inetfs20211228

TABLE OF CONTENTS

Letter to Shareholders	3
Fund Performance	7
Expense Example	17
Schedules of Investments	19
Statements of Assets and Liabilities	38
Statements of Operations	40
Statements of Changes in Net Assets	42
Financial Highlights	46
Notes to Financial Statements	50
Report of Independent Registered Public Accounting Firm	66
Trustees and Officers	69
Board Considerations Regarding Approval of Investment Management Agreement	71
Additional Information	75

INNOVATOR ETFs TRUST

Letter to Shareholders (Unaudited)

Letter to Shareholders (Unaudited)

Dear Valued Shareholders,

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

Thank you for your interest in Innovator ETFs.

During the year ended October 31, 2021, the IBD ETFs (FFTY and BOUT) have performed positively and in line with their respective peer groups (source: Factset Segment Average), but not without seeing some volatility along the way. Both IBD ETFs met some resistance during the latter part of 2021, as concerns around new Covid variants spurred general market volatility and put pressure on growth stocks, and more specifically certain technology segments.

The Innovator Loup Frontier Tech ETF (LOUP) has been consistent in its positioning as an ETF focused on investing in companies that influence the future of technology. During the year ended October 31, 2021, LOUP began the year on strong footing, outpacing the S&P 500 by more than 20% at its peak in February. Spring saw a retraction in both growth and technology stocks, which ultimately had an impact on LOUP through the second half of 2021. Overall, technology stocks have had quite an impressive run.

The Innovator Laddered Fund of U.S. Equity Power Buffer ETFs (BUFF) is designed to offer a tax-efficient¹, laddered approach to owning the market with buffers and market upside, to a cap. Each month, one Power Buffer ETF™ concludes its one-year outcome period, and resets into another one-year outcome period. This process allows investors to participate in a diverse set of buffered outcomes, smoothing out their overall investment experience.

The Innovator S&P Investment Grade Preferred ETF (EPRF) is the only preferred ETF designed to hold solely investment grade preferred stock. Its monthly distribution, qualified dividend income (QDI²) profile, weighting methodology, and exclusively investment-grade exposure all help to distinguish it from other income-focused ETFs. In 2021, while rising yields were a headwind for nearly all income funds, investors were rewarded for taking on additional credit risk. Over the course of the year ended October 31, 2021, high yield credit spreads narrowed nearly six times as much as their investment grade counterparts. This was the primary source of EPRF’s underperformance relative to the broader category, which tends to hold a significant amount of junk-rated and unrated preferred stock. With high yield credit spreads near historic lows, we believe EPRF’s investment-grade holdings leaves it well positioned against the effects of a selloff in high yield.

INNOVATOR ETFs TRUST

Letter to Shareholders (Unaudited) (Continued)

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 and innovation 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!

Bruce Bond

Chief Executive Officer

The views in this report were those of the Fund’s 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.

INNOVATOR ETFs TRUST

Letter to Shareholders (Unaudited) (Continued)

Investing involves risks. Principal loss is possible.

1. ETFs use creation units, which allow for the purchase and sale of assets in the fund collectively. Consequently, ETFs usually generate fewer capital gain distributions overall, which can make them somewhat more tax-efficient than mutual funds.

2. QDI stands for qualified dividend income. QDI is taxed at the same rate as are capital gains, while ordinary dividend income is taxed at standard federal income tax rates.

EPRF Risks
The fund invests in preferred securities which may be subject to many of the risks associated with debt securities, including interest rate risk. The fund invests in equity securities which may be subject to volatile price fluctuations. Because the fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in share price.

BUFF Risks
The fund may 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 fund, in accordance with the Refinitiv Laddered Power Buffer Strategy Index, will be continuously invested in a laddered portfolio of the twelve Underlying ETFs. The index is rebalanced semi-annually such that each Underlying ETF will constitute 1/12 of the Index portfolio before fees and expenses. Each Underlying ETF seeks to match the performance of the SPDR S&P 500 ETF Trust (SPY) price return, up to a specified cap, while buffering against a 15% loss over the course of an approximately one-year time period that begins on the first trading day of the month indicated in the Underlying ETF’s name when the fund enters into its FLEX Option positions and ends on the market’s closure on the last trading day of the month immediately preceding the month indicated its name when those FLEX Options expire. There is no guarantee that the defined outcome strategy of an Underlying ETF in any given Outcome Period will be achieved.

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.

INNOVATOR IBD® 50 ETF

Fund Performance

October 31, 2021 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator IBD® 50 ETF from its inception (April 8, 2015) to October 31, 2021 as compared with the S&P 500® Index.

	Average Annual Total Returns As of October 31, 2021
	1 Year			3 Years			5 Years			Since Inception^(a)
Innovator IBD® 50 ETF
NAV Return		39.95	%		17.24	%		17.94	%		11.28	%
Market Return		40.06	%		17.20	%		17.94	%		11.28	%
S&P 500® Index		42.91	%		21.48	%		18.93	%		15.06	%
IBD® 50 Index ^(b)		40.92	%		18.05	%		N/A			10.89	%	^(c)

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

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the gross and net expense ratios of the Fund were 0.90% and 0.80%, respectively. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

INNOVATOR IBD® 50 ETF

Fund Performance

October 31, 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. Total return calculations reflect the effect of the Advisor’s expense limitation agreement for the Fund. Returns shown for the Fund, S&P 500® Index and IBD® 50 Index include the reinvestment of all dividends, if any.

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

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR IBD® BREAKOUT OPPORTUNITIES ETF

Fund Performance

October 31, 2021 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator IBD® Breakout Opportunities ETF from its inception (September 12, 2018) to October 31, 2021 as compared with the S&P 500® Index and IBD®Breakout Stocks Index.

	Average Annual Total Returns As of October 31, 2021
	1 Year			3 Years			Since Inception ^(a)
Innovator IBD® Breakout Opportunities ETF
NAV Return		55.18	%		21.78	%		12.93	%
Market Return		55.51	%		21.65	%		12.95	%
S&P 500® Index		42.91	%		21.48	%		18.13	%
IBD® Breakout Stocks Index		57.66	%		23.43	%		14.44	%

^(a)	Inception date is September 12, 2018.

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

INNOVATOR IBD® BREAKOUT OPPORTUNITIES ETF

Fund Performance

October 31, 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, S&P 500® Index and IBD® Breakout Stocks Index include the reinvestment of all dividends, if any.

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR LOUP FRONTIER TECH ETF

Fund Performance

October 31, 2021 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Loup Frontier Tech ETF from its inception (July 24, 2018) to October 31, 2021 as compared with the Dow Jones Global Index and Loup Frontier Tech Index.

	Average Annual Total Returns As of October 31, 2021
	1 Year			3 Years			Since Inception ^(a)
Innovator Loup Frontier Tech ETF
NAV Return		50.01	%		35.00	%		27.97	%
Market Return		49.94	%		35.01	%		28.03	%
Dow Jones Global Index		37.67	%		17.51	%		13.59	%
Loup Frontier Tech Index		51.11	%		36.19	%		28.81	%

^(a)	Inception date is July 24, 2018.

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

INNOVATOR LOUP FRONTIER TECH ETF

Fund Performance

October 31, 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, Dow Jones Global Index and Loup Frontier Tech Index include the reinvestment of all dividends, if any.

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF

Fund Performance

October 31, 2021 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator S&P Investment Grade Preferred ETF from its inception (May 23, 2016) to October 31, 2021 as compared with the S&P U.S. High Quality Preferred Stock Index and the S&P U.S. Preferred Stock Index.

	Average Annual Total Returns As of October 31, 2021
	1 Year			3 Years			5 Years			Since Inception ^(a)
Innovator S&P Investment Grade Preferred ETF
NAV Return		5.97	%		7.87	%		5.00	%		4.70	%
Market Return		5.94	%		7.84	%		4.92	%		4.62	%
S&P U.S. High Quality Preferred Stock Index		6.42	%		8.31	%		5.52	%		5.24	%
S&P U.S. Preferred Stock Index		13.38	%		9.24	%		6.54	%		6.31	%

^(a)	Inception date is May 23, 2016.

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

INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF

Fund Performance

October 31, 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, S&P U.S. High Quality Preferred Stock Index and S&P U.S. Preferred Stock Index include the reinvestment of all dividends, if any.

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

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR LADDERED FUND OF U.S. EQUITY POWER BUFFER ETFS

Fund Performance

October 31, 2021 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Laddered Fund of U.S. Equity Power Buffer ETFs from its inception (October 19, 2016) to October 31, 2021 as compared with the S&P 500® Index.

	Average Annual Total Returns As of October 31, 2021
	1 Year			3 Years			5 Years			Since Inception ^(a)
Innovator Laddered Fund of U.S. Equity Power Buffer ETFs
NAV Return		12.93	%		6.71	%		8.92	%		8.55	%
Market Return		13.17	%		6.80	%		8.98	%		8.60	%
S&P 500®Index		42.91	%		21.48	%		18.93	%		18.60	%
Refinitiv Laddered Power Buffer Strategy Index ^(b)		13.09	%		N/A			N/A			10.31	%	^(c)

^(a)	Inception date is October 19, 2016.
^(b)	The Fund began tracking the Refinitiv Laddered Power Buffer Strategy Index on August 11, 2020.
^(c)	Since Inception return is cumulative and from the date the Fund began tracking the Refinitiv Laddered Power Buffer Strategy Index, August 11, 2020.

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

INNOVATOR LADDERED FUND OF U.S. EQUITY POWER BUFFER ETFS

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, Refinitiv Laddered Power Buffer Strategy Index and S&P 500® Index include the reinvestment of all dividends, if any.

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

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

Hypothetical Example for Comparison Purposes

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

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

INNOVATOR ETFs TRUST

Expense Example

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

					Expenses Paid		Annualized Expense
	Beginning Account		Ending Account		During the		Ratio for the
	Value		Value		Period ^(a)		Period
Innovator IBD 50® ETF (NAV)								0.80	%
Actual	$	1,000.00	$	1,080.00	$	4.19
Hypothetical		1,000.00		1,021.17		4.08
Innovator IBD® Breakout Opportunities ETF (NAV)								0.80	%
Actual		1,000.00		1,059.60		4.15
Hypothetical		1,000.00		1,021.17		4.08
Innovator Loup Frontier Tech ETF (NAV)								0.70	%
Actual		1,000.00		1,045.30		3.61
Hypothetical		1,000.00		1,021.68		3.57
Innovator S&P Investment Grade Preferred ETF (NAV)								0.47	%
Actual		1,000.00		1,025.10		2.40
Hypothetical		1,000.00		1,022.84		2.40
Innovator Laddered Fund of U.S. Equity Power Buffer ETFs (NAV)								0.20	%
Actual		1,000.00		1,033.30		1.03
Hypothetical		1,000.00		1,024.20		1.02

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

INNOVATOR IBD® 50 ETF

Schedule of Investments

October 31, 2021

	Shares		Value
COMMON STOCKS - 98.02%
Apparel - 1.03%
Crocs, Inc.^(a)		17,432	$	2,814,396

Auto Manufacturers - 2.07%
Tesla, Inc. ^(a)		5,099		5,680,286

Banks - 3.43%
SVB Financial Group ^(a)		1,869		1,340,821
Western Alliance Bancorp		69,523		8,070,925
				9,411,746
Beverages - 3.41%
Celsius Holdings, Inc. ^(a)(b)		97,024		9,364,756

Biotechnology - 3.42%
Dynavax Technologies Corp. ^(a)(b)		470,396		9,393,808

Building Materials - 1.97%
Builders FirstSource, Inc. ^(a)		92,835		5,409,495

Commercial Services- 6.61%
Affirm Holdings, Inc. ^(a)		61,312		9,963,200
Gartner, Inc. ^(a)		16,502		5,477,179
Progyny, Inc. ^(a)		43,835		2,692,784
				18,133,163
Computers - 7.38%
Crowdstrike Holdings, Inc. - Class A ^(a)(b)		9,489		2,674,000
TaskUS, Inc. - Class A ^(a)(b)		162,433		9,404,871
Zscaler, Inc. ^(a)(b)		25,615		8,167,599
				20,246,470
Distribution/Wholesale - 0.50%
WESCO International, Inc. ^(a)		10,590		1,372,040

Diversified Financial Services - 4.44%
Freedom Holding Corp/NV ^(a)(b)		40,391		2,693,676
Upstart Holdings, Inc. ^(a)(b)		29,465		9,488,909
				12,182,585
Electronic Components & Equipment - 2.95%
Generac Holdings, Inc. ^(a)		16,247		8,100,104

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

INNOVATOR IBD® 50 ETF

Schedule of Investments

October 31, 2021 (Continued)

	Shares		Value
Electronics - 3.53%
Atkore, Inc. ^(a)		102,520		9,691,216

Entertainment - 0.48%
Caesars Entertainment, Inc. ^(a)		11,952		1,308,266

Healthcare-Products - 5.87%
Inmode Ltd. ^(a)		111,864		10,597,997
Inspire Medical Systems, Inc. ^(a)		20,438		5,509,676
				16,107,673
Home Furnishings - 1.43%
Tempur Sealy International, Inc.		56,647		2,519,092
The Lovesac Co. ^(a)(b)		18,033		1,406,754
				3,925,846
Internet - 2.45%
Alphabet, Inc. - Class A^(a)		452		1,338,336
Perficient, Inc. ^(a)(b)		43,440		5,369,184
				6,707,520
Iron/Steel - 2.81%
Cleveland-Cliffs, Inc. ^(a)		320,281		7,721,975

Oil & Gas - 1.92%
Diamondback Energy, Inc.		49,222		5,276,106

Oil & Gas Services - 0.52%
ChampionX Corp. ^(a)		54,255		1,423,109

Private Equity - 5.42%
Ares Management Corp. - Class A		31,969		2,709,053
KKR & Co., Inc.		34,683		2,763,195
The Blackstone Group, Inc.		58,194		8,055,213
The Carlyle Group, Inc.		24,018		1,348,611
				14,876,072
Retail - 2.17%
Dutch Bros, Inc. - Class A ^(a)		78,021		5,948,321

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

INNOVATOR IBD® 50 ETF

Schedule of Investments

October 31, 2021 (Continued)

	Shares		Value
Semiconductors - 6.59%
Advanced Micro Devices, Inc. ^(a)		21,652		2,603,220
Monolithic Power Systems, Inc.		2,521		1,324,685
NVIDIA Corp.		32,505		8,310,553
SiTime Corp. ^(a)		22,017		5,832,083
				18,070,541
Software - 27.62%
AppLovin Corp. - Class A ^(a)(b)		27,893		2,740,487
Asana, Inc. - Class A ^(a)		74,193		10,075,410
Atlassian Corp. PLC - Class A ^(a)		3,206		1,468,765
Bill.Com Holdings, Inc. ^(a)(b)		31,935		9,398,790
Cloudflare, Inc. - Class A ^(a)		51,871		10,100,321
Confluent, Inc. - Class A ^(a)(b)		41,741		2,836,301
Datadog, Inc. - Class A ^(a)		50,563		8,446,549
Digital Turbine, Inc. ^(a)(b)		94,898		8,166,922
HubSpot, Inc. ^(a)(b)		9,966		8,074,752
Monday.com Ltd. ^(a)(b)		20,262		7,534,019
MongoDB, Inc. ^(a)(b)		10,634		5,543,398
TDCX, Inc. - ADR ^(a)		48,634		1,394,823
				75,780,537
TOTAL COMMON STOCKS (Cost $236,585,084)				268,946,031

REAL ESTATE INVESTMENT TRUSTS - 1.99%
Warehouse/Industrial - 1.99%
Innovative Industrial Properties, Inc. ^(b)		20,793		5,470,430
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,970,958)				5,470,430

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 31.27%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 0.10% ^(c)		85,779,500		85,779,500
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $85,779,500)				85,779,500

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

INNOVATOR IBD® 50 ETF

Schedule of Investments

October 31, 2021 (Continued)

SHORT TERM INVESTMENTS - 0.07%
Money Market Deposit Account - 0.07%	Principal Amount			Value
U.S. Bank Money Market Deposit Account, 0.003% ^(d)	$	179,429		179,429
TOTAL SHORT TERM INVESTMENTS (Cost $179,429)				179,429

Total Investments (Cost $327,514,971) – 131.35%				360,375,390
Liabilities in Excess of Other Assets – (31.35)%				(86,010,583	)
TOTAL NET ASSETS – 100.00%			$	274,364,807

Asset Type	% of Net Assets
Common Stocks		98.02	%
Real Estate Investment Trusts		1.99
Investments Purchased with Proceeds From Securities Lending		31.27
Short Term Investments		0.07
Total Investments		131.35
Liabilities in Excess of Other Assets		(31.35	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

ADR – American Depositary Receipt

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan as of October 31, 2021. The total value of securities on loan is $71,139,234, or 25.93% of net assets. See Note 6.

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

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

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

INNOVATOR IBD® BREAKOUT OPPORTUNITIES ETF

Schedule of Investments

October 31, 2021

	Shares		Value
COMMON STOCKS – 88.33%
Agriculture – 4.40%
Bunge Ltd.		3,824	$	354,256
Nutrien Ltd. ^(a)		4,128		288,589
				642,845
Auto Manufacturers – 3.21%
Ford Motor Co. ^(a)		20,640		352,531
Tesla, Inc. ^(a)		104		115,856
				468,387
Banks – 4.41%
Customers Bancorp, Inc. ^(a)		1,000		53,290
KeyCorp		8,000		186,160
Meta Financial Group, Inc.		3,112		172,529
Regions Financial Corp. ^(b)		3,992		94,531
SVB Financial Group ^(a)(b)		128		91,827
The Goldman Sachs Group, Inc.		112		46,295
				644,632
Building Materials – 3.56%
Builders FirstSource, Inc. ^(a)		824		48,014
Louisiana-Pacific Corp. ^(b)		3,000		176,790
Tecnoglass, Inc. ^(b)		3,520		101,658
UFP Industries, Inc.		2,368		193,773
				520,235
Chemicals – 4.24%
Celanese Corp.		1,144		184,767
CF Industries Holdings, Inc.		808		45,894
Element Solutions, Inc. ^(b)		2,112		47,964
Linde PLC		920		293,665
The Mosaic Co.		1,144		47,556
				619,846
Commercial Services – 3.85%
Service Corporation International		5,288		362,175
Textainer Group Holdings Ltd. ^(a)		1,296		50,920
TransUnion		824		94,999
Triton International Ltd.		864		53,732
				561,826

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

INNOVATOR IBD® BREAKOUT OPPORTUNITIES ETF

Schedule of Investments

October 31, 2021 (Continued)

	Shares		Value
Computers - 2.36%
Fortinet, Inc. ^(a)		144		48,433
Tenable Holdings, Inc. ^(a)		5,568		296,496
				344,929
Diversified Financial Services - 7.07%
Affiliated Managers Group, Inc.		2,032		341,131
BlackRock, Inc.		368		347,193
Credit Acceptance Corp. ^(a)		80		47,857
Oppenheimer Holdings, Inc. - Class A		3,752		195,292
Tradeweb Markets, Inc. - Class A		1,128		100,505
				1,031,978
Electric - 0.75%
Ameresco, Inc. - Class A ^(a)(b)		1,328		109,069

Energy-Alternate Sources - 2.59%
Enphase Energy, Inc. ^(a)(b)		1,632		378,020

Entertainment - 0.59%
Churchill Downs, Inc.		376		86,480

Healthcare-Products - 3.29%
Danaher Corp.		928		289,322
STERIS PLC		816		190,732
				480,054
Healthcare-Services - 2.02%
IQVIA Holdings, Inc. ^(a)		1,128		294,882

Home Builders - 0.66%
Skyline Champion Corp. ^(a)		1,520		96,246

Insurance - 3.59%
Fidelity National Financial, Inc.		3,872		185,508
Voya Financial, Inc. ^(b)		4,864		339,361
				524,869

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

INNOVATOR IBD® BREAKOUT OPPORTUNITIES ETF

Schedule of Investments

October 31, 2021 (Continued)

	Shares		Value
Internet - 5.09%
Cargurus, Inc. ^(a)		2,832		94,985
IAC/InterActiveCorp ^(a)		2,208		336,433
Mimecast Ltd. ^(a)		1,400		105,616
TechTarget, Inc. ^(a)		552		52,059
Upwork, Inc. ^(a)		3,288		154,931
				744,024
Lodging - 1.91%
Boyd Gaming Corp. ^(a)		4,376		279,101

Machinery-Diversified - 3.56%
Cactus, Inc. - Class A		4,296		186,876
Ingersoll Rand, Inc. ^(a)		6,208		333,743
				520,619
Oil & Gas - 13.64%
APA Corp.		12,168		318,923
Canadian Natural Resources Ltd.		6,768		287,708
Denbury, Inc. ^(a)		600		50,796
EOG Resources, Inc.		520		48,079
Hess Corp. ^(b)		3,800		313,766
Matador Resources Co. ^(b)		1,104		46,202
Ovintiv, Inc.		8,632		323,873
Pioneer Natural Resources Co.		504		94,238
Valero Energy Corp.		4,160		321,693
Whiting Petroleum Corp. ^(a)(b)		2,872		187,053
				1,992,331
Pipelines - 1.94%
The Williams Cos, Inc.		10,088		283,372

Private Equity - 1.43%
KKR & Co., Inc.		2,624		209,054

Retail - 3.31%
Signet Jewelers Limited		2,144		191,202
Target Corp.		1,128		292,852
				484,054
Semiconductors - 0.36%
Brooks Automation, Inc.		448		52,170

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

INNOVATOR IBD® BREAKOUT OPPORTUNITIES ETF

Schedule of Investments

October 31, 2021 (Continued)

	Shares		Value
Software - 9.11%
Adobe, Inc. ^(a)		448		291,361
Cadence Design Systems, Inc. ^(a)		1,728		299,134
Microsoft Corp.		312		103,465
Monday.com Ltd. ^(a)(b)		888		330,185
Procore Technologies, Inc. ^(a)		3,352		306,540
				1,330,685
Telecommunications - 1.39%
Arista Networks, Inc. ^(a)(b)		496		203,206
TOTAL COMMON STOCKS (Cost $12,372,485)				12,902,914

MASTER LIMITED PARTNERSHIPS - 2.20%
Pipelines - 2.20%
Magellan Midstream Partners L.P.		6,560		321,440
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $324,130)				321,440

REAL ESTATE INVESTMENT TRUSTS - 8.84%
Diversified - 4.05%
CubeSmart		5,432		298,814
Duke Realty Corp.		5,200		292,448
				591,262
Storage - 2.76%
Extra Space Storage, Inc.		512		101,053
Life Storage, Inc.		1,512		202,321
National Storage Affiliates Trust		1,608		100,436
				403,810
Warehouse/Industrial - 2.03%
Rexford Industrial Realty, Inc.		4,416		296,755
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,225,207)				1,291,827

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 14.16%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 0.10% ^(c)		2,067,735		2,067,735
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $2,067,735)				2,067,735

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

INNOVATOR IBD® BREAKOUT OPPORTUNITIES ETF

Schedule of Investments

October 31, 2021 (Continued)

SHORT TERM INVESTMENTS - 0.64%
Money Market Deposit Account - 0.64%	Principal Amount		Value
U.S. Bank Money Market Deposit Account, 0.003% ^(d)	$	93,805		93,805
TOTAL SHORT TERM INVESTMENTS (Cost $93,805)				93,805

Total Investments (Cost $16,083,362) - 114.17%				16,677,721
Liabilities in Excess of Other Assets - (14.17)%				(2,070,653	)
TOTAL NET ASSETS - 100.00%			$	14,607,068

Asset Type	% of Net Assets
Common Stocks		88.33	%
Master Limited Partnerships		2.20
Real Estate Investment Trusts		8.84
Investments Purchased with Proceeds From Securities Lending		14.16
Short Term Investments		0.64
Total Investments		114.17
Liabilities in Excess of Other Assets		(14.17	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan as of October 31, 2021. The total value of securities on loan is $2,024,697, or 13.86% of net assets. See Note 6.

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

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

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

Schedule of Investments

October 31, 2021

	Shares		Value
COMMON STOCKS - 99.96%
Aerospace/Defense - 4.74%
AeroVironment, Inc. ^(a)(b)		41,731	$	3,718,649

Auto Manufacturers - 3.13%
Ford Motor Co. ^(a)		143,770		2,455,592

Commercial Services - 8.57%
Affirm Holdings, Inc.^(a)		25,656		4,169,100
GXO Logistics, Inc. ^(a)		28,775		2,555,220
				6,724,320
Computers - 2.72%
Lumentum Holdings, Inc.^(a)(b)		25,838		2,133,702

Diversified Financial Services - 15.57%
Coinbase Global, Inc. - Class A ^(a)		8,761		2,798,439
Galaxy Digital Holdings Ltd.^(a)		115,318		3,119,624
Nasdaq, Inc.		11,004		2,309,409
Rocket Cos, Inc. - Class A^(b)		241,492		3,979,789
				12,207,261
Electrical Components & Equipment - 2.96%
Novanta, Inc. ^(a)		13,460		2,322,658

Electronics - 5.89%
II-VI, Inc.^(a)(b)		38,006		2,299,743
Trimble, Inc. ^(a)		26,525		2,317,489
				4,617,232
Healthcare-Services - 3.15%
Teladoc Health, Inc.^(a)(b)		16,524		2,471,825

Internet - 9.94%
Baidu, Inc. - ADR ^(a)		22,352		3,626,389
Overstock.com, Inc. ^(a)(b)		27,767		2,644,251
Snap, Inc. - Class A^(a)(b)		28,978		1,523,663
				7,794,303
Machinery-Diversified - 4.70%
Harmonic Drive Systems, Inc.		81,800		3,688,984

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

INNOVATOR LOUP FRONTIER TECH ETF

Schedule of Investments

October 31, 2021 (Continued)

	Shares		Value
Miscellaneous Manufacturing - 3.03%
Axon Enterprise, Inc.^(a)		13,204		2,376,192

Office/Business Equipment - 2.53%
Datalogic SpA		109,050		1,980,435

Semiconductors - 18.93%
Advanced Micro Devices, Inc. ^(a)		20,702		2,489,001
Ambarella, Inc. ^(a)		14,102		2,620,575
AMS AG ^(a)		121,980		2,410,024
Micron Technology, Inc.		31,017		2,143,275
SK Hynix, Inc.		27,699		2,441,485
Teradyne, Inc.		19,849		2,743,926
				14,848,286
Software - 11.40%
Activision Blizzard, Inc.		28,007		2,189,867
Pegasystems, Inc.		17,460		2,072,851
Take-Two Interactive Software, Inc.^(a)		12,516		2,265,396
Unity Software, Inc. ^(a)(b)		15,955		2,414,151
				8,942,265
Toys/Games/Hobbies - 2.70%
Nintendo Co. Ltd.		4,800		2,114,148
TOTAL COMMON STOCKS (Cost $72,855,853)				78,395,852

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 17.06%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 0.10% ^(c)		13,381,090		13,381,090
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $13,381,090)				13,381,090

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

INNOVATOR LOUP FRONTIER TECH ETF

Schedule of Investments

October 31, 2021 (Continued)

SHORT TERM INVESTMENTS - 0.06%
Money Market Deposit Account - 0.06%	Principal Amount		Value
U.S. Bank Money Market Deposit Account, 0.003% ^(d)	$	49,771		49,771
TOTAL SHORT TERM INVESTMENTS (Cost $49,771)				49,771

Total Investments (Cost $86,286,714) - 117.08%				91,826,713
Liabilities in Excess of Other Assets - (17.08)%				(13,398,635	)
TOTAL NET ASSETS - 100.00%			$	78,428,078

Country	% of Net Assets
Austria		3.07	%
China		4.62
Italy		2.53
Japan		7.40
South Korea		3.11
United States		79.23
Total Country		99.96
Investments Purchased with Proceeds From Securities Lending		17.06
Short Term Investments		0.06
Total Investments		117.08
Liabilities in Excess of Other Assets		(17.08	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan as of October 31, 2021. The total value of securities on loan is $13,451,583, or 17.15% of net assets. See Note 6.

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

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

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

INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF

Schedule of Investments

October 31, 2021

	Shares		Value
PREFERRED STOCKS - 99.74% ^(a)
Banks - 33.93%
Bank of America Corp., Series 02, 3.000% to 11/29/2021 then 3-Month Libor + 0.650% ^(b)		31,816	$	759,766
Bank of America Corp., Series 5, 4.000% to 11/21/2021 then 3-Month Libor + 0.500% ^(b)		30,204		769,296
Bank of America Corp., Series E, 4.000% to 11/15/2021 then 3-Month Libor + 0.350%		30,116		760,730
Bank of America Corp., Series GG, 6.000%		28,462		757,658
Bank of America Corp., Series HH, 5.875%		28,462		768,759
Bank of America Corp., Series KK, 5.375%		28,344		768,973
Bank of America Corp., Series LL, 5.000%		28,705		767,572
Bank of America Corp., Series NN, 4.375%		29,025		737,235
Bank of America Corp., Series PP, 4.125% ^(b)		29,712		743,988
Bank of Hawaii Corp., Series A, 4.375%		268,334		6,976,683
Cullen/Frost Bankers, Inc., Series B, 4.450% ^(b)		257,389		6,833,678
First Citizens BancShares, Inc./NC, Series A, 5.375% ^(b)		252,103		6,932,832
First Republic Bank/CA, Series J, 4.700% ^(b)		64,206		1,721,363
First Republic Bank/CA, Series K, 4.125% ^(b)		68,720		1,721,436
First Republic Bank/CA, Series L, 4.250%		68,310		1,716,630
First Republic Bank/CA, Series M, 4.000%		70,394		1,716,206
JPMorgan Chase & Co., Series DD, 5.750% ^(b)		42,129		1,148,015
JPMorgan Chase & Co., Series EE, 6.000% ^(b)		41,425		1,149,130
JPMorgan Chase & Co., Series GG, 4.750%		43,650		1,144,503
JPMorgan Chase & Co., Series JJ, 4.550%		43,816		1,144,036
JPMorgan Chase & Co., Series LL, 4.625% ^(b)		43,501		1,137,116
JPMorgan Chase & Co., Series MM, 4.200%		45,398		1,141,760
Northern Trust Corp., Series E, 4.700% ^(b)		249,454		6,795,127
State Street Corp., Series D, 5.900% to 03/15/2024 then 3-Month Libor + 3.108% ^(b)		121,942		3,474,128
State Street Corp., Series G, 5.350% to 03/15/2026 then 3-Month Libor + 3.709% ^(b)		117,845		3,454,037
The PNC Financial Services Group, Inc., Series P, 6.125% to 05/01/2022 then 3-Month Libor + 4.067%		264,412		6,800,677
Truist Financial Corp., Series O, 5.250% ^(b)		123,253		3,460,944
Truist Financial Corp., Series R, 4.750% ^(b)		129,421		3,449,070

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

INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF

Schedule of Investments

October 31, 2021 (Continued)

	Shares		Value
US Bancorp., Series B, 3.500% to 1/17/2022 then 3-Month Libor + 0.600% ^(b)		55,735		1,376,655
US Bancorp., Series F, 6.500% to 01/15/2022 then 3-Month Libor + 4.468%		54,177		1,375,012
US Bancorp., Series K, 5.500% ^(b)		51,039		1,384,178
US Bancorp., Series L, 3.750% ^(b)		55,712		1,349,902
US Bancorp., Series M, 4.000% ^(b)		54,540		1,364,045
				75,601,140
Capital Markets - 10.15%
Highland Income Fund, Series A, 5.375%		265,347		6,960,052
KKR & Co., Inc., Series C, 6.000%, 09/15/2023 ^(b)		86,326		8,636,053
Oaktree Capital Group LLC, Series B, 6.550%		257,484		7,029,313
				22,625,418
Diversified Financial Services - 9.31%
Apollo Global Management, Inc., Series A, 6.375%		266,750		6,948,837
Apollo Global Management, Inc., Series B, 6.375% ^(b)		254,341		6,864,664
The Charles Schwab Corp., Series D, 5.950%		134,958		3,467,071
The Charles Schwab Corp., Series J, 4.450%		131,501		3,463,736
				20,744,308
Electric - 6.18%
Alabama Power Co., Series A, 5.000%		263,199		6,856,334
Brookfield Renewable Partners LP, Series 17, 5.250%		261,053		6,910,073
				13,766,407
Insurance - 27.80%
Arch Capital Group Ltd., Series F, 5.450%		133,129		3,465,348
Arch Capital Group Ltd., Series G, 4.550%		131,905		3,422,935
Athene Holding Ltd., Series A, 6.350% to 06/30/2029 then 3-Month USD Libor + 4.253%		58,070		1,735,712
Athene Holding Ltd., Series B, 5.625%		63,471		1,733,393
Athene Holding Ltd., Series C, 6.375% to 09/30/2025 then Five-Year Treasury Constant Maturity + 5.970% ^(b)		60,583		1,749,637

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

INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF

Schedule of Investments

October 31, 2021 (Continued)

	Shares		Value
Athene Holding Ltd., Series D, 4.875%		65,978		1,706,851
Axis Capital Holdings Ltd., Series E, 5.500%		273,891		6,907,532
MetLife, Inc., Series A, 4.000% to 12/15/2021 then 3-Month Libor + 1.000%		90,256		2,292,502
MetLife, Inc., Series E, 5.625% ^(b)		84,376		2,301,777
MetLife, Inc., Series F, 4.750%		85,604		2,297,611
PartnerRe Ltd., Series J, 4.875%		256,429		6,941,534
Prudential PLC, 6.500% ^(b)		130,206		3,330,669
Prudential PLC, 6.750%		130,848		3,343,166
RenaissanceRe Holdings Ltd., Series F, 5.750%		127,786		3,474,502
RenaissanceRe Holdings Ltd., Series G, 4.200% ^(b)		137,441		3,460,764
The Allstate Corp., 5.100% to 01/15/2023 then 3-Month Libor + 3.165%, 01/15/2053 ^(b)		86,055		2,319,182
The Allstate Corp., Series H. 5.100%		83,884		2,273,256
The Allstate Corp., Series I, 4.750% ^(b)		83,424		2,269,133
The Hartford Financial Services Group, Inc., 7.875% to 04/15/2022 then 3-Month Libor + 5.596%, 04/15/2042		132,512		3,453,263
The Hartford Financial Services Group, Inc., Series G, 6.000%		124,817		3,461,175
				61,939,942
Real Estate Investment Trusts - 9.27%
Kimco Realty Corp., Series L, 5.125%		132,123		3,439,162
Kimco Realty Corp., Series M, 5.250%		131,197		3,501,648
PS Business Parks, Inc., Series X, 5.250%		87,033		2,271,561
PS Business Parks, Inc., Series Y, 5.200%		87,903		2,314,486
PS Business Parks, Inc., Series Z, 4.875%		83,362		2,259,110
Public Storage, Series E, 4.900%		24,891		630,738
Public Storage, Series F, 5.150%		24,226		627,211
Public Storage, Series G, 5.050%		24,367		645,726
Public Storage, Series H, 5.600%		22,457		622,733
Public Storage, Series I, 4.875% ^(b)		22,788		614,820
Public Storage, Series L, 4.625%		23,020		622,231
Public Storage, Series M, 4.125% ^(b)		23,945		618,020
Public Storage, Series N, 3.875% ^(b)		24,159		615,088
Public Storage, Series O, 3.900% ^(b)		23,945		612,992
Public Storage, Series P, 4.000%		24,474		620,171
Public Storage, Series Q, 3.950%		24,637		625,780
				20,641,477

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

INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF

Schedule of Investments

October 31, 2021 (Continued)

	Shares		Value
Savings & Loans - 3.10%
Washington Federal, Inc., Series A, 4.875%		261,998		6,901,027
TOTAL PREFERRED STOCKS (Cost $219,162,411)				222,219,719

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 10.69%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 0.10%^(c)		23,817,802	23,817,802
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $23,817,802)			23,817,802

SHORT TERM INVESTMENTS - 0.43%

Money Market Deposit Account - 0.43%	Principal Amount
U.S. Bank Money Market Deposit Account, 0.003% ^(d)	$	957,914		957,914
TOTAL SHORT TERM INVESTMENTS (Cost $957,914)				957,914

Total Investments (Cost $243,938,127) - 110.86%				246,995,435
Liabilities in Excess of Other Assets - (10.86)%				(24,201,739	)
TOTAL NET ASSETS - 100.00%			$	222,793,696

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

INNOVATOR S&P INVESTMENT GRADE PREFERRED ETF

Schedule of Investments

October 31, 2021 (Continued)

Asset Type	% of Net Assets
Preferred Stocks		99.74	%
Investments Purchased with Proceeds From Securities Lending		10.69
Short Term Investments		0.43
Total Investments		110.86
Liabilities in Excess of Other Assets		(10.86	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

USD - United States Dollar

Libor - London Interbank Offered Rate

^(a)	Securities with no stated maturity date are perpetual in nature.

^(b)	All or a portion of this security is on loan as of October 31, 2021. The total value of securities on loan is $23,270,681, or 10.44% of net assets. See Note 6.

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

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

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

INNOVATOR LADDERED FUND OF U.S. EQUITY POWER BUFFER ETFS

Schedule of Investments

October 31, 2021

	Shares		Value
AFFILIATED EXCHANGE TRADED FUNDS - 99.80% ^(a)
Innovator U.S. Equity Power Buffer ETF - January		173,895	$	5,754,186
Innovator U.S. Equity Power Buffer ETF - February		198,278		5,744,153
Innovator U.S. Equity Power Buffer ETF - March		184,322		5,769,279
Innovator U.S. Equity Power Buffer ETF - April		197,955		5,757,521
Innovator U.S. Equity Power Buffer ETF - May ^(b)		191,033		5,777,812
Innovator U.S. Equity Power Buffer ETF - June		181,089		5,771,325
Innovator U.S. Equity Power Buffer ETF - July		189,759		5,783,854
Innovator U.S. Equity Power Buffer ETF - August		192,769		5,786,925
Innovator U.S. Equity Power Buffer ETF - September ^(b)		192,933		5,780,273
Innovator U.S. Equity Power Buffer ETF - October		192,078		5,785,351
Innovator U.S. Equity Power Buffer ETF - November ^(b)		187,992		5,745,976
Innovator U.S. Equity Power Buffer ETF - December		185,204		5,741,324
TOTAL EXCHANGE TRADED FUNDS (Cost $65,272,998)				69,197,979

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 6.71%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 0.10% ^(c)		4,654,050		4,654,050
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $4,654,050)				4,654,050

SHORT TERM INVESTMENTS - 0.21%
Money Market Deposit Account - 0.21%	Principal Amount
U.S. Bank Money Market Deposit Account, 0.003% ^(d)	$	142,316		142,316
TOTAL SHORT TERM INVESTMENTS (Cost $142,316)				142,316

Total Investments (Cost $70,069,364) - 106.72%				73,994,345
Liabilities in Excess of Other Assets - (6.72)%				(4,656,911	)
TOTAL NET ASSETS - 100.00%			$	69,337,434

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

INNOVATOR LADDERED FUND OF U.S. EQUITY POWER BUFFER ETFS

Schedule of Investments

October 31, 2021 (Continued)

Asset Type	% of Net Assets
Affiliated Exchange Traded Funds		99.80	%
Investments Purchased with Proceeds From Securities Lending		6.71
Short Term Investments		0.21
Total Investments		106.72
Liabilities in Excess of Other Assets		(6.72	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan as of October 31, 2021. The total value of securities on loan is $4,550,790, or 6.56% of net assets. See Note 6.

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

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

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

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2021

		Innovator IBD® 50 ETF			Innovator IBD® Breakout Opportunities ETF			Innovator Loup Frontier Tech ETF
	Assets:
	Investments, at value^(a)(b)	$	360,375,390		$	16,677,721		$	91,826,713
	Dividends and interest receivable		56,702			7,297			30,108
	Receivable for investments sold		47,822,550			-			-
	Securities lending income receivable		112,352			112			1,068
	Prepaid expenses		1,909			-			-
	Total Assets		408,368,903			16,685,130			91,857,889

	Liabilities:
	Payable for collateral upon return of securities loaned		85,779,500			2,067,735			13,381,090
	Payable to Adviser		116,613			9,893			45,955
	Payable for investments purchased		48,041,801			-			-
	Payable to Trustees		3,923			-			-
	Payable to Custodian		2,596			-			-
	Accrued expenses and other liabilities		59,663			434			2,766
	Total Liabilities		134,004,096			2,078,062			13,429,811
	Net Assets	$	274,364,807		$	14,607,068		$	78,428,078

	Net Assets Consist of:
	Capital stock	$	456,948,423		$	21,815,822		$	82,631,563
	Total distributable earnings/(accumulated deficit)		(182,583,616	)		(7,208,754	)		(4,203,485	)
	Net Assets	$	274,364,807		$	14,607,068		$	78,428,078

	Net Asset Value:
	Net assets	$	274,364,807		$	14,607,068		$	78,428,078
	Shares of beneficial interest outstanding (unlimted shares without par authorized)		5,450,000			400,000			1,400,001
	Net asset value price per share	$	50.34		$	36.52		$	56.02

^(a)	Cost of investments	$	327,514,971		$	16,083,362		$	86,286,714
^(b)	Including securities on loan at a value of		71,139,234			2,024,697			13,451,583

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

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2021 (Continued)

		Innovator S&P Investment Grade Preferred ETF				Innovator Laddered Fund of U.S. Equity Power Buffer ETFs
	Assets:
	Investments, at value ^(a)	$	246,995,435		^(b)	$	4,796,366
	Investments in affiliates, at value ^(c)		-				69,197,979	^(b)
	Dividends and interest receivable		425,483				-
	Receivable for investments sold		32,700				-
	Receivable for fund shares sold		-				1,776,420
	Securities lending income receivable		30,015				4,621
	Total Assets		247,483,633				75,775,386

	Liabilities:
	Payable to Adviser		90,135				11,237
	Distribution payable		782,000				-
	Payable for investments purchased		-				1,772,665
	Payable for collateral upon return of securities loaned		23,817,802				4,654,050
	Total Liabilities		24,689,937				6,437,952
	Net Assets	$	222,793,696			$	69,337,434

	Net Assets Consist of:
	Capital stock	$	223,962,797			$	104,089,885
	Total distributable earnings/(accumulated deficit)		(1,169,101	)			(34,752,451	)
	Net Assets	$	222,793,696			$	69,337,434

	Net Asset Value:
	Net assets	$	222,793,696			$	69,337,434
	Shares of beneficial interest outstanding (unlimited shares without par authorized) ^(d)		9,200,000				1,950,000
	Net asset value price per share	$	24.22			$	35.56

^(a)	Cost of investments	$	243,938,127			$	4,796,366
^(b)	Including securities on loan at a value of		23,270,681				4,550,790
^(c)	Cost of investments in affiliates		-				65,272,998
^(d)	Shares of the respective Acquired Fund converted into Fund shares at the start of business on October 14, 2021. See Note 11 to the Financial Statements.

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

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2021

	Innovator IBD® 50 ETF			Innovator IBD® Breakout Opportunities ETF			Innovator Loup Frontier Tech ETF
Investment Income:
Dividends	$	1,493,352		$	110,176		$	272,576
Less: Foreign witholding taxes and issuance fees		(11,882	)		(2,676	)		(31,279	)
Interest		74			3			6
Securities lending income, net		922,917			14,768			78,814
Total Investment Income		2,404,461			122,271			320,117

Expenses:
Investment advisory fee		1,652,041			133,211			518,693
Professional fees		51,784			-			-
Administration fees		72,331			-			-
Fund accounting fees		1,318			-			-
Trustees fees and expenses		15,635			-			-
Printing and mailing expenses		21,639			-			-
Custody fees		13,151			-			-
Insurance expense		3,301			-			-
Registration fees		2,219			-			-
Other expenses		363,729			-			-
Total Expenses Before Expense Limitation		2,197,148			133,211			518,693
Net advisory recoupment/(waivers)(see Note 3)		(309,101	)		-			-
Net Expenses		1,888,047			133,211			518,693
Net Investment Income/(Loss)		516,414			(10,940	)		(198,576	)

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
Investments and foreign currency transactions		(20,433,383	)		(4,663,177	)		(7,653,752	)
Redemptions sold in-kind on investments		68,304,315			6,532,599			15,839,391
Net change in unrealized appreciation/(depreciation) on:
Investments and translation of foreign currency		21,260,902			777,977			2,224,157
Net Realized and Unrealized Gain/(Loss)		69,131,834			2,647,399			10,409,796
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	69,648,248		$	2,636,459		$	10,211,220

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

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2021 (Continued)

		Innovator S&P Investment Grade Preferred ETF			Innovator Laddered Fund of U.S. Equity Power Buffer ETFs
Investment Income:
Dividends		$	10,055,019		$	-
Interest			53			2
Securities lending income, net			194,894			31,923
Total Investment Income			10,249,966			31,925

Expenses:
Investment advisory fee			932,206			105,050
Tax expense			32			-
Total Expenses			932,238			105,050
Net Investment Income/(Loss)			9,317,728			(73,125	)

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
	Investments		(2,156,279	)		-
	Redemptions sold in-kind on investments		1,077,555			-
	Redemptions sold in-kind on affiliates		-			1,307,988
	Investments in affiliates		-			6,929
Net change in unrealized appreciation/(depreciation) on:
	Investments		2,353,258			-
	Investments in affiliates		-			4,326,731
Net Realized and Unrealized Gain/(Loss)			1,274,534			5,641,648
Net Increase/(Decrease) in Net Assets Resulting From Operations		$	10,592,262		$	5,568,523

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

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator IBD® 50 ETF
	Year Ended			Year Ended
	October 31, 2021			October 31, 2020

Operations:
Net investment income/(loss)	$	516,414		$	272,870
Net realized gain/(loss)		47,870,932			28,614,638
Net change in unrealized appreciation/(depreciation)		21,260,902			(11,998,873	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		69,648,248			16,888,635

Capital Share Transactions:
Proceeds from shares sold		327,062,865			282,705,360
Cost of shares redeemed		(303,970,475	)		(444,718,170	)
Transaction fees (see Note 5)		30			-
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		23,092,420			(162,012,810	)
Total Increase/(Decrease) in Net Assets	$	92,740,668		$	(145,124,175	)

Net Assets:
Beginning of period	$	181,624,139		$	326,748,314
End of period	$	274,364,807		$	181,624,139

Change in Shares Outstanding:
Shares sold		7,100,000			8,050,000
Shares redeemed		(6,700,000	)		(12,850,000	)
Net Increase/(Decrease)		400,000			(4,800,000	)

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

INNOVATOR ETFs TRUST

Innovator IBD® Breakout Opportunities ETF						Innovator Loup Frontier Tech ETF
Year Ended			Year Ended			Year Ended			Year Ended
October 31, 2021			October 31, 2020			October 31, 2021			October 31, 2020


$	(10,940	)	$	(7,374	)	$	(198,576	)	$	(38,847	)
	1,869,422			1,498,561			8,185,639			2,424,092
	777,977			(347,210	)		2,224,157			3,589,219
	2,636,459			1,143,977			10,211,220			5,974,464


	75,836,535			9,997,395			107,818,940			6,456,430
	(69,749,030	)		(13,035,075	)		(56,415,275	)		(6,290,925	)
	-			-			7,950			1,530
	6,087,505			(3,037,680	)		51,411,615			167,035
$	8,723,964		$	(1,893,703	)	$	61,622,835		$	6,141,499


$	5,883,104		$	7,776,807		$	16,805,243		$	10,663,744
$	14,607,068		$	5,883,104		$	78,428,078		$	16,805,243


	2,200,000			450,000			2,000,000			200,000
	(2,050,000	)		(600,000	)		(1,050,000	)		(200,000	)
	150,000			(150,000	)		950,000			-

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

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

Operations:

Net investment income/(loss)

Net realized gain/(loss)

Net change in unrealized appreciation/(depreciation)

Net Increase/(Decrease) in Net Assets Resulting from Operations

Distributions to Shareholders:

Distributions to shareholders

Distributions from return of capital

Net distributions to shareholders

Capital Share Transactions:

Proceeds from shares sold

Cost of shares redeemed

Transaction fees (see Note 5)

Net Increase/(Decrease) in Net Assets from Capital Share Transactions

Total Increase/(Decrease) in Net Assets

Net Assets:

Beginning of period

End of period

Change in Shares Outstanding: ^(a)

Shares sold

Shares redeemed

Net Increase/(Decrease)

^(a)	Shares of the respective Acquired Fund converted into Fund shares at the start of business on October 14, 2021. See Note 11 to the Financial Statements.

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

INNOVATOR ETFs TRUST

Innovator S&P Investment Grade Preferred ETF						Innovator Laddered Fund of U.S. Equity Power Buffer ETFs
Year Ended			Year Ended			Year Ended			Year Ended
October 31, 2021			October 31, 2020			October 31, 2021			October 31, 2020


$	9,317,728		$	2,119,100		$	(73,125	)	$	2,238,705
	(1,078,724	)		(429,531	)		1,314,917			(11,725,355	)
	2,353,258			326,874			4,326,731			(18,792,864	)
	10,592,262			2,016,443			5,568,523			(28,279,514	)


	(9,442,181	)		(2,310,148	)		-			(2,311,942	)
	(570,855	)		-			-			-
	(10,013,036	)		(2,310,148	)		-			(2,311,942	)


	111,812,865			110,597,780			62,212,670			148,299,135
	(16,913,660	)		(2,276,755	)		(26,781,995	)		(226,832,050	)
	-			12			-			-
	94,899,205			108,321,037			35,430,675			(78,532,915	)
$	95,478,431		$	108,027,332		$	40,999,198		$	(109,124,371	)


$	127,315,265		$	19,287,933		$	28,338,236		$	137,462,607
$	222,793,696		$	127,315,265		$	69,337,434		$	28,338,236


	4,600,000			4,600,000			1,850,000			4,400,000
	(700,000	)		(100,000	)		(800,000	)		(7,250,000	)
	3,900,000			4,500,000			1,050,000			(2,850,000	)

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

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout
			Investment Operations:										Capital Share Transactions:			Distributions Paid to Shareholders:
	Net Asset Value, Beginning of Period		Net investment income/ (loss) ⁽ⁱ⁾				Net realized and unrealized gain/ (loss)			Total From Investment Operations			Transaction fees (see Note 5)			Paid from net investment income
Innovator IBD® 50 ETF
For the year ended 10/31/2021	$	35.97		0.10				14.27			14.37			-	^(f)		-
For the year ended 10/31/2020	$	33.17		0.04				2.76			2.80			-			-
For the year ended 10/31/2019	$	31.24		(0.07	)			2.00			1.93			-	^(f)		-
For the year ended 10/31/2018	$	33.34		(0.12	)			(1.92	)		(2.04	)		-	^(f)		(0.06	)
For the period ended 10/31/2017 ^(e)	$	23.95		0.03				9.36			9.39			-			-
For the year ended 11/30/2016	$	23.54		(0.06	)			0.47			0.41			-			-

Innovator IBD® Breakout Opportunities ETF
For the year ended 10/31/2021	$	23.53		(0.02	)			13.01			12.99			-			-
For the year ended 10/31/2020	$	19.44		(0.03	)			4.12			4.09			-			-
For the year ended 10/31/2019	$	20.26		-		^(f)		(0.78	)		(0.78	)		-	^(f)		(0.04	)
For the period 9/12/2018 ^(d) - 10/31/2018	$	25.00		(0.01	)			(4.73	)		(4.74	)		-			-

Innovator Loup Frontier Tech ETF
For the year ended 10/31/2021	$	37.34		(0.14	)			18.81			18.67			0.01			-
For the year ended 10/31/2020	$	23.70		(0.09	)			13.73			13.64			-	^(f)		-
For the year ended 10/31/2019	$	22.77		(0.02	)			0.95			0.93			-			-
For the period 7/24/2018 ^(d) - 10/31/2018	$	25.00		(0.01	)			(2.22	)		(2.23	)		-	^(f)		-

^(a)	Annualized for periods less than one year.

^(b)	Not annualized for periods less than one year.

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

^(d)	Commencement of operations.

^(e)	The period ended October 31, 2017 consists of eleven months due to the Fund's fiscal year end change.

^(f)	Amount represents less than $0.01 per share.

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

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

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

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

INNOVATOR ETFs TRUST

each period)				Ratios/Supplemental Data:

									Ratio to Average Net Assets of: ^(a)
Change in Net Asset Value for the Period		Net Asset Value, End of Period		Total return ^(b)			Net assets, end of period (000)		Expenses, before waivers/ recoupment ^(c)			Expenses, net of waivers/ recoupment ^(c)			Net investment income/ (loss) ^(h)			Portfolio turnover rate ^(b)(g)

14.37		$	50.34		39.95	%	$	274,365		0.93	%		0.80	%		0.22	%		1,133	%
2.80		$	35.97		8.42	%	$	181,624		0.90	%		0.80	%		0.12	%		974	%
1.93		$	33.17		6.20	%	$	326,748		0.78	%		0.80	%		(0.21	)%		786	%
(2.10	)	$	31.24		(6.15	)%	$	440,451		0.84	%		0.80	%		(0.43	)%		719	%
9.39		$	33.34		39.17	%	$	181,710		1.03	%		0.80	%		(0.24	)%		501	%
0.41		$	23.95		1.78	%	$	35,931		1.13	%		0.80	%		(0.14	)%		1,041	%


12.99		$	36.52		55.18	%	$	14,607		0.80	%		0.80	%		(0.07	)%		1,846	%
4.09		$	23.53		21.04	%	$	5,883		0.80	%		0.80	%		(0.12	)%		1,637	%
(0.82	)	$	19.44		(3.84	)%	$	7,777		0.80	%		0.80	%		0.02	%		1,777	%
(4.74	)	$	20.26		(18.95	)%	$	8,105		0.80	%		0.80	%		(0.38	)%		289	%


18.68		$	56.02		50.01	%	$	78,428		0.70	%		0.70	%		(0.27	)%		134	%
13.64		$	37.34		57.59	%	$	16,805		0.70	%		0.70	%		(0.32	)%		97	%
0.93		$	23.70		4.07	%	$	10,664		0.70	%		0.70	%		(0.07	)%		107	%
(2.23	)	$	22.77		(8.92	)%	$	12,524		0.70	%		0.70	%		(0.23	)%		53	%

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

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share

			Investment Operations:										Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/ (loss) ^(c)			Net realized and unrealized gain/ (loss)				Total From Investment Operations			Transaction fees (see Note 5)
Innovator S&P Investment Grade Preferred ETF
For the year ended 10/31/2021	$	24.02		1.14			0.27		⁽ⁿ⁾		1.41			-
For the year ended 10/31/2020	$	24.11		1.23			(0.07	)			1.16			-	^(k)
For the period 4/1/2019 ^(h) - 10/31/2019	$	23.18		0.67			0.93				1.60			-
For the year ended 3/31/2019	$	23.38		1.18			(0.18	)			1.00			-
For the year ended 3/31/2018	$	24.06		1.29			(0.57	)			0.72			-
For the period 5/23/2016 ^(f) - 3/31/2017	$	25.07		1.21			(1.17	)			0.04			-

Innovator Laddered Fund of U.S. Equity Power Buffer ETFs
For the year ended 10/31/2021	$	31.49		(0.05	)		4.12				4.07			-
For the year ended 10/31/2020	$	36.66		0.81			(5.26	)			(4.45	)		-
For the period 10/1/2019 ^(d) - 10/31/2019	$	36.81		0.02			(0.17	)			(0.15	)		-
For the year ended 9/30/2019	$	31.55		0.66			5.29				5.95			-
For the year ended 9/30/2018	$	31.23		0.47			0.32		⁽ⁱ⁾		0.79			-
For the period 10/19/2016 ^(f) - 9/30/2017	$	25.36		0.47			5.82				6.29			-

^(a)	Annualized for periods less than one year.

^(b)	Not annualized for periods less than one year.

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

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

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

^(f)	Commencement of operations.

^(g)	The ratio of net expenses to average net assets includes tax expense of 0.01%.

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

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

^(j)	The ratio of net expenses to average net assets includes interest expense fees of 0.03%.

^(k)	Amount represents less than $0.01 per share.

^(l)	Does not include the impact of the expenses of the underlying funds in which the Funds invest.

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

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

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

INNOVATOR ETFs TRUST

outstanding throughout each period)																	Ratios/Supplemental Data:

Distributions Paid to Shareholders:																			Ratio to Average Net Assets of: ^(a)
Paid from net investment income			Paid from return of capital			Total Distributions Paid			Change in Net Asset Value for the Period			Net Asset Value, End of Period		Total return ^(b)			Net assets, end of period (000)		Expenses ^(l)				Net investment income/ (loss) ^(m)			Portfolio turnover rate ^(b)(e)

	(1.14	)		(0.07	)		(1.21	)		0.20		$	24.22		5.97	%	$	222,794		0.47	%			4.70	%		68	%
	(1.25	)		-			(1.25	)		(0.09	)	$	24.02		5.04	%	$	127,315		0.47	%			5.15	%		58	%
	(0.67	)		-			(0.67	)		0.93		$	24.11		6.93	%	$	19,288		0.47	%			4.75	%		34	%
	(1.20	)		-			(1.20	)		(0.20	)	$	23.18		4.54	%	$	13,911		0.47	%			5.12	%		58	%
	(1.36	)		(0.04	)		(1.40	)		(0.68	)	$	23.38		2.98	%	$	19,870		0.47	%			5.39	%		67	%
	(1.05	)		-			(1.05	)		(1.01	)	$	24.06		0.18	%	$	12,030	0.48		%	^(g)		5.86	%		171	%


	-			-			-			4.07		$	35.56		12.93	%	$	69,337		0.20	%			(0.14	)%		1	%
	(0.72	)		-			(0.72	)		(5.17	)	$	31.49		(11.93	)%	$	28,338		0.47	%			2.47	%		750	%
	-			-			-			(0.15	)	$	36.66		(0.42	)%	$	137,463		0.49	%			0.63	%		0	%
	(0.69	)		-			(0.69	)		5.26		$	36.81		19.11	%	$	136,195		0.49	%			2.00	%		44	%
	(0.47	)		-			(0.47	)		0.32		$	31.55		2.55	%	$	162,484	0.52		%	^(j)		1.47	%		667	%
	(0.42	)		-			(0.42	)		5.87		$	31.23		24.88	%	$	134,301		0.49	%			1.66	%		179	%

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

INNOVATOR ETFs TRUST

Notes to Financial Statements

1.	ORGANIZATION

Innovator ETFs Trust (the “Trust”) was organized under Delaware law as a Delaware statutory trust on October 17, 2007, and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open–end management investment company. The Trust currently consists of multiple operational series, of which five are covered in this report, collectively the (“Funds”):

Name	Ticker	Commencement of Operations	Tracking Index ^(a)
Innovator IBD® 50 ETF	FFTY	April 8, 2015	IBD® 50 Index
Innovator IBD® Breakout Opportunities ETF	BOUT	September 12, 2018	IBD® Breakout Stocks Index
Innovator Loup Frontier Tech ETF	LOUP	July 24, 2018	Loup Frontier Tech Index
Innovator S&P Investment Grade Preferred ETF	EPRF	May 23, 2016	S&P U.S. High Quality Preferred Stock Index
Innovator Laddered Fund of U.S. Equity Power Buffer ETFs ^(b)	BUFF	October 19, 2016	Refinitiv Laddered Power Buffer Strategy Index

^(a)	Each Fund individually seeks to track their respective index, before fees and expenses.

^(b)

BUFF seeks to achieve its investment objective by investing primarily in other Innovator ETFs (Affiliated Fund of Fund structure) that themselves seek investment results corresponding to their own respective underlying indexes. In addition to its own fees and expenses, BUFF will pay indirectly a proportional share of the fees and expenses of the underlying Innovator ETFs in which it invests, including advisory and administration fees (Acquired Fund Fees and Expenses). Prior to August 11, 2020, BUFF sought investment results that generally corresponded, before fees and expenses, to the Lunt Capital U.S. Large Cap Equity Rotation Index.

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

Name	Ticker	Commencement of Operations	Tracking Index/Fund
Innovator U.S. Equity Buffer ETF – January	BJAN	December 31, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – February	BFEB	January 31, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – March	BMAR	February 28, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – April	BAPR	March 29, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – May	BMAY	April 30, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – June	BJUN	May 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – July	BJUL	August 28, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – August	BAUG	July 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – September	BSEP	August 30, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – October	BOCT	September 28, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – November	BNOV	October 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – December	BDEC	November 29, 2019	S&P 500® Price Index
Innovator U.S. Equity Power Buffer ETF – January	PJAN	December 31, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – February	PFEB	January 31, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – March	PMAR	February 28, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – April	PAPR	March 29, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – May	PMAY	April 30, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – June	PJUN	May 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – July	PJUL	August 7, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – August	PAUG	July 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – September	PSEP	August 30, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – October	POCT	September 28, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – November	PNOV	October 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – December	PDEC	November 29, 2019	S&P 500® Price Index
Innovator U.S. Equity Ultra Buffer ETF – January	UJAN	December 31, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – February	UFEB	January 31, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – March	UMAR	February 28, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – April	UAPR	March 29, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – May	UMAY	April 30, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – June	UJUN	May 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – July	UJUL	August 7, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – August	UAUG	July 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – September	USEP	August 30, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – October	UOCT	September 28, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – November	UNOV	October 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – December	UDEC	November 29, 2019	S&P 500® Price Index
Innovator International Developed Power Buffer ETF - January	IJAN	December 31, 2019	iShares MSCI EAFE ETF
Innovator International Developed Power Buffer ETF - April	IAPR	March 31, 2021	iShares MSCI EAFE ETF
Innovator International Developed Power Buffer ETF - July	IJUL	June 28, 2019	iShares MSCI EAFE ETF
Innovator International Developed Power Buffer ETF - October	IOCT	September 30, 2021	iShares MSCI EAFE ETF

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

Name	Ticker	Commencement of Operations	Tracking Index/Fund
Innovator Emerging Markets Power Buffer ETF - January	EJAN	December 31, 2019	iShares MSCI Emerging Markets ETF
Innovator Emerging Markets Power Buffer ETF - April	EAPR	March 31, 2021	iShares MSCI Emerging Markets ETF
Innovator Emerging Markets Power Buffer ETF - July	EJUL	June 28, 2019	iShares MSCI Emerging Markets ETF
Innovator Emerging Markets Power Buffer ETF - October	EOCT	September 30, 2021	iShares MSCI Emerging Markets ETF
Innovator Growth-100 Power Buffer ETF - January	NJAN	December 31, 2019	Invesco QQQ Trust
Innovator Growth-100 Power Buffer ETF - April	NAPR	March 31, 2020	Invesco QQQ Trust
Innovator Growth-100 Power Buffer ETF - July	NJUL	June 30, 2020	Invesco QQQ Trust
Innovator Growth-100 Power Buffer ETF - October	NOCT	September 30, 2019	Invesco QQQ Trust
Innovator U.S. Small Cap Power Buffer ETF - January	KJAN	December 31, 2019	iShares Russell 2000 ETF
Innovator U.S. Small Cap Power Buffer ETF - April	KAPR	March 31, 2020	iShares Russell 2000 ETF
Innovator U.S. Small Cap Power Buffer ETF - July	KJUL	June 30, 2020	iShares Russell 2000 ETF
Innovator U.S. Small Cap Power Buffer ETF - October	KOCT	September 30, 2019	iShares Russell 2000 ETF
Innovator Double Stacker ETF - January	DSJA	December 31, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
Innovator Double Stacker ETF - October	DSOC	September 30, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
Innovator Triple Stacker ETF - January	TSJA	December 31, 2020	SPDR S&P 500® ETF Trust, Invesco QQQ Trust and iShares Russell 2000 ETF
Innovator Triple Stacker ETF - October	TSOC	September 30, 2020	SPDR S&P 500® ETF Trust, Invesco QQQ Trust and iShares Russell 2000 ETF
Innovator Double Stacker 9 Buffer ETF - January	DBJA	December 31, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
Innovator Double Stacker 9 Buffer ETF - October	DBOC	September 30, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
Innovator U.S. Equity Accelerated ETF - April	XDAP	March 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated ETF - July	XDJL	June 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated ETF - October	XDOC	September 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated Plus ETF - April	XTAP	March 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated Plus ETF - July	XTJL	June 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated Plus ETF - October	XTOC	September 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated 9 Buffer ETF - April	XBAP	March 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated 9 Buffer ETF - July	XBJL	June 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated 9 Buffer ETF - October	XBOC	September 30, 2021	SPDR S&P 500® ETF Trust
Innovator Growth Accelerated Plus ETF - April	QTAP	March 31, 2021	Invesco QQQ Trust
Innovator Growth Accelerated Plus ETF - July	QTJL	June 30, 2021	Invesco QQQ Trust
Innovator Growth Accelerated Plus ETF - October	QTOC	September 30, 2021	Invesco QQQ Trust
Innovator 20+ Year Treasury Bond 9 Buffer ETF - July	TBJL	August 17, 2020	iShares 20+ Year Treasury Bond ETF
Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly	TFJL	August 17, 2020	iShares 20+ Year Treasury Bond ETF
Innovator Defined Wealth Shield ETF	BALT	June 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated ETF - Quarterly	XDSQ	March 31, 2021	SPDR S&P 500® ETF Trust
Innovator Growth Accelerated ETF - Quarterly	XDQQ	March 31, 2021	Invesco QQQ Trust

The Funds are exchange traded funds that offer one class of shares, do not charge a sales load, do not have a redemption fee and currently do not charge a 12b–1 fee to their shareholders. FFTY, BOUT and LOUP list and principally trade their shares on NYSE Arca, Inc. (“NYSE”), EPRF and BUFF list and principally trade their shares on Cboe BZX Exchange, Inc. (“Cboe BZX”).

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies”.

2.	SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Valuation:

The net asset values (“NAV”) of the Funds are determined as of the close of regular trading on the NYSE (normally 4:00 p.m. ET). If the NYSE closes early on a valuation day, the Funds shall determine NAV as of that time.

Portfolio securities generally shall be valued utilizing prices provided by independent pricing services. The Trust’s Pricing Committee (“Pricing Committee”) is responsible for establishing valuation of portfolio securities and other instruments held by the Funds in accordance with the Trust’s valuation procedures.

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

Common stocks, preferred stocks, exchange traded funds and other equity securities listed on any national or foreign exchange (excluding the NASDAQ National Market (“NASDAQ”) and the London Stock Exchange Alternative Investment Market (“AIM”)) are generally valued at the last sale price on the exchange on which they are principally traded or, for NASDAQ and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the exchange representing the principal market for such securities. Securities traded in the over–the–counter market are valued at the mean of the bid and the asked price, if available, and otherwise at their closing bid price. Redeemable securities issued by open–end investment companies shall be valued at the investment company’s applicable net asset value, with the exception of exchange–traded open–end investment companies which are priced as equity securities. Units of Mount Vernon Liquid Assets Portfolio, LLC are not traded on an exchange and are valued at the investment company’s net asset value per share as provided by the underlying fund’s administrator. Fixed income securities, swaps, currency–, credit– and commodity–linked notes, and other similar instruments will be valued using a pricing service. Fixed income securities having a remaining maturity of 60 days or less when purchased will be valued at cost adjusted for amortization of premiums and accretion of discounts, provided the Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer specific conditions existing at the time of the determination. Deposit accounts are valued at acquisition cost. Foreign securities and other assets denominated in foreign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar as provided by the pricing service. All assets denominated in foreign currencies will be converted into U.S. dollars at the exchange rates in effect at the time of valuation. Restricted securities (with the exception of Rule 144A Securities for which market quotations are available) will normally be valued at fair value as determined by the Pricing Committee.

If no quotation can be obtained from a pricing service, then the Pricing Committee will then attempt to obtain one or more broker quotes for the security. If no quotation is available from either a pricing service or one or more brokers or if the Pricing Committee has reason to question the reliability or accuracy of a quotation supplied or the use of amortized cost, the value of any portfolio security held by the Funds for which reliable market quotations are not readily available will be determined by the Pricing Committee in a manner that most appropriately reflects fair market value of the security on the valuation date. The use of a fair valuation method may be appropriate if, for example: (i) market quotations do not accurately reflect fair value of an investment; (ii) an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (for example, a foreign exchange or market); (iii) a trading halt closes an exchange or market early; or (iv) other events result in an exchange or market delaying its normal close.

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

Fair Valuation Measurement:

FASB established a framework for measuring fair value in accordance with U.S. GAAP. Under ASC, Fair Value Measurement (“ASC 820”), various inputs are used in determining the value of the Funds’ investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:

•	Level 1 –	Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
•	Level 2 –	Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
•	Level 3 –	Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The following table summarizes valuation of the Funds’ investments under the fair value hierarchy as of October 31, 2021:

FFTY
	Level 1		Level 2		Level 3		Total
Assets
Common Stocks	$	268,946,031	$	-	$	-	$	268,946,031
Real Estate Investment Trusts		5,470,430		-		-		5,470,430
Investments Purchased with Proceeds From Securities Lending		-		85,779,500		-		85,779,500
Short Term Investments		179,429		-		-		179,429
Total Assets	$	274,595,890	$	85,779,500	$	-	$	360,375,390

BOUT
	Level 1		Level 2		Level 3		Total
Assets
Common Stocks	$	12,902,914	$	-	$	-	$	12,902,914
Master Limited Partnerships		321,440		-		-		321,440
Real Estate Investment Trusts		1,291,827		-		-		1,291,827
Investments Purchased with Proceeds From Securities Lending		-		2,067,735		-		2,067,735
Short Term Investments		93,805		-		-		93,805
Total Assets	$	14,609,986	$	2,067,735	$	-	$	16,677,721

LOUP
	Level 1		Level 2		Level 3		Total
Assets
Common Stocks	$	78,395,852	$	-	$	-	$	78,395,852
Investments Purchased with Proceeds From Securities Lending		-		13,381,090		-		13,381,090
Short Term Investments		49,771		-		-		49,771
Total Assets	$	78,445,623	$	13,381,090	$	-	$	91,826,713

EPRF
	Level 1		Level 2		Level 3		Total
Assets
Preferred Stocks	$	222,219,719	$	-	$	-	$	222,219,719
Investments Purchased with Proceeds From Securities Lending		-		23,817,802		-		23,817,802
Short Term Investments		957,914		-		-		957,914
Total Assets	$	223,177,633	$	23,817,802	$	-	$	246,995,435

BUFF
	Level 1		Level 2		Level 3		Total
Assets
Affiliated Exchange Traded Funds	$	69,197,979	$	-	$	-	$	69,197,979
Investments Purchased with Proceeds From Securities Lending		-		4,654,050		-		4,654,050
Short Term Investments		142,316		-		-		142,316
Total Assets	$	69,340,295	$	4,654,050	$	-	$	73,994,345

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

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

There were no Level 3 investments for the Funds during the year ended October 31, 2021.

Use of Estimates:

In preparing financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

Guarantees and Indemnifications:

In the normal course of business, the Trust may enter into a contract with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims against the Trust that have not yet occurred. Based on experience, the Trust expects the risk of loss to be remote.

Tax Information:

The Funds are treated as separate entities for federal income tax purposes. The Funds intend to qualify as regulated investment companies (“RICs”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). To qualify and remain eligible for the special tax treatment accorded to RICs, the Funds must meet certain annual income and quarterly asset diversification requirements and must distribute annually at least 90% of the sum of (i) its investment company taxable income (which includes dividends, interest and net short–term capital gains) and (ii) certain net tax–exempt income, if any. If so qualified, the Funds will not be subject to federal income tax to the extent the Funds distribute substantially all of their net investment income and capital gains to shareholders.

Management evaluates the Funds’ tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Tax benefits associated with an uncertain tax position can be recognized only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. Interest and penalties related to income taxes would be recorded as tax expense in the Statements of Operations. During the year ended October 31, 2021, the Funds did not incur any interest or penalties. The Funds’ federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. As of October 31, 2021, the Funds did not have a liability for any unrecognized tax benefits. As of October 31, 2021, the Funds have no examinations in progress and management is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months. The Funds are subject to examination by U.S. Federal tax authorities for all tax years since 2017, as applicable.

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

U.S. GAAP requires that certain components of net assets be reclassified between distributable earnings/(accumulated deficit) and additional paid–in capital.
These reclassifications have no effect on net assets or net asset value per share. For the year ended October 31, 2021, the Funds made the following permanent book–to–tax reclassifications primarily related to net operating loss forfeiture and redemptions in kind:

	Distributable Earnings/
	(Accumulated Deficit)			Paid-In Capital
FFTY	$	(61,378,388	)	$	61,378,388
BOUT		(6,138,225	)		6,138,225
LOUP		(15,371,429	)		15,371,429
EPRF		(1,097,399	)		1,097,399
BUFF		(1,284,288	)		1,284,288

Distributions to Shareholders:

Distributions to shareholders are recorded on the ex–dividend date. FFTY, BOUT, LOUP and BUFF intend to pay out dividends from their net investment income, if any, annually. EPRF intends to pay out dividends from its net investment income, if any, monthly. Distributions of net realized capital gains, if any, will be declared and paid at least annually by the Funds. The Funds may periodically make reclassifications among certain of its capital accounts as a result of the recognition and characterization of certain income and capital gain distributions determined annually in accordance with federal tax regulations which may differ from U.S. GAAP. Distributions that exceed earnings and profits for tax purposes are reported as a return of capital.

Investment Transactions and Investment Income:

Investment transactions are recorded on the trade date. The Trust determines the gain or loss realized from investment transactions on the basis of identified cost. Dividend income, if any, is recognized on the ex–dividend date or, in the case of foreign securities, as soon as the Funds are informed of the ex–dividend dates. Interest income, including accretion of discounts and amortization of premiums is recognized on an accrual basis using the effective yield method.

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

Distributions received from investments in master limited partnerships (“MLPs”), closed–end funds, real estate investment trusts (“REITs”) and royalty trusts are comprised of ordinary income, capital gains and return of capital. For financial statement purposes, estimates are used to characterize these distributions received as return of capital, capital gains or ordinary income. Such estimates are based on historical information available from each MLP, closed–end fund, REIT or royalty trust and other industry sources. These estimates may subsequently be revised and reflected on the Form 1099 received by shareholders based on information received for the security after its tax reporting periods are concluded, as the actual character of these distributions is not known until after the fiscal year end. The distributions received from MLPs, REITs, closed–end funds, and royalty trust securities that have been classified as income and capital gains are included in dividend income and net realized gain/(loss) on investments, respectively, on the Statements of Operations. The distributions received that are classified as return of capital reduce the cost of investments on the Statements of Assets and Liabilities.

Purchases and sales of investments and dividend and interest income are translated into U.S. dollars using the spot market rates of exchange prevailing on the respective dates of such translations. The gain or loss resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate. Foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin. Foreign securities are recorded in the financial statements after translation to U.S. dollars based on the applicable exchange rate at the end of the period. The Funds report certain foreign currency–related transactions as components of realized gains or losses for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.

3.	INVESTMENT ADVISOR AND OTHER AFFILIATES

Innovator Capital Management, LLC (the “Adviser”) acts as investment adviser to the Funds pursuant to investment advisory agreements between the Trust and the Adviser with respect to the Funds (“Advisory Agreements”) and, pursuant to the Advisory Agreements, is responsible for the day–to–day management of the Funds.

Pursuant to an investment advisory agreement between the Trust and the Adviser with respect to FFTY, FFTY pays monthly the Adviser a management fee calculated daily based on the average daily net assets of the Fund at the annual rate of 0.70%.

Pursuant to an investment advisory agreement between the Trust and the Adviser with respect to BOUT, LOUP, EPRF and BUFF, BOUT pays monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund at the annual rate of 0.80%, LOUP pays monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund at the annual rate of 0.70%, EPRF pays monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund at the annual rate of 0.47% and BUFF pays monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund at the annual rate of 0.20%. During the term of the Advisory Agreement, the Adviser pays all expenses of BOUT, LOUP, EPRF and BUFF, including the cost of transfer agency, custody, fund administration, legal, audit, and other services and license fees, except for the fees paid under the Advisory Agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b–1 plan, if any, and extraordinary expenses.

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

Penserra Capital Management LLC (the “Sub–Adviser”) acts as sub–adviser to the Funds pursuant to a sub–advisory agreement between the Adviser and the Sub–Adviser with respect to the Funds (“Sub–Advisory Agreement”) and, pursuant to the Sub–Advisory Agreement, is responsible for execution of the Sub–Adviser’s strategy for each of the Funds. The Sub–Adviser is responsible for the day–to–day management of the Fund’s portfolios. Pursuant to the Sub–Advisory Agreement between the Adviser and the Sub–Adviser, the Adviser pays the Sub–Adviser a fee, based on the Funds’ average daily net assets, for the services and facilities it provides payable on a monthly basis.

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

The Trust entered into an Expense Limitation Agreement on behalf of FFTY with the Adviser. Under the terms of the Expense Limitation Agreement with FFTY, the Adviser contractually agreed to waive their advisory fees and/or assume as their own expense, certain expenses otherwise payable by the Fund to the extent necessary to ensure that total annual fund operating expenses (excluding any Rule 12b–1 fees, taxes, interest, brokerage fees, acquired fund fees and expenses, expenses incurred in connection with any merger, reorganization or proxy solicitation, litigation, and other extraordinary expenses) do not exceed 0.80% of average daily net assets of FFTY until August 31, 2022. Pursuant to the terms of the Expense Limitation Agreement, Innovator is entitled to recoup any fees that it waived and/or Fund expenses that it paid for a period of three years following such fee waivers and/or expense payments. The Fund may only make such repayment to the Adviser if, after the recoupment payment has been taken into account, it does not cause the Fund’s expense ratio to exceed either the expense cap in place at the time the expenses were waived or the Fund’s current expense cap. For the year ended October 31, 2021, the Adviser waived $309,101 of their advisory fees for FFTY without recouping any of their previously waived fees. The table below indicates the amount of fees that the Adviser may recoup:

	Recovery Expiring in^*:
	FYE 10/31/2022		FYE 10/31/2023		FYE 10/31/2024		Total
FFTY	$	29,673	$	268,534	$	309,101	$	607,308

^* Recoupment expires on a rolling monthly basis three years following the respective fee waivers.

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

4.	INVESTMENT TRANSACTIONS

For the year ended October 31, 2021, the cost of purchases and proceeds from sales of investment securities, other than in–kind purchases and sales and short–term investments were as follows:

	Purchases				Sales
	U.S. Governement		Other		U.S. Governement		Other
FFTY	$	-	$	2,807,554,103	$	-	$	2,655,598,892
BOUT		-		292,712,926		-		292,845,135
LOUP		-		104,920,326		-		96,255,562
EPRF		-		132,664,179		-		132,739,019
BUFF		-		568,501		-		730,386

For the year ended October 31, 2021, in–kind transactions associated with creations and redemptions were as follows:

	In-Kind		In-Kind
	Creations		Redemptions
FFTY	$	176,343,196	$	304,496,352
BOUT		75,593,087		69,468,101
LOUP		97,187,791		54,717,288
EPRF		111,110,502		16,820,806
BUFF		62,171,077		26,766,034

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

5. CREATION AND REDEMPTION TRANSACTIONS

There were an unlimited number of shares of beneficial interest (without par value) authorized by the Trust. Individual shares of the Funds may only be purchased and sold at market prices on the Exchange through a broker–dealer. Such transactions may be subject to customary commission rates imposed by the broker–dealer, and market prices for the Funds’ shares may be at, above or below its NAV depending on the premium or discount at which the Funds’ shares trade.

The Funds issue and redeem shares on a continuous basis at NAV only in blocks of 50,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in–kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Shares of the Funds may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker–dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. A fixed transaction fee is applicable to each transaction regardless of the number of units purchased or sold in the transaction. FFTY and BOUT each charge a $250 transaction fee on creations and redemptions of the respective Fund. LOUP, EPRF and BUFF each charge a $500 transaction fee on creations and redemptions of the respective Fund. An additional charge may be imposed with respect to custom order transactions effected outside of the clearing process through a DTC Participant or to the extent that cash is used in lieu of securities to purchase Creation Units through a custom order. Each Fund, subject to approval by the Board of Trustees, may adjust transaction fees from time to time based upon actual experience. Additional charges received by the Funds, if any, are disclosed as Transaction Fees on the Statements of Changes in Net Assets. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

6.	SECURITIES LENDING

The Funds may lend up to 33^1/3% of the value of the securities in their respective portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the securities lending agent. The Trust has entered into a Securities Lending Agreement (“SLA”) with U.S. Bank, N.A., the Funds’ custodian (the “Agent”). Under the terms of the SLA, the Funds may lend securities to certain broker–dealers and banks in exchange for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non–U.S. securities loaned, marked to market daily. The collateral can be received in the form of cash collateral and/or non–cash collateral. Non–cash collateral can include U.S. Government Securities and letters of credit. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC (“Mount Vernon”), as noted in the Funds’ Schedules of Investments. Mount Vernon seeks to maximize current income to the extent consistent with the preservation of capital and liquidity; and to maintain a stable NAV of $1.00. Mount Vernon has an overnight and continuous maturity. The market value of the loaned securities is determined daily at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds continue to benefit from interest or dividends on the securities loaned and may also earn a return from the collateral. The Funds pay various fees in connection with the investment of cash collateral. The Funds pay the Agent fees based on the investment income received from securities lending activities. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return them. In the event of a borrower’s material default, the Agent shall take all actions the Agent deems appropriate to liquidate the collateral, purchase replacement securities at the Agents’ expense, or pay the Funds an amount equal to the market value of the loaned securities, subject to certain limitations.

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

As of October 31, 2021, the values of the securities on loan, cash collateral received, and fees and interest were as follows:

	Value of Securities on Loan		Cash Collateral Received		Fees and Interest Earned
FFTY	$	71,139,234	$	85,779,500	$	922,917
BOUT		2,024,697		2,067,735		14,768
LOUP		13,451,583		13,381,090		78,814
EPRF		23,270,681		23,817,802		194,894
BUFF		4,550,790		4,654,050		31,923

Due to the absence of a master netting agreement related to the Funds’ participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.

7.	FEDERAL INCOME TAX INFORMATION

At October 31, 2021, the cost of investments and net unrealized appreciation/
(depreciation) for federal income tax purposes were as follows:

	FFTY			BOUT			LOUP			EPRF			BUFF

Cost of Portfolio	$	335,895,027		$	16,204,422		$	87,014,726		$	244,271,479		$	70,070,014
Gross Unrealized Appreciation	$	33,979,477		$	718,328		$	10,852,209		$	5,103,264		$	3,925,230
Gross Unrealized Depreciation		(9,499,114	)		(245,029	)		(6,040,222	)		(2,379,308	)		(899	)
Net Unrealized Appreciation/(Depreciation)	$	24,480,363		$	473,299		$	4,811,987		$	2,723,956		$	3,924,331

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

As of October 31, 2021, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

	FFTY			BOUT			LOUP			EPRF			BUFF

Accumulated Capital and Other Losses	$	(207,584,501	)	$	(7,682,053	)	$	(9,015,472	)	$	(3,111,057	)	$	(38,676,782	)
Distributions Payable		-			-			-			(782,000	)		-
Undistributed Net Ordinary Income		520,522			-			-			-			-
Unrealized Appreciation/(Depreciation) on Investments		24,480,363			473,299			4,811,987			2,723,956			3,924,331
Total Distributable Earnings/(Accumulated Deficit)	$	(182,583,616	)	$	(7,208,754	)	$	(4,203,485	)	$	(1,169,101	)	$	(34,752,451	)

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

Certain qualified late year ordinary losses incurred after December 31, and within the current taxable year, are deemed to arise on the first business day of the next taxable year.

At October 31, 2021, the Funds deferred the following qualified late year ordinary losses:

	FFTY		BOUT		LOUP		EPRF		BUFF

Late Year Ordinary Losses	$	-	$	4,526	$	264,618	$	-	$	84,133

At October 31, 2021, for federal income tax purposes, the Funds had capital loss carryforwards available to offset future capital gains for an unlimited period as indicated below:

	FFTY		BOUT		LOUP		EPRF		BUFF

Indefinite Short-Term	$	207,559,705	$	7,677,524	$	8,706,732	$	2,947,089	$	38,592,649
Indefinite Long-Term		-		-		43,658		163,968		-

To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders. During the current tax year ended October 31, 2021, BUFF utilized $31,705 of capital loss carryforwards available.

The tax character of the distributions paid by the Funds during the fiscal years ended October 31, 2021 and October 31, 2020 were as follows:

	EPRF				BUFF
	2021		2020		2021		2020
Distributions paid from:
Net Ordinary Income	$	9,442,181	$	2,310,148	$	-	$	2,311,942
Net Long-Term Capital Gains		-		-		-		-
Return of Capital		570,855		-		-		-
Total Distributions Paid	$	10,013,036	$	2,310,148	$	-	$	2,311,942

FFTY, BOUT, and LOUP did not pay any distributions during the fiscal years ended October 31, 2021 and October 31, 2020.

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

8. TRANSACTIONS WITH AFFILITATES

BUFF had the following transactions during the year ended October 31, 2021 with affiliated companies:

									Year Ended October 31, 2021
Security Name	Value as of November 1, 2020		Purchases		Sales		Value as of October 31, 2021		Share Balance		Dividend Income		Net Realized Gain (Loss) on Sale of Shares		Net Change in Unrealized Appreciation (Depreciation)
Innovator U.S. Equity Power Buffer ETF – January	$	2,357,456	$	5,186,040	$	2,303,304	$	5,754,186		173,895	$	-	$	122,121	$	391,873
Innovator U.S. Equity Power Buffer ETF – February		2,350,097		5,187,303		2,369,702		5,744,153		198,278		-		120,404	$	456,051
Innovator U.S. Equity Power Buffer ETF – March		2,363,506		5,164,573		2,301,765		5,769,279		184,322		-		98,347	$	444,618
Innovator U.S. Equity Power Buffer ETF – April		2,369,140		5,260,080		2,254,275		5,757,521		197,955		-		65,278	$	317,298
Innovator U.S. Equity Power Buffer ETF – May		2,357,790		5,274,268		2,274,419		5,777,812		191,033		-		79,471	$	340,702
Innovator U.S. Equity Power Buffer ETF – June		2,360,063		5,262,952		2,242,084		5,771,325		181,089		-		80,267	$	310,127
Innovator U.S. Equity Power Buffer ETF – July		2,352,088		5,245,001		2,226,532		5,783,854		189,759		-		86,590	$	326,707
Innovator U.S. Equity Power Buffer ETF – August		2,349,686		5,237,538		2,237,176		5,786,925		192,769		-		105,672	$	331,205
Innovator U.S. Equity Power Buffer ETF – September		2,346,649		5,248,167		2,347,065		5,780,273		192,933		-		127,762	$	404,760
Innovator U.S. Equity Power Buffer ETF – October		2,352,210		5,189,106		2,322,378		5,785,351		192,078		-		148,631	$	417,782
Innovator U.S. Equity Power Buffer ETF – November		2,395,584		5,296,596		2,341,608		5,745,976		187,992		-		160,573	$	234,831
Innovator U.S. Equity Power Buffer ETF – December		2,358,904		5,187,954		2,276,112		5,741,324		185,204		-		119,801	$	350,777

9. NEW ACCOUNTING PRONOUNCEMENTS

In October 2020, the SEC adopted new Rule 12d1-4 under the 1940 Act and other regulatory changes which are expected to be effective on or about January 19, 2022. Those changes are intended to streamline and enhance the regulatory framework for investments by one fund into another fund or ‘fund-of-funds arrangements.’ These regulatory changes may limit a Fund’s ability to pursue its principal investment strategies by investing in other investment companies or pooled investment vehicles or to invest in those investment companies or pooled investment vehicles it believes are most desirable. Management is currently assessing the potential impact of the new rule on the Funds’ financial statements.

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds will be required to comply with the rules by September 8, 2022. Management is currently assessing the potential impact of the new rules on the Funds’ financial statements.

10. COVID-19

The recent global outbreak of COVID-19 has disrupted economic markets and the prolonged economic impact is uncertain. The operational and financial performance of the issuers of securities in which the Funds invest depend on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn impact the value of the Funds’ investments.

11. REORGANIZATION

On October 14, 2021, the Innovator Laddered Fund of U.S. Equity Power Buffer ETFs (the “BUFF Acquiring Fund”) and Innovator S&P Investment Grade Preferred ETF (the “EPRF Acquiring Fund” and collectively with the BUFF Acquiring Fund, the “Acquiring Funds”) acquired all of the net assets of the Innovator Laddered Fund of U.S. Equity Power Buffer ETFs (the “BUFF Acquired Fund”) and Innovator S&P Investment Grade Preferred ETF (the “EPRF Acquired Fund” and collectively with the BUFF Acquired Fund, the “Acquired Funds”) each a series of Innovator ETFs Trust II (“Trust II”), respectively, pursuant to respective plans of reorganization approved by the Board of Trustees of both the Trust and Trust II on June 16, 2021. The purpose of the reorganizations was to move BUFF and EPRF from Trust II to the Trust to provide the Acquired Funds with the potential for enhanced operational efficiencies and reduced operational expenses. The Acquiring Funds are each a newly created series of the Trust as of October 14, 2021, designed to be the same in all material respects to the respective Acquired Fund from an investment perspective and established in connection with the reorganizations. The BUFF Acquired Fund and the BUFF Acquiring Fund and EPRF Acquired Fund and the EPRF Acquiring Fund, respectively, have the same investment strategies and objective, policies, fees, and risks; have the same investment adviser and sub-advisor which will each perform the same services; and have the same fiscal year end of October 31.

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The following table illustrates the specifics of the reorganization of each Acquired Fund into each Acquiring Fund, respectively:

	Acquired Fund Net Assets			Shares Issued to Shareholders of Acquired Fund		Acquiring Fund Net Assets		Combined Net Assets		Tax Status of Transfer

EPRF	$	226,689,539	(a)	$	9,400,000	$	-	$	226,689,539		Non-Taxable
BUFF		64,906,592	(b)		1,850,000		-		64,906,592		Non-Taxable

^(a)	Includes accumulated net investment income/(loss), accumulated realized gain/(loss) and unrealized appreciation/(depreciation) in the amounts of $(335,319), $(2,793,955) and $1,534,540, respectively.

^(b)	Includes accumulated net investment income/(loss), accumulated realized gain/(loss) and unrealized appreciation/(depreciation) in the amounts of $(89,656), $(37,302,149) and $3,023,451, respectively.

12. SUBSEQUENT EVENT

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

INNOVATOR ETFs TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of Innovator ETFs Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Innovator IBD® 50 ETF, Innovator IBD® Breakout Opportunities ETF, Innovator Loup Frontier Tech ETF, Innovator S&P Investment Grade Preferred ETF, and Innovator Laddered Fund of U.S. Equity Power Buffer ETFs (the “Funds”), each a series of Innovator ETFs Trust, as of October 31, 2021, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

Fund Name	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
Innovator IBD® 50 ETF	For the year ended October 31, 2021	For the years ended October 31, 2021 and 2020	For the years ended October 31, 2021, 2020, 2019, 2018 and for the period from December 1, 2016 through October 31, 2017
Innovator IBD® Breakout Opportunities ETF	For the year ended October 31, 2021	For the years ended October 31, 2021 and 2020	For the years ended October 31, 2021, 2020, and 2019 and for the period from September 12, 2018 (commencement of operations) through October 31, 2018

INNOVATOR ETFs TRUST

Innovator Loup Frontier Tech ETF	For the year ended October 31, 2021	For the years ended October 31, 2021 and 2020	For the years ended October 31, 2021, 2020, and 2019 and for the period from July 24, 2018 (commencement of operations) through October 31, 2018
Innovator S&P Investment Grade Preferred ETF	For the year ended October 31, 2021	For the years ended October 31, 2021 and 2020	For the years ended October 31, 2021 and 2020, the period April 1, 2019 through October 31, 2019, and for the year ended March 31, 2019
Innovator Laddered Fund of U.S. Equity Power Buffer ETFs	For the year ended October 31, 2021	For the years ended October 31, 2021 and 2020	For the years ended October 31, 2021 and 2020, the period October 1, 2019 through October 31, 2019 and for the years ended September 30, 2019 and 2018

The financial highlights of Innovator IBD® 50 ETF for the year ended November 30, 2016, and prior, were audited by other auditors whose report dated January 27, 2017, expressed an unqualified opinion on those financial statements and financial highlights. The financial highlights of Innovator S&P Investment Grade Preferred ETF for the periods ended March 31, 2018, and prior, were audited by other auditors whose report dated May 30, 2018, expressed an unqualified opinion on those financial highlights. The financial highlights of Innovator Laddered Fund of U.S. Equity Power Buffer ETFs for the period October 19, 2016 (commencement of operations) through September 30, 2017, were audited by other auditors whose report dated November 29, 2017, expressed an unqualified opinion on those financial highlights.

INNOVATOR ETFs TRUST

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of Innovator Capital Management, LLC’s investment companies since 2017.

COHEN & COMPANY, LTD.

Cleveland, Ohio

December 27, 2021

INNOVATOR ETFs TRUST

Trustees and Officers (Unaudited)

*Name, Address* *and Year of Birth*	*Position with* *the Trust*	*Length of* *Time* Served*	*Principal Occupation(s)* *During Past 5 Years*	*Number of* *Portfolios in Fund* *Complex^(a)* Overseen by Trustee or Officer**	*Other* *Directorships* *Held by Trustee* *or Officer in the Past Five Years*
*Independent Trustees*
Mark Berg 109 N. Hale Street Wheaton, IL 60187 Year of Birth: 1971	Trustee	Since 2017	Founding Principal (2001-present), Chief Executive Officer (2019-present), President (2001-2019), Timothy Financial Counsel, Inc.	80	Tortazo, LLC (2018-present)
Joe Stowell 109 N. Hale Street Wheaton, IL 60187 Year of Birth: 1968	Trustee	Since 2017	Chief Operating Officer, Woodmen Valley Chapel (2015–present).	80	Board of Advisors, Westmont College
Brian J. Wildman 109 N. Hale Street Wheaton, IL 60187 Year of Birth: 1963	Trustee	Since 2017	President, Timothy Financial Counsel, Inc. (2019–present); Executive Vice President, Consumer Banking (2016–2019), Chief Risk Officer (2013–2016), MB Financial Bank.	80	Missionary Furlough Homes, Inc. (since 2008); MB Financial Bank (2003– 2019).

INNOVATOR ETFs TRUST

Trustees and Officers (Unaudited) (Continued)

*Interested Trustee & Officer*
H. Bruce Bond ^(b) 109 N. Hale Street Wheaton, IL 60187 Year of Birth: 1963	Interested Trustee, President and Principal Executive Officer	Since 2017	Chief Executive Officer, Innovator Capital Management, LLC (2017–present).	80	None
*Officers*
John W. Southard 109 N. Hale Street Wheaton, IL 60187 Year of Birth: 1969	Vice President, Treasurer and Principal Financial Accounting Officer	Since 2017	Chief Investment Officer, Innovator Capital Management, LLC (2017–present); Director and Co–Founder, T2 Capital Management, LLC (2010–present).	80	Independent Trustee, ETF Managers Group, LLC (2012–2018)
Kevin Gustafson 109 N. Hale Street Wheaton, IL 60187 Year of Birth: 1965	Chief Compliance Officer and Anti–Money Laundering Officer	Since 2020	Chief Compliance Officer, Innovator Capital Management LLC (2019 - present); General Counsel, Innovator Capital Management LLC (2019 - present); Chief Compliance Officer, General Counsel and Chief Risk Officer, Americas, Eastspring Investments, Inc. (2012 - 2019).	80	None

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

^(a)	The Fund Complex includes the Funds, each series of Innovator ETFs Trust.
^(b)	H. Bruce Bond is deemed to be an interested person of the Trust (as defined in the 1940 Act) because of his affiliation with the Adviser.

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

INNOVATOR ETFs TRUST

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

BOARD CONSIDERATIONS REGARDING APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND INVESTMENT SUB-ADVISORY AGREEMENT FOR THE FOLLOWING INNOVATOR FUNDS:

Innovator IBD® 50 ETF

Innovator IBD® Breakout Opportunities ETF

Innovator Loup Frontier Tech ETF

Innovator S&P Investment Grade Preferred ETF

Innovator Laddered Fund of U.S. Equity Power Buffer ETFs

At a quarterly Board meeting held on June 16, 2021, the Trust’s Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the “Adviser”), on behalf of the Innovator IBD® 50 ETF, Innovator IBD® Breakout Opportunities ETF, Innovator Loup Frontier Tech ETF, Innovator S&P Investment Grade Preferred ETF and Innovator Laddered Fund of U.S. Equity Power Buffer ETFs (the “Funds”), and the Sub-Advisory Agreement among the Trust, on behalf of the Funds, the Adviser and Penserra Capital Management LLC (“Penserra” or the “Sub-Adviser”), for an additional year term. The Board determined that the agreements were in the best interests of the Funds in light of the extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the “1940 Act”), as well as under the general principles of state law in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisers with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the agreements, the Independent Trustees received a separate report from each of the Adviser and the Sub-Adviser in advance of the meeting responding to a request for information provided on behalf of the Independent Trustees that, among other things, outlined the services provided by the Adviser and the Sub-Adviser to the Funds (including the relevant personnel responsible for these services and their experience); the unitary fee rate or management fee rate payable by each Fund as compared to fees charged to peer groups of the Funds and as compared to fees charged to other clients of the Adviser and the Sub-Adviser, including other ETFs managed by the Adviser and the Sub-Adviser; the expenses of the Funds as compared to expense ratios of the funds in the respective Fund’s peer group; the nature of the expenses incurred in providing services to the Funds and the potential for economies of scale, if any; financial data on the Adviser and the Sub-Adviser; any fall-out benefits accruing to the Adviser or the Sub-Adviser; and information on the Adviser’s and the Sub-Adviser’s compliance programs. The Independent Trustees also met separately with their Independent Counsel to discuss the information provided by the Adviser and the Sub-Adviser. The Board applied its business judgment to determine whether the arrangements between the Trust and the Adviser and among the Trust, the Adviser and the Sub-Adviser are reasonable business arrangements from each Fund’s perspective as well as from the perspective of each Fund’s shareholders.

INNOVATOR ETFs TRUST

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited) (Continued)

In evaluating whether to approve the agreements, the Board applied its business judgment and considered the nature, extent and quality of the services provided by the Adviser and Penserra pursuant to the agreements. With respect to the investment management agreement, the Board considered that the Adviser is responsible for the overall management and administration of the Funds and reviewed all of the services provided by the Adviser to the Funds, including oversight of Penserra, as well as the background and experience of the persons responsible for such services. The Board noted that the Adviser oversees Penserra’s day-to-day management of each of the Fund’s investments, including portfolio risk monitoring and performance review. In reviewing the services provided, the Board noted the compliance program that had been developed by the Adviser included an adequate program for monitoring the Adviser’s, Penserra’s and each Fund’s compliance with the 1940 Act, as well as each Fund’s compliance with its investment objective and policies. With respect to the sub-advisory agreement, the Board reviewed the materials provided by Penserra and noted the background and experience of Penserra’s portfolio management team and Penserra’s investment style. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Funds by the Adviser and Penserra under the agreements were satisfactory.

The Board considered the historical investment performance of each of the Funds for the respective one, three and five-year periods ended March 31, 2021 including NAV, market and respective index returns.

The Board reviewed the annual tracking error (NAV return to index return) for each of the applicable Funds that track an index.

The Adviser noted that index tracking error may be most impacted by index methodologies which rebalance frequently, and many indexes rebalance their constituents annually or quarterly, whereas, notably, FFTY rebalances weekly. The Adviser further explained that more frequent rebalancing activity may generally result in greater tracking error of the ETF to an index, as portfolio turnover may take greater time for managing execution and price sensitivity. It was further noted that frequent rebalances also increase trading costs, including in connection with custom baskets, and cash drag may be amplified as compared to the index performance.

INNOVATOR ETFs TRUST

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited) (Continued)

The Adviser explained that these factors which may contribute to higher tracking error may also apply to LOUP, which includes international holdings for its technology exposure. The Adviser noted that in those instances where selecting an ADR over direct listed exposures from harder-to-access markets may demonstrate divergence in performance, and as an optimized portfolio LOUP may also be more sensitive to diverge from the underlying index when excluding one position in favor of another. In addition, it was noted that ETFs which hold preferred securities, such as EPRF, tend to have slightly larger tracking error.

The Board considered the unitary fee rate or management fee rate, as applicable, paid by each Fund under the investment management agreement for the services provided.

The Board noted that except for the Innovator IBD 50® ETF, the Adviser is responsible for the Funds’ expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees (if any), but excluding the fee payment under the investment management agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, and extraordinary expenses. The Board received and reviewed information for the Funds showing the advisory fee rates and expense ratios of the funds comprising of each Fund’s peer group, as well as advisory fee rates charged by the Adviser and Penserra to other funds (including ETFs) and non-fund clients, as applicable.

In light of the information considered and the nature, extent and quality of the services provided to the Funds under the agreements, the Board determined that the unitary fee or management fee for each of the Funds, including the fee rate to be paid by the Adviser to Penserra from the unitary fee or management fee, was fair.

The Board noted that the respective unitary fee or management fee for each of the Funds were structured to pass the benefits of any economies of scale on to shareholders as the respective Fund’s assets grow. The Board noted that any reduction in fixed costs associated with the management of the respective Fund would benefit the Adviser and Penserra, but that the unitary fee and management fee structure provides a level of certainty in expenses for each of the Funds. The Board noted that the Adviser is continuing to invest in personnel and infrastructure for the Innovator fund complex.

The Board reviewed profitability information in connection with the Funds.

The Board considered potential “fall-out” or ancillary benefits anticipated to be received by the Adviser and Penserra. The Board concluded that the character and amount of potential fall-out benefits to the Adviser and Penserra were consistent with the types of benefits generally derived by investment managers and sub-advisers to funds.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the agreements are fair and that the approval of the agreements is in the best interests of the Funds. No single factor was determinative in the Board’s analysis.

INNOVATOR ETFs TRUST

Additional Information (Unaudited)

1. INFORMATION ABOUT PROSPECTUS

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus. Investors should consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. The prospectus contains this and other information relevant to an investment in the respective Fund. Please read the Prospectus carefully before investing. A copy of the Prospectus may be obtained without charge by writing to the Trust’s Distributor, or by calling toll free at 1–800–208–5212 or visiting www.innovatoretfs.com.

2. PROXY VOTING POLICIES AND PROCEDURES

The Trust’s Proxy Voting Policies and Procedures are available without charge, upon request, by calling 1–877–386–3890 and on the SEC’s website at www.sec.gov. Information relating to how each Fund voted proxies relating to portfolio securities held during each year ended June 30 is also available on the SEC’S website at www.sec.gov.

3. INFORMATION ABOUT PORTFOLIO SECURITIES

Each Funds’ complete schedule of portfolio holdings for the first and third quarters is filed with the SEC on Form N–Q or Part F of Form N–PORT (beginning with filings after March 31, 2020). The Trust’s Form N–Q or Part F of Form
N–PORT is available without charge, upon request, by calling 1–877–386–3890, or on the SEC’s website at www.sec.gov. The Trust’s Form N–Q or Part F of Form N–PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1–800–SEC–0330.

4. HOUSEHOLD DELIVERY OF SHAREHOLDER DOCUMENTS

In order to reduce expenses, the Trust delivers one copy of an annual/semi–annual report, prospectus and/or proxy statement on behalf of two or more shareholders at a shared address (householding). If you do not wish to participate in householding, please indicate this preference on your new account application (if you are opening a new account) or call 1–877–FUND890 (877–386–3890) to change the status of your existing account. You may change your status at any time.

INNOVATOR ETFs TRUST

Additional Information (Unaudited) (Continued)

5. ELECTRONIC DELIVERY OF SHAREHOLDER DOCUMENTS

You may choose to receive a Fund’s prospectus and annual and semi–annual reports electronically. To sign up for electronic delivery, visit www.icsdelivery.com and select the first letter of your brokerage firm’s name. Then, select your brokerage institution from the list that follows, fill out the appropriate information and provide an e–mail address where you would like your information sent. If your brokerage firm is not listed, electronic delivery may not be available. Please contact your brokerage firm or financial adviser.

6. TAX NOTICE

For the fiscal year ended October 31, 2021, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The following table lists the percentages of dividend income distributed for the year ended October 31, 2021, that were designated as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003 and qualify for the corporate dividends received deduction, respectively:

	% of Dividend Income Distributed
Fund	Qualified Dividend Income			Corporate Dividends Received Deduction
FFTY		0.00	%		0.00	%
BOUT		0.00			0.00
LOUP		0.00			0.00
EPRF		71.98			66.25
BUFF		0.00			0.00

For the taxable year ended October 31, 2021, the Funds didn’t pay any ordinary income distributions that were designated as short–term capital gain distributions under Internal Revenue Section 871(k)2(c).

7. LIQUIDITY RISK MANAGEMENT PROGRAM

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

INNOVATOR ETFs TRUST

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

At a meeting of the Board held on September 27, 2021, the Trustees received a written report from the Committee regarding the design and operational effectiveness of the Program which has been in operation since September 2019. The Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage the Funds’ liquidity risk and has operated adequately and effectively to manage the Funds’ liquidity risk since implementation. The Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Committee also noted no Fund has filed a Form N-LIQUID with the SEC.

The Committee noted that certain of the Funds continue to qualify as “in-kind” ETFs under Rule 22e-4 and, as such, are exempt from the requirement to set a highly liquid investment minimum. The Committee noted that the remaining funds are invested in highly liquid securities and, accordingly, continue to be exempt from the requirement to determine a “highly liquid investment minimum” as defined in the Rule. Because of that continued qualification for the exemption, the Funds have not adopted any “highly liquid investment” minimum amounts. The Committee further noted that no material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Funds’ prospectus for more information regarding each Fund’s exposure to liquidity risk and other principal risks to which an investment in a Fund may be subject.

INVESTMENT ADVISOR

Innovator Capital Management, LLC

109 North Hale Street

Wheaton, IL 60187

INVESTMENT SUB–ADVISOR

Penserra Capital Management LLC

140 Broadway, 26th Floor

New York, NY 10005

ADMINISTRATOR, FUND ACCOUNTANT & TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

DISTRIBUTOR

Foreside Fund Services, LLC

Three Canal Plaza

Portland, ME 04101

CUSTODIAN

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

LEGAL COUNSEL

Chapman and Cutler LLP

111 West Monroe Street

Chicago, IL 60603

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

1350 Euclid Ave., Suite 800

Cleveland, OH 44115