anrepusequity.jpg

 

 

 

TABLE OF CONTENTS

 

Letter to Shareholders         

3

Fund Performance         

7

Expense Example         

79

Schedules of Investments and Options Written         

82

Statements of Assets and Liabilities         

154

Statements of Operations         

172

Statements of Changes in Net Assets         

190

Financial Highlights         

208

Notes to Financial Statements         

226

Report of Independent Registered Public Accounting Firm         

258

Trustees and Officers         

263

Board Considerations Regarding Approval of Investment Management Agreement         

265

Additional Information         

268

 

 

 

Letter to Shareholders (Unaudited)

 

Dear Valued Shareholders,

 

The following shareholder letter covers the year ended October 31, 2021.

 

Around this time last year, we were acknowledging and reflecting on one of the more difficult years on record, with our eyes fixed on a more promising 2021. While we still look forward to the day the words “COVID-19” are a distant memory, I’m happy to report that, despite the uncertainty in the US and abroad, this year has been one of tremendous growth and leadership in the marketplace for Innovator.

 

The variant-laden pandemic environment the world has found itself in has brought several domestic challenges that have the potential to negatively impact wealth: labor shortages, supply chain struggles, inflation, high stock market valuations, volatility and rising interest rates, to name a few. Those seeking meaningful portfolio growth are now faced with increased risks, and those seeking to mitigate market risks and income (e.g., retirees) are struggling to find either in the bond markets.

 

From our perspective, these are the times Innovator was built for; and we think the market is recognizing this as well.

 

Broadly, 2021 witnessed the launch of 47 new outcome-based ETFs, pushing the category’s AUM higher by $3.5 billion. Today, the market for outcome based ETFs has grown to nearly 140 ETFs with nearly $9 billion in AUM. After bringing the world’s first Defined Outcome ETFsTM to market in 2018, I believe Innovator remains the leader in the space with 75 ETFs and nearly 60% of the total assets.

 

I’m also happy to report that once again Innovator Defined Outcome ETFsTM have performed as expected, mitigating volatile and falling markets and offering capped growth potential when markets were climbing higher. In fact, by the time 2021 comes to a close, Innovator anticipates that our fund suite will complete its 100th defined outcome period, more than any other ETF provider in the industry.

 

3

 

Letter to Shareholders (Unaudited) (Continued)

 

This year, in addition to rounding out its suite of international Buffer ETFsTM, Innovator also launched the first suite of Accelerated ETFsTM and the first Defined Outcome ETFsTM to offer quarterly outcome periods.

 

As we have reiterated to our shareholders throughout the year, Innovator Capital Management was established on an unwavering commitment to building products that deliver confidence to investors, even amidst uncertainty. We aim to continue to earn your trust in the years to come and look forward to continuing to work together to find and create innovative and valuable solutions to the investment challenges that lie ahead.

 

On behalf of all of us at Innovator, I want to thank you for your unwavering partnership and support of our mission to help you grow and protect your assets. May the Lord’s presence go before you throughout the New Year!
 

ex_320065img001.jpg

 

 

Bruce Bond

 

Chief Executive Officer

 

The views in this report were those of the Funds CEO as of October 31, 2021 and may not reflect his views on the date that this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.

 

4

 

Letter to Shareholders (Unaudited) (Continued)

 

The funds only seek to provide their investment objective, which is not guaranteed, over the course of an entire outcome period. Investors who purchase shares after or sell shares before the end of an outcome period will experience very different outcomes than the funds seek to provide.

 

The Funds have characteristics unlike many other traditional investment products and may not be suitable for all investors. For more information regarding whether an investment in the Fund is right for you, please see Investor Suitability" in the prospectus.

 

The Funds are designed to provide point-to-point exposure to the price return of a reference asset via a basket of Flex Options. As a result, the ETFs are not expected to move directly in line with the reference asset during the interim period. Additionally, FLEX Options may be less liquid than standard options. In a less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices.

 

Fund shareholders are subject to an upside return cap (Cap) that represents the maximum percentage return an investor can achieve from an investment in the funds' for the Outcome Period, before fees and expenses. If the Outcome Period has begun and the Fund has increased in value to a level near to the Cap, an investor purchasing at that price has little or no ability to achieve gains but remains vulnerable to downside risks. Additionally, the Cap may rise or fall from one Outcome Period to the next. The Cap, and the Fund's position relative to it, should be considered before investing in the Fund. The Funds' website, www.innovatoretfs.com, provides important Fund information as well information relating to the potential outcomes of an investment in a Fund on a daily basis.

 

Buffer ETFs: The Funds only seek to provide shareholders that hold shares for the entire Outcome Period with their respective buffer level against reference asset losses during the Outcome Period. You will bear all reference asset losses exceeding the buffer. Depending upon market conditions at the time of purchase, a shareholder that purchases shares after the Outcome Period has begun may also lose their entire investment. For instance, if the Outcome Period has begun and the Fund has decreased in value beyond the pre-determined buffer, an investor purchasing shares at that price may not benefit from the buffer. Similarly, if the Outcome Period has begun and the Fund has increased in value, an investor purchasing shares at that price may not benefit from the buffer until the Fund's value has decreased to its value at the commencement of the Outcome Period.

 

5

 

Letter to Shareholders (Unaudited) (Continued)

 

Accelerated ETFs: If the Outcome Period has begun and the Fund has experienced an accelerated return, an investor purchasing Shares at that price may be subject to losses that exceed any losses of the Underlying ETF for the remainder of the Outcome Period and may have diminished or no ability to experience further accelerated return, therefore exposing the investor to greater downside risks.

 

This material must be preceded by or accompanied with a prospectus. The Funds' investment objectives, risks, charges and expenses should be considered carefully before investing. The prospectus contains this and other important information, and it may be obtained at innovatoretfs.com. Read it carefully before investing.

 

Innovator ETFs are distributed by Foreside Fund Services, LLC.

 

6

 

 

Fund Performance

October 31, 2021 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S Equity Buffer ETF – January from its inception (December 31, 2018) to October 31, 2021 as compared with the S&P 500® Index – Price Return and Total Return.

ex_320065img002.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Buffer ETF - January

               

NAV Return

   

23.85

%

   

16.45

%

Market Return

   

23.78

%

   

16.51

%

S&P 500® Index - Price Return

   

40.84

%

   

23.95

%

S&P 500® Index - Total Return

   

42.91

%

   

26.15

%

 

(a) Inception date is December 31, 2018.

 

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

 

7

INNOVATOR U.S. EQUITY BUFFER ETF JANUARY

 

Fund Performance

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

8

 

Fund Performance

October 31, 2021 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – February from its inception (January 31, 2020) to October 31, 2021 as compared with the S&P 500® Index - Price Return and Total Return.

ex_320065img003.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Buffer ETF - February

               

NAV Return

   

26.08

%

   

15.66

%

Market Return

   

26.83

%

   

15.60

%

S&P 500® Index - Price Return

   

40.84

%

   

22.56

%

S&P 500® Index - Total Return

   

42.91

%

   

24.58

%

 

(a) Inception date is January 31, 2020.

 

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

 

9

 

Fund Performance

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

10

INNOVATOR U.S. EQUITY BUFFER ETF MARCH

 

Fund Performance

October 31, 2021 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – March from its inception (February 28, 2020) to October 31, 2021 as compared with the S&P 500® Index - Price Return and Total Return.

 

ex_320065img004.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Buffer ETF - March

               

NAV Return

   

21.98

%

   

17.48

%

Market Return

   

22.60

%

   

17.45

%

S&P 500® Index - Price Return

   

40.84

%

   

30.37

%

S&P 500® Index - Total Return

   

42.91

%

   

32.47

%

 

(a) Inception date is February 28, 2020.

 

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

 

11

 

Fund Performance

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index. 

 

Premium/Discount Information: 

 

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

 

12

 

Fund Performance

October 31, 2021 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – April from its inception (March 29, 2019) to October 31, 2021 as compared with the S&P 500® Index – Price Return and Total Return. 

 

ex_320065img005.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Buffer ETF - April

               

NAV Return

   

15.40

%

   

11.12

%

Market Return

   

15.97

%

   

11.19

%

S&P 500® Index - Price Return

   

40.84

%

   

20.60

%

S&P 500® Index - Total Return

   

42.91

%

   

22.70

%

 

(a) Inception date is March 29, 2019.

 

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

 

13

 

Fund Performance 

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

14

 

Fund Performance

October 31, 2021 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – May from its inception (April 30, 2020) to October 31, 2021 as compared with the S&P 500® Index - Price Return and Total Return.

 

ex_320065img006.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Buffer ETF - May

               

NAV Return

   

16.58

%

   

17.22

%

Market Return

   

17.36

%

   

17.25

%

S&P 500® Index - Price Return

   

40.84

%

   

35.62

%

S&P 500® Index - Total Return

   

42.91

%

   

37.76

%

 

(a) Inception date is April 30, 2020.

 

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

 

15

 

Fund Performance 

October 31, 2021 (Unaudited)(Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index. 

 

Premium/Discount Information: 

 

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

 

16

 

Fund Performance 

October 31, 2021 (Unaudited) 

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – June from its inception (May 31, 2019) to October 31, 2021 as compared with the S&P 500® Index – Price Return and Total Return.

 

ex_320065img007.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Buffer ETF - June

               

NAV Return

   

16.12

%

   

12.89

%

Market Return

   

16.93

%

   

12.90

%

S&P 500® Index - Price Return

   

40.84

%

   

23.72

%

S&P 500® Index - Total Return

   

42.91

%

   

25.84

%

 

(a) Inception date is May 31, 2019.

 

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

 

17

INNOVATOR U.S. EQUITY BUFFER ETF JUNE

 

Fund Performance 

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

18

 

Fund Performance

October 31, 2021 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – July from its inception (August 28, 2018) to October 31, 2021 as compared with the S&P 500® Index – Price Return and Total Return.

ex_320065img008.jpg

 

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Three Years

   

Since
Inception (a)

 

Innovator U.S. Equity Buffer ETF - July

                       

NAV Return

   

17.53

%

   

9.93

%

   

8.12

%

Market Return

   

17.93

%

   

10.09

%

   

8.26

%

S&P 500® Index - Price Return

   

40.84

%

   

19.31

%

   

15.71

%

S&P 500® Index - Total Return

   

42.91

%

   

21.48

%

   

17.80

%

 

(a)

Inception date is August 28, 2018.

 

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

 

19

INNOVATOR U.S. EQUITY BUFFER ETF JULY

 

Fund Performance

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

20

 

Fund Performance 

October 31, 2021 (Unaudited) 

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – August from its inception (July 31, 2019) to October 31, 2021 as compared with the S&P 500® Index – Price Return and Total Return.

 

ex_320065img009.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Buffer ETF - August

               

NAV Return

   

18.81

%

   

12.51

%

Market Return

   

20.06

%

   

12.59

%

S&P 500® Index - Price Return

   

40.84

%

   

21.32

%

S&P 500® Index - Total Return

   

42.91

%

   

23.41

%

 

(a) Inception date is July 31, 2019.

 

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

 

21

INNOVATOR U.S. EQUITY BUFFER ETF AUGUST

 

Fund Performance 

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

22

 

Fund Performance 

October 31, 2021 (Unaudited) 

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – September from its inception (August 30, 2019) to October 31, 2021 as compared with the S&P 500® Index – Price Return and Total Return.

 

ex_320065img010.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Buffer ETF - September

               

NAV Return

   

23.68

%

   

14.71

%

Market Return

   

24.08

%

   

14.73

%

S&P 500® Index - Price Return

   

40.84

%

   

23.24

%

S&P 500® Index - Total Return

   

42.91

%

   

25.32

%

 

(a) Inception date is August 30, 2019.

 

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

 

23

INNOVATOR U.S. EQUITY BUFFER ETF SEPTEMBER

 

Fund Performance 

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

24

 

Fund Performance

October 31, 2021 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – October from its inception (September 28, 2018) to October 31, 2021 as compared with the S&P 500® Index – Price Return and Total Return.

 

ex_320065img011.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Three Years

   

Since
Inception (a)

 

Innovator U.S. Equity Buffer ETF - October

                       

NAV Return

   

24.34

%

   

13.19

%

   

11.17

%

Market Return

   

24.70

%

   

13.40

%

   

11.24

%

S&P 500® Index - Price Return

   

40.84

%

   

19.31

%

   

15.96

%

S&P 500® Index - Total Return

   

42.91

%

   

21.48

%

   

18.05

%

 

(a)

Inception date is September 28, 2018.

 

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

 

25

INNOVATOR U.S. EQUITY BUFFER ETF OCTOBER

 

Fund Performance

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

26

 

Fund Performance 

October 31, 2021 (Unaudited) 

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – November from its inception (October 31, 2019) to October 31, 2021 as compared with the S&P 500® Index - Price Return and Total Return.

 

ex_320065img012.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Buffer ETF - November

               

NAV Return

   

17.93

%

   

12.34

%

Market Return

   

17.77

%

   

12.38

%

S&P 500® Index - Price Return

   

40.84

%

   

23.13

%

S&P 500® Index - Total Return

   

42.91

%

   

25.22

%

 

(a) Inception date is October 31, 2019.

 

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

 

27

INNOVATOR U.S. EQUITY BUFFER ETF NOVEMBER

 

Fund Performance

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index. 

 

Premium/Discount Information: 

 

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

 

28

 

Fund Performance

October 31, 2021 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Buffer ETF – December from its inception (November 29, 2019) to October 31, 2021 as compared with the S&P 500® Index - Price Return and Total Return.

 

ex_320065img013.jpg

 

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Buffer ETF - December

               

NAV Return

   

22.76

%

   

14.14

%

Market Return

   

23.41

%

   

14.08

%

S&P 500® Index - Price Return

   

40.84

%

   

22.02

%

S&P 500® Index - Total Return

   

42.91

%

   

24.02

%

 

(a) Inception date is November 29, 2019.

 

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

 

29

 

Fund Performance

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index. 

 

Premium/Discount Information: 

 

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

 

30

 

Fund Performance

October 31, 2021 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – January from its inception (December 31, 2018) to October 31, 2021 as compared with the S&P 500® Index – Price Return and Total Return.

 

ex_320065img014.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - January

               

NAV Return

   

13.82

%

   

10.29

%

Market Return

   

14.30

%

   

10.28

%

S&P 500® Index - Price Return

   

40.84

%

   

23.95

%

S&P 500® Index - Total Return

   

42.91

%

   

26.15

%

 

(a) Inception date is December 31, 2018.

 

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

 

31

INNOVATOR U.S. EQUITY POWER BUFFER ETF JANUARY

 

Fund Performance

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

32

 

Fund Performance 

October 31, 2021 (Unaudited) 

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – February from its inception (January 31, 2020) to October 31, 2021 as compared with the S&P 500® Index - Price Return and Total Return.

 

ex_320065img015.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - February

               

NAV Return

   

15.90

%

   

10.07

%

Market Return

   

16.36

%

   

9.99

%

S&P 500® Index - Price Return

   

40.84

%

   

22.56

%

S&P 500® Index - Total Return

   

42.91

%

   

24.58

%

 

(a) Inception date is January 31, 2020.

 

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

 

33

 

Fund Performance 

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index. 

 

Premium/Discount Information: 

 

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

 

34

 

Fund Performance

October 31, 2021 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – March from its inception (February 28, 2020) to October 31, 2021 as compared with the S&P 500® Index - Price Return and Total Return.

 

ex_320065img016.jpg

 

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - March

               

NAV Return

   

14.01

%

   

11.53

%

Market Return

   

14.63

%

   

11.69

%

S&P 500® Index - Price Return

   

40.84

%

   

30.37

%

S&P 500® Index - Total Return

   

42.91

%

   

32.47

%

 

(a) Inception date is February 28, 2020.

 

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

 

35

 

Fund Performance 

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index. 

 

Premium/Discount Information: 

 

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

 

36

 

Fund Performance 

October 31, 2021 (Unaudited) 

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – April from its inception (March 29, 2019) to October 31, 2021 as compared with the S&P 500® Index – Price Return and Total Return.

 

ex_320065img017.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - April

               

NAV Return

   

9.45

%

   

7.29

%

Market Return

   

10.03

%

   

7.36

%

S&P 500® Index - Price Return

   

40.84

%

   

20.60

%

S&P 500® Index - Total Return

   

42.91

%

   

22.70

%

 

(a) Inception date is March 29, 2019.

 

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

 

37

INNOVATOR U.S. EQUITY POWER BUFFER ETF APRIL

 

Fund Performance 

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

38

 

Fund Performance 

October 31, 2021 (Unaudited) 

           

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – May from its inception (April 30, 2020) to October 31, 2021 as compared with the S&P 500® Index - Price Return and Total Return.

 

ex_320065img018.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - May

               

NAV Return

   

10.54

%

   

11.59

%

Market Return

   

11.36

%

   

11.64

%

S&P 500® Index - Price Return

   

40.84

%

   

35.62

%

S&P 500® Index - Total Return

   

42.91

%

   

37.76

%

 

(a) Inception date is April 30, 2020.

           

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

 

39

INNOVATOR U.S. EQUITY POWER BUFFER ETF MAY

 

Fund Performance 

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index. 

 

Premium/Discount Information: 

 

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

 

40

 

Fund Performance 

October 31, 2021 (Unaudited) 

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – June from its inception (May 31, 2019) to October 31, 2021 as compared with the S&P 500® Index – Price Return and Total Return.

 

ex_320065img019.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - June

               

NAV Return

   

10.34

%

   

9.96

%

Market Return

   

10.84

%

   

9.96

%

S&P 500® Index - Price Return

   

40.84

%

   

23.72

%

S&P 500® Index - Total Return

   

42.91

%

   

25.84

%

 

(a) Inception date is May 31, 2019.

 

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

 

41

INNOVATOR U.S. EQUITY POWER BUFFER ETF JUNE

 

Fund Performance 

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

42

 

Fund Performance

October 31, 2021 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – July from its inception (August 7, 2018) to October 31, 2021 as compared with the S&P 500® Index – Price Return and Total Return.

 

ex_320065img020.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Three Years

   

Since
Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - July

                       

NAV Return

   

10.78

%

   

7.37

%

   

6.27

%

Market Return

   

11.57

%

   

7.49

%

   

6.37

%

S&P 500® Index - Price Return

   

40.84

%

   

19.31

%

   

15.90

%

S&P 500® Index - Total Return

   

42.91

%

   

21.48

%

   

18.01

%

 

(a)

Inception date is August 7, 2018.

 

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

 

43

INNOVATOR U.S. EQUITY POWER BUFFER ETF JULY

 

Fund Performance

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

44

 

Fund Performance 

October 31, 2021 (Unaudited) 

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – August from its inception (July 31, 2019) to October 31, 2021 as compared with the S&P 500® Index – Price Return and Total Return.

 

ex_320065img021.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - August

               

NAV Return

   

11.68

%

   

9.00

%

Market Return

   

12.39

%

   

9.03

%

S&P 500® Index - Price Return

   

40.84

%

   

21.32

%

S&P 500® Index - Total Return

   

42.91

%

   

23.41

%

 

(a) Inception date is July 31, 2019.

 

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

 

45

INNOVATOR U.S. EQUITY POWER BUFFER ETF AUGUST

 

Fund Performance 

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

46

 

Fund Performance 

October 31, 2021 (Unaudited) 

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – September from its inception (August 30, 2019) to October 31, 2021 as compared with the S&P 500® Index – Price Return and Total Return.

 

ex_320065img022.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - September

               

NAV Return

   

15.24

%

   

9.55

%

Market Return

   

15.36

%

   

9.53

%

S&P 500® Index - Price Return

   

40.84

%

   

23.24

%

S&P 500® Index - Total Return

   

42.91

%

   

25.32

%

 

(a) Inception date is August 30, 2019.

 

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

 

47

INNOVATOR U.S. EQUITY POWER BUFFER ETF SEPTEMBER

 

Fund Performance 

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

48

 

Fund Performance

October 31, 2021 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – October from its inception (September 28, 2018) to October 31, 2021 as compared with the S&P 500® Index – Price Return and Total Return.

 

ex_320065img023.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Three Years

   

Since
Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - October

                       

NAV Return

   

15.44

%

   

9.28

%

   

7.60

%

Market Return

   

15.31

%

   

9.15

%

   

7.70

%

S&P 500® Index - Price Return

   

40.84

%

   

19.31

%

   

15.96

%

S&P 500® Index - Total Return

   

42.91

%

   

21.48

%

   

18.05

%

 

(a)

Inception date is September 28, 2018.

 

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

 

49

INNOVATOR U.S. EQUITY POWER BUFFER ETF OCTOBER

 

Fund Performance

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

50

 

Fund Performance

October 31, 2021 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – November from its inception (October 31, 2019) to October 31, 2021 as compared with the S&P 500® Index - Price Return and Total Return.

 

ex_320065img024.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - November

               

NAV Return

   

11.80

%

   

9.34

%

Market Return

   

11.59

%

   

9.42

%

S&P 500® Index - Price Return

   

40.84

%

   

23.13

%

S&P 500® Index - Total Return

   

42.91

%

   

25.22

%

 

(a) Inception date is October 31, 2019.

 

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

 

51

INNOVATOR U.S. EQUITY POWER BUFFER ETF NOVEMBER

 

Fund Performance

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index. 

 

Premium/Discount Information: 

 

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

 

52

 

Fund Performance

October 31, 2021 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Power Buffer ETF – December from its inception (November 29, 2019) to October 31, 2021 as compared with the S&P 500® Index - Price Return and Total Return.

 

ex_320065img025.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Power Buffer ETF - December

               

NAV Return

   

13.10

%

   

8.72

%

Market Return

   

13.38

%

   

8.71

%

S&P 500® Index - Price Return

   

40.84

%

   

22.02

%

S&P 500® Index - Total Return

   

42.91

%

   

24.02

%

 

(a) Inception date is November 29, 2019.

 

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

 

53

INNOVATOR U.S. EQUITY POWER BUFFER ETF DECEMBER

 

Fund Performance

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index. 

 

Premium/Discount Information: 

 

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

 

54

 

Fund Performance

October 31, 2021 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – January from its inception (December 31, 2018) to October 31, 2021 as compared with the S&P 500® Index – Price Return and Total Return.

 

ex_320065img026.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - January

               

NAV Return

   

10.62

%

   

8.22

%

Market Return

   

11.32

%

   

8.31

%

S&P 500® Index - Price Return

   

40.84

%

   

23.95

%

S&P 500® Index - Total Return

   

42.91

%

   

26.15

%

 

(a) Inception date is December 31, 2018.

 

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

 

55

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF JANUARY

 

Fund Performance

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

56

 

Fund Performance 

October 31, 2021 (Unaudited) 

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – February from its inception (January 31, 2020) to October 31, 2021 as compared with the S&P 500® Index - Price Return and Total Return.

 

ex_320065img027.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - February

               

NAV Return

   

11.61

%

   

7.43

%

Market Return

   

12.25

%

   

7.47

%

S&P 500® Index - Price Return

   

40.84

%

   

22.56

%

S&P 500® Index - Total Return

   

42.91

%

   

24.58

%

 

(a) Inception date is January 31, 2020.

 

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

 

57

 

Fund Performance 

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index. 

 

Premium/Discount Information: 

 

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

 

58

 

Fund Performance 

October 31, 2021 (Unaudited) 

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – March from its inception (February 28, 2020) to October 31, 2021 as compared with the S&P 500® Index - Price Return and Total Return.

 

ex_320065img028.jpg

 

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - March

               

NAV Return

   

9.76

%

   

7.94

%

Market Return

   

10.44

%

   

8.02

%

S&P 500® Index - Price Return

   

40.84

%

   

30.37

%

S&P 500® Index - Total Return

   

42.91

%

   

32.47

%

 

(a) Inception date is February 28, 2020.

 

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

 

59

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF MARCH

 

Fund Performance 

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index. 

 

Premium/Discount Information: 

 

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

 

60

 

Fund Performance 

October 31, 2021 (Unaudited) 

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – April from its inception (March 29, 2019) to October 31, 2021 as compared with the S&P 500® Index – Price Return and Total Return.

 

ex_320065img029.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - April

               

NAV Return

   

6.31

%

   

2.49

%

Market Return

   

6.81

%

   

2.60

%

S&P 500® Index - Price Return

   

40.84

%

   

20.60

%

S&P 500® Index - Total Return

   

42.91

%

   

22.70

%

 

(a) Inception date is March 29, 2019.

 

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

 

61

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF APRIL

 

Fund Performance 

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

62

 

Fund Performance 

October 31, 2021 (Unaudited) 

           

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – May from its inception (April 30, 2020) to October 31, 2021 as compared with the S&P 500® Index - Price Return and Total Return.

 

ex_320065img030.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - May

               

NAV Return

   

6.91

%

   

7.35

%

Market Return

   

7.64

%

   

7.37

%

S&P 500® Index - Price Return

   

40.84

%

   

35.62

%

S&P 500® Index - Total Return

   

42.91

%

   

37.76

%

 

(a) Inception date is April 30, 2020.

           

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

 

63

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF MAY

 

 

Fund Performance 

October 31, 2021 (Unaudited) (Continued)

           

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

           

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

           

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

           

You cannot invest directly in an index. 

           

Premium/Discount Information: 

           

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

 

64

 

Fund Performance 

October 31, 2021 (Unaudited) 

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – June from its inception (May 31, 2019) to October 31, 2021 as compared with the S&P 500® Index – Price Return and Total Return.

 

ex_320065img031.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since

Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - June

               

NAV Return

   

7.10

%

   

7.72

%

Market Return

   

7.68

%

   

7.76

%

S&P 500® Index - Price Return

   

40.84

%

   

23.72

%

S&P 500® Index - Total Return

   

42.91

%

   

25.84

%

 

(a) Inception date is May 31, 2019.

 

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

 

65

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF JUNE

 

Fund Performance 

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

66

 

Fund Performance

October 31, 2021 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – July from its inception (August 7, 2018) to October 31, 2021 as compared with the S&P 500® Index – Price Return and Total Return.

 

ex_320065img032.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Three Years

   

Since
Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - July

                       

NAV Return

   

7.18

%

   

5.71

%

   

4.64

%

Market Return

   

7.36

%

   

5.76

%

   

4.72

%

S&P 500® Index - Price Return

   

40.84

%

   

19.31

%

   

15.90

%

S&P 500® Index - Total Return

   

42.91

%

   

21.48

%

   

18.01

%

 

(a)

Inception date is August 7, 2018.

 

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

 

67

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF JULY

 

Fund Performance

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

68

 

Fund Performance 

October 31, 2021 (Unaudited) 

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – August from its inception (July 31, 2019) to October 31, 2021 as compared with the S&P 500® Index – Price Return and Total Return.

 

ex_320065img033.jpg

 

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - August

               

NAV Return

   

7.89

%

   

7.12

%

Market Return

   

8.14

%

   

7.19

%

S&P 500® Index - Price Return

   

40.84

%

   

21.32

%

S&P 500® Index - Total Return

   

42.91

%

   

23.41

%

 

(a) Inception date is July 31, 2019.

 

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

 

69

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF AUGUST

 

Fund Performance 

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

70

 

Fund Performance 

October 31, 2021 (Unaudited) 

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – September from its inception (August 30, 2019) to October 31, 2021 as compared with the S&P 500® Index – Price Return and Total Return.

 

ex_320065img034.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - September

               

NAV Return

   

10.03

%

   

7.22

%

Market Return

   

10.42

%

   

7.28

%

S&P 500® Index - Price Return

   

40.84

%

   

23.24

%

S&P 500® Index - Total Return

   

42.91

%

   

25.32

%

 

(a) Inception date is August 30, 2019.

 

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

 

71

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF SEPTEMBER

 

Fund Performance 

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

72

 

Fund Performance

October 31, 2021 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – October from its inception (September 28, 2018) to October 31, 2021 as compared with the S&P 500® Index – Price Return and Total Return.

 

ex_320065img035.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Three Years

   

Since
Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - October

                       

NAV Return

   

9.85

%

   

6.92

%

   

5.50

%

Market Return

   

10.02

%

   

6.81

%

   

5.61

%

S&P 500® Index - Price Return

   

40.84

%

   

19.31

%

   

15.96

%

S&P 500® Index - Total Return

   

42.91

%

   

21.48

%

   

18.05

%

 

(a)

Inception date is September 28, 2018.

 

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

 

73

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF OCTOBER

 

Fund Performance

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.

 

Premium/Discount Information:

 

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

 

74

 

Fund Performance

October 31, 2021 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – November from its inception (October 31, 2019) to October 31, 2021 as compared with the S&P 500® Index - Price Return and Total Return.

 

ex_320065img036.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - November

               

NAV Return

   

7.36

%

   

7.12

%

Market Return

   

7.05

%

   

7.15

%

S&P 500® Index - Price Return

   

40.84

%

   

23.13

%

S&P 500® Index - Total Return

   

42.91

%

   

25.22

%

 

(a) Inception date is October 31, 2019.

 

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

 

75

 

Fund Performance 

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index. 

 

Premium/Discount Information: 

 

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

 

76

 

Fund Performance

October 31, 2021 (Unaudited)

 

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Ultra Buffer ETF – December from its inception (November 29, 2019) to October 31, 2021 as compared with the S&P 500® Index - Price Return and Total Return.

 

ex_320065img037.jpg

 

   

Average Annual Total Returns as of October 31, 2021

 
   

One Year

   

Since
Inception (a)

 

Innovator U.S. Equity Ultra Buffer ETF - December

               

NAV Return

   

9.85

%

   

6.54

%

Market Return

   

10.27

%

   

6.48

%

S&P 500® Index - Price Return

   

40.84

%

   

22.02

%

S&P 500® Index - Total Return

   

42.91

%

   

24.02

%

 

(a) Inception date is November 29, 2019.

 

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

 

77

INNOVATOR U.S. EQUITY ULTRA BUFFER ETF DECEMBER

 

Fund Performance 

October 31, 2021 (Unaudited) (Continued)

 

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

 

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

 

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

 

You cannot invest directly in an index.   

 

Premium/Discount Information: 

 

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

 

78

INNOVATOR ETFs TRUST

 

Expense Example

For the Period Ended October 31, 2021 (Unaudited)

 

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

 

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2021 to October 31, 2021 for each Fund.

 

Actual Expenses

 

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

 

   

Beginning

   

Ending

   

Expenses Paid

 
   

Account Value

   

Account Value

   

During the Period (a)

 

Innovator U.S. Equity Buffer ETF - January (NAV)         

 

$

1,000.00

   

$

1,051.20

   

$

4.08

 

Innovator U.S. Equity Buffer ETF - February (NAV)         

   

1,000.00

     

1,056.90

     

4.10

 

Innovator U.S. Equity Buffer ETF - March (NAV)         

   

1,000.00

     

1,062.60

     

4.11

 

Innovator U.S. Equity Buffer ETF - April (NAV)         

   

1,000.00

     

1,060.70

     

4.10

 

Innovator U.S. Equity Buffer ETF - May (NAV)         

   

1,000.00

     

1,070.60

     

4.12

 

Innovator U.S. Equity Buffer ETF - June (NAV)         

   

1,000.00

     

1,057.10

     

4.10

 

Innovator U.S. Equity Buffer ETF - July (NAV)         

   

1,000.00

     

1,046.70

     

4.08

 

Innovator U.S. Equity Buffer ETF - August (NAV)         

   

1,000.00

     

1,045.70

     

4.07

 

Innovator U.S. Equity Buffer ETF - September (NAV)         

   

1,000.00

     

1,045.80

     

4.07

 

Innovator U.S. Equity Buffer ETF - October (NAV)         

   

1,000.00

     

1,067.20

     

4.12

 

Innovator U.S. Equity Buffer ETF - November (NAV)         

   

1,000.00

     

1,028.50

     

4.04

 

Innovator U.S. Equity Buffer ETF - December (NAV)         

   

1,000.00

     

1,045.70

     

4.07

 

Innovator U.S. Equity Power Buffer ETF - January (NAV)         

   

1,000.00

     

1,033.20

     

4.05

 

Innovator U.S. Equity Power Buffer ETF - February (NAV)         

   

1,000.00

     

1,035.00

     

4.05

 

Innovator U.S. Equity Power Buffer ETF - March (NAV)         

   

1,000.00

     

1,038.70

     

4.06

 

Innovator U.S. Equity Power Buffer ETF - April (NAV)         

   

1,000.00

     

1,037.60

     

4.06

 

Innovator U.S. Equity Power Buffer ETF - May (NAV)         

   

1,000.00

     

1,046.10

     

4.07

 

Innovator U.S. Equity Power Buffer ETF - June (NAV)         

   

1,000.00

     

1,036.50

     

4.06

 

Innovator U.S. Equity Power Buffer ETF - July (NAV)         

   

1,000.00

     

1,028.80

     

4.04

 

Innovator U.S. Equity Power Buffer ETF - August (NAV)         

   

1,000.00

     

1,027.30

     

4.04

 

Innovator U.S. Equity Power Buffer ETF - September (NAV)         

   

1,000.00

     

1,027.90

     

4.04

 

Innovator U.S. Equity Power Buffer ETF - October (NAV)         

   

1,000.00

     

1,041.50

     

4.07

 

Innovator U.S. Equity Power Buffer ETF - November (NAV)         

   

1,000.00

     

1,017.30

     

4.02

 

Innovator U.S. Equity Power Buffer ETF - December (NAV)         

   

1,000.00

     

1,027.50

     

4.04

 

Innovator U.S. Equity Ultra Buffer ETF - January (NAV)         

   

1,000.00

     

1,021.30

     

4.02

 

Innovator U.S. Equity Ultra Buffer ETF - February (NAV)         

   

1,000.00

     

1,022.30

     

4.03

 

 

79

INNOVATOR ETFs TRUST

 

Expense Example

For the Period Ended October 31, 2021 (Unaudited) (Continued)

 

   

Beginning

   

Ending

   

Expenses Paid

 
   

Account Value

   

Account Value

   

During the Period (a)

 

Innovator U.S. Equity Ultra Buffer ETF - March (NAV)         

   

1,000.00

     

1,026.70

     

4.04

 

Innovator U.S. Equity Ultra Buffer ETF - April (NAV)         

   

1,000.00

     

1,025.80

     

4.03

 

Innovator U.S. Equity Ultra Buffer ETF - May (NAV)         

   

1,000.00

     

1,032.90

     

4.05

 

Innovator U.S. Equity Ultra Buffer ETF - June (NAV)         

   

1,000.00

     

1,027.60

     

4.04

 

Innovator U.S. Equity Ultra Buffer ETF - July (NAV)         

   

1,000.00

     

1,018.30

     

4.02

 

Innovator U.S. Equity Ultra Buffer ETF - August (NAV)         

   

1,000.00

     

1,018.00

     

4.02

 

Innovator U.S. Equity Ultra Buffer ETF - September (NAV)         

   

1,000.00

     

1,019.40

     

4.02

 

Innovator U.S. Equity Ultra Buffer ETF - October (NAV)         

   

1,000.00

     

1,025.40

     

4.03

 

Innovator U.S. Equity Ultra Buffer ETF - November (NAV)         

   

1,000.00

     

1,011.40

     

4.01

 

Innovator U.S. Equity Ultra Buffer ETF - December (NAV)         

   

1,000.00

     

1,019.90

     

4.02

 

 

(a)

Expenses are equal to the Fund’s annualized expense ratio (0.79%), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six month period).

 

Hypothetical Example for Comparison Purposes

 

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

 

80

INNOVATOR ETFs TRUST

 

Expense Example

For the Period Ended October 31, 2021 (Unaudited) (Continued)

 

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

 

   

Beginning

   

Ending

   

Expenses Paid

 
   

Account Value

   

Account Value

   

During the Period (a)

 

Innovator U.S. Equity Buffer ETF - January (NAV)         

 

$

1,000.00

   

$

1,021.22

   

$

4.02

 

Innovator U.S. Equity Buffer ETF - February (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Buffer ETF - March (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Buffer ETF - April (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Buffer ETF - May (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Buffer ETF - June (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Buffer ETF - July (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Buffer ETF - August (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Buffer ETF - September (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Buffer ETF - October (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Buffer ETF - November (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Buffer ETF - December (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Power Buffer ETF - January (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Power Buffer ETF - February (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Power Buffer ETF - March (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Power Buffer ETF - April (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Power Buffer ETF - May (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Power Buffer ETF - June (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Power Buffer ETF - July (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Power Buffer ETF - August (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Power Buffer ETF - September (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Power Buffer ETF - October (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Power Buffer ETF - November (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Power Buffer ETF - December (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Ultra Buffer ETF - January (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Ultra Buffer ETF - February (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Ultra Buffer ETF - March (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Ultra Buffer ETF - April (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Ultra Buffer ETF - May (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Ultra Buffer ETF - June (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Ultra Buffer ETF - July (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Ultra Buffer ETF - August (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Ultra Buffer ETF - September (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Ultra Buffer ETF - October (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Ultra Buffer ETF - November (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

Innovator U.S. Equity Ultra Buffer ETF - December (NAV)         

   

1,000.00

     

1,021.22

     

4.02

 

(a)

Expenses are equal to the Fund’s annualized expense ratio (0.79%), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six month period).

 

The accompanying notes are an integral part of these financial statements.
81

 

Schedule of Investments

October 31, 2021

 

   

Contracts

   

Notional Amount

   

Value

 

PURCHASED OPTIONS - 108.07% (a)(b)

                       

CALL OPTIONS - 107.79%

                       

SPY SPDR S&P 500® Trust ETF, Expires 12/31/2021, Strike Price $2.97         

   

3,562

   

$

163,584,850

   

$

161,937,707

 
                     

161,937,707

 

PUT OPTIONS - 0.28%

                       

SPY SPDR S&P 500® Trust ETF, Expires 12/31/2021, Strike Price $373.89         

   

3,562

     

163,584,850

     

420,805

 
                     

420,805

 

TOTAL PURCHASED OPTIONS (Cost $139,131,430)         

                   

162,358,512

 
                         

SHORT TERM INVESTMENTS - 0.22%

 

Principal Amount

                 

Money Market Deposit Account - 0.22%

                       

U.S. Bank Money Market Deposit Account, 0.003% (c) 

 

$

332,325

             

332,325

 

TOTAL SHORT TERM INVESTMENTS (Cost $332,325)         

                   

332,325

 
                         

Total Investments (Cost $139,463,755) - 108.29%         

                   

162,690,837

 

Liabilities in Excess of Other Assets - (8.29)%         

                   

(12,451,202

)

TOTAL NET ASSETS - 100.00%         

                 

$

150,239,635

 
                         

Asset Type

 

% of Net Assets

                 

Purchased Options         

   

108.07

%

               

Short Term Investments         

   

0.22

                 

Total Investments         

   

108.29

                 

Liabilities in Excess of Other Assets         

   

(8.29

)

               

Net Assets         

   

100.00

%

               

 

Percentages are stated as a percent of net assets.

 

(a)

Exchange-Traded.

(b)

Purchased option contracts are held in connection with corresponding option contracts written short.

(c)

The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31. 2021.

 

The accompanying notes are an integral part of these financial statements.
82

INNOVATOR U.S. EQUITY BUFFER ETF JANUARY

 

Schedule of Options Written (a)

   

October 31, 2021

   

 

Description

 

Expiration

   

Strike Price

   

Contracts

   

Notional Amount

   

Value

 

Call Options

                                       

SPY SPDR S&P 500® Trust ETF         

 

12/31/2021

   

$

429.59

     

3,562

   

$

(163,584,850

)

 

$

(12,142,484

)

                                     

(12,142,484

)

Put Options

                                       

SPY SPDR S&P 500® Trust ETF         

 

12/31/2021

     

340.23

     

3,562

     

(163,584,850

)

   

(208,821

)

                                     

(208,821

)

Total Options Written (Premiums Received $10,018,144)         

                           

$

(12,351,305

)

 

(a) Exchange-Traded.

 

The accompanying notes are an integral part of these financial statements.
83

 

Schedule of Investments

October 31, 2021

 

   

Contracts

   

Notional Amount

   

Value

 

PURCHASED OPTIONS - 107.15% (a)(b)

                       

CALL OPTIONS - 106.64%

                       

SPY SPDR S&P 500® Trust ETF, Expires 1/31/2022, Strike Price $2.97         

   

2,022

   

$

92,860,350

   

$

91,925,398

 
                     

91,925,398

 

PUT OPTIONS - 0.51%

                       

SPY SPDR S&P 500® Trust ETF, Expires 1/31/2022, Strike Price $370.08         

   

2,022

     

92,860,350

     

440,692

 
                     

440,692

 

TOTAL PURCHASED OPTIONS (Cost $80,858,291)         

                   

92,366,090

 
                         

SHORT TERM INVESTMENTS - 0.30%

 

Principal Amount

                 

Money Market Deposit Account - 0.30%

                       

U.S. Bank Money Market Deposit Account, 0.003% (c) 

 

$

255,547

             

255,547

 

TOTAL SHORT TERM INVESTMENTS (Cost $255,547)         

                   

255,547

 
                         

Total Investments (Cost $81,113,838) - 107.45%         

                   

92,621,637

 

Liabilities in Excess of Other Assets - (7.45)%         

                   

(6,419,098

)

TOTAL NET ASSETS - 100.00%         

                 

$

86,202,539

 
                         

Asset Type

 

% of Net Assets

                 

Purchased Options         

   

107.15

%

               

Short Term Investments         

   

0.30

                 

Total Investments         

   

107.45

                 

Liabilities in Excess of Other Assets         

   

(7.45

)

               

Net Assets         

   

100.00

%

               

 

Percentages are stated as a percent of net assets.

             
           

(a) Exchange-Traded. 

                     

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

 

(c) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2021.

 

 

The accompanying notes are an integral part of these financial statements.
84

INNOVATOR U.S. EQUITY BUFFER ETF FEBRUARY

 

Schedule of Options Written (a)

   

October 31, 2021

   

 

                                         

Description

 

Expiration

   

Strike Price

   

Contracts

   

Notional Amount

   

Value

 

Call Options

                                       

SPY SPDR S&P 500® Trust ETF         

 

1/31/2022

   

$

436.68

     

2,022

   

$

(92,860,350

)

 

$

(6,124,346

)

                                     

(6,124,346

)

Put Options

                                       

SPY SPDR S&P 500® Trust ETF         

 

1/31/2022

     

336.76

     

2,022

     

(92,860,350

)

   

(238,498

)

                                     

(238,498

)

Total Options Written (Premiums Received $6,367,775)         

                                 

$

(6,362,844

)

                                         

(a) Exchange-Traded.

                                       

 

The accompanying notes are an integral part of these financial statements.
85

 

Schedule of Investments

October 31, 2021

 

   

Contracts

   

Notional Amount

   

Value

 

PURCHASED OPTIONS - 106.09% (a)(b)

                       

CALL OPTIONS - 105.15%

                       

SPY SPDR S&P 500® Trust ETF, Expires 2/28/2022, Strike Price $3.05         

   

1,438

   

$

66,040,150

   

$

65,363,746

 
                     

65,363,746

 

PUT OPTIONS - 0.94%

                       

SPY SPDR S&P 500® Trust ETF, Expires 2/28/2022, Strike Price $380.37         

   

1,438

     

66,040,150

     

584,250

 
                     

584,250

 

TOTAL PURCHASED OPTIONS (Cost $58,327,246)         

                   

65,947,996

 
                         

SHORT TERM INVESTMENTS - 0.32%

 

Principal Amount

                 

Money Market Deposit Account - 0.32%

                       

U.S. Bank Money Market Deposit Account, 0.003% (c) 

 

$

201,865

             

201,865

 

TOTAL SHORT TERM INVESTMENTS (Cost $201,865)         

                   

201,865

 
                         

Total Investments ($58,529,111) - 106.41%         

                   

66,149,861

 

Liabilities in Excess of Other Assets - (6.41)%         

                   

(3,985,734

)

TOTAL NET ASSETS - 100.00%         

                 

$

62,164,127

 
                         

Asset Type

 

% of Net Assets

                 

Purchased Options         

   

106.09

%

               

Short Term Investments         

   

0.32

                 

Total Investments         

   

106.41

                 

Liabilities in Excess of Other Assets         

   

(6.41

)

               

Net Assets         

   

100.00

%

               

 

Percentages are stated as a percent of net assets.

             
           

(a) Exchange-Traded. 

                     

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

 

(c) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2021.

 

 

The accompanying notes are an integral part of these financial statements.
86

INNOVATOR U.S. EQUITY BUFFER ETF MARCH

 

Schedule of Options Written (a)

   

October 31, 2021

   

 

Description

 

Expiration

   

Strike Price

   

Contracts

   

Notional Amount

   

Value

 

Call Options

                                       

SPY SPDR S&P 500® Trust ETF         

 

2/28/2022

   

$

446.62

     

1,438

   

$

(66,040,150

)

 

$

(3,630,457

)

                                     

(3,630,457

)

Put Options

                                       

SPY SPDR S&P 500® Trust ETF         

 

2/28/2022

     

346.13

     

1,438

     

(66,040,150

)

   

(314,880

)

                                     

(314,880

)

Total Options Written (Premiums Received $4,303,682)         

                           

$

(3,945,337

)

 

(a) Exchange-Traded.

                   

 

The accompanying notes are an integral part of these financial statements.
87

 

Schedule of Investments

October 31, 2021

 

   

Contracts

   

Notional Amount

   

Value

 

PURCHASED OPTIONS - 106.15% (a)(b)

                       

CALL OPTIONS - 104.48%

                       

SPY SPDR S&P 500® Trust ETF, Expires 3/31/2022, Strike Price $3.18         

   

2,836

   

$

130,243,300

   

$

128,461,703

 
                     

128,461,703

 

PUT OPTIONS - 1.67%

                       

SPY SPDR S&P 500® Trust ETF, Expires 3/31/2022, Strike Price $396.34         

   

2,836

     

130,243,300

     

2,053,823

 
                     

2,053,823

 

TOTAL PURCHASED OPTIONS (Cost $119,543,002)         

                   

130,515,526

 
                         

SHORT TERM INVESTMENTS - 0.41%

 

Principal Amount

                 

Money Market Deposit Account - 0.41%

                       

U.S. Bank Money Market Deposit Account, 0.003% (c) 

 

$

510,480

             

510,480

 

TOTAL SHORT TERM INVESTMENTS (Cost $510,480)         

                   

510,480

 
                         

Total Investments (Cost $120,053,482) - 106.56%         

                   

131,026,006

 

Liabilities in Excess of Other Assets - (6.56)%         

                   

(8,070,314

)

TOTAL NET ASSETS - 100.00%         

                 

$

122,955,692

 
                         

Asset Type

 

% of Net Assets

                 

Purchased Options         

   

106.15

%

               

Short Term Investments         

   

0.41

                 

Total Investments         

   

106.56

                 

Liabilities in Excess of Other Assets         

   

(6.56

)

               

Net Assets         

   

100.00

%

               

 

Percentages are stated as a percent of net assets.

         
           

(a) Exchange-Traded. 

                     

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

 

(c) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2021.

 

 

The accompanying notes are an integral part of these financial statements.
88

INNOVATOR U.S. EQUITY BUFFER ETF APRIL

 

Schedule of Options Written (a)

   

October 31, 2021

   

 

Description

 

Expiration

   

Strike Price

   

Contracts

   

Notional Amount

   

Value

 

Call Options

                                       

SPY SPDR S&P 500® Trust ETF         

 

3/31/2022

   

$

451.82

     

2,836

   

$

(130,243,300

)

 

$

(6,823,137

)

                                     

(6,823,137

)

Put Options

                                       

SPY SPDR S&P 500® Trust ETF         

 

3/31/2022

     

360.66

     

2,836

     

(130,243,300

)

   

(1,163,222

)

                                     

(1,163,222

)

Total Options Written (Premiums Received $7,283,478)         

                                 

$

(7,986,359

)

 

(a) Exchange-Traded.

                   

 

The accompanying notes are an integral part of these financial statements.
89

 

Schedule of Investments

October 31, 2021

 

   

Contracts

   

Notional Amount

   

Value

 

PURCHASED OPTIONS - 104.01% (a)(b)

                       

CALL OPTIONS - 101.32%

                       

SPY SPDR S&P 500® Trust ETF, Expires 4/29/2022, Strike Price $3.35         

   

1,839

   

$

84,456,075

   

$

83,270,687

 
                     

83,270,687

 

PUT OPTIONS - 2.69%

                       

SPY SPDR S&P 500® Trust ETF, Expires 4/29/2022, Strike Price $417.31         

   

1,839

     

84,456,075

     

2,212,228

 
                     

2,212,228

 

TOTAL PURCHASED OPTIONS (Cost $80,662,921)         

                   

85,482,915

 
                         

SHORT TERM INVESTMENTS - 0.47%

 

Principal Amount

                 

Money Market Deposit Account - 0.47%

                       

U.S. Bank Money Market Deposit Account, 0.003% (c) 

 

$

388,536

             

388,536

 

TOTAL SHORT TERM INVESTMENTS (Cost $388,536)         

                   

388,536

 
                         

Total Investments (Cost $81,051,457) - 104.48%         

                   

85,871,451

 

Liabilities in Excess of Other Assets - (4.48)%         

                   

(3,681,090

)

TOTAL NET ASSETS - 100.00%         

                 

$

82,190,361

 
                         

Asset Type

 

% of Net Assets

                 

Purchased Options         

   

104.01

%

               

Short Term Investments         

   

0.47

                 

Total Investments         

   

104.48

                 

Liabilities in Excess of Other Assets         

   

(4.48

)

               

Net Assets         

   

100.00

%

               

 

Percentages are stated as a percent of net assets.

 

(a)

Exchange-Traded.

(b)

Purchased option contracts are held in connection with corresponding option contracts written short.

(c)

The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2021.

 

The accompanying notes are an integral part of these financial statements.
90

INNOVATOR U.S. EQUITY BUFFER ETF MAY

 

 

Schedule of Options Written (a)

   

October 31, 2021

   

 

Description

 

Expiration

   

Strike Price

   

Contracts

   

Notional Amount

   

Value

 

Call Options

                                       

SPY SPDR S&P 500® Trust ETF         

 

4/29/2022

   

$

474.05

     

1,839

   

$

(84,456,075

)

 

$

(2,353,897

)

                                     

(2,353,897

)

Put Options

                                       

SPY SPDR S&P 500® Trust ETF         

 

4/29/2022

     

379.74

     

1,839

     

(84,456,075

)

   

(1,272,595

)

                                     

(1,272,595

)

Total Options Written (Premiums Received $4,889,387)         

                                 

$

(3,626,492

)

 

(a) Exchange-Traded.

                   

 

The accompanying notes are an integral part of these financial statements.
91

 

Schedule of Investments

October 31, 2021

 

<
   

Contracts

   

Notional Amount

   

Value

 

PURCHASED OPTIONS - 105.30% (a)(b)

                       

CALL OPTIONS - 101.99%

                       

SPY SPDR S&P 500® Trust ETF, Expires 5/31/2022, Strike Price $3.37         

   

1,836

   

$

84,318,300

   

$

83,130,459

 
                     

83,130,459

 

PUT OPTIONS - 3.31%