683  |
| **HJUL** |  | &nbsp;&nbsp;&nbsp; — | 9350 | 9350  |
| **HOCT** |  | &nbsp;&nbsp;&nbsp; — | (56928) | (56928)  |
| **ZALT** | (7852211) | &nbsp;&nbsp;&nbsp; — | 274453 | (7577758)  |
| **EALT** | (2066254) | &nbsp;&nbsp;&nbsp; — | (617545) | (2683799)  |
| **XBAP** | (5200202) | &nbsp;&nbsp;&nbsp; — | 5249111 | 48909  |
| **XBJA** | (8669162) | &nbsp;&nbsp;&nbsp; — | 7989548 | (679614)  |
| **XBJL** | (2205295) | &nbsp;&nbsp;&nbsp; — | 4082323 | 1877028  |
| **XBOC** | (13517465) | &nbsp;&nbsp;&nbsp; — | (223289) | (13740754)  |
| **XDAP** | (1084084) | &nbsp;&nbsp;&nbsp; — | 676097 | (407987)  |
| **XDJA** | (213677) | &nbsp;&nbsp;&nbsp; — | 959508 | 745831  |
| **XDJL** | (219286) | &nbsp;&nbsp;&nbsp; — | 506507 | 287221  |
| **XDOC** | (6052612) | &nbsp;&nbsp;&nbsp; — | (23646) | (6076258)  |
| **XDSQ** |  | &nbsp;&nbsp;&nbsp; — | (233942) | (233942)  |
| **XTAP** | (1293232) | &nbsp;&nbsp;&nbsp; — | 662601 | (630631)  |
| **XTJA** | (1932467) | &nbsp;&nbsp;&nbsp; — | (178017) | (2110484)  |
| **XTJL** | (2192106) | &nbsp;&nbsp;&nbsp; — | 398052 | (1794054)  |
| **XTOC** | (2285788) | &nbsp;&nbsp;&nbsp; — | (76169) | (2361957)  |
| **BAPR** | (26905365) | &nbsp;&nbsp;&nbsp; — | 19304748 | (7600617)  |
| **BAUG** | (17332195) | &nbsp;&nbsp;&nbsp; — | 4933586 | (12398609)  |
| **BDEC** | (4373840) | &nbsp;&nbsp;&nbsp; — | 17528002 | 13154162  |
| **BFEB** | (3144489) | &nbsp;&nbsp;&nbsp; — | 10835374 | 7690885  |
| **BJAN** | (21749763) | &nbsp;&nbsp;&nbsp; — | 31364526 | 9614763  |
| **BJUL** | (12430643) | &nbsp;&nbsp;&nbsp; — | 10422627 | (2008016)  |
| **BJUN** | (3067407) | &nbsp;&nbsp;&nbsp; — | 8438948 | 5371541  |
| **BMAR** | (3107053) | &nbsp;&nbsp;&nbsp; — | 15471572 | 12364519  |
| **BMAY** | (6792920) | &nbsp;&nbsp;&nbsp; — | 11973669 | 5180749  |
| **BNOV** | (29562282) | &nbsp;&nbsp;&nbsp; — | (18818) | (29581100)  |
| **BOCT** | (35522024) | &nbsp;&nbsp;&nbsp; — | (1076842) | (36598866)  |
| **BSEP** | (9936240) | &nbsp;&nbsp;&nbsp; — | 2274825 | (7661415)  |
| **PAPR** | (112620175) | &nbsp;&nbsp;&nbsp; — | 50487834 | (62132341)  |
| **PAUG** | (49318385) | &nbsp;&nbsp;&nbsp; — | 23344935 | (25973450)  |
| **PDEC** | (35002660) | &nbsp;&nbsp;&nbsp; — | 83463585 | 48460925  |
| **PFEB** | (21879797) | &nbsp;&nbsp;&nbsp; — | 50450058 | 28570261  |
| **PJAN** | (65436490) | &nbsp;&nbsp;&nbsp; — | 104255492 | 38819002  |
| **PJUL** | (61234530) | &nbsp;&nbsp;&nbsp; — | 33655441 | (27579089)  |
| **PJUN** | (3456090) | &nbsp;&nbsp;&nbsp; — | 29880088 | 26423998  |
| **PMAR** | (27714820) | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 42984154 | 15269334  |
| **PMAY** | (12241326) | &nbsp;&nbsp;&nbsp; — | 39555683 | 27314357  |
| **PNOV** | (218709629) | &nbsp;&nbsp;&nbsp; — | (125857) | (218835486)  |

---

519<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Accumulated** <br>**Capital and** <br>**Other Losses**  | **Undistributed**<br>**Capital Gains**  | **Unrealized** <br>**Appreciation/**<br>(Depreciation) <br>**on Investments** | **Total** <br>**Distributable** <br>**Earnings/**<br>**(Accumulated** <br>**Deficit)**  |
| **POCT** | $(127230053) | &nbsp;&nbsp; $— | $(3677371) | $(130907424)  |
| **PSEP** | (72868819) | &nbsp;&nbsp; — | 10137476 | (62731343)  |
| **UAPR** | (19081372) | &nbsp;&nbsp; — | 9677805 | (9403567)  |
| **UAUG** | (21539683) | &nbsp;&nbsp; — | 7452663 | (14087020)  |
| **UDEC** | (6639051) | &nbsp;&nbsp; — | 7472256 | 833205  |
| **UFEB** | (4174150) | &nbsp;&nbsp; — | 3547696 | (626454)  |
| **UJAN** | (33072574) | &nbsp;&nbsp; — | 15674253 | (17398321)  |
| **UJUL** | (4186301) | &nbsp;&nbsp; — | 4909697 | 723396  |
| **UJUN** | (2767789) | &nbsp;&nbsp; — | 4776692 | 2008903  |
| **UMAR** | (4408403) | &nbsp;&nbsp; — | 6001908 | 1593505  |
| **UMAY** | (2646786) | &nbsp;&nbsp; — | 3551241 | 904455  |
| **UNOV** | (12616801) | &nbsp;&nbsp; — | (7375) | (12624176)  |
| **UOCT** | (15321834) | &nbsp;&nbsp; — | (679567) | (16001401)  |
| **USEP** | (11090706) | &nbsp;&nbsp; — | 1680522 | (9410184)  |
| **RBUF** | (236799) | &nbsp;&nbsp; — | (528352) | (765151)  |
| **KAPR** | (3032549) | &nbsp;&nbsp; — | 4057667 | 1025118  |
| **KAUG** | (87755) | &nbsp;&nbsp; — | (480684) | (568439)  |
| **KJAN** | (11022236) | &nbsp;&nbsp; — | 26835001 | 15812765  |
| **KJUL** | (8241770) | &nbsp;&nbsp; — | 6709052 | (1532718)  |
| **KJUN** | (33175) | &nbsp;&nbsp; — | 483809 | 450634  |
| **KNOV** |  | &nbsp;&nbsp; — | (368) | (368)  |
| **KOCT** | (11183968) | &nbsp;&nbsp; — | (1090073) | (12274041)  |
| **KSEP** | (19259) | &nbsp;&nbsp; — | 146159 | 126900 |

---

Certain qualified late year ordinary losses incurred after December 31, and within the current taxable year, are deemed to arise on the first business day of the next taxable year. At October 31, 2024, the Funds deferred the following qualified late year ordinary losses:

---

| | |
|:---|:---|
|  | **Late Year** <br>**Ordinary** <br>**Losses**  |
| **TFJL** | $375299  |
| **TBJL** | 351443  |
| **BALT** | 3825076  |
| **EBUF** | 12882  |
| **EAPR** | 544248  |
| **EJAN** | 1131919  |
| **EJUL** | 681281  |
| **EOCT** | 292084  |
| **ZAUG** | 136119  |
| **ZJUL** | 284633  |
| **ZNOV** | —  |
| **ZOCT** | 32439  |
| **ZSEP** | 117538  |
| **AAPR** | 287824  |
| **AJAN** | 424640  |

---

520<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
|  | **Late Year** <br>**Ordinary** <br>**Losses**  |
| **TJUL** | $1461602  |
| **AJUL** | 148213  |
| **AOCT** | 25235  |
| **APOC** | 35656  |
| **JAJL** | 392768  |
| **XDQQ** | —  |
| **QTAP** | 76418  |
| **QTJA** | 177436  |
| **QTJL** | 87650  |
| **QTOC** | 70266  |
| **NAPR** | 1136496  |
| **NAUG** | 29038  |
| **NJAN** | 1476808  |
| **NJUL** | 1462047  |
| **NJUN** | 91356  |
| **NNOV** | —  |
| **NOCT** | 948565  |
| **NSEP** | 38069  |
| **IBUF** | 10697  |
| **IAPR** | 1579090  |
| **IAUG** | 28321  |
| **IDEC** | 29449  |
| **IFEB** | 77758  |
| **IJAN** | 1394551  |
| **IJUL** | 1146849  |
| **IJUN** | 73312  |
| **IMAR** | 81435  |
| **IMAY** | 39958  |
| **INOV** | 24068  |
| **IOCT** | 793325  |
| **ISEP** | 338953  |
| **QBUF** | 53237  |
| **APRD** | —  |
| **JAND** | —  |
| **JULD** | —  |
| **OCTD** | —  |
| **LAPR** | —  |
| **LJAN** | —  |
| **LJUL** | —  |
| **LOCT** | —  |
| **APRH** | —  |
| **JANH** | —  |
| **JULH** | —  |
| **OCTH** | —  |
| **APRJ** | —  |
| **JANJ** | —  |

---

521<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
|  | **Late Year** <br>**Ordinary** <br>**Losses**  |
| **JULJ** | $—  |
| **OCTJ** | —  |
| **APRQ** | —  |
| **JANQ** | —  |
| **JULQ** | —  |
| **OCTQ** | —  |
| **HAPR** | —  |
| **HJAN** | —  |
| **HJUL** | —  |
| **HOCT** | —  |
| **ZALT** | 762514  |
| **EALT** | 378241  |
| **XBAP** | 533956  |
| **XBJA** | 601894  |
| **XBJL** | 671762  |
| **XBOC** | 455694  |
| **XDAP** | 42322  |
| **XDJA** | 55157  |
| **XDJL** | 58444  |
| **XDOC** | 40425  |
| **XDSQ** | —  |
| **XTAP** | 60211  |
| **XTJA** | 121132  |
| **XTJL** | 70324  |
| **XTOC** | 109898  |
| **BAPR** | 1525023  |
| **BAUG** | 1157102  |
| **BDEC** | 908289  |
| **BFEB** | 1175728  |
| **BJAN** | 1651509  |
| **BJUL** | 1633617  |
| **BJUN** | 777366  |
| **BMAR** | 1061992  |
| **BMAY** | 830177  |
| **BNOV** | 692464  |
| **BOCT** | 1159902  |
| **BSEP** | 1038738  |
| **PAPR** | 5144993  |
| **PAUG** | 5187143  |
| **PDEC** | 5208204  |
| **PFEB** | 4448259  |
| **PJAN** | 7129471  |
| **PJUL** | 5766356  |
| **PJUN** | 3456090  |
| **PMAR** | 3738367  |
| **PMAY** | 3367002  |

---

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**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
|  | **Late Year** <br>**Ordinary** <br>**Losses**  |
| **PNOV** | $4746306  |
| **POCT** | 4313820  |
| **PSEP** | 4822200  |
| **UAPR** | 951560  |
| **UAUG** | 1567336  |
| **UDEC** | 527510  |
| **UFEB** | 484543  |
| **UJAN** | 1146899  |
| **UJUL** | 684074  |
| **UJUN** | 477121  |
| **UMAR** | 725443  |
| **UMAY** | 385338  |
| **UNOV** | 306525  |
| **UOCT** | 639918  |
| **USEP** | 535200  |
| **RBUF** | 19942  |
| **KAPR** | 1068319  |
| **KAUG** | 79252  |
| **KJAN** | 2585965  |
| **KJUL** | 961362  |
| **KJUN** | 33175  |
| **KNOV** | —  |
| **KOCT** | 576211  |
| **KSEP** | 19259 |

---

At October 31, 2024, for federal income tax purposes, the Funds had capital loss carryforwards available to offset future capital gains for an unlimited period as indicated below:

---

| | | |
|:---|:---|:---|
|  | **Indefinite** <br>**Short-Term** | **Indefinite** <br>**Long-Term**  |
| **TFJL** | $4965403 | $—  |
| **TBJL** | 4705480 | —  |
| **BALT** | 13948100 | —  |
| **EBUF** | 32154 | —  |
| **EAPR** | 9320197 | —  |
| **EJAN** | 10687536 | —  |
| **EJUL** | 7638326 | 1077537  |
| **EOCT** |  | —  |
| **ZAUG** | 44854 | —  |
| **ZJUL** | 9712 | —  |
| **ZNOV** |  | —  |
| **ZOCT** |  | —  |
| **ZSEP** | 2479 | —  |
| **AAPR** | 127981 | —  |
| **AJAN** | 104941 | —  |
| **TJUL** | 1325515 | —  |
| **AJUL** | 705724 | —  |

---

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**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Indefinite** <br>**Short-Term** | **Indefinite** <br>**Long-Term**  |
| **AOCT** | $— | $—  |
| **APOC** |  | —  |
| **JAJL** | 81783 | —  |
| **XDQQ** |  | —  |
| **QTAP** | 7042369 | —  |
| **QTJA** | 9595440 | —  |
| **QTJL** | 6191631 | —  |
| **QTOC** | 5281365 | —  |
| **NAPR** | 30095050 | —  |
| **NAUG** | 2605 | —  |
| **NJAN** | 32779636 | —  |
| **NJUL** | 38603092 | —  |
| **NJUN** | 23390 | —  |
| **NNOV** |  | —  |
| **NOCT** | 19606886 | —  |
| **NSEP** | 60863 | —  |
| **IBUF** | 60821 | —  |
| **IAPR** | 4110882 | —  |
| **IAUG** |  | —  |
| **IDEC** |  | —  |
| **IFEB** | 1021 | —  |
| **IJAN** | 1508412 | —  |
| **IJUL** | 500158 | —  |
| **IJUN** | 1750 | —  |
| **IMAR** |  | —  |
| **IMAY** | 1546 | —  |
| **INOV** | 181548 | —  |
| **IOCT** | 14245253 | —  |
| **ISEP** | 1768753 | —  |
| **QBUF** | 252573 | —  |
| **APRD** |  | —  |
| **JAND** |  | —  |
| **JULD** |  | —  |
| **OCTD** |  | —  |
| **LAPR** |  | —  |
| **LJAN** | 23312 | —  |
| **LJUL** |  | —  |
| **LOCT** | 4415 | —  |
| **APRH** |  | —  |
| **JANH** |  | —  |
| **JULH** |  | —  |
| **OCTH** |  | —  |
| **APRJ** |  | —  |
| **JANJ** |  | —  |
| **JULJ** |  | —  |
| **OCTJ** |  | —  |
| **APRQ** |  | —  |

---

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**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Indefinite** <br>**Short-Term** | **Indefinite** <br>**Long-Term**  |
| **JANQ** | $— | $—  |
| **JULQ** |  | —  |
| **OCTQ** |  | —  |
| **HAPR** | 2 | —  |
| **HJAN** | 85 | —  |
| **HJUL** |  | —  |
| **HOCT** |  | —  |
| **ZALT** | 7089697 | —  |
| **EALT** | 1688013 | —  |
| **XBAP** | 4666246 | —  |
| **XBJA** | 8067267 | —  |
| **XBJL** | 1533533 | —  |
| **XBOC** | 13061769 | —  |
| **XDAP** | 1041762 | —  |
| **XDJA** | 158519 | —  |
| **XDJL** | 160844 | —  |
| **XDOC** | 6012187 | —  |
| **XDSQ** |  | —  |
| **XTAP** | 1233021 | —  |
| **XTJA** | 1811335 | —  |
| **XTJL** | 2121782 | —  |
| **XTOC** | 2175889 | —  |
| **BAPR** | 25380342 | —  |
| **BAUG** | 16175092 | —  |
| **BDEC** | 3465551 | —  |
| **BFEB** | 1968762 | —  |
| **BJAN** | 20098252 | —  |
| **BJUL** | 10797026 | —  |
| **BJUN** | 2290041 | —  |
| **BMAR** | 2045061 | —  |
| **BMAY** | 5962742 | —  |
| **BNOV** | 28869818 | —  |
| **BOCT** | 34362122 | —  |
| **BSEP** | 8897501 | —  |
| **PAPR** | 107475182 | —  |
| **PAUG** | 44131242 | —  |
| **PDEC** | 29794456 | —  |
| **PFEB** | 17431536 | —  |
| **PJAN** | 58307018 | —  |
| **PJUL** | 55468175 | —  |
| **PJUN** |  | —  |
| **PMAR** | 23976453 | —  |
| **PMAY** | 8874324 | —  |
| **PNOV** | 213963324 | —  |
| **POCT** | 122916233 | —  |
| **PSEP** | 68046619 | —  |
| **UAPR** | 18129812 | —  |

---

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**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Indefinite** <br>**Short-Term** | **Indefinite** <br>**Long-Term**  |
| **UAUG** | $19972347 | $—  |
| **UDEC** | 6111541 | —  |
| **UFEB** | 3689607 | —  |
| **UJAN** | 31925675 | —  |
| **UJUL** | 3502227 | —  |
| **UJUN** | 2290668 | —  |
| **UMAR** | 3682960 | —  |
| **UMAY** | 2261448 | —  |
| **UNOV** | 12310275 | —  |
| **UOCT** | 14681916 | —  |
| **USEP** | 10555506 | —  |
| **RBUF** | 216857 | —  |
| **KAPR** | 1964230 | —  |
| **KAUG** | 8503 | —  |
| **KJAN** | 8436271 | —  |
| **KJUL** | 7280408 | —  |
| **KJUN** |  | —  |
| **KNOV** |  | —  |
| **KOCT** | 10607757 | —  |
| **KSEP** |  |  |

---

To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders. During the current tax year ended October 31, 2024, the following capital loss carryforwards available were utilized:

---

| | |
|:---|:---|
|  | **Capital Loss** <br>**Carryforwards** <br>**Utilized**  |
| **EJAN** | $5598483  |
| **EJUL** | 5090460  |
| **EOCT** | 905959  |
| **XDQQ** | 5981825  |
| **QTJL** | 648043  |
| **NJAN** | 13130892  |
| **IAPR** | 6863231  |
| **IJAN** | 10072756  |
| **IJUL** | 1253027 |
| **JULD** | 71165 |
| **OCTD** | 14390  |
| **JULH** | 175677 |
| **OCTH** | 25685 |
| **JULJ** | 17925 |
| **OCTJ** | 21276 |
| **OCTQ** | 1943  |
| **XBJL** | 454179  |
| **XDJA** | 595927  |
| **XDJL** | 752002  |
| **XDOC** | 413422  |

---

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**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
|  | **Capital Loss** <br>**Carryforwards** <br>**Utilized**  |
| **XDSQ** | $2965644  |
| **XTAP** | 270614  |
| **XTJL** | 997640  |
| **BDEC** | 6347619  |
| **BFEB** | 3939337  |
| **BJAN** | 32096289  |
| **BJUN** | 8308951  |
| **BMAR** | 3281174  |
| **BMAY** | 5160058  |
| **PFEB** | 5165458  |
| **PJAN** | 58585995  |
| **PJUN** | 18432514  |
| **PMAR** | 578985  |
| **PMAY** | 29338699  |
| **UFEB** | 2982962  |
| **UJAN** | 15266431  |
| **UJUN** | 2090070  |
| **UMAR** | 4397783  |
| **UMAY** | 4901645  |
| **KAPR** | 8852570  |
| **KJAN** | 19274758  |
| **KJUL** | 6281637 |

---

All other Funds did not utilize any capital loss carryforwards during the fiscal year or period ended October 31, 2024.

The tax character of the distributions paid by the Funds during the fiscal years ended October 31, 2024 and October 31, 2023 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024 Distributions paid from:**  | **2024 Distributions paid from:**  | **2024 Distributions paid from:**  | **2024 Distributions paid from:**  |
|  | **Net Ordinary** <br>**Income**  | **Net Long-Term** <br>**Capital Gains** | **Return of** <br>**Capital** | **Total** <br>**Distributions Paid**  |
| **APRD** | $514143 | &nbsp;&nbsp;&nbsp; $198983 | $— | &nbsp;&nbsp;&nbsp; $713126  |
| **JAND** | 215258 | &nbsp;&nbsp;&nbsp; 78596 |  | &nbsp;&nbsp;&nbsp; 293854  |
| **JULD** | 303953 | &nbsp;&nbsp;&nbsp; 63468 |  | &nbsp;&nbsp;&nbsp; 367421  |
| **OCTD** | 291307 | &nbsp;&nbsp;&nbsp; 107201 | 38351 | &nbsp;&nbsp;&nbsp; 436859  |
| **LAPR** | 87613 | &nbsp;&nbsp;&nbsp; — | 29719 | &nbsp;&nbsp;&nbsp; 117332  |
| **LJAN** | 417456 | &nbsp;&nbsp;&nbsp; — | 162312 | &nbsp;&nbsp;&nbsp; 579768  |
| **LJUL** | 30568 | &nbsp;&nbsp;&nbsp; — | 10938 | &nbsp;&nbsp;&nbsp; 41506  |
| **LOCT** | 735995 | &nbsp;&nbsp;&nbsp; — | 384786 | &nbsp;&nbsp;&nbsp; 1120781  |
| **APRH** | 1390861 | &nbsp;&nbsp;&nbsp; 462508 | 92364 | &nbsp;&nbsp;&nbsp; 1945733  |
| **JANH** | 387862 | &nbsp;&nbsp;&nbsp; 87730 |  | &nbsp;&nbsp;&nbsp; 475592  |
| **JULH** | 1346076 | &nbsp;&nbsp;&nbsp; 302010 |  | &nbsp;&nbsp;&nbsp; 1648086  |
| **OCTH** | 1062394 | &nbsp;&nbsp;&nbsp; 287010 | 99745 | &nbsp;&nbsp;&nbsp; 1449149  |
| **APRJ** | 1919828 | &nbsp;&nbsp;&nbsp; 529484 | 30654 | &nbsp;&nbsp;&nbsp; 2479966  |
| **JANJ** | 853128 | &nbsp;&nbsp;&nbsp; 129365 |  | &nbsp;&nbsp;&nbsp; 982493  |
| **JULJ** | 1334589 | &nbsp;&nbsp;&nbsp; 219971 |  | &nbsp;&nbsp;&nbsp; 1554560  |
| **OCTJ** | 1192241 | &nbsp;&nbsp;&nbsp; 226849 | 24164 | &nbsp;&nbsp;&nbsp; 1443254  |

---

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**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024 Distributions paid from:**  | **2024 Distributions paid from:**  | **2024 Distributions paid from:**  | **2024 Distributions paid from:**  |
|  | **Net Ordinary** <br>**Income**  | **Net Long-Term** <br>**Capital Gains** | **Return of** <br>**Capital** | **Total** <br>**Distributions Paid**  |
| **APRQ** | $976324 | &nbsp;&nbsp;&nbsp; $113450 | $123719 | &nbsp;&nbsp;&nbsp; $1213493  |
| **JANQ** | 327062 | &nbsp;&nbsp;&nbsp; 8916 |  | &nbsp;&nbsp;&nbsp; 335978  |
| **JULQ** | 403054 | &nbsp;&nbsp;&nbsp; 59186 | 372 | &nbsp;&nbsp;&nbsp; 462612  |
| **OCTQ** | 572001 | &nbsp;&nbsp;&nbsp; 49266 | 40170 | &nbsp;&nbsp;&nbsp; 661437  |
| **HAPR** | 44091 | &nbsp;&nbsp;&nbsp; — | 22674 | &nbsp;&nbsp;&nbsp; 66765  |
| **HJAN** | 305598 | &nbsp;&nbsp;&nbsp; — | 198537 | &nbsp;&nbsp;&nbsp; 504135  |
| **HJUL** | 22917 | &nbsp;&nbsp;&nbsp; — | 8565 | &nbsp;&nbsp;&nbsp; 31482  |
| **HOCT** | 566757 | &nbsp;&nbsp;&nbsp; — | 421974 | &nbsp;&nbsp;&nbsp; 988731 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2023 Distributions paid from:**  | **2023 Distributions paid from:**  | **2023 Distributions paid from:**  | **2023 Distributions paid from:**  | **2023 Distributions paid from:**  |
|  | **Net Ordinary** <br>**Income** | **Net Short-Term** <br>**Capital Gains** | **Net Long-Term** <br>**Capital Gains** | **Return of** <br>**Capital** | **Total** <br>**Distributions Paid**  |
| **APRD** | $283107 | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $130166 | $56909 | &nbsp;&nbsp;&nbsp; $470182  |
| **JULD** | 56707 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 34284 | &nbsp;&nbsp;&nbsp; 90991  |
| **LOCT** | 17869 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 18403 | &nbsp;&nbsp;&nbsp; 36272  |
| **APRH** | 879416 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 200890 |  | &nbsp;&nbsp;&nbsp; 1080306  |
| **JULH** | 305873 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 164147 | &nbsp;&nbsp;&nbsp; 470020  |
| **APRJ** | 1370756 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 296362 |  | &nbsp;&nbsp;&nbsp; 1667118  |
| **JULJ** | 353370 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 65989 | &nbsp;&nbsp;&nbsp; 419359  |
| **APRQ** | 946128 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 73106 |  | &nbsp;&nbsp;&nbsp; 1019234  |
| **JULQ** | 114234 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 699 |  | &nbsp;&nbsp;&nbsp; 114933  |
| **HOCT** | 6351 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 8763 | &nbsp;&nbsp;&nbsp; 15114 |

---

All other Funds did not pay any distributions during the fiscal years ended October 31, 2024 and October 31, 2023.

7. ACCOUNTING PRONOUNCEMENTS

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund(s). Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

8. SUBSEQUENT EVENT

Management has evaluated the impact of all subsequent events of the Funds through the date of the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

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**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (Unaudited)** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND INVESTMENT SUB-ADVISORY AGREEMENT FOR THE FOLLOWING INNOVATOR FUND:** 

**Innovator Equity Defined Protection ETF - 2 Yr to January 2027** 

At a quarterly Board meeting held on June 16, 2023, the Trust's Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the "Adviser"), on behalf of the Innovator Equity Defined Protection ETF - 2 Yr to January 2027 (the "Fund"), and the Sub-Advisory Agreement among the Trust, on behalf of the Fund, the Adviser and Milliman Financial Risk Management LLC ("Milliman" or the "Sub-Adviser"), for an initial two-year term. The Board determined that the agreements were in the best interests of the Fund in light of the extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisers with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the agreements, the Independent Trustees received a separate report from each of the Adviser and the Sub-Adviser in advance of the meeting responding to a request for information provided on behalf of the Independent Trustees that, among other things, outlined the services to be provided by the Adviser and the Sub-Adviser to the Fund (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate payable by the Fund as compared to fees charged to the peer group of the Fund and as compared to fees charged to other clients of the Adviser and the Sub-Adviser, including other ETFs managed by the Adviser and the Sub-Adviser; the estimated expenses of the Fund as compared to expense ratios of the funds in the Fund's peer group; the nature of the expenses to be incurred in providing services to the Fund and the potential for economies of scale, if any; financial data on the Adviser and the Sub-Adviser; any fall-out benefits accruing to the Adviser or the Sub-Adviser; and information on the Adviser's and the Sub-Adviser's compliance programs. The Independent Trustees also met separately with their Independent Counsel to discuss the information provided by the Adviser and the Sub-Adviser. The Board applied its business judgment to determine whether the arrangements between the Trust and the Adviser and among the Trust, the Adviser and the Sub-Adviser are reasonable business arrangements from the Fund's perspective as well as from the perspective of the Fund's shareholders.

In evaluating whether to approve the agreements, the Board applied its business judgment and considered the nature, extent and quality of the services to be provided by the Adviser and Milliman pursuant to the agreements. With respect to the investment management agreement, the Board considered that the Adviser will be responsible for the overall management and administration of the Fund and reviewed all of the services to be provided by the Adviser to the Fund, including oversight of Milliman, as well as the background and experience of the persons responsible for such services. The Board noted that the Adviser will oversee Milliman's day-to-day management of the Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services to be provided, the Board noted the compliance program that had been developed by the Adviser included an adequate program for monitoring the Adviser's, Milliman's and the Fund's compliance with the 1940 Act, as well as the Fund's compliance with its investment objective and policies. With respect to the sub-advisory agreement, the Board reviewed the materials provided by Milliman and noted the background and experience of Milliman's portfolio management team and Milliman's investment style. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to the Fund by the Adviser and Milliman under the agreements were expected to be satisfactory.

Since the Fund had yet to commence investment operations, the Board could not consider the historical investment performance of the Fund.

The Board considered the proposed unitary fee rate payable by the Fund under the investment management agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, the Fund would pay

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**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (Unaudited)(Continued)** 

the Adviser a unitary fee equal to an annual rate of 0.79% of its average daily net assets. The Board considered that, from the unitary fee for the Fund, the Adviser would pay Milliman an annual sub-advisory fee based on the Fund's assets under management at a maximum rate of 0.12%.

The Board noted that the Adviser would be responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees (if any), but excluding the fee payment under the investment management agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, and extraordinary expenses. The Board received and reviewed information for the Fund showing the advisory fee rates and expense ratios of the funds comprising the Fund's peer group, as well as advisory fee rates charged by the Adviser and Milliman to other funds (including ETFs) and non-fund clients, as applicable. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Fund under the agreements, the Board determined that the proposed unitary fee for the Fund, including the fee rate to be paid by the Adviser to Milliman from the unitary fee, was fair.

The Board noted that the proposed unitary fee for the Fund was structured to pass the benefits of any economies of scale on to shareholders as the Fund's assets grow. The Board noted that any reduction in fixed costs associated with the management of the Fund would benefit the Adviser and Milliman, but that the unitary fee structure provides a level of certainty in expenses for the Fund. The Board noted that the Adviser is continuing to invest in personnel and infrastructure for the Innovator fund complex.

Because the Fund has not yet commenced operations and the actual asset base of the Fund has not yet been determined, the Board noted that there was no historical profitability information with respect to the Fund to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals of the agreements.

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by the Adviser and Milliman. The Board concluded that the character and amount of potential fall-out benefits to the Adviser and Milliman were consistent with the types of benefits generally derived by investment managers and sub-advisers to funds.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the agreements are fair and that the approval of the agreements is in the best interests of the Fund. No single factor was determinative in the Board's analysis, and individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (Unaudited)** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND INVESTMENT SUB-ADVISORY AGREEMENT FOR THE FOLLOWING INNOVATOR FUND:** 

**Innovator Equity Defined Protection ETF - 2 Yr to April 2027** 

At a quarterly Board meeting held on December 13, 2023, the Trust's Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the "Adviser"), on behalf of the Innovator Equity Defined Protection ETF - 2 Yr to April 2027 (the "Fund"), and the Sub-Advisory Agreement among the Trust, on behalf of the Fund, the Adviser and Milliman Financial Risk Management LLC ("Milliman" or the "Sub-Adviser"), for an initial two-year term. The Board determined that the agreements were in the best interests of the Fund in light of the extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisers with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the agreements, the Independent Trustees received a separate report from each of the Adviser and the Sub-Adviser in advance of the meeting responding to a request for information provided on behalf of the Independent Trustees that, among other things, outlined the services to be provided by the Adviser and the Sub-Adviser to the Fund (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate payable by the Fund as compared to fees charged to the peer group of the Fund and as compared to fees charged to other clients of the Adviser and the Sub-Adviser, including other ETFs managed by the Adviser and the Sub-Adviser; the estimated expenses of the Fund as compared to expense ratios of the funds in the Fund's peer group; the nature of the expenses to be incurred in providing services to the Fund and the potential for economies of scale, if any; financial data on the Adviser and the Sub-Adviser; any fall-out benefits accruing to the Adviser or the Sub-Adviser; and information on the Adviser's and the Sub-Adviser's compliance programs. The Independent Trustees also met separately with their Independent Counsel to discuss the information provided by the Adviser and the Sub-Adviser. The Board applied its business judgment to determine whether the arrangements between the Trust and the Adviser and among the Trust, the Adviser and the Sub-Adviser are reasonable business arrangements from the Fund's perspective as well as from the perspective of the Fund's shareholders.

In evaluating whether to approve the agreements, the Board applied its business judgment and considered the nature, extent and quality of the services to be provided by the Adviser and Milliman pursuant to the agreements. With respect to the investment management agreement, the Board considered that the Adviser will be responsible for the overall management and administration of the Fund and reviewed all of the services to be provided by the Adviser to the Fund, including oversight of Milliman, as well as the background and experience of the persons responsible for such services. The Board noted that the Adviser will oversee Milliman's day-to-day management of the Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services to be provided, the Board noted the compliance program that had been developed by the Adviser included an adequate program for monitoring the Adviser's, Milliman's and the Fund's compliance with the 1940 Act, as well as the Fund's compliance with its investment objective and policies. With respect to the sub-advisory agreement, the Board reviewed the materials provided by Milliman and noted the background and experience of Milliman's portfolio management team and Milliman's investment style. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to the Fund by the Adviser and Milliman under the agreements were expected to be satisfactory.

Since the Fund had yet to commence investment operations, the Board could not consider the historical investment performance of the Fund.

The Board considered the proposed unitary fee rate payable by the Fund under the investment management agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, the Fund would pay

531<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (Unaudited)(Continued)** 

the Adviser a unitary fee equal to an annual rate of 0.79% of its average daily net assets. The Board considered that, from the unitary fee for the Fund, the Adviser would pay Milliman an annual sub-advisory fee based on the Fund's assets under management at a maximum rate of 0.12%.

The Board noted that the Adviser would be responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees (if any), but excluding the fee payment under the investment management agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, and extraordinary expenses. The Board received and reviewed information for the Fund showing the advisory fee rates and expense ratios of the funds comprising the Fund's peer group, as well as advisory fee rates charged by the Adviser and Milliman to other funds (including ETFs) and non-fund clients, as applicable. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Fund under the agreements, the Board determined that the proposed unitary fee for the Fund, including the fee rate to be paid by the Adviser to Milliman from the unitary fee, was fair.

The Board noted that the proposed unitary fee for the Fund was structured to pass the benefits of any economies of scale on to shareholders as the Fund's assets grow. The Board noted that any reduction in fixed costs associated with the management of the Fund would benefit the Adviser and Milliman, but that the unitary fee structure provides a level of certainty in expenses for the Fund. The Board noted that the Adviser is continuing to invest in personnel and infrastructure for the Innovator fund complex.

Because the Fund has not yet commenced operations and the actual asset base of the Fund has not yet been determined, the Board noted that there was no historical profitability information with respect to the Fund to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals of the agreements.

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by the Adviser and Milliman. The Board concluded that the character and amount of potential fall-out benefits to the Adviser and Milliman were consistent with the types of benefits generally derived by investment managers and sub-advisers to funds.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the agreements are fair and that the approval of the agreements is in the best interests of the Fund. No single factor was determinative in the Board's analysis, and individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

532<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (Unaudited)** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND INVESTMENT SUB-ADVISORY AGREEMENT FOR THE FOLLOWING INNOVATOR FUNDS:** 

**Innovator Growth-100 Power Buffer ETF - February**

**Innovator Growth-100 Power Buffer ETF - March**

**Innovator Growth-100 Power Buffer ETF - May**

**Innovator Growth-100 Power Buffer ETF - December**

**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 - May**

**Innovator U.S. Small Cap Power Buffer ETF - December** 

At a special Board meeting held on April 24, 2024, the Trust's Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the "Adviser"), on behalf of the Innovator Growth-100 Power Buffer ETF - February, Innovator Growth-100 Power Buffer ETF - March, Innovator Growth-100 Power Buffer ETF - May, Innovator Growth-100 Power Buffer ETF - December, 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 - May, and Innovator U.S. Small Cap Power Buffer ETF - December (the "Funds"), and the Sub-Advisory Agreement among the Trust, on behalf of the Funds, the Adviser and Milliman Financial Risk Management LLC ("Milliman" or the "Sub-Adviser"), for an initial two-year term. The Board determined that the agreements were in the best interests of the Funds in light of the extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisers with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the agreements, the Independent Trustees received a separate report from each of the Adviser and the Sub-Adviser in advance of the meeting responding to a request for information provided on behalf of the Independent Trustees that, among other things, outlined the services to be provided by the Adviser and the Sub-Adviser to the Funds (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate payable by each Fund as compared to fees charged to peer groups of the Funds and as compared to fees charged to other clients of the Adviser and the Sub-Adviser, including other ETFs managed by the Adviser and the Sub-Adviser; the estimated expenses of the Funds as compared to expense ratios of the funds in the respective Fund's peer group; the nature of the expenses to be incurred in providing services to the Funds and the potential for economies of scale, if any; financial data on the Adviser and the Sub-Adviser; any fall-out benefits accruing to the Adviser or the Sub-Adviser; and information on the Adviser's and the Sub-Adviser's compliance programs. The Independent Trustees also met separately with their Independent Counsel to discuss the information provided by the Adviser and the Sub-Adviser. The Board applied its business judgment to determine whether the arrangements between the Trust and the Adviser and among the Trust, the Adviser and the Sub-Adviser are reasonable business arrangements from each Fund's perspective as well as from the perspective of each Fund's shareholders.

In evaluating whether to approve the agreements, the Board applied its business judgment and considered the nature, extent and quality of the services to be provided by the Adviser and Milliman pursuant to the agreements. With respect to the investment management agreement, the Board considered that the Adviser will be responsible for the overall management and administration of the Funds and reviewed all of the services to be provided by the Adviser to the Funds, including oversight of Milliman, as well as the background and experience of the persons responsible for such services. The Board noted that the Adviser will oversee Milliman's day-to-day management of each of the Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services to be provided, the Board noted the compliance program that had been developed by the Adviser included an adequate program for monitoring the Adviser's, Milliman's and each Fund's compliance with the 1940 Act, as well as each Fund's compliance

533<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (Unaudited)(Continued)** 

with its investment objective and policies. With respect to the sub-advisory agreement, the Board reviewed the materials provided by Milliman and noted the background and experience of Milliman's portfolio management team and Milliman's investment style. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to the Funds by the Adviser and Milliman under the agreements were expected to be satisfactory.

Since the Funds had yet to commence investment operations, the Board could not consider the historical investment performance of the Funds.

The Board considered the proposed unitary fee rate payable by each Fund under the investment management agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, each Fund would pay the Adviser a unitary fee equal to an annual rate of 0.79% of its average daily net assets. The Board considered that, from the unitary fee for each of the Funds, the Adviser would pay Milliman an annual sub-advisory fee based on each Fund's assets under management at a maximum rate of 0.12%.

The Board noted that the Adviser would be responsible for the Funds' expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees (if any), but excluding the fee payment under the investment management agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, and extraordinary expenses. The Board received and reviewed information for the Funds showing the advisory fee rates and expense ratios of the funds comprising of each Fund's peer group, as well as advisory fee rates charged by the Adviser and Milliman to other funds (including ETFs) and non-fund clients, as applicable. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Funds under the agreements, the Board determined that the proposed unitary fee for each of the Funds, including the fee rate to be paid by the Adviser to Milliman from the unitary fee, was fair.

The Board noted that the proposed unitary fee for each of the Funds was structured to pass the benefits of any economies of scale on to shareholders as the respective Fund's assets grow. The Board noted that any reduction in fixed costs associated with the management of the respective Fund would benefit the Adviser and Milliman, but that the unitary fee structure provides a level of certainty in expenses for each of the Funds. The Board noted that the Adviser is continuing to invest in personnel and infrastructure for the Innovator fund complex.

Because the Funds have not yet commenced operations and the actual asset base of the Funds has not yet been determined, the Board noted that there was no historical profitability information with respect to the Funds to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals of the agreements.

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by the Adviser and Milliman. The Board concluded that the character and amount of potential fall-out benefits to the Adviser and Milliman were consistent with the types of benefits generally derived by investment managers and sub-advisers to funds.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the agreements are fair and that the approval of the agreements is in the best interests of the Funds. No single factor was determinative in the Board's analysis, and individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

534<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (Unaudited)** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND INVESTMENT SUB-ADVISORY AGREEMENT FOR THE FOLLOWING INNOVATOR FUNDS:** 

**Innovator Equity Defined Protection ETF - 1 Yr January** 

**Innovator Equity Defined Protection ETF - 1 Yr April** 

At a quarterly Board meeting held on June 13, 2024, the Trust's Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the "Adviser"), on behalf of the Innovator Equity Defined Protection ETF - 1 Yr January and Innovator Equity Defined Protection ETF - 1 Yr April (the "Funds"), and the Sub-Advisory Agreement among the Trust, on behalf of the Funds, the Adviser and Milliman Financial Risk Management LLC ("Milliman" or the "Sub-Adviser"), for an initial two-year term. The Board determined that the agreements were in the best interests of the Funds in light of the extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisers with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the agreements, the Independent Trustees received a separate report from each of the Adviser and the Sub-Adviser in advance of the meeting responding to a request for information provided on behalf of the Independent Trustees that, among other things, outlined the services to be provided by the Adviser and the Sub-Adviser to the Funds (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate payable by each Fund as compared to fees charged to peer groups of the Funds and as compared to fees charged to other clients of the Adviser and the Sub-Adviser, including other ETFs managed by the Adviser and the Sub-Adviser; the estimated expenses of the Funds as compared to expense ratios of the funds in the respective Fund's peer group; the nature of the expenses to be incurred in providing services to the Funds and the potential for economies of scale, if any; financial data on the Adviser and the Sub-Adviser; any fall-out benefits accruing to the Adviser or the Sub-Adviser; and information on the Adviser's and the Sub-Adviser's compliance programs. The Independent Trustees also met separately with their Independent Counsel to discuss the information provided by the Adviser and the Sub-Adviser. The Board applied its business judgment to determine whether the arrangements between the Trust and the Adviser and among the Trust, the Adviser and the Sub-Adviser are reasonable business arrangements from each Fund's perspective as well as from the perspective of each Fund's shareholders.

In evaluating whether to approve the agreements, the Board applied its business judgment and considered the nature, extent and quality of the services to be provided by the Adviser and Milliman pursuant to the agreements. With respect to the investment management agreement, the Board considered that the Adviser will be responsible for the overall management and administration of the Funds and reviewed all of the services to be provided by the Adviser to the Funds, including oversight of Milliman, as well as the background and experience of the persons responsible for such services. The Board noted that the Adviser will oversee Milliman's day-to-day management of each of the Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services to be provided, the Board noted the compliance program that had been developed by the Adviser included an adequate program for monitoring the Adviser's, Milliman's and each Fund's compliance with the 1940 Act, as well as each Fund's compliance with its investment objective and policies. With respect to the sub-advisory agreement, the Board reviewed the materials provided by Milliman and noted the background and experience of Milliman's portfolio management team and Milliman's investment style. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to the Funds by the Adviser and Milliman under the agreements were expected to be satisfactory.

Since the Funds had yet to commence investment operations, the Board could not consider the historical investment performance of the Funds.

535<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (Unaudited)(Continued)** 

The Board considered the proposed unitary fee rate payable by each Fund under the investment management agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, each Fund would pay the Adviser a unitary fee equal to an annual rate of 0.79% of its average daily net assets. The Board considered that, from the unitary fee for each of the Funds, the Adviser would pay Milliman an annual sub-advisory fee based on each Fund's assets under management at a maximum rate of 0.12%.

The Board noted that the Adviser would be responsible for the Funds' expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees (if any), but excluding the fee payment under the investment management agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, and extraordinary expenses. The Board received and reviewed information for the Funds showing the advisory fee rates and expense ratios of the funds comprising of each Fund's peer group, as well as advisory fee rates charged by the Adviser and Milliman to other funds (including ETFs) and non-fund clients, as applicable. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Funds under the agreements, the Board determined that the proposed unitary fee for each of the Funds, including the fee rate to be paid by the Adviser to Milliman from the unitary fee, was fair.

The Board noted that the proposed unitary fee for each of the Funds was structured to pass the benefits of any economies of scale on to shareholders as the respective Fund's assets grow. The Board noted that any reduction in fixed costs associated with the management of the respective Fund would benefit the Adviser and Milliman, but that the unitary fee structure provides a level of certainty in expenses for each of the Funds. The Board noted that the Adviser is continuing to invest in personnel and infrastructure for the Innovator fund complex.

Because the Funds have not yet commenced operations and the actual asset base of the Funds has not yet been determined, the Board noted that there was no historical profitability information with respect to the Funds to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals of the agreements.

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by the Adviser and Milliman. The Board concluded that the character and amount of potential fall-out benefits to the Adviser and Milliman were consistent with the types of benefits generally derived by investment managers and sub-advisers to funds.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the agreements are fair and that the approval of the agreements is in the best interests of the Funds. No single factor was determinative in the Board's analysis, and individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

536<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (Unaudited)** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND INVESTMENT SUB-ADVISORY AGREEMENT FOR THE FOLLOWING INNOVATOR FUNDS:** 

**Innovator Equity Defined Protection ETF - 1 Yr February** 

**Innovator Equity Defined Protection ETF - 1 Yr March** 

**Innovator Equity Defined Protection ETF - 1 Yr May** 

**Innovator Equity Defined Protection ETF - 1 Yr December** 

At a special Board meeting held on July 22, 2024, the Trust's Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the "Adviser"), on behalf of the Innovator Equity Defined Protection ETF - 1 Yr February, Innovator Equity Defined Protection ETF - 1 Yr March, Innovator Equity Defined Protection ETF - 1 Yr May and Innovator Equity Defined Protection ETF - 1 Yr December (the "Funds"), and the Sub-Advisory Agreement among the Trust, on behalf of the Funds, the Adviser and Milliman Financial Risk Management LLC ("Milliman" or the "Sub-Adviser"), for an initial two-year term. The Board determined that the agreements were in the best interests of the Funds in light of the extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisers with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the agreements, the Independent Trustees received a separate report from each of the Adviser and the Sub-Adviser in advance of the meeting responding to a request for information provided on behalf of the Independent Trustees that, among other things, outlined the services to be provided by the Adviser and the Sub-Adviser to the Funds (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate payable by each Fund as compared to fees charged to peer groups of the Funds and as compared to fees charged to other clients of the Adviser and the Sub-Adviser, including other ETFs managed by the Adviser and the Sub-Adviser; the estimated expenses of the Funds as compared to expense ratios of the funds in the respective Fund's peer group; the nature of the expenses to be incurred in providing services to the Funds and the potential for economies of scale, if any; financial data on the Adviser and the Sub-Adviser; any fall-out benefits accruing to the Adviser or the Sub-Adviser; and information on the Adviser's and the Sub-Adviser's compliance programs. The Independent Trustees also met separately with their Independent Counsel to discuss the information provided by the Adviser and the Sub-Adviser. The Board applied its business judgment to determine whether the arrangements between the Trust and the Adviser and among the Trust, the Adviser and the Sub-Adviser are reasonable business arrangements from each Fund's perspective as well as from the perspective of each Fund's shareholders.

In evaluating whether to approve the agreements, the Board applied its business judgment and considered the nature, extent and quality of the services to be provided by the Adviser and Milliman pursuant to the agreements. With respect to the investment management agreement, the Board considered that the Adviser will be responsible for the overall management and administration of the Funds and reviewed all of the services to be provided by the Adviser to the Funds, including oversight of Milliman, as well as the background and experience of the persons responsible for such services. The Board noted that the Adviser will oversee Milliman's day-to-day management of each of the Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services to be provided, the Board noted the compliance program that had been developed by the Adviser included an adequate program for monitoring the Adviser's, Milliman's and each Fund's compliance with the 1940 Act, as well as each Fund's compliance with its investment objective and policies. With respect to the sub-advisory agreement, the Board reviewed the materials provided by Milliman and noted the background and experience of Milliman's portfolio management team and Milliman's investment style. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to the Funds by the Adviser and Milliman under the agreements were expected to be satisfactory.

537<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (Unaudited)(Continued)** 

Since the Funds had yet to commence investment operations, the Board could not consider the historical investment performance of the Funds.

The Board considered the proposed unitary fee rate payable by each Fund under the investment management agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, each Fund would pay the Adviser a unitary fee equal to an annual rate of 0.79% of its average daily net assets. The Board considered that, from the unitary fee for each of the Funds, the Adviser would pay Milliman an annual sub-advisory fee based on each Fund's assets under management at a maximum rate of 0.12%.

The Board noted that the Adviser would be responsible for the Funds' expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees (if any), but excluding the fee payment under the investment management agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, and extraordinary expenses. The Board received and reviewed information for the Funds showing the advisory fee rates and expense ratios of the funds comprising of each Fund's peer group, as well as advisory fee rates charged by the Adviser and Milliman to other funds (including ETFs) and non-fund clients, as applicable. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Funds under the agreements, the Board determined that the proposed unitary fee for each of the Funds, including the fee rate to be paid by the Adviser to Milliman from the unitary fee, was fair.

The Board noted that the proposed unitary fee for each of the Funds was structured to pass the benefits of any economies of scale on to shareholders as the respective Fund's assets grow. The Board noted that any reduction in fixed costs associated with the management of the respective Fund would benefit the Adviser and Milliman, but that the unitary fee structure provides a level of certainty in expenses for each of the Funds. The Board noted that the Adviser is continuing to invest in personnel and infrastructure for the Innovator fund complex.

Because the Funds have not yet commenced operations and the actual asset base of the Funds has not yet been determined, the Board noted that there was no historical profitability information with respect to the Funds to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals of the agreements.

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by the Adviser and Milliman. The Board concluded that the character and amount of potential fall-out benefits to the Adviser and Milliman were consistent with the types of benefits generally derived by investment managers and sub-advisers to funds.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the agreements are fair and that the approval of the agreements is in the best interests of the Funds. No single factor was determinative in the Board's analysis, and individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

538<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**INNOVATOR ETFs TRUST** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (Unaudited)** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND INVESTMENT SUB-ADVISORY AGREEMENT FOR THE FOLLOWING INNOVATOR FUND:** 

**Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly** 

At a special Board meeting held on January 29, 2025, the Trust's Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the "Adviser"), on behalf of the Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly (the "Fund"), and the Sub-Advisory Agreement among the Trust, on behalf of the Fund, the Adviser and Milliman Financial Risk Management LLC ("Milliman" or the "Sub-Adviser"), for an initial two-year term. The Board determined that the agreements were in the best interests of the Fund in light of the extent and quality of the services expected to be provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisers with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the agreements, the Independent Trustees received a separate report from each of the Adviser and the Sub-Adviser in advance of the meeting responding to a request for information provided on behalf of the Independent Trustees that, among other things, outlined the services to be provided by the Adviser and the Sub-Adviser to the Fund (including the relevant personnel responsible for these services and their experience); the proposed unitary fee rate payable by the Fund as compared to fees charged to the peer group of the Fund and as compared to fees charged to other clients of the Adviser and the Sub-Adviser, including other ETFs managed by the Adviser and the Sub-Adviser; the estimated expenses of the Fund as compared to expense ratios of the funds in the Fund's peer group; the nature of the expenses to be incurred in providing services to the Fund and the potential for economies of scale, if any; financial data on the Adviser and the Sub-Adviser; any fall-out benefits accruing to the Adviser or the Sub-Adviser; and information on the Adviser's and the Sub-Adviser's compliance programs. The Independent Trustees also met separately with their Independent Counsel to discuss the information provided by the Adviser and the Sub-Adviser. The Board applied its business judgment to determine whether the arrangements between the Trust and the Adviser and among the Trust, the Adviser and the Sub-Adviser are reasonable business arrangements from the Fund's perspective as well as from the perspective of the Fund's shareholders.

In evaluating whether to approve the agreements, the Board applied its business judgment and considered the nature, extent and quality of the services to be provided by the Adviser and Milliman pursuant to the agreements. With respect to the investment management agreement, the Board considered that the Adviser will be responsible for the overall management and administration of the Fund and reviewed all of the services to be provided by the Adviser to the Fund, including oversight of Milliman, as well as the background and experience of the persons responsible for such services. The Board noted that the Adviser will oversee Milliman's day-to-day management of the Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services to be provided, the Board noted the compliance program that had been developed by the Adviser included an adequate program for monitoring the Adviser's, Milliman's and the Fund's compliance with the 1940 Act, as well as the Fund's compliance with its investment objective and policies. With respect to the sub-advisory agreement, the Board reviewed the materials provided by Milliman and noted the background and experience of Milliman's portfolio management team and Milliman's investment style. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services to be provided to the Fund by the Adviser and Milliman under the agreements were expected to be satisfactory.

Since the Fund had yet to commence investment operations, the Board could not consider the historical investment performance of the Fund.

The Board considered the proposed unitary fee rate payable by the Fund under the investment management agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, the Fund would pay

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**INNOVATOR ETFs TRUST** 

**BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (Unaudited)(Continued)** 

the Adviser a unitary fee equal to an annual rate of 0.79% of its average daily net assets. The Board considered that, from the unitary fee for the Fund, the Adviser would pay Milliman an annual sub-advisory fee based on the Fund's assets under management at a maximum rate of 0.12%.

The Board noted that the Adviser would be responsible for the Fund's expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees (if any), but excluding the fee payment under the investment management agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, and extraordinary expenses. The Board received and reviewed information for the Fund showing the advisory fee rates and expense ratios of the funds comprising the Fund's peer group, as well as advisory fee rates charged by the Adviser and Milliman to other funds (including ETFs) and non-fund clients, as applicable. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Fund under the agreements, the Board determined that the proposed unitary fee for the Fund, including the fee rate to be paid by the Adviser to Milliman from the unitary fee, was fair.

The Board noted that the proposed unitary fee for the Fund was structured to pass the benefits of any economies of scale on to shareholders as the Fund's assets grow. The Board noted that any reduction in fixed costs associated with the management of the Fund would benefit the Adviser and Milliman, but that the unitary fee structure provides a level of certainty in expenses for the Fund. The Board noted that the Adviser is continuing to invest in personnel and infrastructure for the Innovator fund complex.

Because the Fund has not yet commenced operations and the actual asset base of the Fund has not yet been determined, the Board noted that there was no historical profitability information with respect to the Fund to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals of the agreements.

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by the Adviser and Milliman. The Board concluded that the character and amount of potential fall-out benefits to the Adviser and Milliman were consistent with the types of benefits generally derived by investment managers and sub-advisers to funds.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the agreements are fair and that the approval of the agreements is in the best interests of the Fund. No single factor was determinative in the Board's analysis, and individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

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**INNOVATOR ETFs TRUST** 

**Additional Information (Unaudited)** 

1. INFORMATION ABOUT PROSPECTUS

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus. Investors should consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. The prospectus contains this and other information relevant to an investment in the respective Fund. Please read the Prospectus carefully before investing. A copy of the Prospectus may be obtained without charge by writing to the Trust's Distributor, or by calling toll free at 1-800-208-5212 or visiting www.innovatoretfs.com.

2. PROXY VOTING POLICIES AND PROCEDURES

The Trust's Proxy Voting Policies and Procedures are available without charge, upon request, by calling 1-877-386-3890 and on the SEC's website at <u>www.sec.gov</u>. Information relating to how each Fund voted proxies relating to portfolio securities held during each year ended June 30 is also available on the SEC'S website at <u>www.sec.gov</u>.

3. INFORMATION ABOUT PORTFOLIO SECURITIES

Each Funds' complete schedule of portfolio holdings for the first and third quarters is filed with the SEC on Form N-Q or Part F of Form N-PORT (beginning with filings after March 31, 2020). The Trust's Form N-Q or Part F of Form N-PORT is available without charge, upon request, by calling 1-877-386-3890, or on the SEC's website at www.sec.gov. The Trust's Form N-Q or Part F of Form N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

4. HOUSEHOLD DELIVERY OF SHAREHOLDER DOCUMENTS

In order to reduce expenses, the Trust delivers one copy of an annual/semi-annual report, prospectus and/or proxy statement on behalf of two or more shareholders at a shared address (householding). If you do not wish to participate in householding, please indicate this preference on your new account application (if you are opening a new account) or call 1-877-FUND890 (877-386- 3890) to change the status of your existing account. You may change your status at any time.

5. ELECTRONIC DELIVERY OF SHAREHOLDER DOCUMENTS

You may choose to receive a Fund's prospectus and annual and semi-annual reports electronically. To sign up for electronic delivery, visit www.icsdelivery. com and select the first letter of your brokerage firm's name. Then, select your brokerage institution from the list that follows, fill out the appropriate information and provide an e-mail address where you would like your information sent. If your brokerage firm is not listed, electronic delivery may not be available. Please contact your brokerage firm or financial adviser.

6. TAX NOTICE

For the fiscal year ended October 31, 2024, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

For the taxable year ended October 31, 2024, the percentage of ordinary income dividends paid by the Funds that qualify for the dividends received deduction available to corporations was 0.00%.

For the taxable year ended October 31, 2024, the percentage of ordinary income distributions that were designated as short-term capital gain distributions under Internal Revenue Section 871(k)2(c) were, respectively:

---

| | |
|:---|:---|
|  | **% of Ordinary Income** <br>**Distributions designated** <br>**as Short-Term Capital** <br>**Gain Distributions**  |
| **TFJL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **TBJL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BALT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **EBUF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |

---

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**INNOVATOR ETFs TRUST** 

**Additional Information (Unaudited)(Continued)** 

---

| | |
|:---|:---|
|  | **% of Ordinary Income** <br>**Distributions designated** <br>**as Short-Term Capital** <br>**Gain Distributions**  |
| **EAPR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **EJAN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **EJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **EOCT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **ZAUG** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **ZJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **ZNOV** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **ZOCT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **ZSEP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **AAPR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **AJAN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **TJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **AJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **AOCT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **APOC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **JAJL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XDQQ** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **QTAP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **QTJA** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **QTJL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **QTOC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **NAPR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **NAUG** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **NJAN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **NJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **NJUN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **NNOV** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **NOCT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **NSEP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **IBUF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **IAPR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **IAUG** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **IDEC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **IFEB** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **IJAN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **IJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **IJUN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **IMAR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **IMAY** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **INOV** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **IOCT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **ISEP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **QBUF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **APRD** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30.22%  |
| **JAND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27.55%  |
| **JULD** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.51%  |

---

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**INNOVATOR ETFs TRUST** 

**Additional Information (Unaudited)(Continued)** 

---

| | |
|:---|:---|
|  | **% of Ordinary Income** <br>**Distributions designated** <br>**as Short-Term Capital** <br>**Gain Distributions**  |
| **OCTD** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.55%  |
| **LAPR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **LJAN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **LJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **LOCT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **APRH** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.72%  |
| **JANH** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.55%  |
| **JULH** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.55%  |
| **OCTH** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.05%  |
| **APRJ** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.95%  |
| **JANJ** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.04%  |
| **JULJ** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.50%  |
| **OCTJ** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.87%  |
| **APRQ** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.12%  |
| **JANQ** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.41%  |
| **JULQ** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.21%  |
| **OCTQ** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84%  |
| **HAPR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **HJAN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **HJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.31%  |
| **HOCT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **ZALT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **EALT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XBAP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XBJA** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XBJL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XBOC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XDAP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XDJA** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XDJL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XDOC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XDSQ** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XTAP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XTJA** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XTJL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **XTOC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BAPR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BAUG** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BDEC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BFEB** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BJAN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BJUN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BMAR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BMAY** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BNOV** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |

---

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**INNOVATOR ETFs TRUST** 

**Additional Information (Unaudited)(Continued)** 

---

| | |
|:---|:---|
|  | **% of Ordinary Income** <br>**Distributions designated** <br>**as Short-Term Capital** <br>**Gain Distributions**  |
| **BOCT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **BSEP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **PAPR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **PAUG** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **PDEC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **PFEB** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **PJAN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **PJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **PJUN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **PMAR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **PMAY** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **PNOV** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **POCT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **PSEP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **UAPR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **UAUG** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **UDEC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **UFEB** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **UJAN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **UJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **UJUN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **UMAR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **UMAY** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **UNOV** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **UOCT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **USEP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **RBUF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **KAPR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **KAUG** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **KJAN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **KJUL** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **KJUN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **KNOV** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **KOCT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **KSEP** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% |

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**The below information is required disclosure from Form N-CSR** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Refer to information provided within financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Refer to information provided within financial statements.

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**INVESTMENT ADVISOR** 

Innovator Capital Management, LLC

200 West Front Street

Wheaton, IL 60187

**INVESTMENT SUB-ADVISOR** 

Milliman Financial Risk Management, LLC

71 South Wacker Drive, 31<sup>st</sup> Floor

Chicago, IL 60606

**ADMINISTRATOR, FUND ACCOUNTANT & TRANSFER AGENT** 

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

**DISTRIBUTOR** 

Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

**CUSTODIAN** 

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

**LEGAL COUNSEL** 

Chapman and Cutler LLP

320 South Canal Street, 27<sup>th</sup> Floor

Chicago, IL 60606

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, WI 53202

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a)

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have
 reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the
 "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b)
 or 15d 15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls
 and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed,
 summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably
 likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith](itcf-efp15980_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information
 called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary
 for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting
 period. Not applicable

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith](itcf-efp15980_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Innovator
 ETFs Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Bruce Bond |
|  | Bruce Bond, Principal Executive Officer |

---

Date <u>6/26/25</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Bruce Bond |
|  | Bruce Bond, Principal Executive Officer |

---

Date <u>6/26/25</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kathleen Meyer |
|  | Kathleen Meyer, Principal Financial Officer |

---

Date <u>6/26/25</u>

\* *Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Bruce Bond, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Innovator ETFs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/26/25 | /s/ Bruce Bond |
|  |  | Bruce Bond |
|  |  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Kathleen Meyer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Innovator ETFs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/26/25 | /s/ Kathleen Meyer |
|  |  | Kathleen Meyer |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Innovator ETFs Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Innovator ETFs Trust for the period ended April 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Innovator ETFs Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Bruce Bond | /s/ Kathleen Meyer |
| Bruce Bond | Kathleen Meyer |
| Principal Executive Officer, | Principal Financial Officer, |
| Innovator ETFs Trust | Innovator ETFs Trust |

---

Dated: <u>6/26/25</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Innovator ETFs Trust for purposes of Section 18 of the Securities Exchange Act of 1934.