ex_610048.htm

TABLE OF CONTENTS

Letter to Shareholders	3
Fund Performance	5
Expense Example	101
Schedules of Investments	104
Statements of Assets and Liabilities	190
Statements of Operations	212
Statements of Changes in Net Assets	234
Financial Highlights	256
Notes to Financial Statements	278
Report of Independent Registered Public Accounting Firm	310
Trustees and Officers	316
Board Considerations Regarding Approval of Investment Management	318
Additional Information	325

Letter to Shareholders (Unaudited)

Dear Valued Shareholders,

The 12-month period ending October 31, 2023 played out differently than many had anticipated. The S&P 500 climbed nearly 20% during the first nine months, only to fall 11% during the last three months. The recession that many expected to come never manifested, but signs of its approach began to take form.

In its fight against inflation, the Federal Reserve continued the tightening cycle it had begun earlier in 2022. In addition to increasing the Fed Funds rate 2.25 percentage points, it also reduced the size of its balance sheet by more than $800 billion over the period. These efforts appeared to pay off, as inflation fell from 7.7% at the start of the period to 3.2% by the end of it. Whether or not the Fed will be able to get inflation back down to its 2% target without also triggering a recession remains to be seen.

Equity market volatility trended lower over the period as investors grew increasingly confident that the Fed was moving closer to the end of its hawkish posture. Over the period, five stocks accounted for more than 75% of the S&P 500’s 10.1% return, hinting at the risks of such a broad index being dominated by so few constituents.

In the face of equity market uncertainty and bond market volatility, investors continued to look for ways to maintain exposure to the market’s upside potential while also seeking to mitigate downside risk. During the period, Innovator brought 20 new ETFs to market, including the first Defined Income and Defined Protection ETFs. Strong inflows contributed to a 60% increase in our assets under management. In August, we marked the five-year anniversary of the launch of the world’s first Defined Outcome ETFs. Today, with close to 100 Defined Outcome ETFs, we offer the industry’s largest and widest ranging lineup and we have no intention of slowing down.

On behalf of the team at Innovator, thank you for the confidence and trust you’ve place in us and our products over the past year. We are eager to continue working with you in the months ahead and wish you all the best in the coming year.

Bruce Bond,

CEO

Letter to Shareholders (Unaudited) (Continued)

Market data sourced from Bloomberg LP

The views in this report were those of the Fund’s CEO as of October 31, 2023 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.

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

Investing involves risks. Loss of principal is possible.

The Funds' investment objectives, risks, charges and expenses should be considered carefully before investing. The prospectus and summary 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.

Fund Performance Overview (Unaudited)

The performance overview below applies to the following funds:

●

Innovator Emerging Markets Power Buffer ETF – January

●

Innovator Emerging Markets Power Buffer ETF – April

●

Innovator Emerging Markets Power Buffer ETF – July

●

Innovator Emerging Markets Power Buffer ETF – October

The Fund seeks to match the price returns of the iShares MSCI Emerging Markets ETF (EEM) up to a stated upside Cap, while limiting downside losses to EEM by the amount of its stated Buffer over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the MSCI Emerging Markets Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Funds to soften market losses during the reporting periods and outperform the MSCI Emerging Markets Index. Alternatively, in markets where the MSCI Emerging Markets Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting periods by virtue of the Fund’s Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than EEM.

The year ending October 31^st, 2023 saw moderate growth from the MSCI Emerging Markets Index, driven by strong performance through Q4 2022 and January 2023 as EM economies benefited from the prospect of deglobalization. However, rising interest rates in the US throughout 2023 delivered a shock to EM debt, increasing borrowing costs and presenting a headwind to economic growth.

The Funds’ website, www.innovatoretfs.com, provides important information relating to each Fund, including potential Outcomes of an investment in the Fund. One cannot invest directly in an index. Past performance does not guarantee future results.

Fund Performance Overview (Unaudited) (Continued)

The performance overview below applies to the following funds:

●

Innovator International Developed Power Buffer ETF – January

●

Innovator International Developed Power Buffer ETF – April

●

Innovator International Developed Power Buffer ETF – July

●

Innovator International Developed Power Buffer ETF – September

●

Innovator International Developed Power Buffer ETF – October

The Fund seeks to match the price returns of the iShares MSCI EAFE ETF (EFA) up to a stated upside Cap, while limiting downside losses to EFA by the amount of its stated Buffer over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the MSCI EAFE Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Funds to soften market losses during the reporting periods and outperform the MSCI EAFE Index. Alternatively, in markets where the MSCI EAFE Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting periods by virtue of the Fund’s Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than EFA.

The MSCI EAFE Index delivered strong performance over the year ending October 31^st, 2023. Performance was especially strong over the first three quarters, driven in part by a weaker U.S. dollar. As borrowing costs rose and expectations shifted toward higher for longer interest rates in Q3 2023, international developed economies posted losses as investors repositioned for potential macroeconomic headwinds.

Fund Performance Overview (Unaudited) (Continued)

The performance overview below applies to the following funds:

●

Innovator 20+ Year Treasury Bond 9 Buffer ETF – July

The Fund seeks to match the price returns of the iShares 20+ Year U.S. Treasury ETF (TLT) up to a stated upside Cap, while limiting downside losses to TLT by the amount of its stated Buffer over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the I.C.E US Treasury 20+ Year Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Funds to soften market losses during the reporting periods and outperform the I.C.E US Treasury 20+ Year Index. Alternatively, in markets where the I.C.E US Treasury 20+ Year Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting periods by virtue of the Fund’s Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than TLT.

The year ending October 31^st, 2023 was difficult for 20+ Year Treasuries given the restrictive macroeconomic environment. Longer dated fixed income instruments carry the most interest rate risk – and as the Fed continued to hike rates, 20+ Year Treasuries posted further price losses.

Fund Performance Overview (Unaudited) (Continued)

The performance overview below applies to the following funds:

●

Innovator 20+ Year Treasury Bond 5 Floor ETF – Quarterly

The Fund seeks to match the price returns of the iShares 20+ Year U.S. Treasury ETF (TLT) up to a stated upside Cap, while limiting downside losses to TLT by the amount of its stated Floor over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the I.C.E US Treasury 20+ Year Index is down, the risk mitigation attributes of the stated Floor provide an opportunity for the Funds to soften market losses during the reporting periods and outperform the I.C.E US Treasury 20+ Year Index. Alternatively, in markets where the I.C.E US Treasury 20+ Year Index is appreciating, the risk mitigation attributes of the Floor may limit the upside performance over the reporting periods by virtue of the Fund’s Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Floor will also cause the Fund to experience different returns than TLT.

The year ending October 31^st, 2023 was difficult for 20+ Year Treasuries given the restrictive macroeconomic environment. Longer dated fixed income instruments carry the most interest rate risk – and as the Fed continued to hike rates, 20+ Year Treasuries posted further price losses.

Fund Performance Overview (Unaudited) (Continued)

The performance overview below applies to the following funds:

●

Innovator Defined Wealth Shield ETF

●

Innovator Equity Defined Protection ETF – 2 Yr to July 2025

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated upside Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

The S&P 500 Index delivered strong positive returns over the year ending October 31st, 2023 -- largely driven by the performance of the "Magnificent 7" stocks as well as expectations of more accommodative monetary policy in the near future.

Fund Performance Overview (Unaudited) (Continued)

The performance overview below applies to the following funds:

●

Innovator Double Stacker ETF – January

●

Innovator Triple Stacker ETF – January

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY), plus any positive returns of one or two additional benchmark ETFs, up to a stated upside Cap, over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the Fund will generally provide similar losses to the S&P 500 Index plus any benchmark ETF gains at the end of the Outcome Period, subject to the Cap. Alternatively, in markets where the S&P 500 Index or the benchmark ETFs are appreciating, the Fund seeks to provide returns of SPY plus benchmark ETF gains, limited by the Fund’s Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY and the benchmark ETFs.

Fund Performance Overview (Unaudited) (Continued)

The performance overview below applies to the following fund:

●

Innovator Double Stacker 9 Buffer ETF – January

The Fund seeks to match the price returns of the SPDR S&P 500 ETF Trust (SPY), plus any positive returns of one or two additional benchmark ETFs, up to a stated upside Cap while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Funds to soften market losses during the reporting periods and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index or the benchmark ETFs are appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting periods by virtue of the Fund’s Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY and the benchmark ETFs.

The S&P 500 Index delivered strong positive returns over the year ending October 31st, 2023 -- largely driven by the performance of the "Magnificent 7" stocks as well as expectations of more accommodative monetary policy in the near future.

Fund Performance Overview (Unaudited) (Continued)

The performance overview below applies to the following funds:

●

Innovator Growth-100 Power Buffer ETF – January

●

Innovator Growth-100 Power Buffer ETF – April

●

Innovator Growth-100 Power Buffer ETF – July

●

Innovator Growth-100 Power Buffer ETF – October

The Fund seeks to match the price returns of the Invesco QQQ Trust (QQQ) up to a stated upside Cap, while limiting downside losses to QQQ by the amount of its stated Buffer over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the Nasdaq-100 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Funds to soften market losses during the reporting periods and outperform the Nasdaq-100 Index. Alternatively, in markets where the Nasdaq-100 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting periods by virtue of the Fund’s Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than QQQ.

The Nasdaq-100 Index posted strong positive performance over the year ending October 31st, 2023 as the technology industry continued to deliver strong earnings despite higher interest rates. With the Fed reaching the end of its hiking cycle, investor excitement about more accommodative monetary policy in the future delivered further tailwinds to the index which is highly concentrated in Magnificent 7 companies.

Fund Performance Overview (Unaudited) (Continued)

The performance overview below applies to the following funds:

●

Innovator U.S. Small Cap Power Buffer ETF – January

●

Innovator U.S. Small Cap Power Buffer ETF – April

●

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

●

Innovator U.S. Small Cap Power Buffer ETF – October

The Fund seeks to match the price returns of the iShares Russell 2000 ETF (IWM) up to a stated upside Cap, while limiting downside losses to IWM by the amount of its stated Buffer over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the Russell 2000 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Funds to soften market losses during the reporting periods and outperform the Russell 2000 Index. Alternatively, in markets where the Russell 2000 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside performance over the reporting periods by virtue of the Fund’s Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than IWM.

The Russell 2000 Index posted sluggish growth over the year ending October 31^st, 2023. Small cap companies, which tend to be more vulnerable to monetary policy actions, delivered mixed results as companies digested the costs of higher interest rates.

Fund Performance Overview (Unaudited) (Continued)

The performance overview below applies to the following funds:

●

Innovator U.S. Equity Accelerated ETF – January

●

Innovator U.S. Equity Accelerated ETF – April

●

Innovator U.S. Equity Accelerated ETF – July

●

Innovator U.S. Equity Accelerated ETF – October

●

Innovator U.S. Equity Accelerated Plus ETF – January

●

Innovator U.S. Equity Accelerated Plus ETF – April

●

Innovator U.S. Equity Accelerated Plus ETF – July

●

Innovator U.S. Equity Accelerated Plus ETF – October

●

Innovator U.S. Equity Accelerated ETF – Quarterly

The Funds seek to provide accelerated returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated Cap over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the Fund will generally provide similar losses to the S&P 500 Index at the end of the Outcome Period. Alternatively, in markets where the S&P 500 Index is appreciating, the Funds seek to provide accelerated returns of SPY, limited by the Fund’s Cap, which limits the amount of potential accelerated Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap may also cause the Fund to experience different returns than SPY.

The S&P 500 index delivered strong positive returns over the year ending October 31st, 2023 -- largely driven by the performance of the "Magnificent 7" stocks as well as expectations of more accommodative monetary policy in the near future.

Fund Performance Overview (Unaudited) (Continued)

The performance overview below applies to the following funds:

●

Innovator U.S. Equity Accelerated 9 Buffer ETF – January

●

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

●

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

●

Innovator U.S. Equity Accelerated 9 Buffer ETF – October

The Funds seek to provide accelerated returns of the SPDR S&P 500 ETF Trust (SPY) up to a stated Cap, while limiting downside losses to SPY by the amount of its stated Buffer over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the S&P 500 Index is down, the risk mitigation attributes of the stated Buffer provide an opportunity for the Funds to soften market losses during the reporting periods and outperform the S&P 500 Index. Alternatively, in markets where the S&P 500 Index is appreciating, the risk mitigation attributes of the Buffer may limit the upside accelerated performance over the reporting periods by virtue of the Fund’s Cap, which limits the amount of potential Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap and the Buffer will also cause the Fund to experience different returns than SPY.

Fund Performance Overview (Unaudited) (Continued)

The performance overview below applies to the following funds:

●

Innovator Growth Accelerated Plus ETF – January

●

Innovator Growth Accelerated Plus ETF – April

●

Innovator Growth Accelerated Plus ETF – July

●

Innovator Growth Accelerated Plus ETF – October

●

Innovator Growth Accelerated ETF – Quarterly

The Funds seek to provide accelerated returns of the Invesco QQQ Trust (QQQ) up to a stated Cap over the course of the Outcome Period. Because the periods contemplated herein do not align with the Outcome Period of the Funds, the Funds’ performance stated over the periods covered by this report does not reflect the implementation of the Funds’ investment strategy for the full Outcome Period.

In markets where the Nasdaq-100 Index is down, the Fund will generally provide similar losses to the Nasdaq-100 Index at the end of the Outcome Period. Alternatively, in markets where the Nasdaq-100 Index is appreciating, the Funds seek to provide accelerated returns of QQQ, limited by the Fund’s Cap, which limits the amount of potential accelerated Fund gains and represents the absolute maximum return that the Fund can achieve for its Outcome Period. The effect of the Cap may also cause the Fund to experience different returns than QQQ.

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - JANUARY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Emerging Markets Power Buffer ETF - January from its inception (December 31, 2019) to October 31, 2023 as compared with the MSCI Emerging Markets Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator Emerging Markets Power Buffer ETF - January
NAV Return		9.50	%		-0.43	%		0.11	%
Market Return		9.49	%		-0.41	%		0.08	%
MSCI Emerging Markets Index - Price Return		7.90	%		-6.05	%		-5.01	%
MSCI Emerging Markets Index - Total Return		10.80	%		-3.67	%		-2.66	%

^(a) Inception date is December 31, 2019.

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

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - JANUARY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - APRIL

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Emerging Markets Power Buffer ETF - April from its inception (March 31, 2021) to October 31, 2023 as compared with the MSCI Emerging Markets Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator Emerging Markets Power Buffer ETF - April
NAV Return		9.84	%		-2.09	%
Market Return		10.32	%		-2.04	%
MSCI Emerging Markets Index - Price Return		7.90	%		-13.11	%
MSCI Emerging Markets Index - Total Return		10.80	%		-10.75	%

^(a) Inception date is March 31, 2021.

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

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - APRIL

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - JULY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Emerging Markets Power Buffer ETF - July from its inception (June 28, 2019) to October 31, 2023 as compared with the MSCI Emerging Markets Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator Emerging Markets Power Buffer ETF - July
NAV Return		4.12	%		-4.79	%		-2.91	%
Market Return		4.11	%		-4.66	%		-2.93	%
MSCI Emerging Markets Index - Price Return		7.90	%		-6.05	%		-3.22	%
MSCI Emerging Markets Index - Total Return		10.80	%		-3.67	%		-0.80	%

^(a)Inception date is June 28, 2019.

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - JULY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - OCTOBER

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Emerging Markets Power Buffer ETF - October from its inception (September 30, 2021) to October 31, 2023 as compared with the MSCI Emerging Markets Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator Emerging Markets Power Buffer ETF - October
NAV Return		7.24	%		-5.96	%
Market Return		7.29	%		-5.79	%
MSCI Emerging Markets Index - Price Return		7.90	%		-13.99	%
MSCI Emerging Markets Index - Total Return		10.80	%		-11.69	%

^(a) Inception date is September 30, 2021.

INNOVATOR EMERGING MARKETS POWER BUFFER ETF - OCTOBER

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator International Developed Power Buffer ETF - January from its inception (December 31, 2019) to October 31, 2023 as compared with the MSCI EAFE Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator International Developed Power Buffer ETF - January
NAV Return		12.54	%		4.42	%		2.76	%
Market Return		12.28	%		4.66	%		2.74	%
MSCI EAFE Index - Price Return		11.31	%		3.05	%		-1.16	%
MSCI EAFE Index - Total Return		14.40	%		5.73	%		1.39	%

^(a) Inception date is December 31, 2019.

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - APRIL

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator International Developed Power Buffer ETF - April from its inception (March 31, 2021) to October 31, 2023 as compared with the MSCI EAFE Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator International Developed Power Buffer ETF - April
NAV Return		6.10	%		-1.68	%
Market Return		5.78	%		-1.72	%
MSCI EAFE Index - Price Return		11.31	%		-4.74	%
MSCI EAFE Index - Total Return		14.40	%		-2.16	%

^(a) Inception date is March 31, 2021.

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - APRIL

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JULY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator International Developed Power Buffer ETF - July from its inception (June 28, 2019) to October 31, 2023 as compared with the MSCI EAFE Index – Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator International Developed Power Buffer ETF - July
NAV Return		13.47	%		3.30	%		2.18	%
Market Return		13.50	%		3.49	%		2.18	%
MSCI EAFE Index - Price Return		11.31	%		3.05	%		0.31	%
MSCI EAFE Index - Total Return		14.40	%		5.73	%		2.82	%

^(a) Inception date is June 28, 2019.

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JULY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - SEPTEMBER

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the International Developed Power Buffer ETF – September from its inception (August 31, 2023) to October 31, 2023 as compared with the MSCI EAFE Index – Price Return and Total Return.

	Total Returns as of October 31, 2023
	Since Inception ^(a)
Innovator International Developed Power Buffer ETF - September
NAV Return		-3.76	%
Market Return		-3.74	%
MSCI EAFE Index - Price Return		-7.64	%
MSCI EAFE Index - Total Return		-7.33	%

^(a) Inception date is August 31, 2023.

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - SEPTEMBER

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

The 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/ISEP.

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - OCTOBER

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator International Developed Power Buffer ETF - October from its inception (September 30, 2021) to October 31, 2023 as compared with the MSCI EAFE Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator International Developed Power Buffer ETF - October
NAV Return		16.07	%		1.52	%
Market Return		15.57	%		1.41	%
MSCI EAFE Index - Price Return		11.31	%		-7.30	%
MSCI EAFE Index - Total Return		14.40	%		-4.80	%

^(a) Inception date is September 30, 2021.

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

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - OCTOBER

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR 20+ YEAR TREASURY BOND 9 BUFFER ETF – JULY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator 20+ Year Treasury Bond 9 Buffer ETF - July from its inception (August 17, 2020) to October 31, 2023 as compared with the ICE U.S. Treasury 20+ Year Index - Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator 20+ Year Treasury Bond 9 Buffer ETF - July
NAV Return		-4.64	%		-9.88	%		-9.90	%
Market Return		-4.41	%		-9.98	%		-9.96	%
ICE U.S. Treasury 20+ Year Index - Total Return		-9.93	%		-17.34	%		-17.15	%

^(a) Inception date is August 17, 2020.

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

INNOVATOR 20+ YEAR TREASURY BOND 9 BUFFER ETF – JULY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR 20+ YEAR TREASURY BOND 5 FLOOR ETF – QUARTERLY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly from its inception (August 17, 2020) to October 31, 2023 as compared with the ICE U.S. Treasury 20+ Year Index - Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly
NAV Return		-6.01	%		-8.59	%		-8.58	%
Market Return		-5.32	%		-8.52	%		-8.48	%
ICE U.S. Treasury 20+ Year Index - Total Return		-9.93	%		-17.34	%		-17.15	%

^(a) Inception date is August 17, 2020.

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

INNOVATOR 20+ YEAR TREASURY BOND 5 FLOOR ETF – QUARTERLY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR DEFINED WEALTH SHIELD ETF

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Defined Wealth Shield ETF from its inception (June 30, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator Defined Wealth Shield ETF
NAV Return		6.17	%		3.41	%
Market Return		6.23	%		3.40	%
S&P 500® Index - Price Return		8.31	%		-1.04	%
S&P 500® Index - Total Return		10.14	%		0.52	%

^(a) Inception date is June 30, 2021.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. As of the latest prospectus, the net expense ratio of the Fund was 0.69%. For the most recent performance, please visit the Fund’s website at innovatoretfs.com.

INNOVATOR DEFINED WEALTH SHIELD ETF

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR DOUBLE STACKER ETF – JANUARY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Double Stacker ETF - January from its inception (December 31, 2020) to October 31, 2023 as compared with the S&P 500® Index - Total Return, S&P 500® Index - Price Return and NASDAQ-100 Index - Price Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator Double Stacker ETF - January
NAV Return		17.88	%		4.20	%
Market Return		17.86	%		4.19	%
NASDAQ-100 Index - Price Return		26.34	%		4.02	%
S&P 500® Index - Price Return		8.31	%		3.97	%
S&P 500® Index - Total Return		10.14	%		5.59	%

^(a) Inception date is December 31, 2020.

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

INNOVATOR DOUBLE STACKER ETF – JANUARY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR TRIPLE STACKER ETF – JANUARY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Triple Stacker ETF - January from its inception (December 31, 2020) to October 31, 2023 as compared with the S&P 500® Index - Total Return, S&P 500® Index - Price Return, NASDAQ-100 Index - Price Return and Russell 2000 Index - Price Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator Triple Stacker ETF - January
NAV Return		11.60	%		1.80	%
Market Return		11.50	%		1.79	%
NASDAQ-100 Index - Price Return		26.34	%		4.02	%
Russell 2000 Index - Price Return		-9.99	%		-5.90	%
S&P 500® Index - Price Return		8.31	%		3.97	%
S&P 500® Index - Total Return		10.14	%		5.59	%

^(a) Inception date is December 31, 2020.

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

INNOVATOR TRIPLE STACKER ETF – JANUARY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR DOUBLE STACKER 9 BUFFER ETF – JANUARY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Double Stacker 9 Buffer ETF - January from its inception (December 31, 2020) to October 31, 2023 as compared with the S&P 500® Index - Total Return, S&P 500® Index - Price Return and NASDAQ-100 Index - Price Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator Double Stacker 9 Buffer ETF - January
NAV Return		13.83	%		4.36	%
Market Return		13.74	%		4.28	%
NASDAQ-100 Index - Price Return		26.34	%		4.02	%
S&P 500® Index - Price Return		8.31	%		3.97	%
S&P 500® Index - Total Return		10.14	%		5.59	%

^(a) Inception date is December 31, 2020.

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

INNOVATOR DOUBLE STACKER 9 BUFFER ETF – JANUARY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR GROWTH-100 POWER BUFFER ETF – JANUARY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth-100 Power Buffer ETF - January from its inception (December 31, 2019) to October 31, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator Growth-100 Power Buffer ETF - January
NAV Return		14.79	%		2.96	%		4.17	%
Market Return		14.83	%		3.00	%		4.15	%
NASDAQ-100 Index - Price Return		26.34	%		9.24	%		13.95	%
NASDAQ-100 Index - Total Return		27.45	%		10.12	%		14.88	%

^(a) Inception date is December 31, 2019.

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

INNOVATOR GROWTH-100 POWER BUFFER ETF – JANUARY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR GROWTH-100 POWER BUFFER ETF – APRIL

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth-100 Power Buffer ETF - April from its inception (March 31, 2020) to October 31, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator Growth-100 Power Buffer ETF - April
NAV Return		20.33	%		6.10	%		8.37	%
Market Return		20.81	%		6.12	%		8.34	%
NASDAQ-100 Index - Price Return		26.34	%		9.24	%		18.61	%
NASDAQ-100 Index - Total Return		27.45	%		10.12	%		19.56	%

^(a) Inception date is March 31, 2020.

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

INNOVATOR GROWTH-100 POWER BUFFER ETF – APRIL

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR GROWTH-100 POWER BUFFER ETF – JULY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth-100 Power Buffer ETF - July from its inception (June 30, 2020) to October 31, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator Growth-100 Power Buffer ETF - July
NAV Return		16.77	%		5.98	%		6.58	%
Market Return		16.87	%		6.23	%		6.66	%
NASDAQ-100 Index - Price Return		26.34	%		9.24	%		11.05	%
NASDAQ-100 Index - Total Return		27.45	%		10.12	%		11.92	%

^(a) Inception date is June 30, 2020.

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

INNOVATOR GROWTH-100 POWER BUFFER ETF – JULY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR GROWTH-100 POWER BUFFER ETF – OCTOBER

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth-100 Power Buffer ETF - October from its inception (September 30, 2019) to October 31, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator Growth-100 Power Buffer ETF - October
NAV Return		19.41	%		7.91	%		8.07	%
Market Return		19.30	%		8.18	%		8.13	%
NASDAQ-100 Index - Price Return		26.34	%		9.24	%		16.40	%
NASDAQ-100 Index - Total Return		27.45	%		10.12	%		17.36	%

^(a) Inception date is September 30, 2019.

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

INNOVATOR GROWTH-100 POWER BUFFER ETF – OCTOBER

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF – JANUARY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Small Cap Power Buffer ETF - January from its inception (December 31, 2019) to October 31, 2023 as compared with the Russell 2000 Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Small Cap Power Buffer ETF - January
NAV Return		-2.28	%		4.17	%		2.72	%
Market Return		-2.40	%		4.22	%		2.69	%
Russell 2000 Index - Price Return		-9.99	%		2.61	%		-0.10	%
Russell 2000 Index - Total Return		-8.56	%		3.95	%		1.21	%

^(a) Inception date is December 31, 2019.

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

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF – JANUARY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF – APRIL

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Small Cap Power Buffer ETF - April from its inception (March 31, 2020) to October 31, 2023 as compared with the Russell 2000 Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Small Cap Power Buffer ETF - April
NAV Return		0.93	%		-0.31	%		3.14	%
Market Return		0.85	%		-0.32	%		3.14	%
Russell 2000 Index - Price Return		-9.99	%		2.61	%		10.74	%
Russell 2000 Index - Total Return		-8.56	%		3.95	%		12.16	%

^(a) Inception date is March 31, 2020.

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

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF – APRIL

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF – JULY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Small Cap Power Buffer ETF - July from its inception (June 30, 2020) to October 31, 2023 as compared with the Russell 2000 Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Small Cap Power Buffer ETF - July
NAV Return		-1.45	%		0.29	%		1.35	%
Market Return		-1.47	%		0.20	%		1.30	%
Russell 2000 Index - Price Return		-9.99	%		2.61	%		4.37	%
Russell 2000 Index - Total Return		-8.56	%		3.95	%		5.70	%

^(a) Inception date is June 30, 2020.

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

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF – JULY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF – OCTOBER

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Small Cap Power Buffer ETF - October from its inception (September 30, 2019) to October 31, 2023 as compared with the Russell 2000 Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Three Years			Since Inception ^(a)
Innovator U.S. Small Cap Power Buffer ETF - October
NAV Return		-2.77	%		0.80	%		0.48	%
Market Return		-2.74	%		0.79	%		0.52	%
Russell 2000 Index - Price Return		-9.99	%		2.61	%		2.16	%
Russell 2000 Index - Total Return		-8.56	%		3.95	%		3.51	%

^(a) Inception date is September 30, 2019.

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

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF – OCTOBER

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ACCELERATED ETF - JANUARY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated ETF - January from its inception (December 31, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated ETF - January
NAV Return		14.97	%		-4.20	%
Market Return		14.98	%		-4.23	%
S&P 500® Index - Price Return		8.31	%		-6.74	%
S&P 500® Index - Total Return		10.14	%		-5.22	%

^(a) Inception date is December 31, 2021.

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

INNOVATOR U.S. EQUITY ACCELERATED ETF - JANUARY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ACCELERATED ETF - APRIL

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated ETF - April from its inception (March 31, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated ETF - April
NAV Return		11.01	%		3.59	%
Market Return		11.03	%		3.56	%
S&P 500® Index - Price Return		8.31	%		2.11	%
S&P 500® Index - Total Return		10.14	%		3.71	%

^(a) Inception date is March 31, 2021.

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

INNOVATOR U.S. EQUITY ACCELERATED ETF - APRIL

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ACCELERATED ETF - JULY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated ETF - July from its inception (June 30, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated ETF - July
NAV Return		14.65	%		1.40	%
Market Return		14.68	%		1.38	%
S&P 500® Index - Price Return		8.31	%		-1.04	%
S&P 500® Index - Total Return		10.14	%		0.52	%

^(a) Inception date is June 30, 2021.

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

INNOVATOR U.S. EQUITY ACCELERATED ETF - JULY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ACCELERATED ETF - OCTOBER

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated ETF - October from its inception (September 30, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated ETF - October
NAV Return		17.76	%		1.25	%
Market Return		17.52	%		1.26	%
S&P 500® Index - Price Return		8.31	%		-1.28	%
S&P 500® Index - Total Return		10.14	%		0.31	%

^(a) Inception date is September 30, 2021.

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

INNOVATOR U.S. EQUITY ACCELERATED ETF - OCTOBER

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - JANUARY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated Plus ETF - January from its inception (December 31, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated Plus ETF - January
NAV Return		15.75	%		-3.84	%
Market Return		15.84	%		-3.81	%
S&P 500® Index - Price Return		8.31	%		-6.74	%
S&P 500® Index - Total Return		10.14	%		-5.22	%

^(a) Inception date is December 31, 2021.

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

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - JANUARY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - APRIL

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated Plus ETF - April from its inception (March 31, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated Plus ETF - April
NAV Return		11.44	%		3.52	%
Market Return		11.41	%		3.52	%
S&P 500® Index - Price Return		8.31	%		2.11	%
S&P 500® Index - Total Return		10.14	%		3.71	%

^(a) Inception date is March 31, 2021.

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

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - APRIL

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - JULY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated Plus ETF - July from its inception (June 30, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated Plus ETF - July
NAV Return		13.38	%		0.84	%
Market Return		13.47	%		0.89	%
S&P 500® Index - Price Return		8.31	%		-1.04	%
S&P 500® Index - Total Return		10.14	%		0.52	%

^(a) Inception date is June 30, 2021.

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

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - JULY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - OCTTOBER

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated Plus ETF - October from its inception (September 30, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated Plus ETF - October
NAV Return		16.31	%		0.37	%
Market Return		16.16	%		0.42	%
S&P 500® Index - Price Return		8.31	%		-1.28	%
S&P 500® Index - Total Return		10.14	%		0.31	%

^(a) Inception date is September 30, 2021.

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

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF - OCTTOBER

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - JANUARY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated 9 Buffer ETF - January from its inception (December 31, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - January
NAV Return		12.24	%		-0.02	%
Market Return		12.37	%		-0.03	%
S&P 500® Index - Price Return		8.31	%		-6.74	%
S&P 500® Index - Total Return		10.14	%		-5.22	%

^(a) Inception date is December 31, 2021.

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

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - JANUARY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - APRIL

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated 9 Buffer ETF - April from its inception (March 31, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - April
NAV Return		13.33	%		4.84	%
Market Return		13.49	%		4.81	%
S&P 500® Index - Price Return		8.31	%		2.11	%
S&P 500® Index - Total Return		10.14	%		3.71	%

^(a) Inception date is March 31, 2021.

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

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - APRIL

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - JULY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated 9 Buffer ETF - July from its inception (June 30, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - July
NAV Return		11.14	%		3.93	%
Market Return		10.96	%		3.93	%
S&P 500® Index - Price Return		8.31	%		-1.04	%
S&P 500® Index - Total Return		10.14	%		0.52	%

^(a) Inception date is June 30, 2021.

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

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - JULY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - OCTOBER

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated 9 Buffer ETF - October from its inception (September 30, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - October
NAV Return		13.62	%		3.70	%
Market Return		13.59	%		3.83	%
S&P 500® Index - Price Return		8.31	%		-1.28	%
S&P 500® Index - Total Return		10.14	%		0.31	%

^(a) Inception date is September 30, 2021.

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

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF - OCTOBER

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR GROWTH ACCELERATED PLUS ETF - JANUARY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth Accelerated Plus ETF - January from its inception (December 31, 2021) to October 31, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator Growth Accelerated Plus ETF - January
NAV Return		18.70	%		-10.21	%
Market Return		18.63	%		-10.30	%
NASDAQ-100 Index - Price Return		26.34	%		-6.57	%
NASDAQ-100 Index - Total Return		27.45	%		-5.78	%

^(a) Inception date is December 31, 2021.

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

INNOVATOR GROWTH ACCELERATED PLUS ETF - JANUARY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

retail/wholesale trade and biotechnologies. It does not contain securities of financial companies including investment companies.

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR GROWTH ACCELERATED PLUS ETF - APRIL

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth Accelerated Plus ETF - April from its inception (March 31, 2021) to October 31, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator Growth Accelerated Plus ETF - April
NAV Return		27.32	%		6.17	%
Market Return		27.06	%		6.07	%
NASDAQ-100 Index - Price Return		26.34	%		3.78	%
NASDAQ-100 Index - Total Return		27.45	%		4.61	%

^(a) Inception date is March 31, 2021.

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

INNOVATOR GROWTH ACCELERATED PLUS ETF - APRIL

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR GROWTH ACCELERATED PLUS ETF - JULY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth Accelerated Plus ETF - July from its inception (June 30, 2021) to October 31, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator Growth Accelerated Plus ETF - July
NAV Return		21.75	%		-2.01	%
Market Return		21.54	%		-2.02	%
NASDAQ-100 Index - Price Return		26.34	%		-0.43	%
NASDAQ-100 Index - Total Return		27.45	%		0.37	%

^(a) Inception date is June 30, 2021.

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

INNOVATOR GROWTH ACCELERATED PLUS ETF - JULY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR GROWTH ACCELERATED PLUS ETF - OCTOBER

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth Accelerated Plus ETF - October from its inception (September 30, 2021) to October 31, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator Growth Accelerated Plus ETF - October
NAV Return		23.04	%		-3.07	%
Market Return		23.00	%		-3.05	%
NASDAQ-100 Index - Price Return		26.34	%		-0.92	%
NASDAQ-100 Index - Total Return		27.45	%		-0.10	%

^(a) Inception date is September 30, 2021.

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

INNOVATOR GROWTH ACCELERATED PLUS ETF - OCTOBER

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

retail/wholesale trade and biotechnologies. It does not contain securities of financial companies including investment companies.

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR U.S. EQUITY ACCELERATED ETF – QUARTERLY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator U.S. Equity Accelerated ETF - Quarterly from its inception (March 31, 2021) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator U.S. Equity Accelerated ETF - Quarterly
NAV Return		18.40	%		2.57	%
Market Return		18.35	%		2.58	%
S&P 500® Index - Price Return		8.31	%		2.11	%
S&P 500® Index - Total Return		10.14	%		3.71	%

^(a) Inception date is March 31, 2021.

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

INNOVATOR U.S. EQUITY ACCELERATED ETF – QUARTERLY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR GROWTH ACCELERATED ETF – QUARTERLY

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Growth Accelerated ETF - Quarterly from its inception (March 31, 2021) to October 31, 2023 as compared with the NASDAQ-100 Index - Price Return and Total Return.

	Average Annual Total Returns as of October 31, 2023
	One Year			Since Inception ^(a)
Innovator Growth Accelerated ETF - Quarterly
NAV Return		12.39	%		-2.54	%
Market Return		12.44	%		-2.55	%
NASDAQ-100 Index - Price Return		26.34	%		3.78	%
NASDAQ-100 Index - Total Return		27.45	%		4.61	%

^(a) Inception date is March 31, 2021.

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

INNOVATOR GROWTH ACCELERATED ETF – QUARTERLY

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

You cannot invest directly in an index.

Premium/Discount Information:

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

INNOVATOR EQUITY DEFINED PROTECTION ETF – 2 YR TO JULY 2025

Fund Performance

October 31, 2023 (Unaudited)

The following chart compares the value of a hypothetical $10,000 investment in the Innovator Equity Defined Protection ETF - 2 Yr to July 2025 from its inception (July 17, 2023) to October 31, 2023 as compared with the S&P 500® Index - Price Return and Total Return.

	Total Returns as of October 31, 2023
	Since Inception ^(a)
Innovator Equity Defined Protection ETF - 2 Yr to July 2025
NAV Return		-2.37	%
Market Return		-2.41	%
S&P 500® Index - Price Return		-7.27	%
S&P 500® Index - Total Return		-6.88	%

^(a) Inception date is July 17, 2023.

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

INNOVATOR EQUITY DEFINED PROTECTION ETF – 2 YR TO JULY 2025

Fund Performance

October 31, 2023 (Unaudited) (Continued)

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

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

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/TJUL.

100

INNOVATOR ETFs TRUST

Expense Example

For the Period Ended October 31, 2023 (Unaudited)

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

The Example is based on an investment of $1,000 invested at the beginning of the respective period and held for the entire respective period from May 1, 2023 to October 31, 2023 for each Fund.

Actual Expenses

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

					Expenses
	Beginning		Ending		Paid
	Account Value		Account Value		During the Period
Innovator Emerging Markets Power Buffer ETF - January (NAV)	$	1,000.00	$	959.50	$	4.40	^(a)
Innovator Emerging Markets Power Buffer ETF - April (NAV)		1,000.00		976.00		4.43	^(a)
Innovator Emerging Markets Power Buffer ETF - July (NAV)		1,000.00		957.20		4.39	^(a)
Innovator Emerging Markets Power Buffer ETF - October (NAV)		1,000.00		949.90		4.37	^(a)
Innovator International Developed Power Buffer ETF - January (NAV)		1,000.00		936.40		4.15	^(a)
Innovator International Developed Power Buffer ETF - April (NAV)		1,000.00		961.20		4.20	^(a)
Innovator International Developed Power Buffer ETF - July (NAV)		1,000.00		961.80		4.20	^(a)
Innovator International Developed Power Buffer ETF - September (NAV)		1,000.00		962.40		1.39	^(b)
Innovator International Developed Power Buffer ETF - October (NAV)		1,000.00		1,003.90		4.29	^(a)
Innovator 20+ Year Treasury Bond 9 Buffer ETF - July (NAV)		1,000.00		864.00		3.71	^(a)
Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (NAV)		1,000.00		884.50		3.75	^(a)
Innovator Defined Wealth Shield ETF (NAV)		1,000.00		1,014.20		3.50	^(a)
Innovator Double Stacker ETF - January (NAV)		1,000.00		1,062.60		4.11	^(a)
Innovator Triple Stacker ETF - January (NAV)		1,000.00		1,029.30		4.04	^(a)
Innovator Double Stacker 9 Buffer ETF - January (NAV)		1,000.00		1,052.80		4.09	^(a)
Innovator Growth-100 Power Buffer ETF - January (NAV)		1,000.00		1,065.70		4.11	^(a)
Innovator Growth-100 Power Buffer ETF - April (NAV)		1,000.00		1,066.00		4.11	^(a)
Innovator Growth-100 Power Buffer ETF - July (NAV)		1,000.00		1,034.20		4.05	^(a)
Innovator Growth-100 Power Buffer ETF - October (NAV)		1,000.00		1,061.50		4.10	^(a)
Innovator U.S. Small Cap Power Buffer ETF - January (NAV)		1,000.00		969.60		3.92	^(a)
Innovator U.S. Small Cap Power Buffer ETF - April (NAV)		1,000.00		977.10		3.94	^(a)
Innovator U.S. Small Cap Power Buffer ETF - July (NAV)		1,000.00		990.50		3.96	^(a)
Innovator U.S. Small Cap Power Buffer ETF - October (NAV)		1,000.00		958.20		3.90	^(a)
Innovator U.S. Equity Accelerated ETF - January (NAV)		1,000.00		1,046.00		4.07	^(a)
Innovator U.S. Equity Accelerated ETF - April (NAV)		1,000.00		1,028.00		4.04	^(a)
Innovator U.S. Equity Accelerated ETF - July (NAV)		1,000.00		1,005.90		3.99	^(a)
Innovator U.S. Equity Accelerated ETF - October (NAV)		1,000.00		1,050.60		4.08	^(a)
Innovator U.S. Equity Accelerated Plus ETF - January (NAV)		1,000.00		1,057.30		4.10	^(a)
Innovator U.S. Equity Accelerated Plus ETF - April (NAV)		1,000.00		1,035.30		4.05	^(a)
Innovator U.S. Equity Accelerated Plus ETF - July (NAV)		1,000.00		992.70		3.97	^(a)
Innovator U.S. Equity Accelerated Plus ETF - October (NAV)		1,000.00		1,042.40		4.07	^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - January (NAV)		1,000.00		1,044.60		4.07	^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - April (NAV)		1,000.00		1,031.30		4.04	^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - July (NAV)		1,000.00		992.70		3.97	^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - October (NAV)		1,000.00		1,040.20		4.06	^(a)

101

INNOVATOR ETFs TRUST

Expense Example

For the Period Ended October 31, 2023 (Unaudited) (Continued)

					Expenses
	Beginning		Ending		Paid
	Account Value		Account Value		During the Period
Innovator Growth Accelerated Plus ETF - January (NAV)		1,000.00		1,076.50		4.13	^(a)
Innovator Growth Accelerated Plus ETF - April (NAV)		1,000.00		1,093.40		4.17	^(a)
Innovator Growth Accelerated Plus ETF - July (NAV)		1,000.00		1,008.30		4.00	^(a)
Innovator Growth Accelerated Plus ETF - October (NAV)		1,000.00		1,052.40		4.09	^(a)
Innovator U.S. Equity Accelerated ETF - Quarterly (NAV)		1,000.00		995.40		3.97	^(a)
Innovator Growth Accelerated ETF - Quarterly (NAV)		1,000.00		1,032.90		4.05	^(a)
Innovator Equity Defined Protection ETF - 2 Yr to July 2025 (NAV)		1,000.00		976.30		2.27	^(c)

^(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).

^(b)	Expenses are equal to the Fund’s annualized expense ratio (0.85%), multiplied by the average account value over the period, multiplied by 61/365 (to reflect the six month period).

^(c)	Expenses are equal to the Fund’s annualized expense ratio (0.79%), multiplied by the average account value over the period, multiplied by 106/365 (to reflect the period since the Fund's inception).

Hypothetical Example for Comparison Purposes

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

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

102

INNOVATOR ETFs TRUST

Expense Example

For the Period Ended October 31, 2023 (Unaudited) (Continued)

					Expenses
	Beginning		Ending		Paid
	Account Value		Account Value		During the Period
Innovator Emerging Markets Power Buffer ETF - January (NAV)	$	1,000.00	$	1,020.72	$	4.53	^(a)
Innovator Emerging Markets Power Buffer ETF - April (NAV)		1,000.00		1,020.72		4.53	^(a)
Innovator Emerging Markets Power Buffer ETF - July (NAV)		1,000.00		1,020.72		4.53	^(a)
Innovator Emerging Markets Power Buffer ETF - October (NAV)		1,000.00		1,020.72		4.53	^(a)
Innovator International Developed Power Buffer ETF - January (NAV)		1,000.00		1,020.92		4.33	^(a)
Innovator International Developed Power Buffer ETF - April (NAV)		1,000.00		1,020.92		4.33	^(a)
Innovator International Developed Power Buffer ETF - July (NAV)		1,000.00		1,020.92		4.33	^(a)
Innovator International Developed Power Buffer ETF - September (NAV)		1,000.00		1,020.92		4.33	^(b)
Innovator International Developed Power Buffer ETF - October (NAV)		1,000.00		1,020.72		4.33	^(a)
Innovator 20+ Year Treasury Bond 9 Buffer ETF - July (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator Defined Wealth Shield ETF (NAV)		1,000.00		1,021.73		3.52	^(a)
Innovator Double Stacker ETF - January (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator Triple Stacker ETF - January (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator Double Stacker 9 Buffer ETF - January (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator Growth-100 Power Buffer ETF - January (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator Growth-100 Power Buffer ETF - April (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator Growth-100 Power Buffer ETF - July (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator Growth-100 Power Buffer ETF - October (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Small Cap Power Buffer ETF - January (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Small Cap Power Buffer ETF - April (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Small Cap Power Buffer ETF - July (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Small Cap Power Buffer ETF - October (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Accelerated ETF - January (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Accelerated ETF - April (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Accelerated ETF - July (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Accelerated ETF - October (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Accelerated Plus ETF - January (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Accelerated Plus ETF - April (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Accelerated Plus ETF - July (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Accelerated Plus ETF - October (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - January (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - April (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - July (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Accelerated 9 Buffer ETF - October (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator Growth Accelerated Plus ETF - January (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator Growth Accelerated Plus ETF - April (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator Growth Accelerated Plus ETF - July (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator Growth Accelerated Plus ETF - October (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator U.S. Equity Accelerated ETF - Quarterly (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator Growth Accelerated ETF - Quarterly (NAV)		1,000.00		1,021.22		4.02	^(a)
Innovator Equity Defined Protection ETF - 2 Yr to July 2025 (NAV)		1,000.00		1,021.22		4.02	^(b)

^(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).

^(b)	For comparative purposes only as the Fund was not in operation for the full six month period.

103

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – JANUARY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.40% ^(a)(b)
CALL OPTIONS - 95.36%
iShares MSCI Emerging Markets ETF, Expires 12/29/2023, Strike Price $0.38		70,540	$	258,881,800	$	252,134,649
						252,134,649
PUT OPTIONS - 5.04%
iShares MSCI Emerging Markets ETF, Expires 12/29/2023, Strike Price $37.90		70,540		258,881,800		13,308,782
						13,308,782
TOTAL PURCHASED OPTIONS (Cost $271,448,716)						265,443,431
	Principal Amount
SHORT-TERM INVESTMENTS - 0.18%
Money Market Deposit Account - 0.18%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		479,258				479,258
TOTAL SHORT-TERM INVESTMENTS (Cost $479,258)						479,258

Total Investments (Cost $271,927,974) - 100.58%						265,922,689
Liabilities in Excess of Other Assets - (0.58)%						(1,515,417	)
TOTAL NET ASSETS - 100.00%					$	264,407,272

Asset Type	% of Net Assets
Purchased Options		100.40	%
Short Term Investments		0.18
Total Investments		100.58
Liabilities in Excess of Other Assets		(0.58	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

104

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – JANUARY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
iShares MSCI Emerging Markets ETF	12/29/2023	$	47.21		70,540	$	(258,881,800	)	$	(153,777	)
										(153,777	)
Put Options
iShares MSCI Emerging Markets ETF	12/29/2023		32.22		70,540		(258,881,800	)		(1,187,189	)
										(1,187,189	)
Total Options Written (Premiums Received $5,046,044)									$	(1,340,966	)

^(a)	Exchange-Traded.

105

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – APRIL

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.91% ^(a)(b)
CALL OPTIONS - 93.64%
iShares MSCI Emerging Markets ETF, Expires 3/28/2024, Strike Price $0.39		15,344	$	56,312,480	$	54,768,413
						54,768,413
PUT OPTIONS - 8.27%
iShares MSCI Emerging Markets ETF, Expires 3/28/2024, Strike Price $39.46		15,344		56,312,480		4,836,276
						4,836,276
TOTAL PURCHASED OPTIONS (Cost $62,797,876)						59,604,689
	Principal Amount
SHORT-TERM INVESTMENTS - 0.20%
Money Market Deposit Account - 0.20%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		114,067				114,067
TOTAL SHORT-TERM INVESTMENTS (Cost $114,067)						114,067

Total Investments (Cost $62,911,943) - 102.11%						59,718,756
Liabilities in Excess of Other Assets - (2.11)%						(1,233,839	)
TOTAL NET ASSETS - 100.00%					$	58,484,917

Asset Type	% of Net Assets
Purchased Options		101.91	%
Short Term Investments		0.20
Total Investments		102.11
Liabilities in Excess of Other Assets		(2.11	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

106

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – APRIL

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
iShares MSCI Emerging Markets ETF	3/28/2024	$	46.81		15,344	$	(56,312,480	)	$	(108,789	)
										(108,789	)
Put Options
iShares MSCI Emerging Markets ETF	3/28/2024		33.54		15,344		(56,312,480	)		(1,075,921	)
										(1,075,921	)
Total Options Written (Premiums Received $2,649,765)									$	(1,184,710	)

^(a)	Exchange-Traded.

107

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – JULY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.96% ^(a)(b)
CALL OPTIONS - 93.86%
iShares MSCI Emerging Markets ETF, Expires 6/28/2024, Strike Price $0.40		26,771	$	98,249,570	$	94,874,550
						94,874,550
PUT OPTIONS - 9.10%
iShares MSCI Emerging Markets ETF, Expires 6/28/2024, Strike Price $39.56		26,771		98,249,570		9,194,500
						9,194,500
TOTAL PURCHASED OPTIONS (Cost $108,256,950)						104,069,050
	Principal Amount
SHORT-TERM INVESTMENTS - 0.19%
Money Market Deposit Account - 0.19%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		193,470				193,470
TOTAL SHORT-TERM INVESTMENTS (Cost $193,470)						193,470

Total Investments (Cost $108,450,420) - 103.15%						104,262,520
Liabilities in Excess of Other Assets - (3.15)%						(3,181,422	)
TOTAL NET ASSETS - 100.00%					$	101,081,098

Asset Type	% of Net Assets
Purchased Options		102.96	%
Short Term Investments		0.19
Total Investments		103.15
Liabilities in Excess of Other Assets		(3.15	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

108

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – JULY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
iShares MSCI Emerging Markets ETF	6/28/2024	$	46.80		26,771	$	(98,249,570	)	$	(332,496	)
										(332,496	)
Put Options
iShares MSCI Emerging Markets ETF	6/28/2024		33.63		26,771		(98,249,570	)		(2,770,798	)
										(2,770,798	)
Total Options Written (Premiums Received $3,422,046)									$	(3,103,294	)

^(a)	Exchange-Traded.

109

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – OCTOBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.70% ^(a)(b)
CALL OPTIONS - 96.10%
iShares MSCI Emerging Markets ETF, Expires 9/30/2024, Strike Price $0.38		11,639	$	42,715,130	$	41,202,060
						41,202,060
PUT OPTIONS - 7.60%
iShares MSCI Emerging Markets ETF, Expires 9/30/2024, Strike Price $37.95		11,639		42,715,130		3,258,920
						3,258,920
TOTAL PURCHASED OPTIONS (Cost $45,352,271)						44,460,980
	Principal Amount
SHORT-TERM INVESTMENTS - 0.21%
Money Market Deposit Account - 0.21%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		88,859				88,859
TOTAL SHORT-TERM INVESTMENTS (Cost $88,859)						88,859

Total Investments (Cost $45,441,130) - 103.91%						44,549,839
Liabilities in Excess of Other Assets - (3.91)%						(1,674,858	)
TOTAL NET ASSETS - 100.00%					$	42,874,981

Asset Type	% of Net Assets
Purchased Options		103.70	%
Short Term Investments		0.21
Total Investments		103.91
Liabilities in Excess of Other Assets		(3.91	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

110

INNOVATOR EMERGING MARKETS POWER BUFFER ETF – OCTOBER

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
iShares MSCI Emerging Markets ETF	9/30/2024	$	45.76		11,639	$	(42,715,130	)	$	(453,921	)
										(453,921	)
Put Options
iShares MSCI Emerging Markets ETF	9/30/2024		32.26		11,639		(42,715,130	)		(1,198,817	)
										(1,198,817	)
Total Options Written (Premiums Received $1,883,482)									$	(1,652,738	)

^(a)	Exchange-Traded.

111

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.22% ^(a)(b)
CALL OPTIONS - 98.34%
iShares MSCI EAFE ETF, Expires 12/29/2023, Strike Price $0.66		18,094	$	121,085,048	$	118,723,057
						118,723,057
PUT OPTIONS - 1.88%
iShares MSCI EAFE ETF, Expires 12/29/2023, Strike Price $65.64		18,094		121,085,048		2,266,092
						2,266,092
TOTAL PURCHASED OPTIONS (Cost $127,355,669)						120,989,149
	Principal Amount
SHORT-TERM INVESTMENTS - 0.22%
Money Market Deposit Account - 0.22%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		269,399				269,399
TOTAL SHORT-TERM INVESTMENTS (Cost $269,399)						269,399

Total Investments (Cost $127,625,068) - 100.44%						121,258,548
Liabilities in Excess of Other Assets - (0.44)%						(534,148	)
TOTAL NET ASSETS - 100.00%					$	120,724,400

Asset Type	% of Net Assets
Purchased Options		100.22	%
Short Term Investments		0.22
Total Investments		100.44
Liabilities in Excess of Other Assets		(0.44	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

112

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JANUARY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
iShares MSCI EAFE ETF	12/29/2023	$	80.42		18,094	$	(121,085,048	)	$	(204,100	)
										(204,100	)
Put Options
iShares MSCI EAFE ETF	12/29/2023		55.79		18,094		(121,085,048	)		(244,269	)
										(244,269	)
Total Options Written (Premiums Received $3,843,690)									$	(448,369	)

^(a)	Exchange-Traded.

113

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - APRIL

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.17% ^(a)(b)
CALL OPTIONS - 94.53%
iShares MSCI EAFE ETF, Expires 3/28/2024, Strike Price $0.72		32,011	$	214,217,612	$	210,056,182
						210,056,182
PUT OPTIONS - 6.64%
iShares MSCI EAFE ETF, Expires 3/28/2024, Strike Price $71.52		32,011		214,217,612		14,757,071
						14,757,071
TOTAL PURCHASED OPTIONS (Cost $236,626,588)						224,813,253
	Principal Amount
SHORT-TERM INVESTMENTS - 0.23%
Money Market Deposit Account - 0.23%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		502,750				502,750
TOTAL SHORT-TERM INVESTMENTS (Cost $502,750)						502,750

Total Investments (Cost $237,129,338) - 101.40%						225,316,003
Liabilities in Excess of Other Assets - (1.40)%						(3,090,502	)
TOTAL NET ASSETS - 100.00%					$	222,225,501

Asset Type	% of Net Assets
Purchased Options		101.17	%
Short Term Investments		0.23
Total Investments		101.40
Liabilities in Excess of Other Assets		(1.40	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

114

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - APRIL

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
iShares MSCI EAFE ETF	3/28/2024	$	82.96		32,011	$	(214,217,612	)	$	(128,044	)
										(128,044	)
Put Options
iShares MSCI EAFE ETF	3/28/2024		60.79		32,011		(214,217,612	)		(2,816,968	)
										(2,816,968	)
Total Options Written (Premiums Received $7,540,149)									$	(2,945,012	)

^(a)	Exchange-Traded.

115

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JULY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.60% ^(a)(b)
CALL OPTIONS - 93.51%
iShares MSCI EAFE ETF, Expires 6/28/2024, Strike Price $0.73		28,484	$	190,614,928	$	183,299,098
						183,299,098
PUT OPTIONS - 9.09%
iShares MSCI EAFE ETF, Expires 6/28/2024, Strike Price $72.50		28,484		190,614,928		17,815,317
						17,815,317
TOTAL PURCHASED OPTIONS (Cost $208,331,372)						201,114,415
	Principal Amount
SHORT-TERM INVESTMENTS - 0.23%
Money Market Deposit Account - 0.23%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		451,719				451,719
TOTAL SHORT-TERM INVESTMENTS (Cost $451,719)						451,719

Total Investments (Cost $208,783,091) - 102.83%						201,566,134
Liabilities in Excess of Other Assets - (2.83)%						(5,543,203	)
TOTAL NET ASSETS - 100.00%					$	196,022,931

Asset Type	% of Net Assets
Purchased Options		102.60	%
Short Term Investments		0.23
Total Investments		102.83
Liabilities in Excess of Other Assets		(2.83	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

116

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - JULY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
iShares MSCI EAFE ETF	6/28/2024	$	84.57		28,484	$	(190,614,928	)	$	(387,952	)
										(387,952	)
Put Options
iShares MSCI EAFE ETF	6/28/2024		61.63		28,484		(190,614,928	)		(5,013,753	)
										(5,013,753	)
Total Options Written (Premiums Received $5,540,856)									$	(5,401,705	)

^(a)	Exchange-Traded.

117

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - SEPTEMBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.61% ^(a)(b)
CALL OPTIONS - 94.47%
iShares MSCI EAFE ETF, Expires 8/30/2024, Strike Price $0.72		5,278	$	35,320,376	$	34,053,656
						34,053,656
PUT OPTIONS - 8.14%
iShares MSCI EAFE ETF, Expires 8/30/2024, Strike Price $71.53		5,278		35,320,376		2,934,568
						2,934,568
TOTAL PURCHASED OPTIONS (Cost $37,882,669)						36,988,224
	Principal Amount
SHORT-TERM INVESTMENTS - 0.21%
Money Market Deposit Account - 0.21%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		74,404				74,404
TOTAL SHORT-TERM INVESTMENTS (Cost $74,404)						74,404

Total Investments (Cost $37,957,073) - 102.82%						37,062,628
Liabilities in Excess of Other Assets - (2.82)%						(1,016,111	)
TOTAL NET ASSETS - 100.00%					$	36,046,517

Asset Type	% of Net Assets
Purchased Options		102.61	%
Short Term Investments		0.21
Total Investments		102.82
Liabilities in Excess of Other Assets		(2.82	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

118

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - SEPTEMBER

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
iShares MSCI EAFE ETF	8/30/2024	$	85.34		5,278	$	(35,320,376	)	$	(47,502	)
										(47,502	)
Put Options
iShares MSCI EAFE ETF	8/30/2024		60.80		5,278		(35,320,376	)		(955,318	)
										(955,318	)
Total Options Written (Premiums Received $899,475)									$	(1,002,820	)

^(a)	Exchange-Traded.

119

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - OCTOBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.88% ^(a)(b)
CALL OPTIONS - 96.59%
iShares MSCI EAFE ETF, Expires 9/30/2024, Strike Price $0.69		15,715	$	105,164,780	$	102,053,210
						102,053,210
PUT OPTIONS - 6.29%
iShares MSCI EAFE ETF, Expires 9/30/2024, Strike Price $68.92		15,715		105,164,780		6,647,445
						6,647,445
TOTAL PURCHASED OPTIONS (Cost $110,209,443)						108,700,655
	Principal Amount
SHORT-TERM INVESTMENTS - 0.28%
Money Market Deposit Account - 0.28%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		296,073				296,073
TOTAL SHORT-TERM INVESTMENTS (Cost $296,073)						296,073

Total Investments (Cost $110,505,516) - 103.16%						108,996,728
Liabilities in Excess of Other Assets - (3.16)%						(3,343,258	)
TOTAL NET ASSETS - 100.00%					$	105,653,470

Asset Type	% of Net Assets
Purchased Options		102.88	%
Short Term Investments		0.28
Total Investments		103.16
Liabilities in Excess of Other Assets		(3.16	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

120

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - OCTOBER

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
iShares MSCI EAFE ETF	9/30/2024	$	81.53		15,715	$	(105,164,780	)	$	(691,460	)
										(691,460	)
Put Options
iShares MSCI EAFE ETF	9/30/2024		58.58		15,715		(105,164,780	)		(2,545,830	)
										(2,545,830	)
Total Options Written (Premiums Received $3,291,731)									$	(3,237,290	)

^(a)	Exchange-Traded.

121

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - NOVEMBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.03% ^(a)(b)
CALL OPTIONS - 97.38%
iShares MSCI EAFE ETF, Expires 10/31/2024, Strike Price $0.67		188	$	1,258,096	$	1,214,480
						1,214,480
PUT OPTIONS - 5.65%
iShares MSCI EAFE ETF, Expires 10/31/2024, Strike Price $66.92		188		1,258,096		70,500
						70,500
TOTAL PURCHASED OPTIONS (Cost $1,285,156)						1,284,980

Total Investments (Cost $1,285,156) - 103.03%						1,284,980
Liabilities in Excess of Other Assets - (3.03)%						(37,833	)
TOTAL NET ASSETS - 100.00%					$	1,247,147

Asset Type	% of Net Assets
Purchased Options		103.03	%
Total Investments		103.03
Liabilities in Excess of Other Assets		(3.03	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

122

INNOVATOR INTERNATIONAL DEVELOPED POWER BUFFER ETF - NOVEMBER

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount		Value
Call Options
iShares MSCI EAFE ETF	10/31/2024	$	80.39		188	$	1,258,096	$	(12,408	)
									(12,408	)
Put Options
iShares MSCI EAFE ETF	10/31/2024		56.88		188		1,258,096		(27,260	)
									(27,260	)
Total Options Written (Premiums Received $39,491)								$	(39,668	)

^(a)	Exchange-Traded.

123

INNOVATOR 20+ YEAR TREASURY BOND 9 BUFFER ETF - JULY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 112.32% ^(a)(b)
CALL OPTIONS - 91.60%
iShares 20+Year Treasury Bond ETF, Expires 6/28/2024, Strike Price $1.03		8,771	$	73,308,018	$	70,930,902
						70,930,902
PUT OPTIONS - 20.72%
iShares 20+Year Treasury Bond ETF, Expires 6/28/2024, Strike Price $103.01		8,771		73,308,018		16,048,737
						16,048,737
TOTAL PURCHASED OPTIONS (Cost $91,484,385)						86,979,639
	Principal Amount
SHORT-TERM INVESTMENTS - 0.31%
Money Market Deposit Account - 0.31%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		239,077				239,077
TOTAL SHORT-TERM INVESTMENTS (Cost $239,077)						239,077

Total Investments (Cost $91,723,462) - 112.63%						87,218,716
Liabilities in Excess of Other Assets - (12.63)%						(9,778,507	)
TOTAL NET ASSETS - 100.00%					$	77,440,209

Asset Type	% of Net Assets
Purchased Options		112.32	%
Short Term Investments		0.31
Total Investments		112.63
Liabilities in Excess of Other Assets		(12.63	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

124

INNOVATOR 20+ YEAR TREASURY BOND 9 BUFFER ETF - JULY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
iShares 20+Year Treasury Bond ETF	6/28/2024	$	120.62		8,771	$	(73,308,018	)	$	(226,292	)
										(226,292	)
Put Options
iShares 20+Year Treasury Bond ETF	6/28/2024		93.74		8,771		(73,308,018	)		(9,500,660	)
										(9,500,660	)
Total Options Written (Premiums Received $3,416,113)									$	(9,726,952	)

^(a)	Exchange-Traded.

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

125

INNOVATOR 20+ YEAR TREASURY BOND 5 FLOOR ETF – QUARTERLY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.15% ^(a)(b)
CALL OPTIONS - 96.58%
iShares 20+Year Treasury Bond ETF, Expires 12/29/2023, Strike Price $0.22		1,199	$	10,021,242	$	9,911,246
						9,911,246
PUT OPTIONS - 3.57%
iShares 20+Year Treasury Bond ETF, Expires 12/29/2023, Strike Price $84.24		1,199		10,021,242		366,043
						366,043
TOTAL PURCHASED OPTIONS (Cost $10,655,536)						10,277,289
	Principal Amount
SHORT-TERM INVESTMENTS - 0.13%
Money Market Deposit Account - 0.13%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		12,828				12,828
TOTAL SHORT-TERM INVESTMENTS (Cost $12,828)						12,828

Total Investments (Cost $10,668,364) - 100.28%						10,290,117
Liabilities in Excess of Other Assets - (0.28)%						(28,604	)
TOTAL NET ASSETS - 100.00%					$	10,261,513

Asset Type	% of Net Assets
Purchased Options		100.15	%
Short Term Investments		0.13
Total Investments		100.28
Liabilities in Excess of Other Assets		(0.28	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

126

INNOVATOR 20+ YEAR TREASURY BOND 5 FLOOR ETF – QUARTERLY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
iShares 20+Year Treasury Bond ETF	12/29/2023	$	98.68		1,199	$	(10,021,242	)	$	(21,103	)

Total Options Written (Premiums Received $58,616)									$	(21,103	)

^(a)	Exchange-Traded.

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

127

INNOVATOR DEFINED WEALTH SHIELD ETF

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.68% ^(a)(b)
CALL OPTIONS - 97.40%
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $1.07		11,494	$	480,679,080	$	477,654,089
						477,654,089
PUT OPTIONS - 3.28%
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $427.48		11,494		480,679,080		16,052,290
						16,052,290
TOTAL PURCHASED OPTIONS (Cost $500,932,386)						493,706,379
	Principal Amount
SHORT-TERM INVESTMENTS - 0.15%
Money Market Deposit Account - 0.15%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		733,025				733,025
TOTAL SHORT-TERM INVESTMENTS (Cost $733,025)						733,025

Total Investments (Cost $501,665,411) - 100.83%						494,439,404
Liabilities in Excess of Other Assets - (0.83)%						(4,048,238	)
TOTAL NET ASSETS - 100.00%					$	490,391,166

Asset Type	% of Net Assets
Purchased Options		100.68	%
Short Term Investments		0.15
Total Investments		100.83
Liabilities in Excess of Other Assets		(0.83	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

128

INNOVATOR DEFINED WEALTH SHIELD ETF

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	12/29/2023	$	439.49		11,494	$	(480,679,080	)	$	(3,090,392	)
										(3,090,392	)
Put Options
SPDR S&P 500 ETF	12/29/2023		341.98		11,494		(480,679,080	)		(685,387	)
										(685,387	)
Total Options Written (Premiums Received $10,738,337)									$	(3,775,779	)

^(a)	Exchange-Traded.

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

129

INNOVATOR DOUBLE STACKER ETF - JANUARY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 118.10% ^(a)(b)
CALL OPTIONS - 118.10%
Invesco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $266.30		68	$	2,385,916	$	590,783
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $3.87		47		1,965,540		1,940,132
						2,530,915
TOTAL PURCHASED OPTIONS (Cost $1,994,404)						2,530,915
	Principal Amount
SHORT-TERM INVESTMENTS - 0.81%
Money Market Deposit Account - 0.81%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		17,432				17,432
TOTAL SHORT-TERM INVESTMENTS (Cost $17,432)						17,432

Total Investments (Cost $2,011,836) - 118.91%						2,548,347
Liabilities in Excess of Other Assets - (18.91)%						(405,252	)
TOTAL NET ASSETS - 100.00%					$	2,143,095

Asset Type	% of Net Assets
Purchased Options		118.10	%
Short Term Investments		0.81
Total Investments		118.91
Liabilities in Excess of Other Assets		(18.91	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

130

INNOVATOR DOUBLE STACKER ETF - JANUARY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
Invesco QQQ Trust Series 1	12/29/2023	$	299.17		68	$	(2,385,916	)	$	(375,629	)
SPDR S&P 500 ETF	12/29/2023		429.66		47		(1,965,540	)		(28,371	)
										(404,000	)
Total Options Written (Premiums Received $214,380)									$	(404,000	)

^(a)	Exchange-Traded.

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

131

INNOVATOR TRIPLE STACKER ETF – JANUARY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 126.27% ^(a)(b)
CALL OPTIONS - 126.27%
Invesco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $266.28		157	$	5,508,659	$	1,364,321
iShares Russell 2000 ETF, Expires 12/29/2023, Strike Price $174.36		238		3,915,576		43,023
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $3.77		109		4,558,380		4,500,534
						5,907,878
TOTAL PURCHASED OPTIONS (Cost $5,110,114)						5,907,878
	Principal Amount
SHORT-TERM INVESTMENTS - 0.64%
Money Market Deposit Account - 0.64%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		29,836				29,836
TOTAL SHORT-TERM INVESTMENTS (Cost $29,836)						29,836

Total Investments (Cost $5,139,950) - 126.91%						5,937,714
Liabilities in Excess of Other Assets - (26.91)%						(1,258,711	)
TOTAL NET ASSETS - 100.00%					$	4,679,003

Asset Type	% of Net Assets
Purchased Options		126.27	%
Short Term Investments		0.64
Total Investments		126.91
Liabilities in Excess of Other Assets		(26.91	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

132

INNOVATOR TRIPLE STACKER ETF – JANUARY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
Invesco QQQ Trust Series 1	12/29/2023	$	286.84		157	$	(5,508,659	)	$	(1,051,111	)
iShares Russell 2000 ETF	12/29/2023		187.82		238		(3,915,576	)		(3,977	)
SPDR S&P 500 ETF	12/29/2023		411.95		109		(4,558,380	)		(176,357	)
										(1,231,445	)
Total Options Written (Premiums Received $987,278)									$	(1,231,445	)

^(a)	Exchange-Traded.

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

133

INNOVATOR DOUBLE STACKER 9 BUFFER ETF - JANUARY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 123.57% ^(a)(b)
CALL OPTIONS - 123.02%
Invesco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $266.27		236	$	8,280,532	$	2,051,057
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $3.78		164		6,858,480		6,771,284
						8,822,341
PUT OPTIONS - 0.55%
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $382.41		164		6,858,480		39,247
						39,247
TOTAL PURCHASED OPTIONS (Cost $7,373,019)						8,861,588
	Principal Amount
SHORT-TERM INVESTMENTS - 0.49%
Money Market Deposit Account - 0.49%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		34,893				34,893
TOTAL SHORT-TERM INVESTMENTS (Cost $34,893)						34,893

Total Investments (Cost $7,407,912) - 124.06%						8,896,481
Liabilities in Excess of Other Assets - (24.06)%						(1,725,333	)
TOTAL NET ASSETS - 100.00%					$	7,171,148

Asset Type	% of Net Assets
Purchased Options		123.57	%
Short Term Investments		0.49
Total Investments		124.06
Liabilities in Excess of Other Assets		(24.06	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

134

INNOVATOR DOUBLE STACKER 9 BUFFER ETF - JANUARY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
Invesco QQQ Trust Series 1	12/29/2023	$	290.40		236	$	(8,280,532	)	$	(1,499,582	)
SPDR S&P 500 ETF	12/29/2023		417.08		164		(6,858,480	)		(209,681	)
										(1,709,263	)
Put Options
SPDR S&P 500 ETF	12/29/2023		348.02		164		(6,858,480	)		(11,477	)
										(11,477	)
Total Options Written (Premiums Received $1,293,437)									$	(1,720,740	)

^(a)	Exchange-Traded.

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

135

INNOVATOR GROWTH-100 POWER BUFFER ETF – JANUARY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 110.42% ^(a)(b)
CALL OPTIONS - 110.29%
Invesco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $2.66		2,463	$	86,419,281	$	85,640,258
						85,640,258
PUT OPTIONS - 0.13%
Invesco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $266.28		2,463		86,419,281		99,653
						99,653
TOTAL PURCHASED OPTIONS (Cost $70,323,663)						85,739,911
	Principal Amount
SHORT-TERM INVESTMENTS - 0.23%
Money Market Deposit Account - 0.23%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		181,450				181,450
TOTAL SHORT-TERM INVESTMENTS (Cost $181,450)						181,450

Total Investments (Cost $70,505,113) - 110.65%						85,921,361
Liabilities in Excess of Other Assets - (10.65)%						(8,272,473	)
TOTAL NET ASSETS - 100.00%					$	77,648,888

Asset Type	% of Net Assets
Purchased Options		110.42	%
Short Term Investments		0.23
Total Investments		110.65
Liabilities in Excess of Other Assets		(10.65	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

136

INNOVATOR GROWTH-100 POWER BUFFER ETF – JANUARY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
Invesco QQQ Trust Series 1	12/29/2023	$	323.72		2,463	$	(86,419,281	)	$	(8,188,269	)
										(8,188,269	)
Put Options
Invesco QQQ Trust Series 1	12/29/2023		226.34		2,463		(86,419,281	)		(33,201	)
										(33,201	)
Total Options Written (Premiums Received $5,419,926)									$	(8,221,470	)

^(a)	Exchange-Traded.

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

137

INNOVATOR GROWTH-100 POWER BUFFER ETF – APRIL

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.39% ^(a)(b)
CALL OPTIONS - 101.04%
Invesco QQQ Trust Series 1, Expires 3/28/2024, Strike Price $3.21		3,861	$	135,470,907	$	133,830,831
						133,830,831
PUT OPTIONS - 2.35%
Invesco QQQ Trust Series 1, Expires 3/28/2024, Strike Price $320.93		3,861		135,470,907		3,112,777
						3,112,777
TOTAL PURCHASED OPTIONS (Cost $130,782,750)						136,943,608
	Principal Amount
SHORT-TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		341,371				341,371
TOTAL SHORT-TERM INVESTMENTS (Cost $341,371)						341,371

Total Investments (Cost $131,124,121) - 103.65%						137,284,979
Liabilities in Excess of Other Assets - (3.65)%						(4,839,299	)
TOTAL NET ASSETS - 100.00%					$	132,445,680

Asset Type	% of Net Assets
Purchased Options		103.39	%
Short Term Investments		0.26
Total Investments		103.65
Liabilities in Excess of Other Assets		(3.65	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

138

INNOVATOR GROWTH-100 POWER BUFFER ETF – APRIL

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
Invesco QQQ Trust Series 1	3/28/2024	$	377.61		3,861	$	(135,470,907	)	$	(3,818,258	)
										(3,818,258	)
Put Options
Invesco QQQ Trust Series 1	3/28/2024		272.79		3,861		(135,470,907	)		(928,262	)
										(928,262	)
Total Options Written (Premiums Received $8,426,618)									$	(4,746,520	)

^(a)	Exchange-Traded.

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

139

INNOVATOR GROWTH-100 POWER BUFFER ETF – JULY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 103.38% ^(a)(b)
CALL OPTIONS - 95.60%
Invesco QQQ Trust Series 1, Expires 6/28/2024, Strike Price $3.69		7,386	$	259,152,582	$	254,713,596
						254,713,596
PUT OPTIONS - 7.78%
Invesco QQQ Trust Series 1, Expires 6/28/2024, Strike Price $369.42		7,386		259,152,582		20,739,888
						20,739,888
TOTAL PURCHASED OPTIONS (Cost $285,717,285)						275,453,484
	Principal Amount
SHORT-TERM INVESTMENTS - 0.28%
Money Market Deposit Account - 0.28%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		754,714				754,714
TOTAL SHORT-TERM INVESTMENTS (Cost $754,714)						754,714

Total Investments (Cost $286,471,999) - 103.66%						276,208,198
Liabilities in Excess of Other Assets - (3.66)%						(9,753,726	)
TOTAL NET ASSETS - 100.00%					$	266,454,472

Asset Type	% of Net Assets
Purchased Options		103.38	%
Short Term Investments		0.28
Total Investments		103.66
Liabilities in Excess of Other Assets		(3.66	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

140

INNOVATOR GROWTH-100 POWER BUFFER ETF – JULY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
Invesco QQQ Trust Series 1	6/28/2024	$	431.48		7,386	$	(259,152,582	)	$	(2,068,080	)
										(2,068,080	)
Put Options
Invesco QQQ Trust Series 1	6/28/2024		314.01		7,386		(259,152,582	)		(7,511,562	)
										(7,511,562	)
Total Options Written (Premiums Received $14,746,203)									$	(9,579,642	)

^(a)	Exchange-Traded.

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

141

INNOVATOR GROWTH-100 POWER BUFFER ETF – OCTOBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 105.12% ^(a)(b)
CALL OPTIONS - 97.81%
Invesco QQQ Trust Series 1, Expires 9/30/2024, Strike Price $3.58		4,205	$	147,540,835	$	145,031,922
						145,031,922
PUT OPTIONS - 7.31%
Invesco QQQ Trust Series 1, Expires 9/30/2024, Strike Price $358.27		4,205		147,540,835		10,833,636
						10,833,636
TOTAL PURCHASED OPTIONS (Cost $159,496,657)						155,865,558
	Principal Amount
SHORT-TERM INVESTMENTS - 0.29%
Money Market Deposit Account - 0.29%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		436,398				436,398
TOTAL SHORT-TERM INVESTMENTS (Cost $436,398)						436,398

Total Investments (Cost $159,933,055) - 105.41%						156,301,956
Liabilities in Excess of Other Assets - (5.41)%						(8,018,020	)
TOTAL NET ASSETS - 100.00%					$	148,283,936

Asset Type	% of Net Assets
Purchased Options		105.12	%
Short Term Investments		0.29
Total Investments		105.41
Liabilities in Excess of Other Assets		(5.41	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

142

INNOVATOR GROWTH-100 POWER BUFFER ETF – OCTOBER

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
Invesco QQQ Trust Series 1	9/30/2024	$	423.44		4,205	$	(147,540,835	)	$	(3,364,295	)
										(3,364,295	)
Put Options
Invesco QQQ Trust Series 1	9/30/2024		304.53		4,205		(147,540,835	)		(4,580,380	)
										(4,580,380	)
Total Options Written (Premiums Received $9,531,582)									$	(7,944,675	)

^(a)	Exchange-Traded.

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

143

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - JANUARY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.50% ^(a)(b)
CALL OPTIONS - 94.24%
iShares Russell 2000 ETF, Expires 12/29/2023, Strike Price $1.74		8,168	$	134,379,936	$	132,468,624
						132,468,624
PUT OPTIONS - 6.26%
iShares Russell 2000 ETF, Expires 12/29/2023, Strike Price $174.36		8,168		134,379,936		8,796,936
						8,796,936
TOTAL PURCHASED OPTIONS (Cost $150,646,769)						141,265,560
	Principal Amount
SHORT-TERM INVESTMENTS - 0.26%
Money Market Deposit Account - 0.26%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		372,203				372,203
TOTAL SHORT-TERM INVESTMENTS (Cost $372,203)						372,203

Total Investments (Cost $151,018,972) - 100.76%						141,637,763
Liabilities in Excess of Other Assets - (0.76)%						(1,073,159	)
TOTAL NET ASSETS - 100.00%					$	140,564,604

Asset Type	% of Net Assets
Purchased Options		100.50	%
Short Term Investments		0.26
Total Investments		100.76
Liabilities in Excess of Other Assets		(0.76	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

144

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - JANUARY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
iShares Russell 2000 ETF	12/29/2023	$	211.92		8,168	$	(134,379,936	)	$	(32,672	)
										(32,672	)
Put Options
iShares Russell 2000 ETF	12/29/2023		148.21		8,168		(134,379,936	)		(980,160	)
										(980,160	)
Total Options Written (Premiums Received $8,642,466)									$	(1,012,832	)

^(a)	Exchange-Traded.

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

145

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - APRIL

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.02% ^(a)(b)
CALL OPTIONS - 93.49%
iShares Russell 2000 ETF, Expires 3/28/2024, Strike Price $1.78		8,843	$	145,485,036	$	142,664,119
						142,664,119
PUT OPTIONS - 8.53%
iShares Russell 2000 ETF, Expires 3/28/2024, Strike Price $178.40		8,843		145,485,036		13,016,896
						13,016,896
TOTAL PURCHASED OPTIONS (Cost $165,870,280)						155,681,015
	Principal Amount
SHORT-TERM INVESTMENTS - 0.28%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		431,906				431,906
TOTAL SHORT-TERM INVESTMENTS (Cost $431,906)						431,906

Total Investments (Cost $166,302,186) - 102.30%						156,112,921
Liabilities in Excess of Other Assets - (2.30)%						(3,506,673	)
TOTAL NET ASSETS - 100.00%					$	152,606,248

Asset Type	% of Net Assets
Purchased Options		102.02	%
Short Term Investments		0.28
Total Investments		102.30
Liabilities in Excess of Other Assets		(2.30	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

146

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - APRIL

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
iShares Russell 2000 ETF	3/28/2024	$	210.89		8,843	$	(145,485,036	)	$	(123,802	)
										(123,802	)
Put Options
iShares Russell 2000 ETF	3/28/2024		151.64		8,843		(145,485,036	)		(3,289,596	)
										(3,289,596	)
Total Options Written (Premiums Received $8,396,273)									$	(3,413,398	)

^(a)	Exchange-Traded.

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

147

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - JULY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 104.07% ^(a)(b)
CALL OPTIONS - 91.87%
iShares Russell 2000 ETF, Expires 6/28/2024, Strike Price $1.87		10,471	$	172,268,892	$	168,426,349
						168,426,349
PUT OPTIONS - 12.20%
iShares Russell 2000 ETF, Expires 6/28/2024, Strike Price $187.27		10,471		172,268,892		22,371,501
						22,371,501
TOTAL PURCHASED OPTIONS (Cost $204,717,128)						190,797,850
	Principal Amount
SHORT-TERM INVESTMENTS - 0.29%
Money Market Deposit Account - 0.29%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		539,442				539,442
TOTAL SHORT-TERM INVESTMENTS (Cost $539,442)						539,442

Total Investments (Cost $205,256,570) - 104.36%						191,337,292
Liabilities in Excess of Other Assets - (4.36)%						(7,992,287	)
TOTAL NET ASSETS - 100.00%					$	183,345,005

Asset Type	% of Net Assets
Purchased Options		104.07	%
Short Term Investments		0.29
Total Investments		104.36
Liabilities in Excess of Other Assets		(4.36	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

148

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - JULY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
iShares Russell 2000 ETF	6/28/2024	$	220.64		10,471	$	(172,268,892	)	$	(298,737	)
										(298,737	)
Put Options
iShares Russell 2000 ETF	6/28/2024		159.18		10,471		(172,268,892	)		(7,568,439	)
										(7,568,439	)
Total Options Written (Premiums Received $9,159,580)									$	(7,867,176	)

^(a)	Exchange-Traded.

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

149

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - OCTOBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 104.25% ^(a)(b)
CALL OPTIONS - 94.95%
iShares Russell 2000 ETF, Expires 9/30/2024, Strike Price $1.77		3,909	$	64,310,868	$	62,649,230
						62,649,230
PUT OPTIONS - 9.30%
iShares Russell 2000 ETF, Expires 9/30/2024, Strike Price $176.74		3,909		64,310,868		6,132,127
						6,132,127
TOTAL PURCHASED OPTIONS (Cost $71,537,886)						68,781,357
	Principal Amount
SHORT-TERM INVESTMENTS - 0.31%
Money Market Deposit Account - 0.31%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		204,256				204,256
TOTAL SHORT-TERM INVESTMENTS (Cost $204,256)						204,256

Total Investments (Cost $71,742,142) - 104.56%						68,985,613
Liabilities in Excess of Other Assets - (4.56)%						(3,006,974	)
TOTAL NET ASSETS - 100.00%					$	65,978,639

Asset Type	% of Net Assets
Purchased Options		104.25	%
Short Term Investments		0.31
Total Investments		104.56
Liabilities in Excess of Other Assets		(4.56	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

150

INNOVATOR U.S. SMALL CAP POWER BUFFER ETF - OCTOBER

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
iShares Russell 2000 ETF	9/30/2024	$	210.50		3,909	$	(64,310,868	)	$	(566,023	)
										(566,023	)
Put Options
iShares Russell 2000 ETF	9/30/2024		150.23		3,909		(64,310,868	)		(2,399,970	)
										(2,399,970	)
Total Options Written (Premiums Received $3,449,877)									$	(2,965,993	)

^(a)	Exchange-Traded.

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

151

INNOVATOR U.S. EQUITY ACCELERATED ETF – JANUARY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.23% ^(a)(b)
CALL OPTIONS - 102.23%
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $382.44		116	$	4,851,120	$	464,900
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $3.85		116		4,851,120		4,788,640
						5,253,540
TOTAL PURCHASED OPTIONS (Cost $5,277,918)						5,253,540
	Principal Amount
SHORT-TERM INVESTMENTS - 0.46%
Money Market Deposit Account - 0.46%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		23,816				23,816
TOTAL SHORT-TERM INVESTMENTS (Cost $23,816)						23,816

Total Investments (Cost $5,301,734) - 102.69%						5,277,356
Liabilities in Excess of Other Assets - (2.69)%						(137,874	)
TOTAL NET ASSETS - 100.00%					$	5,139,482

Asset Type	% of Net Assets
Purchased Options		102.23	%
Short Term Investments		0.46
Total Investments		102.69
Liabilities in Excess of Other Assets		(2.69	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

152

INNOVATOR U.S. EQUITY ACCELERATED ETF – JANUARY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	12/29/2023	$	430.23		232	$	(9,702,240	)	$	(134,414	)

Total Options Written (Premiums Received $386,459)									$	(134,414	)

^(a)	Exchange-Traded.

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

153

INNOVATOR U.S. EQUITY ACCELERATED ETF – APRIL

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 102.63% ^(a)(b)
CALL OPTIONS - 102.63%
SPDR S&P 500 ETF, Expires 3/28/2024, Strike Price $409.40		130	$	5,436,600	$	358,037
SPDR S&P 500 ETF, Expires 3/28/2024, Strike Price $4.12		130		5,436,600		5,346,527
						5,704,564
TOTAL PURCHASED OPTIONS (Cost $5,807,223)						5,704,564
	Principal Amount
SHORT-TERM INVESTMENTS - 0.24%
Money Market Deposit Account - 0.24%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		13,509				13,509
TOTAL SHORT-TERM INVESTMENTS (Cost $13,509)						13,509

Total Investments (Cost $5,820,732) - 102.87%						5,718,073
Liabilities in Excess of Other Assets - (2.87)%						(159,637	)
TOTAL NET ASSETS - 100.00%					$	5,558,436

Asset Type	% of Net Assets
Purchased Options		102.63	%
Short Term Investments		0.24
Total Investments		102.87
Liabilities in Excess of Other Assets		(2.87	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

154

INNOVATOR U.S. EQUITY ACCELERATED ETF – APRIL

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	3/28/2024	$	449.88		260	$	(10,873,200	)	$	(155,696	)

Total Options Written (Premiums Received $395,760)									$	(155,696	)

^(a)	Exchange-Traded.

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

155

INNOVATOR U.S. EQUITY ACCELERATED ETF – JULY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.04% ^(a)(b)
CALL OPTIONS - 101.04%
SPDR S&P 500 ETF, Expires 6/28/2024, Strike Price $443.28		205	$	8,573,100	$	315,700
SPDR S&P 500 ETF, Expires 6/28/2024, Strike Price $4.46		205		8,573,100		8,400,285
						8,715,985
TOTAL PURCHASED OPTIONS (Cost $9,591,733)						8,715,985
	Principal Amount
SHORT-TERM INVESTMENTS - 0.29%
Money Market Deposit Account - 0.29%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		25,173				25,173
TOTAL SHORT-TERM INVESTMENTS (Cost $25,173)						25,173

Total Investments (Cost $9,616,906) - 101.33%						8,741,158
Liabilities in Excess of Other Assets - (1.33)%						(114,987	)
TOTAL NET ASSETS - 100.00%					$	8,626,171

Asset Type	% of Net Assets
Purchased Options		101.04	%
Short Term Investments		0.29
Total Investments		101.33
Liabilities in Excess of Other Assets		(1.33	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

156

INNOVATOR U.S. EQUITY ACCELERATED ETF – JULY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	6/28/2024	$	479.50		410	$	(17,146,200	)	$	(146,370	)

Total Options Written (Premiums Received $615,436)									$	(146,370	)

^(a)	Exchange-Traded.

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

157

INNOVATOR U.S. EQUITY ACCELERATED ETF – OCTOBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 104.34% ^(a)(b)
CALL OPTIONS - 104.34%
SPDR S&P 500 ETF, Expires 9/30/2024, Strike Price $427.48		88	$	3,680,160	$	272,043
SPDR S&P 500 ETF, Expires 9/30/2024, Strike Price $4.30		88		3,680,160		3,590,131
						3,862,174
TOTAL PURCHASED OPTIONS (Cost $4,004,724)						3,862,174
	Principal Amount
SHORT-TERM INVESTMENTS - 1.11%
Money Market Deposit Account - 1.11%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		41,038				41,038
TOTAL SHORT-TERM INVESTMENTS (Cost $41,038)						41,038

Total Investments (Cost $4,045,762) - 105.45%						3,903,212
Liabilities in Excess of Other Assets - (5.45)%						(201,410	)
TOTAL NET ASSETS - 100.00%					$	3,701,802

Asset Type	% of Net Assets
Purchased Options		104.34	%
Short Term Investments		1.11
Total Investments		105.45
Liabilities in Excess of Other Assets		(5.45	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

158

INNOVATOR U.S. EQUITY ACCELERATED ETF – OCTOBER

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	9/30/2024	$	467.66		176	$	(7,360,320	)	$	(199,350	)

Total Options Written (Premiums Received $289,824)									$	(199,350	)

^(a)	Exchange-Traded.

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

159

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – JANUARY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 110.67% ^(a)(b)
CALL OPTIONS - 110.67%
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $382.42		826	$	34,543,320	$	3,311,888
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $3.79		413		17,271,660		17,051,668
						20,363,556
TOTAL PURCHASED OPTIONS (Cost $20,515,419)						20,363,556
	Principal Amount
SHORT-TERM INVESTMENTS - 0.30%
Money Market Deposit Account - 0.30%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		54,425				54,425
TOTAL SHORT-TERM INVESTMENTS (Cost $54,425)						54,425

Total Investments (Cost $20,569,844) - 110.97%						20,417,981
Liabilities in Excess of Other Assets - (10.97)%						(2,018,894	)
TOTAL NET ASSETS - 100.00%					$	18,399,087

Asset Type	% of Net Assets
Purchased Options		110.67	%
Short Term Investments		0.30
Total Investments		110.97
Liabilities in Excess of Other Assets		(10.97	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

160

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – JANUARY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	12/29/2023	$	411.92		1,239	$	(51,814,980	)	$	(2,007,205	)

Total Options Written (Premiums Received $3,539,465)									$	(2,007,205	)

^(a)	Exchange-Traded.

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

161

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – APRIL

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 108.48% ^(a)(b)
CALL OPTIONS - 108.48%
SPDR S&P 500 ETF, Expires 3/28/2024, Strike Price $409.38		484	$	20,240,880	$	1,333,676
SPDR S&P 500 ETF, Expires 3/28/2024, Strike Price $4.06		242		10,120,440		9,954,174
						11,287,850
TOTAL PURCHASED OPTIONS (Cost $12,168,845)						11,287,850
	Principal Amount
SHORT-TERM INVESTMENTS - 0.12%
Money Market Deposit Account - 0.12%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		12,124				12,124
TOTAL SHORT-TERM INVESTMENTS (Cost $12,124)						12,124

Total Investments (Cost $12,180,969) - 108.60%						11,299,974
Liabilities in Excess of Other Assets - (8.60)%						(894,665	)
TOTAL NET ASSETS - 100.00%					$	10,405,309

Asset Type	% of Net Assets
Purchased Options		108.48	%
Short Term Investments		0.12
Total Investments		108.60
Liabilities in Excess of Other Assets		(8.60	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

162

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – APRIL

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	3/28/2024	$	434.69		726	$	(30,361,320	)	$	(887,891	)

Total Options Written (Premiums Received $2,020,304)									$	(887,891	)

^(a)	Exchange-Traded.

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

163

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – JULY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 104.75% ^(a)(b)
CALL OPTIONS - 104.75%
SPDR S&P 500 ETF, Expires 6/28/2024, Strike Price $443.25		748	$	31,281,360	$	1,152,324
SPDR S&P 500 ETF, Expires 6/28/2024, Strike Price $4.39		374		15,640,680		15,305,919
						16,458,243
TOTAL PURCHASED OPTIONS (Cost $19,072,788)						16,458,243
	Principal Amount
SHORT-TERM INVESTMENTS - 0.08%
Money Market Deposit Account - 0.08%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		12,069				12,069
TOTAL SHORT-TERM INVESTMENTS (Cost $12,069)						12,069

Total Investments (Cost $19,084,857) - 104.83%						16,470,312
Liabilities in Excess of Other Assets - (4.83)%						(758,252	)
TOTAL NET ASSETS - 100.00%					$	15,712,060

Asset Type	% of Net Assets
Purchased Options		104.75	%
Short Term Investments		0.08
Total Investments		104.83
Liabilities in Excess of Other Assets		(4.83	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

164

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – JULY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	6/28/2024	$	465.71		1,122	$	(46,922,040	)	$	(747,353	)

Total Options Written (Premiums Received $2,610,123)									$	(747,353	)

^(a)	Exchange-Traded.

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

165

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – OCTOBER

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 112.63% ^(a)(b)
CALL OPTIONS - 112.63%
SPDR S&P 500 ETF, Expires 9/30/2024, Strike Price $427.45		610	$	25,510,200	$	1,886,834
SPDR S&P 500 ETF, Expires 9/30/2024, Strike Price $4.24		305		12,755,100		12,444,795
						14,331,629
TOTAL PURCHASED OPTIONS (Cost $15,163,417)						14,331,629
	Principal Amount
SHORT-TERM INVESTMENTS - 0.12%
Money Market Deposit Account - 0.12%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		15,421				15,421
TOTAL SHORT-TERM INVESTMENTS (Cost $15,421)						15,421

Total Investments (Cost $15,178,838) - 112.75%						14,347,050
Liabilities in Excess of Other Assets - (12.75)%						(1,622,769	)
TOTAL NET ASSETS - 100.00%					$	12,724,281

Asset Type	% of Net Assets
Purchased Options		112.63	%
Short Term Investments		0.12
Total Investments		112.75
Liabilities in Excess of Other Assets		(12.75	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

166

INNOVATOR U.S. EQUITY ACCELERATED PLUS ETF – OCTOBER

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	9/30/2024	$	452.44		915	$	(38,265,300	)	$	(1,614,508	)

Total Options Written (Premiums Received $2,253,921)									$	(1,614,508	)

^(a)	Exchange-Traded.

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

167

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF – JANUARY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 105.94% ^(a)(b)
CALL OPTIONS - 105.38%
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $382.43		1,666	$	69,672,120	$	6,678,428
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $3.80		1,666		69,672,120		68,783,042
						75,461,470
PUT OPTIONS - 0.56%
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $382.42		1,666		69,672,120		398,857
						398,857
TOTAL PURCHASED OPTIONS (Cost $77,034,452)						75,860,327
	Principal Amount
SHORT-TERM INVESTMENTS - 0.20%
Money Market Deposit Account - 0.20%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		141,512				141,512
TOTAL SHORT-TERM INVESTMENTS (Cost $141,512)						141,512

Total Investments (Cost $77,175,964) - 106.14%						76,001,839
Liabilities in Excess of Other Assets - (6.14)%						(4,392,847	)
TOTAL NET ASSETS - 100.00%					$	71,608,992

Asset Type	% of Net Assets
Purchased Options		105.94	%
Short Term Investments		0.20
Total Investments		106.14
Liabilities in Excess of Other Assets		(6.14	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

168

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF – JANUARY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	12/29/2023	$	417.23		3,332	$	(139,344,240	)	$	(4,228,641	)
										(4,228,641	)
Put Options
SPDR S&P 500 ETF	12/29/2023		348.00		1,666		(69,672,120	)		(116,537	)
										(116,537	)
Total Options Written (Premiums Received $10,509,760)									$	(4,345,178	)

^(a)	Exchange-Traded.

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

169

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF – APRIL

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 105.71% ^(a)(b)
CALL OPTIONS - 102.85%
SPDR S&P 500 ETF, Expires 3/28/2024, Strike Price $409.39		1,730	$	72,348,600	$	4,766,150
SPDR S&P 500 ETF, Expires 3/28/2024, Strike Price $4.07		1,730		72,348,600		71,156,630
						75,922,780
PUT OPTIONS - 2.86%
SPDR S&P 500 ETF, Expires 3/28/2024, Strike Price $409.38		1,730		72,348,600		2,112,330
						2,112,330
TOTAL PURCHASED OPTIONS (Cost $81,601,181)						78,035,110
	Principal Amount
SHORT-TERM INVESTMENTS - 0.21%
Money Market Deposit Account - 0.21%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		157,244				157,244
TOTAL SHORT-TERM INVESTMENTS (Cost $157,244)						157,244

Total Investments (Cost $81,758,425) - 105.92%						78,192,354
Liabilities in Excess of Other Assets - (5.92)%						(4,367,780	)
TOTAL NET ASSETS - 100.00%					$	73,824,574

Asset Type	% of Net Assets
Purchased Options		105.71	%
Short Term Investments		0.21
Total Investments		105.92
Liabilities in Excess of Other Assets		(5.92	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

170

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF – APRIL

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	3/28/2024	$	439.40		3,460	$	(144,697,200	)	$	(3,460,000	)
										(3,460,000	)
Put Options
SPDR S&P 500 ETF	3/28/2024		372.53		1,730		(72,348,600	)		(899,600	)
										(899,600	)
Total Options Written (Premiums Received $9,896,642)									$	(4,359,600	)

^(a)	Exchange-Traded.

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

171

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF – JULY

Schedule of Investments

October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 105.58% ^(a)(b)
CALL OPTIONS - 98.87%
SPDR S&P 500 ETF, Expires 6/28/2024, Strike Price $443.27		1,832	$	76,614,240	$	2,820,492
SPDR S&P 500 ETF, Expires 6/28/2024, Strike Price $4.41		1,832		76,614,240		74,970,936
						77,791,428
PUT OPTIONS - 6.71%
SPDR S&P 500 ETF, Expires 6/28/2024, Strike Price $443.27		1,832		76,614,240		5,279,879
						5,279,879
TOTAL PURCHASED OPTIONS (Cost $89,800,667)						83,071,307
	Principal Amount
SHORT-TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		212,874				212,874
TOTAL SHORT-TERM INVESTMENTS (Cost $212,874)						212,874

Total Investments (Cost $90,013,541) - 105.85%						83,284,181
Liabilities in Excess of Other Assets - (5.85)%						(4,603,421	)
TOTAL NET ASSETS - 100.00%					$	78,680,760

Asset Type	% of Net Assets
Purchased Options		105.58	%
Short Term Investments		0.27
Total Investments		105.85
Liabilities in Excess of Other Assets		(5.85	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.

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

^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

172

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF – JULY

Schedule of Options Written ^(a)

October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	6/28/2024	$	471.21		3,664	$	(153,228,480	)	$	(1,903,484	)
										(1,903,484	)
Put Options
SPDR S&P 500 ETF	6/28/2024		403.37		1,832		(76,614,240	)		(2,646,948	)
										(2,646,948	)
Total Options Written (Premiums Received $9,331,203)									$	(4,550,432	)

^(a)	Exchange-Traded.

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

173

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF – OCTOBER

Schedule of Investments
October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 110.35% ^(a)(b)
CALL OPTIONS - 104.43%
SPDR S&P 500 ETF, Expires 9/30/2024, Strike Price $427.47		1,311	$	54,826,020	$	4,053,599
SPDR S&P 500 ETF, Expires 9/30/2024, Strike Price $4.25		1,311		54,826,020		53,490,976
						57,544,575
PUT OPTIONS - 5.92%
SPDR S&P 500 ETF, Expires 9/30/2024, Strike Price $427.47		1,311		54,826,020		3,260,195
						3,260,195
TOTAL PURCHASED OPTIONS (Cost $62,949,239)						60,804,770
	Principal Amount
SHORT-TERM INVESTMENTS - 0.29%
Money Market Deposit Account - 0.29%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		159,855				159,855
TOTAL SHORT-TERM INVESTMENTS (Cost $159,855)						159,855

Total Investments (Cost $63,109,094) - 110.64%						60,964,625
Liabilities in Excess of Other Assets - (10.64)%						(5,859,005	)
TOTAL NET ASSETS - 100.00%					$	55,105,620

Asset Type	% of Net Assets
Purchased Options		110.35	%
Short Term Investments		0.29
Total Investments		110.64
Liabilities in Excess of Other Assets		(10.64	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.
^(b)	Purchased option contracts are held in connection with corresponding option contracts written short.
^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

174

INNOVATOR U.S. EQUITY ACCELERATED 9 BUFFER ETF – OCTOBER

Schedule of Options Written ^(a)
October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	9/30/2024	$	457.83		2,622	$	(109,652,040	)	$	(3,993,411	)
										(3,993,411	)
Put Options
SPDR S&P 500 ETF	9/30/2024		388.99		1,311		(54,826,020	)		(1,833,027	)
										(1,833,027	)
Total Options Written (Premiums Received $7,453,546)									$	(5,826,438	)

^(a)	Exchange-Traded.

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

175

INNOVATOR GROWTH ACCELERATED PLUS ETF – JANUARY

Schedule of Investments
October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 158.41% ^(a)(b)
CALL OPTIONS - 158.41%
Invesco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $266.29		1,714	$	60,139,118	$	14,892,895
Invesco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $2.67		857		30,069,559		29,797,650
						44,690,545
TOTAL PURCHASED OPTIONS (Cost $35,468,917)						44,690,545
	Principal Amount
SHORT-TERM INVESTMENTS - 0.18%
Money Market Deposit Account - 0.18%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		52,009				52,009
TOTAL SHORT-TERM INVESTMENTS (Cost $52,009)						52,009

Total Investments (Cost $35,520,926) - 158.59%						44,742,554
Liabilities in Excess of Other Assets - (58.59)%						(16,529,939	)
TOTAL NET ASSETS - 100.00%					$	28,212,615

Asset Type	% of Net Assets
Purchased Options		158.41	%
Short Term Investments		0.18
Total Investments		158.59
Liabilities in Excess of Other Assets		(58.59	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.
^(b)	Purchased option contracts are held in connection with corresponding option contracts written short.
^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

176

INNOVATOR GROWTH ACCELERATED PLUS ETF – JANUARY

Schedule of Options Written ^(a)
October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
Invesco QQQ Trust Series 1	12/29/2023	$	289.69		2,571	$	(90,208,677	)	$	(16,510,911	)

Total Options Written (Premiums Received $7,268,792)									$	(16,510,911	)

^(a)	Exchange-Traded.

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

177

INNOVATOR GROWTH ACCELERATED PLUS ETF – APRIL

Schedule of Investments
October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 123.09% ^(a)(b)
CALL OPTIONS - 123.09%
Invesco QQQ Trust Series 1, Expires 3/28/2024, Strike Price $320.94		1,054	$	36,981,698	$	4,663,360
Invesco QQQ Trust Series 1, Expires 3/28/2024, Strike Price $3.22		527		18,490,849		18,266,478
						22,929,838
TOTAL PURCHASED OPTIONS (Cost $22,210,109)						22,929,838
	Principal Amount
SHORT-TERM INVESTMENTS - 0.27%
Money Market Deposit Account - 0.27%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		49,466				49,466
TOTAL SHORT-TERM INVESTMENTS (Cost $49,466)						49,466

Total Investments (Cost $22,259,575) - 123.36%						22,979,304
Liabilities in Excess of Other Assets - (23.36)%						(4,350,919	)
TOTAL NET ASSETS - 100.00%					$	18,628,385

Asset Type	% of Net Assets
Purchased Options		123.09	%
Short Term Investments		0.27
Total Investments		123.36
Liabilities in Excess of Other Assets		(23.36	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.
^(b)	Purchased option contracts are held in connection with corresponding option contracts written short.
^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

178

INNOVATOR GROWTH ACCELERATED PLUS ETF – APRIL

Schedule of Options Written ^(a)
October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
Invesco QQQ Trust Series 1	3/28/2024	$	344.23		1,581	$	(55,472,547	)	$	(4,339,213	)

Total Options Written (Premiums Received $4,851,884)									$	(4,339,213	)

^(a)	Exchange-Traded.

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

179

INNOVATOR GROWTH ACCELERATED PLUS ETF – JULY

Schedule of Investments
October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 108.68% ^(a)(b)
CALL OPTIONS - 108.68%
Invesco QQQ Trust Series 1, Expires 6/28/2024, Strike Price $369.43		990	$	34,736,130	$	2,078,119
Invesco QQQ Trust Series 1, Expires 6/28/2024, Strike Price $3.71		495		17,368,065		17,097,835
						19,175,954
TOTAL PURCHASED OPTIONS (Cost $21,748,675)						19,175,954
	Principal Amount
SHORT-TERM INVESTMENTS - 0.16%
Money Market Deposit Account - 0.16%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		28,130				28,130
TOTAL SHORT-TERM INVESTMENTS (Cost $28,130)						28,130

Total Investments (Cost $21,776,805) - 108.84%						19,204,084
Liabilities in Excess of Other Assets - (8.84)%						(1,558,577	)
TOTAL NET ASSETS - 100.00%					$	17,645,507

Asset Type	% of Net Assets
Purchased Options		108.68	%
Short Term Investments		0.16
Total Investments		108.84
Liabilities in Excess of Other Assets		(8.84	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.
^(b)	Purchased option contracts are held in connection with corresponding option contracts written short.
^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

180

INNOVATOR GROWTH ACCELERATED PLUS ETF – JULY

Schedule of Options Written ^(a)
October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
Invesco QQQ Trust Series 1	6/28/2024	$	395.28		1,485	$	(52,104,195	)	$	(1,546,835	)

Total Options Written (Premiums Received $3,517,370)									$	(1,546,835	)

^(a)	Exchange-Traded.

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

181

INNOVATOR GROWTH ACCELERATED PLUS ETF – OCTOBER

Schedule of Investments
October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 117.67% ^(a)(b)
CALL OPTIONS - 117.67%
Invesco QQQ Trust Series 1, Expires 9/30/2024, Strike Price $358.27		650	$	22,806,550	$	2,198,580
Invesco QQQ Trust Series 1, Expires 9/30/2024, Strike Price $3.60		325		11,403,275		11,208,745
						13,407,325
TOTAL PURCHASED OPTIONS (Cost $14,129,673)						13,407,325
	Principal Amount
SHORT-TERM INVESTMENTS - 0.18%
Money Market Deposit Account - 0.18%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		20,363				20,363
TOTAL SHORT-TERM INVESTMENTS (Cost $20,363)						20,363

Total Investments (Cost $14,150,036) - 117.85%						13,427,688
Liabilities in Excess of Other Assets - (17.85)%						(2,033,871	)
TOTAL NET ASSETS - 100.00%					$	11,393,817

Asset Type	% of Net Assets
Purchased Options		117.67	%
Short Term Investments		0.18
Total Investments		117.85
Liabilities in Excess of Other Assets		(17.85	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.
^(b)	Purchased option contracts are held in connection with corresponding option contracts written short.
^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

182

INNOVATOR GROWTH ACCELERATED PLUS ETF – OCTOBER

Schedule of Options Written ^(a)
October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
Invesco QQQ Trust Series 1	9/30/2024	$	384.28		975	$	(34,209,825	)	$	(2,026,557	)

Total Options Written (Premiums Received $2,605,766)									$	(2,026,557	)

^(a)	Exchange-Traded.

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

183

INNOVATOR U.S. EQUITY ACCELERATED ETF – QUARTERLY

Schedule of Investments
October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 100.83% ^(a)(b)
CALL OPTIONS - 100.83%
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $427.48		1,826	$	76,363,320	$	1,281,633
SPDR S&P 500 ETF, Expires 12/29/2023, Strike Price $1.08		1,826		76,363,320		75,880,927
						77,162,560
TOTAL PURCHASED OPTIONS (Cost $80,194,127)						77,162,560
	Principal Amount
SHORT-TERM INVESTMENTS - 0.13%
Money Market Deposit Account - 0.13%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		101,819				101,819
TOTAL SHORT-TERM INVESTMENTS (Cost $101,819)						101,819

Total Investments (Cost $80,295,946) - 100.96%						77,264,379
Liabilities in Excess of Other Assets - (0.96)%						(736,142	)
TOTAL NET ASSETS - 100.00%					$	76,528,237

Asset Type	% of Net Assets
Purchased Options		100.83	%
Short Term Investments		0.13
Total Investments		100.96
Liabilities in Excess of Other Assets		(0.96	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.
^(b)	Purchased option contracts are held in connection with corresponding option contracts written short.
^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

184

INNOVATOR U.S. EQUITY ACCELERATED ETF – QUARTERLY

Schedule of Options Written ^(a)
October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	12/29/2023	$	443.25		3,652	$	(152,726,640	)	$	(679,345	)

Total Options Written (Premiums Received $2,363,229)									$	(679,345	)

^(a)	Exchange-Traded.

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

185

INNOVATOR GROWTH ACCELERATED ETF – QUARTERLY

Schedule of Investments
October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.81% ^(a)(b)
CALL OPTIONS - 101.81%
Invesco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $358.27		932	$	32,701,084	$	871,327
Invesco QQQ Trust Series 1, Expires 12/29/2023, Strike Price $0.90		932		32,701,084		32,568,824
						33,440,151
TOTAL PURCHASED OPTIONS (Cost $34,851,912)						33,440,151
	Principal Amount
SHORT-TERM INVESTMENTS - 0.06%
Money Market Deposit Account - 0.06%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		21,113				21,113
TOTAL SHORT-TERM INVESTMENTS (Cost $21,113)						21,113

Total Investments (Cost $34,873,025) - 101.87%						33,461,264
Liabilities in Excess of Other Assets - (1.87)%						(614,743	)
TOTAL NET ASSETS - 100.00%					$	32,846,521

Asset Type	% of Net Assets
Purchased Options		101.81	%
Short Term Investments		0.06
Total Investments		101.87
Liabilities in Excess of Other Assets		(1.87	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.
^(b)	Purchased option contracts are held in connection with corresponding option contracts written short.
^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

186

INNOVATOR GROWTH ACCELERATED ETF – QUARTERLY

Schedule of Options Written ^(a)
October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
Invesco QQQ Trust Series 1	12/29/2023	$	374.93		1,864	$	(65,402,168	)	$	(592,715	)

Total Options Written (Premiums Received $1,473,782)									$	(592,715	)

^(a)	Exchange-Traded.

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

187

INNOVATOR EQUITY DEFINED PROTECTION ETF – 2 YR TO JULY 2025

Schedule of Investments
October 31, 2023

	Contracts		Notional Amount		Value
PURCHASED OPTIONS - 101.55% ^(a)(b)
CALL OPTIONS - 92.43%
SPDR S&P 500 ETF, Expires 6/30/2025, Strike Price $8.12		4,560	$	190,699,200	$	182,834,841
						182,834,841
PUT OPTIONS - 9.12%
SPDR S&P 500 ETF, Expires 6/30/2025, Strike Price $450.84		4,560		190,699,200		18,049,620
						18,049,620
TOTAL PURCHASED OPTIONS (Cost $208,720,848)						200,884,461
	Principal Amount
SHORT-TERM INVESTMENTS - 0.34%
Money Market Deposit Account - 0.34%
U.S. Bank Money Market Deposit Account, 5.20% ^(c)		667,558				667,558
TOTAL SHORT-TERM INVESTMENTS (Cost $667,558)						667,558

Total Investments (Cost $209,388,406) - 101.89%						201,552,019
Liabilities in Excess of Other Assets - (1.89)%						(3,743,739	)
TOTAL NET ASSETS - 100.00%					$	197,808,280

Asset Type	% of Net Assets
Purchased Options		101.55	%
Short Term Investments		0.34
Total Investments		101.89
Liabilities in Excess of Other Assets		(1.89	)
Net Assets		100.00	%

Percentages are stated as a percent of net assets.

^(a)	Exchange-Traded.
^(b)	Purchased option contracts are held in connection with corresponding option contracts written short.
^(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of October 31, 2023.

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

188

INNOVATOR EQUITY DEFINED PROTECTION ETF – 2 YR TO JULY 2025

Schedule of Options Written ^(a)
October 31, 2023 (Continued)

Description	Expiration	Strike Price		Contracts		Notional Amount			Value
Call Options
SPDR S&P 500 ETF	6/30/2025	$	525.81		4,560	$	(190,699,200	)	$	(3,621,324	)

Total Options Written (Premiums Received $7,989,599)									$	(3,621,324	)

^(a)	Exchange-Traded.

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

189

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


Assets:
Investments, at value ^(a)
Interest receivable
ETF variable fee receivable
Receivable for investments sold
Receivable for fund shares sold
Deposit at broker for options
Total Assets

Liabilities:
Options written, at value ^(b)
Payable for fund shares redeemed
Payable to Adviser
Payable for investments purchased
Total Liabilities
Net Assets

Net Assets Consist of:
Capital stock
Total distributable earnings/(accumulated deficit)
Net Assets

Net Asset Value:
Net assets
Shares of beneficial interest outstanding (unlimited shares without par value authorized)
Net asset value price per share

^(a)Cost of investments
^(b)Premiums received

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

190

INNOVATOR ETFs TRUST

Innovator Emerging Markets Power Buffer ETF - January			Innovator Emerging Markets Power Buffer ETF - April			Innovator Emerging Markets Power Buffer ETF - July			Innovator Emerging Markets Power Buffer ETF - October

$	265,922,689		$	59,718,756		$	104,262,520		$	44,549,839
	1,672			490			872			353
	–			–			–			550
	–			598,222			–			41,954
	–			–			–			1,099,355
	101			154			199			106
	265,924,462			60,317,622			104,263,591			45,692,157


	1,340,966			1,184,710			3,103,294			1,652,738
	–			590,758			–			–
	176,224			45,347			79,199			29,679
	–			11,890			–			1,134,759
	1,517,190			1,832,705			3,182,493			2,817,176
$	264,407,272		$	58,484,917		$	101,081,098		$	42,874,981


$	283,800,054		$	68,197,383		$	119,452,117		$	44,674,967
	(19,392,782	)		(9,712,466	)		(18,371,019	)		(1,799,986	)
$	264,407,272		$	58,484,917		$	101,081,098		$	42,874,981


$	264,407,272		$	58,484,917		$	101,081,098		$	42,874,981
	9,825,000			2,475,000			4,575,000			1,950,000
$	26.91		$	23.63		$	22.09		$	21.99

$	271,927,974		$	62,911,943		$	108,450,420		$	45,441,130
	5,046,044			2,649,765			3,422,046			1,883,482

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

191

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


Assets:
Investments, at value ^(a)
Interest receivable
ETF variable fee receivable
Receivable for investments sold
Receivable for fund shares sold
Deposit at broker for options
Total Assets

Liabilities:
Options written, at value ^(b)
Payable for fund shares redeemed
Payable to Adviser
Payable for investments purchased
Total Liabilities
Net Assets

Net Assets Consist of:
Capital stock
Total distributable earnings/(accumulated deficit)
Net Assets

Net Asset Value:
Net assets
Shares of beneficial interest outstanding (unlimited shares without par value authorized)
Net asset value price per share

^(a)Cost of investments
^(b)Premiums received

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

192

INNOVATOR ETFs TRUST

Innovator International Developed Power Buffer ETF - January			Innovator International Developed Power Buffer ETF - April			Innovator International Developed Power Buffer ETF - July			Innovator International Developed Power Buffer ETF - September

$	121,258,548		$	225,316,003		$	201,566,134		$	37,062,628
	1,079			2,174			1,988			290
	–			596			–			901
	–			3,033,760			–			49,723
	–			–			–			1,802,303
	145			209			226			938
	121,259,772			228,352,742			201,568,348			38,916,783


	448,369			2,945,012			5,401,705			1,002,820
	–			2,978,887			–			–
	87,003			163,432			143,712			24,095
	–			39,910			–			1,843,351
	535,372			6,127,241			5,545,417			2,870,266
$	120,724,400		$	222,225,501		$	196,022,931		$	36,046,517


$	136,395,578		$	241,791,624		$	205,958,977		$	37,080,895
	(15,671,178	)		(19,566,123	)		(9,936,046	)		(1,034,378	)
$	120,724,400		$	222,225,501		$	196,022,931		$	36,046,517


$	120,724,400		$	222,225,501		$	196,022,931		$	36,046,517
	4,450,000			9,325,000			7,825,000			1,500,000
$	27.13		$	23.83		$	25.05		$	24.03

$	127,625,068		$	237,129,338		$	208,783,091		$	37,957,073
	3,843,690			7,540,149			5,540,856			899,475

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

193

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


Assets:
Investments, at value ^(a)
Interest receivable
ETF variable fee receivable
Receivable for investments sold
Receivable for fund shares sold
Deposit at broker for options
Total Assets

Liabilities:
Options written, at value ^(b)
Payable for fund shares redeemed
Payable to Adviser
Due to Broker for Options
Payable for investments purchased
Total Liabilities
Net Assets

Net Assets Consist of:
Capital stock
Total distributable earnings/(accumulated deficit)
Net Assets

Net Asset Value:
Net assets
Shares of beneficial interest outstanding (unlimited shares without par value authorized)
Net asset value price per share

^(a)Cost of investments
^(b)Premiums received

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

194

INNOVATOR ETFs TRUST

Innovator International Developed Power Buffer ETF - October			Innovator International Developed Power Buffer ETF - November			Innovator 20+ Year Treasury Bond 9 Buffer ETF - July			Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly

$	108,996,728		$	1,284,980		$	87,218,716		$	10,290,117
	1,223			–			1,035			76
	3,221			–			–			–
	17,236,198			39,491			–			–
	–			1,247,500			–			–
	–			–			96			206
	126,237,370			2,571,971			87,219,847			10,290,399


	3,237,290			39,668			9,726,952			21,103
	16,749,720			–			–			–
	82,006			–			52,686			7,783
	621			–			–			–
	514,263			1,285,156			–			–
	20,583,900			1,324,824			9,779,638			28,886
$	105,653,470		$	1,247,147		$	77,440,209		$	10,261,513


$	116,897,512		$	1,247,500		$	91,892,415		$	14,409,223
	(11,244,042	)		(353	)		(14,452,206	)		(4,147,710	)
$	105,653,470		$	1,247,147		$	77,440,209		$	10,261,513


$	105,653,470		$	1,247,147		$	77,440,209		$	10,261,513
	4,100,000			50,000			4,350,000			550,000
$	25.77		$	24.94		$	17.80		$	18.66

$	110,505,516		$	1,285,156		$	91,723,462		$	10,668,364
	3,291,731			39,491			3,416,113			58,616

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

195

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


Assets:
Investments, at value ^(a)
Interest receivable
Receivable for investments sold
Deposit at broker for options
Total Assets

Liabilities:
Options written, at value ^(b)
Payable for fund shares redeemed
Payable to Adviser
Payable for investments purchased
Total Liabilities
Net Assets

Net Assets Consist of:
Capital stock
Total distributable earnings/(accumulated deficit)
Net Assets

Net Asset Value:
Net assets
Shares of beneficial interest outstanding (unlimited shares without par value authorized)
Net asset value price per share

^(a)Cost of investments
^(b)Premiums received

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

196

INNOVATOR ETFs TRUST

Innovator Defined Wealth Shield ETF			Innovator Double Stacker ETF - January			Innovator Triple Stacker ETF - January			Innovator Double Stacker 9 Buffer ETF - January

$	494,439,404		$	2,548,347		$	5,937,714		$	8,896,481
	3,442			81			139			164
	–			–			816,665			–
	200			107			108			49
	494,443,046			2,548,535			6,754,626			8,896,694


	3,775,779			404,000			1,231,445			1,720,740
	–			–			668,428			–
	276,101			1,440			3,623			4,806
	–			–			172,127			–
	4,051,880			405,440			2,075,623			1,725,546
$	490,391,166		$	2,143,095		$	4,679,003		$	7,171,148


$	503,785,373		$	3,631,072		$	16,788,938		$	11,819,802
	(13,394,207	)		(1,487,977	)		(12,109,935	)		(4,648,654	)
$	490,391,166		$	2,143,095		$	4,679,003		$	7,171,148


$	490,391,166		$	2,143,095		$	4,679,003		$	7,171,148
	17,650,000			75,000			175,000			250,000
$	27.78		$	28.57		$	26.74		$	28.68

$	501,665,411		$	2,011,836		$	5,139,950		$	7,407,912
	10,738,337			214,380			987,278			1,293,437

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

197

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


Assets:
Investments, at value ^(a)
Interest receivable
Receivable for investments sold
Deposit at broker for options
Total Assets

Liabilities:
Options written, at value ^(b)
Payable for fund shares redeemed
Payable to Adviser
Payable for investments purchased
Total Liabilities
Net Assets

Net Assets Consist of:
Capital stock
Total distributable earnings/(accumulated deficit)
Net Assets

Net Asset Value:
Net assets
Shares of beneficial interest outstanding (unlimited shares without par value authorized)
Net asset value price per share

^(a)Cost of investments
^(b)Premiums received

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

198

INNOVATOR ETFs TRUST

Innovator Growth- 100 Power Buffer ETF - January			Innovator Growth- 100 Power Buffer ETF - April		Innovator Growth- 100 Power Buffer ETF - July			Innovator Growth- 100 Power Buffer ETF - October

$	85,921,361		$	137,284,979	$	276,208,198		$	156,301,956
	758			1,520		3,272			1,479
	–			–		1,305,286			–
	187			203		269			99
	85,922,306			137,286,702		277,517,025			156,303,534


	8,221,470			4,746,520		9,579,642			7,944,675
	–			–		1,256,860			–
	51,948			94,502		180,652			74,923
	–			–		45,399			–
	8,273,418			4,841,022		11,062,553			8,019,598
$	77,648,888		$	132,445,680	$	266,454,472		$	148,283,936


$	111,514,605		$	130,955,805	$	285,705,665		$	150,761,157
	(33,865,717	)		1,489,875		(19,251,193	)		(2,477,221	)
$	77,648,888		$	132,445,680	$	266,454,472		$	148,283,936


$	77,648,888		$	132,445,680	$	266,454,472		$	148,283,936
	1,900,000			3,175,000		5,300,000			3,520,000
$	40.87		$	41.72	$	50.27		$	42.13

$	70,505,113		$	131,124,121	$	286,471,999		$	159,933,055
	5,419,926			8,426,618		14,746,203			9,531,582

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

199

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


Assets:
Investments, at value ^(a)
Interest receivable
ETF variable fee receivable
Receivable for investments sold
Receivable for fund shares sold
Deposit at broker for options
Total Assets

Liabilities:
Options written, at value ^(b)
Payable for fund shares redeemed
Payable to Adviser
Payable for investments purchased
Total Liabilities
Net Assets

Net Assets Consist of:
Capital stock
Total distributable earnings/(accumulated deficit)
Net Assets

Net Asset Value:
Net assets
Shares of beneficial interest outstanding (unlimited shares without par value authorized)
Net asset value price per share

^(a)Cost of investments
^(b)Premiums received

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

200

INNOVATOR ETFs TRUST

Innovator U.S. Small Cap Power Buffer ETF - January			Innovator U.S. Small Cap Power Buffer ETF - April			Innovator U.S. Small Cap Power Buffer ETF - July			Innovator U.S. Small Cap Power Buffer ETF - October

$	141,637,763		$	156,112,921		$	191,337,292		$	68,985,613
	1,594			1,954			2,438			851
	2,959			–			–			–
	41,545			668,987			–			–
	5,918,460			–			–			–
	177			209			200			104
	147,602,498			156,784,071			191,339,930			68,986,568


	1,012,832			3,413,398			7,867,176			2,965,993
	–			643,908			–			–
	91,889			105,846			127,749			41,936
	5,933,173			14,671			–			–
	7,037,894			4,177,823			7,994,925			3,007,929
$	140,564,604		$	152,606,248		$	183,345,005		$	65,978,639


$	171,033,944		$	169,503,140		$	210,280,506		$	72,026,591
	(30,469,340	)		(16,896,892	)		(26,935,501	)		(6,047,952	)
$	140,564,604		$	152,606,248		$	183,345,005		$	65,978,639


$	140,564,604		$	152,606,248		$	183,345,005		$	65,978,639
	4,750,000			5,925,000			7,600,000			2,675,000
$	29.59		$	25.76		$	24.12		$	24.66

$	151,018,972		$	166,302,186		$	205,256,570		$	71,742,142
	8,642,466			8,396,273			9,159,580			3,449,877

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

201

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


Assets:
Investments, at value ^(a)
Interest receivable
ETF variable fee receivable
Receivable for investments sold
Receivable for fund shares sold
Deposit at broker for options
Total Assets

Liabilities:
Options written, at value ^(b)
Payable to Adviser
Payable for investments purchased
Total Liabilities
Net Assets

Net Assets Consist of:
Capital stock
Total distributable earnings/(accumulated deficit)
Net Assets

Net Asset Value:
Net assets
Shares of beneficial interest outstanding (unlimited shares without par value authorized)
Net asset value price per share

^(a)Cost of investments
^(b)Premiums received

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

202

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated ETF - January			Innovator U.S. Equity Accelerated ETF - April			Innovator U.S. Equity Accelerated ETF - July			Innovator U.S. Equity Accelerated ETF - October

$	5,277,356		$	5,718,073		$	8,741,158		$	3,903,212
	103			123			123			80
	–			–			332			–
	–			–			10,645			–
	–			–			663,535			–
	202			206			2			101
	5,277,661			5,718,402			9,415,795			3,903,393


	134,414			155,696			146,370			199,350
	3,765			4,270			5,435			2,241
	–			–			637,819			–
	138,179			159,966			789,624			201,591
$	5,139,482		$	5,558,436		$	8,626,171		$	3,701,802


$	5,735,251		$	5,977,929		$	9,971,239		$	10,367,668
	(595,769	)		(419,493	)		(1,345,068	)		(6,665,866	)
$	5,139,482		$	5,558,436		$	8,626,171		$	3,701,802


$	5,139,482		$	5,558,436		$	8,626,171		$	3,701,802
	225,000			200,000			325,000			150,000
$	22.84		$	27.79		$	26.54		$	24.68

$	5,301,734		$	5,820,732		$	9,616,906		$	4,045,762
	386,459			395,760			615,436			289,824

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

203

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


Assets:
Investments, at value ^(a)
Interest receivable
Deposit at broker for options
Total Assets

Liabilities:
Options written, at value ^(b)
Payable to Adviser
Total Liabilities
Net Assets

Net Assets Consist of:
Capital stock
Total distributable earnings/(accumulated deficit)
Net Assets

Net Asset Value:
Net assets
Shares of beneficial interest outstanding (unlimited shares without par value authorized)
Net asset value price per share

^(a)Cost of investments
^(b)Premiums received

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

204

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated Plus ETF - January			Innovator U.S. Equity Accelerated Plus ETF - April			Innovator U.S. Equity Accelerated Plus ETF - July			Innovator U.S. Equity Accelerated Plus ETF - October

$	20,417,981		$	11,299,974		$	16,470,312		$	14,347,050
	87			66			140			200
	202			208			13			99
	20,418,270			11,300,248			16,470,465			14,347,349


	2,007,205			887,891			747,353			1,614,508
	11,978			7,048			11,052			8,560
	2,019,183			894,939			758,405			1,623,068
$	18,399,087		$	10,405,309		$	15,712,060		$	12,724,281


$	18,437,199		$	11,701,029		$	19,672,643		$	13,876,584
	(38,112	)		(1,295,720	)		(3,960,583	)		(1,152,303	)
$	18,399,087		$	10,405,309		$	15,712,060		$	12,724,281


$	18,399,087		$	10,405,309		$	15,712,060		$	12,724,281
	800,000			375,000			600,000			525,000
$	23.00		$	27.75		$	26.19		$	24.24

$	20,569,844		$	12,180,969		$	19,084,857		$	15,178,838
	3,539,465			2,020,304			2,610,123			2,253,921

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

205

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


Assets:
Investments, at value ^(a)
Interest receivable
Receivable for investments sold
Deposit at broker for options
Total Assets

Liabilities:
Options written, at value ^(b)
Payable to Adviser
Payable for investments purchased
Total Liabilities
Net Assets

Net Assets Consist of:
Capital stock
Total distributable earnings/(accumulated deficit)
Net Assets

Net Asset Value:
Net assets
Shares of beneficial interest outstanding (unlimited shares without par value authorized)
Net asset value price per share

^(a)Cost of investments
^(b)Premiums received

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

206

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated 9 Buffer ETF - January		Innovator U.S. Equity Accelerated 9 Buffer ETF - April			Innovator U.S. Equity Accelerated 9 Buffer ETF - July			Innovator U.S. Equity Accelerated 9 Buffer ETF - October

$	76,001,839	$	78,192,354		$	83,284,181		$	60,964,625
	704		837			911			683
	–		45,100			–			–
	198		208			19			200
	76,002,741		78,238,499			83,285,111			60,965,508


	4,345,178		4,359,600			4,550,432			5,826,438
	48,571		51,799			53,919			33,450
	–		2,526			–			–
	4,393,749		4,413,925			4,604,351			5,859,888
$	71,608,992	$	73,824,574		$	78,680,760		$	55,105,620


$	70,395,975	$	75,513,380		$	82,947,646		$	57,476,783
	1,213,017		(1,688,806	)		(4,266,886	)		(2,371,163	)
$	71,608,992	$	73,824,574		$	78,680,760		$	55,105,620


$	71,608,992	$	73,824,574		$	78,680,760		$	55,105,620
	2,900,000		2,575,000			2,800,000			2,125,000
$	24.69	$	28.67		$	28.10		$	25.93

$	77,175,964	$	81,758,425		$	90,013,541		$	63,109,094
	10,509,760		9,896,642			9,331,203			7,453,546

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

207

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


Assets:
Investments, at value ^(a)
Interest receivable
Deposit at broker for options
Total Assets

Liabilities:
Options written, at value ^(b)
Payable to Adviser
Total Liabilities
Net Assets

Net Assets Consist of:
Capital stock
Total distributable earnings/(accumulated deficit)
Net Assets

Net Asset Value:
Net assets
Shares of beneficial interest outstanding (unlimited shares without par value authorized)
Net asset value price per share

^(a)Cost of investments
^(b)Premiums received

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

208

INNOVATOR ETFs TRUST

Innovator Growth Accelerated Plus ETF - January			Innovator Growth Accelerated Plus ETF - April			Innovator Growth Accelerated Plus ETF - July			Innovator Growth Accelerated Plus ETF - October

$	44,742,554		$	22,979,304		$	19,204,084		$	13,427,688
	242			223			150			138
	201			205			205			200
	44,742,997			22,979,732			19,204,439			13,428,026


	16,510,911			4,339,213			1,546,835			2,026,557
	19,471			12,134			12,097			7,652
	16,530,382			4,351,347			1,558,932			2,034,209
$	28,212,615		$	18,628,385		$	17,645,507		$	11,393,817


$	31,373,631		$	23,135,723		$	25,159,640		$	14,166,219
	(3,161,016	)		(4,507,338	)		(7,514,133	)		(2,772,402	)
$	28,212,615		$	18,628,385		$	17,645,507		$	11,393,817


$	28,212,615		$	18,628,385		$	17,645,507		$	11,393,817
	1,350,000			625,000			725,000			500,000
$	20.90		$	29.81		$	24.34		$	22.79

$	35,520,926		$	22,259,575		$	21,776,805		$	14,150,036
	7,268,792			4,851,884			3,517,370			2,605,766

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

209

INNOVATOR ETFs TRUST

Statements of Assets and Liabilities

October 31, 2023


Assets:
Investments, at value ^(a)
Interest receivable
Receivable for investments sold
Deposit at broker for options
Total Assets

Liabilities:
Options written, at value ^(b)
Payable for fund shares redeemed
Payable to Adviser
Payable for investments purchased
Total Liabilities
Net Assets

Net Assets Consist of:
Capital stock
Total distributable earnings/(accumulated deficit)
Net Assets

Net Asset Value:
Net assets
Shares of beneficial interest outstanding (unlimited shares without par value authorized)
Net asset value price per share

^(a)Cost of investments
^(b)Premiums received

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

210

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated ETF - Quarterly			Innovator Growth Accelerated ETF - Quarterly			Innovator Equity Defined Protection ETF - 2 Yr to July 2025

$	77,264,379		$	33,461,264		$	201,552,019
	611			219			2,750
	676,123			–			–
	200			45			200
	77,941,313			33,461,528			201,554,969


	679,345			592,715			3,621,324
	677,240			–			–
	50,539			22,292			125,365
	5,952			–			–
	1,413,076			615,007			3,746,689
$	76,528,237		$	32,846,521		$	197,808,280


$	81,066,858		$	39,481,256		$	201,580,662
	(4,538,621	)		(6,634,735	)		(3,772,382	)
$	76,528,237		$	32,846,521		$	197,808,280


$	76,528,237		$	32,846,521		$	197,808,280
	2,825,000			1,375,000			8,150,000
$	27.09		$	23.89		$	24.27

$	80,295,946		$	34,873,025		$	209,388,406
	2,363,229			1,473,782			7,989,599

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

211

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2023


Investment Income:
Interest
Total Investment Income

Expenses:
Investment advisory fee
Total Expenses
Net Investment Income/(Loss)

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
Investments
Redemptions sold in-kind on investments
Redemptions sold in-kind on options written
Options written
Net change in unrealized appreciation/(depreciation) on:
Investments
Options written
Net Realized and Unrealized Gain/(Loss) on Investments and Options Written
Net Increase/(Decrease) in Net Assets Resulting From Operations

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

212

INNOVATOR ETFs TRUST

Innovator Emerging Markets Power Buffer ETF - January			Innovator Emerging Markets Power Buffer ETF - April			Innovator Emerging Markets Power Buffer ETF - July			Innovator Emerging Markets Power Buffer ETF - October

$	10,254		$	4,646		$	7,573		$	2,332
	10,254			4,646			7,573			2,332


	897,147			452,317			807,084			281,764
	897,147			452,317			807,084			281,764
	(886,893	)		(447,671	)		(799,511	)		(279,432	)



	(11,667,099	)		(3,642,115	)		(4,572,702	)		(512,687	)
	5,669,571			1,151,748			1,779,662			1,354,545
	1,720,689			1,557,518			1,020,150			676,674
	(1,219,588	)		949,893			3,772,193			1,047,632

	(571,337	)		(379,536	)		(1,162,651	)		(464,922	)
	9,312,510			3,177,285			751,937			325,688
	3,244,746			2,814,793			1,588,589			2,426,930
$	2,357,853		$	2,367,122		$	789,078		$	2,147,498

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

213

INNOVATOR ETFs TRUST

Statements of Operations

For the Year or Period Ended October 31, 2023


Investment Income:
Interest
Total Investment Income

Expenses:
Investment advisory fee
Total Expenses
Net Investment Income/(Loss)

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
Investments
Redemptions sold in-kind on investments
Redemptions sold in-kind on options written
Options written
Net change in unrealized appreciation/(depreciation) on:
Investments
Options written
Net Realized and Unrealized Gain/(Loss) on Investments and Options Written
Net Increase/(Decrease) in Net Assets Resulting From Operations

^(a)	Since Commencement of Operations on August 31, 2023.

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

214

INNOVATOR ETFs TRUST

Innovator International Developed Power Buffer ETF - January			Innovator International Developed Power Buffer ETF - April			Innovator International Developed Power Buffer ETF - July			Innovator International Developed Power Buffer ETF – September^(a)

$	15,538		$	19,627		$	18,511		$	1,169
	15,538			19,627			18,511			1,169


	1,231,238			1,456,823			1,406,460			37,756
	1,231,238			1,456,823			1,406,460			37,756
	(1,215,700	)		(1,437,196	)		(1,387,949	)		(36,587	)



	(8,432,159	)		(4,099,347	)		9,304,548			–
	8,730,439			5,001,595			13,246,245			–
	4,087,257			3,924,340			3,025,247			–
	1,557,032			205,380			3,679,113			–

	(2,407,077	)		(11,199,626	)		(4,330,753	)		(894,445	)
	7,565,960			5,202,132			(963,353	)		(103,345	)
	11,101,452			(965,526	)		23,961,047			(997,790	)
$	9,885,752		$	(2,402,722	)	$	22,573,098		$	(1,034,377	)

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

215

INNOVATOR ETFs TRUST

Statements of Operations

For the Year or Period Ended October 31, 2023


Investment Income:
Interest
Total Investment Income

Expenses:
Investment advisory fee
Total Expenses
Net Investment Income/(Loss)

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
Investments
Redemptions sold in-kind on investments
Redemptions sold in-kind on options written
Options written
Net change in unrealized appreciation/(depreciation) on:
Investments
Options written
Net Realized and Unrealized Gain/(Loss) on Investments and Options Written
Net Increase/(Decrease) in Net Assets Resulting From Operations

^(a)	Since Commencement of Operations on October 31, 2023.

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

216

INNOVATOR ETFs TRUST

Innovator International Developed Power Buffer ETF - October			Innovator International Developed Power Buffer ETF – November^(a)			Innovator 20+ Year Treasury Bond 9 Buffer ETF - July			Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly

$	9,205		$	–		$	7,356		$	641
	9,205			–			7,356			641


	881,362			–			447,165			93,036
	881,362			–			447,165			93,036
	(872,157	)		–			(439,809	)		(92,395	)



	(6,284,084	)		–			(2,110,886	)		(1,824,878	)
	22,592,264			–			1,916,206			533,899
	4,020,616			–			2,428,034			147,848
	(418,128	)		–			782,655			273,204

	(4,162,253	)		(176	)		(3,898,652	)		150,069
	136,174			(177	)		(5,486,424	)		(170,454	)
	15,884,589			(353	)		(6,369,067	)		(890,312	)
$	15,012,432		$	(353	)	$	(6,808,876	)	$	(982,707	)

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

217

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2023


Investment Income:
Interest
Total Investment Income

Expenses:
Investment advisory fee
Total Expenses
Net Investment Income/(Loss)

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
Investments
Redemptions sold in-kind on investments
Redemptions sold in-kind on options written
Options written
Net change in unrealized appreciation/(depreciation) on:
Investments
Options written
Net Realized and Unrealized Gain/(Loss) on Investments and Options Written
Net Increase/(Decrease) in Net Assets Resulting From Operations

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

218

INNOVATOR ETFs TRUST

Innovator Defined Wealth Shield ETF			Innovator Double Stacker ETF - January			Innovator Triple Stacker ETF - January			Innovator Double Stacker 9 Buffer ETF - January

$	25,096		$	874		$	1,403		$	914
	25,096			874			1,403			914


	2,534,672			20,789			42,407			56,634
	2,534,672			20,789			42,407			56,634
	(2,509,576	)		(19,915	)		(41,004	)		(55,720	)



	20,738,654			(699,505	)		(2,375,932	)		(900,685	)
	8,592,943			–			(97,169	)		100,499
	4,251,077			–			167,855			94,021
	(7,180,514	)		147,023			1,022,067			354,233

	(18,100,069	)		1,545,302			3,476,743			2,353,359
	13,913,436			(501,487	)		(1,543,141	)		(1,018,158	)
	22,215,527			491,333			650,423			983,269
$	19,705,951		$	471,418		$	609,419		$	927,549

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

219

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2023


Investment Income:
Interest
Total Investment Income

Expenses:
Investment advisory fee
Total Expenses
Net Investment Income/(Loss)

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
Investments
Redemptions sold in-kind on investments
Redemptions sold in-kind on options written
Options written
Net change in unrealized appreciation/(depreciation) on:
Investments
Options written
Net Realized and Unrealized Gain/(Loss) on Investments and Options Written
Net Increase/(Decrease) in Net Assets Resulting From Operations

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

220

INNOVATOR ETFs TRUST

Innovator Growth- 100 Power Buffer ETF - January			Innovator Growth- 100 Power Buffer ETF - April			Innovator Growth- 100 Power Buffer ETF - July			Innovator Growth- 100 Power Buffer ETF - October

$	8,856		$	12,324		$	20,003		$	9,663
	8,856			12,324			20,003			9,663


	682,264			802,498			1,151,856			689,583
	682,264			802,498			1,151,856			689,583
	(673,408	)		(790,174	)		(1,131,853	)		(679,920	)



	(15,765,249	)		(4,991,418	)		2,704,552			9,122,113
	15,349,905			3,452,728			12,152,176			10,425,414
	533,108			3,173,714			4,560,062			(108,715	)
	(11,936,583	)		1,711,675			(1,597,578	)		(1,156,873	)

	22,978,956			9,851,391			(6,390,780	)		(4,629,344	)
	2,867,392			3,778,120			598,976			1,401,328
	14,027,529			16,976,210			12,027,408			15,053,923
$	13,354,121		$	16,186,036		$	10,895,555		$	14,374,003

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

221

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2023


Investment Income:
Interest
Total Investment Income

Expenses:
Investment advisory fee
Total Expenses
Net Investment Income/(Loss)

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
Investments
Redemptions sold in-kind on investments
Redemptions sold in-kind on options written
Options written
Net change in unrealized appreciation/(depreciation) on:
Investments
Options written
Net Realized and Unrealized Gain/(Loss) on Investments and Options Written
Net Increase/(Decrease) in Net Assets Resulting From Operations

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

222

INNOVATOR ETFs TRUST

Innovator U.S. Small Cap Power Buffer ETF - January			Innovator U.S. Small Cap Power Buffer ETF - April			Innovator U.S. Small Cap Power Buffer ETF - July			Innovator U.S. Small Cap Power Buffer ETF - October

$	18,676		$	15,394		$	16,050		$	8,535
	18,676			15,394			16,050			8,535


	1,135,203			997,107			867,487			590,029
	1,135,203			997,107			867,487			590,029
	(1,116,527	)		(981,713	)		(851,437	)		(581,494	)



	(15,352,079	)		(7,390,011	)		81,023			(2,578,770	)
	8,192,335			1,610,133			795,815			2,383,736
	4,094,584			3,501,368			1,093,382			2,153,137
	(275,283	)		3,582,232			5,170,699			4,273,464

	(3,339,909	)		(3,718,637	)		(17,200,735	)		(6,345,413	)
	5,001,348			2,335,027			1,083,643			1,513,264
	(1,679,004	)		(79,888	)		(8,976,173	)		1,399,418
$	(2,795,531	)	$	(1,061,601	)	$	(9,827,610	)	$	817,924

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

223

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2023


Investment Income:
Interest
Total Investment Income

Expenses:
Investment advisory fee
Total Expenses
Net Investment Income/(Loss)

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
Investments
Redemptions sold in-kind on investments
Redemptions sold in-kind on options written
Options written
Net change in unrealized appreciation/(depreciation) on:
Investments
Options written
Net Realized and Unrealized Gain/(Loss) on Investments and Options Written
Net Increase/(Decrease) in Net Assets Resulting From Operations

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

224

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated ETF - January			Innovator U.S. Equity Accelerated ETF - April			Innovator U.S. Equity Accelerated ETF - July			Innovator U.S. Equity Accelerated ETF - October

$	1,271		$	930		$	1,472		$	3,336
	1,271			930			1,472			3,336


	75,279			39,752			30,383			238,380
	75,279			39,752			30,383			238,380
	(74,008	)		(38,822	)		(28,911	)		(235,044	)



	(756,611	)		(635,622	)		478,517			1,668,057
	1,599,692			(55,015	)		45,577			13,473,841
	(119,024	)		273,654			4,969			(5,905,557	)
	2,165			112,618			(20,227	)		(488,989	)

	850,883			871,007			(864,203	)		(4,604,232	)
	99,539			(83,180	)		456,453			2,619,551
	1,676,644			483,462			101,086			6,762,671
$	1,602,636		$	444,640		$	72,175		$	6,527,627

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

225

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2023


Investment Income:
Interest
Total Investment Income

Expenses:
Investment advisory fee
Total Expenses
Net Investment Income/(Loss)

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
Investments
Redemptions sold in-kind on investments
Redemptions sold in-kind on options written
Options written
Net change in unrealized appreciation/(depreciation) on:
Investments
Options written
Net Realized and Unrealized Gain/(Loss) on Investments and Options Written
Net Increase/(Decrease) in Net Assets Resulting From Operations

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

226

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated Plus ETF - January			Innovator U.S. Equity Accelerated Plus ETF - April			Innovator U.S. Equity Accelerated Plus ETF - July			Innovator U.S. Equity Accelerated Plus ETF - October

$	1,018		$	869		$	1,502		$	2,102
	1,018			869			1,502			2,102


	98,348			48,574			107,717			146,817
	98,348			48,574			107,717			146,817
	(97,330	)		(47,705	)		(106,215	)		(144,715	)



	(1,687,637	)		(751,765	)		2,867,996			2,114,118
	695,872			(438,819	)		(46,059	)		4,676,607
	(172,200	)		230,989			418,948			(1,451,603	)
	359,920			476,178			(937,897	)		(1,321,793	)

	1,515,816			430,323			(2,490,028	)		(3,107,625	)
	1,136,645			453,567			1,621,233			2,234,944
	1,848,416			400,473			1,434,193			3,144,648
$	1,751,086		$	352,768		$	1,327,978		$	2,999,933

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

227

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2023


Investment Income:
Interest
Total Investment Income

Expenses:
Investment advisory fee
Total Expenses
Net Investment Income/(Loss)

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
Investments
Redemptions sold in-kind on investments
Redemptions sold in-kind on options written
Options written
Net change in unrealized appreciation/(depreciation) on:
Investments
Options written
Net Realized and Unrealized Gain/(Loss) on Investments and Options Written
Net Increase/(Decrease) in Net Assets Resulting From Operations

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

228

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated 9 Buffer ETF - January			Innovator U.S. Equity Accelerated 9 Buffer ETF - April			Innovator U.S. Equity Accelerated 9 Buffer ETF - July			Innovator U.S. Equity Accelerated 9 Buffer ETF - October

$	6,324		$	6,603		$	6,111		$	5,462
	6,324			6,603			6,111			5,462


	421,238			366,020			382,756			380,551
	421,238			366,020			382,756			380,551
	(414,914	)		(359,417	)		(376,645	)		(375,089	)



	(2,764,838	)		(3,169,275	)		2,182,987			1,858,810
	1,849,575			(64,162	)		21,794			5,979,097
	1,061,114			2,081,159			1,112,390			789,553
	(615,448	)		1,058,644			(387,938	)		(623,478	)

	775,009			(87,699	)		(4,028,477	)		(4,715,060	)
	6,141,544			4,353,549			3,841,582			3,150,678
	6,446,956			4,172,216			2,742,338			6,439,600
$	6,032,042		$	3,812,799		$	2,365,693		$	6,064,511

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

229

INNOVATOR ETFs TRUST

Statements of Operations

For the Year Ended October 31, 2023


Investment Income:
Interest
Total Investment Income

Expenses:
Investment advisory fee
Total Expenses
Net Investment Income/(Loss)

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
Investments
Redemptions sold in-kind on investments
Redemptions sold in-kind on options written
Options written
Net change in unrealized appreciation/(depreciation) on:
Investments
Options written
Net Realized and Unrealized Gain/(Loss) on Investments and Options Written
Net Increase/(Decrease) in Net Assets Resulting From Operations

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

230

INNOVATOR ETFs TRUST

Innovator Growth Accelerated Plus ETF - January			Innovator Growth Accelerated Plus ETF - April			Innovator Growth Accelerated Plus ETF - July			Innovator Growth Accelerated Plus ETF - October

$	3,089		$	1,893		$	1,552		$	1,281
	3,089			1,893			1,552			1,281


	199,893			79,435			96,287			97,535
	199,893			79,435			96,287			97,535
	(196,804	)		(77,542	)		(94,735	)		(96,254	)



	(2,841,513	)		(2,977,730	)		2,324,990			3,315,003
	9,380,271			(673,712	)		(281,440	)		5,811,793
	(3,499,910	)		320,052			1,873,691			(2,058,109	)
	(107,470	)		1,611,323			(2,722,271	)		(4,183,790	)

	11,905,741			4,776,171			305,794			(1,169,267	)
	(9,596,268	)		(1,387,953	)		339,472			857,514
	5,240,851			1,668,151			1,840,236			2,573,144
$	5,044,047		$	1,590,609		$	1,745,501		$	2,476,890

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

231

INNOVATOR ETFs TRUST

Statements of Operations

For the Year or Period Ended October 31, 2023


Investment Income:
Interest
Total Investment Income

Expenses:
Investment advisory fee
Total Expenses
Net Investment Income/(Loss)

Realized & Unrealized Gain/(Loss):
Net realized gain/(loss) on:
Investments
Redemptions sold in-kind on investments
Redemptions sold in-kind on options written
Options written
Net change in unrealized appreciation/(depreciation) on:
Investments
Options written
Net Realized and Unrealized Gain/(Loss) on Investments and Options Written
Net Increase/(Decrease) in Net Assets Resulting From Operations

^(a)	Since Commencement of Operations on July 17, 2023.

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

232

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated ETF - Quarterly			Innovator Growth Accelerated ETF - Quarterly			Innovator Equity Defined Protection ETF - 2 Yr to July 2025^(a)

$	2,551		$	1,303		$	6,701
	2,551			1,303			6,701


	243,716			147,603			285,824
	243,716			147,603			285,824
	(241,165	)		(146,300	)		(279,123	)



	1,435,376			2,623,021			(21,881	)
	156,489			539,554			144,494
	34,574			(155,562	)		108,610
	494,491			(1,757,019	)		(3,266	)

	(4,352,894	)		(2,255,092	)		(7,836,387	)
	2,355,467			1,045,523			4,368,275
	123,503			40,425			(3,240,155	)
$	(117,662	)	$	(105,875	)	$	(3,519,278	)

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

233

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator Emerging Markets Power Buffer ETF - January
	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(886,893	)	$	(756,314	)
Net realized gain/(loss)		(5,496,427	)		(3,988,284	)
Net change in unrealized appreciation/(depreciation)		8,741,173			(10,922,022	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		2,357,853			(15,666,620	)


Capital Share Transactions:
Proceeds from shares sold		300,965,870			18,399,455
Cost of shares redeemed		(94,981,964	)		(53,166,152	)
Transaction fees (see Note 5)		150,952			28,194
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		206,134,858			(34,738,503	)
Total Increase/(Decrease) in Net Assets	$	208,492,711		$	(50,405,123	)

Net Assets:
Beginning of the period	$	55,914,561		$	106,319,684
End of the period	$	264,407,272		$	55,914,561

Change in Shares Outstanding:
Shares sold		11,000,000			625,000
Shares redeemed		(3,450,000	)		(1,900,000	)
Net Increase/(Decrease)		7,550,000			(1,275,000	)

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

234

INNOVATOR ETFs TRUST

Innovator Emerging Markets Power Buffer ETF - April						Innovator Emerging Markets Power Buffer ETF - July						Innovator Emerging Markets Power Buffer ETF - October
Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022

$	(447,671	)	$	(341,704	)	$	(799,511	)	$	(337,472	)	$	(279,432	)	$	(79,299	)
	17,044			(1,182,633	)		1,999,303			(4,330,940	)		2,566,164			(1,332,181	)
	2,797,749			(4,241,626	)		(410,714	)		(2,503,144	)		(139,234	)		(556,334	)
	2,367,122			(5,765,963	)		789,078			(7,171,556	)		2,147,498			(1,967,814	)



	63,568,789			59,000,490			102,078,535			62,185,197			32,179,710			23,128,578
	(38,132,882	)		(56,630,658	)		(56,494,510	)		(41,632,505	)		(17,095,835	)		(590,100	)
	26,057			20,970			65,196			24,537			15,263			10,934
	25,461,964			2,390,802			45,649,221			20,577,229			15,099,138			22,549,412
$	27,829,086		$	(3,375,161	)	$	46,438,299		$	13,405,673		$	17,246,636		$	20,581,598


$	30,655,831		$	34,030,992		$	54,642,799		$	41,237,126		$	25,628,345		$	5,046,747
$	58,484,917		$	30,655,831		$	101,081,098		$	54,642,799		$	42,874,981		$	25,628,345


	2,625,000			2,475,000			4,425,000			2,750,000			1,450,000			1,075,000
	(1,575,000	)		(2,425,000	)		(2,425,000	)		(1,775,000	)		(750,000	)		(25,000	)
	1,050,000			50,000			2,000,000			975,000			700,000			1,050,000

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

235

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator International Developed Power Buffer ETF - January
	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(1,215,700	)	$	(634,417	)
Net realized gain/(loss)		5,942,569			2,233,725
Net change in unrealized appreciation/(depreciation)		5,158,883			(11,602,654	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		9,885,752			(10,003,346	)


Capital Share Transactions:
Proceeds from shares sold		177,840,408			99,555,597
Cost of shares redeemed		(132,777,218	)		(81,343,988	)
Transaction fees (see Note 5)		87,892			29,709
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		45,151,082			18,241,318
Total Increase/(Decrease) in Net Assets	$	55,036,834		$	8,237,972

Net Assets:
Beginning of the period	$	65,687,566		$	57,449,594
End of the period	$	120,724,400		$	65,687,566

Change in Shares Outstanding:
Shares sold		6,450,000			3,725,000
Shares redeemed		(4,725,000	)		(3,125,000	)
Net Increase/(Decrease)		1,725,000			600,000

^(a)	Since Commencement of Operations on August 31, 2023.

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

236

INNOVATOR ETFs TRUST

Innovator International Developed Power Buffer ETF - April						Innovator International Developed Power Buffer ETF - July						Innovator International Developed Power Buffer ETF - September
Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022			Period Ended October 31, 2023^(a)

$	(1,437,196	)	$	(400,200	)	$	(1,387,949	)	$	(679,225	)	$	(36,587	)
	5,031,968			(5,217,339	)		29,255,153			(3,568,900	)		–
	(5,997,494	)		(1,889,271	)		(5,294,106	)		(2,692,646	)		(997,790	)
	(2,402,722	)		(7,506,810	)		22,573,098			(6,940,771	)		(1,034,377	)



	404,706,178			116,462,668			169,548,203			222,082,910			37,062,987
	(223,472,035	)		(85,837,085	)		(184,985,482	)		(82,609,017	)		–
	157,613			70,891			130,543			82,748			17,907
	181,391,756			30,696,474			(15,306,736	)		139,556,641			37,080,894
$	178,989,034		$	23,189,664		$	7,266,362		$	132,615,870		$	36,046,517


$	43,236,467		$	20,046,803		$	188,756,569		$	56,140,699		$	–
$	222,225,501		$	43,236,467		$	196,022,931		$	188,756,569		$	36,046,517


	16,475,000			4,825,000			6,625,000			9,925,000			1,500,000
	(9,075,000	)		(3,675,000	)		(7,350,000	)		(3,650,000	)		–
	7,400,000			1,150,000			(725,000	)		6,275,000			1,500,000

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

237

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator International Developed Power Buffer ETF - October
	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(872,157	)	$	(165,842	)
Net realized gain/(loss)		19,910,668			(2,165,524	)
Net change in unrealized appreciation/(depreciation)		(4,026,079	)		2,402,687
Net Increase/(Decrease) in Net Assets Resulting from Operations		15,012,432			71,321


Capital Share Transactions:
Proceeds from shares sold		137,065,152			88,356,625
Cost of shares redeemed		(140,812,292	)		(3,641,725	)
Transaction fees (see Note 5)		33,620			43,222
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(3,713,520	)		84,758,122
Total Increase/(Decrease) in Net Assets	$	11,298,912		$	84,829,443

Net Assets:
Beginning of the period	$	94,354,558		$	9,525,115
End of the period	$	105,653,470		$	94,354,558

Change in Shares Outstanding:
Shares sold		5,275,000			4,025,000
Shares redeemed		(5,425,000	)		(150,000	)
Net Increase/(Decrease)		(150,000	)		3,875,000

^(a)	Since Commencement of Operations on October 31, 2023.

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

238

INNOVATOR ETFs TRUST

Innovator International Developed Power Buffer ETF - November			Innovator 20+ Year Treasury Bond 9 Buffer ETF - July						Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly
Period Ended October 31, 2023^(a)			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022

$	–		$	(439,809	)	$	(58,931	)	$	(92,395	)	$	(67,529	)
	–			3,016,009			(889,093	)		(869,927	)		(1,181,531	)
	(353	)		(9,385,076	)		(1,423,078	)		(20,385	)		(462,702	)
	(353	)		(6,808,876	)		(2,371,102	)		(982,707	)		(1,711,762	)



	1,247,500			89,014,247			36,476,380			34,809,129			32,030,360
	–			(36,991,180	)		(6,808,675	)		(43,941,852	)		(19,476,665	)
	–			21,791			15,893			29,559			16,141
	1,247,500			52,044,858			29,683,598			(9,103,164	)		12,569,836
$	1,247,147		$	45,235,982		$	27,312,496		$	(10,085,871	)	$	10,858,074


$	–		$	32,204,227		$	4,891,731		$	20,347,384		$	9,489,310
$	1,247,147		$	77,440,209		$	32,204,227		$	10,261,513		$	20,347,384


	50,000			4,425,000			1,850,000			1,725,000			1,500,000
	–			(1,800,000	)		(325,000	)		(2,200,000	)		(875,000	)
	50,000			2,625,000			1,525,000			(475,000	)		625,000

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

239

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator Defined Wealth Shield ETF
	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(2,509,576	)	$	(795,181	)
Net realized gain/(loss)		26,402,160			217,238
Net change in unrealized appreciation/(depreciation)		(4,186,633	)		3,775,588
Net Increase/(Decrease) in Net Assets Resulting from Operations		19,705,951			3,197,645


Capital Share Transactions:
Proceeds from shares sold		447,339,069			523,189,050
Cost of shares redeemed		(233,268,530	)		(299,145,558	)
Transaction fees (see Note 5)		152,608			133,414
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		214,223,147			224,176,906
Total Increase/(Decrease) in Net Assets	$	233,929,098		$	227,374,551

Net Assets:
Beginning of the period	$	256,462,068		$	29,087,517
End of the period	$	490,391,166		$	256,462,068

Change in Shares Outstanding:
Shares sold		16,450,000			20,250,000
Shares redeemed		(8,600,000	)		(11,575,000	)
Net Increase/(Decrease)		7,850,000			8,675,000

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

240

INNOVATOR ETFs TRUST

Innovator Double Stacker ETF - January						Innovator Triple Stacker ETF - January						Innovator Double Stacker 9 Buffer ETF - January
Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022

$	(19,915	)	$	(39,144	)	$	(41,004	)	$	(146,226	)	$	(55,720	)	$	(91,349	)
	(552,482	)		463,881			(1,283,179	)		2,041,588			(351,932	)		(203,199	)
	1,043,815			(1,440,830	)		1,933,602			(5,519,533	)		1,335,201			(1,257,874	)
	471,418			(1,016,093	)		609,419			(3,624,171	)		927,549			(1,552,422	)



	616,548			7,264,468			1,231,797			48,692,803			1,320,065			18,636,238
	(1,976,105	)		(9,916,322	)		(3,153,009	)		(83,205,767	)		(3,268,053	)		(22,243,630	)
	1,297			1,248			1,562			19,488			1,982			7,400
	(1,358,260	)		(2,650,606	)		(1,919,650	)		(34,493,476	)		(1,946,006	)		(3,599,992	)
$	(886,842	)	$	(3,666,699	)	$	(1,310,231	)	$	(38,117,647	)	$	(1,018,457	)	$	(5,152,414	)


$	3,029,937		$	6,696,636		$	5,989,234		$	44,106,881		$	8,189,605		$	13,342,019
$	2,143,095		$	3,029,937		$	4,679,003		$	5,989,234		$	7,171,148		$	8,189,605


	25,000			250,000			50,000			1,650,000			50,000			675,000
	(75,000	)		(350,000	)		(125,000	)		(2,900,000	)		(125,000	)		(825,000	)
	(50,000	)		(100,000	)		(75,000	)		(1,250,000	)		(75,000	)		(150,000	)

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

241

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator Growth-100 Power Buffer ETF - January
	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(673,408	)	$	(829,576	)
Net realized gain/(loss)		(11,818,819	)		4,528,019
Net change in unrealized appreciation/(depreciation)		25,846,348			(23,498,625	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		13,354,121			(19,800,182	)


Capital Share Transactions:
Proceeds from shares sold		67,324,242			150,131,645
Cost of shares redeemed		(85,835,048	)		(134,907,370	)
Transaction fees (see Note 5)		28,089			56,240
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(18,482,717	)		15,280,515
Total Increase/(Decrease) in Net Assets	$	(5,128,596	)	$	(4,519,667	)

Net Assets:
Beginning of the period	$	82,777,484		$	87,297,151
End of the period	$	77,648,888		$	82,777,484

Change in Shares Outstanding:
Shares sold		1,925,000			3,600,000
Shares redeemed		(2,350,000	)		(3,350,000	)
Net Increase/(Decrease)		(425,000	)		250,000

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

242

INNOVATOR ETFs TRUST

Innovator Growth-100 Power Buffer ETF - April						Innovator Growth-100 Power Buffer ETF - July						Innovator Growth-100 Power Buffer ETF - October
Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022

$	(790,174	)	$	(399,515	)	$	(1,131,853	)	$	(562,754	)	$	(679,920	)	$	(520,061	)
	3,346,699			1,043,406			17,819,212			(5,142,236	)		18,281,939			(6,430,346	)
	13,629,511			(6,768,741	)		(5,791,804	)		(1,136,637	)		(3,228,016	)		(867,160	)
	16,186,036			(6,124,850	)		10,895,555			(6,841,627	)		14,374,003			(7,817,567	)



	132,480,475			80,087,048			267,636,275			156,075,852			116,353,832			43,011,748
	(69,153,243	)		(62,385,170	)		(130,624,384	)		(86,882,000	)		(63,468,136	)		(32,185,163	)
	66,487			35,216			143,174			65,452			59,379			27,345
	63,393,719			17,737,094			137,155,065			69,259,304			52,945,075			10,853,930
$	79,579,755		$	11,612,244		$	148,050,620		$	62,417,677		$	67,319,078		$	3,036,363


$	52,865,925		$	41,253,681		$	118,403,852		$	55,986,175		$	80,964,858		$	77,928,495
$	132,445,680		$	52,865,925		$	266,454,472		$	118,403,852		$	148,283,936		$	80,964,858


	3,400,000			2,125,000			5,250,000			3,550,000			2,800,000			1,190,000
	(1,750,000	)		(1,675,000	)		(2,700,000	)		(1,975,000	)		(1,575,000	)		(840,000	)
	1,650,000			450,000			2,550,000			1,575,000			1,225,000			350,000

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

243

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Small Cap Power Buffer ETF - January
	Year Ended October 31, 2023			Year Ended October 31, 2022
Operations:
Net Investment income/(loss)	$	(1,116,527	)	$	(855,952	)
Net realized gain/(loss)		(3,340,443	)		6,533,452
Net change in unrealized appreciation/(depreciation)		1,661,439			(14,706,352	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		(2,795,531	)		(9,028,852	)


Capital Share Transactions:
Proceeds from shares sold		185,814,923			147,439,086
Cost of shares redeemed		(122,043,055	)		(143,934,103	)
Transaction fees (see Note 5)		97,328			56,466
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		63,869,196			3,561,449
Total Increase/(Decrease) in Net Assets	$	61,073,665		$	(5,467,403	)

Net Assets:
Beginning of the period	$	79,490,939		$	84,958,342
End of the period	$	140,564,604		$	79,490,939

Change in Shares Outstanding:
Shares sold		6,075,000			4,650,000
Shares redeemed		(3,950,000	)		(4,700,000	)
Net Increase/(Decrease)		2,125,000			(50,000	)

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

244

INNOVATOR ETFs TRUST

Innovator U.S. Small Cap Power Buffer ETF - April						Innovator U.S. Small Cap Power Buffer ETF - July						Innovator U.S. Small Cap Power Buffer ETF - October
Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022

$	(981,713	)	$	(680,673	)	$	(851,437	)	$	(514,804	)	$	(581,494	)	$	(320,078	)
	1,303,722			1,048,164			7,140,919			(6,861,135	)		6,231,567			(4,584,175	)
	(1,383,610	)		(6,996,703	)		(16,117,092	)		2,510,018			(4,832,149	)		1,633,545
	(1,061,601	)		(6,629,212	)		(9,827,610	)		(4,865,921	)		817,924			(3,270,708	)



	146,511,900			124,453,680			157,073,437			95,308,208			37,374,918			57,505,679
	(77,758,249	)		(117,880,038	)		(42,324,790	)		(86,223,780	)		(45,181,015	)		(17,965,585	)
	59,475			34,641			89,092			32,925			29,317			36,450
	68,813,126			6,608,283			114,837,739			9,117,353			(7,776,780	)		39,576,544
$	67,751,525		$	(20,929	)	$	105,010,129		$	4,251,432		$	(6,958,856	)	$	36,305,836


$	84,854,723		$	84,875,652		$	78,334,876		$	74,083,444		$	72,937,495		$	36,631,659
$	152,606,248		$	84,854,723		$	183,345,005		$	78,334,876		$	65,978,639		$	72,937,495


	5,550,000			4,750,000			6,100,000			4,025,000			1,475,000			2,275,000
	(2,950,000	)		(4,475,000	)		(1,700,000	)		(3,600,000	)		(1,675,000	)		(725,000	)
	2,600,000			275,000			4,400,000			425,000			(200,000	)		1,550,000

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

245

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Accelerated ETF - January
	Year Ended October 31, 2023			Period Ended October 31, 2022^(a)
Operations:
Net Investment income/(loss)	$	(74,008	)	$	(24,162	)
Net realized gain/(loss)		726,222			–
Net change in unrealized appreciation/(depreciation)		950,422			(722,755	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		1,602,636			(746,917	)


Capital Share Transactions:
Proceeds from shares sold		13,024,527			4,718,782
Cost of shares redeemed		(13,466,820	)		–
Transaction fees (see Note 5)		5,532			1,742
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		(436,761	)		4,720,524
Total Increase/(Decrease) in Net Assets	$	1,165,875		$	3,973,607

Net Assets:
Beginning of the period	$	3,973,607		$	–
End of the period	$	5,139,482		$	3,973,607

Change in Shares Outstanding:
Shares sold		625,000			200,000
Shares redeemed		(600,000	)		–
Net Increase/(Decrease)		25,000			200,000

^(a)	Since Commencement of Operations on December 31, 2021.

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

246

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated ETF - April						Innovator U.S. Equity Accelerated ETF - July						Innovator U.S. Equity Accelerated ETF - October
Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022

$	(38,822	)	$	(51,876	)	$	(28,911	)	$	(36,787	)	$	(235,044	)	$	(71,738	)
	(304,365	)		851,394			508,836			(750,214	)		8,747,352			(7,607,506	)
	787,827			(1,357,794	)		(407,750	)		(191,707	)		(1,984,681	)		1,848,336
	444,640			(558,276	)		72,175			(978,708	)		6,527,627			(5,830,908	)



	5,322,075			6,852,325			6,253,075			7,340,348			2,842,197			40,034,238
	(3,965,260	)		(10,342,673	)		(1,174,653	)		(6,293,922	)		(41,296,048	)		(492,623	)
	1,698			–			3,127			1,357			1,421			20,017
	1,358,513			(3,490,348	)		5,081,549			1,047,783			(38,452,430	)		39,561,632
$	1,803,153		$	(4,048,624	)	$	5,153,724		$	69,075		$	(31,924,803	)	$	33,730,724


$	3,755,283		$	7,803,907		$	3,472,447		$	3,403,372		$	35,626,605		$	1,895,881
$	5,558,436		$	3,755,283		$	8,626,171		$	3,472,447		$	3,701,802		$	35,626,605


	200,000			250,000			225,000			300,000			125,000			1,650,000
	(150,000	)		(375,000	)		(50,000	)		(275,000	)		(1,675,000	)		(25,000	)
	50,000			(125,000	)		175,000			25,000			(1,550,000	)		1,625,000

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

247

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Accelerated Plus ETF - January
	Year Ended October 31, 2023			Period Ended October 31, 2022^(a)
Operations:
Net Investment income/(loss)	$	(97,330	)	$	(38,272	)
Net realized gain/(loss)		(804,045	)		(5,447	)
Net change in unrealized appreciation/(depreciation)		2,652,461			(1,272,065	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		1,751,086			(1,315,784	)


Capital Share Transactions:
Proceeds from shares sold		14,508,453			10,027,000
Cost of shares redeemed		(2,835,024	)		(3,748,603	)
Transaction fees (see Note 5)		7,254			4,705
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		11,680,683			6,283,102
Total Increase/(Decrease) in Net Assets	$	13,431,769		$	4,967,318

Net Assets:
Beginning of the period	$	4,967,318		$	–
End of the period	$	18,399,087		$	4,967,318

Change in Shares Outstanding:
Shares sold		675,000			425,000
Shares redeemed		(125,000	)		(175,000	)
Net Increase/(Decrease)		550,000			250,000

^(a)	Since Commencement of Operations on December 31, 2021.

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

248

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated Plus ETF - April						Innovator U.S. Equity Accelerated Plus ETF - July						Innovator U.S. Equity Accelerated Plus ETF - October
Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022

$	(47,705	)	$	(75,302	)	$	(106,215	)	$	(105,222	)	$	(144,715	)	$	(50,668	)
	(483,417	)		1,255,459			2,302,988			(2,699,087	)		4,017,329			(1,565,745	)
	883,890			(1,159,296	)		(868,795	)		(269,252	)		(872,681	)		622,764
	352,768			20,861			1,327,978			(3,073,561	)		2,999,933			(993,649	)



	7,557,672			41,673,345			8,926,552			30,897,257			7,815,832			17,446,092
	(1,243,795	)		(46,427,730	)		(7,249,517	)		(24,618,888	)		(13,203,575	)		(3,882,815	)
	3,778			11,466			4,463			10,156			3,908			8,721
	6,317,655			(4,742,919	)		1,681,498			6,288,525			(5,383,835	)		13,571,998
$	6,670,423		$	(4,722,058	)	$	3,009,476		$	3,214,964		$	(2,383,902	)	$	12,578,349


$	3,734,886		$	8,456,944		$	12,702,584		$	9,487,620		$	15,108,183		$	2,529,834
$	10,405,309		$	3,734,886		$	15,712,060		$	12,702,584		$	12,724,281		$	15,108,183


	275,000			1,500,000			325,000			1,300,000			350,000			800,000
	(50,000	)		(1,650,000	)		(275,000	)		(1,100,000	)		(550,000	)		(175,000	)
	225,000			(150,000	)		50,000			200,000			(200,000	)		625,000

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

249

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator U.S. Equity Accelerated 9 Buffer ETF - January
	Year Ended October 31, 2023			Period Ended October 31, 2022^(a)
Operations:
Net Investment income/(loss)	$	(414,914	)	$	(85,724	)
Net realized gain/(loss)		(469,597	)		803,359
Net change in unrealized appreciation/(depreciation)		6,916,553			(1,926,094	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		6,032,042			(1,208,459	)


Capital Share Transactions:
Proceeds from shares sold		64,932,927			20,627,440
Cost of shares redeemed		(13,685,163	)		(5,128,687	)
Transaction fees (see Note 5)		29,196			9,696
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		51,276,960			15,508,449
Total Increase/(Decrease) in Net Assets	$	57,309,002		$	14,299,990

Net Assets:
Beginning of the period	$	14,299,990		$	–
End of the period	$	71,608,992		$	14,299,990

Change in Shares Outstanding:
Shares sold		2,850,000			875,000
Shares redeemed		(600,000	)		(225,000	)
Net Increase/(Decrease)		2,250,000			650,000

^(a)	Since Commencement of Operations on December 31, 2021.

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

250

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated 9 Buffer ETF - April						Innovator U.S. Equity Accelerated 9 Buffer ETF - July						Innovator U.S. Equity Accelerated 9 Buffer ETF - October
Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022

$	(359,417	)	$	(183,627	)	$	(376,645	)	$	(157,823	)	$	(375,089	)	$	(68,471	)
	(93,634	)		1,240,538			2,929,233			293,685			8,003,982			(1,049,140	)
	4,265,850			(2,925,265	)		(186,895	)		(2,068,870	)		(1,564,382	)		959,099
	3,812,799			(1,868,354	)		2,365,693			(1,933,008	)		6,064,511			(158,512	)



	68,621,898			38,821,274			52,851,067			54,270,900			37,047,377			40,696,985
	(18,246,527	)		(36,994,890	)		(8,799,380	)		(30,717,853	)		(23,967,542	)		(8,941,070	)
	29,986			9,471			26,426			20,163			13,292			16,088
	50,405,357			1,835,855			44,078,113			23,573,210			13,093,127			31,772,003
$	54,218,156		$	(32,499	)	$	46,443,806		$	21,640,202		$	19,157,638		$	31,613,491


$	19,606,418		$	19,638,917		$	32,236,954		$	10,596,752		$	35,947,982		$	4,334,491
$	73,824,574		$	19,606,418		$	78,680,760		$	32,236,954		$	55,105,620		$	35,947,982


	2,475,000			1,425,000			1,850,000			2,125,000			1,475,000			1,800,000
	(675,000	)		(1,375,000	)		(325,000	)		(1,250,000	)		(925,000	)		(400,000	)
	1,800,000			50,000			1,525,000			875,000			550,000			1,400,000

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

251

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets

	Innovator Growth Accelerated Plus ETF - January
	Year Ended October 31, 2023			Period Ended October 31, 2022^(a)
Operations:
Net Investment income/(loss)	$	(196,804	)	$	(44,573	)
Net realized gain/(loss)		2,931,378			(56,791	)
Net change in unrealized appreciation/(depreciation)		2,309,473			(2,329,964	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		5,044,047			(2,431,328	)


Capital Share Transactions:
Proceeds from shares sold		33,534,865			11,747,653
Cost of shares redeemed		(14,784,947	)		(4,920,453	)
Transaction fees (see Note 5)		17,222			5,556
Net Increase/(Decrease) in Net Assets from Capital Share Transactions		18,767,140			6,832,756
Total Increase/(Decrease) in Net Assets	$	23,811,187		$	4,401,428

Net Assets:
Beginning of the period	$	4,401,428		$	–
End of the period	$	28,212,615		$	4,401,428

Change in Shares Outstanding:
Shares sold		1,825,000			500,000
Shares redeemed		(725,000	)		(250,000	)
Net Increase/(Decrease)		1,100,000			250,000

^(a)	Since Commencement of Operations on December 31, 2021.

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

252

INNOVATOR ETFs TRUST

Innovator Growth Accelerated Plus ETF - April						Innovator Growth Accelerated Plus ETF - July						Innovator Growth Accelerated Plus ETF - October
Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022

$	(77,542	)	$	(102,815	)	$	(94,735	)	$	(104,072	)	$	(96,254	)	$	(36,351	)
	(1,720,067	)		298,970			1,194,970			(3,664,162	)		2,884,897			(1,637,201	)
	3,388,218			(1,513,816	)		645,266			(1,680,499	)		(311,753	)		49,224
	1,590,609			(1,317,661	)		1,745,501			(5,448,733	)		2,476,890			(1,624,328	)



	13,406,842			19,390,637			11,338,322			38,276,508			11,422,370			6,543,125
	(3,399,778	)		(29,506,305	)		(13,436,708	)		(23,097,298	)		(8,530,468	)		(1,472,862	)
	7,818			1,853			6,192			12,013			5,711			2,946
	10,014,882			(10,113,815	)		(2,092,194	)		15,191,223			2,897,613			5,073,209
$	11,605,491		$	(11,431,476	)	$	(346,693	)	$	9,742,490		$	5,374,503		$	3,448,881


$	7,022,894		$	18,454,370		$	17,992,200		$	8,249,710		$	6,019,314		$	2,570,433
$	18,628,385		$	7,022,894		$	17,645,507		$	17,992,200		$	11,393,817		$	6,019,314


	475,000			725,000			450,000			1,750,000			550,000			300,000
	(150,000	)		(1,050,000	)		(625,000	)		(1,150,000	)		(375,000	)		(75,000	)
	325,000			(325,000	)		(175,000	)		600,000			175,000			225,000

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

253

INNOVATOR ETFs TRUST

Statements of Changes in Net Assets


Operations:
Net Investment income/(loss)
Net realized gain/(loss)
Net change in unrealized appreciation/(depreciation)
Net Increase/(Decrease) in Net Assets Resulting from Operations


Capital Share Transactions:
Proceeds from shares sold
Cost of shares redeemed
Transaction fees (see Note 5)
Net Increase/(Decrease) in Net Assets from Capital Share Transactions
Total Increase/(Decrease) in Net Assets

Net Assets:
Beginning of the period
End of the period

Change in Shares Outstanding:
Shares sold
Shares redeemed
Net Increase/(Decrease)

^(a)	Since Commencement of Operations on July 17, 2023.

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

254

INNOVATOR ETFs TRUST

Innovator U.S. Equity Accelerated ETF - Quarterly						Innovator Growth Accelerated ETF - Quarterly						Innovator Equity Defined Protection ETF - 2 Yr to July 2025
Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2023			Year Ended October 31, 2022			Period Ended October 31, 2023^(a)

$	(241,165	)	$	(91,751	)	$	(146,300	)	$	(116,153	)	$	(279,123	)
	2,120,930			(2,162,238	)		1,249,994			(4,479,231	)		227,957
	(1,997,427	)		79,918			(1,209,569	)		(132,088	)		(3,468,112	)
	(117,662	)		(2,174,071	)		(105,875	)		(4,727,472	)		(3,519,278	)



	71,891,918			32,813,970			27,125,565			39,819,130			212,904,858
	(6,722,050	)		(32,627,833	)		(12,253,625	)		(32,716,332	)		(11,686,838	)
	35,946			6,952			13,563			6,810			109,538
	65,205,814			193,089			14,885,503			7,109,608			201,327,558
$	65,088,152		$	(1,980,982	)	$	14,779,628		$	2,382,136		$	197,808,280


$	11,440,085		$	13,421,067		$	18,066,893		$	15,684,757		$	–
$	76,528,237		$	11,440,085		$	32,846,521		$	18,066,893		$	197,808,280


	2,575,000			1,275,000			1,100,000			1,600,000			8,625,000
	(250,000	)		(1,250,000	)		(575,000	)		(1,275,000	)		(475,000	)
	2,325,000			25,000			525,000			325,000			8,150,000

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

255

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)

			Investment Operations:									Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(b)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)			Distributions Paid to Shareholders: Paid from realized gains
Innovator Emerging Markets Power Buffer ETF - January
For the year ended 10/31/2023	$	24.58		(0.24	)		2.53			2.29			0.04			–
For the year ended 10/31/2022	$	29.95		(0.25	)		(5.13	)		(5.38	)		0.01			–
For the year ended 10/31/2021	$	27.26		(0.27	)		2.94	^(f)		2.67			0.02			–
For the period 12/31/2019 ^(d) - 10/31/2020	$	26.80		(0.19	)		0.62	^(f)		0.43			0.03			–
Innovator Emerging Markets Power Buffer ETF - April
For the year ended 10/31/2023	$	21.51		(0.21	)		2.32			2.11			0.01			–
For the year ended 10/31/2022	$	24.75		(0.21	)		(3.04	)		(3.25	)		0.01			–
For the period 3/31/2021 ^(d) - 10/31/2021	$	24.96		(0.13	)		(0.10	) ^(f)		(0.23	)		0.02			–
Innovator Emerging Markets Power Buffer ETF - July
For the year ended 10/31/2023	$	21.22		(0.20	)		1.05			0.85			0.02			–
For the year ended 10/31/2022	$	25.77		(0.21	)		(4.36	)		(4.57	)		0.02			–
For the year ended 10/31/2021	$	25.60		(0.23	)		0.39			0.16			0.01			–
For the year ended 10/31/2020	$	25.25		(0.22	)		0.71	^(f)		0.49			0.03			(0.17	)
For the period 6/28/2019 ^(d) - 10/31/2019	$	25.28		(0.07	)		0.02	^(f)		(0.05	)		0.02			–
Innovator Emerging Markets Power Buffer ETF - October
For the year ended 10/31/2023	$	20.50		(0.20	)		1.68			1.48			0.01			–
For the year ended 10/31/2022	$	25.23		(0.20	)		(4.56	)		(4.76	)		0.03			–
For the period 9/30/2021 ^(d) - 10/31/2021	$	24.99		(0.02	)		(0.26	)		0.24			–	^(e)		–

^(a)	Annualized for periods less than one year.
^(b)	Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.
^(c)	Not annualized for periods less than one year.
^(d)	Commencement of operations.
^(e)	Amount represents less than $0.01 per share.
^(f)	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.
^(g)	Includes broker interest expense of 0.01%.

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

256

INNOVATOR ETFs TRUST

				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 ^(c)			Net assets, end of period (000)		Expenses			Net investment income/(loss)			Portfolio turnover rate ^(c)

2.33		$	26.91		9.50	%	$	264,407		0.89	%		(0.87	)%		0	%
(5.37	)	$	24.58		(17.93	)%	$	55,915		0.89	%		(0.89	)%		0	%
2.69		$	29.95		9.87	%	$	106,320		0.89	%		(0.89	)%		0	%
0.46		$	27.26		1.71	%	$	27,940		0.89	%		(0.89	)%		0	%

2.12		$	23.63		9.84	%	$	58,485		0.89	%		(0.88	)%		0	%
(3.24	)	$	21.51		(13.08	)%	$	30,656		0.89	%		(0.89	)%		0	%
(0.21	)	$	24.75		(0.84	)%	$	34,031		0.89	%		(0.89	)%		0	%

0.87		$	22.09		4.12	%	$	101,081		0.89	%		(0.88	)%		0	%
(4.55	)	$	21.22		(17.66	)%	$	54,643		0.89	%		(0.89	)%		0	%
0.17		$	25.77		0.68	%	$	41,237		0.89	%		(0.89	)%		0	%
0.35		$	25.60		2.04	%	$	35,197		0.90	%^(g)		(0.90	)%		0	%
(0.03	)	$	25.25		(0.11	)%	$	43,559		0.89	%		(0.89	)%		31	%

1.49		$	21.99		7.24	%	$	42,875		0.89	%		(0.88	)%		0	%
(4.73	)	$	20.50		(18.75	)%	$	25,628		0.89	%		(0.89	)%		0	%
0.24		$	25.23		0.98	%	$	5,047		0.89	%		(0.89	)%		0	%

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

257

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)

			Investment Operations:									Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(b)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)		Distributions Paid to Shareholders: Paid from realized gains
Innovator International Developed Power Buffer ETF - January
For the year ended 10/31/2023	$	24.11		(0.24	)		3.24			3.00			0.02		–
For the year ended 10/31/2022	$	27.04		(0.22	)		(2.72	)		(2.94	)		0.01		–
For the year ended 10/31/2021	$	23.82		(0.22	)		3.43			3.21			0.01		–
For the period 12/31/2019 ^(d) - 10/31/2020	$	24.44		(0.17	)		(0.47	)		(0.64	)		0.02		–
Innovator International Developed Power Buffer ETF – April
For the year ended 10/31/2023	$	22.46		(0.21	)		1.56	^(f)		1.35			0.02		–
For the year ended 10/31/2022	$	25.87		(0.20	)		(3.25	)		(3.45	)		0.04		–
For the period 3/31/2021 ^(d) - 10/31/2021	$	24.90		(0.13	)		1.08			0.95			0.02		–
Innovator International Developed Power Buffer ETF - July
For the year ended 10/31/2023	$	22.08		(0.21	)		3.16			2.95			0.02		–
For the year ended 10/31/2022	$	24.68		(0.20	)		(2.42	)		(2.62	)		0.02		–
For the year ended 10/31/2021	$	22.73		(0.21	)		2.15			1.94			0.01		–
For the year ended 10/31/2020	$	23.43		(0.19	)		(0.30	)		(0.49	)		0.02		(0.23	)
For the period 6/28/2019 ^(d) - 10/31/2019	$	23.04		(0.06	)		0.43			0.37			0.02		–
Innovator International Developed Power Buffer ETF - September
For the period 8/31/2023 ^(d) - 10/31/2023	$	24.97		(0.03	)		(0.93	)		(0.96	)		0.02		–

^(a)	Annualized for periods less than one year.
^(b)	Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.
^(c)	Not annualized for periods less than one year.
^(d)	Commencement of operations.
^(e)	Includes broker interest expense of 0.01%.
^(f)	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.

258

INNOVATOR ETFs TRUST

					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 ^(c)			Net assets, end of period (000)		Expenses			Net investment income/(loss)			Portfolio turnover rate ^(c)

3.02		$	27.13		12.54	%	$	120,724		0.85	%		(0.84	)%		0	%
(2.93	)	$	24.11		(10.84	)%	$	65,688		0.85	%		(0.85	)%		0	%
3.22		$	27.04		13.47	%	$	57,450		0.85	%		(0.85	)%		0	%
(0.62	)	$	23.82		(2.52	)%	$	52,415		0.85	%		(0.85	)%		0	%

1.37		$	23.83		6.10	%	$	222,226		0.85	%		(0.84	)%		0	%
(3.41	)	$	22.46		(13.17	)%	$	43,236		0.85	%		(0.84	)%		0	%
0.97		$	25.87		3.88	%	$	20,047		0.85	%		(0.85	)%		0	%

2.97		$	25.05		13.47	%	$	196,023		0.85	%		(0.84	)%		0	%
(2.60	)	$	22.08		(10.54	)%	$	188,757		0.85	%		(0.85	)%		0	%
1.95		$	24.68		8.58	%	$	56,141		0.85	%		(0.85	)%		0	%
(0.70	)	$	22.73		(2.04	)%	$	69,883		0.86	%^(e)		(0.86	)%		0	%
0.39		$	23.43		1.70	%	$	63,851		0.85	%		(0.85	)%		99	%

(0.94	)	$	24.03		(3.76	)%	$	36,047		0.85	%		(0.85	)%		0	%

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

259

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)

			Investment Operations:									Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(b)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)
Innovator International Developed Power Buffer ETF - October
For the year ended 10/31/2023	$	22.20		(0.21	)		3.77			3.56			0.01
For the year ended 10/31/2022	$	25.40		(0.20	)		(3.05	)		(3.25	)		0.05
For the period 9/30/2021 ^(d) - 10/31/2021	$	24.97		(0.02	)		0.45			0.43			–	^(e)
Innovator International Developed Power Buffer ETF - November
For the period 10/31/2023 ^(d) - 10/31/2023	$	24.95		–			(0.01	)		(0.01	)		–
Innovator 20+ Year Treasury Bond 9 Buffer ETF - July
For the year ended 10/31/2023	$	18.67		(0.15	)		(0.73	)^(g)		(0.88	)		0.01
For the year ended 10/31/2022	$	24.46		(0.17	)		(5.67	)		(5.84	)		0.05
For the year ended 10/31/2021	$	24.32		(0.17	)		0.30			0.13			0.01
For the period 8/17/2020 ^(d) - 10/31/2020	$	24.87		(0.04	)		(0.52	)		(0.56	)		0.01
Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly
For the year ended 10/31/2023	$	19.85		(0.16	)		(1.08	)		(1.24	)		0.05
For the year ended 10/31/2022	$	23.72		(0.17	)		(3.74	)		(3.91	)		0.04
For the year ended 10/31/2021	$	24.43		(0.19	)		(0.56	)^(g)		(0.75	)		0.04
For the period 8/17/2020 ^(d) - 10/31/2020	$	24.87		(0.04	)		(0.42	)		(0.46	)		0.02

^(a)	Annualized for periods less than one year.
^(b)	Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.
^(c)	Not annualized for periods less than one year.
^(d)	Commencement of operations.
^(e)	Amount represents less than $0.01 per share.
^(f)	Includes broker interest expense of 0.01%.
^(g)	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.

260

INNOVATOR ETFs TRUST

				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 ^(c)			Net assets, end of period (000)		Expenses			Net investment income/(loss)			Portfolio turnover rate ^(c)

3.57		$	25.77		16.07	%	$	105,653		0.85	%		(0.84	)%		0	%
(3.20	)	$	22.20		(12.60	)%	$	94,355		0.85	%		(0.85	)%		0	%
0.43		$	25.40		1.72	%	$	9,525		0.85	%		(0.85	)%		0	%

(0.01	)	$	24.94		–		$	1,247		–			–			–
(0.87	)	$	17.80		(4.64	)%	$	77,440		0.79	%		(0.78	)%		0	%
(5.79	)	$	18.67		(23.67	)%	$	32,204		0.79	%		(0.79	)%		0	%
0.14		$	24.46		0.55	%	$	4,892		0.79	%		(0.72	)%		0	%
(0.55	)	$	24.32		(2.19	)%	$	5,473		0.79	%		(0.79	)%		0	%

(1.19	)	$	18.66		(6.01	)%	$	10,262		0.79	%		(0.79	)%		0	%
(3.87	)	$	19.85		(16.32	)%	$	20,347		0.79	%		(0.79	)%		0	%
0.71		$	23.72		(2.87	)%	$	9,489		0.79	%		(0.79	)%		0	%
(0.44	)	$	24.43		(1.79	)%	$	3,053		0.80	%^(f)		(0.80	)%		0	%

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

261

INNOVATOR ETFs TRUST

Financial Highlights

		Per Share Operating Performance (For a share outstanding throughout each period)

			Investment Operations:									Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(b)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)
Innovator Defined Wealth Shield ETF
For the year ended 10/31/2023	$	26.17		(0.19	)		1.79			1.60			0.01
For the year ended 10/31/2022	$	25.86		(0.18	)		0.46			0.28			0.03
For the period 6/30/2021 ^(d) - 10/31/2021	$	25.69		(0.06	)		0.20	^(e)		0.14			0.03
Innovator Double Stacker ETF – January
For the year ended 10/31/2023	$	24.24		(0.20	)		4.52			4.32			0.01
For the year ended 10/31/2022	$	29.76		(0.21	)		(5.32	)		(5.53	)		0.01
For the period 12/31/2020 ^(d) - 10/31/2021	$	25.43		(0.18	)		4.50			4.32			0.01
Innovator Triple Stacker ETF – January
For the year ended 10/31/2023	$	23.96		(0.20	)		2.97			2.77			0.01
For the year ended 10/31/2022	$	29.40		(0.22	)		(5.25	)		(5.47	)		0.03
For the period 12/31/2020 ^(d) - 10/31/2021	$	25.42		(0.18	)		4.14			3.96			0.02
Innovator Double Stacker 9 Buffer ETF – January
For the year ended 10/31/2023	$	25.20		(0.21	)		3.68			3.47			0.01
For the year ended 10/31/2022	$	28.09		(0.21	)		(2.70	)		(2.91	)		0.02
For the period 12/31/2020 ^(d) - 10/31/2021	$	25.42		(0.18	)		2.83			2.65			0.02

^(a)	Annualized for periods less than one year.
^(b)	Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.
^(c)	Not annualized for periods less than one year.
^(d)	Commencement of operations.
^(e)	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.

262

INNOVATOR ETFs TRUST

				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 ^(c)			Net assets, end of period (000)		Expenses			Net investment income/(loss)			Portfolio turnover rate ^(c)

1.61		$	27.78		6.17	%	$	490,391		0.69	%		(0.68	)%		0	%
0.31		$	26.17		1.21	%	$	256,462		0.69	%		(0.69	)%		0	%
0.17		$	25.86		0.65	%	$	29,088		0.69	%		(0.69	)%		0	%

4.33		$	28.57		17.88	%	$	2,143		0.79	%		(0.76	)%		0	%
(5.52	)	$	24.24		(18.56	)%	$	3,030		0.79	%		(0.79	)%		0	%
4.33		$	29.76		17.04	%	$	6,697		0.79	%		(0.79	)%		0	%

2.78		$	26.74		11.60	%	$	4,679		0.79	%		(0.76	)%		0	%
(5.44	)	$	23.96		(18.53	)%	$	5,989		0.79	%		(0.79	)%		0	%
3.98		$	29.40		15.68	%	$	44,107		0.79	%		(0.79	)%		0	%

3.48		$	28.68		13.83	%	$	7,171		0.79	%		(0.78	)%		0	%
(2.89	)	$	25.20		(10.29	)%	$	8,190		0.79	%		(0.79	)%		0	%
2.67		$	28.09		10.50	%	$	13,342		0.79	%		(0.79	)%		0	%

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

263

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)

				Investment Operations:									Capital Share Transactions:
		Net Asset Value, Beginning of Period		Net investment income/(loss) ^(b)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)		Distributions Paid to Shareholders: Paid from realized gains
Innovator Growth-100 Power Buffer ETF - January
For the year ended 10/31/2023		$	35.60		(0.30	)		5.56			5.26			0.01		–
For the year ended 10/31/2022		$	42.07		(0.30	)		(6.19	)		(6.49	)		0.02		–
For the year ended 10/31/2021		$	37.44		(0.31	)		4.91			4.60			0.03		–
For the period 12/31/2019 ^(d) - 10/31/2020		$	34.94		(0.24	)		2.69			2.45			0.05		–
Innovator Growth-100 Power Buffer ETF - April
For the year ended 10/31/2023		$	34.67		(0.31	)		7.33			7.02			0.03		–
For the year ended 10/31/2022		$	38.38		(0.29	)		(3.45	)		(3.74	)		0.03		–
For the year ended 10/31/2021		$	34.93		(0.29	)		3.71			3.42			0.03		–
For the period 3/31/2020 ^(d) - 10/31/2020		$	31.27		(0.16	)		3.77			3.61			0.05		–
Innovator Growth-100 Power Buffer ETF - July
For the year ended 10/31/2023		$	43.06		(0.38	)		7.54			7.16			0.05		–
For the year ended 10/31/2022		$	47.65		(0.35	)		(4.28	)		(4.63	)		0.04		–
For the year ended 10/31/2021		$	42.23		(0.36	)		5.74			5.38			0.04		–
For the period 6/30/2020 ^(d) - 10/31/2020		$	40.64		(0.11	)		1.67			1.56			0.03		–
Innovator Growth-100 Power Buffer ETF - October
For the year ended 10/31/2023		$	35.28		(0.30	)		7.12			6.82			0.03		–
For the year ended 10/31/2022		$	40.07		(0.30	)		(4.51	)		(4.81	)		0.02		–
For the year ended 10/31/2021		$	33.53		(0.30	)		6.82			6.52			0.02		–
For the year ended 10/31/2020		$	31.70		(0.26	)		2.39			2.13			0.05		(0.35	)
For the period 9/30/2019 ^(d) - 10/31/2019		$	31.01		(0.02	)		0.70			0.68			0.01		–

^(a)	Annualized for periods less than one year.
^(b)	Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.
^(c)	Not annualized for periods less than one year.
^(d)	Commencement of operations.
^(e)	Includes broker interest expense of 0.02%.

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

264

INNOVATOR ETFs TRUST

				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 ^(c)			Net assets, end of period (000)		Expenses			Net investment income/(loss)			Portfolio turnover rate ^(c)

5.27		$	40.87		14.79	%	$	77,649		0.79	%		(0.78	)%		0	%
(6.47	)	$	35.60		(15.37	)%	$	82,777		0.79	%		(0.79	)%		0	%
4.63		$	42.07		12.36	%	$	87,297		0.79	%		(0.79	)%		0	%
2.50		$	37.44		7.16	%	$	39,315		0.79	%		(0.79	)%		0	%

7.05		$	41.72		20.33	%	$	132,446		0.79	%		(0.78	)%		0	%
(3.71	)	$	34.67		(9.67	)%	$	52,866		0.79	%		(0.79	)%		0	%
3.45		$	38.38		9.87	%	$	41,254		0.79	%		(0.79	)%		0	%
3.66		$	34.93		11.69	%	$	15,717		0.79	%		(0.79	)%		0	%

7.21		$	50.27		16.77	%	$	266,454		0.79	%		(0.77	)%		0	%
(4.59	)	$	43.06		(9.64	)%	$	118,404		0.79	%		(0.79	)%		0	%
5.42		$	47.65		12.83	%	$	55,986		0.79	%		(0.79	)%		0	%
1.59		$	42.23		3.91	%	$	57,011		0.79	%		(0.79	)%		0	%

6.85		$	42.13		19.41	%	$	148,284		0.79	%		(0.78	)%		0	%
(4.79	)	$	35.28		(11.95	)%	$	80,965		0.79	%		(0.79	)%		0	%
6.54		$	40.07		19.51	%	$	77,928		0.79	%		(0.79	)%		0	%
1.83		$	33.53		6.92	%	$	40,566		0.81	%^(e)		(0.81	)%		0	%
0.69		$	31.70		2.21	%	$	26,149		0.79	%		(0.79	)%		0	%

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

265

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)

			Investment Operations:									Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(b)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)		Distributions Paid to Shareholders: Paid from realized gains
Innovator U.S. Small Cap Power Buffer ETF - January		0		0			0			0			0		0
For the year ended 10/31/2023	$	30.28		(0.24	)		(0.47	)		(0.71	)		0.02		–
For the year ended 10/31/2022	$	31.76		(0.24	)		(1.26	)		(1.50	)		0.02		–
For the year ended 10/31/2021	$	26.18		(0.24	)		5.78			5.54			0.04		–
For the period 12/31/2019 ^(d) - 10/31/2020	$	26.70		(0.17	)		(0.40	)		(0.57	)		0.05		–
Innovator U.S. Small Cap Power Buffer ETF - April
For the year ended 10/31/2023	$	25.52		(0.21	)		0.44	^(e)		0.23			0.01		–
For the year ended 10/31/2022	$	27.83		(0.20	)		(2.12	)		(2.32	)		0.01		–
For the year ended 10/31/2021	$	26.00		(0.22	)		2.03			1.81			0.02		–
For the period 3/31/2020 ^(d) - 10/31/2020	$	23.05		(0.12	)		3.05			2.93			0.02		–
Innovator U.S. Small Cap Power Buffer ETF – July
For the year ended 10/31/2023	$	24.48		(0.19	)		(0.19	)^(e)		(0.38	)		0.02		–
For the year ended 10/31/2022	$	26.70		(0.20	)		(2.03	)		(2.23	)		0.01		–
For the year ended 10/31/2021	$	23.91		(0.21	)		2.99			2.78			0.01		–
For the period 6/30/2020 ^(d) - 10/31/2020	$	23.07		(0.06	)		0.89			0.83			0.01		–
Innovator U.S. Small Cap Power Buffer ETF - October
For the year ended 10/31/2023	$	25.37		(0.20	)		(0.52	)^(e)		(0.72	)		0.01		–
For the year ended 10/31/2022	$	27.65		(0.20	)		(2.10	)		(2.30	)		0.02		–
For the year ended 10/31/2021	$	24.08		(0.21	)		3.77			3.56			0.01		–
For the year ended 10/31/2020	$	24.71		(0.19	)		(0.26	)		(0.45	)		0.02		(0.20	)
For the period 9/30/2019 ^(d) - 10/31/2019	$	24.38		(0.01	)		0.33			0.32			0.01		–

^(a)	Annualized for periods less than one year.
^(b)	Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.
^(c)	Not annualized for periods less than one year.
^(d)	Commencement of operations.
^(e)	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.

266

INNOVATOR ETFs TRUST

				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 ^(c)			Net assets, end of period (000)		Expenses			Net investment income/(loss)			Portfolio turnover rate ^(c)

(0.69	)	$	29.59		(2.28	)%	$	140,565		0.79	%		(0.78	)%		0	%
(1.48	)	$	30.28		(4.65	)%	$	79,491		0.79	%		(0.79	)%		0	%
5.58		$	31.76		21.31	%	$	84,958		0.79	%		(0.79	)%		0	%
(0.52	)	$	26.18		(1.95	)%	$	165,588		0.79	%		(0.79	)%		0	%

0.24		$	25.76		0.93	%	$	152,606		0.79	%		(0.78	)%		0	%
(2.31	)	$	25.52		(8.29	)%	$	84,855		0.79	%		(0.79	)%		0	%
1.83		$	27.83		7.04	%	$	84,876		0.79	%		(0.79	)%		0	%
2.95		$	26.00		12.79	%	$	33,147		0.79	%		(0.79	)%		0	%

(0.36	)	$	24.12		(1.45	)%	$	183,345		0.79	%		(0.77	)%		0	%
(2.22	)	$	24.48		(8.30	)%	$	78,335		0.79	%		(0.79	)%		0	%
2.79		$	26.70		11.64	%	$	74,083		0.79	%		(0.79	)%		0	%
0.84		$	23.91		3.66	%	$	23,316		0.79	%		(0.79	)%		0	%

(0.71	)	$	24.66		(2.77	)%	$	65,979		0.79	%		(0.78	)%		0	%
(2.28	)	$	25.37		(8.24	)%	$	72,937		0.79	%		(0.79	)%		0	%
3.57		$	27.65		14.79	%	$	36,632		0.79	%		(0.79	)%		0	%
(0.63	)	$	24.08		(1.73	)%	$	48,170		0.79	%		(0.79	)%		0	%
0.33		$	24.71		1.35	%	$	27,179		0.79	%		(0.74	)%		0	%

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

267

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)

			Investment Operations:									Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(b)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)
Innovator U.S. Equity Accelerated ETF - January
For the year ended 10/31/2023	$	19.87		(0.17	)		3.13			2.96			0.01
For the period 12/31/2021 ^(d) - 10/31/2022	$	24.71		(0.14	)		(4.71	)		(4.85	)		0.01
Innovator U.S. Equity Accelerated ETF - April
For the year ended 10/31/2023	$	25.04		(0.21	)		2.95			2.74			0.01
For the year ended 10/31/2022	$	28.38		(0.21	)		(3.13	)		(3.34	)		-	^(e)
For the period 3/31/2021 ^(d) - 10/31/2021	$	25.37		(0.13	)		3.13			3.00			0.01
Innovator U.S. Equity Accelerated ETF - July
For the year ended 10/31/2023	$	23.15		(0.20	)		3.57			3.37			0.02
For the year ended 10/31/2022	$	27.23		(0.20	)		(3.89	)		(4.09	)		0.01
For the period 6/30/2021 ^(d) - 10/31/2021	$	25.69		(0.07	)		1.61			1.54			-	^(e)
Innovator U.S. Equity Accelerated ETF - October
For the year ended 10/31/2023	$	20.96		(0.18	)		3.90			3.72			-	^(e)
For the year ended 10/31/2022	$	25.28		(0.17	)		(4.20	)		(4.37	)		0.05
For the period 9/30/2021 ^(d) - 10/31/2021	$	24.05		(0.02	)		1.25			1.23			-	^(e)

^(a)	Annualized for periods less than one year.
^(b)	Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.
^(c)	Not annualized for periods less than one year.
^(d)	Commencement of operations.
^(e)	Amount represents less than $0.01 per share.

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

268

INNOVATOR ETFs TRUST

				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 ^(c)			Net assets, end of period (000)		Expenses			Net investment income/(loss)			Portfolio turnover rate ^(c)

2.97		$	22.84		14.97	%	$	5,139		0.79	%		(0.78	)%		0	%
(4.84	)	$	19.87		(19.60	)%	$	3,974		0.79	%		(0.79	)%		0	%

2.75		$	27.79		11.01	%	$	5,558		0.79	%		(0.77	)%		0	%
(3.34	)	$	25.04		(11.78	)%	$	3,755		0.79	%		(0.79	)%		0	%
3.01		$	28.38		11.86	%	$	7,804		0.79	%		(0.79	)%		0	%

3.39		$	26.54		14.65	%	$	8,626		0.79	%		(0.74	)%		0	%
(4.08	)	$	23.15		(14.97	)%	$	3,472		0.79	%		(0.78	)%		0	%
1.54		$	27.23		5.98	%	$	3,403		0.79	%		(0.79	)%		0	%

3.72		$	24.68		17.76	%	$	3,702		0.79	%		(0.78	)%		0	%
(4.32	)	$	20.96		(17.10	)%	$	35,627		0.79	%		(0.79	)%		0	%
1.23		$	25.28		5.11	%	$	1,896		0.79	%		(0.85	)%		0	%

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

269

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)

			Investment Operations:									Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(b)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)
Innovator U.S. Equity Accelerated Plus ETF - January
For the year ended 10/31/2023	$	19.87		(0.17	)		3.29			3.12			0.01
For the period 12/31/2021 ^(d) - 10/31/2022	$	24.71		(0.14	)		(4.72	)		(4.86	)		0.02
Innovator U.S. Equity Accelerated Plus ETF - April
For the year ended 10/31/2023	$	24.90		(0.21	)		3.04			2.83			0.02
For the year ended 10/31/2022	$	28.19		(0.22	)		(3.10	)^(f)		(3.32	)		0.03
For the period 3/31/2021 ^(d) - 10/31/2021	$	25.37		(0.13	)		2.94			2.81			0.01
Innovator U.S. Equity Accelerated Plus ETF - July
For the year ended 10/31/2023	$	23.10		(0.20	)		3.28			3.08			0.01
For the year ended 10/31/2022	$	27.11		(0.19	)		(3.84	)		(4.03	)		0.02
For the period 6/30/2021 ^(d) - 10/31/2021	$	25.68		(0.07	)		1.49			1.42			0.01
Innovator U.S. Equity Accelerated Plus ETF - October
For the year ended 10/31/2023	$	20.84		(0.18	)		3.58			3.40			–	^(e)
For the year ended 10/31/2022	$	25.30		(0.18	)		(4.31	)		(4.49	)		0.03
For the period 9/30/2021 ^(d) - 10/31/2021	$	24.05		(0.02	)		1.27			1.25			–

^(a)	Annualized for periods less than one year.
^(b)	Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.
^(c)	Not annualized for periods less than one year.
^(d)	Commencement of operations.
^(e)	Amount represents less than $0.01 per share.
^(f)	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.

270

INNOVATOR ETFs TRUST

				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 ^(c)			Net assets, end of period (000)		Expenses			Net investment income/(loss)			Portfolio turnover rate ^(c)

3.13		$	23.00		15.75	%	$	18,399		0.79	%		(0.78	)%		0	%
(4.84	)	$	19.87		(19.59	)%	$	4,967		0.79	%		(0.79	)%		0	%

2.85		$	27.75		11.44	%	$	10,405		0.79	%		(0.77	)%		0	%
(3.29	)	$	24.90		(11.67	)%	$	3,735		0.79	%		(0.79	)%		0	%
2.82		$	28.19		11.11	%	$	8,457		0.79	%		(0.79	)%		0	%

3.09		$	26.19		13.38	%	$	15,712		0.79	%		(0.78	)%		0	%
(4.01	)	$	23.10		(14.80	)%	$	12,703		0.79	%		(0.79	)%		0	%
1.43		$	27.11		5.56	%	$	9,488		0.79	%		(0.79	)%		0	%

3.40		$	24.24		16.31	%	$	12,724		0.79	%		(0.78	)%		0	%
(4.46	)	$	20.84		(17.63	)%	$	15,108		0.79	%		(0.79	)%		0	%
1.25		$	25.30		5.20	%	$	2,530		0.79	%		(0.83	)%		0	%

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

271

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)

			Investment Operations:									Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(b)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)
Innovator U.S. Equity Accelerated 9 Buffer ETF - January
For the year ended 10/31/2023	$	22.00		(0.19	)		2.87			2.68			0.01
For the period 12/31/2021 ^(d) - 10/31/2022	$	24.70		(0.15	)		(2.57	)		(2.72	)		0.02
Innovator U.S. Equity Accelerated 9 Buffer ETF - April
For the year ended 10/31/2023	$	25.30		(0.22	)		3.57			3.35			0.02
For the year ended 10/31/2022	$	27.09		(0.21	)		(1.59	)		(1.80	)		0.01
For the period 3/31/2021 ^(d) - 10/31/2021	$	25.37		(0.12	)		1.83			1.71			0.01
Innovator U.S. Equity Accelerated 9 Buffer ETF - July
For the year ended 10/31/2023	$	25.28		(0.22	)		3.02			2.80			0.02
For the year ended 10/31/2022	$	26.49		(0.20	)		(1.04	)		(1.24	)		0.03
For the period 6/30/2021 ^(d) - 10/31/2021	$	25.68		(0.07	)		0.87			0.80			0.01
Innovator U.S. Equity Accelerated 9 Buffer ETF - October
For the year ended 10/31/2023	$	22.82		(0.19	)		3.29			3.10			0.01
For the year ended 10/31/2022	$	24.77		(0.19	)		(1.80	)^(e)		(1.99	)		0.04
For the period 9/30/2021 ^(d) - 10/31/2021	$	24.04		(0.02	)		0.74			0.72			0.01

^(a)	Annualized for periods less than one year.
^(b)	Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.
^(c)	Not annualized for periods less than one year.
^(d)	Commencement of operations.
^(e)	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.

272

INNOVATOR ETFs TRUST

				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 ^(c)			Net assets, end of period (000)		Expenses			Net investment income/(loss)			Portfolio turnover rate ^(c)

2.69		$	24.69		12.24	%	$	71,609		0.79	%		(0.77	)%		0	%
(2.70	)	$	22.00		(10.93	)%	$	14,300		0.79	%		(0.79	)%		0	%

3.37		$	28.67		13.33	%	$	73,825		0.79	%		(0.77	)%		0	%
(1.79	)	$	25.30		(6.61	)%	$	19,606		0.79	%		(0.79	)%		0	%
1.72		$	27.09		6.77	%	$	19,639		0.79	%		(0.79	)%		0	%

2.82		$	28.10		11.14	%	$	78,681		0.79	%		(0.78	)%		0	%
(1.21	)	$	25.28		(4.56	)%	$	32,237		0.79	%		(0.79	)%		0	%
0.81		$	26.49		3.16	%	$	10,597		0.79	%		(0.79	)%		0	%

3.11		$	25.93		13.62	%	$	55,106		0.79	%		(0.78	)%		0	%
(1.95	)	$	22.82		(7.85	)%	$	35,948		0.79	%		(0.79	)%		0	%
0.73		$	24.77		3.03	%	$	4,334		0.79	%		(0.82	)%		0	%

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

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INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)

			Investment Operations:									Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(b)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)
Innovator Growth Accelerated Plus ETF - January
For the year ended 10/31/2023	$	17.61		(0.15	)		3.43			3.28			0.01
For the period 12/31/2021 ^(d) - 10/31/2022	$	25.46		(0.13	)		(7.74	)		(7.87	)		0.02
Innovator Growth Accelerated Plus ETF - April
For the year ended 10/31/2023	$	23.41		(0.22	)		6.60			6.38			0.02
For the year ended 10/31/2022	$	29.53		(0.22	)		(5.90	)		(6.12	)		–	^(e)
For the period 3/31/2021 ^(d) - 10/31/2021	$	25.53		(0.13	)		4.11			3.98			0.02
Innovator Growth Accelerated Plus ETF - July
For the year ended 10/31/2023	$	19.99		(0.18	)		4.52			4.34			0.01
For the year ended 10/31/2022	$	27.50		(0.18	)		(7.35	)		(7.53	)		0.02
For the period 6/30/2021 ^(d) - 10/31/2021	$	25.52		(0.07	)		2.05			1.98			–	^(e)
Innovator Growth Accelerated Plus ETF - October
For the year ended 10/31/2023	$	18.52		(0.17	)		4.43			4.26			0.01
For the year ended 10/31/2022	$	25.70		(0.18	)		(7.01	)		(7.19	)		0.01
For the period 9/30/2021 ^(d) - 10/31/2021	$	24.32		(0.02	)		1.40			1.38			–	^(e)

^(a)	Annualized for periods less than one year.
^(b)	Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.
^(c)	Not annualized for periods less than one year.
^(d)	Commencement of operations.
^(e)	Amount represents less than $0.01 per share.

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

274

INNOVATOR ETFs TRUST

				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 ^(c)			Net assets, end of period (000)		Expenses			Net investment income/(loss)			Portfolio turnover rate ^(c)

3.29		$	20.90		18.70	%	$	28,213		0.79	%		(0.78	)%		0	%
(7.85	)	$	17.61		(30.85	)%	$	4,401		0.79	%		(0.79	)%		0	%

6.40		$	29.81		27.32	%	$	18,628		0.79	%		(0.76	)%		0	%
(6.12	)	$	23.41		(20.72	)%	$	7,023		0.79	%		(0.79	)%		0	%
4.00		$	29.53		15.66	%	$	18,454		0.79	%		(0.79	)%		0	%

4.35		$	24.34		21.75	%	$	17,646		0.79	%		(0.78	)%		0	%
(7.51	)	$	19.99		(27.30	)%	$	17,992		0.79	%		(0.79	)%		0	%
1.98		$	27.50		7.75	%	$	8,250		0.79	%		(0.79	)%		0	%

4.27		$	22.79		23.04	%	$	11,394		0.79	%		(0.78	)%		0	%
(7.18	)	$	18.52		(27.95	)%	$	6,019		0.79	%		(0.79	)%		0	%
1.38		$	25.70		5.69	%	$	2,570		0.79	%		(0.82	)%		0	%

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

275

INNOVATOR ETFs TRUST

Financial Highlights

	Per Share Operating Performance (For a share outstanding throughout each period)

			Investment Operations:									Capital Share Transactions:
	Net Asset Value, Beginning of Period		Net investment income/(loss) ^(b)			Net realized and unrealized gain/(loss)			Total From Investment Operations			Transaction fees (see Note 5)
Innovator U.S. Equity Accelerated ETF - Quarterly
For the year ended 10/31/2023	$	22.88		(0.21	)		4.39			4.18			0.03
For the year ended 10/31/2022	$	28.25		(0.20	)		(5.19	)		(5.39	)		0.02
For the period 3/31/2021 ^(d) - 10/31/2021	$	25.37		(0.13	)		3.00			2.87			0.01
Innovator Growth Accelerated ETF - Quarterly
For the year ended 10/31/2023	$	21.26		(0.18	)		2.79			2.61			0.02
For the year ended 10/31/2022	$	29.88		(0.20	)		(8.43	)		(8.63	)		0.01
For the period 3/31/2021 ^(d) - 10/31/2021	$	25.53		(0.13	)		4.47			4.34			0.01
Innovator Equity Defined Protection ETF - 2 Yr to July 2025
For the period 7/17/2023 ^(d) - 10/31/2023	$	24.86		(0.05	)		(0.56	)		(0.61	)		0.02

^(a)	Annualized for periods less than one year.
^(b)	Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.
^(c)	Not annualized for periods less than one year.
^(d)	Commencement of operations.
^(e)	Excludes in-kind transactions associated with creations and redemptions of the Funds.
^(f)	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.

276

INNOVATOR ETFs TRUST

				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 ^(c)			Net assets, end of period (000)		Expenses			Net investment income/(loss)			Portfolio turnover rate ^(c)(e)

4.21		$	27.09		18.40	%	$	76,528		0.79	%		(0.77	)%		0	%
(5.37	)	$	22.88		(19.02	)%	$	11,440		0.79	%		(0.79	)%		0	%
2.88		$	28.25		11.37	%	$	13,421		0.79	%		(0.79	)%		0	%

2.63		$	23.89		12.39	%	$	32,847		0.79	%		(0.78	)%		0	%
(8.62	)	$	21.26		(28.85	)%	$	18,067		0.79	%		(0.79	)%		0	%
4.35		$	29.88		17.02	%	$	15,685		0.79	%		(0.79	)%		0	%
(0.59	)	$	24.27		(2.37	)%	$	197,808		0.79	%		(0.79	)%		7	%

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

277

INNOVATOR ETFs TRUST

Notes to Financial Statements

1.	ORGANIZATION

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

Name	Ticker	Commencement of Operations	Tracking Fund
Innovator 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 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 - September	ISEP	August 31, 2023	iShares MSCI EAFE ETF
Innovator International Developed Power Buffer ETF - October	IOCT	September 30, 2021	iShares MSCI EAFE ETF
Innovator International Developed Power Buffer ETF - November	INOV	October 31, 2023	iShares MSCI EAFE ETF
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 Double Stacker ETF - January	DSJA	December 31, 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 Double Stacker 9 Buffer ETF - January	DBJA	December 31, 2020	SPDR S&P 500® ETF Trust and Invesco QQQ Trust
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 U.S. Equity Accelerated ETF - January	XDJA	December 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated ETF - April	XDAP	March 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated ETF - July	XDJL	June 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated ETF - October	XDOC	September 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated Plus ETF - January	XTJA	December 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated Plus ETF - April	XTAP	March 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated Plus ETF - July	XTJL	June 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated Plus ETF - October	XTOC	September 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated 9 Buffer ETF - January	XBJA	December 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated 9 Buffer ETF - April	XBAP	March 31, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated 9 Buffer ETF - July	XBJL	June 30, 2021	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Accelerated 9 Buffer ETF - October	XBOC	September 30, 2021	SPDR S&P 500® ETF Trust
Innovator Growth Accelerated Plus ETF - January	QTJA	December 31, 2021	Invesco QQQ Trust
Innovator Growth Accelerated Plus ETF - April	QTAP	March 31, 2021	Invesco QQQ Trust
Innovator Growth Accelerated Plus ETF - July	QTJL	June 30, 2021	Invesco QQQ Trust
Innovator Growth Accelerated Plus ETF - October	QTOC	September 30, 2021	Invesco QQQ Trust
Innovator U.S. Equity Accelerated ETF - Quarterly	XDSQ	March 31, 2021	SPDR S&P 500® ETF Trust
Innovator Growth Accelerated ETF - Quarterly	XDQQ	March 31, 2021	Invesco QQQ Trust
Innovator Equity Defined Protection ETF - 2 Yr to July 2025	TJUL	July 17, 2023	S&P 500® Index

278

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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

Name	Ticker	Commencement of Operations	Tracking Index/Fund
Innovator IBD® 50 ETF	FFTY	April 8, 2015	IBD® 50 Index
Innovator IBD® Breakout Opportunities ETF	BOUT	September 12, 2018	IBD® Breakout Stocks Index
Innovator Deepwater Frontier Tech ETF	LOUP	July 24, 2018	Loup Frontier Tech Index
Innovator S&P Investment Grade Preferred ETF	EPRF	May 23, 2016	S&P U.S. High Quality Preferred Stock Index
Innovator Laddered Allocation Power Buffer ETF^(b)	BUFF	October 19, 2016	Refinitiv Laddered Power Buffer Strategy Index
Innovator Laddered Allocation Buffer ETF^(c)	BUFB	February 8, 2022	MerQube U.S. Large Cap Equity Buffer Laddered Index
Innovator Buffer Step-Up Strategy ETF	BSTP	March 7, 2022	SPDR S&P 500® ETF Trust
Innovator Power Buffer Step-Up Strategy ETF	PSTP	March 7, 2022	SPDR S&P 500® ETF Trust
Innovator Hedged TSLA Strategy ETF	TSLH	July 25, 2022	Tesla, Inc.
Innovator Uncapped Accelerated U.S. Equity ETF	XUSP	August 10, 2022	SPDR S&P 500® ETF Trust
Innovator Equity Managed Floor ETF	SFLR	November 8, 2022	SPDR S&P 500® ETF Trust
Innovator Gradient Tactical Rotation Strategy ETF	IGTR	November 16, 2022	S&P Global Broad Market Index
Innovator U.S. Equity Buffer ETF – January	BJAN	December 31, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – February	BFEB	January 31, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – March	BMAR	February 28, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – April	BAPR	March 29, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – May	BMAY	April 30, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – June	BJUN	May 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – July	BJUL	August 28, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – August	BAUG	July 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – September	BSEP	August 30, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – October	BOCT	September 28, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – November	BNOV	October 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Buffer ETF – December	BDEC	November 29, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – January	PJAN	December 31, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – February	PFEB	January 31, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – March	PMAR	February 28, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – April	PAPR	March 29, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – May	PMAY	April 30, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – June	PJUN	May 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – July	PJUL	August 7, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – August	PAUG	July 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – September	PSEP	August 30, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – October	POCT	September 28, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – November	PNOV	October 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Power Buffer ETF – December	PDEC	November 29, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – January	UJAN	December 31, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – February	UFEB	January 31, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – March	UMAR	February 28, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – April	UAPR	March 29, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – May	UMAY	April 30, 2020	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – June	UJUN	May 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – July	UJUL	August 7, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – August	UAUG	July 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – September	USEP	August 30, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – October	UOCT	September 28, 2018	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – November	UNOV	October 31, 2019	SPDR S&P 500® ETF Trust
Innovator U.S. Equity Ultra Buffer ETF – December	UDEC	November 29, 2019	SPDR S&P 500® ETF Trust
Innovator Premium Income 10 Barrier ETF - April	APRD	March 31, 2023	S&P 500® Index
Innovator Premium Income 20 Barrier ETF - April	APRH	March 31, 2023	S&P 500® Index
Innovator Premium Income 30 Barrier ETF - April	APRJ	March 31, 2023	S&P 500® Index
Innovator Premium Income 40 Barrier ETF - April	APRQ	March 31, 2023	S&P 500® Index
Innovator Premium Income 10 Barrier ETF - July	JULD	June 30, 2023	S&P 500® Index
Innovator Premium Income 20 Barrier ETF - July	JULH	June 30, 2023	S&P 500® Index
Innovator Premium Income 30 Barrier ETF - July	JULJ	June 30, 2023	S&P 500® Index
Innovator Premium Income 40 Barrier ETF - July	JULQ	June 30, 2023	S&P 500® Index
Innovator Premium Income 10 Barrier ETF - October	OCTD	September 29, 2023	S&P 500® Index
Innovator Premium Income 20 Barrier ETF - October	OCTH	September 29, 2023	S&P 500® Index
Innovator Premium Income 30 Barrier ETF - October	OCTJ	September 29, 2023	S&P 500® Index
Innovator Premium Income 40 Barrier ETF - October	OCTQ	September 29, 2023	S&P 500® Index
Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly	EALT	September 29, 2023	SPDR S&P 500® ETF Trust
Innovator U.S. Equity 10 Buffer ETF - Quarterly	ZALT	September 29, 2023	SPDR S&P 500® ETF Trust
Innovator Premium Income 9 Buffer ETF - October	HOCT	September 29, 2023	SPDR S&P 500® ETF Trust
Innovator Premium Income 15 Buffer ETF - October	LOCT	September 29, 2023	SPDR S&P 500® ETF Trust

279

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The Funds are exchange traded funds that offer one class of shares, do not charge a sales load, do not have a redemption fee and currently do not charge a 12b-1 fee to their shareholders. The Innovator International Developed and Emerging Markets ETFs list and principally trade their shares on NYSE Arca (“NYSE”). All other Innovator ETFs included in this report each, respectively, list and principally trade their shares on Cboe BZX Exchange, Inc. (“Cboe BZX”).

Each Fund employs a specific “defined outcome strategy.” Defined outcome strategies generally seek to produce pre-determined investment outcomes based upon the performance of an index or one or more underlying securities. The Funds’ pre-determined outcomes (“Outcomes”) are based upon the price performance of a benchmark index or one or more underlying exchange-traded fund (the “Benchmark”) over a period of approximately one year or another predetermined period (“Outcome Period”). The Funds’ investment strategy provides shareholders with participation in any gains experienced by the applicable Benchmark over the course of the Outcome Period, subject to a cap on upside returns (a “Cap”), and, if applicable, a predetermined buffer (a “Buffer”) against Benchmark losses for the Outcome Period. These defined outcomes are managed by purchasing and selling call and put FLexible EXchange Options (“FLEX Options”) to create layers within a Fund’s portfolio. Each Fund’s FLEX Option has the same reference asset and expiration date, with uniquely selected strike prices for the Fund’s Outcome Period. Due to the customizable nature of FLEX Options that allows for specific strike prices to be selected for the same reference asset and expiration date, when each of the FLEX Options expire on the last day of the Outcome Period, the Funds are expected to achieve a Benchmark investment return with the applicable Buffer and Cap investment parameters.

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

280

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

2.	SIGNIFICANT ACCOUNTING POLICIES

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

Valuation:

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

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

Common stocks, preferred stocks and other equity securities listed on any national or foreign exchange (excluding the NASDAQ National Market (“NASDAQ”) and the London Stock Exchange Alternative Investment Market (“AIM”)) are generally valued at the last sale price on the exchange on which they are principally traded or, for NASDAQ and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the exchange representing the principal market for such securities. Securities traded in the over-the-counter market are valued at the mean of the bid and the asked price, if available, and otherwise at their closing bid price. Redeemable securities issued by open-end investment companies shall be valued at the investment company’s applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities. Fixed income securities, swaps, currency-, credit- and commodity-linked notes, and other similar instruments will be valued using a pricing service. Fixed income securities having a remaining maturity of 60 days or less when purchased will be valued at cost adjusted for amortization of premiums and accretion of discounts, provided the Valuation Designee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer specific conditions existing at the time of the determination. Deposit accounts are valued at acquisition cost. Foreign securities and other assets denominated in foreign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar as provided by the pricing service. All assets denominated in foreign currencies will be converted into U.S. dollars at the exchange rates in effect at the time of valuation. Restricted securities (with the exception of Rule 144A Securities for which market quotations are available) will normally be valued at fair value as determined by the Valuation Designee.

281

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

Exchange-traded option contracts (other than FLEX Option contracts) will be valued at the closing price in the market where such contracts are principally traded. If no closing price is available, they will be fair valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid price. OTC options are fair valued at the mean of the most recent bid and asked price, if available, and otherwise at their closing bid price. FLEX Options will be valued at a model-based price provided by the exchange on which the option is traded at the official close of that exchange’s trading date. If the exchange on which the option is traded is unable to provide a model price, FLEX Options prices will be provided by backup provider Super Derivatives. Otherwise, the value of a FLEX Option will be determined by the Valuation Designee in accordance with the Trust’s valuation procedures.

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

282

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

Fair Valuation Measurement:

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

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

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

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

283

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The following table summarizes valuation of the Funds’ investments under the fair value hierarchy levels as of October 31, 2023:

EJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	265,443,431	$	–	$	265,443,431
Short Term Investments		479,258		–		–		479,258
Total Assets	$	479,258	$	265,443,431	$	–	$	265,922,689

Liabilities
Options Written	$	–	$	1,340,966	$	–	$	1,340,966
Total Liabilities	$	–	$	1,340,966	$	–	$	1,340,966

EAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	59,604,689	$	–	$	59,604,689
Short Term Investments		114,067		–		–		114,067
Total Assets	$	114,067	$	59,604,689	$	–	$	59,718,756

Liabilities
Options Written	$	–	$	1,184,710	$	–	$	1,184,710
Total Liabilities	$	–	$	1,184,710	$	–	$	1,184,710

EJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	104,069,050	$	–	$	104,069,050
Short Term Investments		193,470		–		–		193,470
Total Assets	$	193,470	$	104,069,050	$	–	$	104,262,520

Liabilities
Options Written	$	–	$	3,103,294	$	–	$	3,103,294
Total Liabilities	$	–	$	3,103,294	$	–	$	3,103,294

EOCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	44,460,980	$	–	$	44,460,980
Short Term Investments		88,859		–		–		88,859
Total Assets	$	88,859	$	44,460,980	$	–	$	44,549,839

Liabilities
Options Written	$	–	$	1,652,738	$	–	$	1,652,738
Total Liabilities	$	–	$	1,652,738	$	–	$	1,652,738

284

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

IJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	120,989,149	$	–	$	120,989,149
Short Term Investments		269,399		–		–		269,399
Total Assets	$	269,399	$	120,989,149	$	–	$	121,258,548

Liabilities
Options Written	$	–	$	448,369	$	–	$	448,369
Total Liabilities	$	–	$	448,369	$	–	$	448,369

IAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	224,813,253	$	–	$	224,813,253
Short Term Investments		502,750		–		–		502,750
Total Assets	$	502,750	$	224,813,253	$	–	$	225,316,003

Liabilities
Options Written	$	–	$	2,945,012	$	–	$	2,945,012
Total Liabilities	$	–	$	2,945,012	$	–	$	2,945,012

IJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	201,114,415	$	–	$	201,114,415
Short Term Investments		451,719		–		–		451,719
Total Assets	$	451,719	$	201,114,415	$	–	$	201,566,134

Liabilities
Options Written	$	–	$	5,401,705	$	–	$	5,401,705
Total Liabilities	$	–	$	5,401,705	$	–	$	5,401,705

ISEP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	36,988,224	$	–	$	36,988,224
Short Term Investments		74,404		–		–		74,404
Total Assets	$	74,404	$	36,988,224	$	–	$	37,062,628

Liabilities
Options Written	$	–	$	1,002,820	$	–	$	1,002,820
Total Liabilities	$	–	$	1,002,820	$	–	$	1,002,820

285

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

IOCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	108,700,655	$	–	$	108,700,655
Short Term Investments		296,073		–		–		296,073
Total Assets	$	296,073	$	108,700,655	$	–	$	108,996,728

Liabilities
Options Written	$	–	$	3,237,290	$	–	$	3,237,290
Total Liabilities	$	–	$	3,237,290	$	–	$	3,237,290

INOV
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	1,284,980	$	–	$	1,284,980
Total Assets	$	–	$	1,284,980	$	–	$	1,284,980

Liabilities
Options Written	$	–	$	39,668	$	–	$	39,668
Total Liabilities	$	–	$	39,668	$	–	$	39,668

TBJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	86,979,639	$	–	$	86,979,639
Short Term Investments		239,077		–		–		239,077
Total Assets	$	239,077	$	86,979,639	$	–	$	87,218,716

Liabilities
Options Written	$	–	$	9,726,952	$	–	$	9,726,952
Total Liabilities	$	–	$	9,726,952	$	–	$	9,726,952

TFJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	10,277,289	$	–	$	10,277,289
Short Term Investments		12,828		–		–		12,828
Total Assets	$	12,828	$	10,277,289	$	–	$	10,290,117

Liabilities
Options Written	$	–	$	21,103	$	–	$	21,103
Total Liabilities	$	–	$	21,103	$	–	$	21,103

BALT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	493,706,379	$	–	$	493,706,379
Short Term Investments		733,025		–		–		733,025
Total Assets	$	733,025	$	493,706,379	$	–	$	494,439,404

Liabilities
Options Written	$	–	$	3,775,779	$	–	$	3,775,779
Total Liabilities	$	–	$	3,775,779	$	–	$	3,775,779

286

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

DSJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	2,530,915	$	–	$	2,530,915
Short Term Investments		17,432		–		–		17,432
Total Assets	$	17,432	$	2,530,915	$	–	$	2,548,347

Liabilities
Options Written	$	–	$	404,000	$	–	$	404,000
Total Liabilities	$	–	$	404,000	$	–	$	404,000

TSJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	5,907,878	$	–	$	5,907,878
Short Term Investments		29,836		–		–		29,836
Total Assets	$	29,836	$	5,907,878	$	–	$	5,937,714

Liabilities
Options Written	$	–	$	1,231,445	$	–	$	1,231,445
Total Liabilities	$	–	$	1,231,445	$	–	$	1,231,445

DBJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	8,861,588	$	–	$	8,861,588
Short Term Investments		34,893		–		–		34,893
Total Assets	$	34,893	$	8,861,588	$	–	$	8,896,481

Liabilities
Options Written	$	–	$	1,720,740	$	–	$	1,720,740
Total Liabilities	$	–	$	1,720,740	$	–	$	1,720,740

NJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	85,739,911	$	–	$	85,739,911
Short Term Investments		181,450		–		–		181,450
Total Assets	$	181,450	$	85,739,911	$	–	$	85,921,361

Liabilities
Options Written	$	–	$	8,221,470	$	–	$	8,221,470
Total Liabilities	$	–	$	8,221,470	$	–	$	8,221,470

NAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	136,943,608	$	–	$	136,943,608
Short Term Investments		341,371		–		–		341,371
Total Assets	$	341,371	$	136,943,608	$	–	$	137,284,979

Liabilities
Options Written	$	–	$	4,746,520	$	–	$	4,746,520
Total Liabilities	$	–	$	4,746,520	$	–	$	4,746,520

287

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

NJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	275,453,484	$	–	$	275,453,484
Short Term Investments		754,714		–		–		754,714
Total Assets	$	754,714	$	275,453,484	$	–	$	276,208,198

Liabilities
Options Written	$	–	$	9,579,642	$	–	$	9,579,642
Total Liabilities	$	–	$	9,579,642	$	–	$	9,579,642

NOCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	155,865,558	$	–	$	155,865,558
Short Term Investments		436,398		–		–		436,398
Total Assets	$	436,398	$	155,865,558	$	–	$	156,301,956

Liabilities
Options Written	$	–	$	7,944,675	$	–	$	7,944,675
Total Liabilities	$	–	$	7,944,675	$	–	$	7,944,675

KJAN
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	141,265,560	$	–	$	141,265,560
Short Term Investments		372,203		–		–		372,203
Total Assets	$	372,203	$	141,265,560	$	–	$	141,637,763

Liabilities
Options Written	$	–	$	1,012,832	$	–	$	1,012,832
Total Liabilities	$	–	$	1,012,832	$	–	$	1,012,832

KAPR
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	155,681,015	$	–	$	155,681,015
Short Term Investments		431,906		–		–		431,906
Total Assets	$	431,906	$	155,681,015	$	–	$	156,112,921

Liabilities
Options Written	$	–	$	3,413,398	$	–	$	3,413,398
Total Liabilities	$	–	$	3,413,398	$	–	$	3,413,398

KJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	190,797,850	$	–	$	190,797,850
Short Term Investments		539,442		–		–		539,442
Total Assets	$	539,442	$	190,797,850	$	–	$	191,337,292

Liabilities
Options Written	$	–	$	7,867,176	$	–	$	7,867,176
Total Liabilities	$	–	$	7,867,176	$	–	$	7,867,176

288

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

KOCT
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	68,781,357	$	–	$	68,781,357
Short Term Investments		204,256		–		–		204,256
Total Assets	$	204,256	$	68,781,357	$	–	$	68,985,613

Liabilities
Options Written	$	–	$	2,965,993	$	–	$	2,965,993
Total Liabilities	$	–	$	2,965,993	$	–	$	2,965,993

XDJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	5,253,540	$	–	$	5,253,540
Short Term Investments		23,816		–		–		23,816
Total Assets	$	23,816	$	5,253,540	$	–	$	5,277,356

Liabilities
Options Written	$	–	$	134,414	$	–	$	134,414
Total Liabilities	$	–	$	134,414	$	–	$	134,414

XDAP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	5,704,564	$	–	$	5,704,564
Short Term Investments		13,509		–		–		13,509
Total Assets	$	13,509	$	5,704,564	$	–	$	5,718,073

Liabilities
Options Written	$	–	$	155,696	$	–	$	155,696
Total Liabilities	$	–	$	155,696	$	–	$	155,696

XDJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	8,715,985	$	–	$	8,715,985
Short Term Investments		25,173		–		–		25,173
Total Assets	$	25,173	$	8,715,985	$	–	$	8,741,158

Liabilities
Options Written	$	–	$	146,370	$	–	$	146,370
Total Liabilities	$	–	$	146,370	$	–	$	146,370

XDOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	3,862,174	$	–	$	3,862,174
Short Term Investments		41,038		–		–		41,038
Total Assets	$	41,038	$	3,862,174	$	–	$	3,903,212

Liabilities
Options Written	$	–	$	199,350	$	–	$	199,350
Total Liabilities	$	–	$	199,350	$	–	$	199,350

289

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

XTJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	20,363,556	$	–	$	20,363,556
Short Term Investments		54,425		–		–		54,425
Total Assets	$	54,425	$	20,363,556	$	–	$	20,417,981

Liabilities
Options Written	$	–	$	2,007,205	$	–	$	2,007,205
Total Liabilities	$	–	$	2,007,205	$	–	$	2,007,205

XTAP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	11,287,850	$	–	$	11,287,850
Short Term Investments		12,124		–		–		12,124
Total Assets	$	12,124	$	11,287,850	$	–	$	11,299,974

Liabilities
Options Written	$	–	$	887,891	$	–	$	887,891
Total Liabilities	$	–	$	887,891	$	–	$	887,891

XTJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	16,458,243	$	–	$	16,458,243
Short Term Investments		12,069		–		–		12,069
Total Assets	$	12,069	$	16,458,243	$	–	$	16,470,312

Liabilities
Options Written	$	–	$	747,353	$	–	$	747,353
Total Liabilities	$	–	$	747,353	$	–	$	747,353

XTOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	14,331,629	$	–	$	14,331,629
Short Term Investments		15,421		–		–		15,421
Total Assets	$	15,421	$	14,331,629	$	–	$	14,347,050

Liabilities
Options Written	$	–	$	1,614,508	$	–	$	1,614,508
Total Liabilities	$	–	$	1,614,508	$	–	$	1,614,508

XBJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	75,860,327	$	–	$	75,860,327
Short Term Investments		141,512		–		–		141,512
Total Assets	$	141,512	$	75,860,327	$	–	$	76,001,839

Liabilities
Options Written	$	–	$	4,345,178	$	–	$	4,345,178
Total Liabilities	$	–	$	4,345,178	$	–	$	4,345,178

290

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

XBAP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	78,035,110	$	–	$	78,035,110
Short Term Investments		157,244		–		–		157,244
Total Assets	$	157,244	$	78,035,110	$	–	$	78,192,354

Liabilities
Options Written	$	–	$	4,359,600	$	–	$	4,359,600
Total Liabilities	$	–	$	4,359,600	$	–	$	4,359,600

XBJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	83,071,307	$	–	$	83,071,307
Short Term Investments		212,874		–		–		212,874
Total Assets	$	212,874	$	83,071,307	$	–	$	83,284,181

Liabilities
Options Written	$	–	$	4,550,432	$	–	$	4,550,432
Total Liabilities	$	–	$	4,550,432	$	–	$	4,550,432

XBOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	60,804,770	$	–	$	60,804,770
Short Term Investments		159,855		–		–		159,855
Total Assets	$	159,855	$	60,804,770	$	–	$	60,964,625

Liabilities
Options Written	$	–	$	5,826,438	$	–	$	5,826,438
Total Liabilities	$	–	$	5,826,438	$	–	$	5,826,438

QTJA
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	44,690,545	$	–	$	44,690,545
Short Term Investments		52,009		–		–		52,009
Total Assets	$	52,009	$	44,690,545	$	–	$	44,742,554

Liabilities
Options Written	$	–	$	16,510,911	$	–	$	16,510,911
Total Liabilities	$	–	$	16,510,911	$	–	$	16,510,911

QTAP
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	22,929,838	$	–	$	22,929,838
Short Term Investments		49,466		–		–		49,466
Total Assets	$	49,466	$	22,929,838	$	–	$	22,979,304

Liabilities
Options Written	$	–	$	4,339,213	$	–	$	4,339,213
Total Liabilities	$	–	$	4,339,213	$	–	$	4,339,213

291

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

QTJL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	19,175,954	$	–	$	19,175,954
Short Term Investments		28,130		–		–		28,130
Total Assets	$	28,130	$	19,175,954	$	–	$	19,204,084

Liabilities
Options Written	$	–	$	1,546,835	$	–	$	1,546,835
Total Liabilities	$	–	$	1,546,835	$	–	$	1,546,835

QTOC
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	13,407,325	$	–	$	13,407,325
Short Term Investments		20,363		–		–		20,363
Total Assets	$	20,363	$	13,407,325	$	–	$	13,427,688

Liabilities
Options Written	$	–	$	2,026,557	$	–	$	2,026,557
Total Liabilities	$	–	$	2,026,557	$	–	$	2,026,557

XDSQ
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	77,162,560	$	–	$	77,162,560
Short Term Investments		101,819		–		–		101,819
Total Assets	$	101,819	$	77,162,560	$	–	$	77,264,379

Liabilities
Options Written	$	–	$	679,345	$	–	$	679,345
Total Liabilities	$	–	$	679,345	$	–	$	679,345

XDQQ
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	33,440,151	$	–	$	33,440,151
Short Term Investments		21,113		–		–		21,113
Total Assets	$	21,113	$	33,440,151	$	–	$	33,461,264

Liabilities
Options Written	$	–	$	592,715	$	–	$	592,715
Total Liabilities	$	–	$	592,715	$	–	$	592,715

TJUL
	Level 1		Level 2		Level 3		Total
Assets
Purchased Options	$	–	$	200,884,461	$	–	$	200,884,461
Short Term Investments		667,558		–		–		667,558
Total Assets	$	667,558	$	200,884,461	$	–	$	201,552,019

Liabilities
Options Written	$	–	$	3,621,324	$	–	$	3,621,324
Total Liabilities	$	–	$	3,621,324	$	–	$	3,621,324

292

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

There were no Level 3 investments for the Funds during the year or period ended October 31, 2023.

Option Contracts:

In general, an option contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price (commonly known as the “strike price”).

The Funds invest primarily in FLEX Option contracts. FLEX Options are customized option contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options in which the Funds will invest are all European style options (options that are exercisable only on the expiration date). The FLEX Options are listed on the Chicago Board Options Exchange.

The Funds will purchase and sell call and put FLEX Options. In general, put options give the holder (i.e., the buyer) the right to sell an asset (or deliver the cash value of the index, in case of an index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of an index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of an index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of an index call option) at a certain defined price.

293

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

When the Funds purchase an option, an amount equal to the premium paid by the Funds are recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Funds enter into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities.

When the Funds write an option, an amount equal to the premium received by the Funds are recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Funds have realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Funds. The Funds, as writers of an option, bear the market risk of an unfavorable change in the price of the security underlying the written option.

All of the FLEX Option contracts held by the Funds are fully funded and cash settled, therefore balance sheet offsetting under U.S. GAAP does not apply.

The Funds bear the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Funds could suffer significant losses. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid market for the FLEX Options, the Funds may have difficulty closing out certain FLEX Options positions at desired times and prices. The Funds may experience substantial downside from specific FLEX Option positions and certain FLEX Option positions may expire worthless. The value of the underlying FLEX Options will be affected by, among others, changes in the value of the exchange, changes in interest rates, changes in the actual and implied volatility of the Index and the remaining time to until the FLEX Options expire. The value of the FLEX Options does not increase or decrease at the same rate as the level of the Index (although they generally move in the same direction). However, as a FLEX Option approaches its expiration date, its value typically increasingly moves with the value of the Index.

294

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The value of derivative instruments on the Statements of Assets and Liabilities for the Funds as of October 31, 2023 are as follows:

	Equity Risk - Call and Put Options not Accounted for as Hedging Instruments
	Asset Derivatives		Liability Derivatives
	Investments, at value		Options written, at value
EJAN	$	265,443,431	$	1,340,966
EAPR		59,604,689		1,184,710
EJUL		104,069,050		3,103,294
EOCT		44,460,980		1,652,738
IJAN		120,989,149		448,369
IAPR		224,813,253		2,945,012
IJUL		201,114,415		5,401,705
ISEP		36,988,224		1,002,820
IOCT		108,700,655		3,237,290
INOV		1,284,980		39,668
BALT		493,706,379		3,775,779
DSJA		2,530,915		404,000
TSJA		5,907,878		1,231,445
DBJA		8,861,588		1,720,740
NJAN		85,739,911		8,221,470
NAPR		136,943,608		4,746,520
NJUL		275,453,484		9,579,642
NOCT		155,865,558		7,944,675
KJAN		141,265,560		1,012,832
KAPR		155,681,015		3,413,398
KJUL		190,797,850		7,867,176
KOCT		68,781,357		2,965,993
XDJA		5,253,540		134,414
XDAP		5,704,564		155,696
XDJL		8,715,985		146,370
XDOC		3,862,174		199,350
XTJA		20,363,556		2,007,205
XTAP		11,287,850		887,891
XTJL		16,458,243		747,353
XTOC		14,331,629		1,614,508
XBJA		75,860,327		4,345,178
XBAP		78,035,110		4,359,600
XBJL		83,071,307		4,550,432
XBOC		60,804,770		5,826,438
QTJA		44,690,545		16,510,911
QTAP		22,929,838		4,339,213
QTJL		19,175,954		1,546,835
QTOC		13,407,325		2,026,557
XDSQ		77,162,560		679,345
XDQQ		33,440,151		592,715
TJUL		200,884,461		-

	Interest Rate Risk - Call and Put Options not Accounted for as Hedging Instruments
	Asset Derivatives		Liability Derivatives
	Investments, at value		Options written, at value
TBJL	$	86,979,639	$	9,726,952
TFJL		10,277,289		21,103

295

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The effect of derivative instruments on the Statements of Operations for the year or period ended October 31, 2023:

	Equity Risk - Call and Put Options not Accounted for as Hedging Instruments
	Amount of Realized Gain/(Loss) on Derivatives Recognized in Income
	Investments			Investments in-kind			Options written			Options written in-kind
EJAN	$	(11,667,099	)	$	5,669,571		$	(1,219,588	)	$	1,720,689
EAPR		(3,642,115	)		1,151,748			949,893			1,557,518
EJUL		(4,572,702	)		1,779,662			3,772,193			1,020,150
EOCT		(512,687	)		1,354,545			1,047,632			676,674
IJAN		(8,432,159	)		8,730,439			1,557,032			4,087,257
IAPR		(4,099,347	)		5,001,595			205,380			3,924,340
IJUL		9,304,548			13,246,245			3,679,113			3,025,247
ISEP		-			-			-			-
IOCT		(6,284,084	)		22,592,264			(418,128	)		4,020,616
INOV		-			-			-			-
BALT		20,738,654			8,592,943			(7,180,514	)		4,251,077
DSJA		(699,505	)		-			147,023			-
TSJA		(2,375,932	)		(97,169	)		1,022,067			167,855
DBJA		(900,685	)		100,499			354,233			94,021
NJAN		(15,765,249	)		15,349,905			(11,936,583	)		533,108
NAPR		(4,991,418	)		3,452,728			1,711,675			3,173,714
NJUL		2,704,552			12,152,176			(1,597,578	)		4,560,062
NOCT		9,122,113			10,425,414			(1,156,873	)		(108,715	)
KJAN		(15,352,079	)		8,192,335			(275,283	)		4,094,584
KAPR		(7,390,011	)		1,610,133			3,582,232			3,501,368
KJUL		81,023			795,815			5,170,699			1,093,382
KOCT		(2,578,770	)		2,383,736			4,273,464			2,153,137
XDJA		(756,611	)		1,599,692			2,165			(119,024	)
XDAP		(635,622	)		(55,015	)		112,618			273,654
XDJL		478,517			45,577			(20,227	)		4,969
XDOC		1,668,057			13,473,841			(488,989	)		(5,905,557	)
XTJA		(1,687,637	)		695,872			359,920			(172,200	)
XTAP		(751,765	)		(438,819	)		476,178			230,989
XTJL		2,867,996			(46,059	)		(937,897	)		418,948
XTOC		2,114,118			4,676,607			(1,321,793	)		(1,451,603	)
XBJA		(2,764,838	)		1,849,575			(615,448	)		1,061,114
XBAP		(3,169,275	)		(64,162	)		1,058,644			2,081,159
XBJL		2,182,987			21,794			(387,938	)		1,112,390
XBOC		1,858,810			5,979,097			(623,478	)		789,553
QTJA		(2,841,513	)		9,380,271			(107,470	)		(3,499,910	)
QTAP		(2,977,730	)		(673,712	)		1,611,323			320,052
QTJL		2,324,990			(281,440	)		(2,722,271	)		1,873,691
QTOC		3,315,003			5,811,793			(4,183,790	)		(2,058,109	)
XDSQ		1,435,376			156,489			494,491			34,574
XDQQ		2,623,021			539,554			(1,757,019	)		(155,562	)
TJUL		(21,881	)		144,494			(3,266	)		108,610

	Interest Rate Risk - Call and Put Options not Accounted for as Hedging Instruments
	Amount of Realized Gain/(Loss) on Derivatives Recognized in Income
	Investments			Investments in-kind		Options written		Options written in-kind
TBJL	$	(2,110,886	)	$	1,916,206	$	782,655	$	2,428,034
TFJL		(1,824,878	)		533,899		273,204		147,848

296

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

	Equity Risk - Call and Put Options not Accounted for as Hedging Instruments
	Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income
	Investments			Options written
EJAN	$	(571,337	)		9,312,510
EAPR		(379,536	)		3,177,285
EJUL		(1,162,651	)		751,937
EOCT		(464,922	)		325,688
IJAN		(2,407,077	)		7,565,960
IAPR		(11,199,626	)		5,202,132
IJUL		(4,330,753	)		(963,353	)
ISEP		(894,445	)		(103,345	)
IOCT		(4,162,253	)		136,174
INOV		(176	)		(177	)
BALT		(18,100,069	)		13,913,436
DSJA		1,545,302			(501,487	)
TSJA		3,476,743			(1,543,141	)
DBJA		2,353,359			(1,018,158	)
NJAN		22,978,956			2,867,392
NAPR		9,851,391			3,778,120
NJUL		(6,390,780	)		598,976
NOCT		(4,629,344	)		1,401,328
KJAN		(3,339,909	)		5,001,348
KAPR		(3,718,637	)		2,335,027
KJUL		(17,200,735	)		1,083,643
KOCT		(6,345,413	)		1,513,264
XDJA		850,883			99,539
XDAP		871,007			(83,180	)
XDJL		(864,203	)		456,453
XDOC		(4,604,232	)		2,619,551
XTJA		1,515,816			1,136,645
XTAP		430,323			453,567
XTJL		(2,490,028	)		1,621,233
XTOC		(3,107,625	)		2,234,944
XBJA		775,009			6,141,544
XBAP		(87,699	)		4,353,549
XBJL		(4,028,477	)		3,841,582
XBOC		(4,715,060	)		3,150,678
QTJA		11,905,741			(9,596,268	)
QTAP		4,776,171			(1,387,953	)
QTJL		305,794			339,472
QTOC		(1,169,267	)		857,514
XDSQ		(4,352,894	)		2,355,467
XDQQ		(2,255,092	)		1,045,523
TJUL		(3,468,112	)		-

	Interest Rate Risk - Call and Put Options not Accounted for as Hedging Instruments
	Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income
	Investments			Options written
TBJL	$	(3,898,652	)		(5,486,424	)
TFJL		150,069			(170,454	)

297

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

The average volume of derivative activity during the year or period ended October 31, 2023, is as follows:

	Purchased Options		Options Written
	Average Monthly Market Value		Average Monthly Market Value
EJAN	$	106,074,950	$	(2,169,701	)
EAPR		53,455,304		(1,612,333	)
EJUL		94,000,337		(2,203,311	)
EOCT		32,978,109		(1,040,541	)
IJAN		148,782,647		(2,991,157	)
IAPR		180,049,987		(3,538,105	)
IJUL		169,996,313		(4,107,808	)
ISEP		24,204,856		(652,957	)
IOCT		109,114,076		(6,499,442	)
INOV		1,284,980		(39,668	)
TBJL		61,838,998		(3,240,516	)
TFJL		10,666,899		(41,621	)
BALT		386,027,494		(10,661,531	)
DSJA		3,183,508		(561,242	)
TSJA		6,981,697		(1,716,718	)
DBJA		9,206,770		(1,993,115	)
NJAN		97,306,858		(11,448,908	)
NAPR		112,261,880		(7,849,948	)
NJUL		156,424,238		(6,316,893	)
NOCT		96,897,952		(7,490,911	)
KJAN		150,353,207		(4,388,141	)
KAPR		133,389,449		(4,383,708	)
KJUL		118,406,070		(4,120,547	)
KOCT		76,893,163		(2,684,253	)
XDJA		10,580,574		(1,027,970	)
XDAP		5,403,905		(359,163	)
XDJL		4,198,584		(188,537	)
XDOC		31,429,635		(4,008,420	)
XTJA		16,287,373		(3,065,086	)
XTAP		7,424,410		(1,052,308	)
XTJL		15,521,878		(1,823,581	)
XTOC		24,224,034		(5,920,426	)
XBJA		63,997,740		(8,637,528	)
XBAP		53,542,973		(5,978,548	)
XBJL		54,288,927		(4,802,964	)
XBOC		59,125,824		(10,250,301	)
QTJA		43,361,333		(17,153,647	)
QTAP		14,007,904		(3,251,305	)
QTJL		14,087,101		(2,109,811	)
QTOC		18,061,116		(5,810,526	)
XDSQ		34,382,648		(1,012,387	)
XDQQ		20,500,203		(1,056,287	)
TJUL		138,539,217		(3,998,062	)

298

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

Use of Estimates:

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

Guarantees and Indemnifications:

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

Tax Information:

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

Management evaluates the Funds’ tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Tax benefits associated with an uncertain tax position can be recognized only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. Interest and penalties related to income taxes would be recorded as tax expense in the Statements of Operations. During the year or period ended October 31, 2023, 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, 2023, the Funds did not have a liability for any unrecognized tax benefits. As of October 31, 2023, the Funds have no examinations in progress and management is not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months. The Funds are subject to examination by U.S. Federal tax authorities for all tax years since inception.

299

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

U.S. GAAP requires that certain components of net assets be reclassified between distributable earnings/(accumulated deficit) and additional paid-in capital. These reclassifications have no effect on net assets or net asset value per share. For the year or period ended October 31, 2023, the Funds made the following permanent book-to-tax reclassifications due to net operating losses and redemption in-kind transactions:

	Distributable Earnings/ (Accumulated Deficit)			Paid-In Capital
EJAN	$	(6,712,336	)	$	6,712,336
EAPR		(2,371,901	)		2,371,901
EJUL		(2,420,216	)		2,420,216
EOCT		(1,915,341	)		1,915,341
IJAN		(12,166,720	)		12,166,720
IAPR		(8,490,754	)		8,490,754
IJUL		(15,388,218	)		15,388,218
ISEP		-			-
IOCT		(26,317,647	)		26,317,647
INOV		-			-
TBJL		(4,242,315	)		4,242,315
TFJL		(603,279	)		603,279
BALT		(11,772,300	)		11,772,300
DSJA		33,291			(33,291	)
TSJA		23,433			(23,433	)
DBJA		(111,796	)		111,796
NJAN		(15,056,779	)		15,056,779
NAPR		(6,213,786	)		6,213,786
NJUL		(16,067,020	)		16,067,020
NOCT		(10,316,699	)		10,316,699
KJAN		(11,435,063	)		11,435,063
KAPR		(4,440,683	)		4,440,683
KJUL		(1,369,412	)		1,369,412
KOCT		(4,166,876	)		4,166,876
XDJA		(1,451,488	)		1,451,488
XDAP		(213,711	)		213,711
XDJL		(14,960	)		14,960
XDOC		(7,452,199	)		7,452,199
XTJA		(478,862	)		478,862
XTAP		276,096			(276,096	)
XTJL		(263,446	)		263,446
XTOC		(3,156,775	)		3,156,775
XBJA		(2,807,205	)		2,807,205
XBAP		(1,836,364	)		1,836,364
XBJL		(944,637	)		944,637
XBOC		(6,652,424	)		6,652,424
QTJA		(5,830,526	)		5,830,526
QTAP		438,133			(438,133	)
QTJL		(1,477,560	)		1,477,560
QTOC		(3,711,064	)		3,711,064
XDSQ		(101,872	)		101,872
XDQQ		(264,631	)		264,631
TJUL		(253,104	)		253,104

300

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

Distributions to Shareholders:

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

Investment Transactions and Investment Income:

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

3.	INVESTMENT ADVISOR AND OTHER AFFILIATES

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

Pursuant to the Advisory Agreement, IJAN, IAPR, IJUL, ISEP, IOCT, and INOV each pay monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund at the annual rate of 0.85%, EJAN, EAPR, EJUL and EOCT each pay monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund at the annual rate of 0.89%, BALT pays monthly the Adviser a unitary fee calculated daily based on the average daily net assets of the Fund at the annual rate of 0.69%. All other Innovator ETFs included in this report each, respectively, pay monthly the Adviser a unitary fee calculated daily based on the average daily net assets of each Fund at the annual rate of 0.79%. During the term of the Advisory Agreement, the Adviser pays all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit, and other services and license fees, except for the fees paid under the Advisory Agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses.

301

INNOVATOR ETFs TRUST

Notes to Financial Statements (Continued)

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

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

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Notes to Financial Statements (Continued)

4.	INVESTMENT TRANSACTIONS

For the year or period ended October 31, 2023, TJUL had $213,651,375 and $8,875,967 of long-term purchases or proceeds of investment securities, respectively. All other Funds had no purchases or proceeds from long-term sales of investment securities.

For the year or period ended October 31, 2023, in-kind transactions associated with creations and redemptions were as follows:

	In-Kind		In-Kind
	Creations		Redemptions
EJAN	$	-	$	52,474,736
EAPR		-		14,265,202
EJUL		-		29,515,056
EOCT		-		12,112,056
IJAN		-		73,428,491
IAPR		-		95,007,732
IJUL		-		66,178,449
ISEP		-		-
IOCT		-		123,231,307
INOV		-		-
TBJL		29,181,600		32,331,513
TFJL		-		10,231,928
BALT		-		216,808,212
DSJA		-		-
TSJA		-		1,553,843
DBJA		-		729,756
NJAN		-		44,310,767
NAPR		-		23,147,553
NJUL		-		79,868,510
NOCT		-		52,251,410
KJAN		-		49,025,627
KAPR		-		24,977,696
KJUL		-		22,148,150
KOCT		-		24,053,509
XDJA		-		12,841,685
XDAP		-		2,173,584
XDJL		-		1,274,650
XDOC		-		56,644,457
XTJA		-		4,210,676
XTAP		-		1,233,199
XTJL		-		8,669,136
XTOC		-		21,937,955
XBJA		-		11,291,228
XBAP		-		11,933,151
XBJL		-		9,875,163
XBOC		-		33,213,979
QTJA		-		33,493,338
QTAP		-		1,157,517
QTJL		-		14,900,820
QTOC		-		19,542,100
XDSQ		-		7,099,967
XDQQ		-		13,802,118
TJUL		-		4,499,026

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Notes to Financial Statements (Continued)

5.	CREATION AND REDEMPTION TRANSACTIONS

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

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

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Notes to Financial Statements (Continued)

6.	FEDERAL INCOME TAX INFORMATION

At October 31, 2023, the cost of investments including options written and net unrealized appreciation/(depreciation) for federal income tax purposes were as follows:

	Cost of Portfolio		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation / (Depreciation)
EJAN	$	266,881,930	$	3,705,079	$	(6,005,284	)	$	(2,300,205	)
EAPR		60,262,178		2,239,937		(3,968,069	)		(1,728,132	)
EJUL		105,028,374		4,039,049		(7,908,197	)		(3,869,148	)
EOCT		43,557,648		657,220		(1,317,767	)		(660,547	)
IJAN		123,781,378		3,395,321		(6,366,519	)		(2,971,198	)
IAPR		229,589,189		6,793,804		(14,012,002	)		(7,218,198	)
IJUL		203,242,235		9,257,441		(16,335,247	)		(7,077,806	)
ISEP		37,057,598		973,940		(1,971,730	)		(997,790	)
IOCT		107,213,785		929,468		(2,383,815	)		(1,454,347	)
INOV		1,245,665		-		(353	)		(353	)
TBJL		88,307,349		12,184,681		(23,000,265	)		(10,815,584	)
TFJL		10,609,748		213,603		(554,337	)		(340,734	)
BALT		490,927,074		9,941,556		(10,205,005	)		(263,449	)
DSJA		1,797,456		592,779		(245,887	)		346,892
TSJA		4,152,672		1,669,553		(1,115,956	)		553,597
DBJA		6,114,474		2,362,604		(1,301,338	)		1,061,266
NJAN		65,085,187		24,114,966		(11,500,262	)		12,614,704
NAPR		122,697,504		15,879,413		(6,038,458	)		9,840,955
NJUL		271,725,796		10,772,214		(15,869,454	)		(5,097,240	)
NOCT		150,401,473		3,175,597		(5,219,789	)		(2,044,192	)
KJAN		142,376,506		7,629,634		(9,381,209	)		(1,751,575	)
KAPR		157,905,913		6,251,971		(11,458,360	)		(5,206,389	)
KJUL		196,096,990		15,540,324		(28,167,199	)		(12,626,875	)
KOCT		68,292,265		2,421,163		(4,693,808	)		(2,272,645	)
XDJA		4,915,275		354,941		(127,274	)		227,667
XDAP		5,424,972		350,623		(213,218	)		137,405
XDJL		9,001,470		469,066		(875,748	)		(406,682	)
XDOC		3,755,938		90,474		(142,550	)		(52,076	)
XTJA		17,030,379		2,184,041		(803,644	)		1,380,397
XTAP		10,160,665		1,132,413		(880,995	)		251,418
XTJL		16,474,734		1,862,770		(2,614,545	)		(751,775	)
XTOC		12,924,918		639,412		(831,788	)		(192,376	)
XBJA		66,666,204		9,757,395		(4,766,937	)		4,990,458
XBAP		71,861,783		6,164,315		(4,193,344	)		1,970,971
XBJL		80,682,338		6,857,418		(8,806,007	)		(1,948,589	)
XBOC		55,655,548		2,082,152		(2,599,513	)		(517,361	)
QTJA		28,252,134		9,221,628		(9,242,119	)		(20,491	)
QTAP		17,407,691		1,339,032		(106,631	)		1,232,401
QTJL		18,259,435		1,970,535		(2,572,721	)		(602,186	)
QTOC		11,544,270		579,209		(722,348	)		(143,139	)
XDSQ		77,932,717		1,683,884		(3,031,567	)		(1,347,683	)
XDQQ		33,399,243		881,067		(1,411,761	)		(530,694	)
TJUL		201,398,807		7,884,437		(11,352,549	)		(3,468,112	)

305

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Notes to Financial Statements (Continued)

At October 31, 2023, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

	Accumulated Capital and Other Losses			Undistributed Capital Gains		Undistributed Net Ordinary Income		Unrealized Appreciation / (Depreciation) on Investments			Total Distributable Earnings /(Accumulated Deficit)
EJAN	$	(17,092,577	)	$	-	$	-	$	(2,300,205	)	$	(19,392,782	)
EAPR		(7,984,334	)		-		-		(1,728,132	)		(9,712,466	)
EJUL		(14,501,871	)		-		-		(3,869,148	)		(18,371,019	)
EOCT		(1,139,439	)		-		-		(660,547	)		(1,799,986	)
IJAN		(12,699,980	)		-		-		(2,971,198	)		(15,671,178	)
IAPR		(12,347,925	)		-		-		(7,218,198	)		(19,566,123	)
IJUL		(2,858,240	)		-		-		(7,077,806	)		(9,936,046	)
ISEP		(36,588	)		-		-		(997,790	)		(1,034,378	)
IOCT		(9,789,695	)		-		-		(1,454,347	)		(11,244,042	)
INOV		-			-		-		(353	)		(353	)
TBJL		(3,636,622	)		-		-		(10,815,584	)		(14,452,206	)
TFJL		(3,806,976	)		-		-		(340,734	)		(4,147,710	)
BALT		(13,130,758	)		-		-		(263,449	)		(13,394,207	)
DSJA		(1,834,869	)		-		-		346,892			(1,487,977	)
TSJA		(12,663,532	)		-		-		553,597			(12,109,935	)
DBJA		(5,709,920	)		-		-		1,061,266			(4,648,654	)
NJAN		(46,480,421	)		-		-		12,614,704			(33,865,717	)
NAPR		(8,351,080	)		-		-		9,840,955			1,489,875
NJUL		(14,153,953	)		-		-		(5,097,240	)		(19,251,193	)
NOCT		(433,029	)		-		-		(2,044,192	)		(2,477,221	)
KJAN		(28,717,765	)		-		-		(1,751,575	)		(30,469,340	)
KAPR		(11,690,503	)		-		-		(5,206,389	)		(16,896,892	)
KJUL		(14,308,626	)		-		-		(12,626,875	)		(26,935,501	)
KOCT		(3,775,307	)		-		-		(2,272,645	)		(6,047,952	)
XDJA		(823,436	)		-		-		227,667			(595,769	)
XDAP		(556,898	)		-		-		137,405			(419,493	)
XDJL		(938,386	)		-		-		(406,682	)		(1,345,068	)
XDOC		(6,613,790	)		-		-		(52,076	)		(6,665,866	)
XTJA		(1,418,509	)		-		-		1,380,397			(38,112	)
XTAP		(1,547,138	)		-		-		251,418			(1,295,720	)
XTJL		(3,208,808	)		-		-		(751,775	)		(3,960,583	)
XTOC		(959,927	)		-		-		(192,376	)		(1,152,303	)
XBJA		(3,777,441	)		-		-		4,990,458			1,213,017
XBAP		(3,659,777	)		-		-		1,970,971			(1,688,806	)
XBJL		(2,318,297	)		-		-		(1,948,589	)		(4,266,886	)
XBOC		(1,853,802	)		-		-		(517,361	)		(2,371,163	)
QTJA		(3,140,525	)		-		-		(20,491	)		(3,161,016	)
QTAP		(5,739,739	)		-		-		1,232,401			(4,507,338	)
QTJL		(6,911,947	)		-		-		(602,186	)		(7,514,133	)
QTOC		(2,629,263	)		-		-		(143,139	)		(2,772,402	)
XDSQ		(3,190,938	)		-		-		(1,347,683	)		(4,538,621	)
XDQQ		(6,104,041	)		-		-		(530,694	)		(6,634,735	)
TJUL		(304,270	)		-		-		(3,468,112	)		(3,772,382	)

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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, 2023, the Funds deferred the following qualified late year ordinary losses:

	Late Year Ordinary Losses
EJAN	$	806,559
EAPR		400,954
EJUL		695,547
EOCT		233,480
IJAN		1,118,811
IAPR		1,373,814
IJUL		1,105,056
ISEP		36,587
IOCT		724,650
INOV		-
TBJL		390,339
TFJL		68,950
BALT		2,194,682
DSJA		16,425
TSJA		34,009
DBJA		46,256
NJAN		569,896
NAPR		723,979
NJUL		976,096
NOCT		433,028
KJAN		1,006,734
KAPR		873,702
KJUL		746,582
KOCT		476,587
XDJA		68,990
XDAP		33,894
XDJL		25,541
XDOC		188,181
XTJA		90,792
XTAP		43,502
XTJL		89,384
XTOC		122,745
XBJA		397,154
XBAP		335,865
XBJL		330,585
XBOC		320,376
QTJA		191,542
QTAP		71,426
QTJL		72,271
QTOC		84,963
XDSQ		225,294
XDQQ		122,217
TJUL		279,123

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Notes to Financial Statements (Continued)

At October 31, 2023, for federal income tax purposes, the Funds had capital loss carryforwards available to offset future capital gains for an unlimited period as indicated below:

	Indefinite Short-Term		Indefinite Long-Term
EJAN	$	16,286,018	$	-
EAPR		7,583,380		-
EJUL		12,728,786		1,077,537
EOCT		905,959		-
IJAN		11,581,168		-
IAPR		10,974,113		-
IJUL		1,753,185		-
ISEP		-		-
IOCT		9,065,045		-
INOV		-		-
TBJL		3,246,281		-
TFJL		3,738,026		-
BALT		10,936,076		-
DSJA		1,818,444		-
TSJA		12,629,525		-
DBJA		5,663,666		-
NJAN		45,910,528		-
NAPR		7,627,100		-
NJUL		13,177,856		-
NOCT		-		-
KJAN		27,711,029		-
KAPR		10,816,800		-
KJUL		13,562,045		-
KOCT		3,298,720		-
XDJA		754,446		-
XDAP		523,004		-
XDJL		912,846		-
XDOC		6,425,609		-
XTJA		1,327,717		-
XTAP		1,503,635		-
XTJL		3,119,422		-
XTOC		837,182		-
XBJA		3,380,286		-
XBAP		3,323,913		-
XBJL		1,987,712		-
XBOC		1,533,426		-
QTJA		2,948,983		-
QTAP		5,668,312		-
QTJL		6,839,674		-
QTOC		2,544,301		-
XDSQ		2,965,644		-
XDQQ		5,981,825		-
TJUL		25,147		-

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Notes to Financial Statements (Continued)

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, 2023, the following capital loss carryforwards available were utilized:

	Capital Loss Carryforwards Utilized
EOCT	$	534,945
IJUL		12,983,661
BALT		13,558,140
NJUL		1,106,974
NOCT		7,304,638
KJUL		5,251,722
KOCT		1,694,694
XDJL		458,290
XDOC		1,179,068
XTJL		1,930,099
XTOC		792,325
XBJL		1,795,049
XBOC		1,235,332
XDSQ		1,929,867
XDQQ		866,002

All other Funds did not utilize any capital loss carryforwards during the fiscal year or period ended October 31, 2023.

The Funds did not pay any distributions during the fiscal years or periods ended October 31, 2023 and October 31, 2022, respectively.

7.	SUBSEQUENT EVENT

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

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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 and options written, of Innovator International Developed Power Buffer ETF - January, Innovator International Developed Power Buffer ETF - April, Innovator International Developed Power Buffer ETF - July, Innovator International Developed Power Buffer ETF - October, Innovator Emerging Markets Power Buffer ETF - January, Innovator Emerging Markets Power Buffer ETF - April, Innovator Emerging Markets Power Buffer ETF - July, Innovator Emerging Markets Power Buffer ETF - October, Innovator Growth-100 Power Buffer ETF - January, Innovator Growth-100 Power Buffer ETF - April, Innovator Growth-100 Power Buffer ETF - July, Innovator Growth-100 Power Buffer ETF - October, Innovator U.S. Small Cap Power Buffer ETF - January, Innovator U.S. Small Cap Power Buffer ETF - April, Innovator U.S. Small Cap Power Buffer ETF - July, Innovator U.S. Small Cap Power Buffer ETF - October, Innovator Double Stacker ETF - January, Innovator International Developed Power Buffer ETF – November, Innovator Triple Stacker ETF - January, Innovator Double Stacker 9 Buffer ETF - January, Innovator International Developed Power Buffer ETF - September, Innovator U.S. Equity Accelerated ETF - April, Innovator U.S. Equity Accelerated ETF - July, Innovator U.S. Equity Accelerated ETF - October, Innovator U.S. Equity Accelerated Plus ETF - April, Innovator U.S. Equity Accelerated Plus ETF - July, Innovator U.S. Equity Accelerated Plus ETF - October, Innovator U.S. Equity Accelerated 9 Buffer ETF - April, Innovator U.S. Equity Accelerated 9 Buffer ETF - July, Innovator U.S. Equity Accelerated 9 Buffer ETF - October, Innovator Growth Accelerated Plus ETF - April, Innovator Growth Accelerated Plus ETF - July, Innovator Growth Accelerated Plus ETF - October, Innovator 20+ Year Treasury Bond 9 Buffer ETF - July, Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly, Innovator Defined Wealth Shield ETF, Innovator U.S. Equity Accelerated ETF - Quarterly, Innovator Growth Accelerated ETF – Quarterly, Innovator U.S. Equity Accelerated ETF – January, Innovator U.S. Equity Accelerated Plus ETF – January, Innovator U.S. Equity Accelerated 9 Buffer ETF – January, Innovator Growth Accelerated Plus ETF - January, and Innovator Equity Defined Protection ETF – 2 Yr to July 2025 (the “Funds”), each a series of Innovator ETFs Trust, as of October 31, 2023, 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, 2023, 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.

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Fund Name	Statements of Operations	Statement(s) of Changes in Net Assets	Financial Highlights
Innovator International Developed Power Buffer ETF - July and Innovator Emerging Markets Power Buffer ETF - July	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022, 2021 and 2020 and for the period from June 28, 2019 (commencement of operations) through October 31, 2019

Innovator Growth-100 Power Buffer ETF - October and Innovator U.S. Small Cap Power Buffer ETF - October	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022, 2021 and 2020 and for the period from September 30, 2019 (commencement of operations) through October 31, 2019

Innovator Growth-100 Power Buffer ETF - January, Innovator U.S. Small Cap Power Buffer ETF - January, Innovator International Developed Power Buffer ETF - January, and Innovator Emerging Markets Power Buffer ETF – January	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022 and 2021 and for the period from December 31, 2019 (commencement of operations) through October 31, 2020

Innovator Growth-100 Power Buffer ETF - April and Innovator U.S. Small Cap Power Buffer ETF - April	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022 and 2021 and for the period from March 31, 2020 (commencement of operations) through October 31, 2020

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INNOVATOR ETFs TRUST

Fund Name	Statements of Operations	Statement(s) of Changes in Net Assets	Financial Highlights
Innovator Growth-100 Power Buffer ETF - July and Innovator U.S. Small Cap Power Buffer ETF - July	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022 and 2021 and for the period from June 30, 2020 (commencement of operations) through October 31, 2020

Innovator 20+ Year Treasury Bond 9 Buffer ETF - July and Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022 and 2021 and for the period from August 17, 2020 (commencement of operations) through October 31, 2020

Innovator Double Stacker ETF - January, Innovator Triple Stacker ETF - January, and Innovator Double Stacker 9 Buffer ETF – January	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, and 2022, and for the period from December 31, 2020 (commencement of operations) through October 31, 2021

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INNOVATOR ETFs TRUST

Fund Name	Statements of Operations	Statement(s) of Changes in Net Assets	Financial Highlights
Innovator International Developed Power Buffer ETF - April, Innovator Emerging Markets Power Buffer ETF - April, Innovator U.S. Equity Accelerated ETF - April, Innovator U.S. Equity Accelerated Plus ETF - April, Innovator U.S. Equity Accelerated 9 Buffer ETF - April, Innovator Growth Accelerated Plus ETF - April, Innovator U.S. Equity Accelerated ETF - Quarterly, and Innovator Growth Accelerated ETF – Quarterly	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, and 2022, and for the period from March 31, 2021 (commencement of operations) through October 31, 2021

Innovator U.S. Equity Accelerated ETF - July, Innovator U.S. Equity Accelerated Plus ETF - July, Innovator U.S. Equity Accelerated 9 Buffer ETF - July, Innovator Growth Accelerated Plus ETF - July, and Innovator Defined Wealth Shield ETF	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, and 2022, and for the period from June 30, 2021 (commencement of operations) through October 31, 2021

313

INNOVATOR ETFs TRUST

Fund Name	Statements of Operations	Statement(s) of Changes in Net Assets	Financial Highlights
Innovator International Developed Power Buffer ETF - October, Innovator Emerging Markets Power Buffer ETF - October, Innovator U.S. Equity Accelerated ETF - October, Innovator U.S. Equity Accelerated Plus ETF - October, Innovator U.S. Equity Accelerated 9 Buffer ETF - October, and Innovator Growth Accelerated Plus ETF – October	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, and 2022, and for the period from September 30, 2021 (commencement of operations) through October 31, 2021

Innovator U.S. Equity Accelerated ETF – January, Innovator U.S. Equity Accelerated Plus ETF – January, Innovator U.S. Equity Accelerated 9 Buffer ETF – January, and Innovator Growth Accelerated Plus ETF – January	For the year ended October 31, 2023	For the year ended October 31, 2023, and for the period from December 31, 2021 (commencement of operations) through October 31, 2022

Innovator Equity Defined Protection ETF – 2 Yr to July 2025	For the period from July 17, 2023 (commencement of operations) through October 31, 2023

Innovator International Developed Power Buffer ETF - September	For the period from August 31, 2023 (commencement of operations) through October 31, 2023

Innovator International Developed Power Buffer ETF - November	For the period from October 31, 2023 (commencement of operations) through October 31, 2023

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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, 2023, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

December 22, 2023

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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.	107	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).	107	Board of Advisors, Westmont College (2016-2021).
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.	107	Missionary Furlough Homes, Inc. (2008-2022); MB Financial Bank (2003-2019).

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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).	107	None
Officers
John W. Southard, Jr. 109 N. Hale Street, Wheaton, IL 60187 Year of Birth: 1969	Vice President, Secretary and Assistant Treasurer	Since 2017	Chief Investment Officer, Innovator Capital Management, LLC (2017-present); Director and Co-Founder, T2 Capital Management, LLC (2010-present).	107	Independent Trustee, ETF Managers Group, LLC (2012-2018)
Kathleen Meyer 109 N. Hale Street Wheaton, IL 60187 Year of Birth: 1964	Vice President, Treasurer and Principal Financial Accounting Officer	Since 2022	Chief Financial Officer, Innovator Capital Management, LLC (2018–present).	107	None
Kevin P. Hourihan 3 Canal Plaza 3rd Floor Portland, ME 04101 Year of Birth: 1978	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2023	Senior Principal Consultant, Fund Chief Compliance Officer, ACA Global, LLC (since 2022); Chief Compliance Officer, Ashmore Funds (2017-2022); Chief Compliance Officer, Ashmore Investment Management (US) Corp (2014-2022); Chief Compliance Officer, Ashmore Equities Investment Management (2015-2019).	107	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.

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INNOVATOR ETFs TRUST

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

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

Innovator International Developed Power Buffer ETF – January, April, July, October

Innovator Emerging Markets Power Buffer ETF – January, April, July, October

Innovator Growth-100 Power Buffer ETF – January, April, July, October

Innovator U.S. Small Cap Power Buffer ETF – January, April, July, October

Innovator Double Stacker ETF - January

Innovator Triple Stacker ETF - January

Innovator Double Stacker 9 Buffer ETF - January

Innovator 20+ Year Treasury Bond 9 Buffer ETF – July

Innovator 20+ Year Treasury Bond 5 Floor ETF – Quarterly

Innovator U.S. Equity Accelerated ETF – January, April, July, October

Innovator U.S. Equity Accelerated Plus ETF – January, April, July, October

Innovator U.S. Equity Accelerated 9 Buffer ETF – January, April, July, October

Innovator Growth Accelerated Plus ETF – January, April, July, October

Innovator Defined Wealth Shield ETF

Innovator U.S. Equity Accelerated ETF – Quarterly

Innovator Growth Accelerated ETF – Quarterly

At a quarterly Board meeting held on June 16, 2023, the Trust’s Board considered approval of the Advisory Agreement with Innovator Capital Management, LLC (the “Adviser”), on behalf of the Innovator International Developed Power Buffer ETF - January, April, July, October, Innovator Emerging Markets Power Buffer ETF - January, April, July, October, Innovator Growth-100 Power Buffer ETF - January, April, July, October, Innovator U.S. Small Cap Power Buffer ETF - January, April, July, October, Innovator Double Stacker ETF - January, Innovator Triple Stacker ETF - January, Innovator Double Stacker 9 Buffer ETF - January, Innovator 20+ Year Treasury Bond 9 Buffer ETF – July, Innovator 20+ Year Treasury Bond 5 Floor ETF – Quarterly, Innovator U.S. Equity Accelerated ETF - January, April, July, October, Innovator U.S. Equity Accelerated Plus ETF - January, April, July, October, Innovator U.S. Equity Accelerated 9 Buffer ETF - January, April, July, October, Innovator Growth Accelerated Plus ETF - January, April, July, October, Innovator Defined Wealth Shield ETF, Innovator U.S. Equity Accelerated ETF – Quarterly, and Innovator Growth Accelerated ETF – Quarterly (the “Funds”), and the Sub– Advisory Agreement among the Trust, on behalf of the Funds, the Adviser and Milliman Financial Risk Management LLC (“Milliman” or the “Sub–Adviser”), for an additional year term. The Board determined that the agreements were in the best interests of the Funds in light of the extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.

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INNOVATOR ETFs TRUST

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

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

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

319

INNOVATOR ETFs TRUST

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

The Board considered the historical investment performance of each of the Funds (where applicable) for the respective one, three and five-year periods ended March 31, 2023 including NAV, market, and respective index returns.

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

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

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

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

The Board reviewed profitability information in connection with the Funds.

320

INNOVATOR ETFs TRUST

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

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

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the agreements are fair and that the approval of the agreements is in the best interests of the Funds. No single factor was determinative in the Board’s analysis, and individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

321

INNOVATOR ETFs TRUST

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

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

Innovator International Developed Power Buffer ETF - September

Innovator International Developed Power Buffer ETF - November

Innovator Equity Defined Protection ETF - 2 Yr to July 2025

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

322

INNOVATOR ETFs TRUST

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

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

Since the Funds had yet to commence investment operations, the Board could not consider the historical investment performance of the Funds.

The Board considered the proposed unitary fee rate payable by each Fund under the investment management agreement for the services to be provided. The Board noted that, under the unitary fee arrangement, ISEP and INOV would pay the Adviser a unitary fee equal to an annual rate of 0.85% of its average daily net assets, and TJUL would pay the Adviser a unitary fee equal to an annual rate of 0.79% of its average daily net assets. The Board considered that, from the unitary fee for each of the Funds, the Adviser would pay Milliman an annual sub-advisory fee equal to 0.12% on the Fund’s assets under management.

323

INNOVATOR ETFs TRUST

Board Considerations Regarding Approval of Investment Management Agreement (Unaudited)

The Board noted that the Adviser would be responsible for the Funds’ expenses, including the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees (if any), but excluding the fee payment under the investment management agreement, interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, and extraordinary expenses. The Board received and reviewed information for the Funds showing the advisory fee rates and expense ratios of the funds comprising of each Fund’s peer group, as well as advisory fee rates charged by the Adviser and Milliman to other funds (including ETFs) and non-fund clients, as applicable. In light of the information considered and the nature, extent and quality of the services expected to be provided to the Funds under the agreements, the Board determined that the proposed unitary fee for each of the Funds, including the fee rate to be paid by the Adviser to Milliman from the unitary fee, was fair.

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

Because the Funds have not yet commenced operations and the actual asset base of the Funds has not yet been determined, the Board noted that there was no historical profitability information with respect to the Funds to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals of the agreements.

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

324

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.

5.	ELECTRONIC DELIVERY OF SHAREHOLDER DOCUMENTS

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

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INNOVATOR ETFs TRUST

Additional Information (Unaudited)

6.	TAX NOTICE

For the fiscal year ended October 31, 2023, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

For the taxable year ended October 31, 2023, the percentage of ordinary income dividends paid by the Funds that qualify for the dividends received deduction available to corporations was 0.00%.

For the taxable year ended October 31, 2023, the percentage of ordinary income distributions that were designated as short-term capital gain distributions under Internal Revenue Section 871(k)2(c) was 0.00%.

7. LIQUIDITY RISK MANAGEMENT PROGRAM

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

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

At a meeting of the Board held on September 11, 2023, 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.

326

INVESTMENT ADVISOR

Innovator Capital Management, LLC

109 North Hale Street

Wheaton, IL 60187

INVESTMENT SUB-ADVISOR

Milliman Financial Risk Management, LLC

71 South Wacker Drive, 31^st Floor

Chicago, IL 60606

ADMINISTRATOR, FUND ACCOUNTANT & TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

DISTRIBUTOR

Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

CUSTODIAN

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

LEGAL COUNSEL

Chapman and Cutler LLP

320 South Canal Street, 27^th Floor

Chicago, IL 60606

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, WI 53202